Economy

• Friday, August 22nd 2014 - 07:17 UTC

  Griesa leaves Argentina 'in contempt' ledge; warns any change of jurisdiction was 'lawless'

  

  US District Judge Thomas Griesa declared on Thursday that an Argentine plan to change the 'jurisdiction' of restructured foreign debt was illegal, while resisting holdout investors' demands that Argentina be held in contempt of court for attempting to change the site of payment to Buenos Aires.

• Friday, August 22nd 2014 - 00:08 UTC

  Premier oil shows stronger than expected output in first half of the year

  

  Falkland Islands involved oil and gas explorer Premier Oil may upgrade its 2014 production forecast after stronger-than-expected output in the first half of the year, pending the outcome of summer maintenance work, its Chief Executive said. The company reported a 7% rise in first-half profit after tax on Thursday, helped by strong oil production from its British fields.

• Thursday, August 21st 2014 - 08:30 UTC

  Kicillof: “no change of NY jurisdiction, but a change of payment location”

  

  Argentina's new plan to skirt U.S. courts and resume payment on defaulted bonds aims to protect creditors who participated in two debt restructurings, Economy minister Axel Kicillof said on Wednesday. But he also emphasized that the bill sent to Congress did not mean a 'change of jurisdiction' from New York but rather a change of payment 'location'.

• Thursday, August 21st 2014 - 08:06 UTC

  'A contempt of court does not apply to sovereign Argentina', says Capitanich

  

  Anticipating what seems an imminent order of contempt-of-court by US Judge Thomas Griesa following Argentine President Cristina Fernández decision to push a bill to change the payment jurisdiction to Buenos Aires, Cabinet Chief Jorge Capitanich pointed out that as a “sovereign country” Argentina cannot end up in contempt despite Griesa’s warnings.

• Thursday, August 21st 2014 - 07:31 UTC

  “Slack of US labor market” keeping the Fed from raising interest rates

  

  The US Federal Reserve hinted that a surprisingly strong jobs market recovery could lead it to raise interest rates earlier than it had been anticipating. At the same time, most Fed officials wanted further evidence before changing their view on when rates should rise, according to the minutes from the central bank's July 29-30 meeting.

• Thursday, August 21st 2014 - 07:18 UTC

  Argentina back-steps on applying 'anti-terrorism' law on a US company

  Argentina's head of the securities regulator, CNV, Alejandro Vanoli said that the anti-terrorism law will not be applied against the United States printing firm RR Donnelley, as president Cristina Fernández had announced last Thursday.

• Thursday, August 21st 2014 - 07:07 UTC

  Aurelius Capital brands Argentine leaders 'outlaws' for flouting US courts orders

  

  One of two hedge funds that sued Argentina over defaulted bonds branded the country's leaders “outlaws” on Wednesday after Buenos Aires moved to shift its bond payment method.

• Thursday, August 21st 2014 - 06:58 UTC

  Italian bondholders' representative supports Argentina decision to change debt's jurisdiction

  

  The Italian legal representative of Argentine bondholders, Tullio Zembo praised the Sovereign Public Debt Payment Law announced by President Cristina Fernandez, saying the decision to change the debt’s jurisdiction to Buenos Aires is “probably the most appropriate.”

• Thursday, August 21st 2014 - 06:41 UTC

  Cristina Fernandez blasts those who invest in the 'illegal currency' (US dollar)

  

  Argentine president Cristina Fernandez emphasized on Wednesday evening the need to amplify “the local financial market so we will not depend on foreign fluctuations,” during the celebration of Buenos Aires Stock Market 160th anniversary.

• Thursday, August 21st 2014 - 06:32 UTC

  The 'blue' dollar ended trading on Wednesday at 13.55 Argentine Pesos

  

  Following the Argentine government’s proposal to change the debt’s payment 'location' (jurisdiction) from New York to Buenos Aires, the US dollar closed on Wednesday three cents up to 8.33 pesos in banks and exchange offices of the City, while the “blue” rate added a massive 35 cents to trade at 13.55 pesos, a new record.