Economy

Friday, July 25th 2014 - 06:22 UTC
Brazil wants to speed Mercosur/Pacific Alliance free trade understanding

Brazil will propose next Tuesday, in Caracas, during the Mercosur summit that the group and the Pacific Alliance reach an agreement on free trade by the end of the year, according to official sources from Itamaraty.
Friday, July 25th 2014 - 05:49 UTC
Holdouts lash out at Argentina: “it is choosing to default next week”

NML Capital Ltd, one of the lead holdout creditors in Argentina's sovereign bond dispute said on Thursday the Argentine government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.
Friday, July 25th 2014 - 05:36 UTC
Argentina/holdouts will meet again on Friday; “issues remain unresolved”

Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between Argentina and the holdouts from speculative funds said that Thursday's meeting had failed and announced a new audience for Friday at 10:00 in the morning in New York.
Friday, July 25th 2014 - 05:22 UTC
“The muddled case of Argentine bonds”, as seen by New York Times

The following piece was written by Floyd Norris, financial analyst from The New York Times and refers to the complicated process that has emerged from the ongoing battle between Argentina and the holdouts demanding full payment of sovereign bonds, plus accrued interests.
Friday, July 25th 2014 - 05:14 UTC
Argentina insists on Griesa for some insurance against the RUFO clause

After failing to reach an agreement during Thursday's meeting with court-appointed mediator Daniel Pollack, Argentina reiterated that there could be no negotiations with speculative funds or 'vulture funds' until judge Thomas Griesa provides some insurance against possible liabilities related to the 'Rights upon Future Offers' (RUFO) clause.
Thursday, July 24th 2014 - 23:34 UTC
Brazil's priority is curbing resistant inflation, say central bank minutes

Brazil's central bank indicated on Thursday it is unlikely to cut interest rates any time soon and instead is focused on curbing resistant high inflation even as the economy flirts with recession. In the minutes of its last policy meeting, the bank stressed that interest rates at current levels should help ease inflation in coming years.
Thursday, July 24th 2014 - 22:55 UTC
Speculative funds denies any request to temporary suspend payment order

Argentine debt holdout investor Mark Brodsky, chairman of Aurelius Capital Management, said his group will not ask US Judge Thomas Griesa to suspend his payment order, after a story in Argentina's La Nacion newspaper on Thursday suggested that Paul Singer’s NML Capital Ltd could ask Griesa to reinstate the stay of injunction as requested by Argentina.
Thursday, July 24th 2014 - 07:01 UTC
In defiant speech CFK openly brushes aside any default “because Argentina has paid”

In a defiant speech President Cristina Fernández reiterated on Wednesday that Argentina will “not fall into default” and warned that “they will have to invent a new word” to explain how a country has paid its debt and “someone blocked it”.
Thursday, July 24th 2014 - 06:42 UTC
Xi's Latam visit ends in Cuba where China consolidated trade and financial relations

Chinese President Xi Jinping ended on Wednesday an eight-day trip through Latin America with a visit to eastern Cuba, where both the island's independence struggle against Spain and Fidel Castro's revolution began.
Thursday, July 24th 2014 - 06:20 UTC
World Bank praise for Peru as one of the most solid economies in the region

The World Bank's vice president for Latin America and the Caribbean, Jorge Familiar, on Wednesday highlighted Peru's economic growth over the past 10 years. Peru's average economic growth over the period has registered 6. 5% annually, allowing many Peruvians to escape poverty, said Familiar.