Economy

Monday, August 4th 2014 - 07:09 UTC
Malvinas war and the 2001 and 2014 defaults, Argentina's worst mistakes in 33 years

The Falklands/Malvinas war, the 2001 default and the 2014 default are “the three events that are going to go down, in recent Argentina history, as the three worst strategic mistakes committed by the country”, according to political analyst and historian Rosendo Fraga.
Monday, August 4th 2014 - 07:03 UTC
Magallanes with lowest unemployment rate in Chile, but quality of jobs is questioned

Unemployment in the extreme south Chilean region of Magallanes was the lowest in the country during the April/June quarter, 2.3%, according to the latest report from the country's stats office, INE. This is 0.5 percentage points less than the previous quarter and 1.4 percentage points below a year ago.
Monday, August 4th 2014 - 06:55 UTC
GeoPark has plans to drill 35 exploratory wells in Chilean Tierra del Fuego by end of 2014

Oil and gas explorer GeoPark expects to end the year having drilled 35 wells in Chilean Magallanes and Tierra del Fuego, which must be added to the 560 million dollars the company has invested in the region since it began operations in 2006, said the company in an economic impact report presented by consultants Gemines.
Sunday, August 3rd 2014 - 13:22 UTC
“Argentina Finds Relentless Foe in Paul Singer’s Hedge Fund”

The following article by Peter Eavis and Alexandra Stevenson was published in The New York Times and addresses the current litigation between Argentina and the speculative funds. The hedge fund firm of billionaire Paul E. Singer has about 300 employees, yet it has managed to force Argentina, a nation of 41 million people, into a position where it now has to contemplate a humbling surrender.
Saturday, August 2nd 2014 - 09:18 UTC
“Debt restructuring” and the Argentine case by Joseph Stiglitz

The following piece published in The New York Times was written by Joseph E. Stiglitz, winner of the Nobel Prize in Economics and a former chief economist of the World Bank, and currently a professor at Columbia University.
Saturday, August 2nd 2014 - 09:08 UTC
IDSA decides that Argentina “failed to pay” and thus declares it has defaulted

The International Swaps and Derivatives Association (ISDA) on Friday declared Argentina in default, which could trigger payments worth up to one billion dollars on credit default swaps.
Saturday, August 2nd 2014 - 08:58 UTC
Argentina suggests Griesa and Pollack are actively helping holdouts by declaring a 'default'

The Argentine Economy Ministry claimed on Friday New York judge Thomas Griesa has benefited “vulture funds” during negotiations over Argentina's defaulted debt with holdouts and asked the (Argentine) National Values Commission (CNV) to start an investigation over alleged “speculative moves”.
Saturday, August 2nd 2014 - 08:32 UTC
US economy creates 209.000 jobs in July but unemployment edges up to 6.2%

The U.S. economy added 209,000 jobs in July, the Labor Department reported on Friday. However the unemployment rate edged up to 6.2% from 6.1%, somehow confirming the Federal Reserve concern about still weak employment.
Saturday, August 2nd 2014 - 08:18 UTC
Rousseff defends industrial policy and economy performance before the sector's lobby

Brazilian President Dilma Rousseff, who hopes to be re-elected for a second term in October’s elections, has defended her government’s industrial policy in front of the sector’s business leaders, the National Confederation of Industry (CNI).
Saturday, August 2nd 2014 - 04:08 UTC
Griesa orders Argentina/holdouts to resume negotiations and an end to 'misleading information'

US District Judge Thomas Griesa presiding over Argentina's bitter dispute with two hedge funds left the country stranded in default on Friday, ordering it to hold new negotiations and calling for an end to “mistrust”. In a stern tone Griesa slammed the decision by Argentina to defy his order that it pay in full holdout investors and instead opted to default on 29 billion dollars in debt.