Investments

Monday, September 29th 2014 - 21:16 UTC
Judge Griesa declares Argentina in contempt of court, but deferred financial penalties

New York district judge Thomas Griesa declared on Monday Argentina in contempt of court, due to the country's actions in attempting to change debt jurisdictions as a result of the ongoing judicial conflict with holdout investors presided over by the US magistrate.
Monday, September 29th 2014 - 08:54 UTC
Uruguay needs to improve infrastructure, “especially roads and port facilities”

Finland's UPM, one of the largest forestry groups in the world, does not intend for the moment to build any new pulp mills in Uruguay, said Jaakko Sarantola, vice president of the cellulose division of the company, who also pointed out that Uruguay needs to improve infrastructure to facilitate logistics.
Saturday, September 27th 2014 - 09:24 UTC
Argentina lashes Griesa for not making a final decision on the Citibank dispute

Argentina's Economy minister Axel Kicillof lashed out at US Judge Thomas Griesa after he authorized Citibank a one-off payment of Argentine bonds' coupon next Tuesday saying he once again failed to address the heart of the issue and also in fact recognized that bonds under Argentine law do not belong to his jurisdiction.
Saturday, September 27th 2014 - 09:12 UTC
Griesa allows Citibank to process a one-off payment of Argentine bonds

US District Judge Thomas Griesa has enabled Citibank to process a one-off payment on US dollar-denominated bonds issued under Argentine law, during a hearing held at Manhattan federal court on Friday.
Saturday, September 27th 2014 - 07:59 UTC
UN Human Rights Council sides with Argentina condemns 'vulture funds'

The United Nations Human Rights Council meeting in Geneva on Friday adopted an Argentine-fueled resolution which condemns the so called 'holdouts' or “vulture funds”, currently in a legal dispute against the country.
Thursday, September 25th 2014 - 06:34 UTC
Cristina Fernandez claims holdouts are committing “economic and financial terrorism”

Argentine President Cristina Fernández accused holdout investors of committing “economic terrorism” and reiterated her wish for a multi-lateral framework to regulate sovereign debt, during her speech before the United Nations 69th General Assembly on Wednesday.
Thursday, September 25th 2014 - 05:17 UTC
Argentina must explain to Judge Griesa why it is not in contempt of court

New York district judge Thomas Griesa has asked Argentina to show cause and explain why the country should not be declared in contempt, following its decision not to pay holdout investors full amount for their defaulted bonds as the judge’s ruling ordered on August 8.
Thursday, September 25th 2014 - 05:11 UTC
US dollar brushes 16 Argentine Pesos, settles at 15.95; monthly devaluation 12.4%

The informal rate for the US dollar in Argentina kept climbing on Wednesday and after brushing 16 Pesos, finally closed 53 cents higher at 15.95 Pesos, while the gap with the formal dollar soared to 89%. Distrust with government policy, plain speculation and hikes in the stock exchange rate were blamed for the situation.
Thursday, September 25th 2014 - 05:06 UTC
Argentina publicly adds Germany to its list of 'hostile countries'

Argentine Cabinet Chief Jorge Capitanich on Wednesday lashed out at Germany's finance minister, denouncing Berlin's “hostile attitude” toward Argentina's debt restructuring effort. He added that Germany had always had a hostile attitude toward Argentina from an economic and financial point of view.
Thursday, September 25th 2014 - 03:14 UTC
Brazil scrambles to support the Real; as Dilma recovers in the polls the currency falls

Brazil’s Real advanced from a seven-month low as the central bank signaled it will maintain support for the currency when it increased the number of foreign-exchange swap contracts offered in a rollover.