South America

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Argentina Central Bank Borrows $814 Million Under China Currency Swap

Argentina’s central bank tapped a currency swap line with its Chinese counterpart for the first time Thursday, requesting the equivalent of about $814 million at a time when its hard currency reserves are under pressure, The Wall Street Journal repor ...

Daily Headline - global.abi.org - 10/30/2014 - 21:37 - 0 comments

Brazil OKs Bankruptcy Protection Petition For Batista Unit MMX Sudeste

A Brazilian court has approved a bankruptcy protection petition filed by MMX Sudeste Mineracao SA, an iron-ore mining company controlled by Brazilian tycoon Eike Batista, the company said on Wednesday in a securities filing, Reuters reported. It was the ...

Daily Headline - global.abi.org - 10/22/2014 - 21:45 - 0 comments

Investors Weigh Venezuela Debt Default

In the famous Big Mac index of global currency values against the US dollar, Venezuela makes a surprise entrance as the third most expensive place in the world to eat a burger, the Financial Times reported. This unexpected finding can be explained by ...

Daily Headline - global.abi.org - 10/20/2014 - 21:15 - 0 comments

Brazil's Oi Says Rioforte Demise Unlikely To Impact Operations

Grupo Oi SA, the Brazilian telecommunications company struggling with rising debt and shrinking market share, said the demise of an investment vehicle that owed the company's Portugal Telecom SGPS SA unit almost 1 billion euros ($1.28 billion) is un ...

Daily Headline - global.abi.org - 10/20/2014 - 21:17 - 0 comments

Oil Price Fall Triggers Fears Of Venezuela Default

Although Venezuela has the largest energy reserves in the world, its deteriorating economy has forced Nicolás Maduro, the president, to slash imports to cover foreign debt payments amid a severe hard currency crunch that has already produced shortages of ...

Daily Headline - global.abi.org - 10/16/2014 - 22:01 - 0 comments

Main Unit Of Batista's MMX Requests Bankruptcy Protection

The main subsidiary of Brazilian tycoon Eike Batista's iron ore mining company MMX Mineracao e Metalicos SA filed a bankruptcy protection petition before a Brazilian court on Wednesday, Reuters reported. MMX Sudeste Mineracao SA, the unit that holds ...

Daily Headline - global.abi.org - 10/15/2014 - 22:16 - 0 comments

Winding Down Failing Banks: Armageddon Delayed

“We will not kick you when you are down, at least not for a couple of days”: that is the gist of a putative deal struck by 18 global banks this week, which agreed not to pull abruptly out of contracts with each other if one of them hits the buffers. As m ...

Daily Headline - global.abi.org - 10/09/2014 - 22:38 - 0 comments

As Money Runs Out, Fallen Brazilian Tycoon Batista Faces The Law

A year after the epic collapse of his industrial empire, Brazilian tycoon Eike Batista's financial and legal troubles appear far from over, Reuters reported. Once worth more than $30 billion and listed as the world's eighth-richest man by Forbe ...

Daily Headline - global.abi.org - 10/08/2014 - 22:17 - 0 comments

Global Banks Face 25% Loss-Absorbency Rule in FSB Plan

The largest global banks will have to hold more capital and liabilities than previously reported that can automatically be written off in a crisis -- as much as a quarter of risk-weighted assets -- as regulators take on lenders deemed too big to fail. Th ...

Daily Headline - global.abi.org - 10/07/2014 - 19:57 - 0 comments

IMF Proposes Changes to Government Bond Contracts

The International Monetary Fund Monday backed a gradual exchange of government bonds around the world with new contracts to counter risks that holdout creditors could disrupt potential debt restructurings, The Wall Street Journal reported. The IMF, a ...

Daily Headline - global.abi.org - 10/06/2014 - 21:10 - 0 comments

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