South America

Results for South America

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

Argentina Central Bank Chief Quits, Raising Policy Uncertainties

Argentina's central bank chief resigned on Wednesday after a long tussle with the Economy Ministry and was replaced with a regulator considered sympathetic to the interventionist stance of a government battling one of the world's highest inflat ...

Daily Headline - global.abi.org - 10/01/2014 - 20:56 - 0 comments

US Judge Griesa Holds Argentina In Contempt In Debt Case

A U.S. judge held Argentina in contempt of court on Monday, saying the republic was trying to find ways to circumvent a prior order requiring it pay holdout bondholders at the same time as other creditors who restructured their debt in recent years, Reut ...

Daily Headline - global.abi.org - 09/29/2014 - 21:14 - 0 comments

Argentina Tries To Pay Debt Outside US

In its latest attempt to circumvent US courts, Argentina will seek to pay nearly $200m due on its restructured bonds by disbursing the money to investors next week via a local bank instead of Bank of New York Mellon, its trustee, the Financial Times ...

Daily Headline - global.abi.org - 09/25/2014 - 22:28 - 0 comments

Argentina Appeals To A Higher Authority In Fight With Creditors

Argentina’s battle with holdout creditors is taking on ever-broader dimensions as Cristina Fernández, the president, appeals for support from the UN this week after meeting billionaire George Soros and Pope Francis, the Financial Times reported. In N ...

Daily Headline - global.abi.org - 09/22/2014 - 22:35 - 0 comments

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