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Argentina passes new debt bill with eye on next payment BUENOS AIRES: Argentina's Congress on Thursday passed a new debt bill designed to enable the government to resume debt payments to bondholders in defiance of a US court ruling which tipped the country back into default.President Cristina Fernandez's leftist government is in a race against the clock to make a $200 million coupon payment due on Sept.30 to prevent the default spreading across bond series, which could raise the risk of investors calling for immediate payment on the principal value of their bonds.But she needs to route the funds through channels beyond the reach of the US judge who ruled that Argentina must settle a legal fight with a group of New York hedge funds over unpaid debt from a massive 2002 default before servicing its performing debt.After an overnight debate, the legislature's lower house passed the bill under which the government could make payments on an estimated $29 billion ...

Singapore's GIC invests in US logistics firm SINGAPORE: Singapore sovereign wealth fund GIC and two other investors have entered into an agreement to invest a combined $700 million in US firm XPO Logistics, the American company said.XPO Logistics said in a statement released in the United States on Thursday that it will use the funds from GIC, Canada's PSP Investments and the Ontario Teachers' Pension Plan "primarily for unspecified acquisitions".The statement, posted on the GIC website, said the investors will hold about ...
China bank loans nearly double in August: govt BEIJING: China's bank lending nearly doubled in August from the previous month, central bank data showed Friday, rebounding towards what analysts described as a normal level.Chinese banks granted 702.5 billion yuan ($114.5 billion) in new loans last month, the People's Bank of China (PBoC) said in a statement, nearly twice July's 385.2 billion yuan.But it was still lower than June's 1.08 trillion yuan and 10.3 billion yuan less than the amount recorded a year ago, ...
South Korea central bank leaves interest rate unchanged SEOUL: South Korea's central bank kept its benchmark interest rate fixed at 2.25 percent Friday following a cut of 25 basis points in August.The decision to leave the rate untouched had been widely expected as the Bank of Korea pauses to judge the impact of last month's decision.The August cut was the first since May 2013, and came after the finance ministry in July unveiled a $40 billion stimulus package and revised its 2014 economic ...
Brazil central bank bets on stable rates to curb inflation BRASILIA: Brazil's central bank signaled it would keep interest rates high for some time to curb inflation, resisting pressures to cut borrowing costs to help lift the economy out of a recession.In the minutes released Thursday from its last rate-setting meeting, the bank said keeping interest rates at current levels, the highest since 2012, would bring inflation down toward the official target of 4.5 percent.The bank last week kept its benchmark Selic rate on hold ...
Philippine central bank raises interest rates, sees inflation rate rising MANILA: The Philippine central bank raised both its policy rate and the rate on its special deposit accounts on Thursday, in its most aggressive move to curb inflation amid buoyant economic growth.The monetary authorities said the economy, which grew at its fastest pace in more than a year in the second quarter, was strong enough to absorb the impact of higher borrowing costs.The overnight borrowing rate was raised by 25 basis points to 4.0 percent, ...
Bank of England's Kohn urges banks to focus on risks from end to QE LONDON: British banks need to prepare for the risk of financial market turmoil when central banks end unconventional monetary policy such as asset purchases, the Bank of England said on Thursday.Don Kohn, a former vice-chairman of the U.S. Federal Reserve who now serves on the BoE's main risk watchdog, told British banks to guard against the risk of defaults, sharp rises in market interest rates and illiquid assets as monetary policy returns to normal after ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln