Argentina's peso currency crashed on Monday as jittery investors pulled out government bonds and stocks in the recession-hit South American country, fearing another default following President Mauricio Macri's unexpected defeat to populists in a party primary election over the weekend. The Merval index, the country's most important, dropped 37.93% to 27,530.80 points, or 48% in dollar terms, the worst daily performance in 18 years. The peso collapsed as much as 30% against the dollar in daily trading before paring back losses to end down 15%. On average, government bonds shed 25% of their value. Argentina's credit default swap — or the cost of hedging bonds against sovereign default — soared to a multiyear high. Data compiled by Bloomberg now suggests the implied probability of default at 75% over the next five years, up from 49% at the close of trading on Friday. Watch video 02:06 Share Argentine farmers stage … [Read more...] about Argentina’s peso, stock exchange plunge after Macri vote defeat
Voters in Argentina have cast doubt on President Mauricio Macri's chances of re-election by backing his opponent by a wide margin in a primary vote, early official results showed on Sunday. Since all major parties have already selected their presidential candidates and political parties hold their primaries simultaneously, the vote served as a pre-election opinion poll to gauge how candidates will fare in the presidential election of October 27 and the potential November 24 run-off. Voting is obligatory in Argentina. The result boosted the chances of former President Cristina Fernandez, who is running to be vice president to Macri's rival, of returning to the halls of power in Buenos Aires. High support for center-left ticket With 87% of polling station results counted, Macri's center-left rival Alberto Fernandez led with 47.5% of the vote, followed by Macri, who garnered a little more than 32%. Centrist former Finance Minister Roberto … [Read more...] about Argentina: Voters reject Mauricio Macri’s austerity in primary vote
Children in Germany are eating more and more sugary foods, and have quickly exceeded the yearly amount recommended by nutrition experts, the Berlin-based group Foodwatch said on Monday. The consumer advocacy organization named August 12 "Sugar Overshoot Day," after calculating how much sugar kids in Germany consume and comparing it to guidelines issued by the World Health Organization, the German Nutrition Society and the German Diabetes Society. The data stems from a 2016 study in Dortmund that analyzed the nutritional habits of 1,000 children in Germany aged between 3 and 18. The study found that kids were consuming 63% more sugar than what was recommended. Foodwatch also determined that adult men in Germany reach "Sugar Overshoot Day" on September 20 while adult women reach it on October 8. Watch video 01:13 Share Should Germany tax sugar? Send Facebook Twitter google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine Permalink … [Read more...] about German kids surpass ‘sugar overshoot day’
Namibian Finance Minister Calle Schlettwein lost his temper over numbers and letters that were meant to evaluate his country's credit risks. The rating was "confusing" and "puzzling," he said in the summer of 2017 after he learned Namibia had been downgraded from "Baa3" to "Ba1" by US ratings agency Moody's — turning Namibian state bonds into "speculative" risks with "substantial credit risk." Still, Namibia has it better than most African countries: Fourteen out of 21 rated African states have been given even lower ratings such as "high credit risk" or "very high credit risk" by Moody's. These ratings have irked many African governments. Three US ratings agencies dominate the global market: Moody's, Standard & Poor's and Fitch. "That is part of the criticism, that it isn't a very robust analytical process, there is a high degree of subjectivity to it," said Sean Gossel, who teaches economics at the University of Cape Town. Africa's debt crisis: Who … [Read more...] about Are ratings agencies hurting Africa’s economies?
For all the uncertainty surrounding the streaming wars – even for a dominant company like Netflix, which is still hemorrhaging billions of dollars – there’s reason to believe that Disney+ is a safe bet. Even if every one of its original launch titles landed with a thud, Disney just needed to crack open the vault and allow viewers to dive, Scrooge McDuck-like, into its riches: 80 years of peerless animation, from early classics like Snow White and the Seven Dwarfs and Bambi to renaissance titles like The Little Mermaid and Beauty and the Beast to recent hits like Frozen and Moana. And that’s to say nothing of Pixar, Marvel, Star Wars and a mule who kicks 100-yard field goals. Yet The Walt Disney Company has a longstanding Walt Disney problem, and for Disney+, the answer so far has been to mix propaganda with gentle disclaimers. While the new documentary series The Imagineering Story plays up Disney’s innovation and meticulousness in developing the … [Read more...] about Song of the South: the difficult legacy of Disney’s most shocking movie