Business By Ana Nicolaci da Costa BBC Business reporter 7 September 2018 Share this with Facebook Share this with Messenger Share this with Twitter Share this with Email Share this with Facebook Share this with WhatsApp Share this with Messenger Share this with Twitter Share Share this with These are external links and will open in a new window Email Share this with Email Facebook Share this with Facebook Messenger Share this with Messenger Messenger Share this with Messenger Twitter Share this with Twitter Pinterest Share this with Pinterest WhatsApp Share this with WhatsApp LinkedIn Share this with LinkedIn Copy this link https://www.bbc.com/news/business-45191872 Read more about sharing. These are external links and will open in a new window Close share panel Economic crises in Turkey and Argentina have led to talk of "contagion" - the danger of … [Read more...] about Can Argentine and Turkish crises spread?
Argentine financial crisis
Argentina has requested the early release of a $50bn (£38.5bn) credit line from the International Monetary Fund (IMF) after the peso hit new lows amid a deepening financial crisis. The value of the Argentine peso toppled yesterday prompting the government to call on the IMF to speed up access to the funding in a bid to raise confidence in the economy. The currency is at a low of 34.00 against the US dollar this morning and is more than 45.3 per cent down this year. In a statement IMF managing director Christine Lagarde said staff would "strengthen the Fund-supported arrangement" and "re-examine the phasing of the financial program" Read more: Last Week in the City: Relief for tech investors as Argentina wobbles “In consideration of the more adverse international market conditions, which had not been fully anticipated in the original program with Argentina, the authorities will be working to revise the government’s economic plan with a focus on better insulating … [Read more...] about Argentina calls for early release of $50bn IMF support as crisis deepens
NESTOR PITANA is one of the referees at the 2018 World Cup. And the Argentine had the honour of presiding over the opening game between Russia and Saudi Arabia. Who is Nestor Pitana? BORN in Corpus in 1975, Pitana is one of Argentina's most senior referees. A former actor and now a gymnastic teacher, he began refereeing domestic games in 2007 and took just three years to earn his Fifa-listed status. Since then he has been a regular face at Copa Libertadores games around South America, including last year's semi-final between Gremio and Barcelona SC. This season he has been in charge of six World Cup qualifiers and was in the middle for the playoff between Australia and Honduras. Pitana was in the headlines following that performance after giving two penalties and brandishing seven yellow cards. GUS THE MAN Pep ready to help Leeds boss Marcelo Bielsa by loaning starlets including Gunn VILLA FOR SALE Aston Villa owner Tony Xia in talks to sell club amid financial crisis Snooze you Lews … [Read more...] about Who is Mexico vs Sweden referee Nestor Pitana and how many World Cups has Argentine ref officiated at?
Argentina's stock market rose 4.15 percent while its currency fell 1.68 percent against the dollar Friday, a day after Buenos Aires agreed to a $50 billion standby loan from the International Monetary Fund. During the week, the leading Merval index rose 10.5 percent while the peso lost 2.3 percent. The exchange rate closed at 25.98 pesos per dollar after the central bank announced it would let the currency float, removing the 25 pesos per dollar ceiling it had set. The Argentine economy climbed 2.8 percent in 2017, but growth slowed after a crisis of confidence that resulted in the loss of over $10 billion of central bank reserves and saw the peso plunge by nearly 20 percent. That led Latin America's third-largest economy to ask for IMF assistance to help it face mounting inflation, budget deficits and a weakening currency -- an unpopular move in a country in which many associate the financial institution with painful memories of past economic and social crises. … [Read more...] about Argentine stock market up 4.15 percent after IMF deal
Argentina's peso plummeted to a new low Monday despite government attempts to curb losses in recent weeks by hiking interest rates and shedding billions in foreign reserves. Signs that further measures are needed from President Mauricio Macri's center-right government came as the peso dipped a further 6.16 percent as markets opened, trading at 25.20 against the dollar. The new losses come at an ominous moment. On Tuesday, holders of Lebac peso-denominated bonds issued by Argentina's Central Bank are allowed to demand settlement -- sparking a potential $25 billion payout. At this rate, an informal International Monetary Fund board meeting scheduled for Friday to discuss a financial aid package can't come soon enough, after Macri last week began negotiations for a loan to stem the currency run. An IMF spokesman announced the meeting on Monday even as the peso tumbled. "This will be an informal meeting as part of our usual process of briefing the Board on negotiations for high access IMF … [Read more...] about Argentine peso takes fresh hit amid uncertainty