Argentina lawmakers pass landmark payback deal
Argentina lawmakers have passed a repayment deal which will see the country’s access to international credit reinstated, after a 15 year battle with creditors.
The deal was central to President Mauricio Macri’s election win in November and should improve business conditions in the country. Argentina defaulted on a $100 billion loan in 2001, which left them unable to borrow at the standard rate of about 5 percent – instead forcing Argentina to pay at least double, restricting the country’s access to financial help.
The deal has been made with creditors in New York, and Argentina now have until the 14th April to pay holdout creditors.
South Korea’s industrial output rebounds
South Korea saw industrial output figures rebound in February, according to official figures published today.
Industrial production rose 3.3 percent on a month earlier – the biggest monthly increase since 2014 – after a 2.1 percent fall in January.
Weaker demand from China in recent months has impacted on South Korea’s economy, but the latest set of figures are an encouraging sign, beating expectations.
Travel group TUI see growing demand, despite terrorism threat
TUI Group, who own travel giants First Choice and Thomson, have reported higher than expected bookings for summer holidays this year.
TUI said the demand was coming especially from Spanish and long-haul destinations, despite reporting a 40 percent slump in bookings to Turkey last month due to events in the Middle East.
TUI makes all of its profit from summer bookings, making them a key indicator for the group. Summer holiday bookings have risen 2 percent, with average selling prices up 1 percent.
Chief Executive of TUI Group, Friedrich Joussen, commented:
“The Group has again demonstrated the flexibility of its business model and the ability to remix destination capacities to match demand and as a result demand and pricing has remained resilient overall despite the impact of geopolitical events.
“We therefore remain well positioned to deliver underlying EBITA growth of at least 10% in financial year 2015/16 ,“
31/03/2016