Argentina’s central bank governor, Juan Carlos Fábrega, resigned on Wednesday, a day after being criticised in public by President Cristina Fernández as the peso currency comes under growing pressure.
Mr Fábrega, who was considered a moderating influence in an increasingly radical administration, will be replaced by Alejandro Vanoli, head of the CNV regulatory authority, according to presidential spokesman Alfredo Scoccimarro.
Without naming Mr Fábrega directly, Ms Fernández accused the central bank during a nationwide address on Tuesday night of failing to control “manoeuvres” by banks and brokers to provoke a devaluation of the peso, and suggested that “privileged information” had been leaked. >> Read More
U.S. stocks kicked off the first day of the fourth quarter on a sour note, with the Dow diving as investors react to a tired bull market being dragged down further by worries about global growth, ongoing protests in Hong Kong and angst over October’s reputation as a scary month for stocks.
And Ebola joined the mix of market worries as the day wore on.
The Dow Jones industrial average plunged 238.19 points, or 1.4%, to 16,804.71. The S&P 500 dropped 26.13 points, or 1.3%, to 1946.16 and the Nasdaq composite skidded 71.30 points, or 1.6%, to 4422.09.
Stocks in the Standard & Poor’s 1500 hotels, airlines and casinos industry groups are down Wednesday on news of a confirmed Ebola case in the U.S. >> Read More
Short-selling orders accounted for 31% of the value of all trades on the Tokyo Stock Exchange on Wednesday, with investors growing wary of the rapid rise in prices and anticipating a correction near at hand.
This marked the fourth straight session where the figure topped 30%, and the first time such high levels have persisted since the beginning of August.
The ratio had been edging up since last week, and hit the highest level in nearly two months on Tuesday at 32%. In the period between Sept. 17, before the Nikkei Stock Average recovered to the 16,000 range, and Wednesday, it rose from 31% to 33% for machinery and transportation equipment issues and 29% to 32% for electronics shares.
Many of these stocks hit year-to-date highs in late September, and hedge funds appear to be selling short in anticipation of a correction in prices. In addition, companies will start reporting results for the April-September half later this month, and “there is notable short selling of shares of companies where there is great uncertainty over their performance,” said Akihiro Ohara at Societe Generale.>> Read More
President Vladimir Putin on Wednesday said he would not impose total control over the Internet, despite sweeping government moves to impose surveillance and crack down on dissent.
Russia’s moves to tighten security over the Internet have provoked widespread alarm in a country where social media and online news sites are crucial outlets for the political opposition.
The Russian leader, who is a former KGB agent and briefly headed the FSB security service, said he did not want to “limit access to the Internet (or) place it under total control” at a meeting with ministers and security chiefs aired on state television.
“I would like to stress: there will not be any unjustified limitations, let alone total ones. We are not even considering them,” Putin was quoted as saying in a transcript on the Kremlin website.>> Read More