Venezuela is reforming its currency laws to start a third dollar allocation system in the “coming hours,” President Nicolas Maduro said yesterday as a shortage of greenbacks pushed product scarcity to a record.
Venezuelan dollar bonds rallied the most in almost eight months after Economy Vice President Rafael Ramirez said last week the country planned to start operating a new currency swap market before the end of the month.
South Korea will halt customs clearance of U.S. beef imports after the first U.S. case of mad cow disease in six years was found in a dairy cow in central California, an agriculture ministry official said.
Summa Group, owner of Russian ports and a Rotterdam oil terminal, is spending $1.4 billion to buy a stake in Fesco Group, a Pacific port and ship operator, to form a Eurasian freight network and challenge Suez Canal shipping.
South Korean President Park Geun Hye and Chinese President Xi Jinping pledged closer diplomatic and economic ties, called for resuming talks to quell North Korea’s nuclear ambitions and vowed to expand bilateral trade by 140 percent in the next three years.
Subsea 7 SA slumped the most since October 2008 in Oslo as investors sold shares in the company on speculation there could be even more losses at the Guara-Lula project off Brazil after a bigger-than-expected provision.