Patrick Gillespie, CNN Money, Author at newswatchplus.ph

Rio gets huge Brazil bailout weeks before Olympics

Patrick Gillespie, CNN Money — Mon, 14 Oct 2019 11:46:50 +0000

New York (CNN Money) — Brazil’s iconic state of Rio de Janeiro is getting a big bailout, just seven weeks before the Olympic Games arrive. Brazil’s federal government approved the bailout, worth about $850 million (2.9 billion reals), to beef up security in Rio for the Olympics Games. The cash will also be used to

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Rio Olympics won’t help Brazil clear economic hurdles

Patrick Gillespie, CNN Money — Wed, 09 Oct 2019 15:04:07 +0000

New York (CNN Money) — The Summer Olympics in Rio de Janeiro won’t give Brazil the boost it needs. That’s according to a new report by Moody’s Investor Service. It found that the Olympics will help improve Rio’s infrastructure, but any gains from the surge of tourism won’t save Brazil from its longest recession since

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Venezuela: We can’t pay our debts anymore

Patrick Gillespie, CNN Money — Fri, 03 Nov 2017 10:22:00 +0000

(CNN Money) — Venezuelan President Nicolas Maduro finally admitted his government can’t afford to pay all of its mounting bills. Maduro said in a televised speech Thursday that Venezuela and its state-run oil company, PDVSA, will seek to restructure their debt payments. The oil company made a $1.1 billion payment on Thursday, he said, a

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Venezuela’s food prices skyrocket as people go hungry

Patrick Gillespie, CNN Money — Sat, 22 Oct 2016 09:43:57 +0000

New York (CNN Money) — Earlier this year, Venezuelans suffered through acute food shortages. Now food is starting to reappear on more and more supermarket shelves. But the prices are prohibitive for almost everyone. “The prices are really really high…people are just shocked by the price increases,” says Alejandro, a 24-year old who works at

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Venezuela is shipping gold to pay debt

Patrick Gillespie, CNN Money — Sun, 28 Feb 2016 08:05:21 +0000

New York (CNN Money) — Venezuela is shipping gold to Europe so that it can pay its debt. Venezuela sent $1.3 billion worth of gold bars to Switzerland in mid-January, according to data from the Swiss Federal Customs Administration. That gold was shipped out just weeks before two big debt payments due this month, totaling

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Global currency collapse: Winners and losers

Patrick Gillespie, CNN Money — Tue, 09 Feb 2016 08:30:51 +0000

New York (CNN Money) — Global currencies are crashing left and right. Russia’s ruble and Mexico’s peso recently hit all-time lows against the dollar. The currencies of Colombia, Argentina and Brazil are all down 28% or more in the past 12 months. Turkey and South Africa have also fallen by double digits over that time.

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Dow falls 300 points on fears of oil plunge and China

Patrick Gillespie, CNN Money — Thu, 14 Jan 2016 05:17:09 +0000

New York (CNNMoney) — The slump in oil prices is raising red flags on Wall Street…again The Dow fell as much as 390 points Wednesday afternoon (January 13) before recovering a little, primarily driven by fears about the ongoing oil price plunge and China’s currency devaluation, experts say. The S&P 500 was down 2.3 percent

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Wall Street is ‘underestimating’ Fed rate hikes: Top official

Patrick Gillespie, CNN Money — Thu, 07 Jan 2016 21:23:15 +0000

New York (CNN Money) — Wall Street and the Federal Reserve aren’t on the same page. Many Fed committee members are projecting four interest rate hikes this year. But markets overall only believe there will be two. That’s a big gap in the investing world. “The market is underestimating where we’re going to be,” Stanley

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Stocks struggle to rebound from global selloff

Patrick Gillespie, CNN Money — Wed, 06 Jan 2016 08:04:10 +0000

New York (CNN Money) — Investors haven’t quite recovered from Monday’s dramatic global stock selloff. The Dow was down about 35 points on Monday afternoon, but that’s an improvement from an early loss of around 100 points. The Nasdaq lost another 0.3%, while the S&P 500 was trading flat. European markets posted more solid gains

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More cracks are showing up in America’s economy

Patrick Gillespie, CNN Money — Fri, 16 Oct 2015 11:13:00 +0000

New York (CNNMoney) — America’s economy is showing more cracks in October. Weak jobs report? Yup. Mediocre retail sales? You know it. Sluggish manufacturing, inflation and economic growth. You get the point. The economy may have improved a lot in recent years, but it’s hitting headwinds left and right recently. The latest salvo came on

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