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Argentine peso and markets plunge after shock vote

Argentine peso and markets plunge after shock vote

Business
Argentine stock markets and its currency have both plunged after conservative Argentine President Mauricio Macri suffered a shock defeat in primary elections on Sunday.The peso fell 15% against the dollar on Monday after earlier plunging around 30% to a record low.Some of the country's most traded stocks have also lost around half of their value in one day.Mr Macri, in response, has pledged to "reverse" Sunday's election result.At a news conference on Monday, the president also said that the drop suggested the market lacked confidence in an opposition government.Argentine leader Macri trounced in primary vote"This [market meltdown] is just a small demonstration of what can happen," said Mr Macri."We have much to do still. Every election is a message and w...
Ryanair pilots vote for strike action

Ryanair pilots vote for strike action

Business
UK-based Ryanair pilots have voted to strike in a row over pay and conditions.The British Airline Pilots Association (Balpa) has announced two walkouts, one from 22-23 August, while the second strike will be from 2-4 September.It said pilots did not want to disrupt people's travel plans but felt they had no choice after "decades of Ryanair refusing to deal with unions".But the airline said the "ill-timed" strikes would endanger pilot jobs. It comes days after the budget airline warned of job losses following a sharp fall in quarterly profits to 21%, due to higher costs for fuel and staff, and reduced ticket prices.'Challenging summer'Balpa said its members have many disagreements with the airline, including over pensions, loss of licence insurance, matern...

Israel’s Arab parties unite to make gains in upcoming vote

World
Israel's four Arab political parties have announced a merger ahead of September elections, hoping to boost turnout among the minority, which makes up a fifth of Israel's population. Ayman Odeh, head of the Hadash party, said Monday that now that the parties have reunited as Joint List, they can address the "great challenge" facing the country's Arab minority. The four factions first united in 2015, earning 13 seats in the 120-seat Knesset. But infighting later split the Joint List into two parties, which only won a combined 10 seats amid low Arab turnout in April's election. Israel faces an unprecedented repeat election in September after Prime Minister Benjamin Netanyahu failed to form a majority coalition government. Israel's Arab citizens largely identify with the Palestinians and have...
Philip Green wins key vote for rescue plan ahead of meeting

Philip Green wins key vote for rescue plan ahead of meeting

Business
Sir Philip Green has won the backing of the Pension Protection Fund (PPF) for his plan to rescue Arcadia ahead of a crucial vote on Wednesday.The owner of Topshop has struck a £385m deal to secure its pension schemes, including a £100m contribution from Lady Cristina Green, Sir Philip's wife and Arcadia's largest shareholder.The PPF said it would now "vote in support" of Arcadia's restructure.But the plan, which includes closing 50 stores, needs the backing of landlords.They would have to agree to a rent cut on Arcadia's stores, which also include Burton, Miss Selfridge, Dorothy Perkins and Wallis.The restructuring would be done through a company voluntary arrangement (CVA), an insolvency process that allows a business to reach an agreement with its credi