Argentina launches $2 billion repurchase agreement to boost reserves
The deal - announced alongside other measures to increase the central bank's reserves - comes ahead of an expected review with the International Monetary Fund (IMF) of the country's recently signed $20 billion loan agreement.
Argentina needs to boost its reserves ahead of the review, and has said it will not purchase dollars locally to do so. On Monday, the bank reported $38.60 billion in reserves, short of the $40 billion needed.
The REPO deal is set for Wednesday, the central bank said in a statement.
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Telegraph
3 hours ago
- Telegraph
Five essential things to know before you board an Oceania Cruises' ship
Ever since its founding in 2002, Oceania has pitched itself as a premium foodie cruise line serving 'the finest cuisine at sea' – a tag line the company has trademarked. Backing up the claim, its ships have one chef for every 10 passengers and, because there's no point serving good food unless people eat it, there is no charge to dine in its speciality restaurants, unlike on other ships. The company originally chartered two small ships, Insignia and Regatta. Now it has eight vessels, including four larger new builds. The latest, Oceania Allura (1,200 passengers), launched in July 2025. Another new ship, Oceania Sonata, is due in 2027, with three sister ships to follow between 2029 and 2035. In recent years, Oceania has added 'leading destination line' and wellness to its attributes, along with excursions designed to connect passengers to places and cultures through history, food, yoga and 'go local' trips to quieter villages and places off the tourist trail in big cities. Since 2014, Oceania has been part of Norwegian Cruise Line Holdings, parent of mass-market Norwegian Cruise Line and ultra-luxury Regent Seven Seas Cruises. 1. Where does Oceania cruise? Eight ships are enough to cover pretty much all corners of the world. Chances are wherever you want to go, Oceania can take you there, even if you want to go penguin-spotting in Antarctica. Staying with long-haul, Oceania has cruises in Asia, South America and through the Panama Canal, and island-hopping voyages in the Caribbean almost exclusively round-trip from Miami. Cruises in French Polynesia from Tahiti are among its best-selling cruises. Closer to home, cruises in the Mediterranean and Greek Isles in the summer and autumn visit popular places including Barcelona, Dubrovnik, Santorini and Rhodes. However, Oceania's ships are small enough (they hold 670-1,250 passengers), to call into lesser-known ports inaccessible to large vessels. Canakkale in Turkey, the gateway to Gallipoli and Troy, is one such; Olbia in Sardinia – where food, wine and 4x4 adventures are among excursions – is another. In the Baltic, with calls into St Petersburg no longer an option, Oceania has found new places for passengers to explore, including Kotka in Finland and Liepaja in Latvia, the former offering nature walks and rafting, the latter known for its art nouveau heritage and the world's largest mechanical organ. For those who prefer not to fly, five cruises from Southampton in 2026 either circumnavigate the UK and Ireland, explore Scandinavia or combine the two. Durations range from seven nights to a month or more and often include overnights in A-list cities such as Istanbul, Buenos Aires and Rio de Janeiro. There are 180-day world voyages each January. In 2027 passengers will depart Miami for Southampton, and there's an option to sail on to New York, extending the cruise by 64 days. 2. Who does Oceania Cruises appeal to? A typical Oceania cruiser is a well-travelled, well-off American, aged 65 or over who likes smaller ships, enjoys the refined but not dressy atmosphere on board and wants to see the world in comfort without paying top dollar for an all-inclusive and more spacious ultra-luxury cruise line. Oceania pitches itself as a luxury line with fares that cover tips, Wi-Fi and soft drinks as well as dining in speciality restaurants. Alcohol and excursions cost extra, likewise flights and transfers. While the majority of Oceania passengers are from North America, the brand counts plenty of British and Australians of a similar age and social profile among its fan base. Families are welcome, but you are more likely to see older multi-generational groups, as there is no child care or entertainment for children. Wherever they're from, passengers will likely have an appreciation for good food. Those who are really keen can improve their skills in culinary centres on the four new ships and sign up for food-themed excursions, such as shopping with a chef or cookery lessons with locals. Passengers also enjoy Oceania's longer cruises. As proof, all cabins and suites on the 180-day world cruise in January 2026 are already wait-listed. 3. Oceania Cruises' fleet Regatta-class Oceania Insignia, Oceania Nautica, Oceania Regatta, Oceania Sirena (670 passengers) Built 25 or more years ago, these are the old ladies of the fleet, but plenty of Oceania cruisers prefer them for their more intimate size. They've been spruced up over the years but they are not as luxurious as their newer fleet mates, and cabins and suites are quite compact, although many have balconies. Expect two speciality restaurants – the Asian-inspired Red Ginger and Tuscan Steak on Sirena; Toscana and Polo Grill on the others – in addition to the grand dining room and buffet, and an alfresco grill by a small pool. Sails to: Mediterranean, Northern Europe, Asia, Caribbean, Mexico, South America, Panama Canal, Canada and New England, Australia and New Zealand, the South Pacific and Africa Oceania-class ships Oceania Marina and Oceania Riviera (1,250 passengers) Oceania went larger with its first new vessels, almost doubling the size of its Regatta ships, so it could add two more restaurants – the French Jacques and Asian-inspired Red Ginger – as well as the first cookery schools at sea. Three butler-served Owner's Suites span the width of the ships and are furnished in Ralph Lauren Home. A Lalique staircase dazzles in each atrium; elsewhere expect an elegant, conservative look. Allura-class ships Oceania Vista and Oceania Allura (1,200 passengers) Oceania fans had to wait 10 years after Riviera for another new ship, with Vista launching in 2023 and Allura following in 2025. They are slightly smaller but the layout is similar and the look much brighter. Notably there's a larger culinary centre and a new restaurant, Aquamar, serving healthier food but only for breakfast and lunch. French restaurant Jacques makes a comeback on Allura (it will be added to Vista in October 2025). Sails to: Mediterranean, Northern Europe, British Isles, Caribbean, Mexico, South America, Panama Canal, Asia, Canada/New England, world cruises 4. Loyalty scheme Cruisers become members of the Oceania Club after their first sailing and then work their way up through seven levels, earning everything from bottles of wine and on-board credit to free drinks packages and even free cruises. 5. Access for guests with disabilities All ships have wheelchair-accessible cabins and lifts to all decks, except a half portion of deck at the very top, and front of the ships.
The Herald Scotland
16 hours ago
- The Herald Scotland
Can Labour 'absolutely' overtake the SNP for Holyrood 2026?
'Absolutely, we are,' Ms Reeves proclaimed when asked if her party was in a position to unseat the SNP. 'We won in Scotland last year and we won well,' she said. But a lot has happened since that big win at the General Election over a year ago. It's been only a matter of weeks since her government's spectacular unravelling of plans for the benefits system and the Chancellor could now be left at risk of breaking her own fiscal rules amid trade wars, the International Monetary Fund (IMF) has warned. So, what's her cause for confidence? Well, other than not wanting to appear weak, the Chancellor claims it is because of how UK Labour are delivering for Scotland. READ MORE: Chancellor refuses comment on rape clause fairness Chancellor faces fiscal risks and 'significant challenges' amid trade war – IMF 'Transport boost' expected during Reeves' trip to Scotland At the Rolls Royce plant in Inchinnan on Friday, she got on her safety goggles to prove that a focus on defence was crucial. The Chancellor told journalists that morning Rolls Royce joins other companies across the country like Babcok in Rosyth who are benefiting from the Labour government's investment in the defence sector. It's estimated the government will spend over 2.6% of GDP in the industry in 2027. 'Good jobs and prosperity' mixed in with the ability to say the SNP did not back this funding appears to be a winning strategy for Ms Reeves. But evidence of this being successful remains to be seen as Labour is consistently trailing behind the [[SNP]] in the most recent polls for Holyrood 2026. Following the Chancellor's visit, pollster Scott Edgar from Diffley Partnership told The Herald the path to victory for Labour in Scotland looks "steep" but they have been comforted by one recent win. The senior research manager said: "Labour continues to trail the SNP in national polling, and the path to forming a government at Holyrood remains a steep one. "If the election were held now then the strong likelihood is that the SNP would be the largest party, albeit a long way short of having a majority. However, the recent by-election result in Hamilton, Larkhall and Stonehouse will have offered Labour encouragement which they will hope can give them some much needed momentum. "We are still 9 months out from the election and if Labour can carry any momentum forward, there may yet be an opportunity to move the dial nationally." At the start of this month, an Ipsos poll suggested the SNP is currently leading on Scottish Parliament voting intentions, with 34% of voters saying they would vote for the party. Meanwhile, Labour have fallen out of favour with many Scottish voters while in government at Westminster, with 22% now saying they would vote for the party, 13 points lower than the party achieved last July. In contrast, Reform UK are very much on the up, with a 16% vote share putting them 9 points higher than the 7% they achieved at the General Election. UK Labour's leadership is also not going down well north of the border. Keir Starmer's approval rating among Scots is at an all-time low as he marks one year as Prime Minister, according to the polling. Only 22% of the Scottish public are satisfied with the way Starmer is doing his job, giving him a net-satisfaction rating of -42 in Scotland. And it is not just amongst the public where discontent lies but within the Prime Minister's own ranks. The recent internal party split over welfare reforms left Labour MPs critical of the leadership from 10 Downing Street.
Reuters
21 hours ago
- Reuters
IMF board approves Zambia programme review, unlocking about $184 million
July 25 (Reuters) - The International Monetary Fund said on Friday its executive board had completed a fifth review of Zambia's loan programme, unlocking another disbursement of about $184 million. The fund said the loan programme would seek to "entrench macroeconomic stability, restore debt and fiscal sustainability, enhance public governance, and foster inclusive growth" for Zambia. The copper-rich Southern African country is recovering from a severe regional drought, which curbed economic growth after years of protracted debt-restructuring negotiations. Zambia battled its way to a restructuring deal with its primary creditors last year. It has yet to agree terms with some smaller creditors including Afreximbank. Its finance ministry expects growth to pick up 5.8% this year and 6.4% in 2026. Analysts do not foresee U.S. President Donald Trump's 50% tariff on copper being a major drag on growth as exports to the U.S. are limited and volatility in the copper price is expected to be temporary.
