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Midday Dispatch – Corporate and Financial News

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Argentina’s peso lost 14 percent of its value against the dollar when exchange markets opened on Monday after President Mauricio Macri suffered a crushing defeat in party primaries over the weekend. AFP

In light trading, stocks continue in the red, reflecting concern over China devaluing its currency and persisting unrest in Hong Kong.

Singapore’s government cut its forecast for economic growth this year to almost zero as the escalating U.S-China trade war dampens the region’s most trade-reliant economies. Bloomberg

PayPal’s Venmo starts rolling out Instant Transfer real-time payment service for transferring money from a Venmo account to a user’s bank account within minutes. Follows last year’s launch of Instant Transfer via debit card that allowed transferring money from a Venmo account to an eligible Visa and Mastercard debit card.

New Zealand has become the first country legally to back companies that are paying employees in cryptocurrencies, in a move that brings the oft-maligned asset class in line with mainstream forms of payment. Financial Times

The U.S. fiscal deficit has already exceeded the full-year figure for last year, as spending growth outpaces revenue. The gap grew to $866.8 billion in the first 10 months of the fiscal year, up 27% from the same period a year earlier, the Treasury Department said in an emailed statement on Monday. That’s wider than last fiscal year’s shortfall of $779 billion — which was the largest federal deficit since 2012. Bloomberg

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