Stories for June 26th 2010
Alternative Latin Investor (ALI), the first and only online news source to provide information on alternative investments in Latin America, has just released an in-depth report on the Panamanian investment environment.
Germany's Chancellor has insisted that Europe's leaders are making good progress in talks with the US about how to bolster fragile economic growth. Angela Merkel told journalists at the G8 summit in Canada there was mutual understanding with President Obama over deficit reduction plans. Leaders are attending summits of the G8 and G20 groups of leading states.
Former president Nestor Kirchner said Argentina needs a “strategic project for the next ten years” and forecasted that investors will arrive knowing the country has an established proven development model.
Ecuadorean President Rafael Correa said on Friday his country had been removed from an international blacklist of countries who fail to comply with standards against money-laundering and terrorism financing.
Argentina’s newly appointed Foreign Minister Héctor Timerman said that China expressed “strong support” for Argentina’s sovereignty claim over the Falklands and other South Atlantic islands, but was disappointed by the bias coverage of the Buenos Aires press.
Argentina's economy grew at its fastest pace in nearly two years in April, expanding 9.7% percent from a year earlier, the government announced on Friday. Increased consumer spending and demand for Argentina industrial products, particularly automobiles, from Mercosur partner Brazil helped to boost the economy.
Nobel laureate Paul Krugman said China’s pledge to make the Yuan more flexible was an “exercise in bad faith” intended to fend off international pressure for a stronger currency at this week’s Group of 20 leaders’ summit.
Top Chinese financial officials defended the country’s current economic policy and stated there was no need for a major appreciation of the currency or an increase in interest rates since inflation was declining.
Argentina has reached an agreement with China to end the freeze on Argentine soy-oil imports, the government said on Friday. However given the cumbersome negotiation process some Argentine traders are waiting for an official confirmation from Beijing.
British Petroleum, BP, is actively considering the sale of its stake in Pan American Energy LLC, Argentina's fastest growing oil and gas company, according to oil industry sources quoted in the Buenos Aires press.