Stories for July 27th 2010
Fitch upgrades Uruguay’s debt to BB, just below investment grade
Citing the “increased resilience to external shocks” Fitch upgraded Uruguay to BB from BB-, two levels below investment-grade and in line with Standard & Poor's. Moody's Investors Service rates Uruguay at Ba3, three levels below investment grade. Fitch last increased the country's rating in July 2007, taking it up one level from B+.
Argos Resources raised £ 22 million for hydrocarbons exploration in Falklands
Argos Resources with exploration licences in the North Falkland Basin expects its shares to be admitted to trading on AIM on Thursday 29 July. Argos Resources has raised £22 million (£20.6 million net of costs) in a placing of new ordinary shares at 31 pence per share which will give the company a market capitalisation of £67 million.
As Argentine economy picks up, imports soar and trade surplus is down
Argentina's trade surplus narrowed by 19% in June from the same month a year ago, falling short of market expectations as brisk economic growth fuelled demand for imports, according to official data released last week.
Latam’s India challenge: market for commodities, but manufacturing competitor
India could become a fast-growing market for Latin American and Caribbean commodities but governments in this region must foster closer ties with the 1.1 billion population giant and reduce trade costs to tap into that opportunity, according to a new study by the Inter-American Development Bank (IDB).
EU population reaches 500 million, with strong boost from net migration
The population in the European Union (EU) rose to over 500 million this year, official figures released by the EU statistics office Eurostat on Tuesday showed.
Ecuador moves to increase state control over the oil industry
OPEC member Ecuador says it will start renegotiating contracts with private oil companies as it moves to increase state control over the sector. Under the new hydrocarbons law, the current production-sharing agreements will be replaced by a flat fee.
Paraguay downplays derogatory references from Brazilian politicians
Paraguayan officials downplayed statements by Brazil’s main opposition presidential candidate Jose Serra who said that Brazil is doing “philanthropy with Paraguay and Bolivia”.
Colombia/Venezuela conflict: Kirchner meets president-elect Santos
Unasur (Union of South American Nations) chairman Nestor Kirchner confirmed Monday ongoing contacts at different levels to try and defuse the Colombia/Venezuela conflict.
Chile, Peru and Colombia, trade platform for China in South America
Colombia, Chile and Peru are increasingly the platform for South American trade with China, according to official statistics. The three countries have China as one of the largest and most dynamic trade partners and are working on a common strategy for further liberalization of trade.
Brazilian Indians protesting construction of Amazon dam release hostages
The Brazilian Indians who occupied the construction site of a hydroelectric dam and took more than 150 workers hostage in the far southern portion of the country’s Amazon region on Monday have released the last five people they were holding, a government spokesman said.
