Stories for April 21st 2012
Fitch warns Argentina on “growing diplomatic isolation” and “investment shortages”
In an article posted on the Fitch Wire credit market commentary page the rating agency slammed Argentina for its government’s decision to seize a majority stake in YPF from Spain’s Repsol as announced by President Cristina Fernández de Kirchner on Monday.
Astori tells Spanish businesses “Uruguay, an attractive and safe” country for investors
Vice president Danilo Astori currently on a business trip to Spain described Uruguay as an “attractive and safe” country to invest given its macroeconomic solidness, strength of its institutions and stimuli for investors, both domestic and from overseas.
Peru gives conditional approval to major controversial mining project
Peruvian President Ollanta Humala said on Friday that US-based Newmont Mining should carry out a more ambitious environmental mitigation plan if it hopes to build its 4.8 billion dollars Conga gold mine project.
EU parliament deplores YPF seizure; calls for an end to Argentina trade preferences
The European parliament ‘deplored’ the Argentine government decision to expropriate a majority control in the YPF hydrocarbons corporation - which is owned by Spanish energy company Repsol- and called for the suspension of Argentina's tariff concessions under Europe's so-called generalised system of preferences (GSP). In a resolution, the House also urges Argentina to ”return to the path of dialogue and negotiation”.
Emerging powers committed to IMF but insist on less European predominance
Major emerging powers stood ready on Friday to pledge money to bolster the International Monetary Fund's crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase.
Uruguay and Brazil agree to jointly develop and expand wind power
Uruguay and Brazil agreed this week to jointly set up a 100MW wind farm in Uruguayan territory demanding an investment of 200 million dollars and which should become operational by 2013.
Petrobras promises to expand and increase investments in Argentina
Brazil’s President Dilma Rousseff following a meeting with an Argentine delegation from the energy sector ratified her country’s decision to “strengthen the investment and the presence of the oil company, Petrobras, in Argentina”.
Argentine import restrictions trigger protests from port of Buenos Aires workers
Freight truckers and customs’ brokers’ staff paralyzed the Buenos Aires port five terminals for a second day running to protest restrictions on import trade recently implemented, which has caused a collapse in port activities and thus jobs.
In France it’s Hollande or Sarkozy, but eyes are set on hard left/right votes
Socialist presidential frontrunner Francois Hollande appealed to French voters to throw out conservative Nicolas Sarkozy and shun the far right in a final push for working-class votes before Sunday's first round of the election.
Argentina minimizes impact of Spain’s first retaliatory measures
Argentine President Cristina Fernández minimized Spain’s decision to reduce the bio-diesel imports as a retaliation over the expropriation of YPF and called for “calm” after assuring that Argentina “is in condition to absorb” that production in the domestic market.
