Stories for July 2012

Tuesday, July 31st 2012 - 23:19 UTC

With Venezuela Mercosur has become “a new pole of world power”

Family picture for the four presidents

Argentine President Cristina Fernández said on Tuesday during a press conference held at the Mercosur extraordinary summit in Brasilia, that Venezuela’s entry to the bloc “strengthens the entire region” and creates a “new pole of power” at world level.

Tuesday, July 31st 2012 - 22:22 UTC

Second risk rating agency upgrades Uruguay to investment grade

Moody’s praised Mujica’s administration for reducing credit vulnerabilities to regional shocks

Moody's Investor Service upgraded Uruguay's sovereign ratings from Ba1 to Baa3, following Standard & Poor's upgrade announced on April.

Tuesday, July 31st 2012 - 22:13 UTC

B&S abandons south Falklands oil and gas exploration; FOGL takes over

The Leiv Eiriksson rig is moving to the Loligo well drilling location

After two disappointing results, Borders & Southern has officially completed its deep water drilling program in the South Falkland Islands basin, the company announced on Tuesday. The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling program.

Tuesday, July 31st 2012 - 11:22 UTC

Brazil’s “major corruption trial” takes off Thursday and involves 38 politicians

The case involves ministers, lawmakers, the whole of the ruling party leadership and almost ousted Lula da Silva

Brazil’s Supreme Tribunal is preparing details for the so called “major trial” of the country’s history which accuses 38 high ranking politicians and officials involved in a 2005 corruption case which almost tumbled the government of then President Lula da Silva.

Tuesday, July 31st 2012 - 11:20 UTC

Uruguay’s citrus industry hit by frosts accumulates losses of 35m dollars

Uruguayan groves hadn’t suffered such a blow since 1967

Uruguay estimates that the citrus industry will experience losses of 35 million dollars because of the intense frosts. The 35 million includes 12 million dollars in lost salaries and contributions to social security.

Tuesday, July 31st 2012 - 07:42 UTC

Not without controversy Venezuela becomes Mercosur fifth full member

The incorporation procedure has Uruguay’s Mujica and Astori in opposite positions

Following a full day of deliberations in Brasilia between Foreign Affairs ministers, the presidents from Brazil, Argentina and Uruguay, on Tuesday will formally receive Venezuela as the new full member of Mercosur, as was agreed at the regular mid year summit in Mendoza.

Tuesday, July 31st 2012 - 04:04 UTC

Cristina Fernandez prepares another ‘independence day’ celebration next Friday

On that day the Argentine president is expected to reaffirm the current economic model

Argentina is ready to cancel next Friday a bond issue which was handed out to residents with bank deposits victims of the so called “corralito” (paddock) in 2002 when the collapse of the Argentine economy and financial system.

Tuesday, July 31st 2012 - 02:05 UTC

Uruguay expects to plant a record area of soybeans this coming season

Over 1.1 million hectares will be sown with soybean according to estimates

The soybean area and crop of the next harvest in Uruguay is expected to establish a new record with an additional 10% acreage, totalling over a million hectares boosted by excellent international prices and good weather prospects, according to reports from local grain and oilseed operators.

Tuesday, July 31st 2012 - 01:58 UTC

Increase of non resident deposits in Uruguayan banks

Uruguay’s Old City or banking district where most non residents operate

The number of bank accounts of non residents in Uruguay climbed 14% in June compared to a year ago, --6.769 new clients--, which is higher than the increase verified for the whole number of residents and non residents, up 2%, according to Uruguay’s central bank data.

Tuesday, July 31st 2012 - 01:25 UTC

Brazil: Violent land disputes between tribes and ranchers on the rise

Indigenous peoples complain of government broken promises (Photo: T. Turner)

Violent disputes over indigenous land are on the rise in Brazil, sparking heightened militancy by natives angered by broken promises of compensation and slower government registrations.

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