Stories for February 1st 2013

Friday, February 1st 2013 - 23:18 UTC

Petrobras prepares to extract heavy oil with 140.000 bpd FPSO unit

The P-63 floating production storage and offloading unit has a storage capacity of 1.4 million barrels

After months of delays, the P-63 floating production storage and offloading unit (FPSO) has made its temporary home in Brazil's Port of Rio Grande, Petrobras and the Quip consortium said on Thursday.

Friday, February 1st 2013 - 23:07 UTC

Uruguay’s budget deficit soars to 2.8% of GDP; Minister pleads for ‘austerity’

Economy minister Lorenzo budget deficit has created “a vulnerable situation”

Uruguay’s budget fiscal deficit soared to 1.35 billion dollars or 2.8% of GDP last year, the highest since 2003, propped by energy costs, extraordinary one time payments and support for the recently implemented national health scheme, according to a release from the Ministry of Economy.

Friday, February 1st 2013 - 23:02 UTC

IMF censures Argentina; ‘remedial measures’ expected by September

Christine Lagarde must report on the Argentine situation next November

Argentina became the first country censured by the International Monetary Fund for not sharing accurate data on inflation and economic growth under a procedure that can end in expulsion. The declaration of censure was adopted Friday by the IMF 24-member board of directors and even if it doesn’t have immediate effects, the decision takes the country a step closer to sanctions that include barred access to IMF loans.

Friday, February 1st 2013 - 20:13 UTC

Falklands regret Timerman attitude and calls on Argentina “to respect our rights”

Timerman tells Hague he is interested in ‘bilateral talks’ and “certainly not supervised by Malvinas settlers”.

The Falkland Islands government said on Friday it deeply regrets that Argentine Foreign Minister Hector Timerman refused to meet with lawmakers from the Islands and Foreign Secretary William Hague, next week when he travels to London.

Friday, February 1st 2013 - 18:47 UTC

Argentine court confirms setback for Chevron in 20-year old dispute with Ecuador

We are very pleased with the resolution that is well founded”, said Enrique Bruchou, lead attorney for the plaintiffs

An Argentine appeals court has upheld an embargo on the assets of Chevron Corp.'s local subsidiary, a legal setback for the company, which had said the embargo compromised its operations in the country. A lower court judge issued the embargo last year as part of a decades-old legal dispute involving claims that Chevron is responsible for environmental contamination in Ecuador.

Friday, February 1st 2013 - 07:51 UTC

Argentine unions anticipate marches and protests for next March

Piumato said the income tax floor increase is ‘not enough’

Argentina’s powerful organized labour even divided have agreed that the recent rise in the income tax floor announced by the government of President Cristina Fernandez is ‘not enough’ and industrial action is anticipated as soon as next March, when full activity resumes in Argentina following summer holidays.

Friday, February 1st 2013 - 07:45 UTC

IMF: Peru, Chile, Paraguay and Bolivia, best prepared in the event of another global crisis

Results follow stress-tests in different scenarios including a repeat of the Lehman Brothers collapse in 2008

Peru, Chile, Paraguay and Bolivia area among the South American countries best prepared in the event of another global crisis while Venezuela stands at the opposite end with ‘weakened’ defences, according to the latest report released by the IMF.

Friday, February 1st 2013 - 07:38 UTC

Chile and Uruguay banks outlook for 2013 stable and negative for Argentina, says Fitch ratings

The Argentine government has imposed a number of controls and regulations that limit financial activities

The outlook for Southern Cone Banks is mixed in 2013, with a stable outlook for Chile and Uruguay, while Argentina faces a negative outlook and the potential for downgrades, according to a new Fitch Ratings report.

Friday, February 1st 2013 - 07:32 UTC

Cost of crimes against property and people in Uruguay estimated at 3.1% of GDP

Crime rates in Uruguay are generally lower than in the rest of Latam but the issue is now at the top of the public agenda

The cost of crimes against property and people in Uruguay in 2010 totaled at least 1.2 billion dollars, which was equivalent to 3.1% of the country’s GDP. This was the conclusion of a new study carried out at the country’s Economic Research Center by researchers Aboal Diego, Jorge Campanella, and Bibiana Lanzilotta, with the collaboration of Magdalena Dominguez and Maren Vairo.

Friday, February 1st 2013 - 07:09 UTC

Big boost for foreigners who invest in Brazilian real estate

The construction industry to satisfy a growing middle class and to prop the economy

Brazil on Thursday exempted foreign investors from paying a financial transaction tax on purchases of real estate investment trusts traded on the country's stock exchange. Since early last year the government of President Dilma Rousseff has aimed to develop funding alternatives for local builders, many of which are overly dependent on loans from state development bank BNDES, the main source of long-term corporate financing in Brazil.

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