Thousands of New York Metropolitan Transportation Authority workers began on Tuesday to fan out through the system to inspect and begin repair of the damage caused by Hurricane Sandy, a massively destructive storm of historic proportions.
A year ago the administration of President Cristina Fernandez imposed the first of a long chain of foreign money exchange restrictions that have caused a serious impact on the economy, the private sector and other provincial and city governments.
Australia’s Petrel Energy is getting involved in Uruguay after taking a stake in a private US player which also gives it a presence in Spain. The Sydney-based explorer said its 25% stake in Schuepach Energy International (SEI) gives the company a shot at unearthing “company-making” large scale oil and gas discoveries.
Municipal elections are over and the Brazilian government had a good performance at the polls having recovered among others the City of Sao Paulo, but contrary to investors’ expectations, the country’s oil and gas corporation Petrobras will not be hiking gasoline prices in the immediate future.
The Brazilian Foreign ministry revealed in a brief release that during October discussions between Mercosur and the European Union representatives both sides “confirmed their commitment to advance negotiations to achieve a wide ranging, balanced and ambitious agreement”.
Wall Street stock and options markets will be closed on Monday and possibly Tuesday, the exchange operator said, going back on a plan that would have kept electronic trading going on Monday.
Fernando Haddad of Brazil’s ruling Workers Party, a protégé of ex-president Lula da Silva, won Sao Paulo’s mayoral runoff election, according to official results. With 92% of ballots counted, Haddad had secured 56% to defeat his opposition rival and former presidential candidate Jose Serra of the Brazilian Social Democratic Party who received 43.9%.
Argentina downplayed the significance of the US Appeals Court ruling in support of investment funds that were ‘discriminated’ in the payment of their sovereign bonds vis-à-vis those that accepted the restructure of the massive 2002 Argentine default.
Spain's unemployment rate hit a record high in the third quarter, with one in four out of work and more expected to lose their jobs in 2013 as the next phase of government cutbacks kicks in.
Former Italian Prime Minister Silvio Berlusconi has been handed a jail sentence and barred from office after being found guilty of tax fraud. The Milan court sentenced him to four years but later cut it to one year because of an amnesty law.