Economy

• Thursday, June 2nd 2011 - 08:41 UTC

  Argentina passes tough money-laundering bill to avoid “gray list”

  

  Argentina's Senate on Wednesday passed a bill called for by President Cristina Fernandez, CFK, to toughen financial controls and meet global standards on fighting money-laundering.

• Thursday, June 2nd 2011 - 08:36 UTC

  Argentina bans smoking in public places; forbids advertising of tobacco companies

  

  The Argentine Lower House passed a law that bans smoking in public spaces and forbids advertising, promoting and sponsoring tobacco companies and forces manufacturers to include warnings on the back of all cigarette packs detailing the harmful effects of smoking on health.

• Thursday, June 2nd 2011 - 04:38 UTC

  Argentina expected to return to international credit markets at the end of 2011

  

  Barclays Capital expects the administration of President Cristina Fernandez might issue bonds on international credit markets towards the end of this year in a bid to prop up Argentina's fast-growing economy.

• Thursday, June 2nd 2011 - 04:15 UTC

  Brazil gives definitive approval to world’s third largest hydroelectric dam project

  

  Brazil's environment agency gave its definitive approval Wednesday for construction of the Belo Monte hydroelectric dam, a controversial 17 billion US dollars project in the Amazon that has drawn criticism from native Indians and conservationists.

• Thursday, June 2nd 2011 - 00:46 UTC

  Uruguay's fiscal deficit steady at 1.6% of GDP; lack of rains fuels power bill

  

  Uruguay’s fiscal deficit increased 0.7 percentage points of GDP in April reaching 1.6% of GDP in the accumulated twelve months, reports the Ministry of Economy and Finance. The 1.6% of GDP is the fiscal budget deficit target established by the government for the whole of 2011, which was recently increased.

• Wednesday, June 1st 2011 - 16:23 UTC

  Falklands’ appraisal well confirms oil quality at Sea Lion prospect discovery

  

  Rockhopper Exploration operating in the North Falkland basin has provided an upbeat update on its second appraisal well, 14/10-5, on the Sea Lion discovery which was drilled 600 m north of the 14/10-2 discovery well to a TD of 2,726 m.

• Wednesday, June 1st 2011 - 10:33 UTC

  The unstoppable march of the tobacco giants

  

  By Emily Dugan - The following piece from The Independent on Sunday describes how in spite of the World NO tobacco Day (May 31) the industry ruthlessly exploits the developing world and makes huge profits even when smoking in the richer countries has been falling sustainedly.

• Wednesday, June 1st 2011 - 09:02 UTC

  LAN will seek another partner to expand globally if merger with Brazil’s TAM falls

  

  Chile's LAN Airlines will seek another partner or explore other options to expand internationally if a local antitrust tribunal rules against a planned merger with Brazil's TAM, according to an interview published by leading daily El Mercurio.

• Wednesday, June 1st 2011 - 08:53 UTC

  Obama names businessman with impressive background new Commerce Secretary

  

  John Bryson from Kohlberg-Kravis-Roberts & Co and with an impressive business background has been nominated by President Barack Obama as next US Secretary of Commerce. He replaces Gary Locke but still must be confirmed by Congress.

• Wednesday, June 1st 2011 - 08:37 UTC

  Moody’s joins S&P and lifts Colombia’ credit rating to investment grade

  

  Colombia’s credit rating was raised to investment grade by Moody’s Investors Service, matching a move by Standard & Poor’s two months earlier, as economic growth accelerates and the threat posed by guerrilla groups and organized crime recedes.