Economy

Economy
Monday, July 28th 2014 - 07:30 UTC

Cash-short Venezuela considering the sale of its US downstream subsidiary

Citgo includes thousands of gasoline stations plus several refineries and storage facilities

Venezuela's state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to sell its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website last Friday.

Monday, July 28th 2014 - 07:04 UTC

Uruguay, Paraguay and Bolivia private sectors unite to combat Mercosur protectionist policies

Paraguay's Eduardo Felippo says Urupabol will help boost growth and sound development

The private sectors from Paraguay, Uruguay and Bolivia agreed to form a business lobby, Urupabol, with the purpose of actively combating protectionist policies and other obstacles implemented inside Mercosur, mainly by senior members Argentina and Brazil.

Saturday, July 26th 2014 - 06:56 UTC

Cristina Fernandez will analyze holdouts' case during her stay in Rio Gallegos

The Argentine president left on Friday for Santa Cruz

President Cristina Fernandez left on Friday for Santa Cruz province, where she will stay for the weekend and analyze New York Argentine/holdouts case briefings. The Argentine delegation returned on Friday to Buenos Aires after two meetings with appointed mediator Daniel Pollack in New York, where no resolution was reached.

Saturday, July 26th 2014 - 06:49 UTC

IMF warns about 'default' costs for Argentina; calls for debt restructuring mechanisms

“If Argentina goes into default and doesn't pay the holdouts, for some time it will be unable to access markets” said Olivier Blanchard

The IMF's chief economist warned that a default by Argentina in its battle with holders of its defaulted debt may hurt its economy and the global financial system. Argentina continues to face the fallout of its 2001 debt default, which plunged the country into an economic crisis it is still battling to overcome.

Saturday, July 26th 2014 - 06:36 UTC

Argentina/holdouts impasse remains; delegation back to Buenos Aires for instructions.

 Consistent with Judge Griesa’s direction ”I anticipate that there will be further communications with the parties prior to the Default date (July 30)” said Pollack

Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors in New York on Friday in talks that lasted just an hour. The Argentine delegation is flying back to seek instructions from its government, mediator Daniel Pollack said, while the country's economy ministry underscored it would continue the dialogue with him over the next few days.

Saturday, July 26th 2014 - 06:18 UTC

Brazilian auto industry putting workers on paid leave as production plummets 10%

General Motors put 940 workers at the same factory on paid leave in 2012, and the union said 598 of them were later fired

General Motors Co wants to put nearly a fifth of its workers at a factory in Brazil on paid leave, an auto workers union said this week, amid falling output in Latin America's largest economy.

Friday, July 25th 2014 - 06:26 UTC

Uruguay oil and gas summit schedules for next November

This Summit follows the announcement by Ancap of the third oil bidding round, the Ronda Uruguay III

Global Summits Organizer IRN and Grupo BG de Eventos will be launching the inaugural Uruguay Oil & Gas 2014 Summit which will take place on 17th-18th November in the capital of Uruguay, Montevideo. This Summit follows the announcement of the third oil bidding round, the Ronda Uruguay III.

Friday, July 25th 2014 - 06:22 UTC

Brazil wants to speed Mercosur/Pacific Alliance free trade understanding

Ferreira Simoes said the issue would be discussed at the coming Mercosur summit in Caracas

Brazil will propose next Tuesday, in Caracas, during the Mercosur summit that the group and the Pacific Alliance reach an agreement on free trade by the end of the year, according to official sources from Itamaraty.

Friday, July 25th 2014 - 05:49 UTC

Holdouts lash out at Argentina: “it is choosing to default next week”

Paul Singer is head of NML Capital, together with Aurelius Capital the two main holdouts litigating with Argentina

NML Capital Ltd, one of the lead holdout creditors in Argentina's sovereign bond dispute said on Thursday the Argentine government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.

Friday, July 25th 2014 - 05:36 UTC

Argentina/holdouts will meet again on Friday; “issues remain unresolved”

The issues separating the parties remain unresolved at this time. The time for the Republic to avoid Default (July 30) is short, said Pollack

Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between Argentina and the holdouts from speculative funds said that Thursday's meeting had failed and announced a new audience for Friday at 10:00 in the morning in New York.

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