Economy

Economy
Thursday, July 24th 2014 - 06:20 UTC

World Bank praise for Peru as one of the most solid economies in the region

“The international environment is more complex, the Peruvian economy performs better than the average Latin American country” said Familiar.

The World Bank's vice president for Latin America and the Caribbean, Jorge Familiar, on Wednesday highlighted Peru's economic growth over the past 10 years. Peru's average economic growth over the period has registered 6. 5% annually, allowing many Peruvians to escape poverty, said Familiar.

Thursday, July 24th 2014 - 06:18 UTC

Humala signs contract for pipeline that will make Peru a leading gas exporter of the region

President Humala said after the signing ceremony that the deal is an historic milestone for natural gas development

The consortium made up of Spanish energy company Enagas and Brazilian construction giant Odebrecht signed a contract on Wednesday with Peru's Energy and Mines Ministry for the construction and operation of a natural gas pipeline that will run from the Camisea gas fields to the Pacific port of Ilo.

Wednesday, July 23rd 2014 - 06:51 UTC

Argentina claims Griesa is blocking bondholders money and using 'vulture funds' language

Kicillof and Cristina Fernandez met for several hours before making official the release late Tuesday

Argentina reacted strongly to Tuesday's events in the New York federal court which denied its stay request, claiming Judge Thomas Griesa “did not solve absolutely any of the issues for which he summoned today's audience”, insisting with his “unbelievable ban” on structured bonds' collecting their payment.

Wednesday, July 23rd 2014 - 06:42 UTC

Holdouts want to sit down with Argentina and solve the dispute; 'countdown clock'

Paul Singer, head of NML Capital

Following on Tuesday's audience with Judge Thomas Griesa, NML Capital the leading speculative fund litigating with Argentina, issued a release saying “it is willing to hold a meeting with 'Special Master' Daniel Pollack and Argentina to solve the dispute”.

Wednesday, July 23rd 2014 - 01:10 UTC

Griesa rejects 'stay'; orders Argentina and holdouts to meet 'round the clock' to reach a deal

Griesa said an Argentine default would be “most unfortunate” because it would hurt 'real people' and urged Argentina to take “sensible steps”

US Judge Thomas Griesa rejected on Tuesday Argentina’s request for a suspension ('stay') on the ruling that ordered Buenos Aires to pay 1.3 billion dollars plus interests to holdout speculative funds and instructed Argentina and holdouts to meet on Wednesday morning for a first face-to-face meeting.

Tuesday, July 22nd 2014 - 09:05 UTC

Mercosur was not created to become a fortress of 'hyper-protectionism'

Sanguinetti said that Mercosur can't be locked by tariffs for Brazilian manufacturing or Argentina's ports' hegemonic policies

Former Uruguayan president Julio Maria Sanguinetti and founder of the Montevideo Circle Foundation said Mercosur was not created to become a fortress of hyper protectionism but rather to promote competition and integration with flexibility. Sanguinetti participated in a round of conferences of the Montevideo Circle Foundation in Paraguay.

Tuesday, July 22nd 2014 - 09:00 UTC

Mercosur has 'yet to crystallize' but 'I remain positive' says Cardoso

The former Brazilian president claims points to the common external tariff as the main obstacle

Former Brazilian president Fernando Henrique Cardoso said that Mercosur has 'yet to crystallize as a customs union' and pointed to the common external tariff which is the founding stone but is “full of objections” as the main hurdle. Nevertheless “I remain positive about the strength of Mercosur”.

Tuesday, July 22nd 2014 - 06:49 UTC

Argentina again requests stay ruling from Judge Griesa to pay restructured bondholders

 Griesa meets on Tuesday with financial institutions to clarify how to enforce ruling requiring payment to restructured bondholders in Euros and sterling.

Argentina asked U.S. judge Thomas Griesa on Monday to put on hold an order requiring it to pay bondholders who did not participate in debt restructurings following the country's 2002 default, while it seeks a “global resolution.”

Tuesday, July 22nd 2014 - 06:39 UTC

China/Argentina swap disagreements to be addressed by courts in London and Paris

Xi and Cristina celebrate, but any differences on the swap will not be decided by Argentine or Chinese courts

Argentina's current confrontation in New York with Judge Thomas Griesa and the holdout speculative funds brings up the issue of having resigned the sovereignty of Argentine courts at the time of negotiating or restructuring foreign debt.

Tuesday, July 22nd 2014 - 06:25 UTC

Venezuela admits its ever growing dependency from China

“Venezuela has become one of the places most committed to investments from China and the seventh supplier of oil” said Xi

Venezuela confirmed Monday that its relations with China have become a fundamental pillar for making progress in almost all sectors of its economy. With a new portfolio of accords and almost 5.7 billion in loans, Beijing will provide support in many key areas.

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