Economy

Economy
Monday, July 14th 2014 - 23:03 UTC

Mexico rapidly overtaking Brazil as Latam's leading auto producer

Part of the success is being fueled by auto sales running at the fastest pace in almost eight years in the U.S.

Pacific Alliance member Mexico is poised to overtake Brazil, the leading economy in Mercosur, as the top Latin American auto producer for the first time in more than a decade as surging exports to the U.S. spur factory openings and record output.

Monday, July 14th 2014 - 06:26 UTC

Promising scenario for European Union beef production and exports

EU beef production expected to recover 1.4% in 2014 compared to 2013 and 2.3% in 2015

European Union (EU) meat production is projected to start growing in 2014, according to the European Commission, as Europe’s economic recovery solidifies. This could represent an increase of 0.7% year-on-year for beef, veal, pork, poultry, sheep and goat meat.

Saturday, July 12th 2014 - 11:45 UTC

New state of the art bulk terminal in port of Montevideo in support of Nueva Palmira

Nueva Palmira port  is strategically located but has a shallow 10-meter draught, low loading speeds and around a 90% utilization rate

The Greek ship-owning Laskaridis family is investing in a new 100m dollars state-of-the-art grain and wood pellet terminal in Montevideo, Uruguay, adding to the already considerable Greek shipping presence in the country, reports London's Trade Winds.

Saturday, July 12th 2014 - 11:21 UTC

Holdouts claim the Argentine government refuses to negotiate with hedge funds

“Simply put, we have not seen any indication that Argentina is serious about even beginning a negotiation,” Newman said.

The holdout hedge fund Elliott Management Corp representative emerged on Friday from five hours of meetings in New York with a court-appointed mediator, claiming the Argentine government still refuses to have negotiation years after its historic default.

Saturday, July 12th 2014 - 11:00 UTC

Pollack's hope is that dialogue between holdouts and Argentina will continue

In official communiqué, the Argentine Economy Ministry described the meeting as “eminently technical”.

Argentine officials and holdout investors met separately with the New York court-appointed mediator or 'Special Master' for five hours on Friday, presenting their cases in hopes of resolving a litigation on defaulted bonds that has dragged on for years.

Saturday, July 12th 2014 - 10:13 UTC

CFK invites regional presidents to the official dinner for Russia's Putin

“They say that there is some Russian blood in every sixth Argentine. Many people from our country found their second home in Argentina” said Putin

President Cristina Fernandez, CFK, invited her peers from Bolivia, Uruguay and Venezuela, Evo Morales, Jose Mujica and Nicolas Maduro respectively to participate in a special dinner after her meeting with the Russian head of state, Vladimir Putin on Saturday.

Friday, July 11th 2014 - 22:28 UTC

Falklands: Premier looking for a partner to develop the 5bn Sea Lion project

 “It’s a too-big project for Premier to take on its own and we don't want to become a pure Falklands company in five years' time” said CEO Durrant

Premier Oil Plc newly appointed Chief Executive Officer Tony Durrant said that one of his priorities is to find a partner to share the 5bn dollar investment to develop the Sea Lion project off the Falkland Islands, because it does not want to become a 'pure Falkland Islands company in five years time'.

Friday, July 11th 2014 - 06:36 UTC

Brazil's next government will have to implement a tough fiscal tightening, says Fitch

Brazil's finances deteriorated greatly under Rousseff, who granted billions of dollars in tax benefits to key industries.

Fitch Ratings on Thursday reaffirmed Brazil's “BBB” credit rating with a stable outlook, but added it expects the next government to control spending in order to avoid additional fiscal deterioration that could trigger a downgrade.

Friday, July 11th 2014 - 06:19 UTC

JP Morgan requests 'clarification' from Judge Griesa to pay Japanese bondholders

Judge Griesa apparently is resting in his ranch in Montana

JP Morgan bank, the entity responsible for the payment to Argentina's Japanese bondholders has sent a letter to US Federal Judge Thomas Griesa, requesting “a clarification” in order to deliver the funds to the nation's creditors.

Friday, July 11th 2014 - 06:14 UTC

Pollack says Argentina, hold-outs and legal representatives will meet on Friday

Senior Master Pollack will be holding another round of contacts with the parts involved in the litigation

Special master Daniel Pollack revealed on Thursday he has been talking with holdout funds and Argentine lawyers “on a daily basis”, one day before an Economy Ministry committee travels to New York to meet the mediator in the funds/Argentina litigation case for the second time.

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