Investments

Investments
Tuesday, September 30th 2014 - 04:51 UTC

South Korea constructing Bolivia's longest bridge to be delivered in 35 months

The bridge will facilitate heavy cargo traffic between San Matias, along Brazil's border and Trinidad, capital of Bolivia's northeastern Amazon region of Beni.

South Korea's Hyundai-Byucksan consortium started construction of a bridge 1,440 meters long in eastern Bolivia, a span that will be the country's longest and will require an investment of 49.9 million dollars, some of which will come from a loan from Seoul.

Monday, September 29th 2014 - 21:16 UTC

Judge Griesa declares Argentina in contempt of court, but deferred financial penalties

Griesa ruled Argentina had not followed court's orders following the passing of a law which seeks to remove BONY Mellon as financial intermediary to pay bondholders

New York district judge Thomas Griesa declared on Monday Argentina in contempt of court, due to the country's actions in attempting to change debt jurisdictions as a result of the ongoing judicial conflict with holdout investors presided over by the US magistrate.

Monday, September 29th 2014 - 08:54 UTC

Uruguay needs to improve infrastructure, “especially roads and port facilities”

UPM flattered with president Mujica, ”but the construction of a new pulp mill is currently not on UPM’s agenda”

Finland's UPM, one of the largest forestry groups in the world, does not intend for the moment to build any new pulp mills in Uruguay, said Jaakko Sarantola, vice president of the cellulose division of the company, who also pointed out that Uruguay needs to improve infrastructure to facilitate logistics.

Saturday, September 27th 2014 - 09:24 UTC

Argentina lashes Griesa for not making a final decision on the Citibank dispute

Kicillof argued that with one-off payment order, Griesa is harming Argentina and bond holders, which are hostage of the 'vulture funds'

Argentina's Economy minister Axel Kicillof lashed out at US Judge Thomas Griesa after he authorized Citibank a one-off payment of Argentine bonds' coupon next Tuesday saying he once again failed to address the heart of the issue and also in fact recognized that bonds under Argentine law do not belong to his jurisdiction.

Saturday, September 27th 2014 - 09:12 UTC

Griesa allows Citibank to process a one-off payment of Argentine bonds

Citibank can now make payment and has three months before the next payment by Argentina on 31 December for 262 million dollars is due

US District Judge Thomas Griesa has enabled Citibank to process a one-off payment on US dollar-denominated bonds issued under Argentine law, during a hearing held at Manhattan federal court on Friday.

Saturday, September 27th 2014 - 07:59 UTC

UN Human Rights Council sides with Argentina condemns 'vulture funds'

“Vulture funds will not stop until we put the break on,” Argentina Foreign Minister Hector Timerman

The United Nations Human Rights Council meeting in Geneva on Friday adopted an Argentine-fueled resolution which condemns the so called 'holdouts' or “vulture funds”, currently in a legal dispute against the country.

Thursday, September 25th 2014 - 06:34 UTC

Cristina Fernandez claims holdouts are committing “economic and financial terrorism”

“The vulture funds threaten and attack with actions against our country's economy, causing rumors, mistruths and outright lies,”

Argentine President Cristina Fernández accused holdout investors of committing “economic terrorism” and reiterated her wish for a multi-lateral framework to regulate sovereign debt, during her speech before the United Nations 69th General Assembly on Wednesday.

Thursday, September 25th 2014 - 05:17 UTC

Argentina must explain to Judge Griesa why it is not in contempt of court

Griesa stated on Thursday that the Argentina faces a 50,000 dollar daily fine if it does not comply with the ruling.

New York district judge Thomas Griesa has asked Argentina to show cause and explain why the country should not be declared in contempt, following its decision not to pay holdout investors full amount for their defaulted bonds as the judge’s ruling ordered on August 8.

Thursday, September 25th 2014 - 05:11 UTC

US dollar brushes 16 Argentine Pesos, settles at 15.95; monthly devaluation 12.4%

Uncertainty about government policies is plunging the Argentine currency

The informal rate for the US dollar in Argentina kept climbing on Wednesday and after brushing 16 Pesos, finally closed 53 cents higher at 15.95 Pesos, while the gap with the formal dollar soared to 89%. Distrust with government policy, plain speculation and hikes in the stock exchange rate were blamed for the situation.

Thursday, September 25th 2014 - 05:06 UTC

Argentina publicly adds Germany to its list of 'hostile countries'

Finance Minister Wolfgang Schäuble was quoted saying Argentina's debt policy was “a prime example of fiscal mismanagement”

Argentine Cabinet Chief Jorge Capitanich on Wednesday lashed out at Germany's finance minister, denouncing Berlin's “hostile attitude” toward Argentina's debt restructuring effort. He added that Germany had always had a hostile attitude toward Argentina from an economic and financial point of view.

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