Friday, March 11th 2016 - 05:38 UTC

ECB cuts rate to 0% and announces new stimulus, but market reactions are mixed

ECB cut its main interest rate from 0.05% to 0% and its bank deposit rate, from minus 0.3% to minus 0.4%. The bank will also expand quantitative easing program

European stock markets have fallen and the Euro has soared following the economic stimulus measures announced by the European Central Bank on Thursday. After initially rising following the broader than expected package, Frankfurt closed down 2.3%, Paris ended 1.7% lower and the FTSE 100 slid 1.8%.

Friday, March 11th 2016 - 05:29 UTC

Brexit would be “a disaster for UK science” warn 150 fellows from Royal Society

“Increased funding has raised greatly the level of European science as a whole and of the UK in particular because we have a competitive edge”

Stephen Hawking has called for Britain to stay in the EU, saying that a Brexit would be a “disaster for UK science”. A letter to the Times newspaper signed by more than 150 fellows of the Royal Society argues that leaving the EU would devastate research.

Friday, March 11th 2016 - 05:22 UTC

Purge in YPF; financial expert chosen as successor of Galuccio

Gutiérrez, formerly head of telecommunications giant Telefónica with 25 years experience in global financial circles, will be proposed at a shareholders meeting

Miguel Ángel Gutiérrez looks is to become the new president of Argentina’s state-controlled energy giant YPF, it was revealed this week after Miguel Galuccio confirmed he will step down as head of the company on April 30.

Friday, March 11th 2016 - 05:18 UTC

Brazil's Odebrecht network of alleged bribery practices investigated in several Latin American countries

“We’re looking to determine whether the cartel maneuvers witnessed in Brazil were replicated here in some form. Odebrecht is one of those implicated” said Rodriguez

Argentina is investigating whether the local unit of Brazil's Odebrecht paid bribes to government officials, an Argentine prosecutor said this week, deepening the regional fallout from the biggest corruption scandal in Brazil’s history.

Monday, March 7th 2016 - 05:12 UTC

Argentina's YPF planning to cut capital expenditure by at least 20/25%

“We do not see a meaningful production growth this year,” Chief Executive Officer Miguel Galuccio told an investor conference call.

Argentina's state-controlled energy company YPF will cut capital expenditure by at least 20-25% this year to mitigate the impact of the global oil price rout — leading to growing concerns among union leaders, who claim up to 2,000 workers would be laid off because of the company’s decision.

Monday, March 7th 2016 - 04:34 UTC

Panama wants to be Home Port for cruises, but companies are 'asking too much'

“We're continuing with the meetings” but demands from the companies are above our estimate of economic return, said Tourism minister Gustavo Him.

Panama is holding tough negotiations with cruise lines hoping they will return to the country, using local facilities as Home Port, but government authorities admit that the demands from the companies are too high.

Monday, March 7th 2016 - 04:26 UTC

Montevideo/Falklands/Malvinas air link is “viable”, says ex Uruguayan president

Ex president Lacalle Herrera insisted that an air bridge between Montevideo and the Falklands/Malvinas Islands is 'viable'

Uruguay's former president Luis Lacalle Herrera said that an air bridge between Montevideo and the Falklands/Malvinas Islands is 'viable' and was optimistic about such an opportunity in the near future.

Friday, February 26th 2016 - 11:02 UTC

Brazil's Vale reports record losses; puts prime assets on sale to lower debt

CEO Murilo Ferreira said there were “no restrictions” on what the company would consider selling in order to reduce net debt to $15 billion

Brazilian miner Vale SA put its prime assets on the block on Thursday after taking the biggest loss in decades, but analysts said the target to make $10 billion in 18 months was unrealistic and expressed concern a fire sale could destroy equity value.

Friday, February 26th 2016 - 10:19 UTC

Total starts production at Argentine Tierra del Fuego offshore gas field

”It's Total's second start up this year and will contribute to our production growth in 2016 and for the years to come,” said Arnaud Breuillac from Total

French oil company Total has started up production at the offshore Vega Pleyade gas and condensate field in the Tierra del Fuego region of Argentina. Operated by Total, the project will have a production capacity of 10 million cubic meters of gas per day (70,000 barrels of oil equivalent per day (boe/d)).

Wednesday, February 24th 2016 - 07:43 UTC

Argentina's YPF submits copy of contract with Chevron but warns about 'confidential information'

”Confidentiality of terms had the objective of protecting geological, commercial and financial information, which have strategic value for both companies” says YPF

Argentina's oil and gas company YPF submitted a copy of the contract signed with Chevron back in 2013 for joint works at the Loma Campana field in the province of Neuquén. Still, Argentina’s state-run energy giant demanded “confidential information” not to be revealed.


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