Latin America

Latin America
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 - 08:13 UTC

Guest post: the UN is not the solution for a rogue debtor

UN resolution 2065/1965 urged London and Buenos Aires to negotiate Falklands/Malvinas sovereignty but nearly 50 years later the Islands continue disputed

By Arturo Porzecanski of American University (*) - Jose Antonio Ocampo, a former United Nations official and co-president with Prof. Joseph Stiglitz of Columbia University’s Initiative for Policy Dialogue, which promotes the adoption of heterodox economic policies in developing countries, recently wrote a guest post welcoming a UN General Assembly resolution calling for the launch of negotiations on a multilateral framework for sovereign debt restructuring.

Friday, September 26th 2014 - 06:56 UTC

Colombian court orders mining companies to return land to aboriginal tribe

The ruling calls the government to reinstate the Embera Katio's land rights and aid the tribe in their return to the area, including making security improvements

Colombian legal tribunal has ordered 11 companies to halt gold-mining operations in a 50,000-hectare reserve in the northwest of the country and return the land to the native tribe that previously lived there.

Friday, September 26th 2014 - 06:34 UTC

Colombia and FARC disclose copies of agreements reached at peace talks

“We think the process is advanced enough and well protected enough to make what we have agreed public,” Santos said.

Colombia's government and Marxist inspired FARC rebels have released copies of previously unpublished agreements reached at peace talks to end five decades of war, providing a glimpse of accords that could make up a final deal.

Friday, September 26th 2014 - 06:26 UTC

Argentina tightens security on all air flights: requested info must be delivered 72 hours before take off

Argentina said the information will be used in the fight against “drug trafficking, international terrorism, human trafficking and illegal migration.”

The Argentine government announced that airlines for both commercial and non commercial flights will be required to deliver further information of its passengers to the National Migrations Office, the AFIP tax bureau, Airport Police and Civil Aviation National Administration (ANAC).

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 - 05:06 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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