Latin AmericaLatin America
The newly elected Ecuadorean National Assembly sat for the first time this week and next week will take the oath of office to President Rafael Correa, who was re-elected by a landslide last February. The legislative with 137 members has a majority of members from Correa’s party Alliance Country Movement, and was elected for a four-year mandate.
A Bolivian brewer has come up with an innovative solution for quenching thirst and coping with altitude sickness: coca beer, based on the same leaf used to make cocaine.
President Federico Franco said Paraguay has long cancelled its debts for the construction of two huge shared hydroelectric dams with its powerful neighbours and demanded Argentina pay for the surplus energy it receives and compensation for flooding Paraguayan territory.
Argentine President Cristina Fernández defended her controversial judiciary reform and announced that deep reforms require “amendments to the Constitution”. However, she emphasized she would not push any initiative in that sense.
Argentine and Uruguayan magistrates and prosecutors are investigating an alleged network of corruption money, and probably money laundering involving former president Nestor Kirchner and close political and business cronies some of which continue in key positions or proximity to current head of state Cristina Fernandez.
Uruguay awarded French gas and power group GDF Suez SA a contract to build a liquefied natural gas (LNG) re-gasification plant at an estimated cost of 1.125 billion dollars, the government said on Tuesday.
Venezuela in 2012 became a net importer of gasoline as a result of escalating problems at its refineries and increasing demand for fuel in its internal market, joining a growing list of countries that struggle with fuel supplies despite ample oil reserves.
Latin America and the Caribbean received last year a record 173.361 billion dollars in foreign direct investment (FDI) (6.7% more than in 2011), despite an international context characterized by shrinking FDI flows worldwide, according to the United Nations Economic Commission for Latin America and the Caribbean (ECLAC).
Brazil’s Roberto Azevedo vowed to revive the deadlocked World Trade Organisation, as he was confirmed this week as the incoming leader of the body which sets the rules for global commerce.
An Argentine appeals court threw out the fines that Domestic Trade Secretary Guillermo Moreno had slapped on private firms that issued inflation estimates that were much higher than the government’s official rate.