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Uruguay won on Friday an arbitration case against US tobacco giant Philip Morris, which sued the state claiming its strict anti-tobacco law harmed the cigarette maker's business, both sides said. Philip Morris argued that Uruguay had violated terms of a bilateral investment treaty with Switzerland, where it has its main headquarters.
In a historic public health victory that will be felt around the world, Uruguay has won an international legal battle against Philip Morris International to uphold its strong laws to reduce tobacco use. The event was underlined by international philanthropies, which also supported Uruguay during the litigation.
Following his business promoting visit to France, Belgium and Germany, Argentine president Mauricio Macri is attending the Sun Valley Conference in the city of Idaho, United States, which is presided over by Microsoft creator Bill Gates.
Secretary of State John Kerry sent best US wishes to the Argentine people on the 200 years of its declaration of independence on July 9, and underlined that both countries “are regional leaders and long time friends”.
Four of the biggest US banks have committed to helping maintain London's position as a global financial hub after the UK leaves the European Union. Since the referendum vote there have been concerns that banks would reduce their staff and offices in the country.
Federal Reserve policymakers decided in June that interest rate hikes should stay on hold until they have a handle on the consequences of Britain's vote on EU membership, according to the minutes of the Fed's June policy meeting released on Wednesday.
United States trade deficit grew by 10% in May as exports fell while imports, particularly from China, rose according to the latest report from the Commerce Department. The deficit rose to US$41.1bn in May compared with US$37.4bn in April, while exports decreased by 0.2%, while imports grew by 1.6%.
The Pacific Alliance must be ready to react to a possible surprise in the United States presidential election, Mexican Economy Secretary Ildefonso Guajardo said in Chile on Thursday.
United States, Canada and Mexico on Wednesday in Ottawa held their first summit after years of aloofness and held themselves up as an example against growing protectionist tendencies around the world.
US Secretary of State John Kerry said that Britain's vote to leave the European Union might never be implemented and that London is in no hurry to go. Speaking one day after talks with Prime Minister David Cameron, Kerry said the outgoing British leader feels “powerless” to negotiate a departure he does not want.