MercoPress. South Atlantic News Agency

Hot News from South America.

Buenos Aires-Colonia bridge controversy.

Argentine Infrastructure and Housing Minister Nicolás Gallo confirmed this week that there's an only project for a bridge across the River Plate, extending from Punta Lara to the south of Buenos Aires to Colonia in Uruguay. Mr. Gallo added that the one billion US dollars 50 kilometres project already has been approved by the Chamber of Deputies and is waiting to be considered by the Senate. Mr. Gallo was forced to make his point following reports in the press that other investors are interested in a shorter project, further north, connecting Zaraté-BrazoLargo and Nueva Palmira in Uruguay which would have a cost of only 100 million US dollars."All projects will be analysed", said Minister Gallo who later admitted having met the other group of investors, "we're open to all options, but the only project so far is the one that in under consideration in Congress". Several northern Argentine provinces are contrary to the 50 kilometres bridge arguing that it's contrary to Argentina's inland interests and a hazard for "navigation and the environment". "The hundreds of pylons across the River Plate will influence tides, fisheries and limit shipping", said a grain broker from Rosario on the Paraná river and Argentina's second largest harbour. Another strong argument against building the bridge now is the volume of money and resources involved when Argentina and Uruguay are still suffering from the current recession and unemployment. "Precisely, what better for creating jobs that an investment of this magnitude, which besides will be given in concession to the private sector", argued Uruguayan president Jorge Batlle.

Five billion for Petrobras

The Brazilian government begun the sale of 14,3% of Petrobras shares, and expects to collect 4,9 billion US dollars in the operation. Shares will be offered in first place to employees from the government oil company through their Pension Funds and then to private investors. Market analyst Wang Horng from the risk advisory company Planner Corretoria in Sao Paulo said that in spite of the bull market value for oil, "it's hard to see Petrobras shares value falling, because the company has a