The Argentine province of Mendoza joined on Friday other oil producing areas of the country in cancelling concession contracts which has been awarded to the Spanish owned oil corporation Repsol-YPF, with which the government of President Cristina Fernandez is involved in a controversy over long term investment.
Fitch Ratings has lowered its long-term rating on Spanish oil company Repsol YPF SA by one notch to BBB after its Argentine unit said it would pay out its dividend in shares instead of cash. Last week Moody’s adopted a similar decision. The company is currently in a dispute with the Argentine government.
The strict foreign currency controls and restrictions on the purchase of US dollars in Argentina have created the traditional black or informal market and a more sophisticated option by acquiring dollar denominated assets which can be cashed overseas such would be the case of shares from companies trading in New York.
Brazil’s JBS, the world's biggest beef producer is on the verge of exiting Argentina due to a difficult business environment and because it is not prepared to tolerate further losses in the country.
Almost one in five manufactured goods consumed in Brazil during 2011 was imported, according to the ‘commercial opening coefficient’ survey undertaken by the country’s National Industry Confederation, CNI, and released this week in Sao Paulo.
Canadian Minister of International Trade Ed Fast has concluded a two-day trade visit to Argentina, to promote the conclusion of exploratory talks towards a possible free trade agreement (FTA) with the Mercosur trade bloc.
Dakar Rally’s organization confirmed that next year’s 35th edition of the world’s most famous race will also be the 5th to take place on the South American continent, which has hosted the event since 2009.
Populism in Latinamerica has moved from the dictatorships of past decades to the so called “delegative” democracies such as those of Venezuela and Argentina, according to a group of Latam intellectuals meeting in Peru in an international seminar, “Latin America: opportunities and challenges”.
Argentina has asked British and US market regulators to probe whether oil companies that are involved in hydrocarbons exploration off the disputed Falklands/Malvinas Islands have told investors about the risks of their illicit drilling, the Argentine Foreign Ministry reported.
The World Health Organization, WHO, Director-General Margaret Chan urged the world to “stand shoulder to shoulder” against the tobacco industry’s attempts to overturn Australia’s new path breaking tobacco control law.