Stories for April 24th 2012

Tuesday, April 24th 2012 - 06:20 UTC
S&P downgrades Repsol’s rating; sees no compensation payment in near-term

Rating Agency S&P announced on Thursday it was downgrading Spain-based energy company Repsol-YPF after Argentina’s government announced the expropriation of 51% of its shares. The rating was lowered from BBB to BBB (minus), the agency said in a statement.
Tuesday, April 24th 2012 - 06:16 UTC
BMW sales in Brazil drop 30% because of tax rise; factory investment on hold

Bayerische Motoren Werke AG (BMW), the world’s largest luxury automaker, posted a 30% drop in first-quarter sales in Brazil due to a tax rise for imported cars, said Henning Dornbusch, the company’s country head.
Tuesday, April 24th 2012 - 05:09 UTC
Brazil/US defence summit to consider military technology transfer and South Atlantic

Brazil wants the US to eliminate barriers to the transfer of military technology, an issued that will be addressed on Tuesday April 24, in Brasilia when US Secretary of Defence Leon Panetta meets with his peer Celso Amorim.
Tuesday, April 24th 2012 - 03:57 UTC
YPF nationalization bill does not contemplate compensations, says Kirchnerite Senator

Senator from the Argentine ruling majority and former cabinet chief, Aníbal Fernández assured that the government “will pay the real price for the expropriation of YPF and not what Repsol’s chairman (Antonio Brufau) wants.”
Tuesday, April 24th 2012 - 03:50 UTC
Former Beatle Paul breaks all records in Uruguay including with the taxman

Former Beatle Paul McCartney paid almost 2.3 million dollars in national and municipal taxes during his only performance in Uruguay last April 15, which was considered by far the most spectacular concert in recent times in the country.
Tuesday, April 24th 2012 - 01:59 UTC
Chile begins implementing education reforms demanded by massive student protests

The state, not banks, are to fund higher education scholarships through the creation of a new specialized government agency, Chile’s Education minister, Harald Beyer, announced in a press conference at La Moneda on Monday.
Tuesday, April 24th 2012 - 01:51 UTC
Colombia offers to mediate in the YPF conflict between Argentina and Spain

Colombia is available to mediate between Spain and Argentina to find a solution to the dispute over the seizure of YPF from Repsol, said Colombian Vice-president Angelino Garzón.
Tuesday, April 24th 2012 - 01:45 UTC
London property boom: Asians bought 51% of new luxury homes

Investors from China and Southeast Asia bought one in every two new homes in central London last year as the number of wealthy individuals in the region swells, Jones Lang LaSalle Inc., said.
Tuesday, April 24th 2012 - 01:23 UTC
Spain’s Repsol threatens companies investing in seized YPF with legal actions

Spain’s main oil corporation Repsol warned it could take legal action against companies that invest in YPF after Argentina seized control of the Spanish company's energy unit last week.
Tuesday, April 24th 2012 - 01:09 UTC
Setback for Spain: EU confirms trade talks with Mercosur, including Argentina

A member of the European Union assured it is not possible to negotiate an agreement between the EU and Mercosur without Argentina, as the Spanish Government planned after the country’s decision to expropriate YPF.