Argentina lost on Friday its appeal of a ruling that would force it to pay in full holders of 1.3 billion dollars in defaulted debt when it makes a payment to investors who took discounted restructured bonds, opening the prospect for a US Supreme Court appeal, which if it happens will push the litigation into 2014.
Four London AIM listed oil companies carrying out exploration work in Falkland Islands waters have been barred from operating in Argentina. The measure affects Borders & Southern Petroleum, Desire Petroleum, Argos Resources and Falkland Oil and Gas.
During an anti-nuclear weapon conference held in Buenos Aires, Argentine President Cristina Fernández criticised the right to veto used by the five permanent members of the United Nations Security Council which she described as an “out of time” instrument and again attacked the UK for ‘sending nuclear submarines’ to the Falkland Islands and called for a region of peace in the South Atlantic.
Argentina's government this week awarded a 4 billion dollars contract for the construction of two hydroelectric dams to a consortium led by China Gezhouba (Group) Co. and which includes Argentine firms Electroingenieria SA and Hidrocuyo SA.
Leaders of some of Argentina's most important business groups praised the meeting held in Rio Gallegos with president Cristina Fernandez, where the head of state spoke with representatives of companies, banks and unions for more than three hours.
Argentina approved a contract to purchase railway equipment from a Chinese firm, said the government gazette. The contract was signed by the Argentine Ministry of the Interior and Transportation and the Chinese firm CSR Qingdao Sifang Co, Ltd on May 23, 2013 and officially approved with Administrative Decision 584/2013.
Argentina's trade surplus shrank by 40% in July from a year earlier as surging fuel and auto imports increased pressure on President Cristina Fernandez government's system of currency controls. However the unemployment rate in the second quarter fell to 7.2% according to official data.
YPF, the energy company in which Argentina holds a majority stake said its next shale oil and gas partnership will be with a group including China’s Cnooc. A deal is expected to be signed sometime next month.
Argentina's ambassador to Britain said on Wednesday she had not meant to offend British Prime Minister David Cameron when she called him dumb and his handling of the long-running dispute over the Falkland Islands foolish and totally useless.
Chilean president Sebastián Piñera has instructed Foreign minister Alfredo Moreno to immediately contact Argentine authorities following the decision by the government of President Cristina Fernandez ordering Lan Chile to move out from the metropolitan airport of Aeroparque in Buenos Aires.