Economy

• Thursday, August 2nd 2012 - 06:25 UTC

  Uruguay industries lobby questions the growing “political” predominance in Mercosur

  

  The ‘new’ Mercosur with Venezuela as a full member reinforces the regional block as a forum of ‘political understanding’ and no longer as an integration process ruled by international law.

• Wednesday, August 1st 2012 - 22:19 UTC

  Namibia will supply cement for St Helena 300m dollars airport in South Atlantic

  

  Namibian cement company Ohorongo cement has secured a three-year contract with construction firm Basil Read for the supply of cement for the building of a new airport on the British overseas territory of St Helena in the South Atlantic Ocean, over 1900km from the Namibian coast.

• Wednesday, August 1st 2012 - 19:34 UTC

  S&P downgrades Argentine main provinces credit ratings

  

  The rating agency Standard & Poor’s said on Monday that local governments in Argentina are experiencing slower economic growth, high inflation, and difficulties financing their 2012 budget deficits.

• Wednesday, August 1st 2012 - 11:48 UTC

  Argentine construction activity slows down for third month running

  

  Argentine construction activity in Argentina during June dropped for the third consecutive month compared to a year ago. The drop was 1.5% according to the Construction Activity Synthetic Index (ISAC) from the country’s stats office, Indec.

• Wednesday, August 1st 2012 - 08:08 UTC

  Dilma welcomes President Chavez to the world’s fifth economy

  

  Brazilian president DIlma Rousseff said that with the incorporation of Venezuela, Mercosur has become a global power in food and energy and becomes the fifth world economy with a GDP of 3.3tn dollars.

• Wednesday, August 1st 2012 - 07:46 UTC

  Argentina/Venezuela sign strategic cooperation agreement to boost energy

  

  After attending the Mercosur extraordinary meeting in Brasilia, President Cristina Fernández and her Venezuelan counterpart, Hugo Chávez, signed a cooperation agreement to develop a strategic energy plan between state oil companies YPF and PDVSA.

• Wednesday, August 1st 2012 - 07:38 UTC

  Brazil will open social automatic cashiers for the exchange of foreign currency

  

  In anticipation of the 2014 World Cup and the 2016 Olympics, Brazil has decided to simplify foreign money exchange for residents and tourists through the use of specific automatic cashiers in pre-determined places.

• Wednesday, August 1st 2012 - 05:09 UTC

  Venezuela purchases 20 commercial aircraft from Brazil in a 900m dollars deal

  

  Venezuela signed on Tuesday an agreement to purchase 20 commercial aircraft from Brazil’s Embraer in an operation valued at 900 million dollars

• Tuesday, July 31st 2012 - 23:19 UTC

  With Venezuela Mercosur has become “a new pole of world power”

  

  Argentine President Cristina Fernández said on Tuesday during a press conference held at the Mercosur extraordinary summit in Brasilia, that Venezuela’s entry to the bloc “strengthens the entire region” and creates a “new pole of power” at world level.

• Tuesday, July 31st 2012 - 22:22 UTC

  Second risk rating agency upgrades Uruguay to investment grade

  

  Moody's Investor Service upgraded Uruguay's sovereign ratings from Ba1 to Baa3, following Standard & Poor's upgrade announced on April.