Economy

• Wednesday, December 7th 2011 - 08:30 UTC

  Santander sells Colombia’s affiliate to a Chilean bank

  

  Banco Santander SA said late Tuesday it has agreed to sell all of its units in Colombia, including Banco Santander Colombia, to Chilean CorpBanca as part of its efforts to collect fund to comply with European regulators.

• Wednesday, December 7th 2011 - 05:39 UTC

  CFK begins her second mandate with the budget and energy bill in the red

  

  Cristina Fernandez takes the re-election oath on Saturday with government accounts and the energy bill in red, which contrasts with the surplus condition enjoyed by Argentina when she first took office four years ago.

• Wednesday, December 7th 2011 - 01:57 UTC

  Obama sends Geithner in support of the ‘Merkozy” Euro rescue plan

  

  US Treasury Secretary Timothy Geithner threw his weight on Tuesday behind a Franco-German plan to tackle the Euro zone's sovereign debt crisis and said the European Central Bank had to play a major role in any solution.

• Wednesday, December 7th 2011 - 01:54 UTC

  S&P downgrade warning, “the best news” to find an EU solution, says Schaeuble

  

  German Finance Minister Wolfgang Schaeuble said Standard & Poor’s downgrade warning for 15 Euro- area governments will spur European leaders to double efforts to resolve the debt crisis at the Dec. 8-9 summit.

• Tuesday, December 6th 2011 - 20:20 UTC

  Brazil slowdown faster than expected: negative growth in the third quarter

  

  Brazil’s economy shrank in the third quarter, prompting the government to slash its growth forecast for the year, one week after announcing stimulus measures to contain the spillover from Europe’s debt crisis.

• Tuesday, December 6th 2011 - 18:51 UTC

  Forum to promote trade and investment relations Latam-India

  

  The potential of India for Latinamerican exports and investment opportunities was underscored during the presentation of a report “India and Latin America and the Caribbean, opportunities and challenges in trade and investment relations” sponsored by the UN Economic Commission for Latin America and the Caribbean, ECLAC.

• Tuesday, December 6th 2011 - 18:49 UTC

  Boom of the wind power energy in north-east Brazil: 11.2 MW by 2014

  

  Brazil is going through a wind power boom as production prices fall and government incentives attract a growing number of foreign suppliers. The wind power sector has a current capacity of around 1,400 megawatts, and is expected to grow nearly eight-fold by 2014, according to the Brazilian Association of Wind Energy ABEEolica.

• Tuesday, December 6th 2011 - 13:35 UTC

  Uruguay filed to issue up to 2 billion dollars in new 2028 global bonds

  

  Uruguay announced on Monday filed to issue up to two billion dollars in new global bonds maturing in 2028 and to conduct a series of liability management transactions designed to further improve its external debt profile, including an exchange offer and a cash tender offer for certain of its outstanding debt securities.

• Tuesday, December 6th 2011 - 04:31 UTC

  “Mercosur at its worst moment” and Argentina has clearly “a protectionist focus”

  

  Uruguay’s Vice-president Danilo Astori blasted Argentina’s protectionist and foreign exchange policies because they damage Mercosur, which is currently living its “worst possible moment”.

• Tuesday, December 6th 2011 - 04:22 UTC

  Latam forecasted to expand 4.4% this year and 3.5% in 2012

  

  The Executive Secretary from the UN Economic Commission for Latinamerica and the Caribbean, ECLAC, Alicia Barcena said that the European crisis is beginning to be felt but nevertheless growth in the region will continue this year and in the coming twelve months at levels above 3.5%.