Economy

• Monday, July 28th 2014 - 07:30 UTC

  Cash-short Venezuela considering the sale of its US downstream subsidiary

  

  Venezuela's state-run oil company Petroleos de Venezuela SA (PDVSA) is considering offers to sell its U.S. downstream subsidiary Citgo, industry research group Argus Media reported on its website last Friday.

• Monday, July 28th 2014 - 07:04 UTC

  Uruguay, Paraguay and Bolivia private sectors unite to combat Mercosur protectionist policies

  

  The private sectors from Paraguay, Uruguay and Bolivia agreed to form a business lobby, Urupabol, with the purpose of actively combating protectionist policies and other obstacles implemented inside Mercosur, mainly by senior members Argentina and Brazil.

• Saturday, July 26th 2014 - 06:56 UTC

  Cristina Fernandez will analyze holdouts' case during her stay in Rio Gallegos

  

  President Cristina Fernandez left on Friday for Santa Cruz province, where she will stay for the weekend and analyze New York Argentine/holdouts case briefings. The Argentine delegation returned on Friday to Buenos Aires after two meetings with appointed mediator Daniel Pollack in New York, where no resolution was reached.

• Saturday, July 26th 2014 - 06:49 UTC

  IMF warns about 'default' costs for Argentina; calls for debt restructuring mechanisms

  

  The IMF's chief economist warned that a default by Argentina in its battle with holders of its defaulted debt may hurt its economy and the global financial system. Argentina continues to face the fallout of its 2001 debt default, which plunged the country into an economic crisis it is still battling to overcome.

• Saturday, July 26th 2014 - 06:36 UTC

  Argentina/holdouts impasse remains; delegation back to Buenos Aires for instructions.

  

  Argentina failed to reach a breakthrough with the U.S. court-appointed mediator in its battle with holdout creditors in New York on Friday in talks that lasted just an hour. The Argentine delegation is flying back to seek instructions from its government, mediator Daniel Pollack said, while the country's economy ministry underscored it would continue the dialogue with him over the next few days.

• Saturday, July 26th 2014 - 06:18 UTC

  Brazilian auto industry putting workers on paid leave as production plummets 10%

  

  General Motors Co wants to put nearly a fifth of its workers at a factory in Brazil on paid leave, an auto workers union said this week, amid falling output in Latin America's largest economy.

• Friday, July 25th 2014 - 06:26 UTC

  Uruguay oil and gas summit schedules for next November

  

  Global Summits Organizer IRN and Grupo BG de Eventos will be launching the inaugural Uruguay Oil & Gas 2014 Summit which will take place on 17th-18th November in the capital of Uruguay, Montevideo. This Summit follows the announcement of the third oil bidding round, the Ronda Uruguay III.

• Friday, July 25th 2014 - 06:22 UTC

  Brazil wants to speed Mercosur/Pacific Alliance free trade understanding

  

  Brazil will propose next Tuesday, in Caracas, during the Mercosur summit that the group and the Pacific Alliance reach an agreement on free trade by the end of the year, according to official sources from Itamaraty.

• Friday, July 25th 2014 - 05:49 UTC

  Holdouts lash out at Argentina: “it is choosing to default next week”

  

  NML Capital Ltd, one of the lead holdout creditors in Argentina's sovereign bond dispute said on Thursday the Argentine government refused to negotiate through a mediator and was all but preparing to default on already restructured debt.

• Friday, July 25th 2014 - 05:36 UTC

  Argentina/holdouts will meet again on Friday; “issues remain unresolved”

  

  Daniel A. Pollack, the Special Master appointed by Judge Thomas P. Griesa to conduct and preside over settlement negotiations between Argentina and the holdouts from speculative funds said that Thursday's meeting had failed and announced a new audience for Friday at 10:00 in the morning in New York.