Economy

Thursday, November 28th 2013 - 11:02 UTC
Repsol board backs compensation deal offered by Argentina for seized YPF

Spanish oil group Repsol's board Wednesday backed a draft multi-billion-dollar compensation deal over Argentina's 2012 seizure of the company's YPF subsidiary. The deal seeks to repair the financial hit taken by Repsol when Argentina's President Cristina Fernandez in April 2012 ordered the seizure of Repsol's 51-percent stake in YPF.
Thursday, November 28th 2013 - 10:31 UTC
Maduro tells Central bank he expects 5% deflation in November because of the mandatory price cuts

President Nicolás Maduro has sent clear messages to the Venezuelan central bank arguing that following the 'economic war' he declared on big business and hoarding with the mandatory cuts in prices, November should register “5% deflation and not inflation”.
Thursday, November 28th 2013 - 10:26 UTC
Rousseff reluctant to increase fuel prices fearing inflation and social unrest

Brazilian president Dilma Rousseff is reluctant to allow the country's oil corporation Petrobras to increase the price of fuels this year, which would have an immediate impact on gasoline, transport and inflation, according to Folha de Sao Paulo.
Thursday, November 28th 2013 - 10:21 UTC
Gol airlines admits it's on the brink because of Brazil's tepid economic performance

Brazilian airline Gol Linhas-Aereas could continue cutting its domestic network in 2014 if necessary, Chief Executive Paulo Kakinoff said this week, highlighting uncertainty about economic growth.
Wednesday, November 27th 2013 - 06:49 UTC
Petrobras shares plummet on fears that fuel price increases will be further delayed

Brazilian state-run oil firm Petrobras fell to its lowest level in more than a year on Tuesday, pushing the country's stock market to a near three-month low on concerns the government may delay a new pricing policy that could stem losses in the firm's refining division.
Wednesday, November 27th 2013 - 06:43 UTC
Sound fiscal policy is new target of Brazilian economy: subsidies to be lessened

Brazilian Finance Minister Guido Mantega said on Tuesday the government will remove some subsidies and delay tax breaks to keep the country's fiscal policy sound. Likewise the state development bank, BNDES, will stop funding lines for regional government next year.
Tuesday, November 26th 2013 - 19:45 UTC
Strong drop in Uruguay fisheries exports in 2012; Nigeria becomes main market

Uruguay fisheries exports last year totaled 79.768 tons valued at 189 million dollars which is a considerable drop from 2011 with 102.500 tons and 236 million dollars. White croaker and hake were the main export items and Nigeria displaced the European Union as the main market.
Tuesday, November 26th 2013 - 09:08 UTC
Falkland Islands Holdings sales up despite slowing down of the Islands economy

Falkland Island Holdings PLC announced on Monday that its pre-tax profit increased slightly in its first half as strong sales at the company's London-based Momart operations offset increased costs at its Falkland operations. The international services group, which focuses on transport and logistics, said its underlying profit before tax was up 14.8% to £ 1.37 million for the six months ended September 30 compared to £ 1.19 million the previous year.
Tuesday, November 26th 2013 - 08:47 UTC
YPF and Repsol reach an 'agreement in principle' with Mexican mediation

The dispute between the Argentine government and Repsol over the seizure of a 51% stake in petroleum company YPF has shown some signs of cooling, with the Ministry of Economy announcing on Monday that an “agreement in principle” for compensating the Spanish corporation had been reached.
Tuesday, November 26th 2013 - 08:41 UTC
Uruguay to benefit from agreement reached by Iran with world powers

The agreement reached by the world powers with Iran regarding its nuclear plans could have a positive impact for Uruguay, (and the region) since the regime of Teheran has been for years a strong client of Uruguayan rice and other products.