Economy

Monday, February 25th 2013 - 21:31 UTC
Promising gas discovery in southern Chile Magallanes Region

GeoPark Holdings has revealed the discovery of the new Palos Quemados gas field on the Tranquilo block in Chile in the southern region of Magallanes. The Palos Quemados field is the first gas discovery in the Tranquilo Block by GeoPark and the first hydrocarbon discovery in the Magallanes Fold and Thrust Belt in more than 40 years.
Monday, February 25th 2013 - 11:21 UTC
Brazil and Nigeria sign accord to boost trade, investment and energy cooperation

Brazil's President Dilma Rousseff met with Nigeria’s President Goodluck Jonathan in Abuja on Saturday to discuss boosting trade and investment between the two countries, particularly in the energy sector and cooperation in several other fields. The brief visit was sufficient for the two presidents to sign an ambitious memorandum of understanding.
Monday, February 25th 2013 - 06:43 UTC
For second time in a decade India/Latam trade in 2012 was down

India's trade with Latin America has gone down in 2012 in comparison to 2011. This is the second time the trade went down in the last decade when it was steadily growing. The earlier decline was in 2009 at the height of global crisis. Trade with the top seven countries of the region declined 15% from 25.274bn dollars in 2011 to 21.302bn in 2012.
Monday, February 25th 2013 - 06:22 UTC
Argentina and ‘holdout hedge funds’ prepare for the final clash this week

The long-awaited showdown in a US appeals court this week pits Argentina against a group of investors who refused to swap their debt after the country's historic 2002 default.
Saturday, February 23rd 2013 - 06:34 UTC
“Uruguayan government in deep crisis”, admits Mujica with a split cabinet and two economic teams

“The Uruguayan government is in deep crisis” admitted President Jose Mujica following an open clash between ministers that called for an urgent meeting of the cabinet and half way had to be adjourned on fears that recriminations could get out of control. A recess was ordered but the squabbling through the press continued and the exposed deep rift remains more than a challenge.
Saturday, February 23rd 2013 - 06:19 UTC
Moody’s cuts UK credit rating to Aa1 from AAA, first time since 1978

Moody's Investors Service on Friday cut the United Kingdom's credit rating to Aa1 from AAA for the first time since 1978, citing weakness in the nation's medium-term growth outlook that it now expects to extend for a number of years.
Friday, February 22nd 2013 - 18:25 UTC
Falklands confirms £ 26m fishing and oil ‘windfalls’ only for the Consolidated Fund

The Falkland Islands government at a public meeting defended their position of not including in the annual budget what they described as ‘windfalls’ from fishing and oil and instead adding the ‘exceptional” excess revenue to the Consolidated Fund.
Friday, February 22nd 2013 - 16:03 UTC
Controversy over Spain’s recovery ‘round the corner’ and ‘the next Germany’ forecast

US multinational financial service corporation Morgan Stanley has declared that Spain has already got over the worst of the economic crisis and augurs that it “will become the next Germany” in the European Union. This however is challenged by the Financial Times, Goldman Sachs, Citibank and the IMF.
Friday, February 22nd 2013 - 04:16 UTC
Colombia signs free trade agreement with South Korea eliminating 96% of tariffs

Colombia on Thursday signed a Free Trade Agreement (FTA) with South Korea in Seoul. The FTA includes a wide range of elements to boost bilateral trade and investment, according to the trade ministry.
Friday, February 22nd 2013 - 01:51 UTC
Brazilian economy expanded 1.35% in 2012 and 4% is projected for this year

Brazil's economy grew 1.35% in 2012, above the market forecast of 1 percent, according to the Central Bank estimate. The official and final figure will be released by the Brazilian Institute of Geography and Statistics (IBGE) on March 1.