Uruguay is resolutely on its way to reclaim the investment grade status it lost in 2002 according to Franco Uccelli an analyst with JP Morgan Chase. Uccelli says that growth continues to outperform expectations; infrastructure projects are set to take centre stage; fiscal consolidation is firmly underway; the public debt burden is poised to decline and no international bond issuance is planned for 2010. Fundamental support for the currency remains intact and a return to Investment Grade has become a key priority for the government.
The Uruguayan government announced that it authorized the repurchase of 500 million US dollars of sovereign debt with the purpose of optimizing its composition and the maturing timetable.
Standard & Poor's Ratings Services raised its long-term foreign and local currency sovereign credit ratings on Uruguay to BB from BB- with a stable outlook thanks to the country's track record of sustained economic growth.
Analysts covering Brazil’s economy raised their forecast for GDP growth this year to 7.34%, according to a central bank survey. Economists held their 2011 economic growth forecast unchanged at 4.5%, according to the median estimate in a survey of 100 analysts taken September 3 and published Monday.
Europe's regulation chief has told London based companies to 'remain calm' over plans to give Brussels new powers to control their business.
The Canadian company B2Gold announced “impressive gold values” from a systematic mechanical trenching program in the south of Uruguay where in association with a local company (Weeping Apple S.A.) it has an option to survey ten claims totalling 34.200 hectares.
Despite a large rise in the two months to August, wheat prices remain well below levels reached during the boom in 2008 and market pricing indicates that the risks of further large price spikes have eased, says a report from the IMF.
Burger King (NYSE:BKC) announced that it has agreed to sell the company to an investment firm based out of Brazil in a deal valued at approximately 4 billion US dollars, which includes the assumption of debt.
European Union has reached an agreement on reforms in the financial sector with the creation of a European Systemic Risk Council and three new watchdogs covering banking, insurance and securities markets.
The world economy is recovering moderately but still faces challenges such as the need for medium-term fiscal consolidation, IMF First Managing Director, John Lipsky said on Sunday.