The government of President Cristina Fernandez is furious with the Brazil-based Vale mining company for suspending its 6 billion dollars potash development in Mendoza, the largest investment in Argentina in recent years.
The European Commission agreed Tuesday negotiating guidelines for talks with the United States on the world's biggest Free Trade Agreement, stressing a pragmatic approach to even sensitive subjects.
Brazilian mining giant Vale announced on Monday it has suspended the 6 billion dollars Río Colorado potash project in Mendoza province. The mining, main producer of iron had halted the work on the project back in December, awaiting tax breaks for the project to help to compensate for soaring costs related to inflation and exchange rates.
Uruguay finally managed on Thursday to achieve investment grade debt rating from the three major agencies when Fitch raised the country’s rating to BBB-minus from BB-plus, citing economic resilience as well as the political and social stability of the country, squeezed between Brazil and Argentina.
The Inter-American Development Bank (IDB) has approved a 550 million dollars operation for Uruguay to fund the Program for Strategic International Positioning, which aims to substantially increase investment and exports by strengthening the regulatory and institutional framework, promoting and facilitating trade, and boosting entrepreneurial innovation.
French Akuo Energy has broken ground at two maiden wind farm developments in Uruguay totalling 92MW, as it prepares to expand its footprint across Latin America.
Singapore wealth fund Temasak has bought a 5% stake in Spanish oil group Repsol for just over one billion Euros, raising its total stake in the company to 6.3%, Repsol said in a release. The operation involves the entire portfolio of Repsol treasury stock at 16.01 Euros per share for a total of 1.036 billion Euros (1.35bn dollars).
British Airways parent International Consolidated Airlines Group (IAG) has pledged to push through a plan to shrink Spanish arm Iberia by 15% and deliver a profit rebound this year following a group-wide loss last year.
Mexico’s Carlos Slim, probably the world’s richest man according to Forbes has referred to Argentina with certain irony when he was asked about the current foreign currency restrictions and changing regulatory framework implemented by the government of President Cristina Fernandez.
Brazil’s Bovespa-index futures declined with the equity gauge poised for its biggest monthly drop since May, after iron-ore producer Vale SA posted a record loss in the fourth quarter.