Investments

• Tuesday, July 31st 2012 - 22:13 UTC

  B&S abandons south Falklands oil and gas exploration; FOGL takes over

  

  After two disappointing results, Borders & Southern has officially completed its deep water drilling program in the South Falkland Islands basin, the company announced on Tuesday. The company said well Stebbing has been “successfully plugged and abandoned,” bringing to an end the Company's current two well drilling program.

• Tuesday, July 31st 2012 - 01:19 UTC

  Chavez after an energy alliance with Argentina and Brazil in the framework of Mercosur

  

  Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.

• Monday, July 30th 2012 - 16:39 UTC

  Argentina plans to explore for oil and gas next to the Falklands

  

  As part of its “Malvinas noose tightening” policy the Argentine government is planning an international tender to offer licenses to explore for oil near the Falkland Islands, reports Buenos Aires main daily Clarin in its Monday edition, citing a letter to Congress by Cabinet chief Juan Manuel Abal Median.

• Saturday, July 28th 2012 - 11:05 UTC

  Pluna’s seven Bombardiers to be auctioned next 3 September says government

  

  The Uruguayan government announced it will auction next 3 September the seven Bombardier aircraft from the collapsed flag air-carrier Pluna, which was definitively grounded last July 5, announced Public Works and Transport minister Enrique Pintado.

• Saturday, July 28th 2012 - 03:03 UTC

  Mexican regulators impose highest fine ever on HSBC for money-laundering

  

  Mexican regulators have imposed a fine of 27.5 million dollars on banking giant HSBC for its failure to comply with money-laundering regulations.

• Saturday, July 28th 2012 - 02:35 UTC

  Despite profits in Brazil, Santander bank profits halved following write-downs

  

  Profits at Spanish banking giant Santander have halved after it made more write-downs against unrecoverable loans secured against property. The bank, which is the Euro zone biggest, said first-half profits halved to 1.7bn Euros in the six months to the end of June.

• Saturday, July 28th 2012 - 02:12 UTC

  Mujica forecasts Venezuela will rapidly become Uruguay’s third trade partner

  

  Uruguayan president Jose Mujica strongly defended the incorporation of Venezuela to Mercosur and forecasted that in a short time the country will become Uruguay’s third trade associate, behind China and Brazil.

• Saturday, July 28th 2012 - 01:25 UTC

  Rousseff pledges to tackle the “Brazil cost” with new stimulus package

  

  Brazilian President Dilma Rousseff said on Friday her government will unveil more measures to stimulate the economy in the next few months, including investments in ports, airports, railroads and highways.

• Saturday, July 28th 2012 - 01:13 UTC

  Plans for a 300bn Euro rescue of Spain and writing down of Greek bonds

  

  Spain has for the first time conceded it might need a full EU/IMF bailout worth 300 billion Euros if its borrowing costs remain unsustainably high, a Euro zone official was quoted in the Madrid media.

• Saturday, July 28th 2012 - 00:32 UTC

  US economy playing against President Obama’s re-election bid

  

  The White House cut its outlook for US growth in 2012 and 2013 on Friday, hours after data showed the economy grew at a tepid pace in the second quarter, raising concerns about a slowdown that could mar President Barack Obama's re-election chances.