Uruguay

• Friday, July 31st 2009 - 12:30 UTC

  Japanese rating agency upgrades Uruguay’s debt to stable BB

  

  The Japanese Rating and Investment agency has upgraded Uruguay’s debt rating from BB- to BB with a stable outlook according to the latest release this week. This is two slots below investment grade and recognized among other factors the light public debt service burden until 2011.

• Thursday, July 30th 2009 - 03:32 UTC

  NZ dairy farming group in Uruguay raised 30 million USD locally

  

  NZ Farming Systems Uruguay Ltd has raised 30 million US dollars by selling a first tranche of bonds in Uruguay. The non-convertible bonds have an expected maturity of about 15 years, and pay a fixed interest rate of 5% until September 30, 2010.

• Tuesday, July 28th 2009 - 15:07 UTC

  Uruguay downgrades 2009 growth estimate to 0.7%

  

  Uruguay’s Finance minister Alvaro García for the third time in eight months downgraded the country’s growth estimate for 2009. At a press conference following the regular Monday cabinet meeting, Gracía said that the economy will expand 0.7% this year, down from the April estimate of 2% and 3% from last December.

• Friday, July 24th 2009 - 14:28 UTC

  Uruguay criticizes Mercosur trade barriers and integration delay

  

  Uruguay criticized trade barriers imposed by Mercosur country members which, it said seriously threaten the integration process and represent a “severe reversal” for the original project.

• Tuesday, July 21st 2009 - 12:19 UTC

  Uruguayan ruling coalition loosing ground to the opposition

  

  The Uruguayan ruling coalition Broad Front seems to be loosing steam while the main opposition party grows steadily ahead of the coming October 25th general election, according to the latest public opinion poll released on Sunday.

• Tuesday, July 21st 2009 - 10:43 UTC

  EU/Mercosur talks expected to resume in 2010

  

  European Union Foreign Relations Commissar, Benita Ferrero-Waldner said on Monday that the Spanish presidency of the European Union in 2010 “should be a good moment and opportunity” to resume the stalled discussions of the European block with Mercosur.

• Monday, July 20th 2009 - 13:48 UTC

  Signals the worst of the global crisis in Uruguay is moderating

  

  Private analysts and government officials believe there are signs the worst impacts of the global crisis on the Uruguayan economy are moderating. The Leader Index from the local domestic economics analysis think-tank Ceres, last May stabilized after having fallen for seven months running.

• Friday, July 17th 2009 - 11:26 UTC

  Former Uruguayan football star joins presidential politics

  

  Former Uruguayan football star and coach Hugo de León has been nominated as vice president candidate for the opposition junior partner Colorado party. He will second presidential candidate Pedro Bordaberry.

• Friday, July 17th 2009 - 11:10 UTC

  Brazil delays licences for Uruguayan powder milk imports

  

  Uruguay is considering what steps to follow given Brazil’s long delay in extending import licences for Uruguayan dairy produce. An estimated 10.000 tons have been ready for shipping for over two months but there has been no reply from Brazilian trade officials.

• Thursday, July 16th 2009 - 15:31 UTC

  Leading paper maker privileges control of Botnia mill in Uruguay

  

  Finnish paper firm UPM-Kymmene Corp. said Wednesday that it plans to take over the Fray Bentos pulp mill and forest plantations in Uruguay from Finnish forest co-operative Metsaliitto Group in an asset-swap arrangement.