Uruguay

• Saturday, March 1st 2014 - 05:12 UTC

  Uruguay approves IMF test, but inflation and the neighbors could bring surprises

  

  The International Monetary Fund lowered its forecast for economic growth in Uruguay this year to 3% from its previous estimate of 3.3%, the IMF's deputy managing director said on Friday in Montevideo. Naoyuki Shinohara told reporters that the revision is due to lower growth expected in Uruguay's neighbors Argentina and Brazil and lower prices for commodities and Uruguayan exports.

• Saturday, March 1st 2014 - 02:29 UTC

  Core-hole confirms conventional oil reservoir potential in north Uruguay

  

  Australia's Petrel Energy has confirmed the conventional oil reservoir potential of the San Gregorio and Cerrezuelo sandstones in Uruguay following detailed analysis of the Cardozo Chico core-hole samples. Petrel said that laboratory testing undertaken by Weatherford in Houston returned excellent permeability and porosity measurements.

• Friday, February 28th 2014 - 05:09 UTC

  Minister announces Maduro will inform Unasur on the Venezuela situation

  

  Foreign minister Elías Jaua said that Caracas will not accept international mediation in the current situation faced by Venezuela but nevertheless thanked Uruguay's president Jose Mujica for his efforts and knowledge about what's going on in his country.

• Friday, February 21st 2014 - 08:05 UTC

  Uruguay lowers growth estimate for 2014 to 3% of GDP; inflation still a challenge

  

  Uruguay's GDP this year is expected to expand by 3%, below the original estimate of 4%, according to Economy minister Mario Bergara currently in the United States on a tour to promote investments in the country and who was interviewed by Bloomberg.

• Friday, February 21st 2014 - 00:16 UTC

  Uruguayans want closer links and trade with the Falklands/Malvinas shows survey

  

  A majority of Uruguayans, 55%, believe their country must support Argentina's sovereignty claims over the Falklands/Malvinas Islands but an overwhelming 80% also want closer trade links with the Islands and reject the ban on Falklands flagged vessels to operate from Montevideo or other Uruguayan ports. In both cases neutral opinions range 11% and 12%.

• Thursday, February 20th 2014 - 10:27 UTC

  Scolari wants to banish the ghosts of the 1950 when Brazil was beaten by Uruguay

  

  Coach Luis Filipe Scolari says he wants Brazil to banish the ghosts of 1950, when his country last hosted the World Cup and lost the final in a defeat against neighboring Uruguay that has haunted them ever since.

• Wednesday, February 19th 2014 - 22:38 UTC

  Mercosur to meet 7 March to finalize the proposal to be presented to EU

  

  In early March Mercosur will have readied its proposal to liberate trade to be presented to the European Union, the basis for a wide-ranging cooperation and trade agreement between the two blocks, announced Rubens Barbosa, head of the Trade Council from the Sao Paulo State Industries Federation, FIESP.

• Tuesday, February 18th 2014 - 21:33 UTC

  Mujica exposed 'to contempt of justice' for refusing to pay Judiciary branch budget increase

  

  The Uruguayan Judiciary branch warned President Jose Mujica that he is in contempt of justice for ignoring a budget bill that contemplates salary increases for judges and other members of independent government bodies.

• Monday, February 17th 2014 - 10:00 UTC

  Uruguay will appeal to a cut in state-run utilities rates, if necessary, to keep inflation under control

  

  Uruguayan President Jose Mujica admitted that annual inflation would likely remain between 7 and 9% for the rest of his administration, above the government's target maximum, but he will appeal to a cut in state-run utilities rates if necessary to keep the index under control.

• Monday, February 17th 2014 - 09:42 UTC

  Uruguay and Venezuela will further increase energy related cooperation

  

  Uruguay will renew the contract for the purchase of Venezuela oil and accept the stake increase of that country in a local bio-fuels corporation during the scheduled visit of President Nicolas Maduro to Montevideo next month; it was announced by the Uruguayan Foreign affairs ministry.