Uruguayan homes pay the dearest rates for power in South America and the highest fuel prices in the region, including taxes, according to a paper from the Argentine energy consultants Montamat & Asociados, released last month.
Brazil, Uruguay, Chile and Peru figure among the short list of top ranked developing countries for global retail expansion. In the 10th annual Global Retail Development Index (GRDI), elaborated by global management consulting firm A.T. Kearney, Brazil jumped to first place from number 5 in last year’s study.
Flights from Uruguay’s Carrasco international airport were suspended on Tuesday until further notice because of the proximity of Chile’s Puyehue volcano ash cloud that on Monday forced similar decisions for Buenos Aires City main international and domestic air terminals.
Economy minister Fernando Lorenzo accused rating agencies of failing to recognize the increasing strength of Uruguay’s sustained economic growth and therefore denying its investment grade status.
Argentina will be hosting on Thursday the first meeting of the South American Economy and Finance Council that will bring together Economy ministers and Central bank governors from members of Unasur, Union of South American Nations.
Uruguayan president Jose Mujica warned that several abattoirs will run into deep trouble and might have to close down because of the lack of livestock ready for slaughtering. He also cautioned that “there is not much more the Executive can do”.
Consumer prices in Uruguay rose sharply again in May, led by steep increases in prices at restaurants and hotels, for housing and for health costs accumulating 8.53% in the last twelve months and 4.34% in the five months of 2011.
Past voluntary debt re-profiling in Latin America have worked to varying degrees, but soft restructuring is not going to solve Greece's debt problems, according to Stuart Culverhouse, chief economist of frontier markets specialist Exotix.
China’s Vice-president Xi Jinping and tipped as a leading candidate to succeed President Hu Jintao will be visiting Uruguay June 7 to 9 as part of a tour that includes Italy, Cuba and Chile.
The US dollar continues to slide in the Uruguayan foreign exchange market having lost 1.85% in May vis-à-vis the Uruguayan peso, completing the steepest monthly drop so far in 2011.