Nova Scotia bank is close to buying Advent International Corp.’s 54% stake in Uruguay’s Nuevo Banco Comercial, Business News Americas reported on its website.
Uruguayan president Jose Mujica was critical of Argentina’s economic policies and of the recent organization for the funeral of former president Nestor Kirchner. He also admitted it would be “difficult” to reach a definitive agreement with Argentina regarding the long standing UPM-Botnia pulp mill conflict.
Uruguay’s president Jose Mujica admitted his frustration in ruling the South American democracy because between the power of the unions and the huge state bureaucracy it virtually “impedes you from getting anything done”.
As in most of the rest of the world, conflicting visions of the latest global monetary events and its impact on emerging economies have surfaced among Uruguay’s top officials responsible for the running of the economy and finances.
A leading Uruguayan economist warned Wednesday about the risks of being highly dependent on Brazil for foreign trade, particularly since the Uruguayan economy could “be trapped in a competitive edge island”.
Uruguayan lamb and mutton exports during the first 10 months of 2010 fell 40% to 11,628 tons compared with the same period in 2009, while average export prices increased 50% to US$4,766/ton as a result of strong demand.
In spite of Uruguay’s good macroeconomic performance there are weak points and a productivity shock, fiscal austerity plus regional coordination to address external surprises should be considered, said Enrique Iglesias, economist, former banker and currently Ibero-America Secretary General.
Uruguay ranks third, behind Argentina and Chile, as the Latin American countries with the highest Human Development Index (HDI), according to the United Nations Development Program (UNDP) 2010 Report, which shows that, despite the significant progress many countries have made, the region continues to register the greatest inequality rates in the world.
Uruguay is the highest positioned Latinamerican country in the 2010 list ranking the prosperity of 110 of the world’s nations by the London analytical centre Legatum Institute and its Legatum Prosperity Index.
Uruguayan exports expanded over 20% in value during the first ten months of the year with Brazil consolidating as the country’s main trade partner, according to a report from Uruguay’s Exporters Union.