President Cristina Fernandez de Kirchner failed to secure enough votes to seek a third term in yesterday’s mid-term election, ensuring the end of her rule in 2015 and validating investor optimism a more market-friendly government will emerge. Bonds rallied.
When Alan Garcia ’s first term as president of Peru ended in 1990, the economy had shrunk by 10 percent, inflation was raging at 7,000 percent, and half the population lived in government-declared emergency zones where Maoist guerrillas were active.
An open primary on Aug. 14 is becoming more urgent for Argentine President Cristina Fernandez de Kirchner’s re-election efforts after a string of defeats in regional votes undermined support for the government.
Argentine Vice President Amado Boudou, who for years antagonized investors in South America’s second-biggest economy, may now become their guarantor of political and economic stability in a nation reeling from its leader’s surprise diagnosis with cancer.
Venezuela will channel more resources from its oil exports to the central bank this year as it seeks to alleviate a shortage of dollars that has crimped imports, Oil Minister Rafael Ramirez said yesterday.
Venezuelans, who in the past decade have grown accustomed to watching Hugo Chavez make national policy in near-daily television appearances, must now get used to him governing from a hospital bed in Cuba.
Argentine President Cristina Fernandez de Kirchner defused speculation she would announce a takeover of the country’s biggest energy company today during an annual speech to Congress. Shares of YPF SA soared.
Venezuela cut off the transmission of a speech by opposition leader Henrique Capriles Radonski yesterday using a system of national broadcasts known as “cadena” after he said the government “stole” this month’s election.
Petroleos de Venezuela SA, the state- owned oil producer, said it signed a $4.02 billion loan agreement with China’s Development Bank Corp. to increase production at the Sinovensa heavy oil joint venture in the country’s Orinoco belt.