02122016Fri
Last update: Fri, 12 Feb 2016 06am

South America

World - South America

Ecuador to complete $1bn payout to Occidental by April: Correa QUITO: Ecuador will make a $1 billion payment to American oil giant Occidental Petroleum by April, in keeping with a decision from a World Bank arbitration panel, President Rafael Correa said on Saturday.The International Center for Settlement of Investment Disputes (ICSID) initially ordered Ecuador to pay the company, known as Oxy, $1.77 billion plus interest in the 2012 ruling.Correa in his weekly media address said that his government had managed to negotiate the sum down significantly, first to $1.4 billion, then eventually even somewhat lower."The award was $1.4 billion. We will pay roughly $980 million. The reduction is 420 million," he said. Occidental, also known as Oxy, says Ecuador violated a bilateral investment treaty with the United States.The leftist Correa originally sought to have the ruling annulled, saying the government was within its rights to cancel the contract because Oxy sold a 40-percent stake in the company to Canadian firm ...

World - South America

Argentine president cracks rib while playing with daughter BUENOS AIRES: Argentine President Mauricio Macri fell and cracked a rib while playing with his three year old daughter and has been ordered to rest for a few days.Macri, who will be hoping to show a little more fortitude as he negotiates his early months as the new president in Argentina's bruising political spotlight, sustained the injury on Friday night at the first family's residence on the outskirts of Buenos Aires.A government statement Saturday said ...

World - South America

Clashes at Brazil protests over fare hikes SAO PAULO: Brazilian riot police clashed with masked protesters on Friday in Sao Paulo and Rio de Janeiro during angry demonstrations against higher transport fares, officials and witnesses said.A hike in fares was one of the main drivers of the mass demonstrations that roiled Brazil in 2013, in one of the most serious threats to President Dilma Rousseff, who is now under renewed pressure over a badly faltering economy and a billion-dollar corruption scandal.Friday's protest ...

World - South America

Military vows Maduro support in deepening Venezuela crisis CARACAS: Venezuela's military pledged loyalty to President Nicolas Maduro on Thursday, ramping up a high-stakes standoff between his socialist government and a center-right opposition that has vowed to use its new legislative powers to oust him.The opposition laid claim to a big majority in the National Assembly, which could empower it to force out Maduro. He has rejected the assembly as illegal and formed a new hardline leftist cabinet to fight it, in a deepening ...

World - South America

Bolivia, Peru sign $500mn deal for Lake Titicaca clean-up LA PAZ: Bolivia and Peru agreed Thursday to provide more than $500 million towards cleaning up Lake Titicaca, whose polluted waters are home some animals nearing extinction, a Bolivian environment official said.The deal, which is meant to improve the lake's biodiversity, includes environmental management and recovery through to 2025.Lake Titicaca, which is the highest in the world, at an altitude of 3,800 meters (12,470 feet) above sea level, provides a habitat for a number of ...

World - South America

Brazil government underestimated crisis: Rousseff BRASÍLIA: Embattled Brazilian President Dilma Rousseff admitted Thursday that her government's "biggest mistake" was underestimating the magnitude of the economic crisis the recession-hit South American country has faced in recent years.In a meeting with a small group of journalists, Rousseff cited economic uncertainty in China and severe drought in Brazil in explaining the slowdown in her own country, the world's seventh largest economy."The biggest mistake was failing to see that the crisis was so big ...

World - South America

Venezuela opposition sets out to oust government CARACAS: Venezuela's emboldened opposition laid claim on Wednesday to a big legislative majority that could empower it to oust President Nicolas Maduro, who came out fighting and reacted by reshuffling his cabinet.The lawmakers' defiant move further deepened a tense political standoff in the South American oil-producing country, which is mired in recession and seen analysts warn of the possibility of unrest on the streets.Leaders of the opposition, which has vowed to find a way to ...