Archive for November 7th, 2012

Mexicans carrying large amount of cash arrested at El Salvador airport

| November 7th, 2012 | No Comments »

Drug enforcement agents arrested four Mexicans who made a stopover at El Salvador’s international airport while carrying $40,000 in cash, police said Tuesday.

The Mexicans, who were on their way to Colombia, were each carrying $10,000, the National Civilian Police, or PNC, said.

The suspects were arrested early Monday in the inspection area of the international airport, which is about 44 kilometers (27 miles) south of San Salvador.

The Mexicans were heading to Cali, Colombia, the PNC said.

The suspects were identified as Jose Roberto Padilla Rojano, 27, Yair Mendoza Angeles, 23, Carlos Jose Ramirez Navarrete, 35, and Cesar Arguello Perez, 32.

The men told investigators contradictory stories about why they were carrying the cash, with some of the suspects saying it was to be used to purchase musical instruments and others saying they were going to have medical examinations in Colombia, media reports said.

Investigators are trying to determine “if the $40,000 found was linked ... Read More

Guatemala: Operation Martillo targets narcotics on Pacific Coast

| November 7th, 2012 | No Comments »
Infosur Hoy


QUETZALTENANGO, Guatemala – Operation Martillo has been successful in Guatemala, as 10 narcotics shipments collectively valued at US$2.15 billion and 70 vessels used for drug trafficking have been confiscated since the mission launched in February in this Central American nation.

Security forces have also extradited 14 suspects to the United States and destroyed 10 clandestine landing strips nationwide in a country that has become a transshipment point for South American narcotics headed north to Mexico and the United States, said Guatemalan Army spokesman Col. Erick Escobedo.

Nearly 90% of the cocaine that reaches the United States comes through Mexico and Central America, according the United Nations International Narcotics Control Board.

Operation Martillo is an international mission that gathers Western Hemisphere and European nations in an effort to curtail illicit trafficking routes on both coasts of the Central American isthmus.

Guatemalan security forces have carried out 598 operations since Operation Martillo was ... Read More

Rule of Law 3, Argentina 0

| November 7th, 2012 | No Comments »
Article originally appeared in the Wall Street Journal

A unanimous three-judge panel of the U.S. Court of Appeals for the Second Circuit has ruled that the government of Argentina must not discriminate among its creditors. Let’s hope that principle also applies in America the next time the government decides to bail out the auto industry.

In a unanimous October 26 decision, the court affirmed a district court ruling in favor of a group of Argentina’s bondholders. Ever since Argentina’s 2001 default on roughly $100 billion of its sovereign debt, these bondholders have held the reasonable position that Argentina ought to pay its bills. Holding more than $4 billion of Argentina’s debt, these creditors declined restructuring deals in 2005 and 2010 that offered bondholders as little as 25 cents on the dollar.

Argentina has refused to pay a nickel of the more than $1.3 billion in principal and interest due so far to the holdouts. At the same time, Buenos Aires ... Read More

Argentina Puts Pressure on Media Firm

| November 7th, 2012 | No Comments »
Article originally appeared in the Wall Street Journal


BUENOS AIRES—President Cristina Kirchner has set the stage for a showdown with Argentina’s biggest media conglomerate, Grupo Clarín SA, in a dispute that some critics warn could undermine free speech.

Mrs. Kirchner, who contends Clarín is a coup-mongering monopoly, has given the company until Dec. 7 to divest itself of assets such as its cable-television unit or see them auctioned off by the government.

The conflict could have implications for businesses, the media and Mrs. Kirchner, whose approval ratings have tumbled this year amid rising crime, high inflation and a weak economy.

At stake for Clarín is its future as an influential, independent media company that offers popular news and entertainment programs to millions of Argentines via its cable-TV and Internet services. Clarín was the only TV company to provide full coverage of recent nationwide protests against the government. Its breakup could limit the public’s access to information, analysts say.

“There are ... Read More

Brazil Real Slightly Stronger on Firm Global Markets

| November 7th, 2012 | No Comments »
Article originally appeared in the Wall Street Journal


SAO PAULO–The Brazilian real strengthened slightly against the U.S. dollar Tuesday, tracking gains for the euro and higher global stocks and commodities prices.

The real exited active trading at BRL2.0318 to the dollar, slightly stronger against the Monday close of BRL2.0336, according to Tullet Prebon via FactSet.

In Europe, stocks and the euro strengthened on improved corporate earnings. A stronger euro helped propel gains for international commodities prices. Higher commodities prices favor Brazilian export revenues.

An overall improved tone in global trading Tuesday came as U.S. voters lined up to choose a president and members of congress. Investors are increasingly hopeful the outcome of the U.S. presidential election will become clear within a few hours of the polls closing. If so, the result will also help clarify U.S. fiscal and monetary policies for the next four years.

But traders in Brazil also noted that while volatility was low Tuesday, so was volume.

“Trading ... Read More