Could Argentina be heading for a second default?
U.S. Supreme Court refuses country's appeal in holdout credit battle
In a worst case scenario for Argentina, the U.S. Supreme Court refused to hear the country’s appeal on Monday, upholding decisions from lower courts that would force the country to pay billions of dollars to “hold out creditors” who refused to participate in debt restructurings following the country’s 2001 default. In a broadcast address, President Cristina Fernández (right) expressed willingness to negotiate, but said there is simply no way that Argentina can pay in cash, in full, $1.5 billion starting just two weeks from now, which is what the U.S. courts have ordered, LBC reports.
Biden in Brazil to see World Cup and heal ties
U.S. Vice President to meet with Dilma Rousseff to mend relations
U.S. Vice President Joe Biden (left) headed to Brazil on Monday, hoping to do more than just watch Team USA play Ghana in the World Cup. Biden will also try to turn the page on chilly U.S. relations with President Dilma Rousseff, who was outraged by revelations last year that the National Security Agency spied on her and other Brazilian officials. Rousseff, who canceled a state visit to Washington in response, recently indicated she was ready to move on from the spat, Reuters reports.
Paraguay President to visit Japan to boost business
Horacio Cartes to hold talks with Prime Minister Shinzo Abe
The President of Paraguay Horacio Cartes (right) will visit Japan from June 23 to 26 for talks with Prime Minister Shinzo Abe. Both leaders will agree to develop Paraguay's investment climate for Japanese companies following double-digit economic growth in the South American country in 2013, the Japanese government said. Abe is also expected to pledge around $1.9 million in official development assistance to Paraguay for the development of infrastructure, the GlobalPost reports.
Peru posts slowest growth rate in five years
Andean nation grew 2 percent in April
Peru's economy grew at the slowest pace in nearly five years in April, expanding 2 percent from the same month in 2013. The sluggish performance came because of a drop in the pivotal mining and construction sectors, the government said. The Andean country's economy has slowed from growth rates topping 6 percent over the past decade as prices and demand for its mineral exports have ebbed, Reuters reports.
Brazil billionaire emerges as Ser Educacional surges
School operator soared 44 percent since its October Initial Public Offering
Janguie Diniz (right), the majority shareholder of Brazilian school operator Ser Educacional, became a billionaire on Monday as the company reached a record. Ser Educacional has soared 48 percent since its October 25 Initial Public Offering, the fifth-biggest gain on Brazil’s BM&FBovespa Small Cap Index. Its sales jumped 44 percent in the first quarter from a year ago to $69 million, driven by a 51 percent increase in total number of students, which reached 113,000, Bloomberg reports.
Uruguay economy grows 2.4 percent in first quarter Reuters
Cuba clamps down on Wi-Fi networks Miami Herald
Rousseff recalls rebel past as World Cup protests continue Forbes
Brazil's BRF seeking deals in Middle East Bloomberg