AGP Executive Report

Logistics & Trade: DHL Global Forwarding is entering Uruguay with a direct presence after acquiring long-time partner Aero Cargas, moving Aero Cargas staff and capabilities into DHL’s Peru–Ecuador–Argentina–Chile cluster and positioning Uruguay as a Southern Cone gateway for Mercosur, North America and specialized pharma flows. De-dollarisation Watch: Uruguay investors are shifting more savings into peso money market funds and government bonds, with peso assets in domestic fixed-rate securities tripling over two years and momentum building behind the central bank’s push to reduce dollar dependence. Energy & Offshore: Eni has signed to enter Uruguay’s OFF-5 offshore exploration block, alongside MIWEN and ANCAP, aiming to accelerate studies and unlock hydrocarbon potential. Import Rules: Uruguay has published a clear list of banned and restricted goods, including public-health and environmental-safety items, plus non-automatic import licensing requirements that can complicate documentation for exporters. EU Trade Pressure: The EU has suspended Brazilian meat imports over antibiotic compliance concerns, a move that also adds uncertainty for Mercosur trade dynamics affecting Uruguay-linked supply chains. Finance & Infrastructure: IDB Invest took a minority stake in Argentina’s Atis Group to fund telecom tower buildouts and shared infrastructure across Argentina, Paraguay and Uruguay. Industry Moves: Banque Heritage is expanding its fund representation services in Switzerland, adding a Zurich-based officer to strengthen regulatory and client support in the DACH region.

De-dollarisation Push: Uruguay’s central bank marks five years without FX market intervention, with inflation near target and a “free floating” approach—while investors increasingly park money in peso money market funds and government bonds, boosting the peso’s appeal. Trade & Imports Rules: Uruguay has published a full list of banned or restricted imports and tightened non-automatic licensing, including prohibitions on certain lead-heavy paints, asbestos products, and specific insecticides/herbicides. Logistics Investment: DHL Global Forwarding acquired Uruguay-based Aero Cargas, turning a long partner relationship into its first direct operating presence in Uruguay and expanding air/ocean, pharma logistics, and free-zone capabilities. Energy Diplomacy: Uruguay and Argentina are working to cool tensions around HIF Global’s green hydrogen/e-fuels plant in Paysandú after Argentine legal concerns and public statements—reportedly with the complaint later withdrawn. Regional Market Pressure: The EU suspends Brazilian meat and animal product imports over antibiotic compliance concerns, a direct risk to Mercosur supply chains that include Uruguay. Immigration Policy (US): A US federal judge struck down a Trump-era immigrant visa pause for nationals of 75 countries, lifting the suspension that included Uruguay.

Logistics & Trade: DHL Global Forwarding acquired Uruguay-based freight partner Aero Cargas, moving from a long-running agency model to direct ownership and giving DHL its first operating presence in Uruguay; the integration will fold Aero Cargas staff into DHL’s Peru–Ecuador–Argentina–Chile cluster, expanding air/ocean freight, project logistics, land transport, free-zone services and pharma logistics. De-dollarisation & Markets: Uruguay’s peso is gaining traction as investors shift more savings into peso money market funds and government bonds, with peso assets in domestic funds rising sharply over the last two years, aligning with the central bank’s push to reduce dollar dependence. Central Bank Policy: Uruguay marked five years without FX market intervention, citing stable inflation near target and “free floating” conditions, with reserves used only in exceptional disruptions. Energy & Industry: Uruguay and Argentina are trying to cool tensions around HIF Global’s green hydrogen/e-fuels plant in Paysandú after Argentine legal claims and subsequent denials over the project’s relocation. Trade Rules: Uruguay published a clear list of goods banned or subject to non-automatic import licensing, including restrictions tied to public health and environmental safety. Offshore Oil: Eni signed the agreement to enter Uruguay’s OFF-5 offshore block, alongside MIWEN and ANCAP, starting a new exploration phase.

De-dollarisation Push: Uruguay’s central bank marked five years without intervening in FX markets, with peso stability tied to tame inflation and an export-driven economy—while investors increasingly favor peso money market funds and government bonds. Logistics & Trade: DHL Global Forwarding moved from agent to direct operator in Uruguay by acquiring Aero Cargas, betting on Montevideo’s role as an Atlantic gateway for Mercosur trade and resilient freight routes. Energy Investment: Eni signed up to enter Uruguay’s OFF-5 offshore block, adding to its growing presence alongside MIWEN and ANCAP as studies advance on hydrocarbon potential. Cross-border Tensions: Uruguay and Argentina are working to contain fallout around HIF Global’s green hydrogen and synthetic fuels plant in Paysandú after Argentine legal claims and diplomatic back-and-forth over relocation and impacts. Regional Trade Pressure: The EU suspended Brazilian meat and animal product imports over animal health and antibiotic compliance concerns, a move that could ripple through Mercosur supply chains. Business & Payments: dLocal’s APAC lead flagged rising political scrutiny over foreign influence in local payment systems, even as cross-border payments demand grows.

De-dollarisation Watch: Uruguay’s central bank marked five years without intervening in the currency market, citing tame inflation near target (4.3% vs 4.5%) and a “free floating” regime—while warning exchange-rate risk remains for dollar accounts. Peso Money Market Boom: Investors are shifting more savings into peso-denominated money market funds and government bonds, with peso assets in these products tripling over two years, boosting the country’s push to reduce dollar dependence. Logistics Deal in Montevideo: DHL Global Forwarding is buying Uruguay-based Aero Cargas, turning a long-time agent into a direct operation to better serve Atlantic-Mercosur trade flows and expand freight, including pharma logistics. Energy & Industry Tension: Uruguay and Argentina are trying to contain fallout over HIF Global’s green hydrogen/e-fuels plant in Paysandú, after Argentine legal steps were publicly disputed. EU Trade Pressure on Mercosur: The EU will suspend Brazilian meat and animal product imports over antibiotic compliance concerns, a reminder of how quickly market access can tighten for the region. Sports Media Rights: SBS confirmed it will keep exclusive broadcast rights for the 2030 FIFA World Cup, with Uruguay and other South American locations set for centenary-related coverage.

Uruguay Offshore Energy: Eni has entered Uruguay’s OFF-5 offshore exploration block as operator with a 50% stake, alongside MIWEN (50%), after Uruguayan approval; the partners will assess hydrocarbon potential during the first exploration period and use Eni’s proprietary tech, while Eni also agreed to buy 40% in the adjacent OFF-6 block operated by APA. Regional Trade & Food: The EU is suspending imports of Brazilian meat and other animal products from Thursday over animal-health and antibiotic-use guarantees, with poultry potentially resuming within weeks if audits go well (beef may take longer). Pharma Market Access: India is pushing Brazil for more predictable regulatory pathways to expand pharmaceutical exports, and both sides discussed early steps to broaden the India–Mercosur trade pact (Mercosur includes Uruguay). Business & Events: ASUTIL named Uruguayan events professional Germán Barcala as Conference Manager, tapping his corporate-event track record and ties to local industry groups. Tech Disruption: Microsoft 365 faced a multi-hour Exchange Online email outage, with reports peaking midday and Microsoft later saying systems were operational but some users saw degraded sending/receiving. Sports Media Rights: SBS secured rights to broadcast the 2030 FIFA World Cup, keeping the tournament on Australia’s free-to-air network.

Offshore Energy Deal: Eni is expanding in Uruguay’s offshore sector, signing with MIWEN (YPF subsidiary) and ANCAP to enter the OFF-5 block as operator with a 50% stake, while MIWEN holds the other 50%; the block is in its first exploration period and Eni says it will use proprietary tech to accelerate assessment. Regional Trade Pressure: With the EU-Mercosur free-trade deal now in effect, South American producers—including Uruguay—are bracing for tougher competition in sectors like wine, cheese, honey and chocolate, plus knock-on effects from EU rules on protected product names. Business & Events Leadership: ASUTIL, the Latin American duty-free association, named Uruguayan events executive Germán Barcala as Conference Manager, replacing Diego de Freitas, as the group prepares upcoming regional gatherings. Air Connectivity: Avianca will add daily flights between Asunción and Bogotá from late October 2026, and also increase Montevideo service from four weekly flights to daily, citing rising demand. Public Policy Context: A new Pew analysis ranks Sri Lanka among the world’s highest in public holidays, while Uruguay is noted as having relatively few—useful background for business planning around regional calendars.

Offshore Oil Investment: Eni has secured regulatory approval to enter Uruguay’s OFF-5 offshore exploration block, taking a 50% operating stake alongside MIWEN (50%), with studies underway to assess hydrocarbon potential and a separate deal to buy 40% in the adjacent OFF-6 block. Aviation Connectivity: Avianca will move Asunción–Bogotá from three weekly flights to a daily service from late October 2026, and will also upgrade Montevideo from four weekly flights to daily, citing rising regional demand. AI Funding in Uruguay: Roma AI, a Uruguay-Chile startup building AI agents for regulated companies, closed a US$1.2m seed round to scale its platform while keeping sensitive data inside clients’ infrastructure. Trade & Markets: India is pushing Brazil for more predictable pharma regulation and talks to expand the India–Mercosur trade pact; meanwhile, Uruguay is mentioned within Mercosur as part of the bloc’s broader trade agenda. Business & Diplomacy Networking: “Connect & Cheers 3” brought together diplomats and business leaders, including Uruguay’s consular representation, to build cross-border partnerships.

Offshore Energy Deal: Eni has struck an agreement to enter Uruguay’s OFF-5 offshore exploration block with MIWEN (YPF subsidiary) and ANCAP, taking a 50% operating interest after regulatory approval; studies are underway in the first exploration period, and Eni also agreed to buy a 40% stake in the adjacent OFF-6 block. Air Connectivity: Avianca will add daily flights between Asunción and Bogotá starting late October 2026, and will also move Montevideo from four weekly flights to daily service, citing rising regional demand. Agri-Trade Signals: Uruguay is showing up as a new destination for Paraguayan exports, with first shipments of safflower oil—another sign of expanding intra-region trade flows. Startup Funding (AI): Uruguay-Chile startup Roma AI raised US$1.2m in a seed round to scale AI agents for regulated companies, emphasizing governance and keeping sensitive data inside clients’ infrastructure. Maritime Incident: A Russian-flagged fishing vessel sank at Montevideo after a fuel-transfer stability issue; 41 crew were evacuated and response teams deployed containment and recovery measures. Regional Policy Context: A week of coverage also highlighted Uruguay’s role in broader Latin America policy debates, including media cooperatives and civil society access in SDG reviews.

Offshore Energy Deal: Eni secured regulatory approval to enter Uruguay’s OFF-5 offshore exploration block with a 50% operating stake via MIWEN (YPF’s unit), while also agreeing to buy 40% in the adjacent OFF-6 block—another signal of renewed investment momentum in Uruguay’s upstream sector. Regional Trade Talks: Vietnam and Mercosur wrapped a first round of Preferential Trade Agreement negotiations in Buenos Aires, with Argentina leading Mercosur’s technical work and both sides aiming to cut tariffs and tackle non-tariff barriers. Aviation Connectivity: Avianca will add daily flights between Asunción and Bogotá from late October 2026, and make Montevideo daily as well—boosting seat capacity and regional travel options ahead of peak season. Startup Funding (AI): Uruguay-Chile firm Roma AI raised US$1.2m seed to scale AI agents that run inside client systems with governance and auditing features, keeping sensitive data on-prem. Maritime Incident: Uruguay’s port authorities are investigating the sinking of the Russian-flagged fishing vessel Alpha Crux in Montevideo after a fuel-transfer stability issue; crew were evacuated and containment measures were deployed. Public Mourning: Uruguay held a public wake for musician Rubén Rada at the Legislative Palace, with official mourning declared and national flag protocols set in motion.

Trade Talks: Vietnam and Mercosur wrapped the first round of Preferential Trade Agreement negotiations in Buenos Aires, with Argentina leading Mercosur’s technical work and both sides aiming to cut tariffs and tackle non-tariff barriers. Air Connectivity: Avianca will add daily flights between Asunción and Bogotá from late October 2026, and Montevideo will also move to a daily schedule, boosting seats ahead of the summer travel rush. Beef & Tariffs: The US temporarily waived out-of-quota duties on lean beef trimmings for 90 days starting Sept. 1, but Uruguay is excluded because it already holds its own quota—leaving Brazil and Paraguay as main beneficiaries. Agri-Tech Funding: Uruguay-Chilean startup Roma AI raised US$1.2m seed to scale AI agents for regulated companies, emphasizing governance and keeping sensitive data inside client systems. Local Business/Industry: Minerva Foods says South America’s beef supply advantages will grow as US and Europe face structural production constraints. Uruguay Culture: Uruguay held a public wake for candombe legend Rubén Rada at the Legislative Palace, with national mourning declared.

Beef Tariffs & Mercosur Trade: The U.S. temporarily waived out-of-quota tariffs on up to 300,000 tonnes of lean beef trimmings for 90 days starting Sept. 1, but the carve-outs exclude Argentina and Uruguay (and other quota holders), leaving Brazil and Paraguay as main beneficiaries. Uruguay Energy Transition: Renewable-energy experts point to Uruguay’s approach as a model for updating policies and enabling investment, arguing that governance and regulatory “enabling environments” are key to scaling solar. AI Startup Funding: Roma AI, an Uruguay-Chile startup, raised US$1.2m seed funding to scale AI agents for regulated companies, emphasizing that sensitive data stays on clients’ infrastructure. Maritime Safety in Montevideo: A Russian-flagged fishing vessel sank at Montevideo after a fuel-transfer stability issue; 41 crew were evacuated and spill-response measures were deployed. Uruguay Culture & Public Life: Uruguay held a public wake for candombe legend Rubén Rada at the Legislative Palace, with national mourning declared. Cybersecurity Watch: Dark Caracal updated its malware toolkit with Ethereum-based fallback communications, targeting Latin American organizations.

Beef Trade Shock in the U.S.: President Donald Trump signed a 90-day plan to temporarily lower tariffs on lean beef trimmings, adding up to 300,000 tons to the U.S. market to ease ground-beef prices—though Uruguay is explicitly excluded because it already has assigned volumes. Uruguay in Mourning: Uruguay held an open public wake for candombe legend Rubén Rada at the Legislative Palace, with official mourning declared and flags flown at half-mast. Maritime Incident in Montevideo: A Russian-flagged fishing vessel sank at its berth after a fuel-transfer mishap; 41 crew were evacuated and port authorities moved to prevent any fuel spill. Cybersecurity Watch: Dark Caracal returned with GoCaracal malware using Ethereum-based fallback communications, targeting Latin America-linked victims. Agribusiness Signals: Minerva Foods says South America’s beef supply advantage is growing as U.S. and Europe face structural production constraints. Diplomatic Note: Morocco’s King Mohammed VI sent congratulations to Uruguay’s president for National Day, signaling interest in deeper economic ties.

Uruguay–Morocco Diplomacy: Morocco’s King Mohammed VI sent National Day congratulations to Uruguay’s President Yamandú Orsi, signaling a push to deepen bilateral diplomatic and economic ties. Beef Trade Shock (US–Uruguay Impact): In the US, Trump formalized a 90-day, 300,000-ton temporary lean-beef import expansion to lower ground beef prices—while Uruguay is explicitly excluded because it already has assigned volumes. Local Public Life: Uruguay bid farewell to candombe legend Rubén Rada with a public wake at the Legislative Palace, after spontaneous neighborhood drumming gatherings. Maritime Incident in Montevideo: A Russian-flagged fishing vessel sank at its dock in Montevideo after a suspected fuel-transfer mishap; 41 crew were evacuated and port authorities moved to protect the water. Cybersecurity: Researchers linked Venezuela intrusions to Dark Caracal’s upgraded GoCaracal malware framework, highlighting ongoing regional espionage risks. Business & Markets: Coca-Cola plans a Brazil launch of Zero Sugar/Zero Caffeine, with Uruguay slated for 2027. Sports (Uruguay on the radar): Uruguay will play India in an international friendly on Oct. 6, 2026, in Kolkata.

Beef Tariffs & Imports: Trump signed a proclamation temporarily easing U.S. beef costs by allowing up to 300,000 metric tons of lean trimmings to enter for 90 days with lower in-quota tariffs, aiming to cut ground beef prices—though ranchers warn it could disrupt long-term herd rebuilding. Uruguay & Trade Links: The Mercosur–Singapore free trade deal cleared Argentina’s Chamber of Deputies with 234 votes, a move that could expand market access across the bloc that includes Uruguay. Uruguay’s Political Memory: A new report revisits Uruguay’s history of political disappearances and the lingering impunity around 1970s-era kidnappings and torture. Regional Health & Animal Trade: PAHO marked 75 years of foot-and-mouth disease work across the Americas, while a separate update notes Uruguay was among countries that halted trading with Lesotho after FMD detection. Business Tech: Arctic Wolf says Venezuela-linked intrusions used a new Go-based malware framework (“GoCaracal”) tied to the Dark Caracal threat group. Sports & Economy Angle: Uruguay will play India in an international friendly in Kolkata on Oct. 6, adding another high-profile fixture to India’s busy window.

Mercosur trade push: Uruguay’s region stays in the spotlight as Argentina’s Chamber of Deputies approved the Mercosur–Singapore free trade deal (234 votes), cutting barriers and expanding services, investment and e-commerce access. US–beef price pressure: In the US, Trump temporarily expanded lean beef trimmings imports by 300,000 metric tons for 90 days to lower ground beef prices—prompting pushback from cattle groups warning it could disrupt herd rebuilding. Uruguay–India ties: Uruguay marked its 201st Independence anniversary with a reception in New Delhi, highlighting momentum in India–Uruguay relations and the case for deeper engagement. Crypto mining fallout in Uruguay: Tether’s $120M Uruguay Bitcoin mining bet is now shadowed by a power dispute, with reports saying mining sites were abandoned. Tech & finance leadership: Capital Group appointed Uruguay-born Guillermo Veiga as Chief Information Officer, moving him from Standard Chartered in Singapore to California. Cybersecurity watch: Dark Caracal upgraded its cyber-espionage toolkit with new malware capabilities, including persistent access tactics.