Mexican telecommunications giant America Movil is targeting a bigger share of the Brazilian market to power growth, though the cost of winning new subscribers may depress earnings in the short term. Read Article
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Argentina has assured India [ Images ] that it will resolve the issue of restrictions on import of Indian drugs to the Latin American country. The issue was raised by Minister of State for Commerce and Industry Jyotiraditya during his bilateral meeting with Argentina’s Minister of Industry Debora Giorgy at Buenos Aires on Tuesday. Read […]
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Cuba has become the third largest tourist destination in the Caribbean, Cuban Tourism Minister Manuel Marrero said here Tuesday at the opening ceremony of the International Tourism Fair (FIT) Cuba 2011.The minister said the island nation received about 30 million overseas visitors in the last decade. Read Article
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Ecuador business confidence fell to a two-year low on concern a conflict with the U.S., the South American nation’s biggest trading partner, may hurt exports and decrease foreign investment, Deloitte & Touche LLP said. An index measuring company confidence in Ecuador fell to 76.2 last month out of a possible 250, its lowest since April […]
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If it were listed on the U.S. Stock Exchange, Glencore would be valued among the top 50, alongside names like Visa, 3M and Home Depot. With $145 billion in 2010 revenues, Glencore would have ranked sixth on the Fortune 500 list, ahead of AT&T, Ford and ConocoPhilips. Read Article
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our Latin American countries have formed an alliance to improve trade, services and productivity in the region, with goals to negotiate with Asian markets, América Economía reported. Peruvian President Alan García welcomed his counterparts Sebastián Piñera from Chile, Felipe Calderón from Mexico and Juan Manuel Santos from Colombia to sign the agreement in Lima, the […]
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Chile has been a reliable provider of agricultural products to Korea for many years and is looking to expand and hasten new products into the local market. Beef is big business and one that brings heated debate whenever a new country is looking to establish its product in the minds of local consumers. Read Article
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“Fewer postcards, more reality” is the rallying cry of Chile’s port city of Valparaiso. Residents of this picturesque but dilapidated city have taken to the streets over the city’s inability to keep its iconic cable cars clattering up and down its fabled hills. The “ascensores” are the trademark of a city whose residents are fiercely […]
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The outlook for the international airline industry remains uncertain amid a volatile political situation in the Middle East, high oil prices and uneven global economic growth, says Frederico Curado, chief executive of Brazil’s Embraer. Read Article
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The president of Brazil’s only public golf course is threatening to “lay down kids” in the middle of the fairways to keep government bulldozers from entering the property, constructing a new highway and destroying the course. Read Article
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Opposition from Bolivia’s independently organized miners stopped President Evo Morales from implementing plans to boost state control over the country’s mines Sunday, according to leading officials who were advocating takeovers of the country’s vast mineral wealth. Read Article
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Before a new round of talks between the Labour Union Confederation (CGT) and the Argentine Industrial Union (UIA) begins in order to relaunch the social accord, the government expressed its support for lawmaker Hector Recalde’s bill that requires companies to distribute 10 percent of profits to workers. Read Article
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Colombia misses out the target to export flowers on Mother’s Day after brutal weather after heaviest rains in the country’s history, that claimed hundreds lives and rendered thousands homeless. Colombia’s National Association of Flower Exporters said some of the country’s prime flower-farming areas were among the hardest-hit by storms that have intensified over the past […]
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MEXICO has just pulled off its once-a-decade miracle of quizzing 112m souls about their lives and habits. The census results, presented to journalists today, form a mountain of data that your correspondent will mine for stories over the next few weeks. In the meantime, here are a few findings that jumped out at him, in […]
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Is Sempra Energy purchasing renewable energy from itself? Well, sort of. Both San Diego Gas and Electric (SDG&E) and Sempra Generation are subsidiaries of Sempra Energy and, according to this statement, the two have entered into a 20- year contract that would have SDG&E getting up to 156 megawatts (MW) of renewable power supplied from […]
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Revenues at General Electric’s Latin American operations surged 30 per cent in the first quarter of this year from the same period in 2010 and should continue to climb as the rapidly growing region rushes to improve its creaking infrastructure, the US industrial group has told the Financial Times. Read Article
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Consumer prices rose 0.68 percent in April from the prior month, the second quickest pace since June 2008, Peru’s national statistics agency said today. Monthly inflation accelerated 0.70 percent in March and was forecast to rise 0.48 percent in April, according the median estimate of eight analysts surveyed by Bloomberg. Read Article
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Big banks are finding their way to Latin America and Brazil, a strategy to help these financial behemoths reduce dependence on the U.S. Banking shares and exchange traded funds (ETFs) may harness this growth, particularly as relations with Brazil intensify. Read Article
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Mubadala, the investment vehicle of Abu Dhabi, planning a $13 billion investment package in a variety of industries in Brazil, Arabian Business reported a senior government official as saying on Saturday. The announcement, which was initially made through the Arab Brazil News Agency (ABNA), came after Waleed al-Muhairi, the head of the public joint stock […]
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With the increase in Brazil’s currency and inflation it now can cost $15.00 to attend a movie.Read Article
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CNH Global N.V. (CNH) plans to build a factory in Argentina to assemble farm tractors and harvesting combines, as the company moves to shore up its farm machinery business in South America. The plant in Cordoba, Argentina, will produce specialty tractors and large combines, machinery that CNH isn’t currently assembling in South America. Read Article
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Argentina will press ahead with plans to develop a small-scale nuclear reactor over the next three years, after last month‘s disaster in Japan prompted countries such as Germany and Brazil to reconsider projects. Read Article
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After a peak at 1.140 million units in 2006, the Mexican new car market had been slipping down, accelerating its fall to minus 26 percent in 2009. The drop was halted in 2010 when the market grew 9 percent at 820,406 registrations. So far, 2011 is looking pretty good too, with a 12 percent increase […]
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Some of the heaviest rains in Colombia’s history have killed at least 418 people, damaged or destroyed 140,000 homes and affected three million people over the past several months. Read Article
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Uruguay’s plans to establish a second pulp mill on the Rio de la Plata waterway it shares with Argentina received a boost with a Chilean pledge of investment and Finland’s technical support. Read Article
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Mexico’s Federal Competition Commission said on Friday it has started separate investigations into alleged monopolistic practices in the sale of television advertising and telecommunications interconnection services. Read Article
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Without sufficient investments in oil field development and the use of new, advanced technologies, Mexico faces becoming a net oil importer in 10 years, according to research by Rice University’s James A. Baker III Institute for Public Policy and Oxford University. Read Article
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The Mexican carrier Interjet has conducted the first biofuel flight in the country, operating an Airbus A320 with a 30 percent biofuel blend developed from the local jatropha plant. The plants were harvested in Chiapas, Mexico. Read Article
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Colombia’s urban jobless rate, the most closely watched unemployment indicator, was 12.2 percent in March, almost flat versus the same month last year, the government said on Friday. Read Article
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Sony has announced the launch in Costa Rica its line of Bravia televisions with internet access (IPTV), that in addition to basic functionality of a TV, can surf the internet, social networking sites like Facebook and Twitter, watch YouTube and make Skype calls. Read Article
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On April 8 a German development bank, DEG Deutsche Investitions- und Entwicklungsgesellschaft mbH, cancelled a previously approved loan to Grupo Dinant, a large Honduran company that produces snacks, other food products and cooking oil; the loan was reportedly worth $20 million. Shortly afterwards, EDF Trading, a wholly-owned subsidiary of the French energy firm Electricité de […]
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The local parliament of the Canary Islands resolved to request the Spanish government to encourage a negotiation process to try to work out the “unresolved” serious problems due to the seizures of Spanish companies in Venezuela which have been undertaken by the Venezuelan Executive Office. Read Article
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Deforestation around the Amazon River in Peru has increased six-fold in recent years as miners, driven by record gold prices, blast and clear huge tracts of lowland rainforest, according to a Duke University led study. Read Article
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HydroAysén, a joint venture between utilities Endesa Chile and Colbún, wants to build five hydropower stations, two on the Baker River and three on the Pascua, to produce an annual 18,400GWh. Protestors want the government to block the development and focus on alternative renewable energy sources to meet looming power shortages in Chile, which has […]
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It’s a dead-slow news day in Brazil, so it’s as good a time as any to revisit one of the weirder aspects of life here: the truly crazy rates consumers here pay when they borrow money. We’ve written about this before, but it’s something you almost have to see to believe. Read Article
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A group of 18 international insurance associations have written to the Brazilian government to voice their concern that two reinsurance regulations recently enacted in Brazil will have a negative impact on the country’s insurance market. Read Article
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France’s Total has discovered a major gas field in south-eastern Bolivia that could initially produce 6.5 million cubic metres per day, local government and market sources said on Wednesday. Read Article
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Coca-Cola FEMSA, S.A.B. de C.V., the largest public Coca-Cola bottler in the world in terms of sales volume, announces results for the first quarter of 2011. Total revenues reached Ps. 25,826 million in the first quarter of 2011, an increase of 9.5 percent, compared to the first quarter of 2010 as a result of double-digit […]
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Colombia Clean Power & Fuels, Inc. CCPF, (the “Company” or “CCPF”) announced today that it has appointed James Flores as Chief Financial Officer effective May 1, 2011. Mr. Flores, who will be based in the Company’s operational headquarters in Bogota, Colombia, has over thirty years of executive experience as a senior financial officer for firms […]
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Argentina’s Labor Ministry has acted to end a strike by energy workers in the southern province of Santa Cruz. Acting on a judicial order, the ministry suspended the leadership of the Private Petrol Trade Union, whose secretary general, Héctor Segovia, and adjunct secretary, Rubén Retamoso, are antagonists in an inter-union conflict over recent contract negotiations. […]
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A town near Buenos Aires, wary of the screeching stops and careening turns it says typifies male drivers, has hired exclusively women to shuttle its passengers around inVicente Lopez, Argentina. Read Article
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I’m at the Mont Pelerin Society meeting in Buenos Aires, where I have been learning about the issues facing the future of freedom in South America. One interesting case is that of Chile, whose military government of the 1980s, perhaps surprisingly, introduced a series of free-market liberal reforms. One of these was to change Chile’s […]
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Argentine union leaders have reached a deal to end a 24-day-old strike that has halted oil output in the Santa Cruz province, but workers must still approve the accord, a unionist said. Read Article
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Héroux-Devtek Inc. (HRX-T8.29-0.01-0.12%) is taking the long-awaited plunge and making an entrance into the Mexican marketplace to build a facility for its aerostructures and landing gear operations in Mexico. The Quebec-based company’s first foray outside of Canada and the U.S. will be located in the Queretaro Aerospace Park. Read Article
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Novell today announced the government of Mexico’s Tax Administration Service, Servicio de Administracion Tributaria (SAT), has turned to Novell to bring its federal tax collection and investigation systems online. SAT chose Novell Compliance Management Platform to centrally manage the identities for nine million taxpayers and 35,000 employees in a secure and compliant manner. Within 18 […]
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Venezuela’s President Hugo Chávez announced a 26.5 percent increase of the minimum wage to be implemented in two segments, namely a 15 percent increase from May 1, and then a 10 percent rise from September 1. Read Article
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Toyota is shutting an assembly plant in Brazil for three days over the next four weeks, cutting production by about 1,200 cars, because of a shortage of parts due to the Japanese earthquake. Argentina production is also impacted. Read Article
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· Exportations of flowers have increased 40.5% in value and 23% in volume in the first two months of the year when compared with the same time frame in 2010. · According to the data from the Administrative Department of Statistics and the Office of Taxes and Customs, 79.3% of “other flowers and buds” and […]
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A bacterium known as a powerful threat is rotting the rice crop in Costa Rica, said the State Phytosanitary Service today [18 Apr 2011]. Some 30 000 hectares may be lost due to the microscopic enemy, identified a few weeks ago in the Guanacaste area in the west of the country. Read Article
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It belongs to Chile, which now has the first electric charging station in South America. The country’s president, Sebastian Pinera, and other top officials presided over a ceremony last week in the smoggy capital city of Santiago. The aim is to reduce carbon dioxide emissions and air pollution. Read Article
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Compania de Minas Buenaventura S.A.A. (“the Company” or “Buenaventura”) (NYSE: BVN; Lima Stock Exchange: BUE.LM), Peru’s largest publicly-traded precious metals mining company announced today that operations resumed on April 25, 2011 at the Company’s operating unit Uchucchacua after the conclusion of a road blockage that initially started as a strike on April 4, 2011. This […]
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Maria de la Concepción Martínez is a 32-year-old micro-entrepreneur living in the outskirts of Solidaridad, an inner city slum in Monterrey (Mexico’s third-largest city by population and its industrial giant). Three times a week she wakes up at 4 a.m. and takes an hour-long bus ride to visit the Juarez Market, where she purchases fresh […]
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VENEZUELA said on Friday it formally left the Andean Community of Nations, a customs union that includes Bolivia, Colombia, Ecuador and Peru. The foreign ministry said it will maintain trade relations with its South American partners ‘under other rules and principles. Read Article
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Colombian household is increasingly marked tendency to serve the wines produced.Today in the country, besides the traditional cabernet sauvignon and merlot grape wines are drunk as carmenere, malbec, syrah or pinot noir (in red), whereas in white, the classic sauvignon blanc and chardonnay, has joined forces with the torrontes. Read Article
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The Peruvian police force suppressed a popular uprising in the province of Oyón on Sunday. The evacuation of 300 villagers who were blocking a mining venture in Buenaventura left one person dead and thirteen injured. According to reports from the National Radio Coordinator, around 600 police units broke down the blockade that the villagers had […]
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The president of Paraguay, Fernando Lugo, decreed a 10% increase in the minimum wage, which will reach $ 414. Read Article
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Nicaraguan exports continued growing during the first half of April, confirming the forecast that they will exceed record figures achieved in 2010. Goods worth 793 million USD were sold until April 15, an increase of 39 percent against same period of 2010, according to the latest figures of the Center for Export Procedures (Cetrex). Read […]
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With an investment of us$153 million the Juan Santamaría (San José) airport, will also have a new passenger terminal of 22.000 square metres, that will include nine more lounges, as well as an additional commercial area of at least 3.300 square metres. The expansion will be of a new building to be built west of […]
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Chevron Corporation (NYSE: CVX) has filed an amended complaint in its lawsuit in federal court in New York seeking to block enforcement and recognition of a judgment entered against the company in Lago Agrio, Ecuador. The amended complaint cites newly discovered evidence that the Lago Agrio plaintiffs’ lawyers and consultants, at a minimum, provided clandestine […]
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Chile has set sights on developing its extreme south as a major hub for hydrocarbon development and export, a plan that will see more than $400 million in state and international investments pouring into the area. Read Article
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On Tuesday November 10, 2009 a massive power failure left an estimated 60 million people in eighteen Brazilian states without electricity as a result. This wasn’t the first time Brazil had experienced a massive power failure but officials certainly hope it will be the last. Read Article
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Most have heard about the Real Estate boom in Brazil, and there remains plenty of debate if the market is due to burst or hold. Rental prices have also ballooned, with no signs of abating before the 2016 Olympic Games. We have published a series on what it costs to rent in Rio and São […]
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The Ecuadorian government publicly reiterated its commitment to turn its Amazon regions into the country”s most prosperous, as President Rafael Correa announced during a tour of Orellana province. Read Article
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Qatar home to 250 Mexicans, but their numbers are growing on a weekly basis. Mexico plans to open an embassy in Qatar to give a boost to the growing ties between the two countries, a Mexican diplomat has said. “We hope that we will be in a position to open an embassy in Doha before […]
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Bolivia’s plans to nationalize mines owned by Pan American Silver Corp (PAAS) and Swiss commodities trader Glencore International AG appear to have hit a snag, with workers’ unions at the two companies rejecting the move. The government has said it would not move forward with taking over the mines if the unions opposed it. Read […]
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Global Energy has begun planning the acquisition of 100 square kilometers of new 3D seismic over the Company’s Bolivar Association Contract area. The Company has previously reprocessed existing seismic over the contract area and made an exhaustive interpretation. The acquisition and interpretation of the new seismic data will enable the Company to validate the previous […]
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The government, based on the National Biofuel Program, established the mandatory use of all gasoline sold in Costa Rica with a blend of around 7% ethanol, starting in October 2008. The implementation phase follows a two year trial that took place in the provinces of Guanacaste and Puntarenas. The government expects to increase the percentage […]
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Telcel, the Mexican division of the America Movil mobile operator, owned by Carlos Slim Helu, the richest man in the world, was fined over one billion dollars by the competition authority for abuse of dominant position on the market, informs Reuters. Read Article
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Officers from Spain’s National Police force confiscated over 200 kg of cocaine that was hidden in a shipment of pineapples imported from Costa Rica. The police operation culminated in the arrest of 12 people embroiled in transporting the drugs from the port of Valencia to Talavera de la Reina (Toledo). Using officers on the ground […]
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More than 7.000 kg of sailfish meat bound for Peru were seized from a seafood exporter, say Costa Rican government officials. Sailfish are a protected species in the popular Costa Rican fishery. Read Article
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The Panama Canal recorded a growth of 17 million tons during the first months of the year compared to same period of 2010, reported the Panama Canal Authority Monday. Canal Administrator Alberto Alemán Zubieta said these figures are “very positive” because they indicate that the “recession is easing.” Read Article
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General Motors Co. said Monday that it has promoted the head of its Mexican operations, Grace Lieblein, to run its unit in Brazil. Lieblin, who has led GM de Mexico since December 2008, will take over as president and managing director of GM do Brasil on June 1. She replaces Denise Johnson, who left GM […]
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In a statement, President Alberto Sellaro said last year marked a record production hike of 105m pairs, up 10% from 2009 and 190% from 2001. Read Article
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Canadian miner Lithium Americas Corp said it plans to start building a lithium carbonate facility next year at its Cauchuri project in the Argentine province of Jujuy. The plant with a total capacity of 40,000 tons per annum is expected to start adding to the company’s revenue in 2014, Lithium Americas said in a statement. […]
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Capital Economics points out to fiscal policy which it describes as “too loose” and the country’s savings rate, “very low by international standards” which makes the problem “structural” rather than cyclical as the Brazilian government tends to argue. Read Article
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An estimated 16 million Argentines, (out of a population of 40 million) live on less than 800 pesos per month which is equivalent to 8 US dollars per day, according to the latest data from the official Homes Standing Poll. Read Article
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Mexican telecom magnate Carlos Slim, ranked as the world’s wealthiest man by Forbes magazine, plans to invest 1.5 billion US dollars over the next two years in Argentina’s telecommunications sector, officials said. Read Article
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Convergys Corporation, a global leader in relationship management, is seeking candidates to fill approximately 370 open positions at its Barreal de Heredia and Ultra Park II contact centers in Costa Rica. New employees proficient in Spanish and English will provide customer service and technical support for three Convergys clients in the cable and financial services […]
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Coffee House War Brewing In Costa Rica A coffee house war is brewing in Costa Rica, with the announcement that the Guatemalan coffee house chain, Café Barista, is coming to Costa Rica, a market currently dominated by Spoon and Giacomín. Barista’s president, Walter de la Cruz, said that operations will start next January following an […]
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The Caribbean Coast returns to save space on the map sugarcane growers of the country and this time a project to produce ethanol based on sugarcane, it takes 10 thousand hectares of agricultural frontier for this crop in the department of Magdalena. It Agrifuels project in the municipality of Pivijai, which have capacity to produce […]
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In Costa Rica there are 70 national companies that manufacture devices to control the wings of airplanes, tanks for spacecraft and aircraft seats to Europe. The data, which the authorities found surprising, are the result of the first study Aerospace Business in Costa Rica. Read Article
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The Caribbean’s first Low Fares Airline (LFA) REDjet will take to the region’s skies on May 8 with a service from Barbados to St Lucia while the second introductory flight would be to Port-of-Spain from Barbados. Tickets went on sale yesterday. Read Article
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AEL Systems SA, the Brazilian subsidiary of Elbit Systems has signed a strategic agreement with Embraer aircraft during the show LAAD 2011 for joint exploration of the unmanned systems market, including the possibility of creating a company majority of whose capital would be jointly owned by Embraer. Read Article
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In the throes of Cuba’s economic “reorganisation,” young people are walking a tightrope towards an uncertain employment future. They are finding it increasingly difficult to find jobs that meet both their professional aspirations and their salary expectations. Read Article
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Robert Hall of wool agents Falkland Wool Growers Ltd told Mercopress, “Prices have substantially improved this season. For example, gross UK prices for 25 micron combing fleece wool are 640 pence per kilo in 2011, compared to 390 pence per kilo in 2010 and 208 pence per kilo in 2001.” Read Article
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Foxconn in planning to invest as much as 12bn US dollars in Brazil, according to President Dilma Rousseff currently on an official visit to China. Taiwan-based Foxconn operates the majority of its factories in China, producing goods for firms like Apple, Hewlett Packard and Dell. Read Article
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The Professional Drivers Federation of Ecuador, which rejects the reforms to the Traffic Law, made the following announcement this morning. “On 25 April, all drivers Ecuadorian put our arms and do not conduct our work tools,” said Ricardo Onofre, secretary of the Federation of Drivers. Read Article
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The Arcos Dorados (ARCO) IPO will price Wednesday and first trade Thursday, becoming only the fourth chain restaurant IPO in the U.S. since 2006, and the largest McDonald’s (MCD) franchisee. ARCO operates 1,292 self-operated McDonald’s in Latin America, the Caribbean and South America, and 463 franchisees. The company’s F-1 statement provides an interesting glimpse into […]
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The enormous segment of Amazonian rainforest that covers over half of the country has always been an issue of contention for Peru due to the number of indigenous tribes that inhabit it. As early as the 16th century, the Peruvian Amazon has been linked to the world market, providing such products as timber, rubber and […]
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Colombia’s ban on mining in highland ecosystems could be a double-edged sword — it may attract illegal miners to the delicate areas where established mining companies cannot operate. Read Article
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Colombia’s coffee exports soared 53 percent to 884,000 60-kg bags in March while output rose 24 percent to 779,000 sacks versus the same month last year, the nation’s coffee federation said on Wednesday. Read Article
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Mexico’s undeserved stereotype for indolence is finally being chipped away, with a new study released this week finding that Mexicans work longer days than anyone else in 29 industrialized nations studied. Read Article
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One in three Colombian fixed Internet access with that company acquired it. So the company said in a statement, referring to figures from the Ministry of Information Technologies and Communications (MinTic) 2010. The company is particularly strong in regions of the country.
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The Health Ministry, together with the SEREMIS of Health and the Institute of Public Health, ISP, made a contingency plan on the eve of Easter to control the quality of seafood and prevent the spread of red tide. Read Article
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Wal-Mart Centroamérica announced on Tuesday the opening of 24 new stores in Costa Rica for this year. The expansion will also create 839 new jobs says the company based in Mexico that operates stores in that country and throughout Central America. Wal-Mart says it will invest us$160 million dollars in the Costa Rica expansion and […]
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For the first days of July is expected to begin installing equipment or GPS satellite location in urban and intercity buses, taxis and heavy transport yellow or expressed in the country. This is provided for the executive director of the National Agency for Regulation and Control of Land Transportation, Traffic and Road Safety, Ricardo Antón. […]
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About 30 stations borders will be expropriated and the hands of the Bolivian Fiscal Oilfields ( YPFB ), after the municipalities define the price of the same, after a thorough evaluation conditions found in each. The information was unveiled on Sunday the president of YPFB , Carlos Villegas, who recalled that the new Law on […]
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Bolivian officials said late last week the country’s natural gas reserves total 9.94 trillion ft³, far lower than estimates ranging from 12.8-26.7 trillion ft³ that have appeared in contradictory reports over the last five years. “Bolivia has passed from fiction to reality,” Carlos Villegas, president of state-run energy company YPFB, said. Read Article
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A major blackout struck Caracas and most of Venezuela on Thursday at about 3:30 p.m. local time, hitting at least 18 states and the Greater Caracas. Read Article
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