The ten best events of 2010 for Latin American business.
BY LBC STAFF
Latin Business Chronicle singles out the ten best events of the year.
Petrobras Makes World History
On September 24, Brazil's state oil giant Petrobras made world history by selling shares worth a whopping $70 billion – by far the biggest share sale anywhere ever. The previous record was set 23 years ago by Japan’s Nippon Telegraph & Telephone when it raised $36.8 billion, according to MarketWatch. The sale also catapulted the Sao Paulo Stock Exchange (Bovespa) into the world’s second-largest by market value, according to Dow Jones. The successful offer came despite growing concern over the state’s role in Petrobras. In fact, as part of the share sale, the company also issued $42.5 billion in shares to the government in exchange for rights to explore and develop six oil fields.
Chile and Piñera Impress
President Sebastian Piñera had his baptism under fire and passed the test. Less than two weeks before he assumed office, Chile was hit by a 8.8 Richter scale earthquake that killed more than 500 people and caused $8 billion in insured losses, becoming the second-most costly quake ever, according to Swiss Re. The quake dramatically changed his first tasks as president and he immediately made recovery the top priority of his administration. Five months later, as the ...
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