Business News from Latin America
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EXCLUSIVE Birthday boost for Colombia trade pact
Commerce with US increases by 5 percent but value of Colombian exports drop
In the one year since the implementation of the US-Colombia free trade agreement, bilateral trade between the two countries reached $28.5 billion - 5 percent more than the year before - and opened numerous opportunities for small and medium enterprises in both countries. But the value of Colombian exports to the United States declined, Latin Business Chronicle reports.
Caracas avoids being caught with pants down in toilet paper crisis
Venezuelan officials import 50 million rolls to meet demand
To avoid getting caught with their pants down, Venezuelan officials say they will confront a toilet paper shortage by importing 50 million rolls to meet demand. Toilet paper is just one of the basic goods and foods that have disappeared from store shelves over the past few months, as the government and private companies blame each other for the scarcity, CNN reports.
Brazil's oil is back in business
Strong bidding allays concerns
The strong bidding in this week's Brazilian auction has allayed fears that foreign oil firms would lose interest in Brazil during its self-imposed dry spell. But while it argued over who can pump pré-sal and how to share out the proceeds, American shale oil and gas have displaced pré-sal as the world's most exciting energy story, The Economist reports.
Chevron pacts with the Devil in shale deal with Argentina's YPF
Oil giant is taking a big risk in view of last year's nationalization without compensation
Argentine energy producer YPF announced it had reached a "final agreement" with Chevron to develop the Vaca Muerta basin, the world's second largest reservoir of unconventional oil. But the administration of Cristina Kirchner forcibly nationalized YPF last year, which is an indication of the types of risks Chevron is willing to take with this deal, Forbes reports
Continental divide emerges between Mercosur and Pacific Alliance
One group is largely statist, the other led by market forces
In its short life, the Pacific Alliance has proved to be a brilliant piece of diplomatic marketing. Now it has to add substance. If it does so, Mercosur may find itself hard put to match the Pacific countries' race to develop. The South American countries in the two camps insist that they are not rivals, but friends. Nevertheless, a contest has begun, The Economist reports.
MOREOVER
- Mexico aims to triple natural gas imports from US Wall Street Journal
- América Móvil binds Brazil units closer with wi-fi offering Reuters
- Panoro projects progress as Peru doubles copper output Mining Weekly
- Chile keeps key rate at 5 percent amid dual-speed economy Bloomberg
- Mexico banks on stronger economy later this year Financial Times
