EXCLUSIVE Pacific Alliance heralds birth of new hope
Grouping sure to replace Mercosur as region's leading trade bloc
Presidents from the four constituent countries of the Pacific Alliance - Chile, Colombia, Mexico, and Peru - converged on Cali for its summit. The Alliance is largely perceived as the start of something great. Without a doubt, it will replace Mercosur as Latin America's preeminent trade bloc, owing to its pragmatic foundation, Latin Business Chronicle reports.
Politics, graft and golf combine in a new course for Cuban business
As Havana gives green light for links, foreign businessmen are accused of corruption
The Havana government has given the go-ahead to a new golf resort, in what it claims is "the start of a whole new policy" in Cuba. In the same week it pressed ahead with the prosecutions of several foreign businessmen for corruption. The developments, which seem to be linked, show how Cuba is changing its attitude to business, The Economist reports.
Argentine steak gets hard to find
Exports of famed beef have dwindled sharply
Argentine steaks are very hard to find these days outside of Argentina itself. Only 7 percent of the nation's beef is exported, so sampling a spoon-tender Argentine filet mignon will most likely entail a costly flight. This was not always the case. In 2005, the country was the world's third largest beef exporter, Time magazine reports.
Mexico's lackluster growth reveals the urgent need for new reforms
OECD urges policies to slash size of informal economy and forge stronger legal system
Recent reforms in Mexico to increase the effectiveness of education and labor, and to increase competition in telecommunications may boost growth if they are fully implemented. But the OECD says that Mexico needs to go further. It calls for a mixture of policies to reduce the size of the informal economy, and a stronger legal system, The Economist reports.
Brazil to auction its biggest-ever oil discovery in October
Sale of Libra prospect will be under new rules that tighten state control
Brazil plans to sell the right to explore and develop its largest-ever oil discovery in October, putting up for auction an offshore petroleum prospect that is expected to produce about 12 billion barrels of oil over 35 years. Sale of the Libra prospect will be the first under new rules that tighten state control and raise government participation in an offshore area near Rio, Reuters reports.