EXCLUSIVE Colombia and Costa Rica flirt with OECD
Both countries received invitations this week to become members
The Organization for Economic Cooperation and Development announced it would consider applications from Colombia and Costa Rica to become members. The group of 34 countries comprises some of the most advanced economies in the world. Currently, Mexico and Chile are the only Latin American countries members of the OECD, Latin Business Chronicle reports.
Brazil slashes financial transactions tax on overseas investments
Tax was a cornerstones in government's 'currency war' against foreign fund inflows
The Brazilian government cut the financial transactions tax, known as IOF, from 6 percent to zero, in a move that signals its concern that Brazil's currency, the real, is weakening too quickly against the dollar. Over the past years, Brazil has accused the United States of creating a 'tsunami' of liquidity into emerging markets, Financial Times reports.
Peru's Graña y Montero goes to Wall St
Company is largest engineering group in Peru
Graña y Montero is about to join a small group of Peruvian companies at the New York Stock Exchange. The group was recently named one of Latin America’s most promising international conglomerates, while company CEO José Graña announced plans to grow outside Peru, Financial Times reports.
Endesa Chile and British Gas reach agreement to end dispute
Chile increasingly turns to LNG and diesel as courts reject coal-powered plants
Leading Chilean electricity generator Endesa and Britain's BG Group have clinched a deal to solve their dispute over volumes and prices in their liquefied natural gas supply contract, Endesa said on Tuesday. BG had said production troubles in Egypt could affect its supplies of liquefied natural gas to Endesa Chile, which strongly opposed a potential reduction, Reuters reports.
China and Mexico vow broad cooperation as Xi Jinping visits
"Too early for free trade pact talks" says Mexican foreign minister, José Antonio Meade
China and Mexico promised broad cooperation on issues ranging from energy to mining and infrastructure during a state visit by Chinese President Xi Jinping on Tuesday. But any free-trade pact between them is still some way off. Mexico has voiced worry about its massive trade deficit with China, which Mexican President Enrique Pena Nieto wants to set right, Reuters reports.