EXCLUSIVE Companies growing faster than economies
Latin Business Chronicle's annual ranking of the region's largest non-financial corporations
Latin America's 500 largest companies together sold $2.67 trillion last year, equivalent to the combined sales of the 14 largest companies in the world. The figure shows the region's non-financial companies are growing at an enviable pace. The largest increase in sales came from Brazil's Drogarias DSP, which grew 277 percent, Latin Business Chronicle reports.
Bombardier eyes jumping on board Mexico's passenger train plan
Project includes high-speed connection between Mexico City and industrial hub of Querétaro
Bombardier, the world's biggest train manufacturer, anticipates bidding on all six of the new Mexican passenger rail projects it expects to be tendered later this year, the company's Mexico chief said on Tuesday. Mexican President Enrique Peña Nieto has vowed to oversee a passenger rail renaissance in Mexico with six projects by 2018, Reuters reports.
Peru, USA push for Pacific trade deal
Eleven nations negotiating trans-Pacific accord
U.S. President Barack Obama called Peru one of the most reliable partners of the U.S. in the Western hemisphere and said a Pacific region trade pact will enhance the relationship. Growth for both countries depends on expanding into global markets, he said after a meeting with Peru's Ollanta Humala (left), Bloomberg reports.
Brazil's oil flagship OGX hits record lows after Batista sale
Move raises concerns over a promised $1 billion lifeline
Brazilian oil company OGX slumped to a new low after billionaire Eike Batista sold part of his stake in the company. Company shares dropped 8.5 percent Tuesday, the lowest since the company started trading in June 2008. Production disappointments have caused stocks to drop more than 90 percent since early 2012, The Financial Times reports.
South American soybean exports at record high, says Oil World
Exports rise despite strikes in Brazil and Argentina curbed shipments
Brazil, Argentina, Paraguay and Uruguay jointly exported 11.1 million tons of soybeans last month, up from 9.61 million tons in May 2012, while shipments rose from 10 million tons in April, according to Oil World. Increased deliveries by South America’s four major soybean exporters coincided with a plunge of shipments from the United States, Bloomberg reports.