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June 13, 2013

Brazil takes action after currency hits four-year low
Move reflects concerns that U.S. Federal Reserve will start tapering off liquidity 

 Brazil has reduced a financial transactions tax on currency derivatives to zero after its currency, the real, hit four-year lows against the dollar on Wednesday. The measure was the second such move in a week to dismantle currency controls as the government sounds a rapid retreat from its earlier “currency war” against foreign capital inflows, The Financial Times reports.




Argentina shale oil reserves rank fourth in the world, says report
Exploration has been carried out by Apache, EOG, Exxon-Mobil, Total and YPF 

Argentina ranks fourth, behind Russia, the United States and China with technically recoverable shale oil reserves of 27 billion barrels, the U.S. Energy Information Administration said in a landmark report. “Argentina has world-class shale gas and shale oil potential, possibly the most prospective outside of North America", the study said, MercoPress reports.




Mexico's Banorte seeks $3 billion
Offering adds to a record pace for equity issuance

Mexico's Grupo Financiero Banorte, the country's third largest bank, plans to raise some $3 billion in the market's biggest stock offering of the year, as the company plans to expand through acquisitions. “The stock will remain under pressure in the short-term” as investors brace for the additional supply from the sale, Aldo Miranda, a trader with Intercam Casa de Bolsa said, Bloomberg reports.





Barrick suspended Chile mine infrastructure ready in late 2014
Regulator suspended project last month citing serious environmental harm

The implementation of infrastructure to avoid water pollution at Barrick's suspended Pascua-Lama project will wrap up until December of next year, the company said. The controversial $8.5 billion mine, which straddles the Chilean and Argentine border, needs to implement these measures for the government regulator to unfreeze it, Reuters reports.




Peru likely to keep 4.2 percent rate on outlook for growth recovery
The $199 billion economy expanded 4.8 percent in the first quarter

Peru’s central bank probably will keep borrowing costs unchanged today for a 25th straight month on expectations that the economy will rebound from a first-quarter slowdown. The five-member board, led by bank President Julio Velarde, will maintain the overnight rate at 4.2 percent, matching Malaysia for the longest pause in developing countries, Bloomberg reports.






  • Brazil expects $1 billion in exports during World Cup warm-up Washington Post
  • Chile stocks close lower, Latam Airlines extends losses Wall Street Journal
  • Argentina farm strike may slow corn exports Reuters
  • Venezuela strengthens ties with Indonesia Antara
  • Peru posts $452 million trade deficit Bernama









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