June 18, 2013

Abel Halpern June 18, 2013

Mexico in talks to end state monopoly over oil sector
New energy bill will be sent to Congress by September this year

Mexican President Enrique Peña Nieto said he’s negotiating support to break the state monopoly over oil and gas exploration and production this year to accelerate economic growth. In the model envisioned by Peña Nieto, state-owned Pemex would develop certain fields, with others being tapped by foreign and private companies, Bloomberg reports.

Brazil protests spread to Brasilia, Sao Paulo and Rio de Janeiro
Demonstrations are largest seen in the country in 20 years

As many as 200,000 people have marched through the streets of Brazil's biggest cities, as protests over rising public transport costs and the expense of staging the 2014 World Cup have spread. In the country soon due to host the World Cup and Olympics, many complain that vast sums of money are being wasted instead of used for health and education, the BBC reports.

S&P cuts Venezuela's credit rating
Country's lowest rating since 2005

Venezuela’s credit rating was cut by Standard & Poor’s, citing concern that division within President Nicolas Maduro’s (left) administration may impair the government’s ability to shore up a sputtering economy. The agency lowered the rating to B, five levels below investment, Bloomberg reports.

Peruvian demonstrators push to stop $5 billion Newmont gold mine
Residents fear they will lose control of a lake and mine will cause pollution

Thousands of opponents of a $5 billion gold project of Newmont Mining circled a lake high in the Andes on Monday, vowing to stop the company from eventually draining it to make way for Peru's most expensive mine. Lake Perol is one of several lakes that would eventually be displaced to mine ore from the Conga project, Reuters reports.

India and Argentina look to expand ties in energy and trade
Bilateral trade between both countries reached $1.8 billion in 2009

Looking to expand its engagement with Latin America, the Government of India is working to expand ties with Argentina in trade and energy. During a meeting between the Indian and Argentinian foreign ministers, the two sides confirmed their interest to expand trade and investments, agreeing they haven't reached their full potential, The Times of India reports.

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