June 20, 2013

Abel Halpern June 20, 2013

EXCLUSIVE Argentina, a downward spiral
Cristina Fernández de Kirchner has truly become private enterprise’s worst nightmare

For both Argentine firms and foreign companies, Argentina has become one of the least attractive investment destinations on the globe. Moreover, the business environment is worsening: distortions in macroeconomic policies, a deterioration in the legal and regulatory framework due to government intervention, Latin Business Chronicle reports.

Brazil's Votorantim Cimentos scraps $4.8 billion initial public offering
The offering scheduled for Wednesday would be the second largest this year

Votorantim Cimentos, Brazil's largest cement producer, and shareholders canceled a $4.8 billion initial public offering as market conditions worsened over the past few days. Speculation mounted in recent days that the transaction was struggling in the face of a stagnant economy in Reuters reports.

Peru GDP to grow 6.1 percent in 2013
Central Bank forecasts 6.5 percent for 2014

Central Reserve Bank of Peru President Julio Velarde (left) said Peru's gross domestic product will expand by 6.1 percent his year, down from the current official central bank estimate of a 6.3 percent expansion. Many forecasters expect that Peru's economy will remain strong despite weaker exports, The Wall Street Journal reports.

Colombia's first quarter growth was lowest in four years, says survey
Construction and financial services provided most growth

Colombia's economy likely registered its lowest first-quarter growth in four years due to a decline in global prices for the commodities it produces such as coal and coffee, and a drop in household spending. A survey by Dow Jones of six economists produced an average estimated growth rate of 2.6 percent in the first quarter compared with a year earlier, The Wall Street Journal reports.

Mexico closes oil export ports due to tropical storm Barry
In the first four months of the year, Pemex exported some 1.22million barrels a day of oil

Mexican port authorities on Wednesday closed two ports used by state-owned oil company, Pemex, to export crude oil from the Gulf of Mexico due to wind and wave action caused by tropical storm Barry. The Dos Bocas and Cayo Arcas ports were closed, while a third port used by Pemex, Coatzacoalcos, remained open, The Wall Street Journal reports.

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