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June 21, 2013

EXCLUSIVE Mexico's telecom reform boon for business
The new law will be a boon for consumers and business, and open the floor to smaller operators.

Last week Mexico took the final steps in passing a reform of the telecommunications sector that promises to deliver better quality and less expensive telephone, internet, and television service to the Mexican people. While specific details of the law won’t be known for another six months, experts tell Latin Business Chronicle that the reforms will open the country’s main monopolies, Latin Business Chronicle reports.




Latin American stocks tumble to lowest point in four years
In Chile, retailer Cencosud was the day's big loser, falling 4.68 percent

Latin American stocks fell to a near four-year low on Thursday, with Mexican and Chilean bourses losing more than 3 percent, a day after the U.S. Federal Reserve laid out a roadmap for winding down its massive asset-buying scheme. The prospect of that money soon drying up has sent shockwaves through the region's emerging markets, Reuters reports.




Ecuador asks to become Mercosur member
Country will boost trade through new Foreign Trade Ministry

Ecuador has made a formal request to start negotiations that will make it a full member of the Mercosur group, Foreign Trade Minister Francisco Rivadeneira (left) said. Rivadeneira also said a government commission will travel to Brussels next month to resume talks with the European Union about signing a trade agreement with the group, The Wall Street Journal reports.





Venezuela's non-oil exports hit lowest level since 2009 
Growth slowed to 0.7 percent in the first quarter, while inflation hit a 17-year high 

Venezuela's non-oil exports fell in March to their lowest level since early 2009 in another sign of the economic problems accruing for President Nicolas Maduro's fledgling government. The latest data from the state statistics body showed non-oil exports fell to $145 million in March of this year, 37 percent lower than during the same month in 2012, Reuters reports. 




Peru's Finance minister says he is not planning to resign
Rumors over resignation came after Peru's national holiday in July 28

Peruvian Finance Minister Luis Miguel Castilla said Thursday that he is not planning to resign. Castilla's comments follow the release of a report by Barclay's Capital saying that rumors that the finance minister could step down has increased the risk of investing in Peru's sovereign bonds. "I rule out the rumor," Castilla said at a conference, The Wall Street Journal reports.










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