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June 27, 2013

Brazilian ruling party proposes tax on large fortunes
Lawmakers seek to tak fortunes above $5.9 million

Brazil's ruling Workers' Party will soon introduce legislation in Congress to tax large fortunes to help fund increased urban transport subsidies. Efforts to tax fortunes in Brazil faced fierce opposition in the past but could get traction amid growing popular discontent. The plan, still in its initial phases, has not yet been presented to President Dilma Rousseff, Reuters reports.



Repsol says no to Argentina's $5 billion YPF compensation
Company says proposal does not equal losses

Repsol, Spain’s largest oil driller, said its board rejected an offer by the Argentine government meant as compensation for the expropriation of a 51 percent stake in YPF in April 2012. Repsol was offered a 47 percent stake in a joint venture in the Vaca Muerta shale formation valued by Argentina at $3.5 billion, as well as $1.5 billion toward development, Businessweek reports.



Colombia awards five 4G licenses
Mexico's Azteca 4G was only unsuccessful bid

Five companies have won the right to offer Fourth Generation, 4G, telecommunications in Colombia after bidding a total of about $400 million in an auction on Wednesday, said Minister for Information Technology and Communications Diego Molano (left). The winners include Claro, a unit of Mexico's America Movil , Colombia Telecomunicaciones, controlled by Spain's Telefonica, and Tigo, which is controlled by Millicom International Cellular, Reuters reports.



Telefónica Mexico seeks to triple its share of wireless revenue
Move would escalate competition with Carlos Slim's America Móvil

Spanish company's Telefónica Mexican unit, the nation’s second-largest phone company, wants to triple its share of the industry’s wireless revenue, in part by selling more smartphones and Wi-Fi services and targeting small businesses. The company currently accounts for 12 percent of the wireless market’s revenue, Bloomberg reports.



Latin America's defence industry booming amid growth concerns
Venezuela surpassed Brazil, the country with largest defence budget in the region

The defence industry is booming in Latin America amid economic growth and greater concerns regarding national security, said security and defence consultancy firm IHS Jane's. Imports of weapons to the region soared 16 per cent between 2008 and 2012, climbing from $3.4 billion to $3.9 billion annually, Bernama reports.








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