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June 28, 2013

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EXCLUSIVE Poor first quarter for multinationals
Index measures quarterly performance of 25 companies with regional operation 

Multinational corporations in Latin America had a slow first quarter of 2013, with average year over year growth of only 1 percent. But In a region where many companies saw a decrease in revenues year over year, French retailer Groupe Casino saw a whopping 85.9 percent increase in revenues, Latin Business Chronicle reports.

 

 

Ecuador breaks trade pact with U.S. over Snowden asylum
Officials also offered $23 million donation for human rights training

Ecuador has ramped up its defiance of the U.S. over Edward Snowden by waiving preferential trade rights with Washington even as the whistleblower's prospect of reaching Quito dimmed. President Rafael Correa's government said it was renouncing the Andean Trade Preference Act to thwart U.S. "blackmail" of Ecuador, The Guardian reports.

 

 

 

Conviasa gets green light to Europe
Madrid is currently only European destination 

The European Union will remove travel restrictions on Venezuela's state airline, Conviasa, after it was banned from European airspace last year due to safety concerns, Venezuelan authorities said Thursday. "We've fulfilled all of the recommendations that the European Union had made," Foreign Minister Elias Jaua said, The Wall Street Journal reports.

 

 

Brazil slashes this year’s growth forecast to 2.7 percent 
Predictions in March were for 3.1 percent

The Brazilian central bank slashed its growth forecast for the year and raised its outlook for inflation, indicating that more interest-rate increases could be on the way to keep higher prices from damaging Latin America's largest economy. The bank also raised its 2014 inflation forecast to 5.4 percent from 5.3 percent, The Wall Street Journal reports.

 

 

China’s Chinalco to invest $4.8 billion in Peruvian copper project 
"We are pleased with this work as it puts Peru in the world map", says minister

Peru's Minister of Energy and Mines, Jorge Merino said Wednesday that China's Chinalco plans to raise the size of its investment to $4.8 billion from $2 billion in Peruvian Toromocho copper project. "The mine will have advanced technology that will give us 300,000 tones of copper a year", he added. Bernama reports.

 

 

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