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July 2, 2013

EXCLUSIVE Spotlight on Guatemala at investment event
President Otto Pérez: "In 2012 we were declared as one of the top 12 emerging economies"

Long characterized by decades of conflict and poverty, Guatemala sought to present a new image of at the Guatemala Investment Summit on May 30-31 as a safe, stable and competitive destination for foreign investment. Expectations were high as 234 investors from 26 countries arrived in Guatemala City, Latin Business Chronicle reports.



Brazil's OGX shares plunge as it scraps three offshore projects
Firm suspended development of Tubarão Tigre, Tubarão Gato and Tubarão Areia 

Brazilian oil firm OGX, controlled by billionaire Eike Batista, said it will stop development of three offshore oil prospects, slashing capital spending as it tries to stave off financial collapse, sending shares sliding 35 percent. The company also asked shipbuilding sister firm OSX Brasil to stop building several oil platforms slated for the canceled projects, Reuters reports.



Walmart looks to open stores in Peru
Retail sales are expected to grow 20 percent this year

Wal-Mart Stores will start work this year to eventually open stores in Peru and plans to form a local management team to run the effort, a source with the company said. "Wal-Mart is entering Peru this year, it is coming no matter what, before the end of the year, maybe in October", said the source, who asked not to be identified. But Wal-Mart spokesman Kevin Gardner said the company was only going to run a quality assurance office in Peru for procuring products. Reuters reports.



Mexico's June manufacturing dips to lowest point in two years
Country's growth is seen slowing this year to 3.1 percent 

Mexican manufacturing sector growth slowed in June to a 27 month-low on weakness in new orders and output, a survey showed on Monday, suggesting Latin America's number two economy remains sluggish. The HSBC Mexico Manufacturing Purchasing Managers' Index fell to 51.3 in June, down from 51.7 in May, Reuters reports.



Venezuela's stock market best in world after rising 144 percent
Mercantil Servicios Financieros was best performing bank rising 15 percent

Venezuela's stock market continued to rise during the week ending 28 June, with the index gaining 17.4 percent. The Venezuela Stock Market closed the first six months of the year up 143.9 percent in bolivar terms, making it the best performing stock market in the world for the first half of the year, The Latin American Herald Tribune reports.




  • Cuba sees bicycles as solution to transport woes Business Standard
  • Venezuela proposes finance fund for gas exporting countries El Universal
  • Repsol to drill for oil in protected Peruvian Amazon reserve The Guardian
  • Colombian peace talks resume amid tensions Reuters
  • Argentina's Capex to drill first shale gas well Bloomberg
  • Iran, Bolivia discuss ways to strengthen bilateral ties Fars News Agency 
  • Cuba making economic progress, says president Xinhua




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