Peru leader's $11.5 billion gas project faces snags
Delays have caused some investors to reevaluate projects in Peru
Peru has abundant natural gas reserves, but President Ollanta Humala's $11.5 billion plan to use them to transform the country's underdeveloped south is facing mounting hurdles. The U.S. shale gas revolution, left-wing guerrillas, and difficult negotiations with energy firms have dragged the finish line for Humala's flagship project far past his 2016 term limit, Reuters reports.
Chile court to rule on suspended Pascua-Lama this month
Delays and budget overruns have turned project into an investor nightmare
A Chilean court will rule this month on an attempt by indigenous groups to halt development of Barrick Gold Corp's $8.5 billion Pascua-Lama gold mine, work on which is already suspended, local media reported. The Copiapo court of appeals temporarily halted construction the mine in April after claims that it damaged glaciers and polluted water supplies, Reuters reports.
Putin: Venezuela has huge potential
Bilateral trade exceeded $2 billion in 2012
Venezuela and Russia have huge potential for joint investment projects, Russian President Vladimir Putin said Tuesday, the same day that Rosneft and Gazprombank signed major deals with Venezuela’s national oil company, Petroleos de Venezuela. “Energy is an important area for joint investment projects,” Putin said after meeting with Venezuelan President Nicolas Maduro (left), RIA Novosti reports.
Mexico ranks low on 2013 annual reputation list
Canada tops this year's list, while DailU.S. failed to place in the top 20
Mexico ranked poorly in the Reputation Institute’s 2013 annual list of 50 leading countries. With a score of 47, on a scale from 0 to 100, Mexico falls at number 35 on the lsit, far below Brazil at 21, Peru at 23, Chile at 28 and Argentina at 30. However, Venezuela, Colombia and Bolivia scored worse, Forbes reports.
Brazil car dealers raise this year's outlook after solid first half
Lower industrial taxes announced in May have been extended to the end of 2013
Sales of new passenger vehicles in Brazil are likely to increase by 3.3 percent this year, national dealership group Fenabrave said, raising its growth forecast from a prior 2.6 percent after a solid first half of 2013. Auto sales edged up about 1 percent in June from May, Fenabrave said, bringing new registrations to 1.8 million vehicles, Reuters reports.
- Brazil's Eletrosul to enter solar project in 2014 power auction Businessweek
- Peru 2013 coffee exports tumble Businessweek
- Protesters want Peru's Conga gold mine scrapped UPI
- Chile gives $1 billion of 2012 profits to Codelco Reuters
- Cuba adopts formula to boost economic development Cadena Agramonte