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July 9, 2013

EXCLUSIVE Wal-Mart is Latin America's top employer
The U.S. superstore chain employs over 600,000 in the region

Retail companies such as Wal-Mart, Cencosud and CBD are by and large the region’s largest employers. Wal-Mart de Mexico alone employs more than 240,000 people. Other top employers include Mexico's Aurrera and Brazilian construction giant Odebrecht. These are the findings of the latest Latin Business Chronicle Top 100 Employers ranking. 



Ecuador seeks up to $1.4 billion from China, says minister
First disbursement of the loan is expected next month

Ecuador, which defaulted on $3.2 billion of its international bonds four years ago, is seeking as much as $1.4 billion in financing from China to fund this year’s budget, Finance Minister Fausto Herrera said. President Rafael Correa needs the money to finance a 24 percent increase in public spending this year, Businessweek reports.




Peru's Humala popularity plummets
Eighty-two percent want him to shuffle his cabinet

President Ollanta Humala's approval rating fell sharply in July, to 39 from 47 percent in the previous month, due in part to concerns about slowing economic growth, a new national poll said. The country's economy expanded by 6.3 percent last year, but some economists estimate that the rate of growth will be around 6 percent this year, The Wall Street Journal reports.



Fund cuts Chile's growth forecast due to softer copper prices
Central Bank says economy will expand between 4 and 5 percent this year

Growth in Chile's export-dependent economy will slow to 4.6 percent this year due to softer copper prices, investment and domestic demand, the International Monetary Fund said. In April, the Fund projected the economy of the world's top copper producer would expand by 4.9 percentin 2013, Reuters reports.



Mexico parties to evaluate pact for reforms after elections
Mexicans voted in 15 states to pick mayors as well as a new governor of Baja California.

Mexico’s opposition parties said they’re evaluating the future of a multi-party accord to pass economic reforms after alleging foul play by the administration of Enrique Peña Nieto in local elections. Last week's elections have heightened tensions among political parties that are in the midst of negotiating key energy and tax bills to be presented and voted on this year, The Wall Street Journal reports.




  • Mexico's ICA reopens but downsizes OMA share offering Wall Street Journal
  • Cuba to deregulate state companies Reuters
  • Peru's finance minister to stay in post Reuters
  • Ecuador to return to debt markets Reuters
  • Venezuela charges five officials with embezzlement of Chinese funds Reuters



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