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July 17, 2013

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EXCLUSIVE Consumer market drives multilatina growth

Chile's Cencosud saw revenues grow 17.5 percent to $5 billion

Latin America’s top 25 multilatinas saw revenues grow by 1.1 percent year over year in the first quarter of 2013, with combined sales of nearly $126 billion. Retailers, services, and food processing companies posted the strongest gains in the index. But manufacturers and resource extractors were among those with lower profits this quarter, Latin Business Chronicle reports.

Mexico's Banorte aims to raise $2.5 billion in share sale
Move would likely generate excess capital to increase lending and finance other purchases

Mexican bank Grupo Financiero Banorte is looking to sell around $2.5 billion in shares to fund its recent acquisitions of Spain's BBVA and Italy's Assicurazioni Generali. The bank could have money left over to pursue further deals in a country where foreign-owned banks, including Citigroup, control more than two-thirds of deposits, The Wall Street Journal reports.

Venezuela and Colombia to mend ties
Meeting will take place at the border of both countries

Both Colombian President Juan Manuel Santos and his Venezuelan counterpart Nicolas Maduro said they will meet next week to mend bilateral relations after a diplomatic spat in May this year triggered by Santos's meeting with Venezuela's opposition leader. "Hopefully we will re-establish the rules of play for the prosperity of both our nations," said Venezuela's leader Nicolás Maduro (left), Reuters reports.

Chevron back in Argentina with $1.2 billion shale oil deal with YPF
Argentina hopes deal will encourage other international oil groups to invest

U.S. company Chevron has reached a final agreement to invest $1.24 billion in the Vaca Muerta shale formation of Argentina, making it the first international oil company to invest in the country since the government nationalised YPF, its largest energy group, last year. John Watson, Chevron’s chief executive, described Vaca Muerta as a “world class” asset. The Financial Times reports.

Chile plans to double capacity of Valparaíso port by 2017
With the expansion, it will become the country's largest port

The Chilean port of Valparaíso is expected to double in capacity by 2017, following a $350 million investment from Spanish company OHL Concesiones. “We are enhancing Chile’s competitiveness and repositioning ourselves as leader in the regional port market,” Transport Minister Pedro Pablo Errázuriz said, Seatrade Global reports.

MOREOVER

Brazilian coffee growers have sold 91 percent of harvest Wall Street Journal

Uruguay presses for Europe-Mercosur talks MercoPress 

Peru's agricultural exports reach $1.4 billion in May Andina

Ecuador pushes bid for oil licensing round to November Wall Street Journal

Peru extends state of emergency for coffee growers Wall Street Journal

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