Latin American share sales strongest since 2008
Brazil accounts for 44 percent of activity in the region
The amount of money raised so far this year by public share sales in Latin America has been the highest since 2008. The region's equity capital markets activity now stands at more than $22 billion, double that of last year's. Activity was boosted by last week's $2.2 billion offering of Mexico's Grupo Banorte, Reuters reports.
Peru posts one of Latin America's highest economic growth rates
It places the country as region's leading economy
Peru's gross domestic product grew 4.9 percent in May this year, making it one of the highest in Latin America. That performance means the country will likely meet this year's Government's growth forecast of 6.3 percent. "But it depends on the proper implementation of policies to promote investment," said Gonzalo Priale, head of the country's infrastructure promotion association, Andina reports.
Colombia's Aval to buy BBVA Panama
Latest Spanish giant to withdraw from Latin America
Colombia's Grupo Aval has announced its plans to acquire the Panamanian unit of Spain's Banco Bilbao Vizcaya Argentaria. Grupo Aval reported the transaction will cost $490 million. Colombian banks have been taking advantage of the troubles many European firms are facing, such as Colombia's Grupo Sura, who purchased BBVA's Peruvian unit in April this year for $516 million, The Wall Street Journal reports.
Fitch's decision to keep Brazil's stable outlook is fair, says Minister
Market had widely expected a negative outlook by the ratings agency
Brazilian Finance Minister Guido Mantega said Fitch's decision to keep Brazil's debt outlook at stable was fair. He pointed out the country's solid finances and its falling debt burden as key factors in the decision. It comes at a time when Brazil is struggling to regain the confidence of investors, after two years of high inflation and sluggish economic performance, Reuters reports.
Mexican Government looks at raising income tax on the wealthy
Bill will be presented in September this year along with the 2014 budget
Mexican President Enrique Peña Nieto plans to raise income taxes on the wealthy in a move that seeks to make an unpopular extension of sales taxes to some food and medicines more palatable to the Mexican public. Peña Nieto has pledged to battle the country's income inequality problem, where the richest 10 percent earn in average 19 times more than the poorest, The Wall Street Journal reports.
Colombia's Nutresa says overseas purchases to continue Wall Street Journal
Buyers line up for Glencore Xtrata's Peru copper project Mining
Venezuela ends bid to restore full U.S. ties BBC
Chile approves $1.1 billion investment in photovoltaic sector PVTech