EXCLUSIVE
Are Brazil's proposed reforms worth it?
No obvious connection between the reform and the protesters’ demands, says expert
Brazilian President Dilma Rousseff proposed a number of reforms to Brazil’s political system this month in response to the massive protests that erupted in June. But whether Rousseff has the political capital necessary to pass these reforms - and whether they truly do much to address protesters’ concerns - is up for debate, Latin Business Chronicle reports.
Eclac cuts Latin America 2013 growth outlook to 3 percent
“Situation highlights problems of growth sustainability in most of the region,” says executive
The United Nations Economic Commission for Latin America and the Caribbean, or Eclac, lowered its 2013 growth outlook for the region to 3 percent, from a previous estimate of 3.5 percent. The reduced outlook is partly due to slow growth in Brazil and Mexico. But countries that were growing at a faster pace such as Chile, Panama and Peru also faced a slowdown, The Wall Street Journal reports.
Mexico's Slim waits for better KPN deal
Merger would be one of Europe's biggest this year
Mexican billionaire Carlos Slim (left) is not “in principle” opposed to Spain's Telefónica’s bid to buy KPN’s German unit, but instead believes the $106 billion offer is too low. Slim controls a near 30 per cent stake in Dutch group KPN via América Movil, his telecoms company. “The market perceives it as a great deal for KPN but not such a great deal for Telefónica," said a source familiar with the dealt. “He should think twice about killing this." The Financial Times reports.
Chile's Besalco drops amid signs of construction slowdown
Building activity grew 4 percent in May year-on-year, down from 11 percent a year before
Besalco, Chile’s largest builder by market value, fell to the lowest in 21 months as signs of a construction slowdown damped the outlook for profit. Shares dropped on a “combination of signs of an economic slowdown in Chile and that Besalco had been performing better than some of its peers,” financial analyst Jorge Sepulveda said, Bloomberg reports.
IMF drops proposal to back Argentina in debt case, says director
Case involves holdout creditors from the nation’s $95 billion default in 2001
International Monetary Fund Managing Director Christine Lagarde withdrew a proposal to back Argentina in the country’s legal battle over its defaulted debt, citing opposition from the U.S., the fund’s largest shareholder. “The managing director’s recommendation was premised on U.S. support, as it would not be appropriate for the Fund to file this brief without it” the Fund said, Bloomberg reports.
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