July 26, 2013

EXCLUSIVE Canada's trade with Latin America drops
While smaller markets saw growth, trade with the region’s major economies saw declines

Commercial activity between Canada and Latin America declined 1.8 percent last year compared to 2011. Total bilateral trade reached $52 billion. It marks a reversal after years of strong gains: in 2010, the last year for which the index was published, year over year trade had grown a whopping 26.2 percent, Latin Business Chronicle reports.

U.S. Congress to allow Ecuador trade benefits to expire 
The South American nation renounced benefits last month over Edward Snowden case

Key committees in both the U.S. Senate and the House of Representatives have no plans to move legislation to renew a 22-year-old Andean Trade Preference Act with Ecuador, congressional aides said. Ecuador angered U.S. lawmakers after it considered offering asylum to former U.S. spy agency contractor Edward Snowden, The Chicago Tribune reports.

Hyundai profits boosted by Brazil 
HB20 hatchback is the country's top seller

Hyundai profit and sales beat analysts estimates on demand in Brazil and China. The company's HB20 hatchback, designed exclusively for the Brazilian market, led the tripling of sales in the South American nation. Emerging markets helped Hyundai counter a slump in Europe, labor disputes in Korea and a weaker yen that’s giving Japanese carmakers an edge in the U.S., Bloomberg reports.

Mexico's América Móvil second quarter revenue beats expectations 
Carlos Slim's flagship telecoms company had been struggling against tougher competition

America Movil's second quarter core profit and revenue beat analysts' expectations after they rose 1.6 percent  to $1.09 billion compared to the same period last year. Customers in Brazil, Chile and Mexico helped drive a pickup in voice traffic in the quarter after two quarters of weakness, the company said, Reuters reports.

Brazil ready to change Mercosur strategy to speed up EU accord
Experts forecast even if talks take off in second half of 2013, negotiations will still take years

Brazil wants to change the way Mercosur negotiates trade agreements with the European Union, in order to advance with the ongoing discussions that were started in 1995, according to the country's Trade Ministry. With its economy slowing down, Brazil is pushing for a more agile mechanism but admits difficulties inside Mercosur, most probably with Argentina, MercoPress reports.

MOREOVER

London eyes Latin American maritime business Seatrade Global

Moody's forecasts 3 percent growth for Mexican economy NY Daily News

Ecuador employs high-tech banana stickers to boost tourism Fox News Latino

Peru and Brazil sign accord for scientific cooperation Peru This Week

Repsol to invest $1.5 billion in Venezuela El Universal