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August 1, 2013

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Latin American countries refuse IMF aid to Greece
Recent developments in the country have confirmed our worst fears, says Brazil executive

Eleven Latin American countries refused to back an International Monetary Fund move this week to keep bankrolling Greece, citing risks of non-repayment. The abstention was revealed by Brazil's director at the Fund, Paulo Nogueira Batista, highlighting growing frustration in emerging nations with Fund policy to rescue debt-laden Europeans, World Bulletin reports.

Mexican satellite network bought by France's Eutelsat
Social media, entertainment and security are fuelling sector growth in Latin America

Mexico's Satelites Mexicanos will join the global network of France's Eutelsat Communications after a $831 million purchase deal was announced Wednesday. The deal is part of the French company's expansion plans in Latin America. Demand for satellite services in the region is growing annually at more than 7 percent, Eutelsat said, UPI reports.

Rouseff to prioritize transportation
Move could boost Brazil in UN Development Index

Brazil's government plans to make continued investment in renewing deficient urban public-transportation networks a priority, as part of its efforts to raise living standards in the country, President Dilma Rousseff said. The president made the declaration at a ceremony in the city of Sao Paulo to deliver the first $3.47 billion of a recently announced federal transportation-investment program, The Wall Street Journal reports.

Fitch upgrades Venzuela's Banco Occidental de Descuento
New mark reflects improving trend in asset quality and profitability ratios

Fitch Ratings has upgraded the long-term Issuer Deafualt Ratings of Venezuela-based Banco Occidental de Descuento to ‘B’ from ‘B-’. The Ratings Outlook has been revised to stable from positive. The upgrades reflect sustained improvements in capitalization due to fresh capital injections and higher retained earnings, The Latin American Herald Tribune reports.

Chile's Ipsa stock index headed for world's biggest drop
SQM chemical company fell 4.9 percent, the steepest decline since the 2008 financial crisis

Chile’s benchmark IPSA is headed for the biggest monthly loss among the world’s major stock indexes amid tax concern and a tumble in the shares of fertilizer maker Sociedad Quimica y Minera de Chile. The index has retreated 7.1 percent in July, its biggest monthly drop since September 2011, Bloomberg reports.

MOREOVER

Brazil's next soybean crop at a record 89 million tons Bernama

Chile's Falabella's profits up 12.6 percent Wall Street Journal

Argentina unemployment drops 7.2 percent Wall Street Journal

Wyndham Hotels debuts in Peru Broadway World

Mexico's Cementos Fortaleza closes deal with France's Lafarge Reuters

Peru invests $27 million in rail infrastructure Andina

Inca de Vara seeks permits for $100 million solar project in Chile Bloomberg 

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