EXCLUSIVE Peru sees largest gain in U.S.-Latin trade
Andean country saw bilateral commerce up 19.4 percent in the first half of this year.
The United States’ trade with Latin America saw a slight decline in the first half of 2013 when compared with a year earlier, with bilateral commerce down 0.8 percent. In total, bilateral commerce between the two regions accounted for almost $405 billion. But Peru saw the largest increase in value, while Panama saw the largest growth in Latin Business Chronicle's ranking.
Defiant Argentine leader vows for deeper market intervention
"To have a future we must deepen these policies," said Fernández de Kirchner
Argentine leader Cristina Fernandez, defiant after her party's midterm primary election defeat, vowed to deepen the interventionist policies that have delivered economic growth during her six years in power at the cost of high inflation. Under Fernandez, protectionist trade policies, currency controls and heavy regulation of the grains sector have made Argentina an outcast of the international markets, Reuters reports.
Ecuador to tap for oil in Amazon basin
Balancing loss from old fields and slow economy
Ecuador, where the rights of nature are recognized in the constitution, plans to develop crude deposits in an Amazon area declared a biosphere reserve by the United Nations. President Rafael Correa (left) will ask congress to allow drilling of oil fields located in eastern Ecuador’s Yasuni National Park. Correa estimates the area to have 920 million barrels of crude, or about 20 percent of Ecuador’s reserves, Bloomberg reports.
Chile to sign free trade agreement with Thailand in October this year
Closer ties will help the South American country boost trade with other Asean member nations
A free trade accord between Chile and Thailand will be signed in October when Chilean President Sebastian Piñera visits the Asian country. "Chile considers Thailand a gateway and a potential country to serve as a manufacturing and trading centre in the Asean community, said Thai Minister for Commerce, Niwatthumrong Boonsongpaisan, The Nation reports.
China's Chinalco eyes buying copper mines in Peru
Xstrata is selling a $5 billion project in the country under a merger deal
Chinalco Mining is considering acquiring Glencore Xstrata's copper mines in Peru, according to company chief executive Peng Huaisheng. Chinalco and MMG, the Hong Kong-listed mining unit of state-run China Minmetals, the the nation's largest metals trader, are among potential bidders for acquiring Xstrata's mines in the country, The South China Morning Post reports.