August, 21 2013

Mexico's economy tumbles to lowest point in four years
Central bank cut this year's growth forecast from 4 percent to 2 percent

The Mexican economy unexpectedly contracted for the first time in nearly four years in the second quarter. Stagnant exports to the U.S. and muted public spending held back Mexico in the first half. But an industrial recovery is expected in the U.S., the largest market for Mexican exports which are dominated by manufactured goods, The Financial Times reports. 

Brazil's CSN considers acquiring troubled Batista's MMX
Move could help firm greatly increase reserves and shipping capacity

Cia Siderúrgica Nacional, Brazil's largest diversified steelmaking group, is interested in acquiring control of mining firm MMX from embattled tycoon Eike Batista. The Brazilian tycoon is breaking up his Grupo EBX conglomerate of mining, energy and logistics companies in an effort to help reduce the group's $11 billion debt load, Reuters reports.

Argentina unemployment rate drops 
Data still failed to boost president's approval rate

Argentina's unemployment rate fell to 7.2 percent in the second quarter, the national statistics agency, Indec, reported. The data confirms a decline in the jobless rate that Argentine President Cristina Fernández de Kirchner (left) had informally unveiled in a speech earlier this month. The statistics agency also said the economy gained traction in June and grew 6.4 percent from the same month year ago, Nasdaq reports.

Carlos Slim's América Móvil secures funding for KPN bid
The phone company will also submit an offer to Dutch financial authorities for approval 

América Móvil said it has secured the funding to finance its $9.7 billion bid for KPN, as the Dutch carrier set an investor vote on a sale of its German business E-Plus. América Móvil is offering $1.40 a share to boost its 30 percent stake in KPN to more than 50 percent. The offer comes weeks after KPN agreed to a separate deal to sell E-Plus to Spain’s Telefónica Bloomberg reports.

India's OVL could block Chinese bid for Brazilian oilfield
If successful, it would mark the first time the company surpasses a Chinese firm

ONGC Videsh, the overseas arm of India's state explorer Oil & Natural Gas Corp., is considering exercising its pre-emption rights to block China's Sinochem Group from buying a 35 per cent interest in Brazilian oilfields for $1.54 billion. OVL holds 15 per cent stake in Parque das Conchas, where Brazil's Petrobras is selling its 35 per cent stake to China's Sinopec, The Times of India reports.

MOREOVER

Venezuela and Ecuador check bilateral agreements El Universal

Brazilian airlines seek tax reductions Wall Street Journal

Chile's Enap to sell stakes in Peru and Ecuador Reuters

Mexico's Herdez rallies on Citigroup's buy Bloomberg

Region sees rise in cement sales World Cement