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August 27, 2013

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Brazilian foreign minister resigns after diplomatic row
Country's current UN ambassador Luiz Alberto Figueiredo to take his place

Brazil’s foreign minister Antonio Patriota resigned on Monday after one of his diplomats acknowledged that he had helped a Bolivian senator, accused of corruption, cross the border into Brazil. President Dilma Rousseff accepted Mr Patriota’s resignation but appointed him as Brazil’s envoy to the United Nations, The Financial Times reports. 

Toyota races to catch up in Latin American market
In Brazil, firm's market share for the first seven months of the year was about 4.5 percent 

Toyota is seeking to strengthen its presence in Latin America after decades of neglect have left the company at a disadvantage in the region. The world's biggest car maker continues to languish among competitors, not even making the top five in Brazil, now the globe's fourth largest auto market, The Wall Street Journal reports.

Starbucks to debut in Colombia
Company will offer only locally sourced coffee

Starbucks is planning to open its first coffee shop in Colombia next year. The Seattle-based chain will open the first store in the capital city of Bogotá and plans to open at least 50 there and in other cities throughout the country over the next five years. The stores in Colombia will be operated through a joint venture between Grupo Nutresa, a Colombian food company, and Alsea, a restaurant company that operates Starbucks stores in Mexico and Argentina, The Wall Street Journal reports.

Argentine government to reopen debt swap for the second time
President: "We are fully committed to paying but the U.S. court is a bit unfair with us"

Argentina will reopen a 2005 debt swap for a second time after an adverse ruling in a New York court last week. The move comes as the government deals with the fallout from a U.S. court decision last week that ordered Argentina to pay a group of holdout bondholders 100 percent of the roughly $1.33 billion they are owed in principal and accrued interest, The Wall Street Journal reports.

Mexican factory exports steady while consumer imports drop
Country's seasonally adjusted trade deficit for July was $366 million

Mexico's trade deficit narrowed in July as factory exports remained steady but consumer imports sagged amid faltering economic growth in Latin America's second economy. Consumer goods imports dipped almost 1.7 percent compared with June, suggesting weaker domestic demand, according to the national statistics agency, Reuters reports.

MOREOVER

Venezuelan exports to Colombia drop 66 percent El Universal

Brazil to surmount "mini crisis" with investor help Wall Street Journal

Peru's agricultural exports hit $1.7 billion in first half Andina

Ecuador receives $1.2 billion from China for budget Bloomberg 

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