EXCLUSIVE An interview with Enéas Pestana
Chief executive of Pão de Açucar says prospects in Brazil are bright
“We are going through a period of excessive pessimism in Brazil,” said firm Pão de Açucar's chief executive, Enéas Pestana. But he says it’s unwarranted given the incredible growth in the country’s consumer market. In this exclusive interview with Latin Business Chronicle, he talks about the key factors in the Brazilian economy that will help boost his company.
Latin American currencies fall against U.S. dollar
Issue has affected big businesses, including the region's largest air carrier, Latam Airlines
The currencies of Argentina, Brazil and Venezuela are falling against the dollar to levels comparable to those reached during the 2008 financial crisis. The two most affected were the Venezuelan bolívar and the Brazilian real, but Chile, Peru and Colombia also saw drops in the currencies against the dollar, Fox News Latino reports.
Peru to post first deficit in a decade
Copper, gold and silver are the main export earners
Peru will likely post a $1 billion trade deficit this year and an $800 million trade gap in 2014, the first time since 2001 that imports will overtake exports in the Andean country, said Julio Velarde (left), the central bank's president. In June, the central bank forecast a $485 million trade surplus for this year, but the country's mineral exports have slumped more than expected on weak global growth, Reuters reports.
Grupo México delays initial public offering in London
Firm had said in March it may sell as much as 25 percent of America Mining
Grupo Mexico, billionaire German Larrea’s holding company, is delaying a planned initial public offering in London of its America Mining unit. The delay comes in response to a decline in the international prices of copper and emerging-market stocks. According to company sources, an initial public offering is unlikely until at least next year, Bloomberg reports.