EXCLUSIVE Latin America's top 50 energy companies
Revenues were largely up in the region, but Brazilian firms saw steep drops in profits
The top three spaces in our list of Latin America’s Top 50 companies are Brazil’s Petrobras, Mexico’s Pemex, and Venezuela’s PDVSA, who lead the region as the only companies with revenues exceeding $100 billion. But despite strong revenue growth, some companies continued to see steep declines in profits, particularly in Brazil, Latin Business Chronicle reports.
International Monetary Fund says Brazil is on the road to recovery
Praising government's focus on reforms which would boost investment
Brazil's economy is recovering gradually from the slowdown that began in mid-2011, according to the International Monetary Fund. "After a protracted period of weakness, investment has begun to recover in recent quarters while business confidence has firmed," it said in a report. However, the Fund said the government still needs to work on productivity and competitiveness, The Global Post reports.
Argentina suspends LAN eviction
Firm is Aerolíneas Argentinas’s main competitor
An Argentine court has frozen an order to evict Latam Airlines' LAN Argentina unit from its hangar at the Buenos Aires city airport. The decision will allow LAN Argentina to carry on using the hangar at Aeroparque, after airport authorities last week gave company 10 days to vacate because it was not a state airline, which the airline said could put its Argentine domestic operations at risk, Reuters reports.
Peru plans to invest part of $7 billion fund abroad
Finance Minister said government is also preparing fiscal reforms
Peru plans to open part of its $7 billion fiscal stabilization fund to investments abroad, the government said. The move is a bid to protect spending capacity from swings in global mineral prices and dips in mining output. Finance Minister Luis Miguel Castilla did not specify how much its current $7.1 billion might be freed up for investments, Reuters reports.
Mubadala to join Trafigura in Eike Batista's MMX buyout contest
Companies seek to beat bids by Glencore Xstrata and MRS Logistica
Mubadala Development, headquartered in the United Arab Emirates, has joined Dutch companyTrafigura Beheer to bid for Eike Batista’s iron-ore unit. MMX, based in Rio de Janeiro, is in advanced negotiations to sell the company and has received interest from funds, miners and commodity traders, Chief Executive Officer Carlos Gonzales said, Bloomberg reports.
Business leaders optimistic about Latin America MenaFN
Brazil hikes interest rates to regain market confidence CNBC
Peru's 2014 government budget grows 9.7 percent Andina
Peru set to auction more 4G spectrum Peru this Week