EXCLUSIVE Mexico, on an upswing
Foreign direct investment for 2013 is expected to exceed $35 billion
Journalist and author Tom Friedman makes no apologies about Mexico's endemic problems with corporate monopolies, violence and corruption. But the country's progress in macroeconomic policy, post-secondary education, and technology, along with the Peña Nieto administration’s commitment to reforms, provide compelling reasons to be optimistic about Mexico’s future, Latin Business Chronicle reports.
Colombian government ends Drummond workers' strike
Stoppage halted about a third of production by the world's fourth coal exporter
U.S. coal mining company Drummond said its Colombian operations reopened Saturday after the government intervened to end a strike of more than seven weeks long. "We should be returning to normality of work from the night shift of today, September 14th," the company said in a statement," however, the worker's union denied an official notification from the government to end the strike, Reuters reports.
Halliburton fires Petrobras workers
Baker Hughes has also cut Brazilian jobs, says union
Halliburton is firing workers in Brazil after Petrobras and other oil producers scaled back drilling in low producing areas, an oil workers union said. "The company has dismissed about 100 workers over the past three months,” said Helio Guerra, a director at the Sindipetro Norte Fluminense union. The firings are sparked mainly because Petrobras is developing a smaller amount of new wells in older areas as it seeks to improve efficieny, he said, Bloomberg reports.
Uruguay's economy boosted by hydroelectric production
World Bank expects country to grow between 3.5 and 4 percent this year
The economy of Uruguay grew 5.6 percent in the second quarter, compared to the same period last year, according to the country's central bank. Hydroelectric production was the main contributor to the growth, with 224 percent growth, followed by telecommunications with 9 percent growth compared to the second quarter in 2012, MercoPress reports.
Spain's Santander ready to lend Brazil $10 billion for infrastructure
CEO: investment in Latin America's top economy has been one of our major strategic decisions
Spain's Banco Santander Chairman Emilio Botin said that the bank has $10 billion available to finance infrastructure projects in Brazil. “We’re making a great effort in both advising and financing," he said, adding that the amount is an important sum that will contribute to ports, railways, highways and airports, MercoPress reports.