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September 20, 2013

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EXCLUSIVE A sweet spot in U.S.-Latin American trade
Commerce between United States and Mexico alone is $500 billion a year 

“We’re entering a sweet spot in terms of trade with Latin America,” U.S. Assistant Secretary of State for Economic, Energy, and Business Affairs José W. Fernandez told Latin Business Chronicle this week. The secretary was in Miami ahead of a trip to El Salvador and Mexico, where he will work to strengthen business ties with the two countries.

Brazil's largest oil auction attracts only 11 companies
BP, Exxon and BG Group plan to stay away from the bid

Only 11 companies have paid the fees to participate in the auction for Brazil's largest oil discovery, the Libra offshore project. The country's oil regulator said it had expected as much as four times that number to take part. “This is a surprise, the area is extremely promising and there are not any opportunities in the world like this,” said Paulo Roberto da Costa, an oil industry consultant, The Globe and Mail reports.

Caracas: U.S. denied airspace to Maduro
Venezuelan leader is set to travel to China on Saturday

Venezuelan Foreign Minister Elias Jaua (left) said U.S. officials blocked plans for Nicolás Maduro's presidential airplane to fly over Puerto Rico on his way to a state visit to China. He described the move as an aggression and called for an explanation from the U.S. State Department. But a State Department official denied the claim, saying that the plane has been approved to clear U.S. airspance, CNN reports.

Colombia's unexpected growth alleviates call for rate cut
Economy grew 4.2 percent from a year earlier, while analysts predicted 3.4 percent

Colombia’s economic growth in the second quarter grew more than forecast by analysts, and helped confirm expectations that the central bank will leave interest rates unchanged this month. The expansion reinforces the call of the majority of the seven-member central bank board who argued against additional interest rate cuts last month, said Julio Romero, analyst atCorficolombiana, Bloomberg reports.

Germany expects to double investment to Peru by 2017
Plan is to increase from $800 million to some $1.6 billion a year

Germany is planning to double its investments in Peru over the next three to four years, said Jörg Zehnle, director of the  of Peruvian-German Chamber of Commerce and Industry. He said German entrepreneurs are interested in high-tech industries, such as transport and projects like the Lima Metro, as well as in agriculture, mining, industrial, and chemical sectors, Andina reprots.

MOREOVER

India's Mahindra Two Wheelers enters Latin America Economic Times

Milpo weighs expansion as Peru mines generate $275 million Bloomberg

DirecTV opens regional broadcasting center in Argentina Rapid TV News

Bolivia takes aim at idle mining concessions GlobalPost

Panama remains regional leader in maritime connectivity Seatrade Global 

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