Spain's Telefónica seeks expansion in Latin America
Move is planned through acquiring more stakes in struggling firm Telecom Italia
Spanish company Telefónica announced its plans to raise its stakes in Italy's Telecom Italia. The move seeks to gain control of Telecom Italia's Latin American markets, such as Argentina and Brazil, while at the same time help the Italian firm with its large debt. Telefónica currently holds a 46 percent stake in the company, and plans to raise it to 66 percent, New York Times reports.
Germany's Wintershall to invest $3.3 billion in Argentina
Project is a 10-year deal to explore for oil in Vaca Muerta
Wintershall, Germany's largest crude oil and gas producer, announced plans to invest $3.3 billion in Argentina. The investment is to explore for oil at Vaca Muerta, one of the world's largest non-conventional reserves, discovered three years ago by Spain's Repsol-YPF. The area has estimated reserves of more than 22 million barrels of oil, the GlobalPost reports.
Carstens: Mexico slowdown is temporary
Central bank cut 2013 outlook to 2 percent in August
Mexico's Central Bank governor Agustín Carstens (left), said Mexico's current economic slowdown is temporary, adding he expected growth levels to return to around 3 percent by 2014. During the second quarter this year, the country's economy saw a quarterly drop for the first time in four years, pushing the government to cut its growth forecast for this year from 3.1 to 1.8 percent, Reuters reports.
Paraguay aims for 8 percent annual economic growth, says leader
International Monetary Fund says country is expected to grow 11 percent this year
Paraguayan president Horacio Cartes said he is seeking annual economic growth of up to 8 percent on a permanent basis. The growth would come as a result of boosting investments in agriculture and infrastructure. He added he wants $2.5 billion annually in public and private investment to boost the land-locked nation’s $26 billion economy, Bloomberg reports.
Cuba plans port and trade zone to attract foreign investment
Project also aims to attract users to take advantage of a renovated Panama Canal
The Government of Cuba published rules for a new special development zone in Mariel Bay. The rules include significant tax and customs breaks for both Cuban and foreign companies. Cuba hopes the zone will "increase exports, the effective substitution of imports, and spur high-technology and local development projects, Reuters reports.
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