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September 30, 2013

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EXCLUSIVE Toyota revs up for Brazil sales
Firm hopes to take a bigger share of a market that saw 3.8 million cars sold last year

Although Toyota is the world’s third-largest automobile manufacturer, the Brazilian auto market, now the world's fourth largest, remains dominated largely by four companies: Fiat, Volkswagen, General Motors, and Ford. But the company has plans to change that. Toyota CEO for Latin America and the Caribbean Steve St. Angelo tells Latin Business Chronicle.

Pacific Rubiales to acquire Petrominerales in $907 million deal
Aim is to increase oil and pipeline stakes in Colombia

Pacific Rubiales Energy, listed in Toronto and Bogotá, agreed to purchase Canada's Petrominerales for $907 million to add oil and pipeline stakes in Colombia. The move gives Pacific access to low-density crude, which is cheaper to transport than the heavy crude that makes up the bulk of its reserves, Bloomberg reports.

Maduro's economic balancing act
Change is essential but politically impossible

Amid the longest oil boom in history, Venezuela has in many respects the worst-performing economy in the Americas, despite claiming the world’s biggest reserves and getting 94 percent of its export earnings from it. Even Finance Minister Nelson Merentes says Hugo Chávez’s revolution has yet to achieve economic success. But oil revenues of $90 billion a year allow Maduro, (left) the luxury of debating whether or not to change course, The Economist  reports.

Canada's investments in Peru surpass $8 billion
Mining and financial sectors are outstanding

Canadian investments in Peru rose to over $ 8 billion, according to Canada's embassy to the Andean country. Finance and mining are among the sectors which stand out in receiving Canadian investment. "We have 90 mining companies in Peru, the majority of them being junior firms which are still in the exploration stage," said ambassador Patricia Fortier, Andina reports.

Ecuador courts Emirates investors during trade forum
Topics included payment solutions to ease bilateral commerce 

Ecuador's investment promotion agency, Pro Ecuador, organized its first trade forum in United Arab Emirates last weekend. "We are pleased with the outcome of the forum, which showed the level of interest of the Emirates' business community in exploring trade and export ties with Ecuador," said ambassador of Ecuador to Qatar, Kabalan Abisaab, Mena FN reports.

MOREOVER

Argentina says July economic activity up 5 percent Reuters

Region's pay TV regulations creating inequality Rapid TV News

Parque Arauco slumps in Chile after disclosing share sale Bloomberg

Canadian firms to get greater access to Chile's financial market Globe and Mail 

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