EXCLUSIVE More disappointments from Brazil
Moody's is most recent ratings agency to downgrade region's number one economy
Moody's recent downgrade of Brazil came no doubt as a blow after a summer where things were looking up. After the announcement, President Dilma Rousseff faces even more challenges for next year's elections. While her popularity rating has improved since the protests of June and July, it hasn't recovered entirely, and the economy remains a major issue with Brazilian voters, Latin Business Chronicle reports.
Japan and Spain to help companies expand in Latin America
Asian country wants to tap into a 500 million strong market in some two-dozen nations
The Prime Minister of Spain, Mariano Rajoy, and his Japanese counterpart, Shinzo Abe, agreed to help companies from their countries expand into Latin America, by using Spain's experience in the region. "Spanish companies can act as a bridge when Japanese businesses move into Central and South American markets," Rajoy said, Europe Online reports.
Grupo Elektra leaves Argentina
Firm said Peru is strongest market outside Mexico
Mexico's Grupo Elektra, led by Ricardo Salinas Pliego (left), decided to leave Argentina after six years of operations. The firm cited a difficult macroeconomic and business environment as the reason behind the decision. “Currency controls and import and export restrictions limit access to commercial goods, while controls on capital flows restrict investment,” said the firm, Forbes reports.
Region to take collective action against corporate lawsuits
Twelve countries aim to change current arbitration rules on trade disputes
A group of twelve countries in the region have agreed to unite against a string of lawsuits by multinationals for alleged trade agreement violations. The move, say experts, offers a significant precedent for a growing movement by developing countries increasingly pushing back against what they view as unfair trade terms in investment treaties, Mintpress News reports.
Argentine exporters concerned over Rosario Port strike
Top grain traders such as Cargill, Bunge and Louis Dreyfus operate in the terminal
Argentine agricultural companies are concerned over a series of strikes in Rosario Port, one of the country's key exporting terminals. Union workers are demanding better pay to compensate for the country's inflation, and have blocked bean deliveries, soy oil processing plants and helping ships into the port, Reuters reports.
Peru's reputation damaged by ex-presidents' legal troubles Peru this Week
Colombia's Avianca reaches pay deal with pilots Reuters
Newmont eyeing Glencore Xstrata's mine in Peru Mining
Brazil's OGX says field may have third of expected oil Rigzone
UK offers Paraguay transport and infrastructure cooperation MercoPress