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Ocober 10, 2013

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EXCLUSIVE Latin America's Best 100 companies
This year's firms come from six countries, largely dominated by the Pacific Alliance

This year's edition of Latin Business Chronicle's Best 100 Companies takes into account each firm's performance over the last three years in terms of profit growth, with Colombian state-owned Ecopetrol at number one. Mexico contributed with the highest number of firms on the list with 30, Peru with 25 and Brazil with 22.

Telecom Italia says Brazilian stake worth $12 billion
Milan-based firm's board to meet next month to discuss future of Latin American business 

Telecom Italia is seeking at least $12 billion for its 67 percent stake in Brazil's mobile carrier Tim Participacoes. The Milan-based company was recently downgraded to junk status by Moody's earlier this week, who suggested a further downgrade if the firm fails to strengthen its balance sheet. A disposal of Telecom's controlling stake would value Tim at some $18 billion, Businessweek reports.

VW India sees strong sales in Mexico
Firm starts exporting its Vento model

Volkswagen India has started exporting its Vento model to Mexico. The firm said the Latin American country is set to become its single largest export market, with every second car produced at the Pune plant being sold there. "The Vento was specifically designed for Indian customers, but its success has opened the doors for its export to various other markets," said company president Mahesh Kodumudi, the Hindu Business Line reports. 

Colombia's Cerro Matoso mine closed by protests
Strikes halted 4 percent of world's nickel output

Colombia's Cerro Matoso mine, the world's second largest nickel producer, was temporarily closed after two weeks of protests by indigenous groups, said the mine's owner BHP Billiton. The company said it made the decision to protect its workers' safety, adding that the protesters were seeking monetary indemnification which could only be solved in court, Reuters reports.

Fitch: Corporate downgrades in Brazil to outpace upgrades 
Airlines, sugar, ethanol and beef processing sectors to be most affected

Weak economic growth in Brazil will lead to more downgrades for Brazilian firms through June next year, Fitch Ratings said. Senior analyst Debora Jalles said downgrades have doubled upgrades this year, adding that about 16 percent of Brazil's 108 companies rated by Fitch have a negative outlooks, Economic Times reports.

MOREOVER

Argentina to boost trade with Arab countries China Daily

Venezuela and Paraguay working to restore ties El Universal

France's Total signs deal to explore oil in Uruguay Bernama

Argentine President recovering after brain surgery Telegraph

Deutsche Bank hires Invesco's Armenta for Latin America Bloomberg

Brazil limits Chinese state firms to joint bids for oil Bernama

South America's security industry business on the rise UPI

Mexico's BanBajio considers initial public offering Bloomberg 

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