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October 25, 2013

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EXCLUSIVE Argentine's get ready for elections
Experts consulted by LBC believe policy change is unlikely

Polling ahead of Argentina's elections this Sunday, October 27, shows president Cristina Fernández de Kirchner's party may suffer some losses in Congress, but whether that will translate to a long-term solution to Argentina’s mounting problems is doubtful, say experts consulted by Latin Business Chronicle.

América Móvil's third quarter profit drops almost by half
Sluggish performance in core markets hit company's earnings  

Mexican telecoms company América Móvil reported third quarter earnings of $1.26 billion, down from $2.34 billion from the same period a year before. Among the factors contributing to the fall were the firm's soaring operating costs, fewer customer phone calls and a sluggish performance in its core markets, particularly Mexico, Reuters reports.

Total to lead Argentina offshore field 
Project, in Tierra del Fuego, is worth $1.2 billion

French oil and gas giant Total will lead a $1.2 billion project to produce natural gas off the coast of Tierra del Fuego in southern Argentina. The company will work together with Wintershall AG and Pan American Energy on the Vega Pleiades field, according to Javier Relo, head of the project.“This is by far the largest natural gas offshore investment Argentina has ever made,” Rielo said.  Bloomberg reports.

Cuba moves forward with tax free special economic zone plans
Brazil is backing the $900 million development

Laws governing Cuba's special economic zone, in Mariel bay, will come into effect in November. One-hundred percent foreign ownership will be allowed for firms operating in the zone, and contracts will be extended to 50 years, up from the current 25. Backed by Brazilian capital, the $900 million project is set to be managed by Singapore's PSA, Digital Journal reports.

Chile acknowledges OECD's help in boosting development
President says country will achieve per capita income goal of $20,000 this decade

Chilean President Sebastián Piñera acknowledged the contribution the Organization for Economic Cooperation and Development has made in boosting his country's economy. Piñera said his government is "very conscious of the suggestions and recommendations the OECD has made" in order to continue making progress towards development and poverty eradication, Bernama reports.

MOREOVER

Ecuador judge testifies to taking bribes in Chevron suit Bloomberg

Indian vice president to boost ties with Peru and Cuba New Indian Express

Canada's Canacol finds crude in Colombia Reuters

Mexico's Televisa posts 16 percent drop in third quarter profits Reuters

Mexico bans slot machines and limits casino licences Miami Herald

Chile inks deal with China's largest wholesale market association Fruitnet

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