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November 1, 2013

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Mexico's tax overhaul rattles investors
Mining, food and drink companies, manufacturing and pet food firms lobbying against plan

Bradford Cooke, CEO of Canada's Endeavour Silver, visited the firm's Mexican projects on October 30, the same day the government approved a fiscal overhaul which includes a 7.5 percent royalty on mining profits. "If it goes through as is, our fourth mine will not be in Mexico, The country is pricing itself out of the market," said Cooke, The Economist reports.

Latin America needs $2 trillion in energy investment over 20 years
CAF study shows amount  is required to maintain development in region's hydrocarbons sector

Latin America will require up to $2 trillion in energy sector investment over the next 20 years to maintain its pace of development, according to the Development Bank of Latin America, known as CAF, the firm behind the study "Energy: Perspectives on the Challenges and Opportunities in Latin America and the Caribbean," Fox News Latino reports.

Grupo Aval may sell $1.3 billion in shares
Firm seeks capital after agreeing to $1.4 billion deals

Colombia's Grupo Aval, the banking group controlled by billionaire Luis Carlos Sarmiento Angulo (left), said it may sell up to $1.3 billion of shares. The firm is seeking to raise capital and bolster its finances after agreeing to make three acquisitions since December for $1.4 billion. Aval has pledged to buy at least $500 million of shares in a separate capital raise planned for November by Banco de Bogota, the biggest of its four banks, Bloomberg reports.

Chinese investors frustrated with Brazil's economic performance
Investments worth $70 billion, announced since 2007, are either on hold or have been dropped

After making considerable investments in Brazil, Chinese business leaders are becoming frustrated with Brazil's recent economic stagnation and high costs. As a result, Chinese investment is falling, and as much as two-thirds of the roughly $70 billion in projects announced since 2007 is either on hold or has been canceled, according to data from both countries, Reuters reports.

Venezuelan introduces currency exchange rate for tourists
Move fuels speculation the government will devalue its currency for a second time this year

Venezuela's central bank announced it will introduce a special currency exchange rate for tourists. Visitors to the country will be able to sell up to $10,000 a year at an exchange rate yet to be announced by the bank. The move fuels speculation that the government will devalue the bolivar for a second time this year, Bloomberg reports.

MOREOVER

Telecom Argentina's net profit surges 41 percent Reuters

Colombia's Ecopetrol third quarter profit up 20 percent CNBC

IDB and China to finance two wind projects in Uruguay Bloomberg 

Colombia's Juan Manuel Santos to meet with Obama in December ABC

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