Banco do Brasil trading above analysts' target price
Surge comes amid speculation the bank is planning a public offering of its credit card unit
Banco do Brasil is trading above analysts’ target price for the first time in four years amid speculation the bank, Latin America’s biggest by assets, is planning an initial public offering for its credit card unit. Banco do Brasil surged 33 percent in the past three months to $12.91 in Sao Paulo yesterday, Bloomberg reports.
Panama hit by Venezuelan debt and Colombian tariffs
Colón Free Trade Zone expected to close 2013 with 10 percent drop in revenues
Venezuela owes some $700 million to Panama's Colon Free Trade Zone. “It is a critical situation," said Surse Pierpoint, former president of the users' association of Colón. Venezuela is Colon's largest trade partner, accounting for 30 percent of total commerce. The trade zone is also being hit by Colombian tariffs, approved earlier this year, on goods imported into Colombia from Colón, the International Business Times reports.
Hard Rock Cafe plans Peru expansion
Firm is eyeing spaces in Lima's Larcomar mall
Hard Rock Cafe is seeking to add a second restaurant in Peru. The company arrived in the Andean nation's capital last year, in Lima's Jockey Plaza. The company said it is eyeing spaces in Lima's Larcomar mall, which would make it the only city in the world with two Hard Rock Cafes outside of New York. “Now, in the central operation, they’ve realized that there’s important growth here, and a new restaurant is needed," said Hard Rock Lima director Alberto Araujo, Peru this Week reports.
Argentina's Grupo Clarín to split into six media companies
Company to be allowed to keep its most valuable TV and radio licences
Argentine media firm Grupo Clarín has presented a plan to divide its assets into six different companies. The move aims to comply with a recently approved antitrust media law which aims to prevent media monopolies. "We want Clarín to adjust to the law, not to hurt the group," said regulator Martin Sabbatella, MercoPress reports.
Minister: Mexico inflation to remain above target next year
New tax on junk food and soda to impact rate
Mexican Finance Minister Agustín Carstens said inflation in 2014 will remain above target next year, after Congress approves a new tax on soda and junk food. Mexico’s inflation rate will accelerate to about 3.5 percent next year, above the 3 percent target first set by the central bank in 2003, Carstens said, Bloomberg reports.
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