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November 18, 2013

EXCLUSIVE Venezuela on the brink
Country's political and economic systems are facing increasing challenges  

The Venezuelan national assembly approved a legislation that would give Nicolás Maduro the power to rule by decree. Diego Moya Ocampos, senior analyst at IHS Insight, said the legislation should finally be approved on November 19. In an interview with Latin Business Chronicle, Moya Ocampos tells us what the country can expect for its economy and political systems.

Latin America grows increasingly reliant on U.S. fuel imports
An outdated refining network is the region's main obstacle to reducing dependency

Latin America has doubled its dependence on U.S. fuel in the last five years, as many countries are forced to delay refinery upgrades due to high costs.The region's 12 biggest importers of U.S. fuels have bought an average of 1.36 million barrels a day this year, twice as much as in 2008, while crude shipments to the U.S. from the region's top producers have fallen 18 percent in the period, the Chicago Tribune reports.

Bachelet far ahead in Chile elections
Former President took 47 percent of the votes

Michelle Bachelet (left) won nearly twice as many votes as her closest rival in Chile's presidential election on Sunday, but fell short of the outright majority needed to avoid a runoff on 15 December. With most of the votes counted, Bachelet took nearly 47 percent of the vote, while her main rival, conservative Evelyn Matthei, took 25 percent. Bachelet left her 2006-2010 term with an 84 percent approval rating, The Guardian reports.

Brazilian magnate José Isaac Peres seeks overseas expansion
Malls billionaire says Chile and Uruguay are attractive markets

 Billionaire José Isaac Peres, who owns 31 percent of Brazil's largest mall operator Multiplan Empreendimentos Imobiliarios, is considering expanding his business overseas. “We have the size and the muscle to look abroad and easily compete,” Peres said, adding that he has met with Peter Lowy of Australia’s Westfield Group and executives from Indianapolis-based Simon Property Group, Bloomberg reports.

Latin America sees signs of recovery in remittances
Mexico is exception as amount of money sent from abroad continues to decline

Remittances to Latin America have rebounded from a recent decline, a study by Pew Research Center showed. However, the amount of money sent to Mexico, the fourth largest recipient of remittances worldwide, continues to fall. But other countries in the region have recovered from their recession lows and even surpassed historical highs with remittances estimated at $31.8 billion this year, Al Jazeera America reports.


Peru sees 300 percent increase in Brazilian tourist arrivals Andina

Botero and Tamayo lead Latin American art sales in New York Reuters

Argentina's Clyfer to launch cooperative pay-TV next year Rapid TV News

Daimler bullish on Mexican market Trucking Info

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