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November 20, 2013

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EXCLUSIVE Chile: A Latin Globalization Index star
Country is the only large economy of the region to make the top 10 in this year's ranking

Chile reached number four on Latin Business Chronicle's ninth annual Latin Globalization Index, making it the only large economy in the region to make it near the top of the ranking. The country also has the region's largest investment stock as percentage of gross domestic product, as well as the region's largest penetration of Internet at 61 percent.

Venezuelan congress gives Maduro power to rule by decree
President to have more power to go after businesses accused of sabotaging economy

Venezuela's National Assembly on Tuesday gave President Nicolás Maduro the power to rule by decree. The ruling will give Maduro more power as he goes after businesses the government accuses of sabotaging the economy. On the same day the Venezuelan unit of General Motors was fined the equivalent of $85,000 for allegedly overcharging and 'ursury,' The Guardian reports.

Brazil's OSX denied loan extension
Financing line was worth $189 million 

Brazilian state development bank BNDES has refused to extend a loan to troubled shipbuilder OSX, controlled by former billionaire Eike Batista (left). The decision comes after OSX filed for bankruptcy protection earlier this month. The loan which BNDES declined to renew was for $189 million,according to the shipbuilder. It bore a guarantee from Banco Votorantim, who assumed full credit risk on the loan and repaid it on Monday this week, Reuters reports.

Ecuador's 2013 oil output seen growing 9 percent
Investments by Petroamazonas and private firms were key for projected increase

Ecuador's Oil Ministry raised this year's oil production forecast to 550,000 barrels per day, up from an average 504,000 last year. Investments by Petroamazonas, the operations division of state oil company Petroecuador, and by private companies were key to the projected increase, said Pedro Merizalde, the minister for non-renewable resources, Reuters reports.

Gastronomic tourism to account for 40 percent of Peru visitors
Food tourists in the country spend a daily average of $130 in high-quality restaurants 

Some 1.2 million visitors are expected to visit Peru for the purpose of gastronomic tourism by the end of the year, according to Alejandro Garro, of Promarket Peru. The number represents 40 percent of the total projected for 2013. Food tourists in Pery spend a daily average of $130 in high-quality restaurants, Andina reports.

MOREOVER

Peru opens trade office in New Delhi Andina

Spokesman: Carlos Slim not looking at stake in Repsol Chicago Tribune

Colombia to miss coal output target Nasdaq

Chile central bank cuts rate to 4.5 percent to stimulate economy Yahoo Finance

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