EXCLUSIVE Peru's agricultural boom
Sector's exports have grown eight-fold over the past decade
While mining gathers the most attention, Peru’s agriculture sector has undergone a major transformation during the past decade. Agriculture exports totaled more than $4 billion last year, compared to some $500 million in 2000, according to official figures. The development of irrigation infrastructure is perhaps one of the main reasons behind the boost, Latin Business Chronicle reports.
Argentina reaches compensation agreement with Repsol
Spanish firm has demanded $10.5 billion after South American country seized YPF
Argentina has reached an agreement to compensate Spanish oil firm Repsol for the nationalization of YPF. After Argentina seized YPF last year, the Spanish company has been demanding $10.5 billion in compensation.The agreement will be ratified by Repsol during a board meeting scheduled for Wednesday this week, the BBC reports.
Venezuela oil rut makes dollars scarce
Country's crude prices fell to 16-month low this month
A slump in Venezuelan oil prices is depriving the country of its main source of revenue and threatening bondholders already suffering the worst losses in emerging markets. Average prices of Venezuelan crude exports, responsible for 95 percent of the nation’s foreign currency earnings, fell to a 16-month low this month and ended last week at $93.98 a barrel. “With this reduction in oil income, the government won’t be able to maintain spending levels,” Barclays analyst Alejandro Grisanti said, Bloomberg reports.
Rousseff to lobby Brazillian top court on $65 billion bank case
Unfavourable ruling could ruin country's economy, said former Finance Minister
Brazilian President Dilma Rousseff is mobilizing her cabinet in order to persuade the country's top court to delay a ruling which could cost banks $65 billion. The court’s ruling on lawsuits brought by depositors could require banks such as Caixa Economica Federal and Banco do Brasil to reimburse clients for losses stemming from government policies dating two decades, Bloomberg reports.
Brazil's Pao de Acucar and Klein family to sell Via Varejo shares
Sale is expected to raise as much as $2.2 billion
Brazilian retailer Pao de Acucar and the Klein family, who share ownership of Brazil's largest home appliance retailer Via Varejo, plan to raise as much as $2.2 billion through the sale of their shares in the company. The Klein family, who founded appliances retailer Casa Bahia, controls 47 percent of Via Varejo, Reuters reports.
Chile's Bachelet must balance growth and spending Miami Herald
Norway's Yara expands in Latin America MarketWatch
Mexico's TV Azteca buys soccer club Atlas Reuters
Brazil struggles to meet World Cup venue deadlines BBC