EXCLUSIVE Honduras elects new president
New leader will have to tackle world's highest murder rate, but should restore fiscal discipline
Both leading candidates declared victory following Honduras's presidential election on Sunday. But on Tuesday morning, the country's electoral authority announced ruling party candidate Juan Orlando Hernández won with 34 percent of the votes. Hernández is widely expected to reduce the country's fiscal deficit, especially ahead of an IMF accord, Latin Business Chronicle reports.
Mexico's Senate gives initial approval to banking reform
Proposal aims to boost lending by giving more incentives to financial institutions
Mexico's Senate approved a bill that seeks t boosot bank lending. The proposal gives banks more incentives to make loans by making it easier to recover collateral on non-performing loans, improving competition, easing the bankruptcy process and increasing the role of development banks. The bill may still have to go back to the lower house for final approval, as senators debate details, Bloomberg reports.
Movistar ready to launch 4G in Peru
Network to start operating from January 2 next year
Movistar, owned by Spain's Telefónica, will become the first to launch 4G cellular technology in Peru. The company said it is ready to start operating the network from January 2 next year. Movistar and Nextel, subsidiary of U.S. firm Sprint Corporation, are currently the only firms in Peru capable of operating 4G, but the Government is seeking to bring more competitors into the market, Rapid TV News reports.
Argentina says deal with Repsol aimed at starting shale drilling
Exploiting its vast reserves would help repair President's relations with investors
Argentina said its compensation deal with Spanish oil firm Repsol seeks to start shale drilling in the country, helping repair relations between President Cristina Fernández de Kirchner and investors. Exploiting its shale reserves would also help the country strengthen its central bank reserves, drained by expensive energy imports, The Globe and Mail reports.
Brazil central bank to extend world's biggest rate rise
Government increases efforts to regain credibility
The central bank of Brazil is likely to raise its benchmark interest rate to 10 percent, up from 9.5 percent, today. The decision would make it the world's biggest interest rate increase this year, as the country boosts efforts to convince investors the Government is serious about slowing inflation back to its target, Bloomberg reports.
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