Brazil's economy shrinks for first time in four years
Figures increase possibility of a credit downgrade next year
A sharp drop in investment caused Brazil's economy to shrink in the third quarter for the first time since 2009, according to Government statistics. The economy shrank 0.5 percent from July to September this year, missing analyst's forecasts and increasing the possibility that the country's credit rating will be downgraded next year, Reuters reports.
Mexico to give Brazil-like terms to large oil projects
Initiative aims to give companies more control over riskier fields
Two Mexican parties, the ruling PRI and the opposition PAN, have agreed to use production sharing or a licence model similar to the one used in Brazil. The initiative aims to offer companies more control over riskier fields and attract more investment into the $95-billion industry. Sentaros are expected to begin debating the oil reform as soon as today, Bloomberg reports.
Peru set to become industrialized nation
Key is to create strong manufacturing base: President
A production-oriented industrial revolution is the key for Peru to become an industrialized nation, President Ollanta Humala (left) said. In order to achieve that goal, the Government has created a National Industrial Development Plan, which aims to give added value to the country's raw materials. "We have created new reforms that enable the Peruvian state to be prepared for industrialisation,” Humala said, Bernama reports.
Venezuelan government to regulate car prices: Maduro
Move aims to bring automobile prices down to a fair price, President says
In the latest use of his recently acquired power to rule by decree, Venezuelan leader Nicolás Maduro said his government will set car prices in order to lower their cost. The State "will assume control of the vehicle production process and set fair prices of locally made cars," Maduro said, adding that what he calls price-controlling "mafias" have their days numbered. France24 reports.
Argentina raises tax on foreign credit card purchases to 35 percent
Move comes ahead of the southern hemisphere's summer vacation period
The Government of Argentina approved a bill which raises tax on Argentines' credit card purchases abroad to 35 percent. The move aims to halt a draining of reserves, which have plunged 29 percent this year to $30.9 billion as the government uses them to pay international debt and import energy, Bloomberg reports.
Latin America: The next growth market for low-cost airlines Wharton
Gastronomic tourism in Peru could generate $1 billion next year Peru this Week
Canada's Yamana Gold to invest $450 million in Argentina project GlobalPost
Fears of Venezuelan instability increase Euromoney
Petrobras finds unconventional oil in Argentina MercoPress
Fitch creates Argentina-Uruguay domestic credit rating branch MercoPress