EXCLUSIVE Venezuela's energy sector amid crisis
State-owned PDVSA is increasingly beholden to foreign firms to keep up production
Despite Venezuela facing crisis, soaring inflation and dwindling reserves, a group of Chinese, Indian, Russian and Western firms are expanding their presence in the country. But analysts agree the South American country's current trajectory is unsustainable, and the greatest cause for hope is to give foreign firms a a greater role in joint-venture operations, Latin Business Chronicle reports.
EXCLUSIVE LBC interviews Álvaro Fernández, CEO of Grupo Alfa
LBC interviewed Álvaro Fernández, CEO of México's Grupo Alfa and winner of BRAVO Business Award for CEO of the year. Among other topics, Fernández discusses the potential of Mexico's automotive sector, and the internationalization of Grupo Alfa (video, in Spanish).
Mexican Senate approves energy overhaul
Bill was approved Tuesday night 95 votes to 28
With 95 votes to 28, Mexican Senators passed an energy bill which supporters say will make Mexico the world's fifth oil producer in a decade. Currently Mexico is the world's ninth producer, and has the largest unexplored crude area after the Arctic Cicle. However, the country's production has dropped 25 percent since 2004, Bloomberg reports.
Fitch upgrades Colombia to BBB
Firm cited positive government debt dynamics
Fitch Ratings upgraded Colombia's sovereign credit rating to BBB with positive outlook, up from BBB-. The company cited positive government debt dynamics and an improvement on the country's external accounts as the main reasons for the upgrade. Colombia's medium-term growth prospects remain favorable compared with several of its rating peers, BusinessWire reports.
ARCADIS wins Chile Metro contract to design Line 3 stations
Part of plan to expand current 100-kilometer network to 140 kilometers
Amsterdam-based built asset consultancy firm ARCADIS won a contract to provide consulting services for the design of the Line 3 stations of the Santiago Metro in Chile. The project, estimated to be worth $11 million, is part of a government plan to expand the current 100-kilometer network to 140 kilometers, MarketWatch reports.
Pacific Alliance makes Gulf Cooperation Council debut in Dubai
Current bilateral trade between regions is $1.3 billion
The Pacific Alliance trade bloc made its debut in the Gulf Cooperation Council, GCC, with an official launch ceremony in Dubai on Tuesday. Current trade between the GCC countries and the Pacific Alliance stands at $1.3 billion. Fahad Al Gergawi, CEO of Dubai FDI, said that being in Dubai would be a significant strength for The Pacific Alliance in achieving its trade goals, The Khaleej Times reports.
Rio Tinto puts off plans for Paraguay aluminum plant Reuters
Uruguay becomes first nation to legalize marijuana trade BBC News
Paraguayan Senate accepts Venezuela as full Mercosur member MercoPress
Slim's billionaire rivalry plays out on Mexico's soccer fields Bloomberg
Talisman Energy sells stake in Colombia pipeline CTV News
Argentina's Globant said to plan IPO for first quarter 2014 Businessweek
Colombian oil is booming amid declining Latin American output Oilprice