EXCLUSIVE Mexico sees benefits of electronic payments
Government is saving $1.27 billion each year
For many developing nations, paying social benefits or government salaries can be a daunting and costly task. Those nations should look at a new study of the government of Mexico's shift to electronic payments. The study found that the Mexican government is saving some $1.27 billion a year thanks to converting an array of payments from cash to electronic form, Latin Business Chronicle reports.
EXCLUSIVE Bank of America Merrill Lynch is bullish on region
In this LBC interview, Juan Pablo Cuevas, managing director of Global Transaction Services at Bank of America Merril Lynch, talks about his optimism about the region's growth. "We are bullish on Latin America," says Cuevas. While the bank sees some headwinds for Brazil, Cuevas is confident the World Cup and Olympics will help keep its economy moving.
América Móvil connects cable linking U.S. and South America
Aim is to boost company's service to customers across the region
Mexican telecoms firm América Móvil, controlled by billionaire Carlos Slim, connected its Mexican lines to a $1-billion submarine cable that stretches from South America to the United States. The cable, designed for high-speed data transmission, will boost service for the company's customers, particularly in South America, where demand for Internet capacity is on the rise, Reuters reports.
Efromovich eyes Alitalia and LOT takeovers
Avianca owner also considering starting new airline in Europe
Germán Efromovich (left), owner of Colombian airline Avianca, is considering taking over Italian carrier Alitalia or Polish airline LOT, to increase his presence in Europe. He said he would consider an independent purchase if Avianca decided it had no interest in either company. Another option he is considering is starting a new airline in Europe. "We must take the decision regarding our future purchase no later than in the first two months of 2014," said Efromovich, Reuters reports.
Ecuadoreans can seek Chevron damages in Canada
Lago Agrio indigenous group allowed to seek enforcement of $9.5-billion case in Ontario
An Ecuadoran group can seek enforcement of a $9.5 billion case against U.S. oil firm Chevron at an Ontario appeals court. The unanimous decision overturns the ruling of an Ontario superior court justice, who found in May that Chevron had no assets in Canada and the plaintiffs could not gain access to the assets of Chevron's Canadian subsidiary, the BBC reports.
Brazil's shrinking fee pool drives banks to other countries in region
Mexico, Chile, Colombia and Peru are attracting attention of investment banks
Brazil's shrinking share of the Latin American investment pool is making banks such as JPMorgan Chase and Itaú open offices and hire in Mexico, Colombia and Peru.
“Year by year countries in Latin America outside Brazil are representing an increasing stake of our total revenue,” said Roberto Sallouti, chief operating officer at Grupo BTG Pactual, Bloomberg reports.
Brazil's Vale sells Tres Valles copper mines in Chile Mining Weekly
Mexico will be hottest solar market in Latin America Greentech Media
Colombia seeks more than $2.6 billion in 2014 oil auction Bloomberg
Braskem to buy Argentine-Brazilian unit of Belgium's Solvay Yahoo News
Mexico and Turkey agree to start free trade talks World Bulletin
Venezuela central bank and PDVSA to start joint gold business El Universal