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January 23, 2014

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EXCLUSIVE Small firms in Latin America lack innovation
How Miami is becoming a hub for innovation

The percentage of entrepreneurs in Latin America in proportion of the population is higher than in other comparable regions, according to a recent study by the World Bank. But, the study says, the main problem facing new and established companies in Latin America is the lack of innovation, Latin Business Chronicle reports.

Hapag-Lloyd and Chile's CSAV sign merger deal
Combined company's sales are seen reaching $12 billion each year

Chile's Compañía Sud Americana de Vapores, CSAV, signed a an agreement to combine operations with Germany's Hapag-Lloyd and form the world's fourth largest container shipping company. Under the accord, the Chilean company, controlled by the country's billionaire Luksic family, will hold a 30 percent stake of the combined firm, Bloomberg reports.

Brazil downgrade threat is off the radar
"No objective reasons," says BNDES President

A sovereign credit rating downgrade for Brazil is off the radar, said Luciano Coutinho (left), president of the country's BNDES development bank. “I don’t see reasons for Brazil to have a downgrade, there aren’t objective reasons,” Coutinho said, adding that the risk of downgrade has diminished as perception of the country has improved. Last year, Standard & Poor's and Moody's lowered Brazil's credit rating a notch, citing slow growth and a deteriorating debt profile, Bloomberg reports.

China's CNPC expands operations in Ecuador
Asian giant's largest oil firm to invest $10 billion in Pacífico refinery project

China's largest oil firm, CNPC, will take a 30 percent stake in Ecuador's Pacífico oil refinery project, Jorge Glas, the Andean country's vice president, said, adding that construction of the first phase of the project has been completed. CNPC will invest $10 billion on the refinery, and a cooperation contract will be signed later this year, Glas said, Ecns reports.

Peruvian investments in Chile reached $10 billion in 2013
Bilateral trade between both countries has grown nine-fold since a 2006 free trade accord

Peruvian investments in Chile hit $10 billion last year, as both countries managed to stabilize their economies amid a tough global economic climate, according to the Peruvian chamber of commerce, tourism, production and services, Perucamaras. Belmont, Romero, Brescia, Graña y Montero and Antamina are among the largest Peruvian firms with operations in Chile, Andina reports.

MOREOVER

Liberty Global seeks to spin off Latin American operations Nasdaq 

Egypt seeks to strengthen ties in Latin America Daily News Egypt

Andes Gold Corporation showed continued growth in 2013 Yahoo

Venezuela creates dual-rate forex system Reuters

Canada supports Peru's young entrepreneurs Peru this Week

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