January 30, 2014

EXCLUSIVE Brazil vs. Davos 2014: What's the result?
Rousseff presented a favorable view of her country

Brazilian President Dilma Rousseff addressed four key topics in her speech at the World Economic Forum at Davos: Protests, change, management of economic policy and structural reforms. This Latin Business Chronicle exclusive article takes a closer look at those key issues and Rousseff's speech and its result at the forum.

Brazil's Itaú agrees to buy Chile's CorpBanca for $2.2 billion
Deal will make Itaú the fourth biggest bank in Chile 

Brazil's Itaú bank agreed to purchase Chile's CorpBanca for $2.2 billion. Itaú will invest $652 million and merge its Chilean and Colombian units with CorpBanca. “Chile will be Itaú’s principal asset in Latin America outside of Brazil,” Itaú Latin America Chief Executive Officer Ricardo Villela Marino said, Bloomberg reports.

Petrobras plunges to eight-year low
Shares dropped 1.7 percent to $6.07 

Brazil's state-owned oil firm Petrobras plunged for the second day to its lowest in eight years. The Sao Paulo-based company dropped 1.7 percent to $6.07, the lowest since October 2005. Domestic fuel price increases and government restrictions have contributed to the company's fall, Bloomberg reports.

Venezuela and Argentina could spell trouble for Ford's profits
Automaker worried about high inflation in both countries

Ford Motor Co. expressed concern that turmoil in Venezuela and Argentina could affect this year's profits, leading the company to rethink its Latin America forecast. The main reason for concern is the soaring inflation hitting both South American nations, and uncertainty as to how the two countries will stabilize their economies, Reuters reports.

Peru's economy to grow 5.5 percent this year: IMF
Andean nation continues to be one of the fastest growing countries in the region

Peru's economy will grow 5.5 percent this year, according to the International Monetary Fund. The figure places the Andean country as one of the fastest growing in the region, as well as one of the country's with the lowest inflation rates, which this year is seen declining to about 2.5 percent, Andina reports.

MOREOVER

Latin America to get first diamond trading center Israeli Diamond

Mexico's Sigma gets green light to buy Campofrio Reuters

Biggest Brazilian tech fest kicks off ZDNet 

Argentina's YPF advances in Vaca Muerta talks with Petronas Reuters