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February 11, 2014

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EXCLUSIVE Access to financing is region's challenge
Latin American cities must learn to build new business models to fund infrastructure projects

With 80 percent of the region's citizen's living in cities, Latin America is the most urbanized region in the world. By learning how to use data more wisely, increase tax flexibility and learn how to make cities more resilient, governments will be able to access infrastructure financing, according to a panel on the revitilazation of cities during a Clinton Global Initiative meeting, LBC reports.

Bancolombia drops most since 2012 on share sale announcement
Colombia's largest bank seeks to sell $1.2 billion in shares

Bancolombia's shares dropped 1.6 percent following an announcement that it plans to sell $1.2 billion in shares at a discount to its closing price. The bank's shares dropped to $11.14, the steepest since 2012.  The bank is planning to sell 110 million shares at $10.42 to $11.32 each in Colombia. The lower end of the range would be an 8 percent discount to the closing level of February 7 , Bloomberg reports.

Iran vows to deepen relation with region
President Rouhani is particularly keen on Mexico

Iranian President Hassan Rouhani (left) is keen to deepen relations with Latin America. “Iran’s close and extensive relations with Latin American countries, specially our relations with Mexico, will expand in line with the national interests of the two countries,” President Rouhani said in a meeting with Mexico’s new ambassador to Tehran Ulises Canchola Gutierrez , Fars News Agency reports.

Brazilian real falls most among major currencies
Real dropped 1.3 percent to 2.4 per dollar

Brazil's real dropped the most among major currencies, amid a drop in commodities which has reduced demand for raw-material exporting countries. To support the currency and limit import price increases, Brazil's central bank sold $197 million of foreign-exchange swaps as part of daily offerings announced last December, Bloomberg reports.

France's Casino to expand Exito stores in Colombia
French retailer agrees to purchase 19 Super Inter stores

French retailer Casino will expand its operations in Colombia after agreeing to purchase 19 Super Inter stores, with an option to buy its remaining 31 outlets. Since 1999, Casino has operated in Colombia through Extra, of which it controls 54.8 percent and is currently the country's biggest retailer with a 43 percent market share, Reuters reports.

MOREOVER

Ecuador watchdog fines América Móvil subsidiary Reuters

China's Shineray to start production in Brazil China Daily

Venezuela bonds rally on currency swap market promise Businessweek

Argentina falls but no longer drags Brazil Houston Chronicle

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