EXCLUSIVE Emerging markets: the great reckoning
As pessimism grows around emerging markets, how will Latin America fare?
For six years financial markets in developed countries were the source of bad news, but now it's time for emerging markets to feel the impact of risk aversion. The current falling stars are the so-called Fragile 5: Brazil, Indonesia, South Africa, India and Turkey. But how will Latin America fare in the coming emerging markets reckoning? Latin Business Chronicle reports.
Brazil delegation seeks to boost cooperation with Paraguay
Business leaders accompanied former Santa Catarina governor to Asunción
A Brazilian delegation led by Luiz Henrique da Silveira, former governor of Santa Catarina state, visited Paraguayan President Horacio Cartes in Asunción, seeking business opportunities and advocate Brazil's support for the development of Paraguay. Da Silveira travelled with a group of business leaders from companies such as Grupo Havan, Grupo Fort Atacadista and Grupo Aço Peças, the Paraguayan Government reports.
Brazil to cut $18.5 billion from budget
Rating downgrade still looms
Brazil will cut $18.5 billion from this year's budget in an attempt to rein in inflation and tighten fiscal management. The budget is based on estimates that the economy will grow 2.5 percent this year and inflation will slow to 5.3 percent. President Dilma Rousseff's efforts to boost growth by increasing public spending led to a wider budget deficit and fuelled inflation last year, Bloomberg reports.
Panama Canal expansion works to restart
Authority and consortium reach preliminary agreement to continue with project
The Panama Canal expansion project will restart after construction consortium GUPC and the Canal authority reached an agreement to pay suppliers and end a dispute over $1.6 billion in cost overruns. But there are still issues pending, such as setting a date for finishing the waterway's locks and a new project calendar, the New York Times reports.
Billionaire Carlos Slim tightens grip on América Móvil
Two Slim-controlled companies, Inbursa and Inmobiliaria Carso, bought shares
Mexican billionaire Carlos Slim, who controls América Móvil, further tightened his grip on the company, after two of his firms, Inmobiliaria Carso and Grupo Financiero Inbursa, bought more shares. The purchases are part of an América Móvil buyback effort, as its shares have struggled after Mexico's government passed a reform to curb the firm's dominance, Reuters reports.
Airlines fear Brazil backlash from crowded World Cup airports Reuters
Ecuador plances new import restrictions MarineLink
Mexico looks to arrest former owner of Mexicana Airwise
Colombia no longer 'emerging' tech nation, says expert GlobalPost