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March 3, 2014

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Mexican government seizes Oceanografía
Citigroup alleged fraud on oil services company's loans

The Mexican government took control of oil services company Oceanografía after Citigroup Inc. alleged fraud on loans and requested an investigation. State-owned oil monopoly Pemex found inconsistencies in how Oceanografia billed, Attorney General Jesus Carrillo Karam said, adding that the government will try to recoup misappropriated funds, Bloomberg reports.

Chilean bank gets green light to buy City National Bank of Florida
BCI is Chile's third largest bank with $38 billion in assets

Chile-based Banco de Crédito e Inversiones, BCI, received approval by Chile's Superintendency of Banks and Financial Institutions to purchase Miami-based City National Bank of Florida. The purchase, pending approval of Chile's central bank and the U.S. Federal Reserve, will boost BCI's presence in southern Florida, where it has had an international branch for 14 years, the Miami Herald reports.

Brazil leaves FIFA with huge challenge
With almost 100 days to go opening stadium is unfinished

Brazil has left FIFA with a huge challenge ahead of the World Cup, as the country is still reporting delays on the construction of stadiums, secretary general Jerome Valcke (left) said. "We are working in conditions where the cement is not even dry," he said, adding that they have yet to install IT and telecoms solutions for the media, Reuters reports.

Remittances to Latin America drop 1 percent last year
Increased deportations, immigration controls and slow economic recovery caused the decline

Latin American countries received $60 billion in remittances last year, 1 percent less than the amount for 2012, according to an Inter-American Dialogue report. The drop was due to a combination of increased deportations from the U.S., immigration controls and slow economic recovery, said Manuel Orozco, main author of the report, Fox News Latino reports.

Argentine President calls for auto alliance with Brazil
A drop in exports to Brazil hurt hurt automotive industry firms, says Cristina Fernández

Argentine President Cristina Fernández de Kirchner said her country would benefit from an auto industry alliance with Brazil. "The principal factor affecting the automotive industry is the drop in exports and especially demand in Brazil," Kirchner said. Argentina has the capacity to manufacture "the most sophisticated autoparts, as it does software," she added, the GlobalPost reports.

MOREOVER

Mexico's telecoms sector up 3.4 percent in fourth quarter 2013 GlobalPost

¡Hola! TV increases Latin American distribution Rapid TV News

Peru, Chile and Colombia recorded largest domestic aviation growth Andina

California should view Mexico as a vital economic partner U-T San Diego

Latin America poised for better equity performance this year Investment Europe

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