March 7, 2014

Mexico's telecoms regulator finds dominant firms
América Móvil and Televisa could see their market share reduced

Mexico's telecoms regulator concluded that there are dominant companies in the sector. While names were not disclosed, Carlos Slim's América Móvil and Televisa were found dominant in a preliminary ruling in December. The announcement sets the stage for new rules that could reduce both companies' market share, Bloomberg reports.

Scotiabank CEO says Latin America focus trumps Asia
Bank seeks to expand in Pacific Alliance countries

Scotiabank sees most potential for expansion in Mexico, Peru, Chile and Colombia, CEO Brian Porter said. Those countries show the most economic stability and a rising middle class, Porter said. His predecessor Richard Waugh had put Asia as the region offering the best prospects. "Asia will always be important, but our primary focus is really building scale in the four countries," Porter said, Bloomberg reports.

Bachelet to inherit sluggish economy
Chile grew 1.4 percent in January, below 1.9 percent forecasts

Chilean President-elect Michelle Bachelet will inherit a sluggish economy, incoming Finance Minister Alberto Arenas (left) said. "The new government will inherit a sluggish economy from the current administration, an inheritance of low growth," Arenas said. But he said he was optimistic that the new administration will be able to boost growth, the Global Times reports.

Mexico's Oceanografia's defaulted bonds surge
Oil services company's notes rallied as creditors claimed ownership of a $245-million ship

Mexican oil services company Oceanografia's defaulted bonds surged as creditors claimed ownership of a $245-million vessel after the company missed payments. The firm's $180-million dollar-denominated notes due 2018, backed by a construction ship called OAS Goliath, rallied to par today from 90 cents to the dollar, Bloomberg reports.

Peru's Graña y Montero awarded best managed company in region
The award is the first for a Peruvian company

Peru's largest engineering and construction firm Graña y Montero was awarded the 'Best Managed Company in Latin America' in Euromoney's 2014 annual Best Managed Companies in Latin America survey. The ranking is based on a survey of market analysts at banks, institutions and consultancy firms focused in the region, MarketWatch reports.

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Entrepreneurs who fled Cuba are returning to help Globe and Mail

Mexico cracks down on cartel smuggling iron ore to China Time