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March 18, 2014

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EXCLUSIVE Bio Pappel: In Mexico for the long term
LBC spoke with CFO Mayela Rincón about the Mexican economy and plans for the future

Mayela Rincón is the CFO of Bio Pappel, Mexico's largest paper manufacturer and one of the top 50 industrial companies in the country. She has been honored as one of the most powerful women in Mexico by Expansión magazine. LBC spoke with Rincón about the current state of the Mexican economy and its effects for her company, as well as plans for the future.

Carlos Slim to expand participation in Brazil's financial market
Billionaire seeks to replicate his Mexican bank's business model in regions largest economy

Carlos Slim's Grupo Financiero Inbursa will acquire South Africa-based Standard Bank Group's Brazilian unit for $45 million, aiming to participate more formally in Brazil’s financial market. Slim bets the move is the best way to replicate his Mexican bank’s business model in Latin America’s largest economy, his son Marco Antonio Slim Domit said, Bloomberg reports.

Air Canada suspends Venezuela flights
Airline cited safety concerns due to civil unrest

Air Canada suspended its flights to and from Venezuela as anti-government protests continue in the South American country. "Due to on-going civil unrest in Venezuela, Air Canada can no longer ensure the safety of its operation and has suspended flights to Caracas until further notice," the airline said in a statement, CTV News reports.

Moody's downgrades Argentina's bond rating
Country's foreign exchange reserves are in a 'semi-freefall': Analyst

Moody's Investors Service cut Argentina's government bond rating further into junk, from 'B3' down to 'Caa1'. The ratings firm said  a sharp drop in central bank dollar reserves has raised concern about the country's ability to service foreign debt. A major driver behind the decision to downgrade came from tumbling levels of foreign exchange reserves, Reuters reports.

Mexico's Pemex considers crude imports to boost refinery output
State oil firm seeks to sell more oil to India and Japan to diversify its export markets

Mexico's Pemex is considering crude imports to boost local refinery output., while at the same time, it expects to sell more oil to India and Japan to diversify its export markets. Light and intermediate crude imports could start as early as this year to improve production of higher-value refined products like gasoline, Jose Manuel Carrera, CEO of its P.M.I. Comercio Internacional oil trading arm, said, the Chicago Tribune reports.

MOREOVER

Chile hits the start button on innovation Globe and Mail

Argentina debt upgraded by Bank of America Corp. Bloomberg

Chile ready to show its consolidated video game industry at GDC 2014 Emag

New law to create investment-friendly Cuba Ninemsn

Brazil energy rationing risk real and rising: BTG Pactual Bloomberg

Foreign firms in Argentina: Hostages in a consumer boom Forbes

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