Citigroup reports second fraud at Banamex
Citi and Mexican bank regulator find $30 million in bad loans
Citigroup reported a second fraud at its Mexican unit Banamex. Citigroup and Mexico's bank regulator, CNBV, found some $30 million in fraudulent loans to a second company during a wider investigation over $400 million in bad loans to oil services company Oceanografia discovered in February, The Chicago Tribune reports.
Pimco turning bullish on Brazil's bonds
Investors ignore country's long-term strength, says deputy chief investment officer
Pacific Investment Management Co., which manages the world’s largest bond fund, is turning bullish on Brazil’s debt markets, saying investors are ignoring the country's “long-term strength”. Inflation-adjusted yields are among the highest in the world, Mark Kiesel, deputy chief investment officer at Pimco, said after a trip to Brazil. “The global credit team left Brazil more bullish, a significant change from the past few years,” he added, Bloomberg reports.
Peru's gold exports seen reaching $9 billion in 2014
Andean nation to benefit from improving international price of gold
Peru's gold exports are expected to reach $9 billion this year as the international price of the metal is set to improve, according to the National Society of Mining, Petroleum and Energy, SNMPE. The price of gold is expected to rise during the second half of the year. “Within this environment, exports from this sector could match the amount recorded in 2012, thus surpassing $ 9 billion,” SNMPE head José Miguel Morales said, Peru this Week reports.
Colombia's Juan Valdez revives public offering plans
Company seeks IPO in 2016 after two more years of profit
Colombia's flagship coffeehouse Juan Valdez is planning an initial public offering after two more years of profits as it competes with Starbucks in the U.S. and other markets in the region. The chain reported its first annual profit last year. If results remain positive, it will look to undertake an initial public offering in 2016, said Hernan Mendez, president of Procafecol, the company that controls Juan Valdez, Bloomberg reports.
Casino's first quarter sales slow down in Brazil
Emerging markets account for 60 percent of French retailer's sales
French retailer Groupe Casino said its first quarter sales slowed after a more subdued performance in Brazil, its top market. Casino, which makes 60 percent of its sales in emerging markets and controls Brazil's top retailer, Grupo Pao de Acucar, said first-quarter group sales reached $15.6 billion, Reuters reports.
Fitch reaffirms Brazil's credit worthiness Forbes
Carlyle Group looking for investment opportunities in Brazil Wall Street Journal
Obama plans to host President of Uruguay next month ABC News
Chile fire in Valparaiso kills 12 and forces thousands to evacuate BBC
In Mexico, you can pay taxes with art Washington Post