EXCLUSIVE China-Latin America trade: End of good times
Year over year trade with China is slowing
Recent statistics show that the good old days of Latin America's booming trade with China are gone. During the region's 'Golden Decade', from 2000 to 2011, trade with China grew 2,310 percent, from $10 billion to $241.5 billion. But last year, bilateral trade grew only 0.6 percent. But there are still some success stories in the region, Latin Business Chronicle reports.
Peru's President to push package of reforms
Aim is to stimulate growth and encourage investment
Peru's President Ollanta Humala (left) said that he will soon send Congress a package of reforms to stimulate slowing economic growth that will include changes to the tax system. Humala offered few details on the measures but said they would also cut red tape and generally encourage investments in mining, energy and other sectors, Reuters reports.
Standard & Poor's raises Paraguay's rating
Government steps to boost investment will fuel growth, says firm
Paraguay's credit rating was raised one level to BB by Standard & Poor's, two steps below investment grade. The firms said that the steps the Paraguayan government is taking to boost investment will fuel growth. After taking office last year, President Horacio Cartes said he would seek to increase infrastructure and agriculture investments in the country, Bloomberg reports.
Moody's sees Colombia rating upgrade
Country's growth stands out in the region, analyst says
Moody’s Investors Service sees “various trends” pointing to an upgrade of Colombia’s credit rating, according to senior analyst Mauro Leos. Colombia is comparable in many respects to countries that have a slightly higher rating, and its growth stands out from others in the region, Leos added. Moody’s currently rates Colombia Baa3, the lowest level of investment grade, Bloomberg reports.
Mexico begins debate on massive oil overhaul
Schedule of debate during the World Cup sparks political storm
Mexico's senate began discussions Tuesday on enabling legislation to implement historic constitutional reform opening the country's oil industry to foreign investment for the first time since 1938. President Enrique Peña Nieto (right) had already signed the measure after it was approved by Congress and ratified by a majority of states, but lawmakers must now pass secondary laws to implement it. That process began Tuesday with the energy and legislative affairs committees holding an extraordinary session, Business Insider reports.
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