Bachelet at 100 days: Has she delivered?
Chilean leader promised 50 reforms in her first 100 days
On Thursday this week, Chilean President Michelle Bachelet will complete her first 100 days in office. On the campaign trail, Bachelet promised 50 reforms in her first 100 days - an ambitious agenda in a country known for its political moderation and stability. LBC asks Alfredo Coutiño, Director for Latin America at Moody’s Analytics, and Patricio Navia, a professor of political scientist at New York University and Chile’s Universidad Diego Portales, to see how Bachelet has performed so far.
American Airlines cuts flights to Venezuela
Carrier to cut 80 percent of its flights to South American country
American Airlines says it is cutting almost 80 percent of its flights to Venezuela from next month. From July 2, American will operate only 10 flights per week instead of the current 48. The move comes as part of a continuing dispute over the repatriation of revenue due to tight currency controls in the South American country. American said it would only fly to Venezuela from Miami, suspending its flights from New York, Dallas and Puerto Rico, the BBC reports.
Standard & Poor's cuts Argentina rating to CCC-
Country is now nine levels below investment grade
Argentina’s credit rating was cut two levels by Standard & Poor’s after the U.S. Supreme Cour declined to hear the country’s appeal of a ruling that may prompt a default. Standard & Poor's lowered the country’s rating to CCC-, nine levels below investment grade and the lowest rating for any nation that’s currently assessed by the company, Businessweek reports.
New Zealand seeks stronger trade with region
Trade Minister Tim Groser seeks more ties with Pacific Alliance
New Zealand Trade Minister Tim Groser (left) will seek to build economic links with Latin America when he attends the Pacific Alliance Summit meeting in Mexico this week. "My focus at the summit will be to explore ways to deepen New Zealand's economic engagement with the Pacific Alliance. In the margins of the summit I will meet with my trade counterparts from around Latin America," Groser said, the GlobalPost reports.
Ecuador sells $2 billion in return to bond market
Nation issues 10-year dollar denominated securities to yield 7.95 percent
Ecuador, banished from international capital markets since bailing on obligations in 2008 and 2009, sold $2 billion of bonds Tuesday after rebuilding its credibility with investors. The nation issued the 10-year dollar-denominated securities to yield 7.95 percent. Five years after President Rafael Correa called creditors “true monsters” when he defaulted on $3.2 billion of notes, he returned to the bond market to help plug a budget gap that’s set to swell to a record this year, Bloomberg reports.
Chile corporate credit scenario has deteriorated Reuters
Ecopetrol and Pacific Rubiales slump as Colombia oil outlook dims Bloomberg
Colombia reports hotel industry growth Yahoo Finance
Foreign direct investment in Chile grows 82 percent Forbes