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Latin America Business News

Spain’s Bankia Bank has Value of -$5.49 Billion

Spain’s Bankia Bank has Value of -$5.49 Billion

Bankia, which was nationalized in May at its own request, has a negative value of 4.148 billion euros ($5.49 billion), Spain's state-backed FROB bank restructuring fund said Wednesday. continue reading »

Spain’s Luxury Goods and Services Sector Up 15 Percent from 2011

Spain’s Luxury Goods and Services Sector Up 15 Percent from 2011

Spanish firms offering luxury goods and services will end the year with total sales of 4.79 billion euros ($6.3 billion), up 15 percent over 2011. continue reading »

Mexico Sets Oil Price at $86 per Barrel in 2013

Mexico Sets Oil Price at $86 per Barrel in 2013

The government has purchased options to cover crude exports at a price of $86 per barrel and ensure it meets the targets set in the Revenue Law, the Mexican Finance Secretariat said. continue reading »

Mexico’s Unemployment Rate Climbs to 5.12 Percent, Majority Working in Service Sector

Mexico’s Unemployment Rate Climbs to 5.12 Percent, Majority Working in Service Sector

Mexico's unemployment rate stood at 5.12 percent in November, up from 4.97 percent in the same month of 2011, the National Institute of Statistics and Geography, or INEGI, said Friday. continue reading »

Pacific Rubiales Reaches Daily Production Goal of 280,000 Barrels in Colombia

Pacific Rubiales Reaches Daily Production Goal of 280,000 Barrels in Colombia

Canadian oil company Pacific Rubiales Energy said Wednesday it has reached its 2012 production target of 280,000-285,000 barrels of crude per day in Colombia despite licensing delays. continue reading »

Latin America News:  Brazil’s Petrobras Finds Oil Reserve in Colombia

Latin America News:  Brazil’s Petrobras Finds Oil Reserve in Colombia

State-controlled oil giant Petrobras said it found oil in a well in the upper basin of the Magdalena River in Colombia's Tolima province. continue reading »

Gap Announced PLan to Open First Store in Brazil

Gap Announced PLan to Open First Store in Brazil

Tuesday, Gap Inc. announced plans for the first stand-alone Gap stores in Brazil as part of the company’s continuing global expansion strategy. Gap Inc. signed an agreement with Tudo Bom Comércio Ltda. for the planned opening of the first stores in the fall of 2013. continue reading »

Mexico’s PEMEX Hits High Oil Production Levels in 19 Months

Mexico’s PEMEX Hits High Oil Production Levels in 19 Months

State-owned oil giant Petroleos Mexicanos, or Pemex, said production hit 2.57 million barrels per day (bpd) of crude in November, the highest level in the past 19 months. continue reading »

Donald Trump to Build Trump Towers Complex in Rio de Janeiro

Donald Trump to Build Trump Towers Complex in Rio de Janeiro

U.S. magnate Donald Trump will invest in the construction of a residential and office complex in the run-down port zone of Brazil's second-largest city, his business conglomerate announced Tuesday. continue reading »

“IPHONE” Launched in Brazil, Manufacturer Says He Owns Name

“IPHONE” Launched in Brazil, Manufacturer Says He Owns Name

The Brazilian electronics manufacturer IGB Eletronica on Tuesday launched a line of smartphones it is calling the "IPHONE," claiming that it owns the intellectual property rights to that name in this country. continue reading »