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Latin America Business News

July 2010 Archives

Colombia’s State-Controlled Ecopetrol Announces 137% Earnings Increase

Ecopetrol, Colombian state-controlled oil company and the world 4th largest oil producer, announced net earnings increase of 137% for its second quarter of operations. continue reading »

New Regulations Limit Mexican Bank Fees and Commissions

Mexico’s central bank, Banxico, announced new policies on bank fees and commissions charged for banking transactions occurring in Mexico. The sweeping reform, due to take effect in early August, will curtail overdraft fees, minimum account balance fees and eliminate fees for late payments on loans and fees charged for not using a credit card. continue reading »

Brazil Hikes Key Rate 50 basis points to 10.75%

Brazil's central bank late Wednesday raised its key interest rate to 10.75% from 10.25%, falling short of analysts' expectations. The Brazilian Central Bank in a statement cited a softening risk of inflationary pressures as the motivation behind the rate hike. Analysts had widely expected the central bank to raise the key Selic rate by 75 basis points, to 11%, but recent reductions in inflation figures and expectations prompted market players to price in the possibility of a rate hike of 50 basis points. The central bank had raised the key rate by 75 basis points in May and again in June. continue reading »

Chile’s LAN Airline Spends $4.1Billion on New Airbus Planes

Chile's LAN Airlines announced it will buy 50 Airbus planes as part of a deal worth $4.15 billion starting in 2012 through 2016. LAN will buy A319, A320 and A321 aircraft that seats 210. The new airplanes will modernize the current fleet and introduce more fuel efficient planes and are designed with advanced technology all to help diminish the effects of global warming and lower noise levels. continue reading »

Argentina and China’s Billion-Dollar Friendship

The government of Argentina and China are expected to announce later today that they have signed an unprecedented $10Billion trade and investment agreement further linking the unlikely amigos together. continue reading »

Mexican Tourism Revenue On The Rise

Tourists are coming back to Mexico when compared to travel figures from same time last year generating $5.56Billion for the country and the good news is expected to continue for the rest of the year. continue reading »

Chávez Faces Resistance to the Nationalization of the Largest Food Manufacturer

Polar, the Venezuelan version of Kraft or Procter & Gamble is the president's next expropriation victim. continue reading »

Volkswagen Announces $1Billion Investment in Mexico

European auto manufacturer, Volkswagen (VW), has announced it plans on investing $1Billion over the next 3 years in its existing Mexican operations. continue reading »