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Latin America Business News

January 2013 Archives

Spain’s Economy Contract 1.3%, Unemployment Hovers Around 26%

Spain’s Economy Contract 1.3%, Unemployment Hovers Around 26%

The Spanish economy contracted 1.3 percent in 2012, with the recession intensifying in the last quarter of the year and the gross domestic product falling 0.60 percent, compared to the previous quarter, while the unemployment rate neared 26 percent, the Bank of Spain said Wednesday. continue reading »

Banco Santander’s Emilio Botin Says He’s Only Looking to Buy in Brazil, Not Sell

Banco Santander’s Emilio Botin Says He’s Only Looking to Buy in Brazil, Not Sell

Banco Santander chairman Emilio Botin denied Tuesday that he is selling his company's assets in Brazil and said his bank is only interested in "buying" in the continue reading »

Latin America News: Peru Peasants Protest Canadian Mining Project

Latin America News: Peru Peasants Protest Canadian Mining Project

More than 200 peasants staged a protest against Canadian mining firm Candente Copper and blocked roadways in CaƱaris, a district in northern Peru, to demand that the company cease activities in the zone, police said. continue reading »

Spain Did Not Meet 2012 Deficit Goals EC Assumes

Spain Did Not Meet 2012 Deficit Goals EC Assumes

The European Commission said in a report issued Tuesday that it was assuming that Spain did not achieve the goal of reducing its public-sector deficit to less than 6.3 percent of the gross domestic product in 2012. continue reading »

Carlos Slim’s America Movil to Buy CIE Media

Carlos Slim’s America Movil to Buy CIE Media

Mexico City-based wireless giant America Movil has agreed to buy the media and advertising division of Corporacion Interamericana de Entretenimiento for nearly 1.7 billion pesos ($132 million), CIE said Monday. continue reading »

Spain: Prime Minister Orders Audit of Popular Party’s Accounts

Spain: Prime Minister Orders Audit of Popular Party’s Accounts

Spanish Prime Minister Mariano Rajoy said Monday he has commissioned an external audit of the governing Popular Party's accounts, an inspection that will complement a forthcoming internal audit. continue reading »

Latin America News: Mexican Sugar Growers Protest, Want Lower Priced Imports

Latin America News: Mexican Sugar Growers Protest, Want Lower Priced Imports

Mexican sugar growers occupied sugar warehouses across the country Monday to demand a reduction in fructose imports, the CNC peasant confederation said. continue reading »

Adsmovil and RedMas Merger Creates Largest Mobile Ad Network in the Americas

Adsmovil and RedMas Merger Creates Largest Mobile Ad Network in the Americas

The Cisneros Group of Companies today announced the creation of the largest mobile ad network serving the Americas by merging the mobile business of RedMas, Cisneros' digital media unit continue reading »

Spain’s Largest Banks Hit Record High for Bad Loans

Spain’s Largest Banks Hit Record High for Bad Loans

The proportion of non-performing loans held by Spain's large banks, regional savings banks, or "cajas," and other lending institutions hit a new record high of 11.38 percent in November. continue reading »

Latin America News: Colombian Rebels Kidnap Gold Mine Employees

Latin America News: Colombian Rebels Kidnap Gold Mine Employees

Colombia's ELN guerrilla group abducted five employees from a gold mine in the northern province of Bolivar, the armed forces commander said Friday. continue reading »

U.S. Economic Delegation Travels to Mexico

U.S. Economic Delegation Travels to Mexico

A U.S. delegation will travel to Mexico City, Mexico, January 22-24, 2013, to discuss further strengthening the U.S.-Mexico bilateral economic relationship and increasing trade and the creation of jobs in both countries. continue reading »

Mexico’s PEMEX and MexiChem Form Joint Venture Valued at $556 Million

Mexico’s PEMEX and MexiChem Form Joint Venture Valued at $556 Million

State oil monopoly Petroleos Mexicanos' board of directors has approved a joint venture with private Mexican petrochemical company Mexichem that involves capital injection and asset integration totaling $556 million. continue reading »

Spainish Companies’ Investment in U.S. Up More Than 300% Since 2006

Spainish Companies’ Investment in U.S. Up More Than 300% Since 2006

Investment by Spanish companies in the United States has more than tripled since 2006 to $50 billion, Washington's envoy to Spain said here Thursday. Ambassador Alan D. Solomont also took the opportunity to e continue reading »

Puerto Rico Gov. Garcia Padilla Remains Committed to Creating 50,000 New Jobs

Puerto Rico Gov. Garcia Padilla Remains Committed to Creating 50,000 New Jobs

Puerto Rico Gov. Alejandro Garcia Padilla reiterated his commitment to create 50,000 new jobs in the next 18 months. continue reading »

New Energy Grid Will Eliminate Electricity Rationing in Brazil

New Energy Grid Will Eliminate Electricity Rationing in Brazil

Brazil's MPX Energia power company, controlled by billionaire Eike Batista, will soon add 680 MW to Brazil's energy grid with two new thermoelectric power plants and allow the government to avoid electricity rationing, the magnate said. continue reading »