Brazil’s Duratex bets on Colombia
Duratex’s $57m purchase of a stake in Tablemac of Colombia might be a tiddler of a deal, but it nicely underscores the Andean nation’s growing appeal to foreign investors.
With a population of more than 46m and an economy set to grow at between 4 per cent and 6 per cent this year, Colombia is looking especially good for consumer service companies. Continue reading »
Suitors line up for HSBC LatAm assets
HSBC’s decision to sell off its retail units in Colombia, Peru, Uruguay and Paraguay is welcome news to bankers looking for a foothold in some of the world’s more attractive prospects.
Colombia’s GNB Sudameris appears to already have the jump on rivals for HSBC’s affections, however, with local reports suggesting it is in advanced talks and may have even already clinched a deal. Continue reading »
Santos in China: no time wasted
Oil pipeline? Check.
Feasibility study for a bilateral trade agreement? Check. Plan to build railway alternative to the Panama Canal? Check.
Juan Manuel Santos, Colombia’s president, didn’t waste any time shaking off jetlag after landing in Beijing on a mission to strengthen diplomatic and trade ties. Continue reading »
Colombia and Peru: courting Asia
The presidents of two of Latin America’s fastest growing economies are pressing the flesh in Asia this week, emphasising once again the gathering pace and importance of “south-south” trade amid gloom in the United States and Europe.
In China on Tuesday, Juan Manuel Santos of Colombia touched down for a five-day swing aimed at smoothing the way for a trade pact and greater Chinese investment in Colombian mining and agriculture. Continue reading »
A drug lord surrenders, a filip for Colombia
Monday’s surrender of one of Colombia’s most powerful suspected drug traffickers is good news for the country, one of Latin America’s rising star economies.
Jose Antonio Calle, alleged head of “the Rastrojos” gang, had a $5m bounty on his head when he handed himself into US drug enforcement agents in Aruba. Continue reading »
Morales: not as radical as you think
Is Bolivian president Evo Morales the poster boy for Latin America’s extreme left? Or for orthodox macroeconomic management?
Morales, a charismatic former coca union leader who swept to power in 2006 on promises to rebalance centuries of inequality, can do fiery rhetoric as well as his leftist allies Rafael Correa of Ecuador and Hugo Chavez of Venezuela. But just as Morales swapped his bobbly batwing jumpers for tailored suits with an indigenous fabric trim, has he taken a more conservative line when it comes to Bolivia’s bottom line?
Many economists would say yes. Continue reading »
Colombia: The potential of Mila
Mila, the Andean stock exchange tie-up that harmonises electronic trading between the Chilean, Colombian and Peruvian bourses, has been something of a slow burner.
The project, which creates Latin America’s second biggest market after Brazil by market capitalisation, has delivered lacklustre volumes after debuting amid global economic gloom and lingering regulatory and tax complications. But another financial sector tie-up announced on Tuesday shows it still has legs. Continue reading »
With Ecuador’s cocoa crop coming in at about 4.5 per cent of world production, a miserable growing season is never going to rock the global market.
But given that Easter is upon us and Ecuador is the world’s biggest supplier of fine aroma cocoa, chocolate aficionados should spare a thought for the country’s farmers. Continue reading »
Peru follows Chile to China
Where Chile has led, Peru will follow. Credicorp, Peru’s biggest banking group, said on Thursday it would buy 30 per cent of The Foodlinks, a Chilean B2B outfit that markets fruit, vegetables, wines, processed foods and other food products to Chinese importers.
Credicorp said it would use the investment to roll out The Foodlinks’ business model in Peru. Continue reading »
Colombia: free market cheerleader
Few politicians in Latin America have the flair of Colombia’s finance minister, Juan Carlos Echeverry, when it comes to making a point. Opening up an economy is “as painful as giving birth”, Echeverry told Reuters recently.
The fact that Brazil and Argentina remain oblivious to Echeverry’s point, sticking uncompromisingly with protectionism, is an irritation for many in the region.
Colombia’s richest man buys Time
Now that Colombia’s richest man has clinched a majority stake in the country’s biggest daily newspaper, El Tiempo, speculation about his plans has hit a feverish note.
Luis Carlos Sarmiento (pictured left), whose $10.5bn fortune was built on construction and financial services under the Grupo Aval banner, is buying a 55 per cent stake in El Tiempo from Planeta, of Spain. Continue reading »
Newmont ups the ante in Conga dispute
Newmont’s decision to cut 6,000 jobs at its stalled $4.8bn Conga gold and copper mine has given the project’s home base of Cajamarca a taste of what it stands to lose if the company walks away.
The mine, Peru’s biggest single investment, has been on hold since protesters blockaded Cajamarca in November over concerns about water supply. Continue reading »
Ecuador’s $1.7bn deal with China-backed Ecuacorrientes to kickstart the country’s nascent mining sector is a political win for president Rafael Correa. It is also an awkward precedent for investors mulling mining investments in the Andean nation.
Correa has secured extremely favourable terms for the exploitation of the Mirador copper deposit, Ecuador’s first large-scale mining project. Continue reading »
Ecuador’s love affair with China’s deep pockets shows no sign of slowing.
Rafael Correa, the leftist president, told reporters in Quito on Thursday the Opec oil-producing nation was dropping a planned international bond issuance this year in favour of a $1.7bn loan from China that is currently being negotiated. Continue reading »
Conga dispute: moving forward
Peru’s long-running Conga mine dispute inched forward on Tuesday with the naming of two Spanish engineers to oversee an independent review of the $4.8bn copper mine project.
The biggest single investment in Peruvian history has been stalled for more than two months after anti-Conga protestors blockaded the provincial capital of Cajamarca for 11 days. The government is hoping it can restart the project after the review. Continue reading »
| About this blog | Headlines email | Blog guide |
| Regulars | Series | Archive |
Older entries
Stefan Wagstyl
Josh Noble
Rob Minto
Pan Kwan Yuk
Jonathan Wheatley
Heba Saleh