The US trade deficit with Mexico widened to $4.8 billion in June, up from $4.5 billion in May, largely as a result of rising oil prices. Mexican exports to the US stood at $14.9 in June, a record-high high, while US exports to Mexico stood at $10.1 billion. The US trade deficit with Mexico stood at $24.5 billion in the six months through June.
Category: Daily Brief
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Wilson Ferreira, Jr., CEO, CPFL Energia
to join discussions at Brazil – The Way Forward, The 3rd Brazil Investment Forum in Rio de Janeiro, 31 Aug – 1 Sep 2005. Apply for your invitation today at www.latinfinance.com/brazil
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America Movil Buys TIM Peru
Mobile telecommunications giant America Movil, owned by Mexican tycoon Carlos Slim, bought Peruvian mobile telecom operator TIM Peru for $505 million. The deal comes on the heels of America Movil´s purchase of Chilean mobile phone operator Smartcom earlier this month. American Movil bought BellSouth´s mobile assets in Latin America last year for $5.85 billion.
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Brazil: Wage Bill Moves Forward
A 48 percent minimum wage increase approved by Brazil’s Senate would tack on $6.8 billion to government spending this year and $12.3 billion next year, according to the country´s Budget Ministry. Budget Minister Paulo Bernardo Silva will recommend President Luiz Inacio Lula da Silva veto the increase should the proposal garner final congressional approval in the lower house, a ministry spokesman said.
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CSN Cuts Sales Forecast
Companhia Siderurgica Nacional, Brazil’s third-largest steelmaker, cut its sales forecast 5.7 percent this year as higher interest rates reduce domestic sales. Sales will total 5 million metric tons this year, down from an earlier estimate of 5.3 million tons, according to company estimates. CSN also delayed a decision on whether to invest $2.5 billion to build a new blast furnace.
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Pedro de Andrade Faria, Managing Partner of Tarpon Investimentos
to join discussions at Brazil – The Way Forward, The 3rd Brazil Investment Forum in Rio de Janeiro, 31 Aug – 1 Sep 2005. Apply for your invitation today at www.latinfinance.com/brazil
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Pinochet´s Wife, Son Indicted
Lucia Hiriart, the wife of former Chilean dictator Augusto Pinochet, and Marcos Antonio, Pinochet´s youngest son, were indicted as accomplices to income tax evasion and other charges brought against the ex-military leader. The two were charged with participating in the creation of false bank accounts in Chile and in foreign countries, theft and falsification of public documents and passports, and the acquisition of jewels and other luxury items with special “reserve” presidential funds. Augusto Pinochet, while continuing to deny wrongdoing, said that if laws were broken he alone should be held responsible.
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Unibanco´s Profit Jumps
Uniao de Bancos Brasileiros, Brazil’s third-biggest private bank, said second-quarter profit rose 49 percent to $198 million as lending increased. Brazilian banks are reporting a surge in profit as a growing economy fuels demand for credit while interest rates, at their highest since October 2003, boost returns on loans.
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Venezuela´s Rating Raised
Standard & Poor’s raised Venezuela’s long-term foreign currency debt rating one level to B+. S&P said growing international reserves from oil income lowered the risk of a default. The economy grew 7.9 percent in the first quarter and 18 percent last year as international reserves surged to $30.4 billion this month from $11 billion in January 2003. S&P´s B+ rating is four levels below investment grade.
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CORRECTION:
In Friday’s LatinFinance Daily Briefing we incorrectly reported that Mexican cellphone operator América Móvil had bought BellSouth´s mobile assets in Latin America for $5.85 billion last year. In fact, BellSouth sold to Spain’s Telefónica. We apologize for the error.