Deposed Ecuadorian President Lucio Gutiérrez has arrived in Brasília, where he is expected to petition Brazil’s Justice Ministry for political asylum. Ecuador’s new government — led by former Vice-President Alfredo Palacio — originally issued an arrest warrant for the ex-president following widespread protests. The opposition denounced him as corrupt and for firing Ecuador’s Supreme Court justices.
Category: Paywall
Posted inDaily Brief
Latin America Drives InBev Sales
Sales of Belgian brewer InBev in Latin America rose 12% to 18.2 million hectoliters in the first quarter thanks to the company’s 2004 acquisition of Brazil’s AmBev. Strong sales in the region, helped push group sales up by 4.1% to 47.3 million hectoliters in the same period. Sales of AmBev’s flagship brand Brahma outpaced Stella Artois and Beck’s with an increase of more than 17% driven by rising sales in Brazil. InBev is launching Brahma around the world this year.
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Mexico: Trade Deficit Shrinks
Mexico posted a $181 million trade deficit for March, its lowest in 11 months. The country had exports worth $17.33 billion, up 4.4% year-on-year. Imports were $17.52 billion, up 4.5%. Exports of oil and oil-related products jumped 41% to $2.5 billion, while manufactured goods were worth $14.6 billion. Mexico’s total trade deficit in the first three months of 2005 came to $1.8 billion.
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PDVSA to Build Refineries
Venezuelan state-run oil giant PDVSA plans to construct three new crude oil refineries in Venezuela by 2010, including one in the northern state of Anzoategui with 400,000 barrels per day capacity. The company also plans to improve and update the rest of its refining facilities to increase output. The decision coincides with growing restrictions on foreign investment in Venezuela’s oil industry.
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Telefónica CTC Chile Profit Up
Telefónica CTC Chile, the Chilean unit of Spanish telecom giant Telefónica, posted net profit of $14 million for the first quarter, up 127% year-on-year. The company says its stronger performance was due to its success in the broadband market and ability to retain customers, which had previously been a problem for the company.
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Globo Completes Restructuring
Globo Comunicacoes e Participacoes, the unit of Brazilian conglomerate Globo that owns the group’s film and TV studios and its investments in cable television, has persuaded owners of 81 percent of $980 million of bonds to accept new bonds and cash for defaulted debt. Investors holding the remaining debt agreed to a similar swap in March. The accord, under negotiation since 2002, lets Globo avoid selling television stations put up as collateral.
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G-Mex’s Profit Jumps
Mining and metals giant Grupo Mexico (G-Mex) reported net earnings of $251 million for the first quarter of 2005, a 51 percent increase year-on-year. G-Mex’s consolidated earnings for the quarter were $1.25 billion, up 43 percent. The company is currently planning a three-for-one share split to boost its liquidity on the Mexico City stock exchange.
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Gutierrez Says Removal Unconstitutional
Former Ecuadorian President Lucio Gutierrez, speaking from the Brazilian embassy in Quito, has complained that his removal from office was unconstitutional. Congress stripped Gutierrez of power last week after massive protests erupted in Quito against alleged corruption in his administration and his recent firing of the Supreme Court. Ecuador’s new government, led by former Vice-President Alfredo Palacio, has granted Gutierrez permission to leave the country.
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Mexico: Rates Held Steady
Banco de Mexico today left the amount commercial banks must borrow overnight at higher rates unchanged at $7.2 million daily. The central bank’s board said Friday that the pace of annual growth in consumer prices slowed to 4.4 percent in March from 5.4 percent in November. Core inflation, which excludes energy and food prices, slowed to 3.6 percent from 3.8 percent.
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TFM Issues Notes
Mexican railway concessionaire TFM, a subsidiary of US railroad operator Kansas City Southern (KCS), has placed $460 million of its 9.38% senior notes due 2012. The proceeds of the sale will be used to refinance 11.8% debentures that will mature in 2009. The sale was restricted to non-US, qualified institutional buyers.