South Africa’s mining company AngloGold Ashanti is to invest $14.3 million in various mining projects in Colombia. The world’s third-largest gold producer is hoping to discover gold and copper in 12 exploratory sites in the country.
Category: Regions
Posted inDaily Brief
Colombia Buys Back Local Bonds
Colombia will buy back up to $315 million of peso-denominated debt tomorrow, Tuesday July 11, as part of the government’s plan to buy up to $985 million worth (2.5 trillion pesos) of the debt over the next three months. The bonds are due to mature in 2020. Last week the government bought back $192 million worth of TES slated to mature on July 25. The move is aimed at increasing liquidity in the domestic bond market and improving the yield curve.
Posted inDaily Brief
AMLO Rallies Crowds
The loser of last Sunday’s Mexican presidential elections, Andrés Manuel López Obrador (AMLO), rallied thousands of supporters in Mexico City at the weekend to demand a manual recount of the votes. AMLO believes a vote-by-vote recount will find him victorious against rival ruling party candidate, Felipe Calderón, who has been declared the winner. AMLO has until July 10 to file a complaint with the electoral court which must then settle all claims by end-August in order to declare the next president by September 6.
Posted inDaily Brief
OLA To Decide
Colombia Móvil, known as OLA, the country’s third-largest mobile phone company, owned by Colombia’s two largest telcos – Empresa de Telecomunicaciones de Bogotá (ETB) and Empresas Públicas de Medellín (EPM) – says it will pick from one of three strategic partners on August 3. The three companies interested in OLA are Luxembourg-based Millicom, Caribbean-based Digicel Group and Chile’s Entel.
Posted inDaily Brief
Mexico Inflation Below Forecast
Mexican consumer prices rose only 0.09% last month, below economists’ forecasts and took annual inflation to 3.18% as at the end of June. However, core inflation rose 0.33%, slightly above average predictions. Continuing election uncertainty may mean the Central Bank may wait to cut interest rates further.
Posted inDaily Brief
Peru Holds Rate Steady; Growth Cools
Peru’s Central Bank left the benchmark interest rate unchanged at 4.50% for the second month in a row, in line with market expectations. Meanwhile, preliminary figures showed economic growth for the first half of the year slowed to 6%, down from 6.8% recorded in the first quarter.
Posted inDaily Brief
Palacio Appoints New Economy Minister; Trade Minister Returns
Ecuador’s president, Alfredo Palacio, has appointed Armando Rodas as the country’s new economy minister to replace Diejo Borja following a reshuffle of ministers on Friday. Rodas is a lawyer and former deputy economy minister. Borja, who had only been economy minister for six months, played a key role in implementing the controversial oil reform law. The same cabinet reshuffle saw the reinstatement as foreign trade minister of Jorge Illingworth who had been replaced at the end of May by Joaquín Zevallos.
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Costa Rica Rejects Parlacen, Again
Costa Rica’s government has chosen to keep the country out of the Central American parliament, Parlacen, saying it is a costly institution that brings no benefit. Guatemala, which plays host to Parlacen, had asked the new government of Oscar Arias to reconsider the country’s decision to remain out of the parliament. Costa Rica has earned criticism from its neighbors and has been accused of isolationism for its stance. Permanent members of the parliament are Dominican Republic, El Salvador, Guatemela, Honduras, Nicaragua, Panama.
Posted inDaily Brief
Colombia Names UIAF Head
Mario Aranguren has been named head of Colombia’s financial intelligence unit (UIAF), a section within the ministry of economic affairs responsible for investigating suspicious financial operations. Aranguren is currently serving as Colombia’s consul in Curaçao and was formerly head of Colombia’s customs agency, DIAN.
Posted inDaily Brief
Calderón Scrapes Home
Felipe Calderón, Mexico’s ruling party candidate, has scraped home to win the presidential election. Following Wednesday’s recount, the pro-business, PAN party leader won the backing of 35.88% of the electorate against 35.31% earned by his nearest rival, left-of-center Andrés Manual López Obrador (AMLO). However, AMLO has said he will challenge the result. The electoral court must settle any challenges by the end of August and must announce a new president by September 6.