Colombia’s Grupo Empresarial Antioqueño has been busy streamlining its corporate structure and making itself more attractive to investors.
Category: Regions
Posted inMagazine
A Red Flag
For 17 years, we at LatinFinance have given our “Man of the Year” award to individuals whose achievements are examples to emulate, such as Andean Development Corporation president Enrique García […]
Posted inDaily Brief
Colombia-US Iron Out Free Trade Deal
Colombia and the US have agreed final terms of a free trade deal following a visit by President Alvaro Uribe to Washington. The two countries managed to iron out remaining differences over agricultural exports. Colombia is forecasting a 50% growth of exports over the next three years to the US, it main trading partner. The free trade accord will see lowering of tariffs and changes in investment restrictions between the two countries. The accord still needs Congressional approval.
Posted inDaily Brief
Ryanair-IAMSA To Launch AeroBus
Irish low-cost airline Ryanair, Europe’s largest such carrier, and Mexican bus operator IAMSA are linking up to launch a no-frills airline for Mexico in September. The new airline, called AeroBus, will fly to the main cities in Mexico and will also link to some destinations in the US. The Ryan family, which owns Ryanair, has set up Ryanmex which will hold a 49% stake in the new Mexican venture. The controlling share will be held by IAMSA. The Mexican market is undergoing a revolution with the arrival of several low-cost carriers. Last year Interjet, owned by the Alemán Group, and Avolar began operations. New arrivals include Click, backed by businessmen Carlos Slim and Emilio Azcárraga, which is due to launch in March and Brazilian GOL, slated to start flying in the first half of the year.
Posted inDaily Brief
Mexico Lowers Benchmark
Banxico has cut Mexico’s benchmark lending rate by a quarter of a percentage point to 7.50%, taking it to the lowest level in nearly a year and a half. This is the seventh consecutive month the Central Bank has cut the rate, spurred on by record low core inflation figures that are close to 3%. The cut was in line with market expectations and economists anticipate further cuts to take the benchmark rate down to 7% by year-end.
Posted inDaily Brief
First Female PM For Jamaica
Jamaica is to get its first female prime minister next month when the country’s current leader, 70-year old PJ Patterson, steps down. Patterson is retiring after 14 years in office to be replaced by the newly elected leader of the ruling People’s National Party, Portia Simpson Miller. Miller, 60, minister of local government, community development and sport, beat off rival party candidate and national security minister, Dr Peter Phillips, considered to be the favorite to succeed.
Posted inDaily Brief
Colombia To Auction Enertolima
Colombia is planning to sell off state-owned regional electricity distributor Enertolima on March 15, with a minimum price set at $90 million. The government says it will sell the distributor to the highest bidder, granting a 99.9% stake. The sale had been postponed from February 15 at the request of several bidders. So far, six bidders have pre-qualified for the auction, among them Codensa, a Bogotá-based unit of Spain’s Endesa and Aguas Capital, a water and sewage company controlled by the Cuban government.
Posted inDaily Brief
Mexico To Launch New Dollar Benchmark Bond
Mexico is planning to launch a new dollar-denominated benchmark bond following a debt buyback of other foreign-currency bonds next week. The government has offered to buy back bonds with maturities ranging from 2007 to 2033, with investors allowed until March 2 to submit offers. The new benchmark bond, with a maturity of between 10 and 15 years will then be issued, possibly up to $5 billion worth, offering investors an instrument with greater liquidity.
Posted inDaily Brief
Pluspetrol To Tap Local Market
Petroleum exploration company Pluspetrol Peru Corp, says it is planning to issue local currency bonds worth up to $250 million. The company said it would likely issue a first tranche ahead of the country’s elections on April 9. Pluspetrol Peru Corp is the local subsidiary of Argentine oil company Pluspetrol. It oversees exploration and extraction in the Camisea natural gas field in southern Peru.
Posted inDaily Brief
Colombia Credit Outlook Raised
Colombia’s improving economic prospects have prompted ratings agency Standard & Poor’s to raise the country’s long-term foreign and local currency sovereign credit ratings outlook to positive from stable. “The country’s better growth prospects are largely a result of significant and sustained improvement in domestic security that has, in turn, led to renewed domestic confidence and double-digit growth in private investment, raising the
ratio of investment to GDP to above 21%,” noted S&P credit analyst Richard Francis.