Panama’s economy grew by 5.9% in the third quarter of the year, and grew by 6.1% in the first 9 months of year to September, compared with the same period in 2004. The growth was driven by the country’s booming re-export business, and the soaring export business through the Panama Canal.
Category: Regions
Posted inDaily Brief
Citibank Colombia To Issue $250 Million Bonds (1)
Citibank Colombia is to issue peso-denominated bonds worth $250 million. As at the end of October Citibank Colombia had assets worth $1.48 billion; earnings for the year to October were up 18.3% on 2004 to $41.9 million.
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Colombia Deficit Drops
Colombia’s central government deficit fell slightly in the first nine months of the year compared with last year. The deficit fell from 2.9% of GDP in 2004 to 2.8% of GDP. The government had targeted a deficit for the year of 5.5%, something it now expects to beat. It said the deficit drop was thanks to higher tax revenues and more efficient spending.
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Bolivia: Morales Wins Presidential Elections
Exit polls in Bolivia indicate that the left-wing cocalero candidate Evo Morales has won 51% of the vote, beating ex president and conservative candidate Jorge Quiroga, to become the country’s first indigenous leader. Morales’ first-round win will enable him to assume the presidency in January, instead of leaving Congress to select a president. The interim president, Eduardo Rodriguez, has called these elections a test of the country’s democratic system. Morales, who has been publicly supported by Venezuela’s President Hugo Chávez, is not seen to be friendly towards foreign investors or the US.
Posted inDaily Brief
Peruvian Economy Grows 7.21% In October
Peru’s economy expanded 7.21% in October compared with the same month in 2004, driven by a strong mining sector (up 15%). GDP grew by 6% between January and October, compared with the first 10 months of last year, and in line with the government’s forecast for annual growth this year.
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Exclusive – Interview with Evo Morales
Bolivians go to the polls on Sunday and the favorite to win is Evo Morales, left-wing cocalero leader and ally of Hugo Chávez. What would a Morales victory mean for Latin America as the region gears up for a busy electoral year in 2006? Read LatinFinance’s exclusive interview with Morales. Please visit http://www.latinfinance.com/default.asp?Page=14&PUB=26&ISS=20977&SID=603453 to read it now.
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Petroecuador Ponders Securitization
Ecuador’s state-owned Petroecuador is considering securitization plans to allow the company to issue securities via the country’s two stock exchanges in a bid to raise much-needed investment capital. The company needs to find around $163 million to fund two oil projects to increase productivity and is unable to attract private investment due to resistance by Congress to pass necessary reforms. If the plans get the green light, the securities would be offered via the local exchanges in the next six months.
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Telmex Wins Chilean Telecoms License
Mexican telecoms company Telmex, owned by billionaire businessman Carlos Slim, has won a concession to operate a fixed wireless service – or WiLL — in Chile countrywide. Another license winner was VTR Banda Ancha, owned by Liberty Media, which won a regional concession. The first wireless license in Chile was awarded to local operator Entel, the country’s largest long-distance provider. Telefónica CTC Chile, owned by Telefónica de España, and MIC Chile were also interested in the licenses.
Posted inDaily Brief
Santander Sells Up In Bolivia
Spanish bank Santander has sold its affiliate company in Bolivia – Banco Santa Cruz — to local financial institution Bisa in a deal estimated to be worth $38 million. Santander bought Banco Santa Cruz in 1998.
Posted inDaily Brief
Mexican Production Rises In October
Mexican production in October rose 2.6%, a recovering from the 1% rise seen in September, but below analysts’ forecasts of 3.3%.