Meanwhile, President of Venezuela, Hugo Chávez, says he is looking towards Mercosur and not the Community of Andean Nations (CAN) for the future direction of the country. Chávez has criticized the member nations of CAN – Colombia, Ecuador, Peru and Bolivia – for seeking a free trade agreement with the US while describing the leaders of the Mercosur countries as “the five musketeers”.
Category: Regions
Posted inDaily Brief
Colombia Raises Growth Forecast
Colombia has raised its forecast for economic growth in 2005 to between 4.5% and 4.7% from 4%. The higher projections have been driven by growing demand for credit and a greater volume of exports.
Posted inDaily Brief
Peru’s Flores Strengthens Lead
Lourdes Flores has strengthened her lead in the polls to win next April’s presidential elections in Peru. Her lead of 27% last month was up one percentage point in the most recent survey of voters, followed by former presidents Alan Garcia and Valentin Paniagua, now both at 17%.
Posted inDaily Brief
Grupo Banistmo To Buy Banco Salvadoreño
Panamanian investment bank, Grupo Banistmo, says that it plans to invest $145 million in buying 60% of Banco Salvadoreño of El Salvador. It says it is also looking to invest in Guatemala.
Posted inDaily Brief
Mexican Production Slows
Mexico’s industrial production rose only 1% in September, down from 2.1% in August and below analysts’ forecast of an average 2%. Economists expect the Central Bank to lower the benchmark lending rate at a meeting later this month.
Posted inDaily Brief
Mexico Offers Bond Swap
Mexico is offering to swap dollar-denominated securities for peso securities as part of its strategy to move more of its debt into the domestic market. Investors will be offered three local-currency bonds: maturing in 2011, 2014 and 2024 in exchange for any of the 14 dollar bonds specified by the government. The sale is being managed by JP Morgan Chase & Co and Credit Suisse First Boston.
Posted inDaily Brief
Colombian Court Clears Way For Uribe Reelection Bid
The Constitutional Court of Colombia has confirmed that President Alvaro Uribe can stand for reelection next year after it found in favor of the electoral guarantees law. The ruling had been widely expected and was the final step in a process that began last year when Congress approved a change in the country’s constitution allowing Uribe to stand for another four years.
Posted inDaily Brief
Colombian Market Hits Record High
The Colombian share market hit an all time high Friday, with the general share index reaching 8.083,79. Prices were driven up by large volumes of trading – in particular stocks of local brewer Bavaria – and in anticipation of a positive ruling by the Constitutional Court (since handed down) to allow President Alvaro Uribe to stand for reelection next year.
Posted inDaily Brief
Mexico Annual Inflation Hits Record Low
Mexico’s inflation in the 12 months to October dropped to 3.05% from 3.51% in September, reaching a record low annual rate. The monthly rate was 0.25%, just below the average of 0.26% forecast by analysts. This was down from 0.4% monthly inflation in September.
Posted inDaily Brief
Peru EnerSur To Float
Peruvian electricity producer EnerSur, owned by French group Suez, plans to float between 5% and 28% of its stock on the local stock exchange before the end of the month. EnerSur is Peru’s fourth-largest energy provider, representing 8% of the market. It provides electricity under a long-term contract to Southern Peru Copper Corporation.