Category: Regions
Posted inDaily Brief

Televisa´s Net Rises

by LatinFinance

Mexico’s largest media company Televisa posted a net profit $119 in the second quarter, soaring 165 percent year-on-year. Revenue was up 6 percent to $734 million. The company attributed the strong results to growing revenue from its satellite TV services. Televisa had a hefty debt load of $7.1 billion at the end of June, though that figure was down over $1 billion from a year earlier.

Posted inDaily Brief

Peru: Growth Accelerates

by LatinFinance

Peru’s gross domestic product expanded 7.1 percent year-on-year in May, the fastest pace since December. Much of the growth came from non-commodities industries, as manufacturing gained 9.6 percent and construction rose 8 percent. Economy & Finance Minister Pedro-Pablo Kuczynski last week said the economy would grow 6 percent this year, compared with 5 percent in 2004.

Posted inDaily Brief

US-Mexico Trade Deficit Grows

by LatinFinance

The United States´ trade deficit with Mexico widened to $4.5 billion in May 2005, up 2 percent from April, mainly due to rising oil prices. Mexico, though not a member of OPEC, is a major global oil producer and one of the leading suppliers to the United States. In 2004 the United States´ total trade deficit with Mexico stood at $45 billion.

Posted inDaily Brief

America Movil Buys Unit

by LatinFinance

Mexican mobile phone group America Movil, owned by Mexican tycoon Carlos Slim, bought the Paraguayan unit of Hong Kong-based Hutchison Telecom in a deal that now awaits regulatory approval. Terms of the sale were not disclosed. America Movil has aggressively targeted South American markets in recent years and now boasts operations in 12 Latin American countries as well as the United States.

Posted inDaily Brief

Peru To Issue Bonds

by LatinFinance

Peru´s Minister of Finance, Pedro Pablo Kuczynski, said the country plans to place bonds worth $700 million on international markets to raise funds to help prepay its $8.1 billion debt with the Paris Club. The maturity of the bonds will range from 15 to 30 years. This week Standard and Poor´s upgraded Peru´s debt from stable to positive.

Posted inDaily Brief

SCT Files Suit

by LatinFinance

Mexico’s Secretariat of Communications and Transport filed a suit against troubled satellite operator Satmex claiming the payment of debt worth $188 million. The litigation could give the Mexican governmet, which already holds a large percentage of Satmex stock, a majority share of the company´s equity. In a move protested by US creditors Satmex recently filed for bankruptcy under Mexican law to restructure liabilities of $600 million.

Posted inDaily Brief

Peru’s Debt Outlook Raised

by LatinFinance

Peru’s long-term foreign currency debt rating outlook was raised to positive from stable by Standard & Poor’s, which cited improved expectations for medium-term economic growth. Peru’s economy, which has posted 46 months of growth, is diversifying exports from raw materials such as ore and fishmeal to more finished products, including textiles and chemicals, as trade grows with China, the country’s second-biggest export market. Peru´s GDP has grown an average of 4.5 percent a year since 2002 while budget deficits have been around 1 percent of GDP.

Posted inDaily Brief

Merrill Rates Sovereigns

by LatinFinance

Merrill Lynch released a report arguing that the sovereign bonds of Russia, Ecuador and Mexico offer the highest yields for investors looking for emerging market debt. Merrill’s spread error correction model, or SECM, compares bond spreads, taking into account global market conditions, average maturity and credit ratings. Merrill thinks Brazilian and Colombian bonds are “fairly valued”.

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