are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana
Category: Regions
Posted inDaily Brief
Pemex Suspends Contracts
Petroleos Mexicanos, Mexico’s state-run oil company, has suspended drilling contracts with private companies at the request of a congressional auditor. Pemex Chief Financial Officer Juan Jose Suarez said the auditor requested the contracts be suspended until Congress can pass legislation specifically allowing such deals.
Posted inDaily Brief
Digicel Buys Cingular Unit
US-based Cingular Wireless has agreed to sell its Caribbean operations to Bermuda-based Digicel Group, in a deal that will expand the company’s network to Anguilla, St. Kitts, Nevis, Antigua, Barbuda, and Dominica. Digicel promises to create a “seamless pan-Caribbean telecommunications network,” and announced a roaming agreement with Cingular. The transaction, which is subject to regulatory approval, is expected to close in four to six months.
Posted inDaily Brief
Ecuador Plans Swap
Ecuador plans to swap bonds maturing in a year or less for new securities due in 2012 and may seek to renegotiate all its debt to cut borrowing costs. Standard & Poor’s yesterday reduced Ecuador’s credit rating one level to CCC+, the lowest in South America, on concern the country may have difficulty refinancing domestic debt and luring international investors. More than $800 million of Ecuador’s sovereign debt comes due this year.
Posted inDaily Brief
Dr. Gerardo Rodríguez Regordosa, Director of Public Credit, Mexican Ministry of Finance and Public Credit and Victor Herrera, Managing Director, Standard & Poor’s
are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana
Posted inDaily Brief
Mexico: Retail Sales Rise
Mexican retail sales rose unexpectedly to 8.9 percent year-on-year in April, more than double the 4.4 percent rise in March. Mexico’s central bank has raised its benchmark interest rate 12 of the last 15 months to 9.75 percent. The country’s inflation rate was 3.4 percent in May, the lowest rate since the bank began calculating the index in 1983.
Posted inDaily Brief
Ecuador’s Rating Cut
Standard & Poor’s cut Ecuador’s credit rating was cut one level to CCC+, or seven levels below investment grade. S&P expressed concern the government’s plans to increase spending will put at risk its ability to cover debt payments. Ecuador defaulted on $6.5 billion of debt in 1999.
Posted inDaily Brief
Kuczynski Eyes IADB Post
Pedro Pablo Kuczynski, Peru’s Economic Minister, threw his hat in the ring to take over the top spot at the Inter-American Development Bank (IADB) when its current president, Enrique Iglesias, steps down in September. Iglesias has occupied the position for 17 years. Peru’s President Alejandro Toledo said Kuczynski would not immediately resign his post.
Posted inDaily Brief
John McCarthy, CEO of FONATUR and William Pingleton, Managing Director – Americas, Franklin Templeton International
are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana.
Posted inDaily Brief
Peru Pays Debt Off Early
Peru’s proposal to pay back early as much as $2 billion of debt owed to the Paris Club was accepted by a majority of the group’s creditor nations. Peru will cut its borrowing costs by paying down the debt early since the government’s bond yields today are lower than the interest rate it is paying on the Paris Club debt, Economy Minister Pedro-Pablo Kuczynski said last week. Peru will sell bonds in international and domestic markets to finance the payment.