Monsters of Bond Market Now Correa Go-To as China Is Not Enough

(Originally published by Bloomberg News) By Nathan Gill          (Bloomberg) — When President Rafael Correa defaulted on most of Ecuador’s overseas debt in 2008, he disparaged bondholders as “true monsters.” Now, he’s increasingly dependent on their goodwill.   Ecuador hired Citigroup Inc. to arrange meetings with investors to gauge demand for what… Read More Monsters of Bond Market Now Correa Go-To as China Is Not Enough

Bondholder Love for Ecuador’s Correa Is Questioned: Andes Credit

By Nathan Gill (Bloomberg) — President Rafael Correa’s resourcefulness in the face of sinking oil prices has made Ecuador a favorite among emerging-market bond investors this year. To AllianceBernstein and Capital Economics, Correa needs to do more to ensure that the goodwill doesn’t prove fleeting. The nation’s debt securities returned 4.9 percent as Correa said… Read More Bondholder Love for Ecuador’s Correa Is Questioned: Andes Credit

Ecuador’s Dollar Reliance Worsens Impact of Oil, Correa Says

By Nathan Gill(Bloomberg) — President Rafael Correa, a former economics professor critical of Ecuador’s use of the dollar as its official currency, said the greenback is worsening the impact of falling crude prices as liquidity in the economy contracts. The reliance on the dollar means the government can’t print more money to increase the amount… Read More Ecuador’s Dollar Reliance Worsens Impact of Oil, Correa Says

Bondholders Embracing Chavez’s Disciple in Ecuador: Andes Credit

By Nathan Gill (Bloomberg) — Nicolas Maduro and Rafael Correa are both socialist disciples of the late Venezuela President Hugo Chavez, but only one is managing to convince bondholders he’s got the ability to weather the collapse in oil prices. While Chavez’s handpicked successor Maduro is struggling to ward off a default, Ecuador counterpart Correa… Read More Bondholders Embracing Chavez’s Disciple in Ecuador: Andes Credit

China Rescues Ecuador Budget From Deeper Cuts as Crude Drops

(Originally published by Bloomberg News) By Nathan Gill            (Bloomberg) — Ecuador, an OPEC nation that relies on crude for about a quarter of revenue, obtained enough financing from China to avoid deeper budget cuts even as its oil price fell below $40 a barrel, Finance Minister Fausto Herrera said. The Latin American country expects total… Read More China Rescues Ecuador Budget From Deeper Cuts as Crude Drops

Ecuador Gains $5.3 Billion Credit Line From China as Oil Tumbles

By Nathan Gill (Bloomberg) — The Export-Import Bank of China granted Ecuador a $5.3 billion credit line after a slide in oil to an almost six-year low prompted spending cuts for the OPEC member. Finance Minister Fausto Herrera said in a statement published today in the president’s official gazette that the Andean nation will use… Read More Ecuador Gains $5.3 Billion Credit Line From China as Oil Tumbles

The Tupac Amaru Rebellion: Charles Walker

Charles Walker left few stones unturned in The Tupac Amaru Rebellion, an impressive analysis of Spain’s largest colonial rebellion. This essay briefly examines two original arguments and two secondary claims made by Walker that help shape our understanding of an uprising that ultimately reached levels of total violence rarely seen in human history. Walker’s “seemingly… Read More The Tupac Amaru Rebellion: Charles Walker

Mining for the Nation: Jody Pavilack

When Chile granted literate men over the age of 21 the right to vote in 1925, a new era marked by the rise of mass society had begun.[1] Similar to processes unfolding around the world, the enfranchisement of progressively-larger swaths of Chile’s population in the early-twentieth century upended traditional politics and undermined the economic status… Read More Mining for the Nation: Jody Pavilack

BHP to Stop Copper Output at Spence Mine, Union Says

By Nathan Gill and Matthew Craze Oct. 15 (Bloomberg) — BHP Billiton Ltd. will cease production of refined copper tomorrow at its 200,000-ton-a-year Spence copper mine in Chile because of a strike, a union leader said. Workers stopped mining on Oct. 13, leaving BHP without enough raw materials to be turned into refined copper, union… Read More BHP to Stop Copper Output at Spence Mine, Union Says

Endesa Chile Rises to Four-Week High on Edegel Stake

By Nathan Gill Oct. 13 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, rose the most in almost four weeks after boosting its stake in a Peruvian unit at an “attractive” price. Endesa, as the company is known, gained 1.3 percent to 868 pesos in Santiago trading, its biggest advance since Sept.… Read More Endesa Chile Rises to Four-Week High on Edegel Stake

Chile’s Peso Slumps Most in Week as Prices for Copper Decline

By Nathan Gill Oct. 9 (Bloomberg) — Chile’s peso dropped the most in a week as prices for copper, the country’s biggest export, slumped on a strengthening dollar. The peso weakened 0.6 percent to 554.50 per U.S. dollar from 551 yesterday for its steepest drop since Oct. 2. It declined for a third week. Copper… Read More Chile’s Peso Slumps Most in Week as Prices for Copper Decline

Colombian Peso Rises for Fourth Straight Week on Economy

By Nathan Gill Sept. 25 (Bloomberg) — Colombia’s peso climbed for a fourth week on speculation the South American country is beginning to recover from its first recession since 1998. The peso climbed 1.3 percent this week to 1924.45 per dollar, extending its advance this month to 7 percent, the biggest gain among 26 emerging-market… Read More Colombian Peso Rises for Fourth Straight Week on Economy

Peruvian Economy Has Reached ‘Point of Inflexion,’ Central Bank President Says

By Nathan Gill Sept. 18 (Bloomberg) — Peruvian central bank President Julio Velarde said the country’s economy has reached a “point of inflexion” after it shrank the most in eight years in June. Rebounding demand in Peru and overseas will probably push the economy to 3.2 percent growth in the second half of 2009, and… Read More Peruvian Economy Has Reached ‘Point of Inflexion,’ Central Bank President Says

Gold Fields Halts Peru Exploration Project on Protest

By Nathan Gill Sept. 18 (Bloomberg) — Gold Fields Ltd. and Cia. de Minas Buenaventura SA halted exploration of their Titan-Arabe gold and copper deposit in northern Peru after protests by local residents turned deadly, the head of the joint venture said. “We saw that there were constant threats, so we took the decision to… Read More Gold Fields Halts Peru Exploration Project on Protest

Peru’s Economy Shrank 1.4% in July From Year Earlier

By Nathan Gill Sept. 15 (Bloomberg) — Peru’s economy contracted for a second month as demand for the South American country’s fishing, manufacturing and metal exports fell. Gross domestic product fell 1.4 percent in July from the same month a year earlier, after a 2.1 percent year-on-year decline in June, the government statistics agency said… Read More Peru’s Economy Shrank 1.4% in July From Year Earlier

Peru’s Talara Refinery Production Unaffected by Fire

By Nathan Gill Sept. 14 (Bloomberg) — Petroleos del Peru SA, the oil producer known as Petroperu, said a fire at its Talara refinery in northern Peru didn’t affect production. The fire, which started yesterday in the refinery’s vacuum distillation unit as a pressure meter was being installed, was “immediately controlled” and operations continued normally,… Read More Peru’s Talara Refinery Production Unaffected by Fire

Chile’s Peso Falls as Copper Declines; Peruvian Sol Slides

By James Attwood and Nathan Gill Aug. 17 (Bloomberg) — Chile’s peso fell to a two-month low after copper, the country’s biggest export, declined and the U.S. dollar strengthened against major currencies. Chile’s currency, up 14 percent so far this year, dropped 1.3 percent to 558.75 per U.S. dollar at 12:01 p.m. New York time,… Read More Chile’s Peso Falls as Copper Declines; Peruvian Sol Slides

Chile’s Cencosud Quarterly Profit Slides More Than Estimated

By James Attwood and Nathan Gill Aug. 14 (Bloomberg) — Cencosud SA, Chile’s biggest retailer by sales, posted a steeper-than-estimated drop in second-quarter profit on lower sales and currency losses. First-half net income fell 66 percent, the Santiago-based company reported in a regulatory filing today without giving separate second-quarter results. Second-quarter profit fell to 8.96… Read More Chile’s Cencosud Quarterly Profit Slides More Than Estimated

Chile’s Falabella Profit Falls 48% on Sales Drop, Currencies

By James Attwood and Nathan Gill Aug. 14 (Bloomberg) — SACI Falabella SA, Chile’s biggest retailer by market value, reported a 48 percent slump in second-quarter profit because of a drop in sales and foreign-exchange rate losses. Net income fell to 33.4 billion pesos ($60.5 million) from 63.7 billion pesos a year earlier, the Santiago-based… Read More Chile’s Falabella Profit Falls 48% on Sales Drop, Currencies

Latin America Ministers Urge More Money for Lenders

By Sebastian Boyd and Nathan Gill      July 3 (Bloomberg) — Finance ministers from North and South America meeting in Chile agreed to push for more financing for multilateral lenders such as the World Bank and the Inter-American Development Bank, Chile’s Andres Velasco said.      The IDB’s board may agree to vote for a capital… Read More Latin America Ministers Urge More Money for Lenders

Bachelet Says Chile Supports Recapitalization of IDB

By Sebastian Boyd and Nathan Gill      July 3 (Bloomberg) — Chilean President Michelle Bachelet said her government supports the recapitalization of the Inter-American Development Bank to help developing countries cope with declining capital flows.      Bachelet, speaking today to finance ministers from North and South America, urged member governments to help raise additional funding… Read More Bachelet Says Chile Supports Recapitalization of IDB

Honduran Protesters, Soldiers Clash Outside Palace After Coup

By Andres R. Martinez and Nathan Gill      June 29 (Bloomberg) — Hundreds of protesters clashed with riot police and soldiers outside Honduras’ presidential palace a day after the military arrested President Manuel Zelaya at gunpoint and put him on a plane out of the country.      Regional leaders, from market-friendly Mexican President Felipe Calderon… Read More Honduran Protesters, Soldiers Clash Outside Palace After Coup

Latin America Leaders Call Summit to Restore Zelaya (Update 4)

By Nathan Gill and Joshua Goodman      June 29 (Bloomberg) — Latin American leaders are gathering in an emergency summit to restore Honduran President Manuel Zelaya to office after his ouster by the military yesterday in a showdown over a referendum on term limits.      Regional leaders, from market-friendly Mexican President Felipe Calderon to self-declared… Read More Latin America Leaders Call Summit to Restore Zelaya (Update 4)

Latin America Calls Summit to Try to Restore Zelaya in Honduras

By Nathan Gill and Eric Sabo      June 29 (Bloomberg) — Honduran President Manuel Zelaya, ousted by the military, meets with Venezuelan President Hugo Chavez and regional leaders today in a show of support designed to restore him as head of the Central American country.      Zelaya said soldiers surrounded his house and forced him… Read More Latin America Calls Summit to Try to Restore Zelaya in Honduras

Chavez Says Honduras Coup Will Fail, Vows Assistance

By Nathan Gill and Andres R. Martinez      June 28 (Bloomberg) — Venezuelan President Hugo Chavez said a military coup in Honduras is “destined to fail” and that his nation’s armed forces are ready to help return President Manuel Zelaya to power.      Chavez, joined by Zelaya and the presidents of Ecuador, Nicaragua and Cuban… Read More Chavez Says Honduras Coup Will Fail, Vows Assistance

Honduran President Manuel Zelaya Is Ousted in Coup by Military

By Nathan Gill and Jose Orozco      June 28 (Bloomberg) — Honduran President Manuel Zelaya was ousted by the military today after his opponents accused him of ignoring court rulings and seeking to change the constitution through a referendum to hold onto power.      Zelaya, an ally of Venezuelan President Hugo Chavez, was seized by… Read More Honduran President Manuel Zelaya Is Ousted in Coup by Military

Chile’s Parque Arauco Rises to 1-Year High on Profit Outlook

By Nathan Gill      June 9 (Bloomberg) — Parque Arauco SA, a Chilean shopping-center developer and operator, climbed to its highest in a year in Santiago trading on speculation that its expansion plans will boost earnings growth.      Parque Arauco rose 3.2 percent to 514 pesos, the highest closing price since May 28, 2008. The… Read More Chile’s Parque Arauco Rises to 1-Year High on Profit Outlook

Chile Reports First Swine-Flu Victims, Minister Says

By Nathan Gill and Sebastian Boyd      May 17 (Bloomberg) — Two female tourists returning from the Dominican Republic became Chile’s first confirmed cases of swine flu, Health Minister Alvaro Erazo told reporters today in Santiago.      They arrived in Chile yesterday on Copa Airlines Flight 437 from the beach resort of Punta… Read More Chile Reports First Swine-Flu Victims, Minister Says

BM&FBovespa Proceeding With Chile Trading Plans, Oliveira Says

By Nathan Gill      May 14 (Bloomberg) — Paulo de Sousa Oliveira Jr., chief business development officer of BM&FBovespa SA, Latin America’s largest exchange, comments on plans to integrate with Chile’s stock exchanges. Oliveira spoke in Spanish to reporters in Santiago today. On plans to integrate with Chile’s exchanges:      “The idea we… Read More BM&FBovespa Proceeding With Chile Trading Plans, Oliveira Says

Chile’s Lan Seeks Airline Partner, Traffic Expansion

By Nathan Gill and James Attwood May 7 (Bloomberg) — Lan Airlines SA, Chile’s biggest air carrier, is interested in forming an alliance with a partner “north of Ecuador,” Chief Executive Officer Enrique Cueto said. Lan hasn’t reached any agreements and is looking for new markets to expand its cargo and passenger business, Cueto told… Read More Chile’s Lan Seeks Airline Partner, Traffic Expansion