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
Enrique Mayer’s Ugly Stories of Peruvian Agrarian Reform, a “people-oriented kind of oral history,” provides a memory study of the 1969 land reforms enacted by Peruvian President Juan Velasco Alvarado. Written from the perspective of historical stakeholders and incorporating Mayer’s lifelong participation in the reforms as an academic observer, he weaves a series of testimonies into a larger narrative chronicling this period of “revolutionary reforms gone astray.” … Read More Ugly Stories of the Peruvian Agrarian Reform (Review)
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
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
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
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)
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
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
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
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
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
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
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
By Nathan Gill and James Attwood May 7 (Bloomberg) — SACI Falabella SA, Chile’s biggest retailer by market value, plans to invest $2 billion through 2012 to expand in Latin America, Chief Executive Officer Juan Benavides said. Falabella is seeking opportunities in Colombia while its “very big” investment plans for Peru will depend on how… Read More Falabella Plans to Invest $2 Billion Through 2012
By Nathan Gill April 30 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, said it plans to invest about $1 billion this year to expand capacity. The Santiago-based company known as Endesa will invest in wind farms, a natural gas plant and a coal steam plant, adding 680 megawatts of capacity, Chief… Read More Chile’s Endesa Plans to Invest $1 Billion in 2009
By Nathan Gill and James Attwood April 29 (Bloomberg) — Empresa Nacional de Electricidad SA, Chile’s biggest power generator, said first-quarter profit more than doubled as revenue rose in Chile. Net income rose to 166 billion pesos ($283 million) from 68.4 billion pesos a year earlier, the Santiago-based company said today in an e-mailed statement.… Read More Endesa Chile First-Quarter Profit More Than Doubles
By Nathan Gill April 28 (Bloomberg) — Lan Airlines SA, Chile’s biggest carrier, reported a 35 percent drop in first quarter profit after losing $57.9 million from wrong way bets on fuel prices. Net income slipped to $65 million from $99.6 million a year earlier, the carrier said in an e-mailed statement today. The airline reported… Read More Lan Airlines Profit Falls 35% on Fuel-Hedging Loss
March 21, 2009 (Southern Affairs) — Peru, home of the ancient Incan Empire, is trying to win back by reason what it lost by force. On March 19, Peru asked the United Nations to settle a century-old dispute with its southern neighbor Chile over some of South America’s richest fishing grounds. Jose Garcia Belaunde, Peru’s… Read More Peru Restarts War of the Pacific with UN Lawsuit against Chile
By Nathan Gill March 19 (Bloomberg) — Peru presented the United Nations International Court of Justice in The Hague today with its claim to some of the world’s richest fishing grounds now held by Chile, Peruvian Foreign Minister Jose Garcia Belaunde said. Garcia Belaunde said he’s confident the court will agree to hear the… Read More Peru Seeks UN Ruling on Chile Maritime Dispute, Garcia Says
March 10 (Southern Affairs) — Unasur’s defense ministers met again in Santiago today to kick off the South American Defense Council. Amid handshakes and congratulations, the ministers emphasized the historic nature of the meeting which they say will help ensure peace and democracy throughout the continent. What the ministers did not discuss publicly was how… Read More Unasur Defense Ministers Play Down Regional Conflicts at South American Summit
By Nathan GillFeb. 27 (Bloomberg) — Ecuador may renew diplomatic relations with Colombia if certain conditions are met, President Rafael Correa said today in a statement posted on the presidential Web site. Correa asked Colombia to reveal all the details of an air raid last year in Ecuadorean territory, repay Ecuador for unspecified damages, support… Read More Correa Says Ecuador Willing to Renew Relations With Colombia
By Nathan Gill Feb. 26 (Bloomberg) — Ecuadorean Oil and Mines Minister Derlis Palacios said Perenco SA has until March 3 to pay taxes or state-owned PetroEcuador will take steps to seize the French oil company’s assets. Ecuadorean President Rafael Correa said Feb. 14 that he had given the order to begin a lawsuit against… Read More Ecuador May Seize Perenco Assets Over Tax Dispute
By Nathan Gill Feb. 17 (Bloomberg) — Ecuador’s Economic Policy Minister, Diego Borja, defended the country’s use of the U.S. dollar and said President Rafael Correa wasn’t planning to abandon the system. “The president has been clear, we are going to defend dollarization,” Borja said today in an interview broadcast on Quito-based television station TeleAmazonas.… Read More Ecuador’s Borja Vows to ‘Defend’ Use of U.S. Dollar
By Nathan GillFeb. 14 (Bloomberg) — Ecuador’s President Rafael Correa said today that he has given the order to begin a lawsuit against Repsol YPF SA, Spain’s largest oil company, and Perenco SA, a French oil company, over their failure to pay taxes. Correa said during his weekly address to the nation that both companies… Read More Ecuador’s President Calls for Lawsuit Against Repsol, Perenco
By Nathan GillFeb. 14 (Bloomberg) — Ecuador will use a grace period to decide whether it will make a payment scheduled for tomorrow on its 2030 bonds, Finance Minister Maria Elsa Viteri said last night in a statement posted on the presidency’s Web site. Ecuadorean President Rafael Correa in December halted payment on foreign bonds… Read More Ecuador to Use Grace Period for 2030 Bond Payment
By Lester Pimentel and Nathan GillFeb. 13 (Bloomberg) — Ecuador is asking investors who own the country’s bonds maturing in 2012 and 2030 to identify themselves, according to a letter posted by the Emerging Markets Traders Association. Bondholders should contact adviser Lazard Freres, according to the letter signed by Finance Minister Maria Elsa Viteri. A… Read More Ecuador Asks Bondholders to Identify Themselves in a Letter
By Nathan Gill Feb. 13 (Bloomberg) — Ecuador’s President Rafael Correa met yesterday with representatives of state-owned oil company Petroamazonas SA to discuss the $820 million needed to finance four new oil fields in the nation’s Amazon rain-forest region. Petroamazonas is seeking joint ventures with companies including Schlumberger Ltd., the world’s largest oilfield-services provider, to… Read More Ecuador Petroamazonas Wants $820 Million for Amazon Oil Fields
By Nathan Gill Feb. 12 (Bloomberg) — Ecuador’s Economic Policy Minister Diego Borja said the Inter-American Development Bank agreed to loan the country about $500 million to help finance a projected budget deficit. Borja said he and Finance Minister Maria Elsa Viteri met last week in Washington with IDB President Luis Alberto Moreno to request… Read More Ecuador Says IDB to Loan $500 Million for Budget Gap
By Nathan Gill and Lester Pimentel Feb. 12 (Bloomberg) — Ecuador may announce tomorrow whether it will make an interest payment on its bonds due Feb. 15, Finance Minister Maria Elsa Viteri said. Viteri, speaking at a press conference today in Quito, said the announcement may come tomorrow or Feb. 15. Ecuador has a $134… Read More Ecuador May Announce Bond Payment Decision Tomorrow
By Nathan Gill and James Attwood Jan. 20 (Bloomberg) — Cencosud SA, Chile’s biggest retailer, plans to return to the debt levels it maintained before making a series of acquisitions starting in 2007. The Santiago-based operator of department stores, supermarkets and home-improvement outlets plans to issue 21-year bonds worth 3 million UF, Chile’s… Read More Chile’s Cencosud Seeks Return to 2007 Debt Levels (Update1)
By Nathan Gill Dec. 18 (Bloomberg) — Chile’s Finance Minister Andres Velasco comments on the potential economic consequences in Chile of Ecuador’s decision to default on $3.9 billion of international debt. Velasco spoke today in an interview in Santiago. On the affects of Ecuador’s decision to default on Chile’s economy: “None. What Chile… Read More Velasco Expects Little Fallout From Ecuador Default in Chile
By Nathan Gill Dec. 11 (Bloomberg) — Ecuador’s Vice President Lenin Moreno comments on the country’s debt. Moreno spoke to reporters today in Santiago. On whether Ecuador will pay its foreign debt: “This is the president’s decision, frankly. I don’t know. There are many factors to consider. We have decided that it is… Read More Ecuador Vice President ‘Does Not Know’ If Country Will Pay Debt
By Nathan Gill Nov. 28 (Bloomberg) — Peru’s economy expanded more than economists expected in the third quarter, led by construction and investment in heavy machinery and equipment. Gross domestic product, the broadest measure of a country’s output in goods and services, grew 9.5 percent in the third quarter from the same period… Read More Peru’s Economy Expanded 9.5 Percent in Third Quarter (Update1)
