Peru, World's Largest Asparagus Exporter, Hosts Conference for International Companies

Peruvian companies like IQF del Peru S.A., Agroindustrias Aib S.A. and Tal S.A. will play host to an international conference for asparagus producers, held today in Lima. After beginning to export the green vegetable in the 1990s, Peru has emerged as the world's second largest asparagus producer, after China, and largest exporter, with annual export receipts topping US$450 million.

FEMSA Continues Negotiating Sale of Beer Business to Foreign Suitor

Juan Fonseca, Director of Investor Relations at FEMSA (BMV:FEMSAB), Latin America's largest beer and soda producer, told reporters in Mexico that the company is continuing to negotiate with possible buyers regarding the sale of its beer business. Analysts have labelled Heineken N.V. (AMS:HEIA) and SABMiller plc (LSE:SAB) as the front-runners in the negotiations.

Chile's Minister of Public Works Reports Cencosud Close to Re-activating Costanera Center Mega-Project

Sergio Bitar, Chile's Minister of Public Works, told press sources that Centros Comerciales Sudamericanos, S.A. (Cencosud), one of Latin America's largest retail companies, is almost ready to restart construction of the Costanera Center, the company's US$600 million mega-project.

Mexico's Cemex Announces Willingness to Reach Informal Agreement with Chavez over Cement Company Nationalization

At a press conference held for reporters in Mexico City, a representative from Mexico's Cemex S.A.B. de C.V. (NYSE:CX), Latin America's largest cement producer, announced that the company was willing to negotiate to reach an out-of-court settlement with Hugo Chavez's Venezuelan government over the nationalization of assets worth an estimated US$1.2 billion.

Mexican Telecom Telmex International Reports Boost in Profits on Strong Brazilian Demand

Telmex Internacional, S.A.B. de C.V. (BMV:TELINTL), the Mexican telecom controlled by billionaire Carlos Slim, announced that its third quarter profits increased 71% to 2.79 billion pesos, because of successful service expansion in Brazil.

Brazil's Central Bank Mulls Eliminating Use of Dollar in Commercial Transactions Among BRICs

Brazil's central bank chairman, Henrique Meirelles, announced that the bank is considering eliminating the use of the dollar in commercial transactions with other BRIC countries, and investigating the possibility of using local currencies in these transactions.

IMF Announces View that Asian Demand Will Boost Economic Growth in Latin America

At a press conference in Santiago, Chile, Nicolás Eyzaguirre, the Director for the Western Hemisphere at the International Monetary Fund (IMF), told reporters that Asian demand for natural resources would boost exports and spur growth in Latin American countries like Peru, Chile, Venezuela, Colombia, Bolivia, and Argentina.

Mexican Senate Approves Tax Increase on Beer, Move Could Affect Brewery Profits

Mexican press sources reported that the country's Senate approved a tax increase on alcohol and tobacco products, a move that could affect local beer companies like Femsa and Grupo Modelo, producers of the DosEquis and Corona brands.

Chile's LAN, One of Latin America's Largest Airlines, Reports 3Q Profits Down by 37%

LAN Airlines S.A. (NYSE:LFL), one of Latin America's largest airlines, with 2008 revenues of US$4.5 billion, a company controlled by right-of-center Chilean presidential candidate Sebastian Pinera, reported that its third quarter 2009 profits fell 37% to US$52.1 million, down from US$83 million a year ago.

Mexico's Oxxo to Open Five Locations in Bogota, Colombia by Year End

Oxxo, the convenience store operator controlled by Fomento Economico Mexicano S.A. (BMV:FEMSAB), the largest beer and soft-drink producer in Latin America, is expected to open five locations in Bogota, Colombia by the end of 2009, according to Colombian press sources.

Pero's Nuevo Sol Seen as Most Stable Currency in Latin America

Peru's economy, which is expected to grow at 6% in 2009, is boosted by strong exports, and an exchange rate policy that according to statements made to local press sources by central bank president Julio Velarde, has made the country's currency, the Nuevo Sol, the most stable in Latin America.

Mexican Retail Giant Elektra Posts 418M Peso Loss for 3Q 2009

Citing weakness in the country's consumer goods sector, Mexican retail giant Elektra S.A. (BMV:ELEKTRA) which reported total sales of MXP 42.2 billion (US$3.2 billion) in 2008, reported a third quarter loss of MXP 418 million, down from a profit of MXP 673 million a year ago.

Colombia's Central Bank Announces Plan to Buy U.S. Dollars, Ease Rise of Peso

On Friday, October 23, 2009 Banco de la Republica, Colombia's central bank, announced plans to spend as much as 3 trillion pesos (US$1.6 billion) to buy U.S. dollars and government-issued peso bonds, which has risen by 30% against the dollar since March, 2009.

Fast-food Operator Alsea announces 750M Peso Mexican Investment Plan

Alsea, the largest fast-food operator in Latin America, which runs franchises like Starbucks, Burger King, and Domino's, announced a plan to invest 750M pesos in Mexico in 2010, up from 500M in 2009.

Grupo Modelo CEO Says Mexico Needs to Focus on Long-term Development

Carlos Fernandez, Chairman and CEO of Grupo Modelo S.A. (BMV:GMODELOA), the world's sixth largest beer company, producer of the popular Corona brand, told Mexican press sources that to better compete with countries like China, Mexico needs a long-term "concrete action plan" that would "allow for development and a higher quality of life."

CEO of Spain's Endesa S.A. Meets With Chilean President, Re-affirms Commitment to Investment in Chile

Borja Prado, the CEO Endesa S.A., the largest electric utility in Spain, owner of Chile's Empresa Nacional de Electricidad, S.A. and Enersis S.A., told President Michelle Bachalet that "it is very important for Endesa to continue developing investments in [Chile]."

Mexico's Largest Construction Company Reports Weak Revenues as Country's Economy Stalls

As Mexico's economy stalls, and remittances from abroad have fallen, Empresas ICA, S.A.B. de C.V. (BMV:ICA), Mexico's largest construction company, reported that its third quarter 2009 revenues fell 43% to US$10.3 million.

Colombian Peso Falls to Three Week Low on Speculation of Central Bank Intervention

Colombia's peso dropped to its lowest level in three weeks on speculation that the country's Central Bank, which autonomously manages exchange rate policy, would take measures to ease the peso's recent rise relative to the U.S. dollar.

Mexico's Supreme Court May Force Citi to Sell Banamex

Mexico's supreme court is debating whether or not the U.S. government's 34% stake in Citigroup Inc. (NYSE:C), which is the 100% owner of Banamex, a highly profitable Mexican banking operation, violates Mexican laws governing domestic bank ownership by foreign governments.

Peruvian Mining Union Declares Strike

Peru's National Federation of Miners, Metalworkers and Steelworkers (FNTMMSP) declared a formal strike to protest the government's failure to address the fact that more than 80% of the country's mining and metal sector workers are sub-contracted.

Blocked from Offering TV Service, Mexico's Telmex Loses Customers to Televisa

Telefonos de Mexico, S.A.B. de C.V. (BMV:TELMEXA), Mexico's largest fixed-line telephone operator, which is owned by billionaire Carlos Slim, is blocked by Mexico's government from offering TV service because it has allegedly failed to fully comply with regulations requiring it to share its network with rivals, and is losing customers to rival Grupo Televisa, S.A. (BMV: TLEVISA), Mexico's largest pay TV provider, which is able to offer joint TV, telephone, and Internet service.

Dell to Shut Down U.S. Factory, Shift Production to Mexico

Dell Inc. (NASDAQ:DELL) announced plans to shut down one of its U.S. production sites, a North Carolina facility that employes 900 workers, and transfer production to a new factory in Mexico.

Chile's Cencosud Announces Plan to Move Real Estate Division Offices to Basement of Unfinished Costanera Project

Cencosud S.A., one of Latin America's largest retailers, with 2008 revenues totalling US$10 billion, announced plans to move its real estate division into the basement its unfinished US$600 million mega-development, the Costanera Center, a project that has been dormant since the outbreak of the 2008 finanical crisis.

Mexico's CEMEX Takes Action Against Peru's Anti-Dumping Charges

Peruvian press sources today reported that Mexican cement producer Cemex, SA.B. de C.V. (NYSE:CX), the world's third largest cement producer with 2008 revenues worth US$22 billion, announced plans to take legal action after Peru's competition regulator, Indecopi, disclosed its decision to place anti-dumping charges worth US$62 per ton of cement on Cemex's exports to Peru.

Youtube Pledges to Help Mexico's War on Drugs with Innovative Campaign

Mexican press sources reported that representatives from Youtube, the internet video service owned by Google Inc. (NASDAQ:GOOG), stated that although the company would not take down or censor "narcocorrido" videos that glorify drug trafficking, it would work with a coaltion of Mexican NGOs, government representatives, and even telecoms tycoon Carlos Slim, to help create web content that shows the negative side of the drug trade.

Mexico's BIMBO Pledges to Absorb Costs of Proposed Tax Hike

GRUPO BIMBO S.A.B de C.V. (BMV:BIMBO), Mexico's largest bread producer, with 2008 net sales of US$7.4 billion, announced that it would absorb the cost of a proposed 2% tax hike proposed by Mexico's government, and pledged not to raise prices and pass the cost of the tax onto consumers.