Rebounding Remittances in 2010 Could Help Cemex, America Movil

In 2010 an uptick in remittances, money sent by foreign born residents to family members abroad, could help some of Mexico's major companies like Cemex, the cement company, and America Movil, the cell-phone company, that have developed platforms to take advantage of these money flows.

Chile's Central Bankers Vote Unanimously to Hold Rates at 0.5%

According to a report published on the website of Chile's Banco Central, all five of the country's central bank presidents voted unanimously to hold interest rates at a record low 0.5%, a sign that despite indications of renewed economic growth, inflation fears remain low, and continued monetary policy support is in order.

Venezuela Threatens Military Action Along Colombian Border

In the latest of a series of heated exchanges with Colombian diplomats, Venezuela's president Hugo Chavez threatened to destroy foot bridges that connect the two countries, a further disruption in relations between the two countries.

Brazil's Real Most Over-Valued Currency in World, Goldman Sachs Says

Even as currencies throughout Latin America have jumped in recent months, according to a note by Goldman Sachs economist Thomas Stolper, despite the country's new 2% tax on foreign purchases of equity and fixed-income assets, Brazil's Real, which has gained 34% in 2008, remains the region's most over-valued currency.

Banorte Writes Off MXP 1 Billion Loss on Loans to Comercial Mexicana

Mexico's Banamex,the country's second largest bank, a 100% subsidiary of Citigroup Inc. (NYSE:C), reported that although it is still taking legal action through bankruptcy procedures, it has decided to officially write off losses worth MXP 1 billion (US$77 million) on loans to Contralador Comercial Mexicana S.A. de C.V. (BMV:COMERCIUBC), a troubled Mexican supermarket operator that was wracked by charges worth MXP 6.3 billiion (US$ 500 million) from bad currency bets made in late 2008.

Peru's Exporters Expect 10% Increase in Global Demand in 2010

Representatives from Adex, one of the counry's exporter associations, told press sources that the expect demand for exports from Peru, the world’s biggest exporter of silver, fishmeal and organic coffee to jump by 10% in 2010.

Colombian Peso Slips on News of Venezuelan Military Action Along Border

Colombia's peso fell 0.7% against the dollar in trading yesterday on news that Venezuela's military had bombed two pedestrian bridges in the border region, escalating tensions between the two countries.

Bill Gates Increases Stake in Mexico's Televisa

According to reports filed with U.S. SEC, through his firm, Cascade Investment, and foundation, the Bill and Melinda Gates Foundation, U.S. billionaire Bill Gates has increased his stake in Mexico's Grupo Televisa S.A. (NYSE:TV) and now controls 4.1% of Televisas' Series A Shares, 7.7% of each of the company's Series B, D, and L share classes.

Fonpet, Colombia's National Pension Plan, Investigates Possibility of Investing in Ecopetrol S.A.

Óscar Iván Zuluaga, Colombia's Treasury and Public Credit Secretary, told reporters that Colombia's Fondo Nacional de Pensiones de las Entidades Territoriales (Fonpet), was investigating the possibility of investing in, Ecopetrol S.A. (NYSE:EC), the country's partially state-owned oil company.

Chilean Peso Drops After Verbal Signal from Central Bank

Chile's peso fell .9% against the U.S. dollar to 497.25 after the country's Central Bank president Jose de Gregorio announced at a press conference that the bank does not "rule out intervening" to counteract upward pressure on the exchange rate.

Colombia's Ecopetrol May Float Additional 10% of Shares in 2010

Óscar Iván Zuluaga, Colombia's Treasury Secretary, told reporters that Ecopetrol S.A. (NYSE:EC), the country's partially state-owned oil company, may float an additional 10% of its shares in 2010.

Venezuela's Economy Contracts by 4.5% in 3Q 2009

Venezuela's Central Bank, the BCV, announced that the country's economy fell by 4.5% in third quarter of 2009, largely due to a 9.5% contraction in the oil sector.

Ajemex Sues Coca-Cola for US$30 Million

Ajemex, producer of Mexico's popular Big Cola brand has accused larger rival Coca-Cola Femsa S.A.B. de C.V. of engaging in monopolistic practices, and is seeking damages though Mexico's competition watchdog, the CFC, of US$30 million.

Chile's Arauco Re-Opens Eight Plants after Worker Protests

Celulosa Arauco y Constitución, Latin America's largest timber company, a subsidiary of Empresas COPEC, S.A. (Santiago Stock Exchange:COPEC), reported that with the help of local police officers, the company successfully re-opened eight of 24 plants closed due to disruptions from protesting sub-contracted workers.

Brazil's Lula Says Country Growing at a "Chinese Rate"

Brazil's president, Ignancia Lula da Silva, told press sources that his country's economy is not only successfully emerging from the 2008 economic crisis, but is now achieving a "Chinese rate" of growth, of above 9%.

Rising U.S. Auto Demand a Boost to Mexico's Parts Suppliers

As U.S. automotive giants General Motors Corp and Ford Motor Company (NYSE:F) reported rising car sales in October, Mexico also experienced a 26% jump in automobile production, a major boost to the country's parts manufacturers like Alfa S.A.B. de C.V. (BMV:ALFAA).

Banco do Brasil Announces Plans to Expand Operations in Chile

Banco do Brasil S.A. (SAO:BBAS3), Latin America's second largest bank, with assets worth US$260 billion, announced plans to expand its operations in Chile, one of the region's most successful economies.

Mexico's Grupo Modelo Could Sell 50% Stake to InBev

Mexican press sources reported that Grupo Modelo S.A.B. de C.V. (BMV:GMODELOA), Mexico's largest beer company, could be preparing to sell a 50% stake of its shares to global beer giant Anheuser-Busch InBev NV (NYSE:BUD), for an estimated US$10 billion.

Mexican, Colombian Pesos Undervalued Aganist Dollar, BoA Says

In a note to clients, Bank of America strategists wrote that Latin America may have the most undervalued currencies in the world, estimating that Mexico's peso is trading 15% below its "Fair Value" level.

Coca-Cola Not Planning to Buy FEMSA Cerveza, CEO Says

Brian Smith, the CEO of Coca-Cola de Mexico, told reporters that his company is not planning to acquire FEMSA Cerveza, the beer producing division of Fomento Economico Mexicano S.A.

Chile's Central Bank Signals Possible Upcoming Rate Hike

On fresh reports that the country's economy is recovering speedily from the contraction in 2008, Chile's Central Bank announced plans to scale back emergency lending programs to the private sector, signaling the banks positive view of the economy, and indicating that a rate hike might happen in the near future.

Mexico's Dominant Telecom, America Movil, Begins Losing Market Share to Rival Telefonica

America Movil, S.A.B. de C.V. (NYSE:AMX), Carlos Slim's dominating telecom, reported that its share of the Mexican market slipped to 71.7%, as rival Telefonica S.A. (Madrid Stock Exchange:TEF) gained ground.

Colombian Consumer Spending Increases in October

Colombian press sources, citing a report from Bogota-based market research firm Raddar, reported that in October, consumer spending increased to COP 26.9 billion (US$13.5 million) up 4% from a year ago.

Bancolombia Reports 3Q Net Profits Up 27% from Previous Quarter

Bancolombia S.A. (NYSE:CIB), Colombia's largest bank, reported that third quarter net profits of COP 321.2 billion (US$ 161 million), up 27% from the previous quarter, and up 12% from the third quarter results reported a year ago.

According to IMF, Mexico's Economy to Grow at 3% in 2010

Nicolás Eyzaguirre, the International Monetary Fund's Western Hemisphere Department Director told Mexican press sources that he expects Mexico's economy to grow at 3% in 2010.

Central Bank Says Chile's Economy to Grow at 4.4% in 2010

According to a recent study by economists from Chile's central bank, after contracting during the first three quarters of 2009, the country's economy is expected to rebound in the fourth quarter, and hit a 4.4% growth level in 2010.

Chile Posts Trade Surplus, President Bachalet Seeks to Further Strengthen Ties to Asia

After the Chile's central bank reported a US$ 881 million trade surplus in October, the copper exporting country's president, Michelle Bachalet embarked on a diplomatic trip to China, South Korea, and Singapore, to further strengthen trade ties with Asia.

Mexico's Cemex Announces 3B Peso Bond Offering

Cemex S.A.B. de C.V. (BMV:CEMEXCPO), Mexico's largest cement company, announced it is preparing a 3 billion peso (US$226 million) bond offering.

Hugo Chavez's Border Closure Paralyzes Trade with Colombia

After Venezuelan leader Hugo Chavez closed cross-border trade with Colombia last weekend, trade between the two countries has frozen, with business owners losing an estimated US$4 million per day.

India Resources Limited Announces US$15.6M Investment in Argentina Gold Project

India Resources Limited (ASX:IRL) announced a US$15.6M investment plan, in a gold exploration project in southern Argentina.

Southern Copper CEO Expects Copper to Top US$4 in 2010

Oscar Gonzalez Rocha, CEO of Southern Copper Corporation (NYSE:PCU), the largest copper producer in Peru and Mexico, a subsidiary of Grupo Mexico, S.A. (BMV:GMEXICOB) told reporters that he expects copper prices to rise to above US$4 per pound, almost double the average 2009 price of $2.22.

Chevron Environmental Lawsuit Scandal Connected to Convicted Drug Trafficker

Press sources reported that an American businessman responsible for recording a videotape of an Ecuadorean judge negotiating a US$3 million bribe in connection to the US$27 billion environmental lawsuit against U.S. oil producer Chevron Corporation (NYSE:CVX), has served time in prison on drug trafficking charges.

Grupo Mexico "Confident" It Will Regain Control of U.S. Mining Company Asarco

Robert Moore, a lawyer for Grupo Mexico, the world's third largest copper producer, told press sources that the company is "confident" that it will regain its former U.S. subsidiary Asarco, when the result of that company's bankruptcy process is announced on December 1, 2009.

Argentina Begins Importing Chilean Wines

Press sources reported that Argentina, a country that consumes more than 1.2 million litres of wine per year, has begun importing wine from its neighbor and fellow wine producer, Chile.

Colombia's Exports to Venezuela Fall 10.7% in September

In September, Colombia, a country whose currency has appreciated sharply in 2009, reported that its exports to neighboring Venezuela fell 10.7% in September to US$ 2.8 million, down from US$3.1 million a year ago.

Carlos Slim's Brazilian Affiliate, Claro, Faces US$1.5M Fine

Mexican press sources reported Anatel, Brazil's telecom regulator has imposed fines on three companies, including a US$1.53 million fine on Claro, an affiliate of Carlos Slim's mega-telecom Telmex (BMV:TELMEXA), for alleged failures in service quality.