The Latin America Investment Summit, which will take place this week in over 16 cities in Latin America, the United States and Europe, will generate a series of exclusive interviews and articles from our team of expert reporters, as well as regular blog postings and online video, which will be immediately available only to Reuters clients during each summit.
Mining companies flush with cash from a commodities boom could emerge as the driving force in consolidation of the metals industry — not the metals companies themselves — Ian Christmas, secretary general of the IISI steel industry association, told Reuters journalists in London. “I’m not surprised that CVRD bought Inco last year. They had the cash. I wouldn’t be at all surprised to find the mining companies as the successful purchasers of Alcoa,” he said. Alcoa has made a $28 billion hostile bid for Canadian rival Alcan in what could be a defensive move to avoid being bought itself, while Brazilian mining group CVRD bought Canadian nickel miner Inco last year in a deal worth a total of $17.6 billion.
Telmex, Mexico’s leading fixed-line operator, is ready to add television services to its existing phone and Internet packages as it prepares to enter the triple-play market.
The fight against Mexico’s drug lords comes at a price. President Felipe Calderon and his family have received threats for launching a war against the country’s main cartels.
Soriana, Mexico’s No. 2 retailer, will focus on domestic consolidation in the next few years but starting 2010 it could explore opportunities to expand into the United States looking at both, the Hispanic and English-speaking markets.
For the past few years, America Movil embarked on a shopping spree that helped it consolidate its position as the No. 1 cellular phone service provider across Latin America. With over 125 million clients extending from the United States to Argentina, the company will now focus on boosting profit margins this year.
A proposal to overhaul one of the government’s pension systems was cleared by congressional committees this week in a rare agreement between Mexico’s top political parties. The legislation introduces private retirement accounts for public-sector workers but still needs approval from the Congress lower chamber and Senate.
In order to boost Mexico’s economy and stop relying heavily on oil revenue, congressmen will have to pass a long awaited fiscal reform. The sooner, the better.
From swanky lofts in the capital to modest houses for families all across the country, Mexico’s home building industry had never seen such a bonanza before. Thanks to a government program to spread the reach of mortgages to low-income earners and banks granting 30-year loans for the middle class to buy houses, the building sector is not likely to ease its thriving pace soon.