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Latin America at a glance: October 2017

In this section we provide you a wide overview of Latin American Economy, Politics and Business Opportunities in 2 minutes.

Economics

News at a glance

Argentina

latam_argentina

October 6, 2017, Argentina’s 150MW Ezeiza thermoelectric plant in Buenos Aires province has been officially opened. The facility, construction of which cost US$160mn, was opened by provincial governor María Eugenia Vidal, energy and mining minister Juan J. Aranguren, Buenos Aires’ production minister Javier Tizado and local mayor Alejandro Granados The plant features two 50MW Siemens SGT-800 turbines and will have a third turbine added at a later date, boosting capacity by 50MW. It will help reduce electricity exchange between the area’s high-tension lines and improve electricity supply to industrial and residential customers, feeding significant node demand, according to a government press release. The Ezeiza plant brings the number of new thermoelectric plants added to the national grid to 13, with an additional 1,522MW due to be added by December 31, with a total 3,080MW expected to be online by February 2018. Source: BNAmericas

Mexico

DERECHOS RESERVADOS
  • September 21, 2017. After the earthquake in the Puebla region in Mexico, the Federal Humanitarian Aid has set up an operational management. It has submitted a number of assistance to the Mexican authorities, including the deployment of the Swiss rescue chain, which would cover 76 persons, 8 disaster dogs and 17 tonnes of material. The Mexican authorities began extensive search and rescue measures immediately after the earthquake. There is a need for support in the identification of buildings that are directly at risk of dripping. Many residents of Mexico City and the states of Puebla and Morelos can not return to their houses because of the risk of collapse. At the request of Mexico, the Federal Humanitarian Aid sends a team of civil engineers to the affected areas. They will assist the Mexican authorities in the identification of the public buildings and infrastructure (hospitals, schools, bridges) which are endangered. This is to prevent other people from losing their lives as a result of the earthquake. Source: EDA
  • October 5, 2017. Nearly 1,200 buildings in Mexico City are at risk of being demolished due to the effects caused by the earquake. The census of structural damage has so far registered a 94% advance, equivalent to 8,405 revised properties, of which 4,766 are listed in the “green category” and 1,446 in “yellow”, while in “red”, that is, at risk of demolition, are at least 1,193 constructions, the president said at a press conference on Thursday Miguel Ángel Mancera, head of government institutute.  “We want to redo the (red category) ruling on real estate that we need to have in more detail,” he said, adding that the government expects the final review to leave a maximum of between 800 and 1,000 properties in the alert category.e.Source: Expansion
  • October 5, 2017. OTTAWA, Canada-Mexico trade grew in August, while the trade balance remains favorable for Mexican products, according to figures released Thursday by the official Statistics Canada. Mexican exports to Canada increased 31.56 percent in the eighth month of the year, from US $ 1.847 billion in January to 2.430 million dollars, according to the report. Meanwhile, Canadian exports to Mexico grew 21.36% in the same period, from US $ 430.5 million in January to US $ 522.5 million in August. The trade balance with Canada remains favorable to Mexico with US $ 1.908bn in August, which was 34% more than in January, according to official figures. Source: Expansion
  • October 5. The Mexican peso with losses that took it to its lowest level in just over four months, due to a dollar advance after positive economic data published in the United States, and in the face of growing uncertainty about the future of renegotiations of NAFTA. In bank windows, the green ticket soared to 18.75 pesos on sale, that is 25 cents more expensive than in the previous closing, according to quotes from Citibanamex. The purchase was located at 17.95 pesos.Source: Expansion
  • One week for the most difficult of the NAFTA negotiations,

Puerto Rico

Puerto Rico

October 5th, SAN JUAN – The Hurricane Maria death increased to 34, Puerto Rico Gov. Ricardo Rossello announced. Residents are in desperate need of assistance. Almost all private homes and businesses are still without power and nearly half the island lacked access to water and sewage treatment.  Sixty-five percent of grocery stores are currently in operation and less than one-fifth of Puerto Rico’s cellular towers are working. Source: Santiago Times.

Venezuela

Venezuela

October 5, 2015. MOSCOW – Russia’s President Vladimir Putin meet Venezuela’s President Nicolas Maduro, at the Russian Energy Week forum, according to the Kremlin’s press office on Tuesday. Faced with the unstoppable deterioration of the economic situation in Venezuela, its president has come to seek help in one of his most faithful allies. President Nicolas Maduro meet with Russian leader Vladimir Putin and discuss the possibility of a new debt restructuring in Caracas. “We see that Venezuela is going through a difficult time, but it gives the impression that you, in any case, could establish some contact with the political forces that oppose it,” Putin said. According to estimates by Russian analysts, from 2006 to the summer of 2017, Russia has provided $ 17 billion in loans to Venezuela. Source: El Pais

Peru

Lima; Peru
  • During the one year of Presidential Period Mr. Pedro Pablo KUCZYNSKI has faced 15 minister resignations. The resignation of the Prime Minister, Fernando Zavala, who was also finance minister, along with the rest of the 19-member cabinet and Marilú Martens, the education minister. Mr Kuczynski’s position may be stronger than it looks. Whit a more conservative new prime minister, Mercedes Aráoz. Most opposition parties, including Fuerza Popular, have welcomed Ms Aráoz and the new health and education ministers.  GDP expanded by 2.4% in the year to the end of June. The government predicts growth of 4% next year, thanks partly to higher prices for copper, and the biggest export. It plans to increase spending next year by 10% without increasing tax rates. Such largesse tends to make voters happy. “Fresh air is blowing…through the world economy,” declared Mr Kuczynski Source: The Economist
  • October 6, 2017, Sinohydro, a Chinese state-owned hydropower engineering and construction company, wins Peruvian waterways PPP concession . A consortium formed by Sinohydro and Construccion y Administracion SA of Peru has signed a concession contract with the Peruvian Ministry of Transport and Communications for the design, financing, construction, operation and maintenance of the Amazon Waterway (Hidrovia Amazonica) PPP project. Source: BNAmericas
  • September 28th, LIMA – A crude oil pipeline operated by Peru’s state owned oil company Petroperu has became fully operational following repairs on a series of ruptures that had partially shuttered it for more than a year. The reopening of a final section of the 687 mile (1106 km) pipeline allows Petroperu to replace river and ground transportation that had been used as alternatives for moving crude from Amazonian oilfields to the Pacific Coast. Source: Santiago Times

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