Business News South America

  • BRASILIA, May 24- Brazil's Economy Minister Paulo Guedes threatened to step down in an interview published on Friday if his ambitious plans to overhaul the country's social security system are watered down and diluted into what he called a "little reform." "Logically, he is seeing this as a catastrophe, and I agree with him, if we do not approve a reform that is similar...

  • May 24- United Airlines said on Friday it had started a management overhaul at Colombia's Avianca Holdings, removing top shareholder German Efromovich from controlling the cash-strapped airline. The move follows a default by Efromovich's holding company BRW Aviation on a $456 million loan United had made as part of a proposed three-way partnership with...

  • Investor sentiment towards the region has been marred this week by a worsening of U.S.- China trade ties amid Alphabet Inc's Google suspending some business with Chinese telecom giant Huawei Technologies Co Ltd early this week. Markets were set to end the week in positive territory on hopes U.S.- China trade talks will resume, Banorte Research Chief...

  • SANTIAGO, May 23- Chile's Supreme Court on Thursday struck down a proposed deal on routes between carriers LATAM Airlines, American Airlines, British Airways and Iberia, upending an agreement meant to reshape international air travel in Latin America. LATAM said in a statement it was "surprised" by the decision and that it was a "step backward" for Chile.

  • SAO PAULO, May 23- Brazil's Economy Minister Paulo Guedes said on Thursday he is confident pension reform will be approved in the next 60-90 days, and that it will pack a sufficient fiscal punch. Speaking at an event in Sao Paulo, Guedes did not specify if he meant passage in the lower house or final approval in the Senate. But he also said he believed there would be a...

  • SANTIAGO, May 23- Codelco's giant Chuquicamata mine is set for a 40% drop in production over the next two years, an internal forecast seen by Reuters shows, pointing to the sharp challenge facing the world's top copper miner as it scrambles to maintain output. Chile's President Sebastian Pinera is expected to formally cut the ribbon on the revamped copper mine,...

  • CARACAS, May 22- The United States should help Venezuela keep control over U.S. refiner Citgo by preventing its seizure by creditors seeking to collect on unpaid Venezuelan debts, opposition leader Juan Guaido said in an interview with Reuters on Wednesday. Venezuela's opposition is pushing to remove President Nicolas Maduro amid a catastrophic economic...

  • BRASILIA, May 22- Brazil is suing the world's largest cigarette makers, British American Tobacco Plc and Philip Morris International, in a landmark case aimed at recovering the public health treatment costs of tobacco-related diseases over the last five years. "The suit is the first of its kind for Brazil and a significant step toward holding the two major...

  • BOGOTA, May 22- Colombia's state-run oil company Ecopetrol said on Wednesday its crude exports to the United States rose nearly 25% in the first quarter because of lower supply from neighboring Venezuela and higher production. Colombia is among the top 10 suppliers of crude to the United States. "The main reasons for the good performance of crude oil exports to...

  • BRASILIA, May 22- Brazil's solicitor general's office is suing the world's largest cigarette makers British American Tobacco Plc and Philip Morris International to recover the public health treatment costs of tobacco-related diseases over the last five years. The AGU said the companies through their subsidiaries, Souza Cruz Ltda, Philip Morris Brasil...

  • BRASILIA, May 22- Brazil's solicitor general's office is suing the world's largest cigarette makers British American Tobacco Plc and Philip Morris International to recover the public health treatment costs of tobacco-related diseases over the last five years. The AGU said the companies through their subsidiaries, Souza Cruz Ltda, Philip Morris Brasil...

  • *Las Bambas is one of Peru's biggest copper mines. *Report contradicts earlier statement from Peru ombudsman. LIMA, May 22- Chinese miner MMG Ltd's operations at its Las Bambas mine, one of Peru's largest copper producers, have not been disrupted and talks with an indigenous Peruvian community are ongoing, the miner said on Wednesday.

  • BRASILIA, May 21- Brazil's lower house of Congress voted on Tuesday to allow foreign-controlled airlines to operate domestic flights in Latin America's largest economy, opening the door to more competition in an increasingly concentrated market. Brazil's No. 4 airline, Avianca Brasil, has lost market share in recent weeks as it gave up all but six of its planes...

  • May 21- A Latin American stocks benchmark rose on Tuesday, boosted by strong gains in index heavyweight Brazil, and the region's currencies firmed broadly against the dollar as frosty U.S.- China ties marginally thawed. The United States late on Monday allowed Huawei Technologies. Sao Paulo- traded stocks surged 2.7%, distancing themselves further from an...

  • SAO PAULO, May 21- A spate of farmer defaults in Brazil's top grain-producing state is creating headaches for global traders who are among their main creditors and posing challenges to the widespread use of barter in the world's largest soybean exporter. The battles in Mato Grosso bankruptcy courts pit farmers against international trading houses, such as...

  • SAO PAULO, May 21- Brazil's lack of reliable internet accessibility in rural areas is an increasingly critical problem for its farmers, as more agricultural equipment arriving on the market is built to be updated online to work at full capacity. "This is a structural issue that we have in Brazil that we need to solve," said Christian Gonzalez, vice president, South...

  • BRASILIA, May 20- The Brazilian government plans to freeze a further 5 billion reais in spending as part of a periodic budget review, two sources said on Monday, adding that official GDP growth estimates will be cut to 1.6% for 2019.. Brasilia will unveil its second bi-monthly report on federal revenue and expenditure on Wednesday, with a fresh round of spending...

  • May 20- A Latin American stocks benchmark rose on Monday, boosted by shares in index heavyweight Brazil, while Latin American currencies were pressured by the dollar, with risk appetite capped by fears of worsening U.S.- China trade ties. Optimism regarding a proposal to reform Brazil's pension system boosted investor sentiment, while a U.S. crackdown on...

  • BRASILIA, May 20- Brazil's President Jair Bolsonaro on Monday emphasized the importance of pension reform to Brazil's economic progress, but a powerful lawmaker said the president's failure to engage with Congress means the bill is still well short of the votes needed for it to pass. But Ramos said Bolsonaro had not bothered to build support in Congress and his...

  • election@ May 20- Most Latin American currencies weakened on Monday with Brazil's real giving up early gains and Argentina's peso sliding after a surprise twist in its presidential election. The currencies of Brazil, Colombia and Peru traded between flat to 0.3% lower. Argentina's currency fell 0.9% after the main populist challenger in the presidential...