2011

Emerging Markets Roundup: Africa

SENEGAL LANDS SOVEREIGN RATING

By  Antonio Guerrero

Senegal received its first-ever sovereign credit rating from Moody’s in March, as the government prepared to launch its debut $500 million Eurobond.

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Reaping the benefits

Moody’s granted Senegal a B1 rating ...

Emerging Markets Roundup: Brazil

BRAZIL’S BLISTERING GROWTH RATE COULD HAVE ITS DOWNSIDE

By Antonio Guerrero

After enduring a 0.3% contraction in 2009, Brazil’s economy expanded by 7.5% in 2010, according to the country’s government.

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Enjoying the excesses

The sharp ...

Brazil Faces Life After Lula

UPDATE: BRAZIL

By Antonio Guerrero

Brazil’s new president has already impressed the business community. But can she impress her own party?

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Brazilian president Dilma Rousseff, a former Marxist guerrilla fighter, has gotten high grades from the nation’s business ...

Emerging Markets Roundup: Africa

ROUNDUP: AFRICA

By Antonio Guerrero

Plans for launching a single West African currency by 2015, to be known as the Eco, are being thwarted by members’ failure to meet the program’s criteria.

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Zuma: Calling for help

Five of the ...

Colombia: China Evaluates Panama Canal Rival

NEWSMAKERS: COLOMBIA

By Antonio Guerrero

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Santos: In talks with China over 250-mile rail link

The first ship crossing the Panama Canal had barely completed its voyage, after the canal opened in 1914, when engineers and politicians began conspiring to build ...

Ecuador / US: Record Fine Sparks Fierce Legal Battle

MILESTONES: ECUADOR/UNITED STATES


By Antonio Guerrero

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Still waiting: Chevron's appeal delays payment of its fine

When a provincial court in Ecuador in February ordered Chevron to pay an $8.6 billion fine for damaging the rainforest, the ruling ...

Emerging Markets Roundup: Brazil

ROUNDUP: BRAZIL

By Antonio Guerrero

Healthy demand for Brazilian equities is driving a rush to list on Brazil’s BM&F; Bovespa Stock Exchange.

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BM&F; Bovespa: Business is booming

With corporations showing an appetite for raising cash to finance ...

Emerging Markets Roundup: Africa

ROUNDUP: AFRICA

By Antonio Guerrero

Government incentives are paying off for Zambia's copper sector, with output expected to surpass 740,000 tons this year for the first time, pushing it above the record highs of the early 1970s.

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Payback ...

Emerging Markets Roundup: Brazil

ROUNDUP: BRAZIL

By Antonio Guerrero

The Brazilian government is taking further measures to halt a currency rally that may dent the country's trade surplus, with the real having gained more than 40% against the dollar since the end of ...

Mexico: Drug War Dents Economic Recovery

MILESTONES: MEXICO

By Antonio Guerrero

While Mexico's economy is recovering from its worst recession in 80 years, the spread of drug-related violence is hindering a more dynamic rebound.

The drug war has claimed more than 30,000 victims since ...

Islamic Finance: A New Frontier

TRENDS: ISLAMIC FINANCE IN LATIN AMERICA

By Antonio Guerrero

With Islamic financial institutions seeking to expand into emerging markets in Africa and Asia, could Latin America be next?

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While Islamic financial institutions have aggressively expanded through Asia and Africa, Latin ...

Emerging Markets Roundup: Brazil

ROUNDUP: BRAZIL

By Antonio Guerrero

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Rousseff: Getting off to a steady start

Brazil's newly installed president, Dilma Rousseff, provided a firm indication of her administration's plan to continue the economic policies of her predecessor, Luiz Inácio Lula da ...

LatAm: Growth Brings Hope For Region’s Poorest

MILESTONES: LATIN AMERICA

By Antonio Guerrero

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Looking up: Poverty is declining in Latin America

Latin America's robust recovery from the global financial crisis is having an impact even on the poorest people in the region, according to a new ...

Emerging Markets Roundup: Africa

ROUNDUP: AFRICA

By Antonio Guerrero

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Electricity goes private

Nigeria requires annual investments of up to $10 billion to tackle its infrastructure deficit, according to government officials in Abuja. Much of the investment would be focused on meeting the government's ...

2010

Emerging Markets Roundup: Brazil

ROUNDUP

By Antonio Guerrero

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Doubling up: Vale plans to ramp up spending next year

Mounting concerns over Banco PanAmericano's liquidity sent its shares into freefall and prompted a government bailout. The bank—Brazil's 20th largest by assets—received ...

Emerging Markets Focus: Latin America

COVER STORY: MUTUAL BENEFITS

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By Antonio Guerrero

Latin America is enjoying growing prosperity as the region develops ever-stronger economic ties with Asia.

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When Chinese President Hu Jintao took his first tour of Latin America in 2004, he left a whirlwind ...

Emerging Markets Roundup: Africa

ROUNDUP

By Antonio Guerrero

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Good to go: Tullow resolves dispute over Uganda's oil fields

Uganda moved closer to becoming an oil producer after UK-based Tullow Oil reached an agreement with the government over a tax dispute. Tullow, which paid ...

Argentina: Unease With Profit-Sharing Plan

NEWSMAKERS: ARGENTINA

By Antonio Guerrero

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Kirchner: Hoping to mend fences with the unions

A controversial profit-sharing bill submitted to Congress by Argentina's ruling coalition is becoming a proxy fight between the nation's labor and business sectors ahead of ...

Emerging Markets Roundup: Africa

ROUNDUP


By Antonio Guerrero

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Ghana’s mining sector gets a funding boost from China

Ghana has become the leading recipient in sub-Saharan Africa of Chinese infrastructure financing, giving China unrivaled access to the country's commodities sector. Ghana signed a ...

Coming In From The Cold

ANALYSIS : CUBA


By Antonio Guerrero

For the first time in decades, signs are beginning to appear that Cuba may be softening its socialist stance.


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When Cuba's former president Fidel Castro told an American journalist in September that the island ...

Mexico: Bond Issue Breaks New Ground

MILESTONES: MEXICO


By Antonio Guerrero

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Mexico’s financing needs taken care of with century bond

Mexico may have set the stage for a stampede in October when it successfully issued Latin America's first-ever sovereign century bond, a $1 billion ...

Emerging Markets Roundup: Brazil

ROUNDUP


By Antonio Guerrero

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Brazil lights up at the prospect of increased foreign investment

Sinopec, China's second-largest oil and gas producer, is investing $7.1 billion in the Brazilian unit of Spain's Repsol YPF oil company. The capital ...

Emerging Markets: Africa

Roundup

By Antonio Guerrero

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Foreign ownership of mines in Zimbabwe challenged by law

Zimbabwe's government is continuing its campaign against foreign ownership, insisting that businesses with assets of more than $500,000 must be 51%-owned by black Zimbabweans ...

Country Focus: Peru

SECOND ACT

By Antonio Guerrero

In his second term, Peru’s president Alan Garcia is making amends for the shambles he left his country in after his first term.

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Peruvian president Alan Garcia is leading one of the world's ...

Poor Gain Better Access To Financial Services

MILESTONES: GLOBAL

By Antonio Guerrero

Despite the fact that 60% of the world's economies posted a drop in real per capita income last year, access to formal financial services in developing countries grew. According to "Financial Access 2010," a ...

Emerging Markets: Africa

ROUNDUP

By Antonio Guerrero

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Uneasy balance: Mugabe (right) and Tsvangirai still have issues with power sharing

South Africa's state-owned development lender Industrial Development Corporation (IDC) plans to issue bonds and sell an estimated $3.6 billion worth of its ...

Emerging Markets: Brazil

Roundup

By Antonio Guerrero

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Brazil’s leading ethanol processor seals deal with Shell

Brazil's Cosan, the world's largest ethanol and sugar processor, and Royal Dutch Shell are merging their Brazilian operations in a deal valued at $12 billion ...

Features: The Americas - Mexico

MEXICO'S NEXT WAVE


Although it was hit hard by the downturn in the US, Mexico is setting a course for a strong recovery. Its banks are helping to stimulate renewed growth.

By Antonio Guerrero

2 Long controlled by foreign players ...

Emerging Markets: Brazil

ROUNDUP

By Antonio Guerrero

With Brazil's economy expected to grow at around 7% this year and borrowing costs declining, Brazilian companies are seeking financing for their expansion plans. MMX, a leading metals and mining company, hopes to raise $2 ...

Newsmakers: Downturn Throws Chávez Onto The Ropes

Venezuela

By Antonio Guerrero

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Chávez: Economic
troubles are turning his
dreams into a nightmare

Venezuelan president Hugo Chávez's dream of spreading his "21st century socialism" throughout Latin America could be halted by a troubled economy. After he spent much ...

Holding Steady

ANNUAL SURVEY: CENTRAL BANKER REPORT CARDS

by Gordon Platt, Antonio Guerrero and Dan Keeler

Central bankers sit tight in the face of renewed global uncertainty.

Indications that the global economic recovery is losing momentum have created a new set of ...

Economic Focus: Brazil

PLAY ON

By Antonio Guerrero

Brazil is betting that its huge investment in infrastructure projects for the 2014 Soccer World Cup and the 2016 Olympics will provide long-term benefits to the country.

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Just six weeks after Rio de Janeiro won ...

Emerging Markets: Brazil

ROUNDUP

By Antonio Guerrero

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Flying high: Embraer sees rise in order backlog

Spain’s Telefónica agreed to buy Portugal Telecom’s stake in Vivo, Brazil’s largest mobile-telephony provider, for $9.8 billion. With 56 million clients, Vivo has an ...

Country Report: Spain

AN ATTAINABLE GOAL

By Antonio Guerrero

Spain's economy is still under pressure, but signs of renewed confidence are slowly emerging.

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When Spain beat the Netherlands in July to win the country's first-ever soccer World Cup, Spaniards took to ...

Emerging Markets: Africa

ROUNDUP

By Antonio Guerrero

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Front right: Corruption fighter Goodluck Jonathan

Flushed with confidence after its peaceful referendum on a new constitution, Kenya plans to issue $390 million of infrastructure bonds, the government’s fourth such issue. The bonds will have ...

Emerging Markets: Brazil

ROUNDUP

By Antonio Guerrero


Petrobras, Brazil’s state-controlled oil company, is planning a $25 billion rights issue—one of the largest in history. The company hired Bank of America Merrill Lynch, Bradesco BBI, Citigroup, Itau BBA, Morgan Stanley and Banco ...

Emerging Markets: Africa

ROUNDUP

By Antonio Guerrero

The African Development Bank (AfDB), which plans to increase its capital base to $100 billion, launched a $600 million fund to strengthen African banks. The fund was created through a partnership with the European Development Bank ...

New Leader Promises To Heal Regional Wounds

NEWSMAKERS: COLOMBIA

By Antonio Guerrero


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Juan Manuel Santos

Colombians have reaffirmed their support for conservative politics and economics, electing the newest member of a growing group of right-wing Latin American leaders. President-elect Juan Manuel Santos won the run-off election on ...

Investment Floods Back To Latin America

MILESTONES: LATIN AMERICA


Investment Floods Back To Latin America

By Antonio Guerrero

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High and dry: Caribbean countries may miss out

Following a hefty 42% yearon- year drop in FDI in Latin America last year, investors appear to be showing their ...

Emerging Markets Roundup: Brazil

Roundup

By Antonio Guerrero

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Hot property: Vale sells its aluminum business to Norsk Hydro

In what is ranked as one of the largest acquisitions ever by a Norwegian company, Norway's Norsk Hydro aluminum producer signed a $4.9 billion ...

Rating Upgrade Vindicates Morales’s Policies

NEWSMAKERS: BOLIVIA

Rating Upgrade Vindicates Morales’s Policies

By Antonio Guerrero

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Morales: High hopes for Bolivia’s econom y

While many international investors have grown to distrust Bolivian president Evo Morales, a socialist who nationalized the hydrocarbons sector and telephone ...

Emerging Markets Roundup: Africa

Roundup

By Antonio Guerrero

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South Africa’s central bank: Shareholders to get less control

Nigeria has secured a $915 million concessionary loan from the World Bank to help the government fund infrastructure development projects. Funds will be drawn between 2010 ...

Emerging Markets: Brazil

Roundup

By Antonio Guerrero

Brazil

Cotton on: End of trade battle gives hope in ethanol dispute

The Brazilian government launched the second phase of its economic stimulus plan, this time involving an estimated $883 billion in infrastructure investments through 2016. The ...

Emerging Markets: Africa

Roundup

By Antonio Guerrero

Africa

Digging deep: Companies mining in Zambia face high taxes

The World Bank is asking members to support a controversial $3.75 billion loan to Eskom, South Africa's state-run power utility. The loan would be used ...

Features: Awards–Best Emerging Market Banks 2010 Latin America

LATIN AMERICA

by Antonio Guerrero


REGIONAL WINNER: Banco Santander
c_latin Brazil continues to shine as the jewel in Santander's crown, helping the Spanish bank consolidate its position as Latin America's premier financial group. Santander Brasil set a benchmark in ...

Newsmakers: Investors Heartened By Calderón's Recovery Efforts

Mexico

By Antonio Guerrero

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Calderó n: Boosting investors’ confidence in Mexico

While Mexican president Felipe Calderón works to kick-start his nation's economy, badly hit by the US recession, international investors are encouraged by signs of recovery and have unleashed ...

Latin America Takes a Right Turn

RIGHT TURN


A rash of recent elections in Latin America has produced a marked swing to the political right. The region's new leaders are trying to strike a delicate balance as they attempt to build on their leftist predecessors ...

Emerging Markets: Africa

Roundup

By Antonio Guerrero

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Nigerian central bank’s energy fund has caused controversy

South Africa’s $2 billion dollar-denominated sovereign bond issue in March marked the country’s largest-ever foreign-currency-denominated security. The 10-year paper carries a 5.5% coupon, which ...

Milestones: Reconstruction Spending Shores Up Economy

Chile

By Antonio Guerrero

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Piñera: Hoping to promote economic growth, despite crisis

The massive earthquake and subsequent tsunami that hit Chile in late February caused hundreds of deaths, as well as destroying some 500,000 homes and damaging infrastructure. Yet ...

Emerging Markets: Brazil

Roundup

By Antonio Guerrero

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Meirelles: Reining in Brazil’s stimulus measures

Brazil’s central bank moved to tighten monetary policy by raising bank reserve requirements on term deposits from 13% to 15% as of April 9. The central bank had ...