Latin America

Roundup   By Antonio Guerrero   Brazil’s president, Lula da Silva, tours a Petrobras facility The US Export-Import Bank agreed to provide Brazil with some $10 billion in financing to develop the Petrobras state-controlled oil company’s offshore pre-salt oil reserves. ...

With bank stability still high on corporate and investor agendas, Global Finance magazine publishes in the October 2009 issue its annual list of the world’s safest banks.   Global Finance has published its world’s safest banks listing for 18 years. ...

THE WORLD'S BIGGEST BANKS 2008 Rank Name Country Fiscal Year Total Assets ($b) 1 Royal Bank of Scotland Group United Kingdom 12/2007 3,807 2 Deutsche Bank Germany 12/2007 2,974 3 BNP Paribas France 12/2007 2,494 4 Barclays United Kingdom 12/2007 ...

AFRICA REGIONAL WINNER Standard Chartered COUNTRY WINNER Algeria Arab Banking Corporation Algeria Angola BES Angola Botswana Standard Chartered Bank Botswana Cote d’Ivoire Ecobank Ethiopia NIB International Bank Gambia Trust Bank Ghana Ghana Commercial Bank Guinea International Commercial Bank Kenya Barlcays ...

NEW YORK, July 21, 2009 — Global Finance has announced the First Round winners in the “World’s Best Internet Banks” competition in the Middle East and Africa. This is the 10th year Global Finance has named the World’s Best Internet ...

Roundup   By Antonio Guerrero   Mantega: Welcomes foreign investors to Brazil Taking advantage of falling yields, Brazilian borrowers are returning to international debt markets. BNDES, the state-owned development bank, sold $1 billion in 10-year bonds in June, yielding 6.546%. ...

ARGENTINA   By Antonio Guerrero   Kirchner: May have to rein in her populist agenda When Cristina Kirchner won Argentina's 2007 presidential election, she was taking over the office held since 2003 by her husband, Nestor Kirchner. Observers speculated the ...

Despite a recent drop in profits amid the country's economic slowdown, Brazilian banks are poised for long-term growth. By Antonio Guerrero Amid a turbulent global market, Brazil's banking and financial sector is proving remarkably resilient. A stringent regulatory environment, strong ...

Latin American markets are feeling the global financial pinch, and ratings agencies are taking notice, with downgrades soon to follow.   By Antonio Guerrero   Standard & Poor’s downgraded El Salvador from BB+ to BB last month, and it seems ...

The election of a pro-business leader in Panama now makes president-elect Ricardo Martinelli a member of the somewhat lonely club of Latin American right-wing leaders, in which the only other member is Colombian president Alvaro Uribe.   By Antonio Guerrero ...

The latest news from Brazil. Just three years after acquiring Brazil’s Banco Pactual investment bank for some $2.5 billion, UBS is selling the bank back to its previous owners for roughly the same amount.   By Antonio Guerrero   The ...

Brazil needs to boost its electricity-generating capacity by 50% in the next 10 years to keep pace with growing demand for power, according to the country’s energy minister, Edison Lobão. Electrobrás, the state-controlled power holding group, is building an integrated ...

Citing Brazil’s prudent economic policies, Standard & Poor’s affirmed the country’s BBB- investment-grade rating with a stable outlook. In its rationale, S&P; said Brazil’s low investment-grade ratings are supported by the government’s ongoing commitment to prudent macroeconomic policies. S&P; expects ...

Mexico becomes the first country to tap IMF credit line;and risk management remains undervalued by money managers. Concerned about a weakening peso and possible 2010 fiscal gap, Mexico has turned to Washington for assistance for the first time since its ...

NEWS     The first exchange-traded fund that seeks to replicate the performance of the 20 most-liquid securities in the Colombian market has begun trading on NYSE Arca, an all-electronic US trading platform. Global X Management, a New York-based asset ...

Brazil's air force is helping finance Embraer's $500 million development program for a new military transport plane. Following Brazil’s recent credit boom, banks are starting to face increased customer arrears. A research report from BB Investimentos, a division of Banco ...

Colombia       Uribe: Washington’s ally   Colombian president Alvaro Uribe, the conservative right-wing leader reelected in May, remains Washington’s closest ally in a region governed overwhelmingly by center-left administrations. Critics, however, assert that the 53- year-old attorney, educated ...

LATIN AMERICA     Sleepless in Madrid: Santander chairman Emilio Botin Spanish banking giant Santander is struggling to contain the fallout from the more than $3 billion loss its clients sustained through the bank’s investments in funds linked to disgraced ...

BRAZIL     Brazil’s central bank: Attempting to boost banks’ trade finance lines With commodity prices plummeting from last year’s highs, Latin American governments are seeking ways to support their trade sectors as part of their economic stimulus plans. Strong ...

Brazilian oil giant Petrobras will use debt issuance to finance new offshore exploration. The Petrobras state-controlled oil company sold $1.5 billion of 10-year bonds on international markets in February. The deal, which carries a 7.875% coupon, was managed by HSBC, ...