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South/Central America


Petrobras price target revised, lowered

Considering the adverse conditions being faced by the Brazilian oil and gas company, Petroleo Brasileiro Petrobras' price estimate has been revised down to $7.41 a share from $10.80.

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Puerto Rico

Split in hedge funds group over Puerto Rico's restructuring plan

At a time when creditors of crisis-hit Puerto Rico are gearing up for negotiations on restructuring the Island's debt in smaller alliances, the group of hedge funds was believed to be split off. The hedge funds group comprising over 36 firms is holding a debt of $5.2billion of ailing Puerto Rico. According to unconfirmed news, since Puerto Rico governor Alejandro Garcia Padilla said that government's debts were unsustainable, there's surfacing difference of opinion among hedge group members. In the latest development, a group of activists in the Island has started raising voice against the participation of Antonio Weiss in the restructuring plan negotiations as his connections with the Wall Street lead to a conflict of interest.

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Brazil to host its own Internet high-speed exchange point away from the U.S. - Telebras

Brazil is to detach its internet connection with U.S., Telebras CEO Jorge Bittar said. A submarine cable with over 30 tbps will be installed from Lisbon to Fortaleza. This would boost Internet speed with Europe in 2017.

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Puerto Rico

Crisis-hit Puerto Rico takes up VAT route to shore up revenues

The debt-ridden Island Puerto Rico has opted for value-added tax (VAT) as a measure to enhance revenues for the government. The new VAT structure will come into force starting1 April 2016.

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Cuba renews drive for UN to condemn US embargo

Cuba renews its annual campaign urging the United Nations to condemn the US economic embargo. Foreign Minister Bruno Rodriguez told media the Cold War-era embargo had cost Cuba some $833.7 billion over five decades. "Seventy-seven percent of the Cuban population was born and has lived under the cruel effects of the blockade, the humanitarian impact and damage is extreme and cannot be measured (only) in numbers," he said.

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Brazilian PE firm 3G Capital eyes SAB Miller

Brazilian private equity (PE) major 3G Capital is mulling over a possible buyout of SAB Miller, maker of Miller, through its AnheuserBusch InBev, maker of Budweiser. Paving way for a major consolidation in the beer industry as the world's largest brewer AnheuserBusch InBev is bidding for SAB Miller, the second largest brewer. If the deal is successful, it'll be one of the top-6 global corporate takeovers in the history.

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Puerto Rico

Puerto Rico's rescue plan draws flak

The five-year restructuring plan proposed for ailing Caribbean island Puerto Rico has become a center of criticism from economists, who question that who shall benefit from this debt deal. Economists argue that the debt plan overstated the financial requirements of the island.

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Dollar-starved Venezuelan telecoms turn weaker

Venezuelan telecom sector is reeling under pressure as it lacks additional funds availability, the physical currency of dollars. The cash-strapped telecom companies are unable to strengthen their networks. The soaring inflation doesn't allow them to raise a tariff.

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S&P Downgrades Brazil's Credit Rating Straight Down to Junk Territory

Brazil's investment-grade credit falls beyond correction and into junk territory as Standard & Poor's downgraded the country's debt Wednesday. According to a report from The Guardian, Standard & Poor's said that Brazil lost its investment-grade status as it is projected with a negative outlook. This downgrade is unfortunate as the nation enters a recession.

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Corruption scandal rocks crisis-hit Brazil while government gears up for tax hike

The widening budget deficit has become a cause of concern for the Brazil. To speed up the economic recovery, the country needs a tax hike to ease the burden, the country's Chief of Staff Aloizio Mercadante said.

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Rolls Royce

Rolls-Royce dragged into Brazil's corruption scandal, accused of giving kickbacks to authorities investigating Petrobras

British engineering crown jewel Rolls-Royce is dragged into the giant Brazilian scandal, as it has been accused of giving kickbacks to officials involved in the state-owned oil giant Petrobras.

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Brazil's reais

Brazil is financially ruined, under recession

Whether Brazilians like it or not they are again headed for their worst economic crisis. The government reported Friday that the country's gross domestic product (GDP) had plunged 1.9% in Q2 alone and once again putting the nation into a technical recession.

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McDonald's hit with labor and tax malpractice allegations during Brazil hearing

Fast-food giant, McDonald's was recently hit with allegations suggesting that the company has been avoiding making tax payments and abusing their employees during a hearing held in Brazil.

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Venezuela's currency

Venezuela's currency against US dollar tumbles 737%

The value of Venezuela's currency, the Bolivar, has nose-dived too fast and has now reached a point where it's worth less than a penny on the US dollar.

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Fiscal crisis in Puerto Rico

Puerto Rico responds to fiscal crisis with a regressive tax that could hurt country's bottom line, poor people

Puerto Rico is jacking up its sales tax in a bid to address its fiscal problems. This is considered a regressive move that could ultimately hurt the country's bottom line and its countless poor people.

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