Citigroup sees sale of some South American units in September
Citigroup Inc. expects to announce the sale of some of its South America retail operations by mid-September, said Helio Magalhães, president of the bank’s Brazilian unit. Citi said in February that it planned to sell its consumer operations in Brazil, Argentina and Colombia. “We should have at least a month ahead of us before we make a formal announcement,” Magalhães said. Citi has long struggled to compete in Brazil, even during the economic and lending boom that preceded the current recession, because of high costs associated with operating in the South American country and what insiders have called a weak strategy for dealing with the country’s compliance quirks.
Source: Nasdaq
Duke Energy narrows bidders for $2-billion Latin American unit
Duke Energy has invited Canada’s Brookfield Asset Management, China’s Three Gorges Corp. and French utility Engie to submit binding bids for its Latin American power assets, people with knowledge of the matter said. Binding offers for the assets, which could fetch about $2 billion, are due by end of this month, the sources said. Half the assets being sold by Duke are in Brazil, with the remainder in Argentina, Chile, Ecuador, El Salvador, Guatemala and Peru. Hydroelectric plants make up about two-thirds of the portfolio.
Source: Bloomberg
Venezuela seeks higher oil price in talks with OPEC head
Venezuela’s Oil Minister Eulogio del Pino has spoken to OPEC Secretary-General Mohammed Barkindo ahead of a meeting between OPEC and non-OPEC producers in hope of boosting the global oil price, President Nicolas Maduro said on Thursday. “He spoke with the secretary of OPEC, we are making efforts for a new meeting soon between OPEC and non-OPEC members, with Russia at the head to stabilize the price towards $40 (per barrel) and over $50 and $60,” Maduro said.
Source: Reuters
Spain’s Mango to open megastore in Cuba
Spanish fashion group Mango is set to open its first megastore in Cuba before the end of the year after a recent thaw in the country’s diplomatic relations with the United States, a source close to the company said. The new Cuban store will be in Manzana de Gomez, a shopping centre situated in Havana’s historical centre. Mango already operated a smaller franchise in the city, which opened 20 years ago. Mango’s sales grew by 15.3 percent in 2015, the Barcelona-based unlisted company reported in May, driven by a focus on opening megastores internationally.
Source: Reuters
Aeromexico passenger traffic up 7.8 percent in July
Mexico’s flagship carrier Grupo Aeromexico transported 1.9 million passengers in July; a 7.8 percent year-on-year increase. International passenger numbers increased by 8.8 percent, while domestic passenger numbers increased by 7.3 percent. Demand, measured in Revenue Passenger Kilometers (RPKs), increased by 11.3 percent, year-on-year.
Source: LT
Latin American tax clampdown latest threat to Swiss bank accounts
New Peru presidents puts cabinet through paces with gym routine
Brazil’s shrinking economy is facing Olympic-size troubles