Saturday, July 8, 2006

Business briefs from Latin America

-Latin American stocks rose modestly over the past week with Mexico

taking the lead amidst hope by investors of a presidential victory by Felipe Calderon.

-The bankruptcy of Brazilian national airline Varig will cost Brazil $1.3 billion in lost revenue as 1 million less tourists are expected to visit the country.

-Speaking of tourism, Central America is in the midst of a tourist boom with the growth in visitors to that region more than any other worldwide.

-Chilean president Michelle Bachelet promised to help workers by introducing legislation designed to lower management fees on retirement accounts and allow more workers to receive pensions.

-Disagreements on how to control the Venezuela’s Orinoco oil reserves have led to conflict and compromise between the Chavez regime and big oil companies.

-Yesterday, Colombia reached an agreement on the text of a free trade deal with the U.S.

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