Stories for June 24th 2012
Chile's LAN Airlines completed a takeover of Brazilian rival TAM on Friday, creating the world's second-largest airline by market value in a deal that executives expect to yield up to 700 million dollars in costs savings within four years.
Russian investment bank VTB Capital and Brazilian peer BTG Pactual, two of the fastest-growing emerging market challengers to more established US and European rivals, are joining forces to help them to expand further.
Motomco Group of Brazil, a manufacturer of grain quality-control products, is opening a Canadian operation called Canada Moisture Analyzers in Winnipeg this summer. The shop will handle sales and service for its products, which measure moisture content in grain in North America.
Chinese Premier Wen Jiabao arrived in Argentina Saturday on an official visit aimed at boosting trade with one of South America's top agricultural producers.
The outflow of foreign-currency deposits from Argentina's banking system showed no sign of slowing last week, as nervous savers withdrew 522 million dollars from bank accounts.
Brazil's state managed oil company Petrobras said it will raise gasoline and diesel prices for the first time since 2008, a move aimed at ending refining losses and paying for the world's largest corporate spending plan.
Brazil posted a current account deficit of 3.468 billion dollars in May, central bank data showed on Friday, in line with analysts' expectations and less than the previous month's gap. Brazil's current account deficit in April was 5.4 billion, the central bank said last month.
Germany's best-selling newspaper was given away free to almost all of the country's 41 million households on Saturday in a controversial celebration of the daily's 60th anniversary that set a world record for largest circulation.
“There is no coup here,” assured the new president of Paraguay Federico Franco on Saturday, who acted confidently before the international press following the ousting of Fernando Lugo on Friday.
Argentina is withdrawing its ambassador to Paraguay because of the rapid impeachment of former Paraguayan President Fernando Lugo, the Foreign Ministry said in a statement.