Revista Latin Trade articles from May 2002

Revista Latin Trade archives from May 2002

Global afterglow. (Editor's Note).
May 1, 2002... Almost every major company in Latin America is expanding internationally in one way or another to win new markets. Our first-ever ranking of Latin America's most admired companies highlights one of the unsung benefits of going global: increased...

Letters.
May 1, 2002... World Class CEOs It was with great pleasure that I read your February cover story on the corporate firefighters of Latin America. Congratulations on bringing to life some of the tremendous talent that we see throughout Latin America today....

Correction.
May 1, 2002... The February 2002 article "Corporate Firefighters" should have said about 200 employees were laid off at the U.S. and Canadian divisions of consulting firm McKinsey & Co.

Steely opposition. (Panorama).
May 1, 2002... Does U.S. President George Bush favor free trade or not? That's what Latin American leaders asked after Bush announced a 30% tax on steel imports in a bid to protect the embattled U.S. steel industry. The tax will heavily affect Brazil, as well...

Telecom Americas. (Regional).
May 1, 2002... TELECOM AMERICAS, a joint venture among Mexico's America Movil, Bell Canada International and Texas-based SBC Communications, received US$660 million from shareholders and investors to finance investments and pay short-term debt.

The Government of Mexico. (Regional).
May 1, 2002... THE GOVERNMENT OF MEXICO agreed to restructure US$380 million worth of Cuban debt. Cuba promised to buy more Mexican products.

The International Finance Corp. (Regional).
May 1, 2002... THE INTERNATIONAL FINANCE CORP., part of the World Bank, loaned Miami-based Latin American Agribusiness Development Corp. US$20 million to help fund small- and medium-sized agricultural exporters in Latin America.

DirecTV Latin America. (Regional).
May 1, 2002... DIRECTV LATIN AMERICA, a Florida-based satellite TV provider, sold Mexican's CNI Canal 40 and Multimedios-Milenio broadcast rights to at least 40 World Cup games, including the final. The value of the deal was not disclosed.

Procter & Gamble. (Regional).
May 1, 2002... PROCTER & GAMBLE, a U.S.-based consumer products company, is closing its Clairol division factories in Lima, Peru, and Maracay, Venezuela, as part of a cost-cutting move.

Azurix Corp. (Argentina).
May 1, 2002... AZURIX CORP., the global water division of energy giant Enron, withdrew from a concession it won in 1999 from the province of Buenos Aires. The 30-year concession will be auctioned again.

Cablevision. (Argentina).
May 1, 2002... CABLEVISION, an Argentine cable company owned by Hicks, Muse, Tate & Furst, failed to make a US$6 million interest payment on a $100 million bond. It blamed government capital controls.

Nestle. (Brazil).
May 1, 2002... NESTLE'S, a Swiss food giant, has purchased Chocolates Garoto, Brazil's last independent chocolate maker. The Swiss conglomerate now holds more than half the Brazilian chocolate market, up from 31%. Analysts say Garoto was worth up to US$430...

The Government will sell US$1.8 billion in shares it owns in Companhia Vale do Rio Doce (CVRD). (Brazil).
May 1, 2002... THE GOVERNMENT will sell US$1.8 billion in shares it owns in Companhia Vale do Rio Doce (CVRD), the world's largest iron ore company.

Rio Polimeros. (Brazil).
May 1, 2002... RIO POLIMEROS, a Brazilian petrochemical company, is raising US$1.1 billion to set up the world's largest polyethylene plant north of Rio de Janeiro.

Brazil will launch a six-year US$750 million global bond. (Brazil).
May 1, 2002... BRAZIL will launch a six-year US$750 million global bond underwritten by Goldman Sachs and Merrill Lynch.

Banco Bradesco. (Brazil).
May 1, 2002... BANCO BRADESCO, Brazil's largest private bank, paid US$153 million for Banco Cidade.

The International Finance Corp. (Caribbean).
May 1, 2002... THE INTERNATIONAL FINANCE CORP., part of the World Bank Group, loaned US$20 million to Royal Merchant Bank and Finance Company of Trinidad and Tobago to help provide credit.

Cuba ordered US$17 million in grain from Archer Daniels Midland. (Caribbean).
May 1, 2002... CUBA ordered US$17 million in grain from Archer Daniels Midland, an Illinois-based grain conglomerate. The purchase follows $36 million in U.S. agricultural products ordered by the island in 2001.

Latin American Finance Group and U.S. and Latin American investors. (Central America).
May 1, 2002... LATIN AMERICAN FINANCE GROUP and U.S. and Latin American investors offered US$800 million to acquire Chiquita, the world's No. 2 banana producer.

The Government of Panama. (Central America).
May 1, 2002... THE GOVERNMENT OF PANAMA authorized German builder Bilfinger-Berger to begin work on a 1,000-meter bridge over the Panama Canal. The US$91 million project will take 30 months.

Emporchi. (Chile).
May 1, 2002... EMPORCHI, the state port company, abandoned plans for a US$6 million ferry terminal at the southern port of Puerto Montt.

A U.S.-Colombian Task Force. (Colombia).
May 1, 2002... A U.S.-COLOMBIAN TASK FORCE dismantled two counterfeit money rings in Cali, seizing printing presses, phony U.S. Treasury seals and US$13 million in fake bills.

Fitch Ratings. (Colombia).
May 1, 2002... FITCH RATINGS, an international credit rating agency, and Compania Calificadora de Riesgos Bankwatch Ratings, an Ecuadoran company in which Fitch owns a minority stake, sold their stakes in Bankwatch Ratings de Colombia.

Petroecuador. (Ecuador).
May 1, 2002... PETROECUADOR, the state oil company, announced the discovery of 963 million barrels of reserves in the country's largest oil field, Ishpingo-Tambococha-Tiputini near the border with Peru. The find represents 23% of the country's oil reserves...

The Government invited international telecoms to bid on cellular telephone. (Ecuador).
May 1, 2002... THE GOVERNMENT invited international telecoms to bid on cellular telephone band-with for a system slated to take effect in October. The move breaks the fixed-line duopoly of state-owned Pacifitel and Andinatel.

Televisa. (Mexico).
May 1, 2002... TELEVISA, a media group, raised US$300 million from a 30-year bond offering--the longest-duration bond ever issued by a Mexican company. Televisa will use the money to refinance its bridge loan for greater equity in Univision, the U.S....

Telefonica. (Mexico).
May 1, 2002... TELEFONICA, Spain's telecom giant, will buy 65% of Mexico's to gain about 1 million more wireless clients. Terms of the deal were not disclosed. Mexico's wireless market is worth an estimated US$5.5 billion.

Mexico suspended new 20% taxes on imported U.S. corn syrup sweeteners. (Mexico).
May 1, 2002... MEXICO suspended new 20% taxes on imported U.S. corn syrup sweeteners used in the beverage industry. Luxury taxes for jet skis, flat-screen computer monitors and imported liquors were also put on hold.

Marathon Oil. (Mexico).
May 1, 2002... MARATHON OIL, a U.S. based oil company, wants to build a liquefied natural gas terminal and a 400-megawatt electric power plant at Playas de Tijuana in Baja California. Partnering with Marathon is Indonesian state-run Pertamina, the world's...

ITR, a Spanish manufacturer. (Mexico).
May 1, 2002... ITR, a Spanish manufacturer, will produce jet turbines and motors using small Mexican companies as its suppliers. The turbine plant will be located in Queretaro.

Canon Japan's largest office equiment maker. (Mexico).
May 1, 2002... CANON, Japan's largest office equipment maker, is closing its Tijuana inkjet printer factory and laying off 417 workers. Production will move to Asian plants.

Chrysler a divisoin of automaker DaimlerChrysler. (Mexico).
May 1, 2002... CHRYSLER, a division of automaker DaimlerChrysler, will manufacture a convertible version of its PT Cruiser in Mexico. The new vehicle goes on sale in 2004.

The Government, in its first bond issue in more than 70 years. (Peru).
May 1, 2002... THE GOVERNMENT, in its first bond issue in more than 70 years, emitted US$500 million in global bonds.

Telefonica Del Perua subsidiary of Spain's telecom giant. (Peru).
May 1, 2002... TELEFONICA DEL PERU, a subsidiary of Spain's telecom giant, will invest US$250 million to expand its services in Peru during 2002.

Southern Peru Copper Corp. (Peru).
May 1, 2002... SOUTHERN PERU COPPER CORP., a Peruvian mining company, and Chile's state-owned Corporation del Cobre (Codelco), launched a joint venture to explore mineral deposits on their shared border. Meanwhile, Southern Peru, owned by Mexico's Grupo...

The U.S. Government will triple anti-drug funding to Peru in 2002. (Peru).
May 1, 2002... THE U.S. GOVERNMENT will triple anti-drug funding to Peru in 2002 to more than US$150 million. A third of the money goes for crop replacement for poor farmers.

International Monetary Fund. (Uruguay).
May 1, 2002... THE GOVERNMENT is seeking a US$400 million standby loan from the International Monetary Fund.

Banco De Galicia. (Uruguay).
May 1, 2002... BANCO DE GALICIA, Argentina's largest private bank, discontinued operations in Uruguay.

The Caracas Stock Exchange. (Venezuela).
May 1, 2002... THE CARACAS STOCK EXCHANGE is trading in new financial instruments linked to Brady bonds, international stocks and other government debt. The securities seek to hike interest in the market, where trading has plummeted to about US$800,000 a day,...

Moody's Investors Service. (Venezuela).
May 1, 2002... MOODY'S INVESTORS SERVICE, an international ratings agency, placed Venezuela on outlook negative," citing declining foreign reserves, growing capital flight and low oil prices.

Shakedown. (Panorama).
May 1, 2002... Opposition to Venezuelan President Hugo Chavez continues to grow. In a recent antigovernment display, Petroleos de Venezuela (Pdvsa) executives launched a work stoppage that paralyzed the company for four hours to protest Chavez's appointment...

Heating up. (Panorama).
May 1, 2002... Whirlpool is heating up in Mexico. The largest U.S. appliance maker paid US$150 million to Vitro, a multibillion dollar glass company in Monterrey, for a 51% stake in Mexican appliance manufacturer Vitromatic. The deal gives Whirlpool full...

It's the law. (Panorama).
May 1, 2002... TAXES Argentina imposed a controversial tax on all exports. The tax, ranging as high as 10% on the value of goods, could generate US$700 million in 2002. AVIATION Peruvian airline AeroContinente filed a lawsuit seeking up to US$1...

Money trail. (Trade Talk).
May 1, 2002... Check cashing agencies across the United States are sporting new advertisements and posters--many of them in Spanish--in a US$10 million effort to crack down on money-laundering. Among the money services businesses facing scrutiny are the...

Bigger booty. (Trade Talk).
May 1, 2002... Music remains the top plunder of trademark pirates in Latin America, although the level of copyright infringement of business software is growing. The International Intellectual Property Association continues to monitor Paraguay, where...

Iron sides. (Trade Talk).
May 1, 2002... When U.S. President George Bush imposed tariffs on imported steel, he tried to soften the regional impact to keep the Free Trade Area of the Americas (FTAA) alive. But the exemptions may not be enough. In Brazil, which does about US$2 billion...

Colombia's cheerleader. (Trade Talk).
May 1, 2002... Lecturer Pedro Medina was aghast at the answers of 39 university students asked where they pictured themselves in five years. Only 12 said they would still be in Colombia. "Why would we want to stay?" responded the rest. Believing in a...

Caterpillar. (Dear Shareholder).
May 1, 2002... This heavy equipment manufacturer continues swinging its machete in a bid to slash US$1 billion from its expenses, compared with 2000 levels, Caterpillar hopes the belt-tightening will position it for profitability this year, aided by...

Unilever. (Dear Shareholder).
May 1, 2002... This home- and personal-care products company fared well, although the Argentine peso devaluation is cutting into the value of its regional assets. In the months ahead, Unilever will have to work hard to spark sales growth; twill also have to...

Ericsson. (Dear Shareholder).
May 1, 2002... The Swedish phone maker claims the worst is over. Still, it has significant exposure in Latin America, including Colombia where it's battling problematic contracts with fixed-line company Telecom. On the plus side, it landed a coveted new...

High ally.
May 1, 2002... When airline partnership Star Alliance kicked off, it had five members. Today, the oldest of the major aviation alliances boasts 15 players, including Varig, Mexicana de Aviacion and United Airlines. It also broke ground recently for a Star...

Fighting old ghosts: Cold War warriors head into Colombia for the wrong reasons--oil, money and politics. (Trade Talk).
May 1, 2002... By all appearances, war-weary Colombia represents a new U.S. military front against, of all things, communism. The "Bush Doctrine" pushed by Secretary of State for Western Hemisphere Affairs Otto Reich--Lt. Col. Oliver North's boss and an...

Here come the super trees: Chile's Genfor bets that genetically modified pines can boost Latin American forestry's bottom line. (Biotech).
May 1, 2002... As legislators in Brazil engage in screaming matches over the steady march of genetically modified corn into their fields from nearby Argentina, a Chilean joint venture is fast on its way to producing--and exporting--the world's first...

Overdrawn: bailing out Argentina's government will cost the banks--and the country, too. (Banking).
May 1, 2002... Argentina's long, slow and ultimately predictable decline has nonetheless produced a serious shockwave for its foreign-dominated banking sector. Devaluation overnight chopped assets of US$141 billion in half. Another $30 billion in bad...

Parched: Mexico's development depends on water--and foreign cash. (Infrastructure).
May 1, 2002... Mexico is drying up, and Environment Secretary Victor Lichtinger knows it. The accessible and friendly cabinet minister has even appeared on the TV show of comedian Adal Ramones to deliver a message: "Turn off the tap when you are brushing your...

Steel Hector & Davis LLP. (Focus on Special Advertising Feature).
May 1, 2002... Deploying a unique combination of knowledge, experience and resources, and drawing on a full mastery of the intricacies of international business, Steel Hector & Davis LLP is well-prepared to assist today's global enterprises in expanding their...

Latin America's 20 most admired companies: Latin America's businesses earn respect by crossing borders while taking care of core markets. (Cover Story).
May 1, 2002... Good business is more than making money. When LATIN TRADE set out to identify companies around the region that draw the public's admiration, we found that a broad range of factors influence a corporation's image. Certainly, a solid...

Hard cell: BellSouth looks to the Internet to win Latin America's high-stakes wireless showdown. (Telecom).
May 1, 2002... Digging into a credenza in BellSouth Latin America's Atlanta offices, Roberto Peon--the man who oversaw the U.S. regional phone company's galloping wireless growth in Latin America--yanks out his secret weapon in Venezuela: an unassuming gray...

Bullish on Latin America: American Airlines begins powrhouse push in the region. (Aviation).
May 1, 2002... American Airlines is increasing flights, rehiring laid-off workers and blasting ahead on a US$1.3 billion airport terminal in Miami, its gateway to Latin America. The carrier already transports about half the region's roughly 49 million...

KPMG Consulting and Oracle provide aircraft manufacturer Embraer with e-business solution. (Focus on Special Advertising Feature).
May 1, 2002... KPMG Consulting and Oracle teamed up last year to build and implement AEROChain, a digital marketplace (DMP) that allows Embraer to offer after-sales services to their customers and suppliers online. "The project team, consisting of...

DFW: A fast-growing gateway to Latin America. (Focus on Special Advertising Feature).
May 1, 2002... Dallas/Fort Worth International Airport (DFW) is a fast-growing U.S. gateway to Latin America with growing passenger and cargo service throughout the region. "With its strategic central location, unmatched capacity and growing...

New math. (Connection).
May 1, 2002... Where is the money in Latin America? Traditionally, companies lived and died by the 80/20 rule: 80% of the spending is done by 20% of your clients. Now some folks in the technology business say that model should be thrown out. Telecom...

Line king: A U.S. cable giant sees a pan-Latin, multimedia empire ahead. Chile is the first step. (Connection).
May 1, 2002... San Miguel is a typical Latin American neighborhood rushing to catch up to the future. Horse-drawn vegetable carts compete for space with Korean mini-vans on its dusty south Santiago back streets. Tangled wires sprout in every direction from...

Palm M105. (Connection).
May 1, 2002... Personal digital assistant Price: US$149 retail * The Good www.palm.com A small step up from the bottom-end m100 model, this handheld adds memory and the capacity to link to email or the Web using your existing cellular telephone...

Nerd nation. (Connection).
May 1, 2002... If time is money, telephone minutes are trade: Here you can see, within Latin America, who trades the most with whom. Brazil and Argentina are a major nexus in the Southern Cone, as are the Andean nations amongst themselves, and Mexico with...

The Hit Parade. (Connection).
May 1, 2002... The Hit Parade Top 10 properties three-month moving average ending January 2002, plus biggest gainers and losers. millions of users BRAZIL UOL IG GLOBO.COM +13% TERRA YAHOO MSN STARMEDIA -15.3%...

Buy! Sell! GOOOOOOOOOOOL!!!!! (Cyber Surf).
May 1, 2002... www.futbolsa.com (English, Spanish Portuguese) CONTENT: CLICKWORTHY DESIGN: CLICKWORTHY NAVIGATION: COULD BE BETTER OVERALL: SKIT IT A combination fantasy league, betting parlor and bourse, Futbolsa attempts to do for...

Seasoned traveler. (Cyber Surf).
May 1, 2002... www.ijet.com (English) CONTENT: CLICKWORTHY DESIGN: CLICKWORTHY NAVIGATION: COULD BE BETTER OVERALL: SKIT IT The site claims to have security experts-including former CIA and National Security Agency types-poring round...

Head of the class. (Cyber Surf).
May 1, 2002... www.educoas.org (Spanish, English, Portuguese) CONTENT: CLICKWORTHY DESIGN: CLICKWORTHY NAVIGATION: COULD BE BETTER OVERALL: SKIT IT Most education sites on the Internet are a total mess-good ideas badly executed by busy...

Flying trucks: Air cargo companies take to the ground in search of freight. (Trade Lanes).
May 1, 2002... Cristiano da Matta roared across the finish line to first place in the Monterrey Gran Prix, giving the Brazilian driver his third consecutive CART FedEx Series victory. Race sponsor Federal Express is looking for the same sort of ground speed...

The British are coming? (Out of the Box).
May 1, 2002... The British Royal Marines took the beach in short order. About 30 heavily armed soldiers met little resistance--until a pair of local police officers unceremoniously told them that they had invaded the wrong country. The soldiers, part of...

Cost-cutting drive. (Out of the Box).
May 1, 2002... Facing another tough year in Brazil, automakers continue cost-cutting in logistics. General Motors recently awarded TNT Logistics a three-year, US$2.5 million contract to manage car parts' distribution for two auto plants in Sao Paulo. GM plans...

Going for it ALL. (Out of the Box).
May 1, 2002... America Latina Logistica (ALL) is expanding its port operations. The Brazilian rail, truck and cargo service provider plans to invest more than US$14 million to provide storage, transport and customs services at Paranagua, Sao Francisco and Rio...

The MeXbox. (Out of the Box).
May 1, 2002... The Guadalajara plant of electronics manufacturer Flextronics got no break after meeting the U.S. Xmas rush for more than 100,000 Xboxes a week: It started right back in, cranking out the Microsoft game console for the Japan launch in February....

Graduate business education: strengthening the management team. (Special Advertising Feature).
May 1, 2002... "Regardless of location, students will receive a world-class EMBA education, utilizing state-of-the-art stable learning technologies, while still developing close relationships with faculty and classmates," says MEMBA Director Nancy Ortman, of...

Colony Club: last residents at historic leprosarium face uncertain future. (Travel Intelligence).
May 1, 2002... In 1944, a doctor scraped a small piece of skin from 12-year-old Ruth Thompson's elbow. Test results revealed the child, from Almirante, Panama, had Hansen's disease, the dreaded illness also known as leprosy. Like hundreds of other...

Inn sync? (Travel Intelligence).
May 1, 2002... Airlines, governments and travel operators are in a tizzy, worrying how global recession and terrorism will affect tourism. But hoteliers in Latin America are blasting ahead as if nothing has happened. The posh Ritz-Carlton hotel group has...

Cup prices runneth over. (Travel Intelligence).
May 1, 2002... How about a US$230 taxi ride from the airport or a two-course meal for two that costs $185? That's what soccer fans can expect as they head off to the World Cup games in Japan. According to the Economist Intelligence Unit's latest...

VIP lounge members are finding their clubs closed in many U.S. airports. (Travel Hot Tips).
May 1, 2002... VIP lounge members are finding their clubs closed in many U.S. airports, a result of airline budget-cutting. American has closed six of its 50 lounges, United closed two, Delta shut the doors of at least six and U.S. Airways has shut four...

LanChile now offers electronic ticketing through agents and its Web site www.lanchile.com. (Travel Hot Tips).
May 1, 2002... LanChile now offers electronic ticketing through agents and its Web site www.lanchile.com. The Chilean carrier also dropped first-class service to several Latin American cities, including Bogota, Cancun, Caracas and Havana.

Newark International Airport will debut designer Kenneth Cole's first Travel Store. (Travel Hot Tips).
May 1, 2002... Newark International Airport will debut designer Kenneth Cole's first Travel Store. The shop featuring Kenneth Cole clothes, luggage and travel accessories opens mid-2002 in the connecting wing of Terminal C.

In Peru, Orient-Express has discontinued passenger train service between Arequipa and Puno. (Travel Hot Tips).
May 1, 2002... In Peru, Orient-Express has discontinued passenger train service between Arequipa and Puno. Orient-Express last year acquired PeruRail rights to the route, as well as service between Cuzco and Machu Picchu, which is still in operation.

What popped the bubble? (Book Review).
May 1, 2002... When the Internet bubble burst, it brought the decline of something else: the mountain of books heralding the arrival of a brave new world of technological innovation, books so enthusiastic that the dot-corn advent sounded on par with the...

Key Indicators. (Trends).
May 1, 2002... KEY INDICATORS LATIN TRADE INDEX * % CHANGE DECEMBER 00/01 Total Trade December 01 US$ 46 billion -13.3% Exports ...