America's Insider articles from April 2001

America's Insider archives from April 2001

Vote against tax reform puts Ecuador on collision course with creditors.(Brief Article)
April 5, 2001... QUITO -- The decision by Congress to reject the government's bid to raise the value-added tax (VAT) has put the country on a collision course with international investors. Within hours of the vote, US rating agency Standard & Poors lowered...

Fox tax reform proposal faces long odds before divided Congress.(Brief Article)
April 5, 2001... MEXICO CITY -- President Vicente Fox's fiscal reform proposal, introduced to Congress April 3, is facing mounting criticism from a broad swath of the political spectrum and is unlikely to pass as drafted. The bill, which contained few...

Petrobras still acts like a monopoly.(Brief Article)
April 5, 2001... SAO PAULO -- This week the Senate called the president of state oil company Petrobras, the presidents of the two unions that represent oil workers, and the head of the country's oil regulatory agency to testify about the sinking of the world's...

New Energy Minister tackles the toughest job in Brazil.(Brief Article)
April 5, 2001... SAO PAULO -- The federal government has finally admitted what everybody else has known for a while: Brazil is on the verge of an energy crisis. Although the government currently places the blame on lack of rain that will cut hydroelectric...

Exchange merger seen as cure for Colombian equities market slump : Many analysts doubt fusion will lead to major gains.(Brief Article)
April 5, 2001... BOGOTA -- Colombia's three small stock markets are due to merge July 3 in an effort to reduce operating costs and boost prospects for investors. Some brokers believe the move will help to increase turnover, cut trading costs for investors...

Cavallo pondering changes to Argentina's exchange policy.(Brief Article)
April 5, 2001... BUENOS AIRES -- Talk the government may introduce changes to the currency board system that maintains the exchange rate at one peso per US dollar has local analysts concerned, and intrigued. A top advisor to Economy Minister, and virtual...

Washington hits Colombia over UN vote on the Middle East.(Brief Article)
April 5, 2001... WASHINGTON -- Many countries have discovered that US aid comes with a price. For Colombia the cost was a US attack on unrelated Colombian foreign policy moves. Colombian officials got an unwanted lecture last week from US officials, who...

Cardoso suspends Argentina visit.(Brief Article)
April 5, 2001... BRASILIA -- President Fernando Henrique Cardoso canceled a visit to Buenos Aires planned for April 16-17. The move was a response to Argentine Economy Minister Domingo Cavallo's decision to cut tariffs on capital goods from outside of the...

Trade issues with US, Argentina.(Brief Article)
April 5, 2001... SANTIAGO -- The Chilean government is currently facing trade challenges from two fronts. The United States may bring dumping charges against Chilean grape growers. However, US Trade Representative Robert Zoellick has said that issue will remain...

Banking system has more losses.(Brief Article)
April 5, 2001... BOGOTA -- The Colombian financial system had losses of approximately $2.6 million in the first two months of the year, downfrom about $7.7 million in the same period last year. However, the system, had losses of more than $ 5 million in...

BBVA buys 49% of Bancomer.(Brief Article)
April 5, 2001... MEXICO CITY -- Spain's Banco Bilbao Vizcaya Argentaria bought 49% of Bancomer (812 million shares) this week for $548 million. The sale is broken into two parts - the purchase of 500 million shares was completed this week, while the purchase of...

Oil industry experiences boom.(Brief Article)
April 5, 2001... QUITO -- Nearly 100 service firms in Ecuador expect a significant boost in business as multinational oil companies begin increasing drilling activities in anticipation of the construction of a new heavy oil export pipeline. The line, due to be...

Election projections to be broadcast.(Brief Article)
April 5, 2001... LIMA -- The Constitutional Tribunal ruled this week that the news media may broadcast projections and exit poll results for the April 8 presidential election after 4 pm on election day. The race is expected to be close, with Alejandro Toledo...

Chavez blamed for death.(Hugo Chavez, president of Venezuela)(Brief Article)
April 5, 2001... CARACAS -- The Fedecamaras association of business interests, has accused President Hugo Chavez of encouraging poor people to invade land owned by ranchers. The organization said Chavez was responsible for the death of a rancher who was killed...

Police helped Montesinos escape.(Brief Article)
April 5, 2001... CARACAS -- Interior Minister Luis Miquilena said the government has overwhelming evidence that fugitive Peruvian spy chief Vladimiro Montesinos underwent plastic surgery in Caracas last December and was allowed by Venezuelan police to escape....

Poverty increases.(Brief Article)
April 5, 2001... CARACAS -- A new study shows that the number of people living below the poverty line rose by 170,000 in 2000 to 2.482 million households, or about 57% of the population. The average income of a poor family fell slightly to $212 a month last...

Corruption accusations could shake support for Chavez administration.(president Hugo Chavez, Venezuela)(Brief Article)
April 12, 2001... CARACAS -- After taking office two years ago on an anti-corruption platform, President Hugo Chavez is facing growing accusations of improprieties within his administration. Officials at the government tax collection agency Seniat stand accused...

Investors hope Toledo can overcome strong showing by Garcia in Peru.(Alan Garcia, Alejandro Toledo, presidential candidates)(Brief Article)
April 12, 2001... LIMA -- Investors reacted with shock to the unexpectedly strong showing of former president Alan Garcia in last weekend's presidential elections. The populist leader of the Apra party, who had a disastrous presidency between 1985 and 1990,...

Fox wrestles with own party as debate on tax reform intensifies.(president Vicente Fox, Mexico)(Brief Article)
April 12, 2001... MEXICO CITY -- There are some things Mexicans aren't accustomed to, and one of these is seeing a president plead, cajole and lobby. But President Vicente Fox has been seen doing all of these things in his effort to push a package of tax...

Cavallo to take on regional interest in quest to cut spending.(economy Minister Domingo Cavallo, Argentina)(Brief Article)
April 12, 2001... BUENOS AIRES -- After imposing tax reform on the notoriously evasive Argentine population, convincing Congress to grant him sweeping power to manage the country's economy and wooing foreign investors, Economy Minister Domingo Cavallo is set to...

Bolivian companies shy away from scrutiny of equities markets.(they refuse to float the shares)(Brief Article)
April 12, 2001... LA PAZ -- New rules on the La Paz stock market are intended to increase trading volumes, but many companies are unwilling to change their bad habits and are demanding the government help them meet their obligations rather than raising capital...

Heavy fighting forces Colombia's military to move into peace zone.(Brief Article)
April 12, 2001... BOGOTA -- A government effort to clear an area of central Colombia to prepare for peace talks has instead led to furious combat between right-wing paramilitary units and leftist guerrillas. As a result, the government has been forced to order...

Bush to implement order to allow Mexican trucks into the US.(president George W. Bush)(Brief Article)
April 12, 2001... WASHINGTON - President George W. Bush is proposing to spend $56 million next year to add inspection stations and inspectors on the Mexican border, a move designed to abide by a recent Nafta arbitration panel ruling ordering the US to allow...

Central Bank rescues government.(Argentina deep in debt)(Brief Article)
April 12, 2001... BUENOS AIRES -- For the first time since the pegging of the peso to the dollar, the Central Bank has been forced to pay government debt with its reserves. The Central Bank put out a series of new bonds worth $500 million in order to service...

No one happy with bond sales.(interest rates on government bonds in Argentina)(Brief Article)
April 12, 2001... BUENOS AIRES -- The Argentine government had to pay local banks 10.35% interest on new 88-day bonds and 11.91% interest on 179-day bonds in the most recent Letes auction, defying Economy Minister Domingo Cavallo, who had hoped to pay no more...

Recession continues.(Argentina)(Brief Article)
April 12, 2001... BUENOS AIRES -- June will mark three years of recession for Argentina, and most analysts say the current state of the economy remains worrisome. Industrial output fell 2.8% in the first quarter compared to the same period in 2000. Industrial...

Military meets Venezuelan officers.(Colombia and Venezuela officers meet to discuss issues of joint concern, such as guerrilla activity and drug trafficking)(Brief Article)
April 12, 2001... BOGOTA -- High officials in the Colombian and Venezuelan militaries met to discuss border issues, drug trafficking and arms dealing by guerrilla groups. The officials agreed to build five new border posts and to increase the exchange of...

Guerrilla leader is wanted man.(Colombia issues a warrant for the arrrest of rebel leader Thomas Medina for drug dealing)(Brief Article)
April 12, 2001... BOGOTA -- For the first time, the Colombian government has ordered the arrest of a FARC leader for drug trafficking. Up until now, the government had denied the guerrilla group was involved in the sale of drugs. The government ordered the...

Oil exports losing favor with buyers.(civil war in Colombia impedes oil exports)(Brief Article)
April 12, 2001... BOGOTA -- Petroleum buyers are penalizing Colombia for problems it has had in maintaining oil exports. Guerrilla attacks on the Cano Limon pipeline have cut exports, prompting buyers to offer lower prices to offset the risk they accept when...

Business earnings grow.(Brief Article)
April 12, 2001... BOGOTA -- 51 of the 70 largest companies in Colombia reported profits last year with four - Cementos Argos, Emgesa, Almacenes Exito, and Cementos del Caribe earning at least $35 million each. Overall profits were up 49.2%. Other firms, like...

IMF agreement extended.(International Monetary Fund gives Ecuador more time to pass a tax increase)(Brief Article)
April 12, 2001... QUITO -- The IMF agreed to extend its stand-by agreement with Ecuador until June, giving the country one more opportunity to pass a difficult tax increase. The extension was made after a meeting between Economy Minister Jorge Gallardo and IMF...

Telecom market opens up.(telephone company in Ecuador)(Brief Article)
April 12, 2001... QUITO -- New contracts signed this week ended the exclusivity of state telecom firms Andinatel and Pacifictel in the fixed telephone market and opened the market to competition. Interested firms will be able to enter the market starting in...

Fox asks for US security checks.(president Vicente Fox, Mexico)(Brief Article)
April 12, 2001... MEXICO CITY -- President Vicente Fox has proposed to the Bush administration that US intelligence services perform security checks on Mexican appointees and security officials in an attempt to root out the corruption in the Mexican government....

High marks for Fox.(president Vicente Fox, Mexico)(Brief Article)
April 12, 2001... MEXICO CITY -- In a recent poll, 84.8% of the people said they approved of President Vicente Fox's government, and 71.9% said they would vote for Fox again if elections were held now. The federal government received an approval rating of 7.5...

Court rules on Yucatan dispute.(Mexico)(Brief Article)
April 12, 2001... MEXICO CITY -- The Supreme Court has ordered Yucatan state officials to accept gubernatorial elections supervised by an elections commission named by the federal government. The original state-created electoral commission favored the PRI party,...

Anticorruption judges threatened.(they are in charge of Vladimiro Montesinos' case in Peru)(Brief Article)
April 12, 2001... LIMA -- The six judges assigned to the corruption investigation into ex-spy chief Vladimiro Montesinos have asked for increased security after numerous threats. In the most serious incident, eight people wearing bulletproof vests broke into the...

Agents close to catching Montesinos.(Vladimiro Montesinos, former security chief in Peru)(Brief Article)
April 12, 2001... LIMA -- Interior Minister Antonio Ketin Vidal said intelligence agents are close to catching Vladimiro Montesinos, who is believed to be hiding in Venezuela. Ketin Vidal met with his Venezuelan counterpart Luis Miquilena to discuss the...

Emergency power requested for customs service.(more agents needed, Venezuela)(Brief Article)
April 12, 2001... CARACAS -- The Venezuelan Customs service collected $208 million in March, more than its goal. However, officials say that evasion may be as high as 60%, as customs agents let all types of illicit materials enter the country without charging...

Orinoco Iron defaults on debt.(metal company in Venezuela)(Brief Article)
April 12, 2001... CARACAS -- Orinoco Iron, a joint venture between Venezuela's IHB and Australia's BHP, defaulted on a $16.3 million debt payment on March 30. Last month, BHP announced that it would take a $410 million dollar charge for its 50% stake in the...

World Bank expects difficult times.(Venezuela with a bleak forecast)(Brief Article)
April 12, 2001... CARACAS -- The World Bank signaled that Venezuela would experience serious economic problems if it did not implement fiscal reforms this year. The bank warned that the economy could be hurt by falling oil prices, particularly next year and in...

US slowdown hits Mexico; government has few tools to bolster economy.(Brief Article)
April 19, 2001... MEXICO CITY -- The slowdown of the US economy is beginning to have an impact on Mexico and it appears there is little the government can do to help the country's industries to overcome the effects of the slump in the United States. ...

Occidental awaits results from oil exploration to decide what to do about guerrilla attacks.(oil company)(Brief Article)
April 19, 2001... BOGOTA -- A prolonged offensive against US oil company Occidental Petroleum by leftist guerrillas is costing the firm and its partners millions of dollars per day in lost revenue. The attacks culminated in a mass kidnapping of nearly 100 Oxy...

Former Mexico City mayor files suit against paper in bid to bolster chances for PRD post.(Rosario Robles sues the Reforma newspaper)(Brief Article)
April 19, 2001... MEXICO CITY -- Former Mexico City mayor Rosario Robles has sued Reforma for defamation after the local newspaper published a piece in which it quoted official documents from the city 's Comptroller General 's office that found some $652 million...

Helms visit signals change in the level of US-Mexican communications.(senator Jesse Helms)(Brief Article)
April 19, 2001... MEXICO CITY -- Nixon in China, it wasn't. But the visit of US Sen. Jesse Helms to Mexico City this week was a remarkable sight as a crotchety Republican from North Carolina mended fences with Mexican officials in a rare foreign visit. ...

Garcia's promises woo poor who scorned him after first presidency.(Alan Garcia, presidential candidate, Peru)(Brief Article)
April 19, 2001... LIMA -- Combining promises of loosened credit for the poor, lower utility prices and interest rate cuts with his renowned rhetorical skills, former President Alan Garcia has scared the pants off of international bankers and investors by...

Focus on the FTAA highlights anxieties over free trade.(Free Trade Area of the Americas )(Brief Article)
April 19, 2001... SAO PAULO -- The renewed effort by the Bush administration to complete an agreement to establish the Free Trade Area of the Americas (FTAA) was one of the main issues at the Summit of the Americas in Quebec. But for Brazil, the proposed...

Jiang visit to Cuba highlights mutual interest in restraining US influence.(president Jiang Zemin, China)(Brief Article)
April 19, 2001... HAVANA -- Chinese President Jiang Zemin's visit to Havana coincided with a significant convergence of interests between Cuba and China, two nations whose relations have been rocky at times. Although Cuba has largely halted its economic...

Cavallo may be improvising his economic program.(economy minister Domingo Cavallo, Argentina)(Brief Article)
April 19, 2001... BUENOS AIRES -- A proposal to include the euro in Argentina's exchange system has shaken currencies of neighboring countries and raises questions about whether Economy Minister Domingo Cavallo has a longterm plan for the economy or is making it...

Bush to launch uphill effort for fast track authority in pursuit of FTAA.(president George W. Bush)(Brief Article)
April 19, 2001... WASHINGTON -- Anxious to convince Congress to give him trade promotion authority, President Bush has met in recent weeks with 100 lawmakers from both parties and promised to "intensify" his lobbying effort as soon as he returns from the Summit...

Bush seeks more aid for Colombia.(president George W. Bush)(Brief Article)
April 19, 2001... WASHINGTON -- President George W. Bush is asking Congress to supplement the $1.3 billion the United States already has committed to Plan Colombia with an additional $731 million. Dubbed the Andean Counterdrug Initiative, the bulk of money -...

Pension reform postponed.(Argentina)(Brief Article)
April 19, 2001... BUENOS AIRES -- In a meeting this week, President Fernando de la Rua and Economy Minister Domingo Cavallo decided to postpone a reform of the pension system until enough legislative support could be Found to ensure congressional passage. They...

Capital flow restrictions lifted.(Central Bank of Chile)(Brief Article)
April 19, 2001... SANTIAGO -- For the first time in twelve years, the Central Bank has eliminated regulations that restrict the free flow of capital into the country. The move is the first in a series of steps to make Chile more attractive to Foreign capitol....

Cell phones outnumber fixed lines.(Chile)(Brief Article)
April 19, 2001... SANTIAGO -- For the first time, the number of cell phones in Chile has exceeded the number of fixed lines in the country. As of December 2000, there were 3,401,525 cell phones in operation, nearly thirty-five thousand more than the number of...

Army leader to stay.(Jorge Enrique Mora Rangel apparently will retain his position, despite a pledge of loyalty requested by Colombian President Andres Pastrana)(Brief Article)
April 19, 2001... BOGOTA -- After several days of uncertainty, it seems that Jorge Enrique Mora Rangel, Commander of the Army, will stay in his position. Doubts arose on Monday, when President Andres Pastrana demanded pledges of loyalty from military leaders....

Alternative to Plan Colombia sought.(US, and Latin American countries, to meet and discuss the ongoing problems of Colombia)(Brief Article)
April 19, 2001... BOGOTA -- US President George Bush has agreed to meet with seven Latin American leaders during the Summit of the Americas to discuss an alternate proposal to Plan Colombia. The heads of Colombia, Venezuela, Ecuador, Peru, Bolivia, Brazil, and...

Public spending cut.(Colombia)(Brief Article)
April 19, 2001... BOGOTA -- The government announced a general cut in public spending this week which will reach ministries, administrative departments, and state enterprises across the board. Among the costs that will be reduced are general expenditures like...

Colombian paramilitaries steal cars.(Ecuador)(Brief Article)
April 19, 2001... QUITO -- A group of fifty Colombians crossed a bridge separating the two countries and stole six trucks belonging to a local cooperative that transports goods across the border. Officials said the robbery was perpetrated by Colombian...

Ecuador rejects banana accord.(compromise proposal between US and European Union)(Brief Article)
April 19, 2001... QUITO -- The Ecuadorian government rejected a compromise reached between the US and the EU on bananas. The WTO ruled last year that the EU's current rules for importing bananas favor European territories and the Caribbean. Under the compromise,...

Trade surplus drops.(Mexico: trade with the US)(Brief Article)
April 19, 2001... MEXICO CITY -- Mexico's trade surplus with the United States fell 30.7% from January to February as Mexican exports to the US dropped 4% and imports from the US rose 2.4%. Oil exports experienced the biggest decrease, falling from $892 million...

Military and police officials resign.(videos show support pledges to Alberto Fujimori)(Brief Article)
April 19, 2001... LIMA -- The commanders of the three branches of Peru's military and the national police resigned after videos were released showing their 1999 pledges to support President Alberto Fujimori's 1992 "self-coup" in which he seized dictatorial...

Candidates agree to debate.
April 19, 2001... LIMA -- Presidential candidates Alejandro Toledo of Peru Posible and Alan Garcia of APRA have agreed to face off in a series of debates before next month's runoff election. Toledo said the candidates' staffs were working out the details, and...

ExxonMobile to sell exploration block.(50% stake in La Ceiba block)(Brief Article)
April 19, 2001... CARACAS -- ExxonMobile has opened a data room in preparation for the expected sale its 50% stake in the La Ceiba exploration block. Analysts say the reserves found in the block were too small to interest the oil giant. Venezuelan state oil...

Recovery misses financial sector.(Venezuelan banks)(Brief Article)(Industry Overview)
April 19, 2001... CARACAS -- The loan portfolios of Venezuelan banks fell 11.69% between March 2000 and March 2001, signaling that the much talked-about reactivation of the economy has yet to reach the financial sector. Analysts say that many companies have...

Official figures disputed.(unemployment in Venezuela)(Brief Article)(Statistical Data Included)
April 19, 2001... CARACAS -- The National Confederation of Industries has said it does not trust figures put out by the Central Statistics and Information Office. For example, the claim that 300,000 new jobs were created over three months, as OECI has said, is...

Americas Insider Summary Forecast for 2001.
April 30, 2001... Americas Insider Summary Forecast for 2001 GDP GDP Inflation $bn % chg % chg Argentina 297 1.0 1.0 Bolivia 9 2.5...

ARGENTINA.(economic aspects)
April 30, 2001... ARGENTINA % Change Interest Date CPI M1 Rate (%) 1990 1,343.9 904.0 17.2 1991 85.0 125.0 7.0 ...

BOLIVIA.(economic aspects)
April 30, 2001... BOLIVIA % Change Interest Rate (%) Date CPI M1 DC FC 1990 18.01 39.93 42.20 22.90 1991 14.52 46.32...

BRAZIL.(economic aspects)
April 30, 2001... BRAZIL % Change Interest Date CPI M1 Rate (%) 1990 1,794.8 2,350.0 - ...

CHILE.(economic aspects)
April 30, 2001... CHILE % Change Interest Date CPI M1 Rate (%) 1990 27.3 30.0 48.2 1991 18.7 24.0 28.3 ...

COLOMBIA.(economic aspects)
April 30, 2001... COLOMBIA % Change Interest Date CPI M1 Rate (%) 1990 32.4 27.9 31.0 1991 26.8 34.1 29.7 ...

ECUADOR.(economic aspects)
April 30, 2001... ECUADOR % Change Interest Date CPI M1 Rate (%) 1990 48.5 52.2 50.5 1991 48.7 46.5 56.8 ...

MEXICO.(economic aspects)
April 30, 2001... MEXICO % Change Interest Date CPI M1 Rate (%) 1990 29.9 54.8 37.4 1991 18.8 83.9 ...

PERU.(economic aspects)
April 30, 2001... PERU % Change Interest Date CPI M1 Rate (%) 1990 7,649.00 750.00 33.80 1991 139.20 40.00 ...

VENEZUELA.(economic aspects)
April 30, 2001... VENEZUELA % Change Interest Date CPI M1 Rate (%) 1990 36.50 20.80 36.80 1991 31.00 30.50 ...