America's Insider articles from August 2001

America's Insider archives from August 2001

Peru waits to see if Toledo can extricate country from current troubles.(Alejandro Toledo faced with numerous economic challenges)(Brief Article)
August 2, 2001... LIMA -- Alejandro Toledo took office last week amid optimism that Peru's first president of indigenous extraction can restore confidence in the government and boost the country's battered economy. But the honeymoon will be short as he must...

Dry hole may have consequences for Colombian oil industry.(Siriri Block well has impact on country's economy)(Brief Article)
August 2, 2001... BOGOTA --US oil company Occidental Petroleum announced that the Gibraltar-X1 exploration well on Siriri Block failed to find oil. It could be one of the most important unsuccessful oil wells in Colombian history. The company drilled in...

Banzer to step down despite incomplete legacy; leaves many problems for successor.(President Hugo Banzer of Bolivia)(Brief Article)
August 2, 2001... LA PAZ -- In a move that pleases reformers, President Hugo Banzer, has announced he will resign in early August because cancer treatment has rendered him too infirm to continue governing. Ever since leading his successful 1971 Banzerato...

Workers' Party popularity rises as Brazil's problems mount but electorate remains unconvinced.(Brief Article)
August 2, 2001... SAO PAULO -- Amid a worsening economy, power shortages and a contagious economic flu in Argentina, Brazil's leftist political parties are registering impressive gains in public opinion polls. With presidential elections less than 15 months...

Government changing power privatization rules amid soft investor interest.(Ecuador deregulation of electric utilities)(Brief Article)
August 2, 2001... QUITO -- Soft investor interest is forcing the government to change the terms of the upcoming privatization of the electricity industry and extend prequalification dates to attract new bidders. While the date of the sale remains Sept. 28,...

Bush loses vote on allowing Mexican trucks in US.(George W. Bush threatens veto)(Brief Article)
August 2, 2001... WASHINGTON - The Bush administration lost another round this week in its fight with Congress over proposal to give Mexican trucks unrestricted access to the US market. The Senate voted in favor of a $60 billion transportation bill that...

Trade promotion vote delayed.(US House of Representatives and fast-track trade authority)(Brief Article)
August 2, 2001... WASHINGTON - House Republican leaders delayed a planned vote this week on trade promotion authority legislation, better known as fast-track, because they did not have enough votes for passage. Officials said they will add language to...

Market don't buy adjustments.(Argentina's $128 debt)(Brief Article)(Statistical Data Included)
August 2, 2001... BUENOS AIRES -- Investors remain highly skeptical that Argentina's economic program of budget cuts and other reforms will allow the country to avoid defaulting on its $128 billion debt. Even though Congress has approved an unpopular package of...

Political campaign budgets to be cut.(Argentina)(Brief Article)(Statistical Data Included)
August 2, 2001... BUENOS AIRES -- The government is planning to slash public funding of electoral campaign as part of its effort to reduce spending. The government paid candidates $125 million during the 1999 presidential elections. However, officials say that...

Tax plan losing support.(Chile)(Brief Article)
August 2, 2001... SANTIAGO -- A growing number of private sector officials and politicians are coming out against a government proposal to reduce personal income tax rates and offset the lost revenue through higher corporate rates. The government says the...

Spraying of drug crops resumes.(Colombia)(Brief Article)
August 2, 2001... BOGOTA -- Aerial eradication of coca crops resumed several days after a judge ordered a halt to the unpopular practice and ordered the government to present data on the environmental and social impact of the program. The judge later clarified...

Peasants block roads across country.(Colombians protest aerial spraying of drug crops)(Brief Article)
August 2, 2001... BOGOTA -- Peasants and small farmers set up blockades around the country to protest cutbacks in government agricultural funding as well as aerial spraying of drug crops. The protests snarled traffic around the country and cut off several areas...

Government acknowledges economy is slowing.(Colombia)(Brief Article)(Statistical Data Included)
August 2, 2001... BOGOTA -- The government has acknowledged that economic growth is slowing and has reduced its growth forecast for the year from 3.8% to 2.4%. Private analysts say the government's figure is still too optimistic. Officials have defended the...

Power transmission line to link Colombia, Ecuador.(Brief Article)
August 2, 2001... QUITO -- Ecuador and Colombia have agreed to build a 240MW power transmission line that would allow Ecuador to buy electricity from Colombia. The $45 million line is due to be completed by the end of next year. Ecuadorian officials estimated...

Banco de Mexico revises economic growth figures downward.(Brief Article)
August 2, 2001... MEXICO CITY --The Banco de Mexico has revised downward its growth forecast for 2001 for the third time. Bank officials now say that growth will be less than 2% this year, well under the 4.5% figure that government predicted at the start of the...

Zapatistas contest indigenous law.(Chiapas, Mexico)(Brief Article)
August 2, 2001... MEXICO CITY --The Zapatista rebels and their supporters blocked roads in Chiapas state to protest the enactment of a controversial indigenous rights law. The group originally supported the proposal, which would have given indian tribes...

Chavez suffers rare set back.(Venezuela's Hugo Chavez's plans to reform social security rejected)(Brief Article)
August 2, 2001... CARACAS -- In a rare rejection of a government proposal, a congressional committee has rejected the government's plan to reform the country's expensive and inefficient social security system. Members of the committee said that it was clear that...

Reform delays drive investors away.(Venezuela)(Brief Article)
August 2, 2001... CARACAS -- A report by US investment bank Morgan Stanley Dean Witter says that delays in approving changes to the social security system and land reform are deterring investors from moving into Venezuela. Both pieces of legislation could have...

Americas Insider Summary Forecast for 2001.(economic indicators)(Brief Article)(Illustration)
August 3, 2001... Americas Insider Summary Forecast for 2001 GDP GDP Inflation Trade Bal. $bn % chg % chg $bn Argentina 270 -0.5 1.0 2.0 Bolivia ...

ARGENTINA.(economic indicators)(Illustration)
August 3, 2001... ARGENTINA % Change (In millions US $) Interest Trade Date CPI M1 Rate(%) Imports Exports Balance 1990...

BOLIVIA.(economic indicators)(Illustration)(Statistical Data Included)
August 3, 2001... BOLIVIA % Change (In millions US $) Interest Rate (%) Trade Date CPI M1 DC ...

BRAZIL.(economic indicators)(Illustration)
August 3, 2001... BRAZIL % Change (In millions US $) Interest Trade Date CPI M1 Rate(%) Imports Exports Bal ...

CHILE.(economic indicators)(Illustration)
August 3, 2001... CHILE % Change (In millions US $) Interest Date CPI M1 Rate (%) Imports Exports Trade Bal 1990 27.3 30.0 48.2 7,068.0 8,328.0...

COLOMBIA.(economic indicators)(Illustration)
August 3, 2001... COLOMBIA % Change (In millions US $) Interest Date CPI M1 Rate(%) Imports Exports Trade Bal 1990 32.4 27.9 31.0 3,754.0...

ECUADOR.(economic indicators)(Illustration)
August 3, 2001... ECUADOR % Change (In millions US $) Interest Trade Date CPI M1 Rate (%) Imports Exports Bal 1990 48.5 52.2...

MEXICO.(economic indicators)(Illustration)
August 3, 2001... MEXICO % Change (In millions US $) Interest Trade Date CPI M1 Rate (%) Imports Exports Bal 1990 ...

PERU.(economic indicators)(Illustration)
August 3, 2001... PERU % Change (In millions US $) Interest Trade Date CPI M1 Rate (%) Imports Exports Balance 1990...

VENEZUELA.(economic indicators)(Illustration)
August 3, 2001... VENEZUELA % Change (In millions US $) Interest Trade Date CPI M1 Rate(%) Imports Exports Bal ...

Congress delays salary increase as Chavez finds it harder to press agenda.(President of Venezuela Hugo Chavez)(Brief Article)
August 16, 2001... CARACAS -- Pity the working man in Venezuela. Finding a job is hard enough, never mind employment in the formal sector that includes retirement and other benefits. And now Congress and President Hugo Chavez are bickering over a decree intended...

Victory in Tabasco may mean less than it appears for PRI.(Institutional Revolutionary Party)(Brief Article)
August 16, 2001... MEXICO CITY -- Last weekend's victory by the Revolutionary Institutional Party (PRI) in Yucatan state's gubernatorial elections is more a tribute to the party's organizational strength than an indication that the PRI's sagging fortunes have...

Deepening economic slump takes a toll on Pastrana's popularity.(President of Colombia Andres Pastrana)(Brief Article)
August 16, 2001... BOGOTA - Unemployment and poverty is soaring in Colombia. The president's popularity is slumping by the day. And with just 10 months to go before presidential elections, President Andres Pastrana has little room for political or economic...

Investors wait for proof Argentine budget cuts will make a difference.(Brief Article)
August 16, 2001... BUENOS AIRES -- Much attention has been focused on efforts by the Argentine government to secure additional loans from the IMF and an additional bailout certainly would reduce the likelihood of a default. But it is becoming increasingly...

Tax cut ruling angers investors but options for responding are limited.(Brief Article)
August 16, 2001... QUITO -- A ruling by the Supreme Court has put Ecuador on a collision course with the IMF and international investors over a key tax increase. However, the government and investors may have few options but to accept the ruling. Months...

New Bolivian president has long agenda, little time or support.(Brief Article)
August 16, 2001... LA PAZ -- Vice President Jorge Quiroga on Aug. 7 became the president of Bolivia after President Hugo Banzer stepped down the day before due to ill health. Quiroga faces a slew of problems, including a faltering economy and widespread...

Fighting expected to surge.(Brief Article)
August 16, 2001... BOGOTA -- Officials say several recent developments indicate that the country's guerrilla wars are likely to intensify in coming months. A recent decision by the government to break off talks with the country's second largest rebel group, the...

Officials bicker over inflation measures and growth.(Colombia)(Brief Article)
August 16, 2001... BOGOTA -- A fight has erupted between the state planning agency and the Finance Ministry over whether the government should continue its efforts to reduce inflation at the expense of economic growth. Planning officials say that anti-inflation...

Government expected to cut growth forecasts again.(Mexico)(Brief Article)(Statistical Data Included)
August 16, 2001... MEXICO CITY -- Following the release of figures that showed no growth in aDP in the second quarter, the government is expected to revise its projections for the full year. The government started the year with a growth forecast of 4.5% and...

Farmers protest again.(Mexico)(Brief Article)
August 16, 2001... MEXICO CITY -- Thousands of poor farmers took to the streets this week to protest government agricultural and trade policies. Many blame improved US relations for a worsening of conditions in the agricultural sector. Corn farmers say US imports...

Indigenous law causes tension.(Mexico)(Brief Article)
August 16, 2001... MEXICO CITY -- Supporters of Mexico's indigenous tribes launched a serious of protests to demonstrate against the enactment of a controversial indigenous rights law. The law took effect this week amid anger from tribes that said the final law...

US gives more anti-drug money but no funds for flights.
August 16, 2001... LIMA -- By the end of the year, the US government plans to disburse an additional $22.7 million in support for Peru's anti-drug programs, air policing and the reduction of narcotics demand. The funds are in addition to $25 million donated two...

Food prices register sharp increase.(Brief Article)
August 16, 2001... CARACAS -- Food prices have risen more than 31% over the past two years, according to the Central Bank. Inflation during the same period was just 26%. Bank officials say they are concerned about the report because it indicates that prices for...

US military ousted from offices.
August 16, 2001... CARACAS --The Venezuelan government has asked the US military mission in Venezuela to leave offices it occupies at the country's military headquarters. Venezuelan officials said the move was not intended to worsen relations and said the request...

Recession continues to take toll on job market and companies.(Venezuela's economic conditions)(Brief Article)
August 16, 2001... CARACAS -- A study by the Fedecamaras business federation has found that more than 700,000 people in the manufacturing, trade and construction sectors that have been laid off since 1998 have still not found jobs. Although the study found that...

Argentine bailout is short-term fix as investors wait to see results.(Brief Article)(Statistical Data Included)
August 23, 2001... BUENOS AIRES -- The deal between the IMF and Argentina heads off the danger of an imminent default, but it will make little difference to most Argentineans, who appear to be in for a protracted period of austerity. The deal also represents a...

Venezuelan spending slump reflects bad bookkeeping, incompetence.(Brief Article)(Statistical Data Included)
August 23, 2001... CARACAS -- Halfway through the year, government figures indicate that spending is a fraction of forecast levels. Official figures show that only 3.9% of the money budgeted for infrastructure investment has been spent so far this year, and...

Ethics proposal seeks to rehabilitate image of Congress.(Brazilian politics)(Brief Article)
August 23, 2001... SAO PAULO -- In the midst of a series of political scandals that have discredited Brazil's legislative processes, a group of congressmen lead by the recently elected President of the Congress, Aacio Neves are proposing new laws that would...

Investors, opposition politicians agree that privatization is not attractive.(state-owned industry in Brazil)(Brief Article)
August 23, 2001... SAO PAULO -- Since the overwhelming success of the privatization of state-owned bank Banespa last year, investor interest in state companies as well as new public service concessions has been soft. This coincides with growing opposition by...

Kuczynski confirms deficit will exceed targets but pledges to control spending.(Finance Minister of Peru Pedro Pablo Kuczynski)(Brief Article)(Statistical Data Included)
August 23, 2001... LIMA -- Peruvian Finance Minister Pedro Pablo Kuczynski confirmed this week that this year's fiscal deficit of 2.2% of GDP will exceed the IMF target, but pledged that the government would try to control the budget and seek to reduce the...

Exile group's implosion could mean loss of influence in Washington.(Cuban American National Foundation)(Brief Article)
August 23, 2001... WASHINGTON -- Turmoil in the Cuban American National Foundation, which has split the powerful organization into warring factions, may damage the lobbying clout of the Cuban exile group and weaken support for US economic sanctions against...

Economy weathering regional economic crisis well.(Chilean economy)(Brief Article)(Statistical Data Included)
August 23, 2001... Chile's economy appears to be resisting many of the economic pressures its neighbors are experiencing, posting strong first-half growth of 3.5%, as its policy of low real interest rates, and the resulting weak peso, appears to be succeeding in...

Banco Santiago poised to outperform.(Chilean banking industry)(Brief Article)(Statistical Data Included)
August 23, 2001... The Chilean banking sector performed strongly in the second quarter, with net income rising by 92% year-on-year in constant peso terms, and return on equity in the sector rising to 15%. Out of all these stocks, Banco Santiago looks to be the...

IMF continues support after tax cut.(economy in Ecuador)(Brief Article)(Statistical Data Included)
August 23, 2001... Despite the dire warnings expressed earlier this year that Ecuador would face the immediate cessation of multilateral aid if the country did not implement an IMF-proposed hike in the rate of VAT, from 12%, to 14%; in the end, these fears seem...

Rates continue to tumble.(Mexican interest rates)(Brief Article)(Statistical Data Included)
August 23, 2001... The downward trend in Mexican rates showed no signs of abating, with 28 day yields tumbling a further 40 basis points at this weeks Cetes auction, to 6.97%, the lowest level since their inception in 1982. Rates all along the curve mirrored this...

Central Bank autonomy at risk.(Banco de Venezuela)(Brief Article)
August 23, 2001... Venezuela appears to be continuing down the interventionist path with the passage of a new law regulating the role of the central bank. The bill was finally passed on Tuesday, after months of delays in the national assembly. Although the...

Growth forecasts lowered despite first half performance.(Venezuelan economy)(Brief Article)(Statistical Data Included)
August 23, 2001... Venezuelan President Hugo Chavez lowered his country's growth forecast, with the economy now expected to expand by only 3.5-4% in 2001, down from earlier predictions of 4.5% growth, as the economy's performance continues to disappoint. The...

War in Colombia to intensify as support for military solution grows.(efforts to end civil war are examined)(Brief Article)
August 30, 2001... BOGOTA -- US pressure and rebel intransigence are dealing new blows to Colombia's battered peace process at a time when many Colombians appear to be ready to support a military solution to the country's guerrilla wars. Two weeks before US...

Chile and Peru are gatekeepers for Bolivia's export ambitions.(political disputes inhibit development of gas industry in Bolivia)(Brief Article)
August 30, 2001... LA PAZ -- More than a century after the war that cost Bolivia its access to the sea, Chile and Peru stand in the way of Bolivian aspirations to become a major supplier of energy to the Pacific Basin. Until 1884, Bolivia was a seafaring...

Ecuador announces measures intended to wean country off dependence on oil revenues.(economic policy development)(Brief Article)
August 30, 2001... QUITO -- Finance Minister Jorge Gallardo announced the government's latest fiscal reform package on Monday, detailing plans that would cut the country's public debt burden from today's 63.6% of GDP, to a more manageable 40%, via a fiscal...

Sales figures show Mexican economy continues to weaken.(Brief Article)
August 30, 2001... MEXICO CITY -- The slowdown of the Mexican economy was underlined at the end of last week by yet another fall in retail and wholesale sales, with the National Statistics Institute (INEGI) reporting that retailers saw sales rise by a...

White House and Republicans in Congress locked in dispute over Cuba travel.(efforts to limit illegal travel to Cuba)(Brief Article)
August 30, 2001... WASHINGTON --Congress began another assault on US restrictions on travel to Cuba as President George W. Bush appeared to crack down on illegal travel to the island. In late July, Rep. Jeff Flake, a freshman Republican from Arizona, led the...

Opposition protests against cuts.(budget cuts to provinces in Argentina source of dischord)(Brief Article)
August 30, 2001... BUENOS AIRES -- Governor belonging to the Justialista party, backed by labor unions, are opposing government efforts to reduce payments to the provinces. While the federal government has imposed budget cuts on state employees, retirees and a...

Economic news bolsters debt.(economic conditions in Brazil)(Brief Article)
August 30, 2001... SAO PAULO -- Brazilian debt continued to rebound this week, with the '05 bond rising as high as 92 1/2, with the yield falling to 12.08%, following Tuesday's release by the Banco Central do Brasil (BCB) of July's fiscal accounts. Markets were...

Growth forecast revised again.(Mexico's economic conditions)(Brief Article)
August 30, 2001... MEXICO CITY --The Banco de Mexico revised down its growth forecasts for 2001 yet again on Wednesday, to 0.77% of GDP, against earlier hopes of a 1.7% expansion, admitting that the business climate and confidence levels were continue to show...

AES bid for CANTV lifts markets.(stocks of Venezuelan companies)(Brief Article)
August 30, 2001... CARACAS -- Venezuelan shares rose sharply on Thursday, extending Wednesday's 1.54% jump, with the IBC stock index rising to as high as 7229.08 points or a 3.55% gain, on the back of AES Corp's $1.4 billion bid for a controlling stake in the...