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A publication of The Canadian Council for the Please click on each headline for this week's top stories. Trade Missions, Seminars and Other Events Toronto - Canada 1. Toronto Hispanic Chamber of Commerce Lunch Presentation by Ms. Falza Batta 2. International Trade Day 2008, hosted by the Canadian Chamber of Commerce Bogotá - Colombia 3. 2nd Andean and Central America Energy Congress 2008 Washington - United States of America 4. South American Productivity Leadership Forum Monterrey - Mexico 6. Women's Trade Mission to Monterrey, Mexico October 21 - 24, 2008
Special Announcements
Regional News 2. Petroecuador Okays Lower Crude Target of 170,224b/d 3. NII Doesn’t Expect Slower Growth in Latin America 4. Telmex International Starts Trading 5. Argentine President: Gain Export Tax Hikes to Fund Social Programs 6. Chavez Urges Partnership With Private Sector Trade Missions, Seminars
and Other Events "FINANCING OPPORTUNITIES FOR CANADIAN CORPORATIONS ACTIVE IN 2-WAY TRADE IN LATIN AMERICA " Ms. Faiza Batta is a representative of Paternership Development and a member of the International Finance Corporation, a World Bank Group. The presentation is of special interest to: Real Sectors such as Agribusiness, Oil, Gas, Mining Companies etc..., and Importers. Closing Remarks by EDUARDO KLURFAN, Vice-Chair of the Canadian Council for the Americas and Vice-President of Global Transaction Banking at Scotiabank. Wednesday, June 18th, 2008
Bogotá - Colombia July 9th to 11th For more information visit: www.acaec2008.com South American Productivity Leadership Forum "CATALYZING SOUTH AMERICAN COMPETITIVENESS" The South American Productivity Leadership Forum (SAPLF) hosts the projects that are integrating the continent, boosting continent-wide productivity and offering near-term development opportunities. As a part of the Leadership Forum series, the South American Productivity Leadership Forum is a dynamic combination of project presentations, private meetings and ‘deep dives’ into specific issues and CEO/political leadership presentations. Wednesday, July 23 & 24 2008 Monterrey - Mexico Organization of Women in International Trade Join Trade Mission to Mexico Deadline: June 30, 2008 (The earlier you register, the better, to ensure maximum time to plan most effective business matching for you.) Click here to view a complete invitation to the event. For information please contact: Gail Morris Special Announcements Canada Concludes Negotiations for Free Trade, Labour Cooperation and Environment Agreements With Colombia Excerpt from original article: The Honourable David Emerson, Minister of Foreign Affairs and International Trade, and Minister for the Pacific Gateway and Vancouver-Whistler Olympics, announced the conclusion of free trade negotiations between Canada and Colombia. Agreement has also been reached on labour and environmental issues. The conclusion of negotiations with Colombia, along with the signing of similar agreements with Peru, delivers on Canada’s commitment to become a more active economic and social partner throughout the Americas. Once implemented, this comprehensive free trade agreement (FTA) will improve market access for agricultural products, industrial goods and services trade between Canada and Colombia, and will provide a more secure environment for investment. The FTA will also ensure that Canadian exporters are not put at a disadvantage vis-à-vis trading partners that have or are seeking preferential access to Colombia’s market. The parallel labour and environment agreements will ensure that progress on labour rights and environmental protection goes hand in hand with economic progress. Colombia is a significant market for Canadian companies, with a population of over 44 million and a total GDP of $154 billion. In 2007, two-way merchandise trade between Canada and Colombia totalled $1.14 billion. Canada’s direct investment stock in Colombia totalled $739 million in 2007. For the full article, click here Regional News
Excerpt from original article: Antofagasta Plc, the copper producer controlled by Chile's Luksic family, dropped the most in more than two months in London trading after it said maintaining margins will be a ``major challenge'' as energy prices increase. Cost inflation is ``unprecedented,'' Chairman Jean-Paul Luksic said at the company's annual shareholders meeting in London. Antofagasta declined as much as 6.6 percent on the London Stock Exchange. The cost of mining copper in Chile, the world's biggest source of the metal used in wires and pipes, has gained as electricity, water and labour become more expensive. The worst drought in 50 years has also cut hydropower. Antofagasta's first- quarter operational costs rose to 72.2 cents a pound of copper, from 31.6 cents for the whole of 2007, the company said in April. The company operates three mines in Chile and is developing the Esperanza project in the country's Sierra Gorda region as the price of the metal rises for a seventh year. For the full article, click here
Ecuador 's state oil company Petroecuador in 2008 aims to produce 62.3Mb of crude, 5Mb less than the company's previous administration planned at the beginning of this year. Production this year will average 170,224b/d versus the 183,962b/d planned in January, a company statement quoted production subsidiary Petroproducción VP Camilo Delgado as saying. Authorities, however, aim for output to reach 175,000b/d in December. In 2008, Petroecuador plans to drill 59 development, exploratory and re-injection wells, according to a modified operations plan and budget presented on Tuesday. Separately, Petroecuador's block 15 unit aims to produce 100,017b/d this year compared to the planned 106,981b/d, block manager Wilson Pástor said. Although the production is a 13.4% increase from the previous year, the original goal will not be met as oil was not found in some wells earlier this year, Pástor said. Petroecuador and block 15 on Tuesday produced 165,029b and 94,300b respectively, according to company figures. For the full story, click here NII Doesn't Expect Slower Growth in Latin America Excerpt from original article: NII Holdings Inc, a leading wireless service provider in five major Latin American countries, does not expect a slowdown in business in the region this year, the company's executive chairman said. NII Holdings is mindful that both the U.S. and world economies are slowing, but that hasn't been felt at the company, said Steven Shindler in an interview on Monday. The Reston, Virginia-based company operates in Mexico, Brazil, Argentina, Peru and Chile under the Nextel brand. More than half the company's revenue is generated in Mexico. The company, whose customers are mainly businesses, said in February it expected to add 1.4 million subscribers in 2008, a 30 percent growth rate. For the full story, click here Telemex International Starts Trading Excerpt from original article: Mexican telco Telmex (NYSE: TMX) officially spun off its international operations into a new company, Telmex Internacional, with the launching of the stock on exchanges in New York and Mexico on June 10, the company said in a statement. Telmex Internacional - which operates telephone companies in Argentina, Brazil, Chile, Colombia, Ecuador and Peru - spun off from Telmex in December. Speaking during a conference call, Telmex México's CFO Adolfo Cerezo said that spinning off Telmex Internacional is one of three near-term strategies of Telmex México that also include customer service and improving performance in the flagging Mexican operations. In Brazil, Telmex is the only operator with national fixed line coverage with long distance and data services through its Embratel Participações (NYSE: EMT) unit. The company also has a strong offering in the TV segment through its stake in the country's largest pay TV operator Net Serviços (Nasdaq: NETC). In Colombia, Telmex has been consolidating its triple play offering through acquisitions of local cable players. In the first quarter of 2008, the company saw a 237% increase in revenues to 202bn Colombian pesos (US$114mn) with 4.1mn houses served. Full year net profits for Telmex's non-Mexico operations surged 238% to 6.60bn pesos (US$613mn) from 1.95bn pesos in 2006. Full year revenues were up 3.4% to 68.0bn pesos from 65.8bn pesos. For the full story, click here Argentine President: Grain Eport Tax Hikes To Fund Social Programs Excerpt from original article:
Controversial hikes in Argentina's grain export taxes, which have caused months of protests by farmers, would be used to fund social programs, President Christian Fernandez said Monday. She said the hikes would fund a national plan to build hospitals, houses and roads. It is the first time she has elaborated on how the extra revenue will be spent. "I ask that all Argentines commit themselves to the fight against poverty and the redistribution of wealth," Fernandez said. The government, faced with soaring domestic and international food prices, raised soybean export taxes from 35 percent to 45 percent at current prices. Farmers opposed the tax jump and launched a three-month protest, complaining that the measure has boosted their costs and is pushing them out of business. Argentina is one of the biggest food producers in the world and is a leading soybean oil exporter. Agricultural products account for about half of the country's total exports, with a value of 55 billion U.S. dollars. For the full story, click here Chavez Urges Partnership with Private Sector Excerpt from original article: President Hugo Chavez is encouraging Venezuela's private sector to work with his government to create new businesses and factories that would produce consumer goods. The socialist president says he's open to joint ventures with private companies in "non-strategic" areas of the economy. He gave no other details. Chavez on Tuesday said he hopes the cooperation will spur growth, which hit a four-year low of 4.8 percent in the first quarter. Annual inflation in the oil-rich country reached 29.3 percent in April. Chavez has nationalized the country's largest steel, cement and electricity companies in the last two years. He plans to unveil a set of new economic measures and could name a new finance minister on Wednesday. Thank You For Joining Us! Thank you to everyone who came out to our June 10, Michael Lee-Chin conference. We hope you found the Luncheon rewarding and hope to see you at our future events. It was a great pleasure having you there. This newsletter has been brought to you in part by: CCACommunication Committee: David Medina and Andreia Santos For suggestions or comments about our CCA Bulletin feel free to contact us by email at cca@iecanada.com If you do not wish to continue receiving the CCA Update, contact us at: cca@iecanada.com. Type in Unsubscribe in the Subject line. Disclaimer – CCA Update
is provided as an information service to our members and key contacts. It is
designed to provide the most up-to-date trade information from a variety of
sources. The information we feature does not necessarily reflect the
Council’s opinion on a given international trade issue. Although we
endeavour to disclose accurate and timely information, there can be no
guarantee that such information is accurate as of the date it is received or
that it will continue to be accurate in the future. The Canadian Council for
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