|
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 Bogotá - Colombia 1. 2nd Andean and Central America Energy Congress 2008 Washington - United States of America 2. South American Productivity Leadership Forum Monterrey - Mexico 3. Women's Trade Mission to Monterrey, Mexico October 21 - 24, 2008
Mr. Michael Lee - Chin's Presentation Highlights at CCA Luncheon on June 10, 2008 4. Entrepreneur Recommends Caribbean Market
Special Announcements 5. The Peruvian Canadian Chamber of Commerce (PCCC) will Issue its Annual Publication "NEXUS"
Regional News 2. Venezuela 'Taking Control' of Mines 3. Marrill Lynch Aims to Double Revenues from Latin America by 2011 4. Uruguayan Offshore Field May Hold 3 Trillion Cubic Feet of Gas 5. Colombia - Banks Earn US$ 1.2bn January-May, Up 39% from 2007
Trade Missions, Seminars
and Other Events
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
With Canada’s re-engagement in the Americas a key foreign-policy priority of the federal government in 2008, last week’s presentation at the Canadian Council for the Americas on investing for positive returns in the Caribbean by Michael Lee-Chin, Chairman of Portland Holdings Inc., was a timely one indeed. Although Canada’s economic, social and political roots in the Caribbean are deep, they are often misunderstood. Mr. Lee-Chin, whose privately-held investment company owns a diversified collection of businesses from financial services (including the AIC Mutual Funds) to media, emphasized that the Caribbean is a “treasure trove of opportunities” due, in part, to a dearth of equity capital and to long-term growth prospects. Its close proximity to the U.S. and Canada, predominantly English-speaking population, common heritage as part of the British Commonwealth and respect for the rule of law make it an attractive market for Canadian companies to target, he said. His advice for doing business successfully in the Caribbean, which he stressed is poised for phenomenal growth, includes:
Having successfully intertwined his passion for the Caribbean and for Canada, this visionary entrepreneur has not only anticipated demands and developed highly profitable services to meet them, but has a strong belief that wealth creation comes with a philanthropic responsibility. “The question to ask is ‘How do we use our voice and power to ensure the many inequities in the world are addressed?”, he challenged the audience. In sharing the example of his launch of a telecom company in the Caribbean with a goal of sustainable development, he demonstrated the benefit of “thinking community first.” In this case, “doing good” by bringing telecom costs down to a range affordable to the masses has also resulted in “doing well” in terms of profitable business. The Peruvian Canadian Chamber of Commerce (PCCC) will Issue its Annual Publication "NEXUS" this Coming July 28th For an overview of the options, please click here Regional News
Excerpt from original article: Mexico 's economy probably grew more than 3 percent in the first half of the year as a slowdown in the U.S. had less of an effect than expected, he said. The Finance Ministry still expects Mexico's economic growth of 2.8 percent this year and 4 percent in 2009, Carstens said. Mexico has been able to weather the U.S. slump because it diversified its exports away from its northern neighbor, Carstens said. Last year, 80 percent of Mexico's exports went to the U.S. On the other hand, the inflation may be higher than expected, said the Mexican Finance Minister Agustin Carstens. Consumer prices rose 0.29 percent in the first two weeks of June driven by increases for rice, tomatoes, avocados, electricity and telephone service. The annual pace was 5.28 percent. The central bank raised its benchmark lending rate by a quarter percentage point last week to cool inflation. For the full story, click here Venezuela 'Taking Control' of Mines Excerpt from original article: Venezuela 's environment minister said that the government will put national interests first in the mining sector and forbid mining in a biodiverse forest reserve that is home to two of the country's largest gold concessions. Minister Yubiri Ortega did not give a direct answer when asked Saturday if the government is planning to nationalize the mines. But she said Venezuela is "taking control" in order to "save and appropriate what is ours." The government will consider future underground mining concessions as well as those that are currently under revision, Ortega said. But it will not permit open-pit mines that cause environmental degradation and contaminate the country's water supply with cyanide and other toxic chemicals. She added that the government will also forbid mining in the Imataca Forest Reserve, which covers about 8.6 million acres (3.5 million hectares) and is rich with gold, diamonds, iron, bauxite and other minerals. It is also home to unique plant and animal species. For the full story, click here Merrill Lynch Aims to Double Revenues from Latin America by 2011 Excerpt from original article: Merrill Lynch is looking to double revenues from its Latin American units over the next three years, James Quigley, president of Merrill Lynch for Latin America and Canada, told press in Santiago. The region currently represents around 6% of the US investment bank's revenues, growing 39% last year to US$1.4bn. Quigley said the bank will look to take that figure to 7-8% in three years. "We need to continue focusing on doubling revenues through a diversified platform without compromising the best margins in the company," he said. On Tuesday, Merrill Lynch announced it was buying Chile's oldest equity brokerage firm Ureta y Bianchi for an undisclosed sum, although market observers see the sale price at US$20mn. " Santiago can be used by Merrill Lynch as a regional financial hub to better service client needs in the broader region, such as Peru," Quigley said, adding he views Colombia in a similar way. Merrill Lynch specializes in wealth management, capital markets and advisory with offices in 40 countries and total client assets of approximately US$1.6tn. Uruguayan Offshore Field May Hold 3 Trillion Cubic Feet of Gas Excerpt from original article: Uruguay may have found an offshore natural gas field holding as much as 3 trillion cubic feet of resources during studies of exploration areas it plans to auction in July 2009, the country's state oil company said. Uruguay wants to open gas fields after falling output led neighbouring Argentina to cut exports. The site of the studies, the Punta del Este Basin, resembles offshore areas in Brazil and is potentially large enough to transform Uruguay from an importer facing shortages into an exporter, said the exploration manager Hector Santa Ana. For the full story, click here Colombia - Banks Earn US$ 1.2bn January-May, Up 39% from 2007 Excerpt from original article: Colombia 's banking sector posted combined earnings of 2.10tn pesos (US$1.2bn) in the first five months of 2008, a 39% increase compared to the same period in 2007, financial regulator Superfinanciera said in a report. Local private sector banks upped earnings 40.3% to 1.42tn pesos, led by Bancolombia, which saw January-May profits jump 58% to 500bn pesos. Foreign-owned bank profits rose 26.2% to 250bn pesos, with BBVA Colombia earning 142bn pesos in the period, up 4.4% on January-May 2007. The banking sector's net loan growth slowed down 17% to 113tn pesos at end-May compared to the same time in 2007 as consumer lending halved growth to 20%. According to Moody's yearly report on Colombia's banking system, loan growth could reach 15-18% in 2008 even in light of more modest economic expansion and the already observed deceleration of consumer credit. The system's past-due loan ratio worsened to 4.1% as of May 31 from 2.9% a year ago. The system's combined assets and equity stood at 192tn pesos and 23.1tn pesos respectively as of May 31. This newsletter has been brought to you in part by: CCA Communication 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
the |
