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Latin America

Global oil demand to reach record high this year, IEA says

Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA).  The IEA said global oil demand is set to rise by 1.9 million barrels per […]

Germany’s BMW planning major investment in Mexico

German carmaker BMW is planning a major new investment in the central Mexican state of San Luis Potosi, where the company already has a plant, Mexican foreign minister Marcelo Ebrard said. Last week Ebrard and President Andres Manuel Lopez Obrador had said BMW was investing around €800 million ($866.64 million) in San Luis Potosi, without […]

Emirati company sponsors

Emirati partners in demand despite easing of company laws

The UAE’s move to introduce 100 percent company ownership has not dented demand among international companies for local Emirati partners. Before the publication of UAE Federal Decree-Law No. 26 of 2020, foreign companies could only own up to 49 percent of a UAE business, with the majority 51 percent held by a local Emirati partner. […]

OPEC

Colombia targets 15% oil output boost from ‘enhanced recovery’

Colombia is targeting a 15 percent increase in crude oil output by using “enhanced recovery” technologies to take advantage of higher energy prices, even as it pushes towards decarbonization, minister for mines and energy Irene Velez said in an interview. The government of President Gustavo Petro, the first leftist to lead Colombia, hopes to wean […]

Factory, Building, Architecture

Mexico to hike minimum wage by 20% in 2023

Mexico will raise the minimum wage by 20 percent next year after employers, labour representatives and the government reached an agreement, officials said on Thursday, although some critics warned the move could fuel inflation. The standard minimum wage will rise to around 207 pesos ($10.82) a day from 172.87 pesos ($9.03) a day, labour minister […]

Diaz-Canel says Cuba has landed deals to finance wind and solar energy projects

Cuba says Turkey and other allies pledge to end economic crisis

China, Russia, Algeria and Turkey have pledged to restructure Cuba’s debt, provide new trade and investment financing, and help ease an energy crisis, Cuban president Miguel Diaz-Canel told state-run media following a rare trip abroad last week. The Communist-run country has yet to recover from a precipitous drop in output during the coronavirus pandemic and […]

The dream is over for Saudi's football fans after Mexico beat them 2-0 at the World Cup, but the countries remain strong trading partners

Saudi and Mexico get back to business after World Cup exit

The deepening relationship between Saudi Arabia and Mexico may have been tested for 90 minutes on Wednesday as the central American team prevailed 2-0 in their World Cup match in Qatar. Both teams went out of the tournament due to results elsewhere in their group, but, more importantly, the two countries are enjoying a bounce […]

Luiz Inacio Lula da Silva, who won Brazil's presidential election in October, is meeting climate envoys and leaders in Egypt

Lula arrives at Cop27 to deliver message that ‘Brazil is back’

Bringing the message that “Brazil is back” in the fight against global warming, Luiz Inacio Lula da Silva arrived at Cop27 in Egypt on Tuesday – his first foreign trip since his presidential election victory. Brazil’s president-elect planned to hold meetings with envoys from Washington and Beijing on Tuesday, an aide said, as he seeks […]

President Lula plans to announce an overhaul of Brazil's environmental policies at the summit in Sharm El Sheikh

Brazil’s Lula will offer to host future climate summit

Brazil’s president-elect Luiz Inacio Lula da Silva will offer to host a future global climate change summit when he attends the Cop27 United Nations climate conference in Egypt next week, sources told Reuters on Wednesday. Lula plans to announce an overhaul of Brazil’s environmental policies at the summit in Sharm El Sheikh and the creation […]

British Prime Minister Rishi Sunak addresses the forest and climate leaders event

Countries band together to keep forest promise

More than 25 countries at the Cop27 climate talks on Monday launched a group they said would ensure they hold each other accountable for a pledge to end deforestation by 2030 and announced billions of dollars to finance their efforts. The first meeting of the Forest and Climate Leaders’ Partnership, chaired by Ghana and the […]

Leaders pose at the second edition of the summit of the Green Middle East Initiative, held on the sidelines of the Cop27 climate conference, at Sharm el-Sheikh, in Egypt

What to watch on Tuesday at Cop27

World leaders will take the stage again on Tuesday as the Cop27 climate summit enters its second full day. Among the expected speakers are outspoken advocates for measures to compensate poor, climate-vulnerable countries for damage already being wrought by global warming. They include Prime Minister Shehbaz Sharif of Pakistan, which was recently hit by devastating […]

Lulu Bank

Abu Dhabi’s IHC invests $200m in Colombian digital bank Lulo

International Holding Company, the Abu Dhabi-based conglomerate, has announced a capital investment of $200 million in Lulo Colombia, the holding company of Colombia’s first regulated digital bank, Lulo Bank. Lulo Bank is Columbia’s first fully digitalised bank and has signed up more than 120,000 active users since it was launched in June and is set […]

Atletic Mineiro fans: potential club investors are attracted by Brazil's passion for football

Samba in the sand: Arab investors set sights on Brazilian football

A 51 percent stake in Atletico Mineiro could fetch $200m Liverpool legend John Barnes says European-sized deals unlikely Libra league expects broadcasting revenues to rise 56% to $1bn  A new law allowing Brazil’s soccer clubs to seek foreign investment is already attracting investors from the Middle East. But experts say Brazilian teams are unlikely to […]

IMF approves $18.5bn flexible credit line for Chile

The International Monetary Fund’s (IMF) executive board approved a flexible credit line of around $18.5 billion for Chile to give the world’s leading copper miner greater flexibility to confront risks from commodities price shocks to financial tightening. Chile is one of Latin America’s most stable democracies but has nonetheless been hit by a depreciating currency […]

Brazil soccer clubs poised for gold rush to rival Europe’s elite

A new law allowing soccer clubs in Brazil to seek outside investment is attracting hundreds of millions of dollars to a country renowned as football’s biggest source of talent, a change that could see Brazilian teams rival Europe’s top tier. The surge of fresh, mostly foreign, cash coincides with an agreement last May by Brazil’s […]

Airlines using Mexico City hub agree to 15% cut in flights

Airlines using the Benito Juarez International Airport in Mexico City have agreed to temporarily reduce flights at the hub from 61 per hour to 52 during peak hours, starting Oct. 31, the country’s transportation ministry said on Thursday. The cut, which is almost a 15 percent reduction and still pending final approval, follows previous flight […]

Airplane, Vehicle, Aircraft

US approves $980m sale of C-17 aircraft support to UAE

The US State Department has approved the potential sale of C-17 aircraft sustainment and related equipment to the United Arab Emirates for an estimated cost of $980.4 million, the Pentagon said on Tuesday. Despite approval by the State Department, the notification does not indicate that a contract has been signed or that negotiations have concluded. […]

Symbol, Logo, Trademark

Factfile: Companies that have sold their businesses in Russia

Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they scramble to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. The moves, part of a broader corporate exodus from the country, are likely to […]

Truck, Transportation, Vehicle

Mexican used-car startup spends $60m on Istanbul expansion

Mexican used-car platform Kavak is investing $180 million to open offices and make its platform available in four new countries, including Turkey – its first location outside Latin America, the company said Wednesday. Kavak, which calls itself the largest pre-owned car operation in the world, will enter Colombia, Chile and Peru with a planned investment […]

UAE seeks 27 trade deals as global growth slows

Global trade growth is forecast to remain resilient this year, expanding at a rate of three percent, despite a fierce onslaught of headwinds, according to the Dubai Multi Commodities Centre.  But that represents a significant slowdown from nearly 10 percent in 2021 when global trade hit a record-high of $28.5 trillion. DMCC’s Future of Trade […]

Face, Person, Human

Naomi Osaka and LeBron James launch new media company

Japanese tennis player Naomi Osaka is launching a new media company in partnership with four-times NBA champion LeBron James aimed at telling stories that cross cultural barriers, the former world number one announced on Tuesday. Hana Kuma, which translates to “flower bear,” will produce stories that are “culturally specific but universal to all audiences” and […]