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Latin America

Braskem Adnoc

Brazil’s Braskem confirms takeover bid from Adnoc

Braskem confirmed on Tuesday that its controlling shareholder Novonor received a takeover offer from Abu Dhabi National Oil Company (Adnoc) and Apollo Global Management. The Brazilian petrochemicals producer had previously said that a non-binding bid of 37.5 billion reais ($7.5 billion) had been presented to Novonor but did not say where the offer had come […]

Braskem Brazil

Adnoc ‘in talks’ to buy Brazilian petro firm Braskem

Abu Dhabi National Oil Company (Adnoc) and US-based asset manager Apollo Global Management are said to have submitted a joint bid of 37.5 billion reais ($7.5 billion) to acquire São Paulo-headquartered Braskem.  Discussions are in the early stages, Bloomberg reported, citing sources close to the potential deal. AGBI has contacted Adnoc for comment.  The state-owned […]

Brazil’s Lula supports trading currency for Brics countries

Brazilian President Luiz Inacio Lula da Silva has said he supports establishing a currency for trade between Brics countries, a group that includes his nation as well as Russia, India, China and South Africa. “I am in favour of creating, within the Brics, a trading currency between our countries, just like the Europeans created the […]

trade show. munitions, defence

Brazil now has the Edge in defence technology

Technology and defence giant Edge Group is opening a new regional office in Brazil’s federal capital, Brasilia.  The office is part of Abu Dhabi-based Edge’s plans to take advantage of opportunities in local markets as experts expect defence spending in Brazil to increase to nearly $25 billion this year.  The announcement was made at LAAD […]

Man, Adult, Male

Brazil steps up efforts to engage UAE in free trade talks

Brazil is keen to progress free trade negotiations with the UAE, a business leader has said, and working hard to “reduce resistance” from the country’s petrochemicals sector. Osmar Chohfi, president of the Arab Brazilian Chamber of Commerce, told AGBI that current resistances revolve around “some sensibilities by the Brazilian petrochemical industry fearing unfair competition” but […]

Brazil airline Azul reaches payment deal with aircraft lessors

Brazilian airline Azul SA said late on Sunday it had reached agreements with aircraft lessors responsible for 90 percent of its obligations that would give them equity and tradeable debt in exchange for lower payments. Azul said the deal included lessors eliminating payment deferrals dating back to the Covid-19 pandemic as well as the gap […]

Bottle, Perfume, Cosmetics

Gulf fragrance market strikes the right note

Some of the Middle East’s biggest perfume makers, including Chalhoub Group and Ajmal Perfumes, are ramping up global growth plans as traditional Arabic scents gain in popularity abroad.  Luxury brands franchisee and distributor Chalhoub is close to striking deals to export its own fragrance brand, Ghawali, to countries including the UK and France. The first […]

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. […]


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 […]