Exclusive Business of Sport 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 […] September 8, 2022
Economy 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 […] August 30, 2022
Business of Sport 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 […] August 29, 2022
Tourism 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 […] August 26, 2022
Banking & Finance Mubadala looks to acquire stake in Burger King’s Brazil franchisee The franchise holder of the Burger King brand in Brazil, Zamp SA, said on Monday that Abu Dhabi state investor Mubadala Capital LLC has launched a tender offer to acquire control of the company. According to a securities filing, Mubadala has offered 7.55 reais ($1.47) per share to buy 45.15 percent of Zamp, which would […] August 1, 2022
Tech 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. […] July 20, 2022
Retail 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 […] July 19, 2022
Retail 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 […] July 7, 2022
Analysis Economy 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 […] July 6, 2022
Media & Advertising 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 […] June 22, 2022
Lifestyle Ecclestone denies arrest for carrying illegal gun Former Formula One supremo Bernie Ecclestone today denied he had been arrested in Brazil and said an illegal gun found in his luggage before boarding a flight was never used and had no ammunition. The 91-year-old Briton, now in Portugal, said a “silly, tiny little incident” had caused a lot of aggravation as he and […] May 27, 2022
Banking & Finance Mexico suspends duties on food staples to tackle inflation Mexico will waive import duties for one year on a range of household staples, most of them foodstuffs, in a bid to curb inflation, the government said in its official gazette today. The products on the government list included corn oil, rice, tuna, pork, chicken, beef, onions, jalapeño peppers, beans, corn flour, wheat flour, eggs, […] May 16, 2022
Banking & Finance Colombia free zone deal tipped to be first of many for Dubai Analysts say the Dubai Multi Commodities Centre deal could be a playbook for bigger projects in Latin America May 16, 2022
Energy Iran looks to boost oil cooperation with Venezuela Iranian Oil Minister Javad Owji said on Twitter on Tuesday that he met Venezuelan President Nicolas Maduro during his visit to the Latin American ally and that the two oil producers aimed to develop their cooperation. “Today I had meetings with the President of Venezuela, Mr. Maduro and other high-ranking Venezuelan officials,” Owji said on […] May 3, 2022
Agriculture Brazil plans ‘fertilizer diplomacy’ trip to secure more imports Brazil’s new agriculture minister Marcos Montes will visit Jordan, Egypt and Morocco in a tour starting this week to discuss increasing fertilizer imports from those countries. “It’s a pilgrimage that we are calling fertilizer diplomacy,” Montes said in an interview with Reuters late on Monday, adding he would be joined by private sector representatives. “We […] May 3, 2022
Actual COVID death toll near 15 million The official death toll from the first two years of the coronavirus pandemic is about 5.4 million. But according to a new World Health Organization report, the actual number is around three times higher than that. The U.N. body said on Thursday there were 14.9 million excess deaths associated with COVID-19 by the end of […] April 29, 2022
Energy Ecuador Energy Minister resigns, as country starts talk over new oil contracts Ecuador’s Energy Minister Juan Carlos Bermeo resigned on Thursday, saying he had “completed a cycle,” just as the country begins the process of renegotiating oil block contracts with private companies. Ecuador’s President Guillermo Lasso appointed Bermeo as minister of energy and non-renewable natural resources in June last year, charging him with the mission to build […] April 29, 2022
Energy Italy’s Enel in talks to sell Brazilian power distributor for $2bn Italy’s Enel SpA is in talks to sell its Brazilian power distributor company Celg-D in a deal that may reach $2 billion, four sources with knowledge of the matter said. Celg-D distributes power in the Brazilian centre-west state of Goias and serves 3.27 million customers. The sources said companies interested in acquiring Celg-D include Brazilian rivals […] April 25, 2022
