Latin America

Fidel Castro denies Cuba refused Edward Snowden asylum

"Castro, in the same article, praised Snowden, who disclosed the existence of secret US government surveillance programs used to scoop phone and Internet data on a vast scale. 'I admire how brave and just Snowden’s declarations were, which in my opinion provided a service to the world by revealing the disgustingly dishonest politics of the powerful empire that lies and deceives the world,' Castro wrote. 'It is absolutely clear that the United States will always try to put pressure on Cuba as it does with the UN or any public or private institution in the world, that is one of the characteristics of that country’s government and it would not be possible to expect anything else.'" Continue reading →

Continue ReadingFidel Castro denies Cuba refused Edward Snowden asylum

Peru dethrones Colombia as cocaine king

"With Peru already vying with Colombia in 2011 — it actually was growing 400 hectares of coca more than its neighbor then, although it is thought to have produced less drugs — that means this country is now almost certainly the world’s top source of coca for the manufacture of illegal narcotics. Ricardo Soberon, now a trenchant critic of the government’s counter-narcotics policies, is not holding his breath. 'These figures are a clear indication the government is making incorrect decisions,' said Soberon, who was squeezed out of his job, apparently under pressure from Washington, in 2011, for allegedly being sympathetic to the impoverished, small farmers who grow most of Peru’s coca." Continue reading →

Continue ReadingPeru dethrones Colombia as cocaine king

Ecuador: Is it nuts to invest here?

"Since coming to power in 2007, Correa has voluntarily defaulted on the country’s debt, rewritten terms for natural resource companies and steadily pushed up taxes for imported goods. Unsurprisingly, most multinationals have taken the hint and left the country. Foreign direct investment now stands at less than 1% of GDP – the lowest in the region apart from Venezuela. But today, I want to tell you why I reckon that could be about to change and throw up some exciting – though risky – investment opportunities in the region. In the last few years, Ecuador has been one of the fastest-growing economies in the region, with GDP averaging 6.7% since the start of 2011. " Continue reading →

Continue ReadingEcuador: Is it nuts to invest here?

Gel used for buttocks enhancements blamed for 15 deaths in Venezuela

"A gel used in a popular form of plastic surgery in Venezuela has been blamed for at least 15 deaths in the past two years, Agence France-Presse reported on Monday. The procedure, which involves injecting the synthetic polymer beneath the skin, is intended to enhance the buttocks region by allowing the gel to spread through the tissue. Support groups said to AFP that more than 40,000 women have undergone the surgery, seemingly owing to what it called devotion to 'the cult of the body.' But, AFP reported, removing the gel is an experimental treatment that costs $6,000, compared to the $800 cost to get 500 milligrams of having it put in, despite the apparent health risks." Continue reading →

Continue ReadingGel used for buttocks enhancements blamed for 15 deaths in Venezuela

Chilean farmers export pet tarantulas around the world

"A farm in Chile exports the palm-sized critters to Asia, Europe and the United States for sale as exotic household companions. They go for $25 each plus shipping, and need to be fed just once a week, preferably live cockroaches or worms. And they live a long time — up to 25 years in the case of females. The farm is owned by one Juan Pablo Orellana, an agronomist who gathers and raises these Chilean rose hair tarantula (Grammostola rosea). Orellana’s farm exports about 30,000 of them a year. They travel in boxes with holes in them and a certificate that could be seen as a pedigree." Continue reading →

Continue ReadingChilean farmers export pet tarantulas around the world

Argentina Just Lost Huge To A Bunch Of Hedge Fund Creditors

"For years the country has been trying to avoid paying a bunch of 'vulture' hedge fund managers that refused to take a 70% haircut on Argentine bonds like every other investor. This has resulted in some wacky news items — Paul Singer getting the government of Ghana to impound an Argentine naval ship last October, President Cristina Fernandez de Kirchner flying commercial to see the Pope so her jet isn't taken — you get the idea. Now it's (almost) come to a head. A New York Judge fully rejected Argentina's appeal of a decision made last year — a decision that would've had it pay Singer and company in full." Continue reading →

Continue ReadingArgentina Just Lost Huge To A Bunch Of Hedge Fund Creditors

Brazilian Central Bank Launches Intervention Program To Stop The Bleeding

"The new intervention program announced by the BCB Thursday sees the central bank offering $500 million of dollar swaps in the currency derivatives market on a daily basis for the rest of 2013, and $1 billion of FX spot lines on Fridays. Essentially, the BCB is taking a big short position in the U.S. dollar. The BCB is conducting the majority of the real-bolstering intervention in the derivatives market as opposed to the spot market because under the latter scenario, the central bank has to burn through the U.S. dollar component of its foreign reserves in order to prop up the currency, whereas with swaps, foreign reserves don't come into play." Continue reading →

Continue ReadingBrazilian Central Bank Launches Intervention Program To Stop The Bleeding

“The Biggest Growth Opportunity in the History of Capitalism”

"While America’s middle class is disappearing, there’s a whole new middle class rising around the globe. Over the past two decades, urbanization and market-oriented economic policies have powered the growth of this new consumer class. This new middle class is demanding access to clean water, clothing, TVs, health care, housing, food … you name it. McKinsey Global Institute calls the rise of this new middle class 'the biggest growth opportunity in the history of capitalism … an economic force that’s over 1,000 times as big as the Industrial Revolution.'" Continue reading →

Continue Reading“The Biggest Growth Opportunity in the History of Capitalism”

Brazil Halts Muni Market as Banks Collect $140 Mln Fees

"A year after it began, Brazil’s municipal bond market has been brought to a standstill by the federal government after Credit Suisse Group AG (CSGN) and Bank of America Corp. provoked a backlash by collecting $140 million in fees from the first two borrowings. Brazilian Treasury officials, who approve state financing requests and provide guarantees backing loans, are starting to demand terms to curb the profits, seeking to protect taxpayers from being exploited and to limit their own borrowing costs while alienating bankers in the process." Continue reading →

Continue ReadingBrazil Halts Muni Market as Banks Collect $140 Mln Fees

Venezuela will install 30,000 surveillance cameras

"Venezuela is installing 30,000 surveillance cameras to crack down on rampant crime, officials said Wednesday. Most of the Chinese-made equipment will be put up in the capital Caracas. Some is already in place in a municipality within the Caracas metropolitan area as part of a pilot program. The equipment, manufactured by Chinese company CEIEC, will be delivered to Venezuela under cooperation agreements agreed by Caracas and Beijing. The information picked up by the devices will be made available to police for use in crime probes." Continue reading →

Continue ReadingVenezuela will install 30,000 surveillance cameras