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EDP wishes to gain control of CEM

Published on July 12, 2012

 
Read EDP wishes to gain control of CEM

We would like to take charge of the Macao Electric Company (CEM)”, António Mexia, EDP CEO, stated this week. Mexia also said that this would only bring benefits to CEM, which he considers a key element for his Asian strategy.

EDP is on “top form” since it got partners with Three Gorges, and this is fundamental to gain an international dimension, something Chinese companies are very competitive at.

EDP’s expansion started from Brazil into South America and Africa, first reaching old Portuguese colonies. In this countries EDP is leader. On the other hand, although there is no doubt that the expansion in China will bring benefits to EDP, the company will be in the background, since the leader is Three Gorges.

EDP already owns a CEM share of 42 per cent, in association with Chinese interests, and is ready to assume the Macao company.

Codelco Chile considers the dispute with Anglo nearly over

Published on July 10, 2012

 
Read Codelco Chile considers the dispute with Anglo nearly over

According to Codelco, the biggest copper mining company in the world, its dispute with Anglo American over copper assets might be settled by 17th July.

Codelco’s announcement was made last Friday by its CEO Gerardo Jofré, after a ceremony held in the government palace. This ceremony was also the occasion to announce the bombing that will bury Chuquicamata, the biggest opencast copper mine in the world. The mine will start operating as an underground deposit in 2018.

More than a month ago the negotiations started in order to solve this dispute worth millions over copper properties in Chile, including the enormous mine Los Bronces. Both companies fixed 17th July as a deadline to reach an agreement.

“We ...

Santander best global bank and CaixaBank best bank in Spain

Published on July 9, 2012

 
Read Santander best global bank and CaixaBank best bank in Spain

Last Thursday night, Euromoney held the Awards for Excellence. Santander was named best global bank in 2012 and CaixaBank was awarded best bank in Spain.

This award is not new for Santander. This is the third time that the financial magazine awards this bank during the last seven years. In addition to this title, Santander was also named Best Bank in five of its main markets: Argentina, Mexico, United Kingdom (Santander UK), Poland (Bank Zachodni WBK) and Portugal.

The British magazine highlighted Santander’s profits and solid balance during the financial turbulence that Spain and Europe are going through. Emilio Botín, Santander’s chairman, stressed the solvency and the “great geographic diversification” the bank has and stated that “solid capital ...

World investment aims Brazil

Published on July 9, 2012

 
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To Brazil, 2011 meant gaining three positions in the world ranking of countries that receive foreign investment. During the last four years of continual increase, the country moved from the eighth position to be the fifth in the ranking, its current position.

Last year, foreign investment in Brazil reached 66,700 million dollars. Such figure is followed by Singapore, which received 64,000 million, United Kingdom, receiving 53,900 million, and the Virgin Islands, with 53,700 million. In this investment ranking, the first positions are for the United States (226,900 million dollars), China (124,000 million), Belgium (89,100 million) and Hong Kong (83,200 million).

Year 2012 however does not seem to be so promising. The main ...

The Brazilian oil sector is now open to foreign investors

Published on July 6, 2012

 
Read The Brazilian oil sector is now open to foreign investors

The Government of Brazil gives Petrobras green light to become partners with foreign companies. This was unthinkable so far, since the state policy for the energy sector protects the autonomy. The change was due to the delay mounted by Petrobras in building the four refineries envisaged by the Government’s Growth Acceleration Program (PAC).

If such limitation kept in force, the delay in building the four refineries ‑Comperj, Abreu e Lima, Premium I and Premium II‑ would cause a really negative effect on the national economy, which would be obliged to energetic imports to meet 40 % of the internal demand by the year 2020. Therefore, foreign investments seem to be necessary to meet the PAC requirements.

Although there has been ...

Telefónica will cut down its debt with the merge of its business in Colombia

Published on July 4, 2012

 
Read Telefónica will cut down its debt with the merge of its business in Colombia

Telefónica has announced a cut down on its debt by 1.450 million euros at the end of the second quarter, of the present year, thanks to the agreement for the merge of its businesses in the country, a transaction announced in early April.

The Spanish group of telecommunications reached an agreement with the Colombian Government to merge its businesses in fixed and mobile telephony in the country.

Telefonica will merge Telefónica Móviles Colombia and Colombia Telecomunicaciones (52% controlled by Telefonica and 48% by the Colombian government). The company resulting from the merger will be controlled 70% by the Spanish company and 30% for Colombia.

When announcement of the operation was made in April, Telefonica reported it would cut down ...

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