South America

Argentina has rich copper deposits along the border with Chile in the mountains of the north. But, unlike its mining giant neighbor, it hasn't built the power lines and road needed for new projects supported by BHP and Rio Tinto. The South American nation faces greater challenges to build infrastructure than other countries due to President Javier Milei’s austerity program to curb inflation and debt. The solution will probably include unconventional ideas such as paying royalties or sharing infrastructure among miners. The government has said that it will not provide funding but this does not mean it's not responsible for...

According to data from vessel tracking and company documents, Venezuelan oil exports fell by about 10% in July compared to the previous month. This was because key partners of the state-owned PDVSA were waiting for U.S. approvals to expand their operations in the nation. Washington granted a limited license to Chevron in late July, allowing it to export crude oil to the U.S. and operate in Venezuela under sanctions. The license does not permit any payments to Venezuelan President Nicolas Maduro’s administration. Several other PDVSA partners still await similar authorizations. Mike Wirth, Chevron's CEO, said Friday that the company is...

Chevron's CEO stated on Friday that the company expects to resume its Venezuelan crude exports to the United States this month. This follows a limited license issued by the Treasury Department this week to operate within the sanctioned nation and to do oil swaps. In a conference call to announce the company's quarter-end results, Chevron CEO Mike Wirth said that exports would begin with "a limited amount" and that he did not expect that flows will have a significant impact on the third-quarter results. Chevron has suspended its exports of Venezuelan crude oil since April when the state-owned PDVSA cancelled...

Aena, the Spanish airport operator, announced on Wednesday that its net profit for the first half of the year was up 10.5% compared to the same period last year as the passenger traffic in the second most visited country worldwide after France continued to increase. The company that manages Spanish airports, the largest airport system in the world in terms of passenger traffic, announced on Wednesday that it had made a profit of 893.8 millions euros ($1.03billion) during the first half of the year. This was slightly below the average analyst's forecast of 904.2million euros based on an LSEG study....

Two sources said on Friday that Piergiorgio Peluso will be taking over as Chief financial officer at Telecom Italia. Peluso served as TIM CFO from 2007 to 2019. People said that he will return to the former phone monopoly in the next month. TIM and Autostrade per l'Italia spokespeople declined to comment. Sources previously said that TIM was looking for a replacement to the current CFO Adrian Calaza as he will be leaving the company at the end of this year. Calaza, a Brazilian national of Argentinean descent and former CFO at TIM's Brazilian division, will take on the role...

His lawyer stated on Friday that the former Greek owner of a cargo vessel, which was seized by Spain 2023 after it was found to have carried more than four tonnes of cocaine and coffee beans from Latin America into Europe, denied any connection to drugs. The Spanish authorities found cocaine worth approximately $200 million aboard the Blume vessel, which was then Greek-operated and Togo-flagged, when they intercepted it in January 2023 off the Canary Islands. This was one of Spain's largest cocaine hauls for that year. The crew was arrested and Blume, the ship that had left Brazil to...

Three people with knowledge of the investigation confirmed on Thursday that Greece had arrested three individuals linked to a cargo vessel seized in 2023 by Spanish authorities near the Canary Islands for transporting more than 4.5 tonnes of cocaine from Latin America into Europe. Blume (a Togo-flagged vessel operated by Greece) had arrived from Brazil with a cargo of 200 tonnes, which was far less than its capacity. This raised suspicions. The Spanish authorities seized the drugs, worth hundreds of millions, and arrested the entire crew on January 18, 2023. They then took the ship to Santa Cruz, Tenerife, where...

On Tuesday, commodity traders said that they are in a race against time to sell as much Brazilian coffee into the United States as possible before Trump's new tariff of 50% on Brazilian products takes effect on August 1. The cost of Trump's tariffs was being passed onto consumers, and this included coffee cups. Some traders divert vessels mid-journey and cancel stops in other port so that containers full of Brazilian coffee can be entered U.S. ports with no tariff. Some send the Brazil-origin beans they had in Canada or Mexico that were meant to be used there instead, on...

Mexican officials announced on Tuesday that they want to increase state and military control of the country's aviation system, and include increased subsidies and investment in order to boost regional airports which have been neglected for a long time. Claudia Sheinbaum, the president of the United States, has redoubled her efforts to follow the path of Andres Manuel Lopez Obrador who, as her mentor and predecessor, handed control of several public airports over to the military, and revived the bankrupt airline Mexicana. David Sandoval is the deputy director at Grupo Mundo Maya - a military-run airport operator. He said that...

The Brazilian courts are seeking to overturn the competition rules that prevent global shipping groups from taking part in the first round bidding for a new major container terminal to be built at Latin America's biggest port. This is due to happen later this year. According to a document obtained by, the Danish shipping company Maersk sued Brazil's marine transportation authority (Antaq) and its general manager on Monday in Sao Paulo. The lawsuit demanded "procedural corrections to ensure a fair procedure" for the assignment of the Tecon 10 Terminal at the Port of Santos. The Brazilian federal audit court, TCU,...

Blueberry bushes as tall as two meters stretch to the horizon in Peru's Pisco Desert before giving way to dunes. Genetic innovations have allowed varieties such as Eureka Sunset to grow in this type of arid terrain, some 250 km (155 miles south of Lima). Since more than a century, the healthy berries are being shipped north to U.S. grocery shelves. But there's a new competitor in town: China. The United States is fighting a trade war with other countries, and Peruvian growers are seeking new markets to sell their products. Their best customer, America, has been increasing the tariffs...

Brazilian rail operator Rumo has terminated a 2024 deal to sell a part of the terminal at Latin America’s largest port, to U.S. commodities traders Bunge and to a subsidiary from Japan’s Zen-Noh Group. Rumo stated in a filing with the Securities Commission that the conditions of the agreement for a 50% stake in the XXXIX Terminal, located in Santos Port, had not been fully met before the deadline. It did not give any further details. The parts were Announcement of the Deal Rumo reported that the agreement would be worth 600 million reais ($107.44 millions) in May 2024. Bunge...

The German logistics giant DHL announced a higher-than-expected second quarter operating profit on February 2, as strict cost control helped overcome currency headwinds, and a slower pace of trade. The company reported quarterly earnings before tax, interest and other expenses (EBIT) in the amount of 1,43 billion euros. This was above the consensus estimate of analysts of 1,33 billion euros. DHL's revenue for the quarter fell by 3.9% compared to a year ago, falling below analysts' expectations of 21,01 billion euros. The German logistics giant confirmed that it expects annual free cash flows excluding M&A to be around 3 billion...

DHL, the German logistics giant, reported a higher-than-expected second quarter operating profit on February 2, as strict cost control helped overcome currency headwinds. The company reported a quarterly profit before interest and taxes (EBIT) in excess of the consensus estimate of 1,33 billion euros. DHL's revenue for the quarter fell by 3.9% compared to a year ago, falling below analysts' expectations of 21,01 billion euros. The German logistics giant confirmed that it expects annual free cash flows excluding M&A to be around 3 billion Euros. It added that the forecast did not take into account potential impacts of changes in...

Germany's antitrust regulator dropped its investigation into the alleged anticompetitive behavior at the nation’s largest postal service group DHL, after the company severed ownership ties with another competitor that handled letters for businesses. The Federal Cartel Office’s two-year investigation focused on mail consolidation. DHL’s Deutsche Post InHaus Services collects letters from multiple companies and processes them, offering discounts based on the total volume. DHL competes in this market with Max-Ventures, a postal services group. However, the two also hold 26% and 74% respectively in Compador, another player in this segment. DHL's antitrust authority stated that it had allayed concerns by...

Lithuania has discovered no proof of terrorism or sabotage so far in its examination of a DHL freight aircraft crash although the black boxes consisting of flight data and voice recorders have not yet been discovered, authorities said on Tuesday. The plane crashed near Vilnius airport as it can be found in to land early on Monday, eliminating someone on board in what Germany's. foreign minister later on stated could be a mishap or a hybrid. attack in unstable times. The Lithuanian General District attorney's office is leading among. two official probes into the crash. Our preliminary information does not...

Logistics group DHL , which runs Germany's postal service, revealed a hike in the cost of a standard stamp on Wednesday, after failing to encourage regulators that it requires even more leeway on pricing to balanced out costs and fund investment. A basic stamp from Deutsche Post will cost 95 euro cents ($ 1.01) from Jan. 1, up from a previous 85 cents, the company said, after the federal network agency set brand-new prices guidelines for the years 2025 and 2026. The firm therefore allowed costs to increase, however not by as much as DHL had hoped. DHL said the...

Germany's network regulator verified its standards for the rates of postage stamps on Monday, declining to surpass its proposed varieties regardless of protest by the national operator Deutsche Post, owned by logistics group DHL. DHL has actually criticised the regulator, which initially proposed the prices standards in September, for not giving the postal system sufficient leeway to respond to rising inflation and falling letter volumes. The company said the new rates framework threatened its lawfully set revenue margin target of 6.5% and therefore made planned financial investments no longer feasible. With its decision, the Federal Network Agency is warding off...

DHL reported thirdquarter complimentary cash flow well below market expectations on Tuesday, in another hit to its shares that have actually lost almost a fifth of their worth this year. The German logistics giant last week reduced its full-year and mid-term projections, mentioning a weaker macroeconomic environment in Europe and low business-to-business mail volumes, as it pre-announced its operating earnings for the quarter. DHL's shares were down 2.5% by 0915 GMT. A local trader said the totally free capital of 723 million euros ($ 787.2 million) was underwhelming, falling 32.7% from in 2015 and missing an agreement price quote of...

DHL cut its assistance for 2024 profits before interest and taxes (EBIT) on Wednesday, pointing out constantly weak businesstobusiness mail volumes and lowerthanexpected margins in its air freight forwarding organization. The business now expects an EBIT of 5.8 billion euros ($ 6.3. billion) for the year, below a previously anticipated range of. 6-6.6 billion euros. DHL also cut its medium-term development forecast based on the. upgraded outlook for 2024 and the weaker macroeconomic. environment in Europe. It now anticipates an EBIT of 7 billion euros. by 2026, below a previous variety of 7.5-8.5 billion euros. The new guidance falls short...

DHL is on track to fulfill its 2024 operating profit projection, its Chief Financial Officer Melanie Kreis stated on Tuesday, after the logistics huge announced an overhaul that would make its German parcel company a standalone entity. Shares were up 1.9% at 0801 GMT after news on Monday evening of DHL's new strategy, which revealed a carve-out of its parcel company however pressed back against suggestions that the letter mailing service would be divested. DHL has anticipated an operating profit, or EBIT, of 6 billion euros to 6.6 billion euros ($ 6.68-$ 7.34 billion) for 2024, although that projection has...

Brazilian cargo business Modern Logistics expects to get in the U.S. and Mexican markets in the next few months as it puts in location an expansion technique that will include looking at merger and acquisition opportunities in the brief to midterm. WHY IT is necessary Modern is a big player in the fast-growing cargo market in Latin America's largest economy, which has actually been increased in recent years by e-commerce and facilities financial investments. RESTRUCTURING Established in the 2010s by former Azul executives, Modern underwent a restructuring last year that saw previous FedEx executive Cristiano Koga selected as CEO. The...

German logistics giant DHL reported secondquarter earnings and incomes a little above expectations on Thursday, as air and ocean freight volumes revealed modest enhancements from a low starting level. Quarterly profits rose 2.7% from a year earlier to 20.6 billion euros ($ 22.3 billion), ahead of analysts' mean forecast of 20.31 billion euros, according to LSEG information. Its operating earnings was up to 1.35 billion euros from 1.69 billion last year, likewise beating expectations of 1.33 billion. The group's worldwide fast-shipping service Express saw a decline in delivery volumes, although business-to-business ( B2B) volumes increased slightly. We are likewise seeing...