South America

A prevalent drought in Brazil has actually stopped the transport of grains through the Madeira river, an important northern waterway linking key croplands with the nation's ports, regional port terminals association Amport stated on Wednesday. The Madeira river is a crucial corridor for shipping products from Rondonia state and parts of Mato Grosso state, Brazil's top soy producer, to export terminals located in the country's. northern states. Grain transport in the Madeira is currently halted as. river's depth in crucial points is around 2 meters (6.6 feet),. making navigation commercially unfeasible, Amport President. Flavio Acatauassu informed Reuters. Some 34% of...

French shipping giant CMA CGM prepares to acquire port terminal operator Santos Brasil in a deal that might reach $2 billion and give it control of South America's biggest container terminal, it said on Monday. The offer, initially revealed on Sunday by Santos Brasil in a. regulatory filing, extends an acquisitions spree by the. Marseille-based business considering that it earned billions throughout a. shipping boom in the wake of the COVID-19 pandemic. CMA CGM has accepted pay 6.3 billion reais ($ 1.13 billion). for a 47.6% stake in Santo Brasil, and after that on closing launch a. takeover deal for...

French shipping giant CMA CGM accepted purchase 47.6% of port terminal operator Santos Brasil for 6.3 billion reais ($ 1.2 billion), and will release a takeover quote for the staying stake, the Brazilian firm said on Sunday in a securities filing. Under the agreement, CMA CGM would buy some 215 million shares and almost 40 million Global Depositary Receipts of Santos Brasil from Brazilian property supervisor Opportunity for 15.30 reais each, according to the filing. The rate represents a 20% premium over the 12.71 reais closing rate of Santos Brasil shares on Friday. The French business has also committed to...

Brazil's President Luiz Inacio Lula da Silva, after months of hedging on the concern, has actually dedicated his government to completing a roadway through a. pristine part of the Amazon rain forest, a relocation scientists say. will bring dreadful logging. Lula is under pressure to complete paving the BR-319 as an. option for transportation now that the Amazon is dealing with a. record dry spell that has decreased river water levels and hindered. navigation on major waterways connecting the north of Brazil, such. as the Madeira river. While the Madeira river was navigable, the highway did not. have the value...

Brazilians living near the Madeira River, a major waterway that runs through the Amazon rainforest, have been enjoying its water levels drop to historical lows this year as the area is reeling from a dry spell. The country's geological service, SGB, has actually cautioned that all rivers in the Amazon basin are expected to drop listed below their historical levels. There are many older homeowners here that have actually never ever seen the river like this, said Nelmo Maia Melo, a 57-year-old angler. Even my daddy, who's been here for a very long time, has never ever seen it like...

Coffee traders dramatically increased in the last three days the amount of arabica coffee bags they are sending to the qualified stocks of ICE exchange, causing prices to crash on Thursday, according to brokers and ICE data. There were almost 105,000 bags of coffee pending grading to go into ICE certified arabica stocks, according to the most recent report from the exchange, a sharp boost from the 28,585 bags seen at the end of recently. On Thursday alone, the exchange reported the arrival of around 50,000 bags of Brazilian coffee at certified storage facilities of ICE at the ports of...

Four months after devastating flooding wrecked their house in southern Brazil, Milton do Nascimento and his household still have no irreversible home and are sleeping rough under a highway bridge. The Nascimento household includes three pigs, 24 goats, 2 boars, 5 horses and 10 canines - complicating their look for a. brand-new location to live. If it weren't for the animals, I 'd be living someplace. else. But we need to look after them. My personal belongings are kept. away securely, however not the animals, the 58-year-old said. Nascimento, his better half Gabriela and stepdaughter live just 300. meters (984...

Ecuadorian infrastructure firm Construccion y Administracion (CASA) has won an agreement to overhaul Peru's Andean train, with a $565 million financial investment from the company expected, state financial investment company Provinversion said on Wednesday. The agreement also consists of a 30-year concession to run and keep the 129-kilometer railway linking the cities of Huancayo and Huancavelica, Proinversion stated in a statement. CASA will renovate seven train stations and build a brand-new upkeep center as part of the offer. Most of the investment, some $445 million, will go to the overhaul, with $120 million in operation and maintenance costs for the...

A presumed case of mpox has been reported at Brazil's main worldwide airport near Sao Paulo, health sanitary firm Anvisa stated on Monday. Anvisa said its workplace in the Guarulhos airport was signaled on Sunday after the identification of a guest with signs and symptoms compatible with mpox, including the person was sent out later to a customized health center. According to Anvisa, the guest had reached the airport on Aug. 14 and had considering that remained in a location for individuals waiting to demand refugee status. The company did not state where the guest had taken a trip from...

Panama's Tocumen International Airport stated on Friday that a construction firm controlled by Brazil's Novonor had been bought to pay some $ 30.76 million to the airport for failure to adhere to a. contract to expand one of its terminals. The firm now known as CNO, S.A. was approved a contract to. expand Tocumen's Terminal 2 in 2012, the airport stated in a. declaration. The work suffered repeated delays due to constant. breaches of agreement by the building and construction company, Tocumen said. Tocumen, which is owned by the state, was required to. presume extraordinary expenses as an outcome, it...

Grains deliveries out of Argentine ports are normalizing after the federal government purchased employees to suspend an almost weeklong strike previously on Monday, the head of the country's ports chamber stated. The federal government sent out an order to 2 oilseed employees unions to suspend a strike for 15 days. So far, one union has stated it will adhere to the order. The strike kicked off last Tuesday and had actually immobilized exports from the country's leading grain ports as employees required their incomes remain ahead of high inflation. Once conciliation has actually been ordered, the terminals hire their staff...

Operations at Salgado Filho International Airport in the Brazilian city of Porto Alegre, one of the country's busiest, will resume in October after unprecedented floods in the area interrupted flights in May. The airport, run by Fraport, had its runways and corridors submerged in water as heavy rains battered Rio Grande do Sul, Brazil's southernmost state of which Porto Alegre is the capital, killing more than 180 people. Flights to and from Salgado Filho had been momentarily suspended due to the damages to the runway and terminals. The federal government enabled providers to run at the neighboring Canoas Air Force...

Ecuador's federal government has announced the suspension of electrical power service for nine hours on Sunday in 12 of the Andean country's 24 provinces and placed 19 locations on red alert due to a drought that has actually decreased the water levels of hydroelectric plants. The blackout in the provinces will be from 8:00 a.m. regional time till 5:00 p.m., the Ecuadorian presidency said in a. declaration launched Saturday night on X. It is in addition to the. government's strategies announced on Tuesday for eight-hour nighttime. power cuts nationwide from Monday to Thursday. Ecuador is grasped by the worst dry...

Colombia's federal government has aborted peace talks with leftist rebel group the National Liberation Army (ELN), its peace delegation said on Wednesday, following an attack which eliminated two soldiers and injured more than 2 lots. The choice is another devastating blow to President Gustavo Petro's cornerstone total peace policy, which sought to eliminate the ELN from its function in the Andean country's six-decades of internal armed dispute. Today the peace process is on hold. Its viability is significantly lessened and its extension can just go on with an unequivocal demonstration of peace by the ELN, the government peace delegation stated...

Saudi Aramco will increase its stake in melted gas company MidOcean Energy to 49%. and fund its acquisition of a new 15% stake in Peru LNG from. Hunt Oil Business, MidOcean said on Monday. The Saudi oil giant agreed to buy a minority stake in. MidOcean from EIG for $500 million in 2015, its very first foray. into LNG abroad, without divulging the stake's size. Aramco is looking for to reinforce its position in the LNG. market, which is set to grow by 50% worldwide by 2030, particularly. in the United States where LNG capacity is set to nearly double....

Argentina minimized its energy subsidies in the first seven months of the year by $2.7 billion, Energy Secretary Eduardo Rodriguez Chirillo stated on Thursday, as part of an objective to curb the government's fiscal deficit while likewise working to promote investment in the energy sector. The South American nation aims to advance an enthusiastic reform bundle that includes guarantees for large investments, a. new hydrocarbon law, and changes to its foreign exchange system. aimed at securing dividend repatriations for foreign investors,. all part of President Javier Milei's relocate to protect capital. Rodriguez Chirillo told business people in Houston that. Argentina...

Colombia's government on Friday reached a handle truckers to suspend a demonstration over a. increase in diesel costs, where road blockades threatened to trigger. food and fuel scarcities in the nation's most significant cities. The deal came after the federal government backed down from its strategy. to increase the price of diesel by 1,904 pesos (45 cents) per. gallon beginning this month, instead accepting an increase of simply. 800 pesos in 2 equivalent increments during the remainder of the year. After a number of days of discussion, the government has actually signed a. dedication with the transportation bases to lift...

Colombia's decision to reverse a diesel price hike that triggered a strike by truckers could negatively affect public finances, analysts stated on Thursday, as majority stateowned energy business Ecopetrol said it would begin turning off some operations in the middle of the discontent. Financing Minister Ricardo Bonilla stated the government reversed its choice to increase the rate of diesel by 1,904 pesos (45 cents) per gallon, starting this month. The government is now proposing increases of 200 pesos per month from September to December, while strike leaders are pushing for boosts of 100 pesos per month. As protests - identified...

In 2015's record drought in the Amazon and less than normal rains given that caused river water levels to drop quickly, preventing navigation by barges bring grains for export and cutting off neighborhoods that depend on river transportation. The Brazilian Geological Service (SGB) has actually warned that water levels have actually been falling given that June and all rivers in the Amazon basin are expected to drop listed below their historical levels. In Manaus, the Rio Negro river is 21 meters deep, below 24 meters at the exact same time in 2023, which is beginning to stress industries in the...

Brazilians will pay more for electricity in September as local power regulator Aneel decided to enforce an added fee on bills due to a drop in reservoir levels at hydroelectric plants amid the nation's dry season. Despite the growth of wind and solar power in Latin America's biggest economy recently, majority of Brazil's power supply still originates from hydroelectric plants. Aneel implements a green, yellow, red level 1 and red. level 2 prices system. Green suggests that no surcharges are levied on power. costs, while from yellow onwards extra tariffs are. gradually implemented, likewise stiring inflation issues in the. nation....

Venezuela's capital city Caracas and other regions of the country experienced a power blackout early on Friday, the communication and details ministry validated. The failure impacted a minimum of 13 regions, including Carabobo and Aragua, according to posts on social networks and Reuters staff. We have actually been victims, once again of electrical sabotage, said Freddy Nanez, minister of the interaction and details ministry, without offering more information. He added that the electrical cabinet group is working to completely bring back service. Power cuts are not uncommon in Venezuela, although they are normally more localized. On Tuesday, a series of...

An Exxon Mobil consortium's unrefined output in Guyana has been completely brought back at 2 floating production centers after workers completed a. natural gas pipeline tiein, a business representative stated on. Monday. Output had fallen to between 400,000 and 500,000 barrels. daily from July 2 through the end of the month, federal government. data revealed, a sign that prepared deal with the floating production. storage and offloading (FPSO) centers had begun. Oil production was at 669,000 barrels per day since June 30,. the official information showed. We safely carried out shutdowns of the Liza Unity and Fate. FPSOs to help...

Wind and solar energy producers in Brazil have actually warned they are reassessing future investments there after the national grid operator repeatedly capped just how much energy they might provide in the previous year, which squeezed their earnings. Brazil has made big strides motivating companies to buy wind, solar and other eco-friendly power generation sources, providing generous financing and aids. However all the electrical energy they produce has taxed the grid. More than a dozen executives and industry agents stated renewable energy financial investments were less viable under the National Electric System Operator's (ONS). existing curtailments policy, which temporarily caps...

An oil refiner backed by activist investor Carl Icahn and a group of creditors holding claims against Venezuela are completing in the last mile of a. U.S. court auction for Citgo Petroleum, according to 3. individuals knowledgeable about the matter. A total of 18 lenders holding judgments for financial obligation defaults. and expropriations in Venezuela totaling $21.3 billion are. pursuing earnings from the auction of shares in Citgo's parent,. organized by a federal court in Delaware. But offers are not. expected to cover that quantity entirely. A financial investment group that consists of miner Gold Reserve. and a system of...