New management at Aerolíneas Argentinas: A radical change is underway at the top of state airline Aerolíneas Argentinas. Out goes president and general manager Mariano Recalde and a group of senior managers closely identified with La Cámpora, the youth wing of the Frente Para la Victoria (FPV) faction of the Peronist party, which was voted out of office in November. His critics accused Recalde of running the loss-making airline as a political fiefdom. In comes Isela Costantini, appointed by newly elected President Mauricio Macri to bring in some private sector management expertise. Costantini was previously CEO of GM Argentina and…
The Economic Commission for Latin America and the Caribbean (ECLAC) has highlighted the issue of ‘femicide’ – the murder of women purely because of their gender – by pointing out that there were at least 1,678 such deaths in 2014. Femicide is clearly a major social and political issue in the region, but also an economic one. According to ECLAC, there were 1,678 such deaths across 14 Latin American and three Caribbean countries last year. The real number is almost certainly higher because some countries were not covered and because many deaths are not reported nor specifically classified as cases…
On 1 December 2015, the Government Development Bank (GDB) of Puerto Rico paid US$354m owing in principal and interest to its creditors. However, this involved the legal diversion of funds from five other government-backed entities. On 1 January 2016, it will be necessary for payment to be made on around US$900m of the government’s General Obligation (GO) bonds and bonds of other entities. Meanwhile the government is asking the US Congress to allow it to restructure its debts in an orderly fashion with bankruptcy protection. At the beginning of December, the GDB made payment on US$354m that it owed. However,…
Brazil suffered a major environmental disaster on 5 November when the Fundao tailings dam collapsed at the Samarco Mineração iron ore mine, releasing about 60m cubic metres of water and slurry that destroyed the local town of Bento Rodrigues and pushed its way down the Rio Doce river towards the Atlantic coast some 500km downstream. At least 15 people died, with some still listed as missing. The dam break covered the Rio Doce flood plain in mud for 80kms and polluted the river. Drinking water supplies for around 250,000 people had to be cut off. Large quantities of fish died…
Latin America’s largest, most ambitious civil engineering project faces at least a year’s delay. Bill Wild, head of the project to build a US$50bn inter-oceanic canal running across Nicaragua, admitted at the end of November that it was running some 11 months behind schedule because approval of the environmental and social impact assessment had only been secured that month, rather than in December 2014. According to the official version presented by the Nicaraguan government and operating company Hong Kong Nicaragua Development (HKND), the delay is no more than a technical hitch, something to be expected on an enterprise of this…
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