They plan to expand operations

 

By Ramiro Pineda

 

The British group announced today through the Financial Superintendence of Colombia the Colombian group Gilinski acquisition of HSBC’s business in Colombia, Uruguay, Paraguay and Peru for a total cost of $ 400 million.

 

The Superintendence issued a report which specifies that HSBC Latin America Holdings (UK) Limited and other subsidiaries, reached an agreement with Colombia's Gilinski owner of GNB Sudameris Bank SA, the agreement specifies the sale of the HSBC Group's businesses in Peru, Uruguay, Paraguay and Colombia.

 

The report specifies that: "The transaction was closed for a total of $ 400 million in cash subject to an adjustment to reflect the net asset value in each of the companies at closing. The sale is subject to regulatory approvals in each jurisdiction as well as other conditions. "

 

HSBC expects sales of companies in Peru and Colombia to be completed by the fourth quarter of 2012 and by the first quarter of 2013 they achieved sales in Paraguay and Uruguay.

 

Late last year, companies to be sold where settled with 62 branches in four countries where they operated.

 

HSBC's business is part of the group's new strategy which aims to move towards operations that represent the greatest potential for sustainable growth.

 

By Susana Lima

 

The head of the Secretariat of the Brazilian Federal Budget, Celia Correa, said that after 8 years of public policies in place, these have started to deliver results in the growth and development of the nation, a situation that can be confirmed by the inhabitants. With this growth, the country is the need to import labor and professionals from different parts of Latin America.

 

More than 5 thousand doctors are required to fill vacancies in the health sector in areas of the Amazon Jungle and other territories. Salaries have been offered up to 14,000 dollars a month but still, the number of doctors does not supply the territory. For this reason, during the coming months, Brazil will require the services of doctors and other experts from other countries, especially from Cuba. It is even trying to change the current law that prevents to hire professionals from other countries due to the impairment of language and to achieve non-bilingual doctors hiring to cover the deficit.

 

Brazil is experiencing a unique opportunity to distinguish between the largest economies globally through increased exports of raw materials. Although there are still 14 million people in extreme poverty, the immediate challenge is to continue fighting to reduce this gap.

 

Public policies implemented by the Lula government and now with the president Rousseff are intended to reduce the large social deficit that has left decades of social programs such as Bolsa Familia, which transfers incomes to poor families. Investment in infrastructure has also increased, and the average minimum wage has been re valued from $ 80 to $ 500 today.

 

The "My House, My Life" programs also prompted rapid growth in railways, highways, airports, ports, sanitation and housing. The construction took too much momentum and achieved to establish as one of the most important pillars of employment generating more and better jobs. Correa added: There is such a demand in construction that if someone wants to make a home remodeling it is very difficult to hire a mason, a plumber, a carpenter because everyone is busy. In all cases, workers are guaranteed all employment rights.

 

Brazil also intends to move from being a raw materials exporter to a country of manufactured products. Programs that are being promoted for this purpose are the funding of scholarships and academic exchanges with universities worldwide over the next 4 years to 6 thousand students from engineering and various applied sciences.

 

By Jorge Lopez

 

Ecuadorian Foreign Minister Ricardo Patiño said that his country is not interested in deepening security cooperation with U.S. and that they are interested in issues of trade and investment. After the Senate confirmed the appointment of ambassador, Adam Namm in Quito, the representative said it is necessary to transform cooperation areas in his country which he has made it very clear.

 

On the other hand, the Chancellor said that Ecuador has important issues in connection with Washington as the economic, trade and investment. Ecuador does not prefer or need cooperation on issues that deal with safety, we can do it in coordination with South American countries, Patino said.

 

He also stressed the Namm approval seven months after being chosen by President Barack Obama. We feel very good that the U.S. has managed to overcome some obstacles that had to ratify, because he had been appointed by the U.S. State Department earlier this year, he said.

 

After the previous ambassador, Heather Hodges, was declared persona non grata by a leaked diplomatic cable from WikiLeaks which published alleged anomalies in the appointment of a police chief by President Rafael Correa, the appointment of Namm was achieved five months after. Meanwhile, the U.S. government expelled the representative of Ecuador Luis Gallegos, who was later replaced by Nathalie Cely.

 

During Correa's government, cooperation between Ecuador and the United States on security decreased as a result of anti-drug agreement with Washington that was not renewed, through which the U.S. operated at the base in Manta, Ecuador in the Pacific, for 10 years until September 18th, 2009. Also during that year, the Andean ruler sacked two diplomats accused of intervening in internal affairs, even blaming one as head of the CIA in Ecuador.

 

By Susana Lima

 

Paraguay's government declared that it will negotiate the renewal of the payment it receives from Acaray energy sold to Argentina. Deputy Minister of Mines and Energy, Mercedes Canese announced that will organize a meeting with Argentine authorities to continue the debate on adjustment. Canese explained that every three months such negotiations and meetings are done, so they expect to arrange a meeting with Argentina next week.

 

The delegate said that Paraguay had proposed an adjustment formula that considered the price of oil but Argentina approached with a counteroffer. Meanwhile the debate continues, the price had to be increased according to the Chair Office.

 

Canese said: Now that winter comes, the market price is much higher still, we hope to reach an agreement on the formula, which is completely transparent because oil prices are published and gives predictability to Argentina.

 

The energy transfer from the dam is made from Carlos Antonio Lopez, in Itapúa, until El Dorado, in the province of Misiones. Argentina pays up to $ 150 a megawatt hour for Acaray electricity  while Yacyretá power is purchase at U.S. $ 9 megawatt per hour according to the rates published in November 2011.

 

Acaray production also aims to cover the Uruguayan market; however this has not materialized due to problems with Argentina. Paraguay is also studying the possibility of offering their energy to Brazil with the purpose of not relying on Argentina’s infrastructure. The country will prepare a proposal for Brazil on an interest statement about this topic.