Monthly Archives: August 2010

Research and Markets: Argentina Power Report – The Updated Q3 2010 Edition

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/e7dab7/argentina_power_re) has
announced the addition of the “Argentina Power Report Q3 2010” report to their
offering.

Business Monitor International’s Argentina Power Report provides industry
professionals and strategists, corporate analysts, power associations,
government departments and regulatory bodies with independent forecasts and
competitive intelligence on Argentina’s power industry.

The newly published Argentina Power Report from BMI forecasts that by 2014 the
country will account for 10.48% of Latin American regional power generation.
BMIs Latin America power generation assumption for 2009 is 1,109 terawatt hours
(TWh), a decrease of 1.9% from the previous year. We are forecasting growth in
regional generation to 1,302TWh by 2014, a rise of 12.9% in 2010-2014.

Latin American thermal power generation in 2009 is assumed by BMI to have been
409TWh, accounting for 36.9% of the total electricity supplied in the region.
Our forecast for 2014 is 454TWh, implying 9.4% growth during 2010-2014, trimming
the market share of thermal generation to 34.9% thanks to environmental concerns
that are promoting renewables, hydro-electricity and nuclear power. Argentinas
thermal generation in 2009 was an estimated 77.7TWh, or 19.0% of the regional
total. By 2014, the country is expected to account for 18.1% of thermal
generation.

For Argentina, in 2009 gas was the dominant fuel, accounting for an estimated
54.0% of PED, followed by oil at 31.5%, hydro at 11.2%, nuclear at 1.6% and coal
at 0.5%. Regional energy demand is forecast to reach 748mn tonnes of oil
equivalent (toe) by 2014, representing 13.8% growth during 2010-2014. Argentinas
estimated 2009 market share of 11.88% is set to fall to 11.18% by the end of the
forecast period. Argentinas estimated 7.0TWh of nuclear demand in 2009 is
forecast to reach 7.5TWh by 2014, with its share of the regional nuclear market
set to fall from an estimated 23.33% to 23.08%.

Argentina is now ranked fourth behind Colombia in BMIs updated power sector
Business Environment Ratings, scoring two fewer points than third-placed
Colombia in spite of its market size and low energy import dependency. Peru is
four points behind and poses no immediate threat, but Colombia has the potential
to pull further away from Argentina over the next few quarters. The Argentinean
power sector is competitive, with more progress towards privatisation than seen
in most other countries. The regulatory environment has deteriorated in the last
few years, thanks to government intervention in energy pricing, but remains more
attractive than in other parts of the region.

BMI is now forecasting Argentinean average annual real GDP growth of 1.98%
between 2010 and 2014, with an increase of 1.50% assumed in 2010. The population
is expected to expand from 40.3mn to 42.4mn over the period, with GDP per capita
and electricity consumption per capita forecast to increase by 63% and 4%
respectively during the forecast period. The countrys power consumption is
expected to increase from an estimated 118TWh in 2009 to 130TWh by the end of
the forecast period, providing a theoretical surplus easing from an estimated
7TWh in 2009 to 6TWh in 2014, assuming 1.8% average annual growth in electricity
generation during 2010-2014.

Between 2010 and 2019, we are forecasting an increase in Argentinean electricity
generation of 20.6%, which is one of the lowest for the Latin America region.
This equates to 11.6% in the 2014-2019 period, up from 8.0% in 2010-2014. PED
growth is set to ease from 9.3% in 2010-2014 to 8.4% in 2014-2019, representing
18.5% for the entire forecast period. An expected increase of 21% in hydro-power
use during 2010-2019 is one key element of generation growth. Thermal power
generation is forecast to rise by 14% between 2010 and 2019, with nuclear
consumption set to increase by 55%. More details of the longerterm BMI power
forecasts can be found at the end of this report.

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Outstanding Wineries – In Cafayate Salta

The most important region in the Province of Salta is Cafayate: a valley surrounded by mountain ranges, with an average height of 1,700m over sea level, more than 300 sunny days a year and thermal amplitude that may reach 18° C.


The dry weather, the wide thermal amplitude between day and night and the irrigation of the rivers of the area together with the underground water layers make up a micro-climate of special features.
The typical variety of the area is the Torrontés. This is the wine that, as a varietal, enabled Cafayate to transcend, even if the area is also proper for varieties such as Cabernet Sauvignon, Malbec, Syrah and Chardonnay.
It is significant to point out some new undertakings located at higher points in the world: Yacochuya, 2,000m and Colomé, 2,300m.

If you want to invest in Argentina, Uruguay, Chile or Brazil contact us at:

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NACD Leads Director Education Program in Brazil

Facilitating Exchange of International Best Practices; NACD to Lead Panel at Brazilian Institute of Corporate Governance Annual Meeting

PR Newswire

WASHINGTON, July 20

WASHINGTON, July 20 /PRNewswire/ — As part of the National Association of Corporate Director’s (NACD) ongoing director education efforts, NACD’s Managing Director of Board Advisory Services,Suzanne Hopgood, led an interactive course in Sao Paulo to share best practices and advance exemplary board leadership among members of The Brazilian Institute of Corporate Governance (IBGC).  NACD was the only board governance thought leader that was selected by IBGC – the creator of South America’s corporate governance structure – to help advance exemplary board leadership with its members and program attendees.

Participating companies included Melitta do Brasil, CPFL, Energia, American Tower do Brazil, Banco C.G., Banco Daycoval and Braskem, among others.  As part of the full-day agenda, NACD and IBGC explored many of the challenges facing directors and boards in the current business environment including ethics in the boardroom, board effectiveness, compensation and evaluation. Specifically, members exchanged insights and ideas related to:

  • Internal and external factors impacting directors in the boardroom today
  • Relationship of the board to management
  • Responsibilities of individual directors, and board’s oversight responsibilities
  • Recruiting and maintaining the right combination of industry knowledge, individual skill sets, and technical backgrounds to complement the corporate strategy
  • Succession planning best practices
  • Committee principles based upon executive compensation decisions

“The one-day director education program far exceeded my expectations. The presented discussion topics were highly relevant and thought provoking; the presenters were very knowledgeable and shared valuable insights. I strongly recommend this program for acting or future board members,” said Bernardo Wolfson, President & CEO, Melitta do Brasil Industria e Comercio Ltda.

Based upon participant accolades and feedback, NACD has been invited to conduct customized director education courses during the IBGC’s annual conference in Rio de Janeiro on October 25-27, 2010. The courses will be led by internationally recognized corporate governance expert Suzanne Hopgood.

“We are honored to be a part of the progress IBGC has made in advancing corporate governance practices on a broad scale,” said Ken Daly, President and CEO, National Association of Corporate Directors.  “As we continue to broaden the NACD’s efforts and reach internationally, we will seek like-minded partners who place the same value on boardroom education and excellence.”

IBGC is well known for preparing the Code of Best Practices in Corporate Governance and a founder of the Novo Mercado (New Market), a listing segment of BM&F Bovespa for the trading of shares issued by companies that commit themselves voluntarily to adopt corporate governance practices in addition to those that are required by law.  Similarly, a foundation for NACD’s director education courses is the NACD Key Agreed Principles set forth in its Leading the Way initiative, a national effort representing areas where the board, executive management, and shareholder groups agree on benchmarks of good governance. The principles serve as a framework for advocating leading practices in areas including risk oversight, corporate strategy, compensation and transparency.

About NACD

The National Association of Corporate Directors (NACD) is the only membership organization delivering the information and insights that corporate board members need to confidently navigate complex business challenges and enhance shareowner value. With more than 10,000 members, NACD advances exemplary board leadership.  NACD is focused on creating more effective and efficient boards through director-led education and peer forums to share ideas and leading practices based on more than 30 years of primary research. Fostering collaboration among directors and governance stakeholders, NACD is shaping the future of board leadership. To learn more about NACD, visit NACDonline.org.

About IBGC

The Brazilian Institute of Corporate Governance (IBGC) is a non-profit business and international cultural entity principally responsible for the introduction and dissemination of the corporate governance concept inBrazil.  Today, the organization serves as the primary resource inBrazil focused on the development of best practices in corporate governance.

The main goal of the Institute is to instill the importance of disclosure within a company’s management, emphasize fairness among partners and illustrate the importance of accountability and corporate responsibility. IBGC has positively influenced high levels of management of non-listed companies.

The IBGC organizes conferences, promotes reference publications, provides executive training, encourages networking amongst professionals as well as contributes to the development of best practices within organizations. For more than a decade, IBGC has delivered personal development courses to more than four thousand executives, entrepreneurs, board members and researchers.

SOURCE National Association of Corporate Directors

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Uruguay – Investors Interested in Fray Bentos

Leopoldo Cayrús, president of ACRN (Commercial and Industrial Association of Río Negro noted that the opening of the San Martín International Bridge has resulted in an increase in tourism and also an interest by business planning to invest or expand operations in Fray Bentos. The bridge saves time and money for both tourists and transport operations.

Cayrús emphasized that the number of cargo trucks is increasing daily, although the number still falls short of the 200 that used the bridge daily before the blockade. With respect to the investment proposals currently on the table, he preferred to keep the names confidential at this time, but confirmed that they are related to the agricultural sector, including farm equipment and grain storage, among other things.

If you want to invest in Argentina, Uruguay, Chile or Brazil contact us at:

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EMERGING MARKETS-Chile, Brazil currencies break key levels

Wed Aug 18

SAO PAULO/SANTIAGO, Aug 18 (Reuters) – Chile’s peso and the Brazilian real broke through key levels on Wednesday, putting pressure on the countries’ central banks to follow through on threats to intervene in the market.

Chile’s currency CLP=CLCLP= broke through the 500 peso-per-dollar level for the first time since January.

The region’s currencies were boosted by strong demand for a German government bond auction, increasing demand for some higher-risk assets.

Concerns over U.S. economic growth, which are expected to keep returns on U.S. Treasuries near record lows, have also prompted investors to pour money into Latin America’s higher-yielding debt, lifting the region’s currencies.

But the sharp rise in Chile’s peso prompted the government to issue another warning to the market Wednesday, saying it is closely monitoring the peso’s appreciation and wants a competitive exchange rate.

After firming to 498.20 per dollar, the peso pared gains but still traded 0.1 percent stronger at 501.60 per dollar.

“The market has already factored in strong growth for the country, and is foreseeing further interest rate hikes, which in turn strengthens the peso,” one trader in Santiago said.

Chile’s GDP expanded 4.3 percent in the second quarter compared with the first quarter, data Wednesday showed, the fastest pace since at least the mid-1990s. For details, see [ID:nN18182427]

Chile’s economy has recovered much faster than expected from the effects of a devastating earthquake in February, boosting the currency to seven-month highs.

The government might decide to slow its repatriation of dollars from copper revenues as a way to curb the currency’s rise, analysts said. [ID:nN17124678]

BRAZIL’S REAL BACKS OFF

Brazil’s real (BRBY) also firmed past the psychologically important level of 1.75 real-per-dollar but struggled to remain there.

The currency toyed with the level throughout the session, and traded 0.28 percent stronger at 1.748 against the U.S. dollar.

“The economy is growing and rates are high, so inflows are inevitable,” said Doug Smith, head of Latin American research at Standard Chartered.

“Brazil has allowed the currency to absorb a great deal of appreciation pressure, unlike the Chinese, and so have a legitimate argument that Brazil has carried much of the global appreciation pressure in the region.”

If the real remains stronger than the 1.75 level for an extended period, analysts expect the central bank to act via verbal warnings, bigger or multiple dollar purchases in the spot market or intervention in the futures market.

But analysts at Brazil’s Prosper brokerage said the currency could strengthen to 1.70 per dollar because of huge inflows, partly due to the upcoming capital-raising plan by state-run oil company Petrobras (PETR4.SA).

“Besides this, we expect additional foreign inflows (excluding investment in Petrobras) via bonds and/or shares of $5-6 billion in the short term.”

Mexico’s peso MXN=MEX01 closely tracked the performance of the U.S. stock market throughout the day, trading flat at 12.5990 in the afternoon session. U.S. stocks were slightly higher in afternoon trade.

The performance of U.S. assets is closely watched by investors in Mexico due to the countries’ strong trade links.

Juan Carlos Lopez, head of trading at brokerage Intercam in Mexico City, said the peso would be stuck between 12.58 and 12.63 per dollar during the session due to the lack of important economic data in Mexico or the United States. (Additional reporting by Jean Luis Arce and Michael O’Boyle in Mexico City and Molly Rasbach in Santiago; editing by Jeffrey Benkoe)

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Investors turning to Latin America

World Cup, Olympics make Brazil attractive

The private sector is being urged to tap more trade and investment opportunities in Latin America, particularly Brazil, host of the 2014 World Cup and the 2016 Olympics.

“Latin America is one of the great potential new markets for Thailand, given its vast population and resources as well as high purchasing power,” said Somkiat Anuras, vice-chairman of the Thai Chamber of Commerce (TCC).

He was part of a trade mission to Brazil and Panama from July 20-29 that was led by Thailand Trade Representative Vachara Panchet.

“But most Thai exporters remain reluctant to tap into the region,” said Mr Somkiat.

He said a TCC survey found export potential to Latin America especially good for furniture, food, plastics, spa products, herbs, auto parts and construction materials.

The chamber recently revised up its projection for Thai exports to Latin America to US$7.5 billion this year and at least $15 billion annually five years from now.

An earlier forecast called for only $5 billion this year and $10 billion by 2015.

Mr Somkiat said that Brazil, Latin America’s biggest economy and the world’s eighth largest, offered particularly good potential for Thai investors and exporters.

“The world is now eager to trade with Brazil due to its high and rising purchasing power and huge population of 192 million,” he said.

“More importantly, Brazil will host the next World Cup in 2014 and the Olympics in 2016, which will provide opportunities for Thai contractors and souvenir producers.”

As the host of the world’s two biggest sporting events, Brazil will have to embark upon more construction for basic infrastructure, buildings, offices and residences as well as sports arenas, hospitals, hotels and shopping complexes, said Mr Somkiat. In this regard, he suggests Thai investors try to forge joint ventures with Brazilian investors.

Thai exports to Brazil were valued at US$1.22 billion (38.9 billion) last year, mainly automobiles and parts, rubber and machinery. However, Thailand suffered a deficit of $880 million with that country due to imports totalling $2.1 billion, mainly plants and related products, steel and steel products, other metals and jewellery.

Visit Limprana, chairman of the Federation of Thai Industries’ Food Industry Club, said Panama also offered a great potential for Thai investments, particularly in the food industry.

“Thailand could use the 77-kilometre Panama Canal … to distribute Thai goods to the rest of Latin America and the United States, thanks to the canal’s location as a perfect spot to serve as a food distribution centre,” he said.

The FTI recently signed a memorandum of understanding with Supermarket 99, the biggest supermarket in Panama, to promote fruits, foods and other products from Thailand. At least one food distribution centre will be set up in Panama.

Last year, Thai food exports to Panama were valued at 173 million baht, up from 124 million baht in 2008.

Thailand’s overall exports to that country totalled 6.33 billion baht last year, up from 5.61 billion baht in 2008. The main products were autos and parts, television sets and components.

Imports from Panama were valued at 512 million baht last year, up from 108 million baht in 2008, mainly steel and steel products.

The Thai Chamber of Commerce, the Thailand Trade Representative Office and the embassies of Argentina, Brazil, Chile, Mexico, Peru, Panama and Cuba will jointly host the Latin Business Forum 2010 in Bangkok on Nov 18 in a bid to promote trade and investment between Thailand and the region.

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Brazil – REG – Horizonte Minerals – Result of General Meeting

13 August 2010

Horizonte Minerals plc (‘Horizonte’ or ‘the Company’)

Result of General Meeting

Horizonte, the AIM quoted exploration and development company focused on Brazil and Peru, announces that at its General Meeting, held yesterday, all resolutions including, inter alia, the resolution to approve the Company’s acquisition of Teck Cominco Brasil S.A. from Teck Resources Limited were duly passed.

A further announcement relating to the expected timing of completion of the acquisition and re-admission of the enlarged Company to AIM will be made in due course.

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Brazil’s Cosan Q1 profit plunges

Aug 12 (Reuters) – Brazil’s Cosan (CZZ.N) >, the world’s largest producer of cane sugar and ethanol, reported a net profit of 8.7 million reais ($4.9 million) in the past quarter, down sharply from 337.3 million reais posted a year ago, as operating costs jumped.

Net operating revenue rose to 4 billion reais from 3.57 billion reais.

But the company (CSAN3.SA) saw a loss on foreign exchange versus a gain, taking a chunk out of profits.

The takeover of NovAmerica last year helped increase sugar and ethanol volumes and boost the company’s revenue.

Earnings before interest, taxes, depreciation and amortization, a key measure of cash flow known as EBITDA, rose to 358 million reais from 311.2 million reais.

Cosan’s earnings report is for the first quarter of its fiscal year, which starts on April 1 and ends on March 31, following the sugar cane harvesting cycle in Brazil’s center-south region. ($1=1.772 reais) (Writing by Reese Ewing; Editing by Anshuman Daga)

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