TLA TIMES | June 19, 2018
Figures from June 15 Source: www.xe.com
FUN IN THE SUN
WalMart sells off 80 percent of its Brazilian operation.
Walmart, which has struggled in Brazil, has agreed to sell 80 percent of its stake in its Brazilian subsidiary to private equity firm Advent International, Investor Place reports. Walmart has experienced sluggish growth in Brazil the past few years. The company has been shedding units in low-growth areas. Walmart said it would take a $4.5 billion noncash charge on the sale. Walmart will receive some payments from Advent International, depending on the unit’s performance. Details
Spirit Airlines expands service from Orlando to Latin America.
The Associated Press reports via The Ledger-Enquirer that Spirit Airlines will begin flight service from Panama, Guatemala, the Dominican Republic, Honduras, Costa Rica, El Salvador and Colombia. The airline is adding service from Orlando to cities in the South and to the Caribbean. The low-cost carrier services more than 60 cities. “We have been proud to serve Orlando for 25 years, and after more than doubling service last year, we are so proud to be expanding there yet again,” Spirit’s CEO Bob Fornaro said in a statement. “Orlando is now one of our largest markets, and we have no plans on stopping our growth. The region is not only a wonderful, family-friendly destination, but it is well-positioned to now serve as a gateway to the Caribbean and Latin America.” Details
Costa Rica trying to trade more by sea in wake of Nicaraguan unrest.
The Costa Rica Star reports that government officials are trying to expedite shipping goods by sea in wake of protests in Nicaragua. Goods going through Nicaragua have been delayed because of the unrest there. Opponents of Nicaragua President Daniel Ortega have been protesting for the past eight weeks, and 160 people have died. Details
Developer suing JP Morgan Chase for $1.2B over transfer of property.
Reuters reports that Mexican developer Elias Sacal Cababie and his BVG World SA company filed a $1.2 billion lawsuit in federal court in Manhattan, claiming JP Morgan Chase tricked them into transferring properties. The bank had promised to sell the properties, the suit says. JP Morgan Chase denies the claim, emailing a statement: “This is all part of a process by Mr. Sacal aimed at avoiding fulfillment of financial obligations.” Sacal and BVG were trying to pay off a $99 million loan in 2012 and transferred the properties to Chase. Sacal and BVG accuse the bank of sitting on the properties to run up more interest and fees on the loan. Details