TLA Times – October 02, 2018
Figures from Sep. 27 Source: www.xe.com
FUN IN THE SUN
Mega desalination plant given OK following long review.
Environmental officials in Chile have given the thumbs up for a $500 million desalination plant, Reuters reports via Business Insider. Trends Industrial's ENAPAC plant, which had been under review for a year, will be the largest desalination facility in Latin America. The plant will provide water for the mining and industrial areas in the northern part of the country, which is home to some the world’s largest copper deposits. Details
Brazilian state oil company agrees to hundreds of millions in fines.
Petrobras, reeling from a scandal after it was revealed the state oil company bribed Brazilian officials, has agreed to pay more than $800 million in fines, The Associated Press reports via U.S. News and World Report. About 80 percent will go the Brazilian government with 10 percent going to the U.S. Justice Department and 10 percent going to the Securities and Exchange Commission. The company says that none of the individuals involved in the bribery scandal remain with Petrobras. Details
Strike over tax reform begins to take a bit out of tourist industry.
The Tico Times reports a strike that has been going since Sept. 10 is being felt by small businesses and the tourism industry. Public sector unions are striking against tax reform they say would adversely hit the working class. Protesters have been largely peaceful but have blocked major roads. Many gas stations are a low on fuel, and business men worry the unrest will scare off tourists. Details
BlackRock completes acquisition of Citibanamex asset operations.
New York-based BlackRock, the world’s largest private equity fund, has completed a deal for Citibanamex’s asset management operations, Business Wire reports via the Odessa American in Texas. Citibanamex is a subsidiary of Citigroup and had about $34 billion under management that was primarily invested in the retail estate sector. The deal was announced last fall but needed the OK from regulators. BlackRock manages about $184 billion in client assts in Latin America. Details