Business: February 2010

SulAmérica has as much as US$545mn in excess cash to go after M&A - VP

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Insurance News - Monday, March 1, 2010

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* SulAmérica has as much as US$545mn in excess cash to go after M&A - VP - Brazil

Brazilian insurance group SulAmérica has approximately 1bn reais (US$545mn) in excess cash - beyond its solvency and reserve requirements - to pursue an M&A agenda in 2010, corporate VP Arthur Farme d'Amoed Neto told BNamericas.

"We're ready to acquire some smaller targets," d'Amoed said, noting that healthcare, dental and life segments would be the focus, as the group looks at distribution partnerships. "SulAmérica is in a consolidating position - not as a prey, but as a predator."

Several fa ... more
http://www.bnamericas.com/news/insurance/SulAmerica_has_as_much_as_US*545mn_in_excess_cash_to_go_after_M*A_-_VP1/176407021

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In-deph interview
* David Ross, David BattmanCEO of AJG International, director of development & strategy - Arthur J Gallagher (AJG)Insurance brokerage Arthur J Gallagher just made its full entry into Brazil in February with the purchase of its long-time correspondent broker partner in the country, Securitas Re - a S&atilde... more

http://www.bnamericas.com/interviews/insurance/David_Ross,_David_Battman_,Arthur_J_Gallagher_,AJG,,/176407021

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Campiche construction remains suspended despite new approval

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News - Monday, March 1, 2010

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* Campiche construction remains suspended despite new approval - Chile

Construction at generator AES Gener's 270MW coal-fired Campiche plant in Chile's central region V remains suspended despite the granting of a new environmental license by local regulators, CEO of the generator's parent company, US power firm AES (NYSE: AES), Paul Hanrahan said in a conference call.

"We have 2,000MW that will come online around the world by the end of 2011," Hanrahan said. "But Capmiche is not included in our pipeline. Work on this project continues to be suspended."

In June 20 ... more
http://www.bnamericas.com/news/electricpower/Campiche_construction_remains_suspended_despite_new_approval/176405848

In-deph interview
* Nicola MelchiottiMexico country manager - Enel Green PowerEnel Green Power, one of the largest renewable players in the world, made its entrance into the Mexican market two years ago. The company to date, however, operates only 52MW in mini-hydroplant... more

http://www.bnamericas.com/interviews/electricpower/Nicola_Melchiotti_,Enel_Green_Power,/176405848

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Chilean officials assess damage after massive quake

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News - Monday, March 1, 2010

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* Chilean officials assess damage after massive quake - Chile

Chilean officials were on Sunday still assessing damage from a massive 8.8-magnitude earthquake that hit central and southern Chile and killed at least 700 people.

The quake, centered near the town of Maule 200km southwest of Santiago, was one of the largest ever recorded and took out highways and telecommunications networks across the country.

Ports and airports saw significant damage, and the country was forced to suspend one-fifth of its copper output, according to local and international p ... more
http://www.bnamericas.com/news/oilandgas/Chilean_officials_assess_damage_after_massive_quake/176404404

In-deph interview
* Jon GrahamRegional VP, Argentina country manager - ApacheHouston-based Apache is one of the few companies in Argentina to qualify for the country's Gas Plus program, which allows for significantly higher prices than the regulated gas market.... more

http://www.bnamericas.com/interviews/oilandgas/Jon_Graham_,Apache,/176404404

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CSN's earnings down 55% in 2009 to US$1.44bn, back at full capacity

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News - Monday, March 1, 2010

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* CSN's earnings down 55% in 2009 to US$1.44bn, back at full capacity - Brazil

Brazilian steelmaker CSN's (NYSE: SID) 2009 net earnings fell 55% to 2.60bn reais (US$1.44bn) from 5.77bn reais in 2008, while Q4 profits dove 81% to 745mn reais from the prior-year period, according to the company's annual results.

Net revenues totaled 11.0bn reais in 2009, down 21.6% compared to 2008. Revenues in Q4 were 3.06bn reais versus 3.39bn reais in the same period in 2008.

In the full year, Ebitda fell 44.9% to 3.61bn reais from 6.55bn reais in 2008. Ebitda in Q4 declined 18% to 1.20 ... more
http://www.bnamericas.com/news/metals/CSN*s_earnings_down_55*_in_2009_to_US*1,44bn,_back_at_full_capacity/176403441

In-deph interview
* Pablo BascurManaging partner - MolyExpMolybdenum began trading on the London Metal Exchange on February 22 at a rate that the LME itself described as very attractive, an indication of the need for a tool to reduce volatility risk. ... more

http://www.bnamericas.com/interviews/metals/Pablo_Bascur_,MolyExp,/176403441

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Buenaventura posts US$594mn net income in 2009, thanks to Yanacocha

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News - Monday, March 1, 2010

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* Buenaventura posts US$594mn net income in 2009, thanks to Yanacocha - Peru

Peru's largest miner Buenaventura (NYSE: BVN) posted 2009 net income of US$594mn, up 288% compared to US$153mn in the prior year due to higher metals prices and increased output at the Yanacocha gold mine, according the company's annual results.

Gold sales including Buenaventura's 43.7% stake in Yanacocha reached 1.32Moz last year, up 8% from 1.22Moz in 2008. Averaged realized gold prices increased to US$978/oz from US$874/oz, the company said.

Net sales for 2009 were US$819mn compared to US$7 ... more
http://www.bnamericas.com/news/mining/Buenaventura_posts_US*594mn_net_income_in_2009,_thanks_to_Yanacocha/176402190

In-deph interview
* Franz UlloaPresident - CMCRThe government plan of Costa Rica's president-elect Laura Chinchilla tackles a number of natural resources issues and maintains "open pit mining is not an option for sustainable development in ... more

http://www.bnamericas.com/interviews/mining/Franz_Ulloa_,CMCR,/176402190

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TPI purchases 65% of Vessel-Log

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Privatization News - Monday, March 1, 2010

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* TPI purchases 65% of Vessel-Log - Brazil

Brazilian infrastructure firm Triunfo Participações e Investimentos (TPI) (Bovespa: TPIS3) has purchased 65% of water transport and multimodal cargo company Vessel-Log.

First of all, TPI bought 1.95mn shares of Vessel-Log for 1.95mn reais (US$1mn) from Administração de Empresas, Logística e Navegação (AEL).

"This totals 23% of the company," a TPI spokesperson told BNamericas.

"Then, TPI acquired another 42% of Vessel-Log by giving 35% of its stake in logistics company Navegação e Logística ... more
http://www.bnamericas.com/news/privatization/TPI_purchases_65*_of_Vessel-Log/176401443

In-deph interview
* Citibank Peru corporate finance VP Alberto Carrera - ... more

http://www.bnamericas.com/interviews/privatization/Citibank_Peru_corporate_finance_VP_Alberto_Carrera-/176401443

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OMA to open new Monterrey terminal in June

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Infrastructure News - Monday, March 1, 2010

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* OMA to open new Monterrey terminal in June - Mexico

Mexican airport operator OMA (Nasdaq: OMAB, BMV: OMA) expects to open its US$60mn terminal B at Monterrey airport in June of this year, according to CFO José Luis Guerrero.

The terminal, which will have the capacity to handle 2mn passengers/y, was expected to being operations in late 2008, but suffered a series of delays.

The 21,000m2 facility will have 21 passenger check-in desks, six passenger jetways, three contact positions for regional planes, and four remote airplane parking positions. T ... more
http://www.bnamericas.com/news/infrastructure/OMA_to_open_new_Monterrey_terminal_in_June1/176400409

In-deph interview
* Paúl GrandaMayor - City of Cuenca, EcuadorEcuadorian city Cuenca's authorities announced this week that they had begun to work with European firms to carry out studies for the implementation of a tram system.BNamericas ... more

http://www.bnamericas.com/interviews/infrastructure/Paul_Granda_,City_of_Cuenca,_Ecuador,/176400409

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