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...when there are losses anywhere you are going to get hit." Things were booming there back in 2008 when Citi sent Verme to the gulf state - from 2004 through 2008 Citi's revenues from the region grew at a 30% average annual rate. He had run the bank's Latin American operations before being promoted to co-head of investment banking. In 2006, trade publication the Banker named Verme one of the top 10 movers and shakers in the Latin American business. It was big news in banking circles when Citi tapped Verme for Dubai. (See the best business deals...
...Colombia (FARC) camp in Angostura, just inside Ecuador, as well as allegations that Ecuador was supporting the rebels. Colombia assaulted the camp on March 1, 2008, killing nearly two dozen people, including one of the guerrillas' top commanders, who is known as Raul Reyes. The attack was criticized throughout Latin America for violating Ecuadorian territory. But the government of Colombian President Alvaro Uribe argued that laptops found by Colombian troops during the mission contained e-mails showing that the FARC had close ties to several Ecuadorian and Venezuelan officials. (Chávez has since denied that his government ever provided...
...moderate socialist and Chile's first female head of state, remains hugely popular; but Frei Ruiz, 67, hasn't been able to exploit her cachet and has instead come to symbolize the Concertación's staleness after two decades in power, especially as the global recession slows Latin America's most envied economy. Frei Ruiz's problems have been highlighted by the remarkable rise of a third candidate, Marco Enríquez-Ominami - born, ironically, in the cataclysmic year 1973 - a socialist who bolted the Concertación and is gleaning younger voters weary of the two-party order...
...Mixed Blessings When China began its global investment push in the early part of this century, the flood of new money was welcomed, particularly in those parts of Asia, Africa and Latin America that felt abandoned by the West. China's promise not to politicize aid and investment by attaching pesky conditions like improved human rights pleased many governments. Between 2003 and 2008, Chinese direct investment overseas skyrocketed - rising from $75 million to $5.5 billion in Africa, 1 billion to $3.7 billion in Latin America and jumping from $1.5 billion to $43.5 billion in Asia. The People's Republic...
...Still, for all the controversy surrounding the influx of Chinese money in Africa, Latin America and Asia, the truth is that the vast majority of Chinese working abroad aren't going to go home rich. Driving up to the Ramu mine site, I stopped the car at an incongruous sight: against a backdrop of rain forest, a lone Chinese man perched on a piece of cardboard overseeing a crew of local workers struggling in the sun to sheath a pipeline with insulation tape. There was a feudal tinge to the scene, but the life of Chen Ming, the Sichuan-born...