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Latin American governments should redefine their port policies to improve the integration of ports with the region’s industrial and productive sectors, according to Ricardo Sanchez, head of the infrastructure services unit at the UN’s Economic Commission for Latin America and the Caribbean (Eclac).
“Most Latin American countries are focusing on ports much less than they used to previously, when ports were seen as a key objective for economic policy,” Sanchez told BNamericas.
“Some countries don’t even have port policies and others are still gradually developing them,” Sanchez added.
The expert highlighted Brazil as a good example of a country with a port sector that has taken on an important role in economic development.
Where the port sector in most countries are controlled by parts of ministries or other authorities with little decision-making power, Brazil’s creation of the special ports department (SEP) in 2007 gave the sector more political and economic influence, according to Sanchez.
The upward trend in petrochemical prices this year will be main driver behind the improvement in sector revenues, which are forecast to grow 28% to US$31.5bn in 2010 compared with last year, Frost & Sullivan’s Latin America research analyst for chemicals, materials and food, Jessica Antunes, told BNamericas.
Such price hikes have been led by adjustments in the petrochemical feedstock naphtha and natural gas.
With demand picking up globally, prices have risen internationally and consequently impacted the domestic market. Brazil currently imports 30% of its naphtha needs and 50% of the natural gas used as petrochemical feedstock, according to Frost & Sullivan.
The growth experienced in 2010 is partially related to a recovery from the economic crisis, which emerged in late 2008 impacting global demand and prices, the analyst explained.
In Brazil, the price of naphtha reached US$1,200/t in July 2008, according to national association of chemical industries Abiquim.
By Kristina Peterson And Donna Kardos Yesalavich
Worry about the outlook for two corporate heavyweights and a weekend meeting of global finance officials kept pressure on the Dow Jones Industrial Average on Friday, but major stock indexes still gained on the week.
The Dow slid 14.31 points, or 0.13%, to 11132.56 in light volume to end the week as results from American Express and Verizon Communications raised questions about future profit growth.
Both reported better-than-expected earnings, but AmEx fell $1.24, or 3.1%, to $39.03 on concerns that it is seeing weak demand for new loans, and Verizon dropped 43 cents, or 1.3%, to 32.09 on investor disappointment over slowing wireless-subscriber growth.
However, the Dow managed to gain 0.63% for the week, its third week in a row of gains and seventh advance over the last eight weeks.
Strong earnings reports have helped set an upbeat tone for stocks. More than three-quarters of companies within the S&P 500 have beat earnings estimates as of Thurday’s close, according to S&P.
Chile’s current renewables law punishes hydro power and is out of step with international standards, Jose Antonio Valdes, the general manager of Australia’s Pacific Hydro, told BNamericas.
“Chile has the resources for clean power. Wind, sun, rivers and geothermal, but we think hydro is the most important of all these because the technology is the most advanced and it is the most competitive,” according to Valdes.
“But today, under current law, hydro is being punished. And why? Because the law only considers hydro plants up to 20MW of capacity as renewable. This means that the 155MW La Higuera plant is essentially considered to be a coal-fired plant.”
Under Chile’s 20.257 law, utilities are fined for not obtaining 5% of their power from renewable sources. Hydro projects over 20MW do not qualify as renewable.
“La Higuera has participated in the clean development program and has been qualified to sell carbon credits under the Kyoto treaty, and we are in the process of commercializing carbon credits for the project. Read more…
Strong earnings from Google powered the Standard & Poor’s 500 higher Friday, giving a big boost to the technology sector as the Internet-search giant leapt above the $600 mark.
Google jumped $60.52, or 11%, to $601.45, its highest close since January after the company posted a 32% rise in its third-quarter profit, topped analysts’ expectations. The climb in the company’s stock boosted its market capitalization by $19.1 billion as investors were encouraged to see Google finally indicating progress in developing other significant revenue streams beyond its dominance in online-search advertising.
Google’s report lifted the broader technology sector, with Apple rising 12.43, or 4.1%, to 314.74, Adobe Systems advancing 59 cents, or 2.2%, to 28.08, and Hewlett-Packard rising 69 cents, or 1.6%, to 42.82. The sector’s strength helped the Standard & Poor’s 500 index close in positive territory despite declines across financial stocks. The S&P 500 rose 2.38 points, or 0.20%, to 1176.19.