** People rescuing an injured passenger from inside a passenger bus hit by a truck on Dhaka-Mawa Expressway in Shologhar area of Shreenagar upazila in Munshiganj on Thursday. ** Motorcycles allowed on Padma Bridge after 10 months ** Commuters charge extra fare, passengers disappointed ** 78 people killed in Yemen stampede ** Moon sighting committee meets today to ascertain Eid day ** 9 killed in road accidents in 3 districts ** US announces new $325 m military aid package for Ukraine ** Eid-ul-Fitr in Saudi Arabia today ** Eid exodus begins ** LPG price cut illusive ** 15 hurt as bus overturns in capital ** New interbank cheque clearing timings set for Eid holidays ** Four women hit by a train die in Tangail ** 12.28 lakh SIM users left Dhaka on Tuesday ** Sylhet engineer threatened over power outage ** People rush to village homes to spend Eid holidays with their near and dear ones. This photo was taken from Sadarghat Launch Terminal on Tuesday. NN photo ** Surge in cases of dehydration, diarrhoea amid summer heat wave ** Padma Bridge construction cost increases by Tk 2,412cr ** PM gives Tk 90m to Bangabazar fire victims ** Textile workers block highway demanding wage, Eid bonus ** Attack on PM's motorcade Ex-BNP MP, 3 others get life term ** Load-shedding increases for demand of electricity during heat wave ** Motorbikes to be allowed on Padma bridge from Thursday ** 5-day Eid vacation begins from today ** Take Nangalkot train accident as a warning about negligence of govt functionaries **

LatAm firms leap from Spain to rest of Europe

30 June 2014

AFP, Madrid :
Spanish firms seeking to escape a sluggish eurozone are heading in ever greater numbers to reap the financial benefits of doing business in the faster-paced economies of Latin America.
But the corporate business traffic now runs in both directions: Latin American groups are building business links with Spain as a gateway to entering the rest of Europe.
On a visit to Madrid this month by Mexican President Enrique Pena Nieto, for example, Spanish business chiefs, from the leaders of major bank BBVA to energy giant Iberdrola, lined up to meet with him.
Indeed, Spain's firms fall easily for Mexico's charms: an economy expected to grow five percent annually in the years ahead and which plans to invest 440 billion euros ($600 billion) up to the end of 2018, notably in energy and telecommunications.
More generally, "we are witnessing a major boom in infrastructure construction in Latin America for the next decade," explained Juan Carlos Martinez Lazaro, lecturer at the IE Business School.
"We can see it from Mexico to Chile, where almost everything is yet to be done," he said, citing Brazil which is hosting the World Cup and will also put on the 2016 Olympics.
With its cultural and linguistic affinity, Latin America became a natural destination in the 1990s for Spanish companies seeking to spread internationally.
In that period, construction and public works group FCC set foot in the region, first in Costa Rica and Mexico, said Vicente Mohedano, regional director for the group's construction branch.
FCC enjoyed "the same culture, the same language and practically identical values," he said. That offered it a competitive advantage that has led to FCC now undertaking about 40 percent of its construction activity in Latin America- slightly more than it does in Europe.
The eurozone's financial woes sent more Spanish firms to the region, particularly Brazil and Mexico.
In March this year, FCC in a consortium with Spanish construction group ACS won a 3.9-billion-euro contract to build part of the metro system in Lima, Peru.
Brazil became Spanish telecommunications group Telefonica's top market at the start of 2013. In Panama, another Spanish firm, Sacyr, is overseeing the enlargement of the Panama Canal.
In Mexico, Iberdrola plans to invest 3.5 billion euros over six years.
But the roles are being switched, too: Spain is now a target for Latin American companies, especially those from Mexico and Venezuela.

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