Bloomberg Línea — Brazil needs a major infrastructure investment plan similar to the one sponsored by U.S. President Joe Biden’s administration to pull the economy out of recession amid an increasingly adverse international scenario, according to former Finance Minister Guido Mantega, an economic advisor close to presidential candidate Luiz Inácio Lula da Silva.
Mexico’s state utility CFE expects to begin producing green hydrogen in 2023, company officials revealed to Bloomberg Línea. Baja California is the company’s first choice of location to install the plant, where it could be supplied with renewable energy from its Cerro Prieto PV plant, or from the solar plant that the company intends to build in Puerto Peñasco, Sonora, the largest in Latin America. CFE will start the project using 5% hydrogen and the remaining 95% with natural gas.
Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina
- Argentine outbound tourism drained $440 million from the Central Bank’s coffers in December, or 13% more than in the same month of 2019, one of the last periods before the coronavirus pandemic began.
- Openbank, a new 100% digital bank has been launched by Grupo Santander.
Brazil
- Brazil needs a major infrastructure investment plan similar to the one launched by U.S. President Joe Biden’s administration to pull the economy out of recession amid an increasingly adverse international scenario, according to former Finance Minister Guido Mantega, an economic advisor of presidential candidate Luiz Inácio Lula da Silva.
Chile
- The new constitution being drawn up by the country’s constituent convention “will bring certainty to investors”, the convention’s vice president Gaspar Domínguez said in an interview with Bloomberg Línea.
- The Chilean government said that the fiscal deficit for 2021 was 7.6% of GDP, and also announced that public spending rose 33.2% last year due to emergency measures due to Covid-19.
Colombia
- Shareholders of the Colombian Stock Exchange have approved the creation of a regional holding company with the Chilean and Peruvian stock markets.
- New details have emerged of the takeover bid launched by the Gilinski Group for Sura and Nutresa, with the publication of the prospectus that leave open the possibility of a third offer.
Ecuador
- The manager of the Central Bank of Ecuador, Guillermo Avellán, said in an exclusive interview with Bloomberg Línea that regulations on the use of cryptocurrencies in Ecuador will be drawn up.
- More than two hectares of the Cayambe Coca National Park were affected by the oil spill caused by the company Oleoducto de Crudos Pesados occurred last January 28.
Mexico
- State utility CFE expects its green hydrogen plant to start producing clean fuel in 2023, company officials revealed to Bloomberg Línea. Baja California is the company’s first choice of location to install the plant, where it could be supplied with renewable energy from its Cerro Prieto PV plant, or from the solar plant that the company intends to build in Puerto Peñasco, Sonora, the largest in Latin America. CFE will start the project using 5% hydrogen and the remaining 95% with natural gas in the plant.
- Mexico entered a technical recession after contracting in the fourth quarter of 2021, when GDP fell 0.1% in the fourth quarter from the previous three-month period.
- Chip shortages and higher freight prices are driving up the price of vehicles in Mexico.
Panama
- Free Move Alliance and Millicom (TIGO) signed a commercial agreement on Monday to offer mobile connectivity solutions to multinational customers with operations in Latin America. “The agreement will allow our multinational customers to further optimize their investment in mobile connectivity across borders,” said Lázaro Fernández, director of Free Move Alliance.
Peru
- Peru’s President Pedro Castillo has accepted the resignation of Interior Minister Avelino Guillen, his third interior minister since taking office in July 2021, according to his Twitter account. Guillen sent Castillo his resignation letter last week after the president failed to support him in a dispute with National Police commander Javier Gallardo over the promotion of senior police officers.