Bloomberg Línea — Argentina’s state-owned utility YPF Luz announced Monday that it will begin construction of the 300MW El Zonda solar park in the province of San Juan. This will be the company’s first solar park and will involve an investment of more than $90 million.
Chile plans to issue $2 billion in sustainable bonds this month, adding to the $4 billion already raised this year.
On the stock markets, Argentina’s Merval (MERVAL) was the best performing stock market in Latin America on Monday, halting a three-session losing streak, in the midst of uncertainty generated by the beginning of the agreement with the International Monetary Fund, which will have to be endorsed by Congress. Brazil’s Ibovespa (IBOV), the largest stock exchange by market capitalization in Latin America, fell by 0.22%, reflecting the volatile session in the U.S.
Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
- Argentina’s state-owned utility YPF Luz announced Monday that it will begin construction of the 300MW El Zonda solar park in the province of San Juan. This will be the company’s first solar park and will involve an investment of more than $90 million.
- Argentine businesses are eying three variables as key to growth in 2022: Jobs, investment and the energy sector, according to business leaders consulted by Bloomberg Línea.
- Also in the energy sector, the Argentine government extended for three years discounts on energy consumption for large-scale industrial energy users.
- Chinese company Xiaomi will begin to manufacture its cell phones in the province of Tierra del Fuego, according to Clarín newspaper.
- Just when Brazilian markets seemed to be on course to put last year’s slump behind them, President Jair Bolsonaro’s efforts to reduce fuel prices are dampening what had been the best annual start in a decade for local assets.
- Brazilian fintech Provu, MarketUP and GrupoABL are launching a digital payment machine for physical retail customers, in a move to surf the buy-now-pay-later wave.
- Chile plans to sell $2 billion in sustainable bonds abroad this month, adding to the $4 billion raised in this format so far this year.
- The government is to begin vaccination with the fourth dose in response to the increase in daily cases of Covid-19.
- Food in Colombia has never been so expensive and prices will continue to rise. In January, the annual inflation for foodstuffs was 19.98% and it is projected that prices will remain high for a few more months.
- Analysts have not ruled out that overall inflation could increase to 8%.
- Despite its vast oil wealth, Colombia’s Arauca department’s economy is suffering as the region is blighted by the resurgence of armed conflict.
- A former president running on a platform of attracting foreign investment is on track to win the first round of Costa Rica’s general election, while falling short of the threshold needed to avoid a runoff vote in April. José María Figueres claimed victory in a speech to supporters Sunday night, and pledged to turn Costa Rica into a business-friendly country where more citizens speak English. With 74% of votes counted, he had 27% of the total, according to the electoral authority.
- Canadian company Lundin is projecting an increase in mining production in Ecuador in 2022. Last year, the company produced 428,000 ounces of gold at Fruta del Norte, the most productive gold project in the country.
- State-owned oil company Pemex missed its 2021 oil refining target, despite having reduced the target before the end of the year. The company processed an annual average of 711,600 barrels per day of crude oil at its six refineries, which is 1% lower, or 2,400 barrels fewer, than the estimate of 714,000 units per day it had put forward in a December presentation.
- ·Job creation in Mexico in January has failed to compensate for the jobs lost in December. In January, Mexico added 142,271 jobs, the highest for the first month of the year since 1997. However, that figure only represents 45% of the 312,902 jobs lost in December.
- Nido Ventures, a new fund looking for technology entrepreneurs who may not have the background to access capital, has launched.