Bloomberg Línea — The Ecuadorian government will present its portfolio of investment projects in the energy sector to business leaders and investors abroad during the framework of a visit by Minister of Energy and Non-Renewable Natural Resources, Juan Carlos Bermeo, to the United States. In an interview with Bloomberg Línea, Bermeo said that the country aims to recover its oil reserves and will tender production fields.
Mexico has reported a plunge in foreign direct investment (FDI) in the electricity sector to its lowest level in a decade in 2021, but the highest levels of oil and gas extraction in a decade, according to the most recent data from the Ministry of Economy.
On the stock markets, Argentina’s Merval (MERVAL) broke away from the losses of most Latin American stock markets and the negative performance of U.S. futures, with the main index of the Argentine stock exchange closing with a gain of 0.66%, while the rest of the region’s markets closed with losses.
Brazil’s Ibovespa (IBOV), the leading index of the largest stock exchange by market capitalization in Latin America, closed with the worst performance among its peers in the region, falling 1.02%.
Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina:
- Argentina’s Economy Minister Martín Guzmán rejected via Twitter press reports indicating that the agreement with the International Monetary Fund implied a pension reform.
- The government announced that it will launch an emergency plan for the forest fires raging in Corrientes, after the catastrophe has affected more than 1.9 million acres in the province.
- Food prices continue to rise in Argentina, with increases of 14.2% reported in meat prices during the first fortnight of February alone.
Brazil:
- Miami-based investment firm 777 Partners is finalizing the acquisition of a 70% stake in Brazilian soccer club Vasco da Gama, and which would value the club at around $330 million, people familiar with the matter said, in what would be one of the highest-profile acquisitions of a Brazilian soccer team.
Chile:
- The top advisor to Chile’s president-elect, Gabriel Boric, said he will strengthen contacts with the Constitutional Convention days after other key allies downplayed concerns about radicalism in the drafting of the country’s new constitution.
- The Constitutional Convention held its first plenary votes last week, declaring the judicial system independent.
Colombia:
- President Iván Duque said in a radio interview that if central bankers need to further increase borrowing costs, they should keep in mind that interest rate increases will not help alleviate inflation, which is due to global factors.
Dominican Republic:
- Punta Cana is the second-most visited destination in Latin America, and continues to expand and diversify its offer with the construction of a logistics center. The tourism holding company, Grupo Puntacana, has announced the construction of the PuntaCana Free Trade Zone.
Ecuador:
- The Ecuadorian government will present its portfolio of investment projects in the energy sector to business leaders and investors abroad during the framework of a visit by Minister of Energy and Non-Renewable Natural Resources, Juan Carlos Bermeo, to the United States. In an interview with Bloomberg Línea, Bermeo said that the country aims to recover its oil reserves and will tender production fields.
El Salvador:
- El Salvador’s trade deficit widened by 48.3% in January, when the difference between the country’s exports and imports meant a deficit of $825.9 million for the economy, according to figures from the Central Reserve Bank.
- Walmart’s revenues increased by 8.1% in Central America during 2021. However, the supermarket chain is open to a potential sale of its businesses in El Salvador, Honduras and Nicaragua.
Mexico:
- Mexico suffered a plunge in foreign direct investment (FDI) in the electricity sector in 2021, to its lowest level in a decade, but the highest levels of oil and gas extraction in a decade, according to the most recent data from the Ministry of Economy.
- The Organization for Economic Cooperation and Development (OECD) on Monday cut Mexico’s GDP forecast for 2022 to 2.3% from a previous 3.3% forecast in December 2021.
Peru:
- Between 2016 and 2021, Peru has positioned itself as the nation that leads the growth of non-traditional exports, such as agricultural, fishing and textile products, among others, compared to other countries in the region, according to the central bank.