Bloomberg Línea — Coal production at Cerrejón in Colombia, one of the largest open-cast coal mines in the world, increased by 89% in 2021, with total production for 2021 at 23.4 million tons.
Mexico’s state oil company Pemex recorded a loss of $10.9 billion during 2021, an eye-watering figure that was the result of higher tax payments and shared profit rights with the companies it has partnered with since Mexico’s 2013 energy reform allowed greater private sector participation in exploration and production. The losses were also deepened by higher costs in the sale of imported fuels.
On the stock markets, Mexico’s S&P BMV/IPC (MEXBOL) saw the highest gains, with a 1.61% climb, buoyed by the strong performance of shares of Grupo Financiero Banorte (GFNORTEO), Grupo Financiero Inbursa (GFINBUR) and Grupo México (GMEXICOB) shares performed the best during the day.
Chile’s main index Ipsa (IPSA) ended the day up 1.54% and was the second best performer in the region, while holidays in Brazil and Argentina meant that the Ibovespa (IBOV) and Merval (MERVAL) respectively were closed Monday.
Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina:
- The CEO and President of AES Argentina, Martín Genesio, is optimistic about the opportunities the country’s energy sector offers, but has also called for dialogue to reach agreements. “Argentina is one of the countries with the greatest renewable energy potential in the world”, he said.
- A study revealed that almost 60% of entrepreneurs choose e-commerce as the only sales channel and carry out their business without the need to have a physical store.
- In January 2022 the number of deeds fell compared to the same month but in 2021, meaning the real estate sector in Buenos Aires had the worst January since 1998.
Brazil:
- Brazil President Jair Bolsonaro said he backed an even-handed approach to the crisis over Russia’s invasion of Ukraine, distancing himself from the condemnation voiced by global leaders and his own country’s diplomats in the United Nations. “We are not going to take sides,” Bolsonaro told reporters Sunday during a press conference in Sao Paulo state. “We are going to continue to be neutral and help however possible to find a solution.”
Chile:
- Domestic flights in Chile saw a strong recovery at the beginning of this year, with a total of 1,821,782 passengers taking trips in January alone, and of that number, 73.2% were booked on routes within the country, approaching the levels recorded before the pandemic.
- Chile’s unemployment rate broke a streak of nine consecutive declines, in a sign that the country’s recovery is slowing amid rising inflation and aggressive interest rate hikes.
- Bank of Nova Scotia has signed an agreement to buy Grupo Said’s stake in Scotiabank Chile.
Colombia:
- Coal production at Cerrejón in Colombia, one of the largest open-cast coal mines in the world, increased by 89% in 2021, with total production for 2021 at 23.4 million tons.
- In January 2022 the national unemployment rate reached 14.6%, which represents a reduction of 2.9 percentage points compared to the same month of 2021, when it was 17.5%, the country’s statistics agency DANE reported Monday.
El Salvador:
- Chivo Pets, the first state veterinary hospital to be financed with the proceeds of the Bitcoin Adoption Trust (Fidebitcoin), has opened in El Salvador, according to President Nayib Bukele.
Guatemala:
- Guatemala has warned that it will not tolerate speculation and hoarding of energy commodities. Authorities of the Vice Ministry of Mining and Hydrocarbons assured that they are monitoring and analyzing international prices of oil and its derivatives to avoid price manipulation.
Mexico:
- Mexico’s state oil company Pemex recorded a loss of $10.9 billion during 2021, pressured by a higher tax payments and shared profit rights with the companies it has partnered with since Mexico’s 2013 energy reform allowed greater private sector participation in exploration and production. The losses were also deepened by higher costs in the sale of imported fuels.
- Grupo Televisa (TLEVICPO) and TV Azteca (AZTECACP), the two largest media companies in Mexico, have opposing positions regarding what they expect will be the state of advertising sales in 2022, one of their main sources of income.
- Mexico extended a decree regarding the legalization of cars imported into the country illegally, and eliminated a procedure that had been requested by the automotive industry to prevent illegal car imports adversely affecting new care sales in the country.
Uruguay:
- Brokers operating in Uruguay warn of market volatility and suggest diversifying portfolios with an emphasis on fixed income.
- And Uruguay is the most expensive country in Latin America in which to fill the gas tank of your car, according to a study by Bloomberg Línea comparing fuel markets across the region.
