Brazilians Blame Bolsonaro for Fuel Hikes; Mexico’s Solar Growth Slows

Bloomberg Línea — Brazilians consider President Jair Bolsonaro to be the biggest culprit for the recent increase in fuel prices in the country, more than the Russian invasion of Ukraine, according to an FSB/BTG survey.

The rate of installation of rooftop solar arrays in Mexico is decelerating for the first time as President Andrés Manuel López Obrador seeks to give control of the country’s electric power sector to state utility CFE.

And on the region’s stock markets, the best performer was Chile’s IPSA index (IPSA), which closed with an increase of 2.89%, its fifth consecutive session with gains, its best day so far this month, and its second best day of the year. Brazil’s Ibovespa (IBOV) closed with gains, rising 0.73%, while the Colombian and Mexican stock exchanges remained closed due to national holidays.

Following is a roundup of Monday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.

Argentina:

• Amid the rise in inflation, Argentina’s Central Bank will on Wednesday define how much the Leliq rate will be increase and the Minister of Productive Development, Matías Kulfas, will meet this Monday with representatives of the Argentine food sector in a bid to control food prices in the country.

Brazil:

• Brazilians consider President Jair Bolsonaro to be the biggest culprit for the recent increase in fuel prices in the country, more than the Russian invasion of Ukraine, according to an FSB/BTG survey.
• Emerging markets asset manager Gramercy Funds Management has lent $100 million to Omni Latam, a Bogotá-based fintech that is entering the Brazilian market. The line of credit is “much more than financing, it is an alliance that we will take to the whole region,” said Omni Latam’s president, Diego Caicedo, in a video interview.

Chile:

• Left and right-wing members of Chile’s Constituent Convention have disagreed widely on major issues, but they agree on one thing: the deadline for delivering a final draft of a new constitution for the country should not go beyond July 4, while most Chileans believe it should.
• Chilean bonds are once again on the defensive after a legislator raised the specter of a new withdrawal of private pension funds.

Colombia:

• A report on redefining work models in Latin America, carried out by WeWork in alliance with HSM and Egon Zehnder, concluded that 81% of those surveyed feel safe to return to the office taking into account spaces with high security protocols, the use of masks and distancing.

Dominican Republic:

• The Banco Popular Dominicano has approved the issuance of a green bond to finance new renewable energy projects, electric mobility and eco-efficiency, all of which are moves toward making the Caribbean country’s economy low-carbon.

Ecuador:

• The granting of credit continues to grow in Ecuador, with private banks granting a total of $4.48 billion in loans in the first two months of this year, an increase of 21% compared to the same period last year.

El Salvador:

• Central America has taken a decisive step toward the creation of a Regional Public Debt Market by designating El Salvador as its host country. With the debt market, the region aims to expand individual markets to an expanded, pan-regional market with a potential of $120 billion or more.

Guatemala:

• Guatemalan cement producer Cementos Progreso is expanding across Central America with a tranche of acquisitions in Costa Rica and El Salvador valued at $335 million. The assets being purchased include a cement plant, a cement mill, seven pre-mixed concrete plants, an aggregates quarry and a distribution center in each of the two countries.

Mexico:

• The installation of rooftop solar arrays in Mexico is decelerating for the first time as President Andrés Manuel López Obrador seeks to give control of the country’s electric power sector to state utility CFE.
• ‘Crypto vacation spaces’ are appearing in Mexico, allowing for investors in crypto currencies to use their assets while vacationing.

Panama:

• Panama’s National Assembly is currently studying a proposed law that would regulate the use of cryptocurrencies in the Central American country. The bill seeks to create a regulatory framework to make the traditional banking system compatible with new technologies and ensure greater inclusion.

Uruguay:

• Uruguayan soccer star Luis Suárez has inaugurated the additional facilities of his sports complex in Montevideo, adding a 25-meter pool and a state-of-the-art gym in an event attended by Uruguayan President Luis Lacalle Pou.

Venezuela:

• A mechanical engineer and a designer have merged ideas to launch QUIK, the first startup developed in Venezuela. From Maracaibo, they promise to expand to the rest of the country, after receiving the backing of Y Combinator, the U.S. capital startup accelerator.