Mexico’s Electricity Reform Advances; Another Change of CEO at Petroperú

A roundup of Monday’s news from across Latin America

Bloomberg Línea
April 01, 2022 | 08:05 PM

Bloomberg Línea — The Environment and Natural Resources Commission of Mexico’s Chamber of Deputies has approved the electricity reform initiative of President Andrés Manuel López Obrador, which aims to hand over 54% of the electricity market to state-owned utility Comisión Federal de Electricidad, up from the current 32%, a controversial move that is seen by investors as sidelining the private sector.

This weekend saw more changes at Petroperú, the Peruvian state-owned oil company that is under pressure after two downgrades by Fitch Ratings and S&P Ratings. As of this Monday, Beatriz Cristina Fung takes over as CEO of the flagship company, and who had held the role in 2020, replacing Fernando de la Torre, who held the position for just two weeks.

On the region’s stock markets, Argentina’s Merval (MERVAL) had the best performance during the day, closing with an increase of 0.90%, its fourth consecutive positive session.

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Shares of YPF (YPFD), Cablevision Holding (CCVH) and Telecom Argentina (TTECO2) were among the best performers on the Argentine exchange.

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

Argentina:

Brazil:

Chile:

Colombia:

Dominican Republic:

Ecuador:

Guatemala:

Mexico:

Panama:

Peru:

Venezuela:

  • The Venezuelan Observatory of Finance (OVF), an institution created by the opposition-led National Assembly elected in 2015, said that inflation in Venezuela stood at 10.5% during March, which translates into a significant increase compared to the previous month’s figure.