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Brazil’s Wine Output Surges; Colombia Raises Interest Rates

A roundup of Friday’s news from across Latin America

Bloomberg Línea
By Adam Critchley
April 29, 2022 | 08:15 pm

Bloomberg Línea — The pandemic proved to be a turning point for Brazil’s wine industry and for demand, with domestic production increasing by 60% in 2021 compared with the previous year, while consumption of wine in 2020 hit a 20-year high, with a 21.9% increase over 2019 levels, according to the annual report of the International Organisation of Vine and Wine.

The board of directors of Banco de la República de Colombia took the decision to raise its interest rates by 100 basis points to 6% on Friday, in line with expectations by financial markets. However, unlike the two most recent hikes, three members of the board voted for a more aggressive adjustment of 150 basis points. Total inflation increased in March from 8.01% to 8.53%, while inflation without food and regulated products increased from 4.11% to 4.51%. The central bank said inflation expectations for 2022 are around 7%.

On the region’s main stock markets, Peru’s (SPBLPGPT) was the only one in Latin America to close with gains on Friday. On a monthly basis, Mexico’s S&P BMV/IPC (MEXBOL) accumulated a decline of more than 9%, while Brazil’s Ibovespa (IBOV) accumulated a monthly drop of more than 10%.

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

Argentina:

  • Marcos Galperin, CEO and co-founder of MercadoLibre (MELI), said this week that “people are tired of the rules being changed” in Argentina. In statements to the Financial Times, he also lamented that “many entrepreneurs have left the country, and that for me is the saddest thing about what is happening in Argentina”.

Brazil:

Chile:

Colombia:

Ecuador:

El Salvador:

Guatemala:

Mexico:

Honduras:

Panama:

Peru:

Uruguay: