Bloomberg Línea — Brazil has set a price tag of $7.4 billion for the privatization for electric power utility Eletrobras. If the sale is closed at that price it would be the second largest in the country behind a Petrobras share offering in 2010.
Mexico’s government has levied a 9.14-billion peso ($466.7 million) fine against Spanish energy company Iberdrola for the illegal sale of electricity, after authorities determined that the Spanish company had sold electricity generated under a self-supply permit.
Most Latin American stock exchanges closed with gains on Friday for the second consecutive day, influenced by the good mood of the U.S. markets. Chile’s IPSA (IPSA) put in the best performance in the region, closing the day with a gain of 2.26%, boosted by the raw materials, communication services and utilities sectors. Colombia’s COLCAP index rose by 1.57%.
Following is a roundup of Friday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina:
- Argentina’s government announced Friday it has raised the income tax ceiling, effective from June 1, with income only taxable from 280,792 pesos ($2,350), up from 225,000 pesos. Content in Spanish).
Brazil:
- Brazil has set a price tag of $7.4 billion for the privatization for electric power utility Eletrobras. If the sale is closed at that price it would be the second largest in the country behind a Petrobras share offering in 2010. (Content in Spanish).
Colombia:
- Colombia attracts less foreign direct investment (FDI) now than it did 10 years ago, which totaled $9.40 billion in 2021, equivalent to 3% of GDP, whereas the figure for 2011 was $13.23 billion, or 4% of GDP, and analysts point to the recovery of FDI as one of the priorities of the new government, with the country going to the polls for the first round of the presidential elections on May 29.
Costa Rica:
- Coffee production in Costa Rica and Central America as a whole has faced three years of decline, buffeted by climatic adversities and, more recently, the impact on the global supply chain of Russia’s invasion of Ukraine, and producers in the region are seeking solutions to mitigate rising costs to avoid price rises for consumers.
Ecuador:
- Ecuador has registered its first suspected case of monkeypox. The Minister of Health announced that a patient was identified in Quito who had returned to the country from the African continent. (Content in Spanish)
Honduras:
- A glitch in the Honduran electrical grid caused a power outage for 80% of the country, and which also affected parts of El Salvador and Guatemala. The interruption originated in the 230kV Pavana-Santa Lucia transmission line. (Content in Spanish).
Mexico:
- Mexico’s government has levied a 9.14-billion peso ($466.7 million) fine against Spanish energy company Iberdrola for the illegal sale of electricity, after authorities determined that the Spanish company had sold electricity generated under a self-supply permit. (Content in Spanish).
Peru:
- The state of emergency near the Las Bambas copper mine in Peru has been extended for a further 60 days amid continuing blockades by local people against the mine that is operated by Chinese MMG Ltd, halting production. (Content in Spanish).
Venezuela
- The U.S. government has renewed the license for Chevron and four other oil companies to resume operations in Venezuela, but their operations will be limited to the basic maintenance of oil wells. (Content in Spanish).
