Mexico Shies Away From Russia Sanctions; Peru’s President Faces Yet Another Crisis

A roundup of Tuesday’s news from across Latin America

Bloomberg Línea
March 02, 2022 | 12:26 AM
Reading time: 1 min.

Bloomberg Línea — Mexico’s President Andres Manuel Lopez Obrador said Tuesday that his government will not apply any economic retaliation against Russia over its invasion of Ukraine. “We want to maintain good relations with all governments in the world and we want to be in a position to be able to talk to the parties in conflict,” López Obrador said in his daily press conference.

Peru’s Congress gave the green light Tuesday to pursue an indictment against President Pedro Castillo for alleged treason, after having said he would be in favor of granting Bolivia access to the Pacific Ocean. The beleaguered president he has also been implicated in an alleged ‘mafia’ within Peru’s Transport Ministry involved in the handling of lucrative contracts. The crisis is the latest in a series of pitfalls for Castillo since taking office in July 2021.

On the stock markets, Peru’s stock exchange rebounded after closing Monday with the worst performance in Latin America, affected by the tensions caused by the war in Ukraine and the political uncertainty generated by a move in Congress to remove President Pedro Castillo.

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Despite the negative environment, the S&P BVL/Peru (SPBLPGPT) closed Tuesday up 1.68%, pushed up by sectors such as materials, consumer staples and industrials.

Shares of mining companies such as Minsur (MINSURI1), Buenaventura Mines (BVN) and Southern Copper (SCCO) performed well in the session. The price of copper, one of the main sources of income for the Peruvian economy, has benefited from the performance of raw materials and closed Tuesday at $9,883.50.

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

Argentina:

Chile:

Colombia:

Dominican Republic:

Ecuador:

  • Justo, the Chilean startup founded in 2018 that acts as a tech partner for restaurants and businesses, has begun operations in Ecuador. With an initial investment of approximately $1 million, the company’s expansion into Ecuador brings the number of countries where it has a presence to six.

El Salvador:

Guatemala:

Mexico:

Peru:

Uruguay:

Venezuela:

This is how the region’s markets closed on Tuesday, March 1: