Maha Energy, a Swedish company, is entering Venezuela following the U.S.’s relaxation of sanctions on the country. Maha secured rights in the Petrourdaneta project, linked to Brazil’s Novonor group. Kjetil Solbraekke, Maha’s CEO, confirmed this development. If successful, Maha might obtain Novonor’s 40% share in a joint venture. This venture involves Petróleos de Venezuela, the […]
U.S. Treasury Secretary Janet Yellen spoke at the Inter-American Development Bank IDB, advocating for stronger U.S.-Latin America cooperation. She proposed enhanced partnerships, dubbed "Friend-shoring," to reinforce supply chains. This strategy aims to lessen dependence on Chinese imports. Yellen outlined the plan's potential for boosting economic growth across Latin America and the Caribbean. She called for […]
The US government has removed Uganda, the Central African Republic, Niger, and Gabon from the African Growth and Opportunity Act (AGOA). This act was designed to improve trade links with African nations. The removal comes because these countries did not meet the US-imposed conditions. Reports cite President Joe Biden stating that these nations have not […]
The International Monetary Fund (IMF) has recognized Mozambique's economic potential following improved security in its northern region. This development offers a brighter future, as major gas projects may soon restart. Pablo Lopez-Murphy, head of the IMF mission, sees these projects driving inclusive growth. Mozambique is on the brink of exploiting its vast gas reserves in […]
In October, Latin American currencies withstood a volatile dollar and outperformed other emerging markets in 2023. Excluding the unique situation of the Argentine peso, these currencies showed remarkable stability. For instance, the Chilean peso encountered challenges. The Central Bank of Chile responded by pausing rate cuts and stopping reserve purchases to avoid inflation risks. Balanz […]
Rosatom will complete a research reactor in Bolivia by 2024, announced Evgueni Pakermánov, the head of Rosatom Overseas. Training for the operational staff is happening alongside, aiming for an early 2025 launch. This center is vital for advancing high-tech cooperation between Russia and Latin America, boosting Rosatom’s global presence. The project introduces advanced solutions for […]
The Monetary Policy Committee (Copom) of Brazil's Central Bank has cut the benchmark Selic rate to 12.25% annually. This decision marks the third reduction in 2023. Despite these cuts, companies still face borrowing rates of around 22%. This level exceeds the base rate, as reported by the Central Bank's credit data. Banks lend to companies […]
Panama’s Parliament terminated Minera Panama’s extended contract, impacting the Canadian mining firm, First Quantum Minerals. They will not mine copper for another 20 years as planned. Public protests grew when President Cortizo okayed the deal on October 20. Groups for social, labor, and environmental rights said the contract hurt Panama and kept illegal terms from […]
Neymar, Brazil’s star player, is set for knee surgery after being injured in a 2-0 loss against Uruguay on October 17. The injury has affected Neymar‘s left knee ligament and meniscus. Now, according to Globo Esporte, he needs 10 months to recover. Because of this injury, Neymar might miss the Copa America 2024. This event […]
Brazil leads in low pig production costs among 17 countries, with data sourced from Mato Grosso and Santa Catarina states. In Mato Grosso, 2022's cost was $1.13 for each kilogram of pig. In Santa Catarina, it was $1.28. Even with 10% and 12% rises in these states since 2021, costs are low. For comparison, the […]
(Opinion) In September, Brazil announced a record oil and gas production, averaging 3.672 million barrels daily. This achievement shows a 6.1% increase from August’s figures. Furthermore, when compared to September 2022, there’s an impressive 16.7% growth. These figures strengthen Brazil’s role in global energy markets. But there’s a burning question. How does this intense focus […]
On November 1, Grêmio defeated Coritiba 2-1 at Couto Pereira during the 31st round of the Brasileirão. Despite trying hard, Coritiba struggled. Grêmio’s players showed their skills, leading to their win. Thiago Kosloski leads Coritiba. Currently, they’re the weakest home team in Serie A. They’ve won only 26.7% of their home games. In this game, […]
At Brasília’s Mané Garrincha stadium on Wednesday, Santos defeated Flamengo 2-1 in the Brazilian Championship’s 31st round. During the first half, Gerson from Flamengo got a red card. He elbowed Santos’ player, Furch, at the 42nd minute. At this point, the teams were tied at 1-1. Pedro had given Flamengo an early lead. However, Nonato […]
Thousands of Afghans in Pakistan risk arrest as the departure deadline expires, prompting many to leave. Pakistan had given undocumented Afghans until November 1st to leave. Many Afghans lined up at Torkham, a border crossing, to exit. In one day, 29,000 migrants crossed different border checkpoints. From November 1st, Pakistan started arresting and deporting undocumented […]
On Wednesday, President Lula da Silva approved military security boosts at Rio and São Paulo's ports and airports to counter organized crime. This order will be in effect until May 2024. Lula da Silva announced this at the Planalto Palace, citing a Globonews report. Justice Minister, Flávio Dino, and Defence Minister, José Múcio, joined the […]
The National Institute of Statistics and Informatics (INEI) revealed that Peru experienced a 3.37% inflation rate from January to October 2023. In October alone, a 0.27% decrease occurred. In Metropolitan Lima, inflation rate adjustments meant a 2.99% rate for those ten months. This information came from the INEI’s report on economic price changes. Over the […]
On Wednesday, Brazil's government announced they successfully repatriated 32 citizens from the West Bank in the Middle East. These Brazilians, from 12 families, wanted to return home. The Brazilian foreign ministry released a statement about the operation. They coordinated with their team in Ramallah for this. The group consisted of 12 men, nine women, and […]
On Wednesday, the International Monetary Fund (IMF) advised Mexico to implement comprehensive structural changes and increase tax revenues. This advice aims to boost the country’s economic situation, as the Central Bank of Mexico (Banxico) reported. Based on the 2023 Article IV Consultation findings, the IMF sees potential in Mexico. They predict a growth of 3.2% […]
The Monetary Policy Committee (Copom) hinted at a potential change in the Selic rate, which currently stands at 12.25%. By December 12-13, they might reduce it to 11.75%. This decision follows a recent reduction of 0.5 percentage points. That drop brought the Selic to 12.25%, its lowest since May 2022. This reduction is not new. […]
Brazil's House of Representatives voted to establish a Black Caucus with voting and speaking rights in leadership meetings. The caucus's membership will come from lawmakers who self-identify as Black or Brown during electoral registration. Coordinated by a general coordinator and three vice-coordinators, the caucus aims to represent 56% of Brazil's population. Every week, the caucus […]