Bloomberg Línea — Chile’s Consumer Price Index increased by 0.3% month-on-month in February, less than half of what was expected by analysts consulted by Bloomberg, and which is the smallest change since June 2021.
Venezuela’s President Nicolás Maduro announced the resumption of negotiations with the Venezuelan opposition in Mexico, after the talks were suspended at the end of 2021 with the extradition of Colombian businessman Alex Saab to the United States.
On the region’s stock markets, U.S. stocks fell following a volatile session after U.S. President Joe Biden announced that Washington would halt all Russian oil and gas imports, while in Latin America, the Mexican stock market rebounded after recording its second worst day so far in 2022 on Monday, with the S&P BMV/IPC (MEXBOL) ending the session with a gain of 1.87%, notching up the highest gains in the region.
Following is a roundup of Tuesday’s news from Bloomberg Línea and Bloomberg reporters across Latin America.
Argentina:
- Spain’s Minister of Agriculture, Fisheries and Food, Luis Planas, insisted before the European Union (EU) that the it relax requirements for cereal imports. If the Spanish government’s request were to be granted, Argentina would be one of the beneficiaries, since the EU would be able to import Argentine cereals that are currently restricted.
- Cybersecurity incidents involving Mercado Libre and Ualá have led to questions regarding the security systems operating in fintech companies in the country.
- JetSmart will add a new aircraft in Argentina, as the airline seeks to recover the pre-pandemic fleet of seven aircraft.
Brazil:
- Jim O’Neill, the prominent economist who coined the BRIC acronym for the largest emerging markets, advised Brazil’s Central Bank to fight inflation, as he warns that the U.S. Federal Reserve should be cautious with its monetary tightening.
Chile:
- Chile’s Consumer Price Index increased by 0.3% month-on-month in February, less than half of what was expected by analysts consulted by Bloomberg, and which is the smallest change since June 2021.
- Petco (WOOF), a chain of pet-focused stores, will start operations in Chile this year, as part of the strategic alliance with Mexico’s Grupo Gigante (GIGANTE*).
Colombia:
- The country’s consumer confidence index dropped 17.5% in February.
- The current high oil prices do not necessarily mean a bonanza for Colombia’s government, according to Bancolombia analysts.
Dominican Republic:
- Two important items in the Dominican economy are tourist arrivals and the flow of family remittances, from which the country registered foreign exchange for an amount of $16.08 billion in the period January-December 2021.
Ecuador:
- According to a recent study on payments and banking penetration, Ecuador is the country in the region where its citizens consider cash as their main means of payment (36.5%) and also as their favorite means of payment (30.8%).
- Citi’s head in Ecuador, Rocio Velarde, shed light in an interview with Bloomberg Linea on how to move towards gender equality by shifting from discourse to action.
Guatemala:
- Four out of every 10 entrepreneurs in Guatemala are women, and they are struggling to gain more space. On International Women’s Day, the role of women entrepreneurs as generators of income and employment is recognized.
Mexico:
- Mexico’s President Andres Manuel Lopez Obrador said he will use rising international oil prices to offset the cost of fuel imports, a promise that may be hindered by his goal of significantly reducing crude exports.
- Exchange Traded Funds (ETFs) with exposure to oil have left attractive returns of more than 40% since the start of Russia’s invasion of Ukraine.
- Citigroup (C) recommends Mexican inflation-linked bonds, as they tend to move with oil prices and have room to absorb the recent increase.
Venezuela:
- President Nicolás Maduro announced the resumption of negotiations with the Venezuelan opposition in Mexico, after the talks were suspended at the end of 2021 with the extradition of Colombian businessman Alex Saab to the United States.
