Latin America

South American nation has become a significant contributor to world crude supply

Growing up in Miami among Cuban exiles who fled Fidel Castro's revolution, Sen. Marco Rubio developed a deep hatred of communism. Now as President-elect Donald Trump's choice for America's top diplomat, he's set to bring that same ideological ammunition to reshaping US policy in Latin America. As the first Latino secretary of state, Rubio is expected to devote considerable attention to what has long been disparagingly referred to as Washington's backyard. The top Republican on the Senate Select Committee on Intelligence and a longtime member of the Foreign Relations Committee, he's leveraged his knowledge and unmatched personal relationships to drive US policy in the region for years. For decades since the end of the Cold War, Latin America has faded from the US foreign policy agenda even as US adversaries like Russia, Iran and especially China have made deep inroads. If confirmed, the Florida Republican is likely to end the neglect. But Rubio's reputation as a national security ha

It did not mention the United States, but added that sister brand IM, a luxury electric-vehicle line, also plans to enter the Mexican market

Bolivia's embattled president on Monday announced the discovery of vast natural gas reserves, describing it as the biggest find in nearly two decades that could help the cash-strapped country reverse its falling production. President Luis Arce called the trove just north of the capital a mega field," saying it has some 1.7 trillion cubic metres of gas at a likely market value of $6.8 billion. He said the field named Mayaya X-1 is way to revive the gas industry. That was the engine of robust growth in the early 2000s, a period of booming exports and declining poverty that experts have termed Bolivia's economic miracle. This marks the beginning of a new chapter for the northern sub-Andean region, offering hope of maintaining our country as an important gas exporter, said Arce, who is the alleged target of a military coup attempt last month and the main focus of anger among Bolivians over shortages of fuel and foreign currency. "It's the most important discovery since 2005. In more

The Brazilian real has weakened around 13% against the US dollar this year

Bolivian President Luis Arce said Friday a former general had intended to take over the government and become president in a failed coup, and he denied that the Andean nation was experiencing an economic crisis. In an interview with The Associated Press, the embattled leader denied once again that Wednesday's attack on the government palace was a self-coup designed to garner him political points. I didn't escape, I stayed to defend democracy," Arce said. About ongoing political spats with his one-time ally Evo Morales, Arce said we've been politically attacked by Morales, underscoring a legislative boycott which has hamstrung the government in taking on economic turmoil. Arce washed his hands of claims by family members of the 21 detained by the government who were innocent of attempting a coup, and that they were tricked by the ex-military General Juan Jose Ziga. It's a problem of those who were involved, it's not the government's problem, Arce told the AP.

Brazil's Supreme Court on Tuesday voted to decriminalize possession of marijuana for personal use, making the nation one of Latin America's last to do so, in a move that could reduce its massive prison population. With final votes cast on Tuesday, a majority of the justices on the 11-person court have voted in favor of decriminalization since deliberations began in 2015. The justices must still determine the maximum quantity of marijuana that would be characterized as being for personal use and when the ruling will enter into effect. That is expected to finish as early as Wednesday. All the justices who have voted in favor said decriminalization should be restricted to possession of marijuana in amounts suitable for personal use. Selling drugs will remain illegal. In 2006, Brazil's Congress approved a law that sought to punish individuals caught carrying small amounts of drugs, including marijuana, with alternative penalties such as community service. Experts say the law was too va

ECB policymakers led by President Christine Lagarde have insisted they're comfortable plowing a separate furrow from the Federal Reserve

A trade deal with Chile will give India greater access to Latin American region

Indian exporters made further inroads in European and Latin American nations in 2023, registering healthy growth in countries such as Romania, Montenegro, Austria, and Guatemala, an official said on Friday. India's merchandise export rose 2.1 per cent to the European Union (EU) in 2023 despite headwinds being faced by large developed markets like the EU and the UK due to high cost of living, weak external demand, and monetary tightening, the commerce ministry official said. "India's export trade expansion has been impressive inspite of global challenges in 2023," the official said. India's merchandise exports have recorded healthy growth in European nations like Romania, Czech Republic, Montenegro, Finland, the Netherlands, Portugal, Luxemburg, Iceland, Ireland, and Austria. "The growth points towards India's trade resilience and growth despite prevailing uncertainties and deceleration of the economies in Europe," the official added. Similarly, in Latin American countries, India's

Digital analytics consulting and solutions company LatentView Analytics will pick up 70 per cent stake in Decision Point for USD 39.1 million, marking its foray into the Latin American market. Established in 2012, Decision Point is a leader in Artificial Intelligence-led Business Transformation and Revenue Growth Management (RGM) solutions, which has an employee base of over 300. Chennai-based LatentView Analytics, in a statement on Friday, said it would acquire the remaining 30 per cent stake in Decision Point over the next two years. "Decision Point's strength is in Revenue Growth Management solutions that help companies achieve sustainable and profitable growth, with data being the primary factor in this acquisition. This deal will bring 300-plus highly skilled employees into LatentView's CPG (Consumer Packaged Goods) practice and help us expand into the Latin America market," LatentView Analytics CEO Rajan Sethuraman said. Gurugram-headquartered Decision Point has over a decade

FMCG maker Godrej Consumer Products Ltd (GCPL) on Friday said the devaluation of the Argentine Peso by the recently elected government in Argentina has resulted in a "negative mid-single digit impact" on its consolidated sales for the December quarter. The new Argentinian government is taking various measures to improve the economic conditions and one of them was to devalue the Argentine Peso to the US Dollar. In December 2023, the Argentine Peso to the US Dollar was devalued from 361 to 808, as the Argentinian economy is facing hyperinflationary pressures. The IndAS 29 (Indian accounting standards) mandates the YTD statement of Profit and Loss to be translated at the closing rate for presentation in consolidated financial statements, said the Godrej Group FMCG arm in a regulatory statement. It mandates all amounts to be restated into the measuring unit at the end of the reporting period by applying a general price index. "Hence, the impact of the devaluation of the Argentine Peso

Compared with a year earlier, the Labor Department's underlying gauge is forecast to rise 4.8 per cent, according to the median projection in a Bloomberg survey of economists

External Affairs Minister S Jaishankar on Thursday pitched for deeper two way engagement between India, and Latin America and the Caribbean (LAC) especially in areas of agriculture, supply chain diversification and resource partnership. In an address at an event, he said New Delhi's overall ties with the region have moved on a "new trajectory" in the last nine years and there was scope to further consolidate the relations in a range of areas. "We must ensure that distance is no longer an impediment for stronger ties," he said. Jaishankar said bilateral trade has surged close to USD 50 billion during the financial year 2022-23 and it is a testament to both the strength and potential to our economic partnership". "Over the last nine years, since Prime Minister Narendra Modi has been at the helm, our ties have actually moved on a new trajectory," he said. The external affairs minister was speaking at the ninth CII India-LAC Conclave on the theme 'Furthering Economic Partnerships for

Move comes after RBI-UAE Central Bank inks historic pact last week

His unrealized losses widened by about $130 million from three months before, with most of the deficit linked to the Latin America fund

Exports crossed $16 billion as of February; trade deficit shrinking from pre-pandemic levels

Underlining India's growing investments, he said, "Surge in investments in the energy sector, India today imports crude from Brazil, Mexico, Colombia and Guyana"

'Panama may be a small country, but it has long punched above its weight'

Catch live updates from across the globe here