article_text
stringlengths 294
32.8k
⌀ | topic
stringlengths 3
42
|
|---|---|
Brent Burns’ historic tenure with the San Jose Sharks has come to an end.
Burns and forward Lane Pederson were traded to the Carolina Hurricanes for forward Steven Lorentz, goalie Eetu Makiniemi and a conditional 2023 third-round pick, according to Pierre LeBrun of TSN and The Athletic.
The Sharks, as part of the deal, are retaining 33 percent of Burns’ contract, which carries an $8 million average annual value over the next three years.
Burns signed an eight-year, $64 million contract with the Sharks in Nov. 2016, a deal that contained a modified no-trade clause in which he would accept a trade to only one of three teams. Speculation about a potential change of scenery for Burns began shortly after the season ended when he expressed how much he missed competing in the playoffs, and how he might not have many more opportunities to compete for the Stanley Cup at this stage of his career.
Sharks general manager Mike Grier said earlier this week he would try to accommodate Burns if he, after missing the playoffs for three consecutive years, wanted to go to a team that is more ready to compete for a Cup.
“He’s been here a long time. He’s been a great Shark player, and I’ll let him kind of lead the way a little bit on that,” Grier said, “and then we’ll go off his lead.”
Burns, the only player to win a Norris Trophy with the team, was the Sharks’ leader with 594 points in 798 games since he was acquired from the Minnesota Wild in a blockbuster deal in 2011.
In the 11 years since, Burns became the Sharks’ most prolific and recognizable player. He won the Norris Trophy as the NHL’s top defenseman in 2017 and was a finalist for the award in 2016 and 2019. Burns is coming off a season in which he had 54 points, 12th among all defensemen, in 82 games. He was also one of the NHL’s leaders in average time on ice at 26:07 per night and is second among all active players in consecutive games played with 679, a streak that began on Nov. 21, 2013.
Still, the Sharks have a combined record of 82-101-25 since the start of the 2019-2020 season, forcing the organization to examine whether they needed to move either Burns or Erik Karlsson, who is entering the fourth year of his eight-year, $92 million contract signed in June 2019.
Burns, though, was the easier player to move, considering he has fewer years left on his contract and that Karlsson has a full no-trade clause and can veto any move.
The trade is just the latest in a series of moves made by Grier since he officially became the Sharks’ GM on July 5.
The Sharks on Tuesday bought out the final year of winger Rudolfs Balcers’ two-year, $3.1 million contract, saving $1.54 million under the salary cap for next season. Monday, the Sharks parted ways with Doug Wilson Jr. as its director of scouting and introduced longtime former NHL player and U.S. Hockey Hall of Famer Doug Weight as a hockey operations advisor.
Grier has said the Sharks might need to take another step back before they can move forward as a franchise, and with a handful of other large contracts on the books, has also expressed his desire to create some cap flexibility.
‘if it is something where (Burns) says he wants to go somewhere and try and win, I get it,” Grier said. “We all play to win, we all play to lift that trophy and as you get older you start to see the end of the line. So I would understand if that’s the route you want to go.” Burns’ contract carries an average annual value of $8 million. Now the Sharks have to figure out how to replace Burns’ minutes on the blue line and at least some of his production. In his 18-year career, Burns has 777 points – tied for 19th-most all-time among defensemen – in 1,251 games.
Please check back for updates to this developing story. | Hockey |
It’s fair to say Mike Grier had a bit of work to do in his first couple weeks on the job. It’s also accurate to say he was qualified to do it.Grier, 47, became the first Black GM in NHL history when hired this past week. It is a pioneering designation he took in stride, and a role he had been training for, in his estimation, since he “was about 10 years old.”Get Sports HeadlinesThe Globe's most recent sports headlines delivered to your inbox every morning.The son of Bobby Grier, the former Patriots personnel director, and younger brother of Miami Dolphins GM Chris Grier, Mike Grier has traveled a path from Holliston and St. Sebastian’s, to Boston University, to a 14-year career as an NHL player that always seemed destined for hockey management. It didn’t matter that no one who looked like him had filled his new role before.“I lean on them quite a bit,” Grier said of his father, who now consults for the Dolphins, and brother, who has been GM in Miami since 2016. “There’s a wealth of knowledge there with those two. As soon as I told my dad about the job, he went right into the mode of giving me tips and advice.“Growing up, we talked about the challenges of building rosters, and things like that. At dinner … I’d want to talk football, they’d want to talk hockey.”The Grier brothers would have rather been playing, but management was never uncool.“No, we enjoyed it just because we got to be around my dad so much and saw how hard he worked and the passion he had for it,” Mike Grier said. “We kind of got a peek behind the curtain of how you build a team, what works and what doesn’t work, the importance of culture.”The latter element, the professionalism and knack for winning, eventually became one of the top lines on Grier’s résumé.As a player, he was a fan favorite who helped BU to the NCAA title in 1995. He made the playoffs in 11 of his NHL seasons as a tough, responsible, hard-checking, penalty-killing forward.“Coaches love guys who don’t make mistakes,” former BU coach Jack Parker once said. “And he doesn’t make mistakes.”New Sharks GM Mike Grier was thrown in at the deep end, immediately taking charge of his first draft.Bruce Bennett/GettyInitially considered by Parker — and many NHL scouts and front offices — to be too bulky and slow to crack a college or pro lineup, Grier trimmed down as a BU freshman (thanks to some hard hours with trainer Mike Boyle) and became a reliable right winger.He was shocked, though, when Parker told him to sit out his first few games.“I was a pretty good player, and being told I wasn’t going to play that much, that never happened to me in my life,” Grier recalled. “The lesson there is there’s no easy way. The only thing to do was to work harder, practice harder. I was just determined to win my spot back in the lineup and not let anyone take it away.”One of his roles while riding the bench was showing high school recruits around campus. One of those prospects, Chris Drury, later became GM of the Rangers. After Grier’s stint as an assistant coach with the Devils (2018-20), Drury brought him on as a hockey operations adviser in 2021, and stumped for his candidacy in San Jose.That freshman year also saw Grier, drafted 219th overall by the Blues in 1993, traded to Edmonton (with goalie Curtis Joseph) for a pair of first-round picks. In 1996, Grier went straight from BU to the Oilers’ lineup. He spent six seasons in Edmonton, where he had a pair of 20-goal seasons and scored a career-high 44 points in 1999.Traded from the Oilers to the Capitals (where he played for rookie coach Bruce Cassidy from 2002-03), Grier was dealt to Buffalo at the 2004 trade deadline, and helped the post-lockout Sabres go on a run. Grier put up a 3-5–8 line in 18 playoff games as they reached the 2006 Eastern Conference finals. Grier wound down his career in San Jose (2006-09) before finishing with a pair of years in Buffalo. He retired in 2011, months after skating in his 1,000th game.All in all, a solid run at the highest level: 162 goals and 383 points in 1,060 games.“He is a great, great human being, first and foremost,” said Bruins GM Don Sweeney, who played against Grier and has crossed paths with him at local rinks for years. “He’s a real soft-spoken guy but played the game hard, was smart, cerebral. It’s such an interesting family dynamic that he’s able to tap into that none of us certainly can utilize. But I’m really, really proud of the decision San Jose made in Mike getting the opportunity. I think it speaks volumes for where the game is going.”Grier, who is also the first Black player who trained exclusively in the United States to make the NHL, would have been a pre-teen in 1987 when soon-to-be-fired Dodgers GM Al Campanis conducted his infamous interview with ABC’s “Nightline.” Anchor Ted Koppel asked him why there weren’t more Blacks in pro sports management, and Campanis replied, straight-faced, that it wasn’t prejudice, they just didn’t have “the necessities” to lead.Grier emerged from those stone ages, showed he had the goods for 14 NHL seasons, and now has one of the 32 chairs at the NHL’s GM table. Asked how he wants his Sharks to play, he all but described himself. “Tenacious. Highly competitive. Fast. In your face.”“We hired the best general manager available,” Sharks president Jonathan Becher said. “Mike just happens to be Black.”IT’S ABOUT TIMEIn-person draft didn’t disappointThe return of the in-person NHL Draft delivered.Bruce Bennett/GettyThis NHL Draft was worth the wait.The first in-person draft since Vancouver in 2019 brought back the entire league to arguably the best hockey city in North America. Montreal was a gracious host. The crowd was electric, booing and cheering like it was a regular-season Canadiens game.They were merciless with commissioner Gary Bettman, as per tradition. They openly mocked the Coyotes when they shouted out their fans back home. They went wild when trades were announced. After some initial shock, they showered No. 1 overall pick Juraj Slafkovsky with love any time they saw him.Slafkovsky, too, looks like he’s cut out for this city. The big Slovakian winger departed from the draft floor through the stands, slapping hands, and was spotted around the city wearing his bleu, blanc et rouge draft sweater, taking pictures with fans.A great number of Montreal backers, judging by the initial reaction to the top choice, wanted Shane Wright first overall. With his initial foray into NHL drafting, Habs GM Kent Hughes made a bold call in passing up a 200-foot center, one that’ll be discussed for generations.Wright, no doubt, hopes he regrets it.After the Ontario native fell to Seattle at No. 4 overall, he smiled and posed on stage with Kraken management. After greeting Bettman on stage with a smile, Wright was caught on camera staring daggers at the Montreal draft table, which was front and center. We’re talking a long, stone-faced, two-count of a stare. It was obvious.His agent, Kurt Overhardt, later confirmed to a reporter that Wright was indeed sending a message. Kraken GM Ron Francis downplayed the incident, claiming Wright was looking at photographers in front.“I think people are making a bigger deal than what actually happened. He’s not that type of kid,” said Francis, who will be pleased to deploy Wright and Hingham product Matty Beniers as his top two centers for the next decade-plus.The Kraken, by the way, visit Montreal on Jan. 9.ETC.Knights happy to have CassidyBruce Cassidy looks like a promising hire for the Golden Knights.Ethan Miller/GettyGolden Knights GM Kelly McCrimmon thinks Boston’s loss — Bruce Cassidy — is his gain.“I had no history with Bruce,” McCrimmon said. “I was a fan of his work in Boston. I liked how his teams were really responsible defensively and I didn’t think it was at the expense of choking the team offensively. When you can have a good run over that period of time [six years] … certainly he took over a good team with tremendous leaders, but there are changes along the way and injuries, and I think he handled those situations well.”McCrimmon had an interesting answer when asked if he expected any pushback in Vegas regarding Cassidy’s willingness to make public his private criticism of players.“He’s the right coach for this team at this time,” McCrimmon said. “I don’t think people have a problem with someone being honest. We’ve got really good leadership in Vegas. We’ve got a veteran team. I look forward to him coaching those players hard.”Making the Bruins is up to LysellFabian Lysell will head to Bruins rookie camp, then varsity camp. Could he really make the main roster?“It’s up to him,” said P.J. Axelsson, the team’s European scouting director. “He’s going to have to get bigger and stronger and all those boring comments, but that’s the way it is.“It’s hard. He’s still young [19]. It’s not easy to break into an NHL roster at that age.”More seasoning will help Lysell, the 21st overall pick in 2021, but reviewing the speedy right winger’s season with WHL Vancouver (22-40–62 in 53 games, plus 4-17–21 in 12 playoff games), Axelsson saw a mental drive that popped off the page.“The one thing I liked last year, he got more competitive,” Axelsson said. “He got [ticked] when he got hit. He wanted a puck. He was so skilled as a junior in Sweden that he didn’t have to do all that stuff.”Loose pucksThe Sharks honored scout and former NHL defenseman Bryan Marchment, who died Wednesday in Montreal at age 53.Bruce Bennett/GettyMany at the draft were rocked by the sudden death of Sharks scout and former NHL defenseman Bryan Marchment, who died Wednesday in Montreal at age 53. “It’s a sad day for me personally, a very sad day for our organization,” said new Sharks GM Mike Grier, who was taken under Marchment’s wing as a young Oiler. “He meant a lot to a lot of people in our organization, our players, our staff, anyone who knew Bryan.” … Bruins GM Don Sweeney believes that Joona Koppanen, who signed a one-year, two-way extension, can push for an NHL job. The 6-foot-5-inch Finnish wing has logged five years in the AHL and ECHL and was contemplating going back to Europe before he re-signed … If Jack Studnicka is an NHL player, it’d be a great year for him to show that. Sweeney: “We’re not forcing Lysells and [Jakub] Laukos and [Johnny] Beechers [into the lineup], but we have a lot of guys that are ready to come in with their ears pinned back and see if they can take a spot. We’re excited about that and the opportunity, with the injuries [to Brad Marchand, etc.], is certainly going to present itself.” … Rick Middleton can call himself a Hall of Famer — as a coach. He led the underdog 2002 US Paralympic sled hockey team to a gold medal, and two weeks ago the squad was selected for the US Olympic & Paralympic Hall of Fame … The Capitals are in a tough spot with Nicklas Backstrom, who believes he can come back after major hip surgery. Until then, they wait. “It’s not like we can go out and sign a $9 million player,” GM Brian MacLellan said at the draft. With Backstrom likely to miss most of the season and Tom Wilson (ACL surgery) likely missing all of the first half, it could be bleak in D.C., other than Alex Ovechkin’s chase for Wayne Gretzky’s record of 894 goals (780 and counting, with Gordie Howe, 801, up next). Prospects such as Connor McMichael, Hendrix Lapierre, and Alexei Protas could get an opportunity to stick …. Grier’s hire comes two years after Brett Peterson (Northborough/Boston College) became the league’s first Black assistant GM when he was hired by Florida. In the past six months, women have ascended to assistant GM roles in Vancouver (Émilie Castonguay, Cammi Granato), Chicago (Meghan Hunter), Toronto (Hayley Wickenheiser), and New Jersey (Northeastern’s Kate Madigan). “The pendulum is really swinging to sort of add diversity,” Granato said. “There’s naysayers that say, ‘Oh, you’re just trying to catch up and you’re just adding people to add them,’ but they are qualified people.” … The Canucks drafted Elias Pettersson — a Swedish defenseman — at No. 80 overall. His favorite player? Canucks star Elias Pettersson, of course. The two have not met ... The Red Wings shoring up a weak spot in adding netminder Ville Husso is more evidence that the Bruins’ playoff standing in the Atlantic Division is far from guaranteed … The Maple Leafs left the draft unsure if they would qualify Ondrej Kase, who is arbitration-eligible ... The Senators are expected to move netminder Matt Murray ... Word around the draft floor was that Edmonton’s Duncan Keith, 38, will retire. The Oilers desperately needed to shed Keith’s $5.538 million cap hit, even after dumping Zack Kassian ($3.2 million) on the Coyotes ... Stunned to see how much the Flyers gave up for local man Tony DeAngelo: picks in the second, third, and fourth rounds, and a two-year contract extension worth $5 million per ... Sources on both sides of the best 2022 draft trade rumor that never happened — J.T. Miller to the Islanders — were firm in their position that it either was, or wasn’t, happening ... In 1974, long before NHL teams scouted internationally and the draft was held via conference call, Sabres GM Punch Imlach got bored. In the 11th round, he said, “From the Tokyo Katanas, Taro Tsujimoto.” That name was fabricated, culled from a list of popular Japanese names, as was the team (a katana is a type of Japanese sword). With reporters asking when the Japanese phenom would finally arrive, Sabres PR staff kept up the bit until training camp. The 183rd selection never made it to the league — again, he didn’t exist — and the pick was later re-registered as invalid … Cam Neely, drafted ninth overall by the Canucks in 1983, recalled the Sabres and Jets as the only other teams that interviewed him. The Comox, British Columbia, native wound up happy … Highest recommendation for the new ESPN documentary “Unrivaled,” which recalls the Avalanche-Red Wings battles of the mid-to-late 1990s. Compelling tales of a fantastic rivalry. The footage of Vladimir Konstantinov, both of his all-world playing days and compromised present day, is alone worth the view. Those of us who grew up with newspaper and TV accounts, rather than the information overload of the Internet age, may not have realized just how nasty Claude Lemieux’s hit on Kris Draper was. The reveal at the end — spoiler alert — that Draper still has not forgiven Lemieux was no surprise to former Red Wings GM Ken Holland. “The emotions were real. They were very real,” said Holland, now the Oilers’ GM. “Drapes is really intense. It wasn’t like it was one year, it was six or seven years of that rivalry. His face was rearranged. I don’t blame him.” Holland hasn’t seen the doc itself. “I’ll watch it someday,” he said. “It was pretty epic when we lived it.”Matt Porter can be reached at [email protected]. Follow him on Twitter: @mattyports. | Hockey |
Canadian sports pundit Sid Seixeiro blasted Philadelphia Flyers defenseman Ivan Provorov for his decision to boycott the organization’s festivities surrounding its Pride night and hit the NHL for allowing it to happen in a lengthy rant Wednesday morning.Seixeiro appeared on "Breakfast Television" and called on the NHL to fine the Flyers over Provorov and said the league needed to "reevaluate" how it supports gay rights."The theme from the National Hockey League is that hockey is for everyone. The theme isn’t hockey is for everyone dot, dot, dot unless you don’t believe in gay rights then do whatever you want," he said. "If the National Hockey League is going to do this, if any league is going to do this, do it properly or reevaluate what you’re doing because there’s not a lot of repercussions that I’m seeing from any league.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Sid Seixeiro attends Rogers Upfronts at Rogers Centre on June 6, 2016, in Toronto, Canada. (Sonia Recchia/WireImage)"Now, it could change with the NHL. I think you fine the Flyers $1 million for this, I’m not kidding. Figure this out and stop offending people on nights where it’s not about that. It’s about inclusivity. The National Hockey League need to attack this and figure this out because what I heard last night was offensive and didn’t make any sense."For instance, if that was a military night, if anyone in Canada or the States on a military appreciation night wouldn’t wear a jersey pregame do you have any idea the uproar that would’ve happened on that? Do you have any idea the backlash? Do you have any idea what would happen on social media? It’s ridiculous what would’ve happened."I think the NHL has to do something here. This is not good enough. This is not good enough. Hockey is for everyone dot, dot, dot unless you don’t agree with gay rights is not the phrasing it is. You’re either in this or you’re not."MAJOR LEAGUE SPORTS GO WOKE, BUT RON DESANTIS PUSHED BACK IN A MAJOR WAY Ivan Provorov of the Philadelphia Flyers skates during warmups before the Sharks game at SAP Center on Dec. 29, 2022, in San Jose, California. (Kavin Mistry/NHLI via Getty Images)Provorov didn’t participate in pregame warmups when the team wore Pride-themed jerseys and used sticks wrapped in rainbow Pride tape. He cited his Russian Orthodox religion as the reason why he didn’t participate. He eventually played in the game against the Anaheim Ducks."I respect everybody and I respect everybody’s choices," he told reporters after the game. "My choice is to stay true to myself and my religion. That’s all I’m going to say."Seixeiro took issue that Provorov’s religious beliefs impacted the decision on whether he participated in Pride night."And one last point – nothing scares me more than any human being who says I’m not doing this because of my religious beliefs," he said. "Because when you look at people’s lives who normally say that publicly, you’d throw up at what you saw. You would throw up at what you saw. And I’ve seen that a million times in a lot of different ways. So don’t give me that. With respect, don’t gimme that, because no one’s perfect. Don’t feed me the religious beliefs line and all of a sudden the NHL is going to back off this.NHL BACKTRACKS AFTER FLORIDA GOV. RON DESANTIS' OFFICE BLASTS LEAGUE FOR 'DISCRIMINATORY' JOB FAIR"The National Hockey League today needs to fine that organization $1 million and reevaluate how they support gay rights because that is insulting. That is the No. 1 trending topic in Canada. That is insulting what happened in Philadelphia. If the NHL is serious about this, they say they are, we’ll see. We’ll see how serious they are today. But that whole thing was mishandled. Part of me couldn’t believe it. Part of me could give how the NHL sometimes handles things." The scoreboard during the Flyers game against the Anaheim Ducks at Wells Fargo Center on Jan. 17, 2023, in Philadelphia. (Tim Nwachukwu/Getty Images)The NHL didn’t appear to be ready to fine anyone over Provorov’s decision."Hockey is for Everyone is the umbrella initiative under which the League encourages Clubs to celebrate the diversity that exists in their respective markets, and to work to achieve more welcoming and inclusive environments for all fans," the league said in a statement. "Clubs decide whom to celebrate, when and how – with League counsel and support. Players are free to decide which initiatives to support, and we continue to encourage their voices and perspectives on social and cultural issues."CLICK HERE TO GET THE FOX NEWS APPThe Russia native, who is in his seventh season with the Flyers, received backlash on social media for the boycott. Ryan Gaydos is the sports editor for Fox News Digital. | Hockey |
The Colorado Avalanche’s dream 2021-22 season ended with the organization’s third Stanley Cup championship and on Wednesday the team raised their banner at the Ball Arena.Avalanche players started the week by receiving their championship rings and then the season got underway against the Chicago Blackhawks. But not before Blink-182’s Mark Hoppus led the fans in singing "All The Small Things," the song that was a rallying cry for fans last season.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COMGabriel Landeskog hoisted the Stanley Cup and skated with the trophy and fans roared as the banner was raised to the rafters. Colorado Avalanche left winger Gabriel Landeskog hoists the Stanley Cup for fans before the championship banner was lifted to the rafters at the team's NHL hockey game against the Chicago Blackhawks on Wednesday, Oct. 12, 2022, in Denver. (AP Photo/Jack Dempsey)"I got pretty emotional actually when they’re doing the video beforehand," defenseman Jack Johnson said. "Some day I can bring my grandkids or my kids, if they don’t believe that dad played, and show them."Johnson currently plays for the Blackhawks. He was on the Avalanche last season.Then, it was all business.GOLDEN KNIGHTS HOPE FOR NHL POSTSEASON RETURN UNDER NEW HEAD COACH Colorado Avalanche center Nathan McKinnon congratulates goaltender Alexandar George after the team's 5-2 win against the Chicago Blackhawks, Wednesday, Oct. 12, 2022, in Denver. (AP Photo/Jack Dempsey)Arrturi Lehkonen and Valeri Nichushkin scored two power-play goals. Andrew Cogliano had the other goal, Mikko Rantanen had four assists and Nathan MacKinnon had two assists as well. The Avalanche won 5-2."Our championship team is in the rafters forever," Rantanen said. "You don't think about it too much (now), but I think we will appreciate it later."Now, Colorado will look to secure back-to-back titles. Since 2005, the Tampa Bay Lightning and Pittsburgh Penguins have accomplished the feat. Members of the Colorado Avalanche pose with the championship banner before it was lifted into the arena on Wednesday, Oct. 12, 2022, in Denver. (AP Photo/Jack Dempsey)CLICK HERE TO GET THE FOX NEWS APP"Raising that banner, I only think it’s going to motivate us more to do it again," Colorado star Cale Makar said. "Knowing that we all accomplished that together and being on the ice together again, it’s only going to drive us forward."The Associated Press contributed to this report. Ryan Gaydos is the sports editor for Fox News Digital. | Hockey |
November 6 - Nick Ritchie capped a two-goal performance by scoring with 35.4 seconds remaining in the third period on Saturday, as the Arizona Coyotes overcame Alex Ovechkin's NHL-record 787th goal with one franchise to post a 3-2 victory over the host Washington Capitals.Ovechkin's power-play goal at 8:55 of the second period came in his 1,287th game with Washington, snapping a tie with Hockey Hall of Famer Gordie Howe. "Mr. Hockey" scored 786 of his 801 career goals while playing in 1,687 games with the Detroit Red Wings from 1946-71.Anthony Mantha set up that goal and scored one of his own before the Coyotes stormed back. Josh Brown cleaned up a loose puck in front at 6:33 of the third period. Ritchie's first goal of the game sailed just under the crossbar and over the goal line to forge a tie at 9:45.Arizona netted the winner after Barrett Hayton's shot from the slot was denied by former Coyotes goaltender Darcy Kuemper. The puck trickled behind the goaltender and Ritchie alertly tapped it home at the left doorstep for his team-leading sixth goal of the season.Kings 5, Panthers 4Gabriel Vilardi scored on a sharp-angle rebound with 3:18 left as host Los Angeles beat Florida.Alexander Edler had the primary assist on the go-ahead goal. Florida's Sam Reinhart missed off the left post with 6.1 seconds left. The Kings also got goals from Rasmus Kupari, Trevor Moore, Viktor Arvidsson and Blake Lizotte. Moore and Arvidsson each added an assist, and Anze Kopitar had two.Florida got two goals from Carter Verhaeghe and one each from Ryan Lomberg and Eetu Luostarinen.Red Wings 3, Islanders 0Ville Husso made 24 saves to record his second shutout of the season and help lead Detroit to a home win over New York.Dominik Kubalik had a goal and an assist for Detroit, which has won two straight and three of its last four.The Islanders saw a five-game winning streak snapped.After a scoreless first period, Detroit opened the scoring on a two-man advantage with 13:31 remaining in the second period when Lucas Raymond pounced on a loose puck at the side of the Islanders goal and banged it into an open net to make it 1-0 Red Wings.Devils 4, Flames 3 (OT)Fabian Zetterlund scored a power-play goal 2:38 into overtime as New Jersey blew a two-goal lead before extending its winning streak to six games with a dramatic victory over host Calgary.Zetterlund's second goal of the game also snapped New Jersey's eight-game losing streak to Calgary. It also prompted Calgary goaltender Jacob Markstrom to slam his stick on the net. Nathan Bastian and Miles Wood scored in New Jersey's three-goal opening period as the Devils took a 3-1 lead.Nazem Kadri scored in the game's opening moments, Elias Lindholm tallied in the second and Nikita Zadorov netted the tying goal 3:12 into the third as the Flames lost their fourth straight.Winnipeg 4, Chicago 0Josh Morrissey and Pierre-Luc Dubois had two of three power-play goals, and each added an assist, while Connor Hellebuyck made 30 saves to record his 30th career shutout, as surging Winnipeg won over visiting Chicago.Nate Schmidt also scored, and Adam Lowry added a short-handed goal for the Jets, who went 3-for-4 on the power play to extend their point streak to six games (5-0-1).The Blackhawks' Arvid Soderblom stopped 21 of 24 shots through the first two periods before leaving with an apparent injury. In his NHL debut, backup Dylan Wells made 12 saves and allowed a wide-open Schmidt to score from the circle 4:59 into the third for Chicago, which is 1-3-2 since a four-game winning streak.Avalanche 5, Blue Jackets 1Devon Toews and Martin Kaut had a goal and an assist each and Colorado beat Columbus to sweep the two-game Global Series in Tampere, Finland.Artturi Lehkonen, Logan O'Connor and Alex Newhook also scored for the Avalanche. Nathan MacKinnon and Cale Makar had three assists each and Alexandar Georgiev turned away 31 shots for the Avalanche. MacKinnon finished with seven points -- all assists -- in the two games.Boone Jenner scored for Columbus and Joonas Korpisalo had 40 saves in his first NHL game since March 22. Korpisalo missed the beginning of the season recovering from hip surgery and was activated before Saturday's game to play in his native Finland.Stars 6, Oilers 2Jamie Benn scored his seventh career hat trick to help Dallas to a win over host Edmonton.Jason Robertson had a goal and two assists, Joe Pavelski had a goal and an assist and Miro Heiskanen had two assists for the Stars, who have won three in a row and four of their past five. Scott Wedgewood made 28 saves.Leon Draisaitl and Darnell Nurse scored, and Jack Campbell made 30 saves for the Oilers, who have dropped two straight after a five-game winning streak.Pavelski gave the Stars a 1-0 lead at 6:15 of the first period. Campbell made the save on Robertson's spin shot from the right circle but the rebound bounced to Roope Hintz in the left circle, who found Pavelski on the back door.Maple Leafs 2, Bruins 1Auston Matthews scored two goals and Toronto defeated visiting Boston.Mitchell Marner added two assists for the Maple Leafs, who have won two straight after losing four in a row. Ilya Samsonov made 13 saves for the Maple Leafs in the first two periods. Samsonov did not come out for the third period because of a knee injury and was replaced by Erik Kallgren, who made seven saves.Brad Marchand scored for the Bruins, who lost for just the second time in their first 12 games. Toronto survived two consecutive Boston power plays at 8:44 and 11:30 of the third. Linus Ullmark stopped 26 shots for the Bruins.Lightning 5, Sabres 3Nick Perbix's first NHL goal broke a third-period tie as Tampa Bay won for the fourth time in five games, beating visiting Buffalo.Perbix, a rookie defenseman, took a drop pass from Nikita Kucherov and ripped the go-ahead marker with 4:55 left -- coming just eight seconds after Lightning goalie Brian Elliott stopped Jeff Skinner on a breakaway. Kucherov sealed the victory with an empty-netter, his sixth goal, with 58 seconds left.Brandon Hagel scored and had two assists for Tampa Bay. Brayden Point found the back of the net on the power play and had a helper, and Nicholas Paul scored. Elliott made 21 saves.Flyers 2, Senators 1Carter Hart made 33 saves to help visiting Philadelphia end a three-game losing streak with a win against Ottawa.Kevin Hayes and Zack MacEwen scored for the Flyers, who had lost four of five following a 4-1-0 start. Claude Giroux scored the 300th goal of his NHL career against his former team, and Cam Talbot made 26 saves in his first start of the season for Ottawa, which went 0 for 5 on the power play en route to losing its fifth in a row.Giroux, who spent his first 15 NHL seasons with the Flyers and was their captain for 10 years, gave the Senators a 1-0 lead at 2:44 of the first period.Golden Knights 6, Canadiens 4Reilly Smith scored his second goal of the game to snap a tie in the third period as visiting Vegas extended its winning streak to seven with a victory over Montreal.Vegas matched its third-longest streak in team history by getting three goals in a span of 3:50 in the third.Smith scored the tiebreaking tally on the power play. He headed to the net and was in position to get a rebound of Phil Kessel's shot from the right faceoff circle. When Montreal goalie Jake Allen could not control the puck and move over in time, Smith easily pushed the rebound into the vacated left side of the net.Kraken 3, Penguins 2Brandon Tanev scored with 3:39 left in regulation to give Seattle its fourth straight victory while sending host Pittsburgh to its seventh straight loss.Yanni Gourde's pass from deep got to Tanev in front, and the former Penguins winger swept the puck over goaltender Tristan Jarry's right shoulder. Gourde finished with a goal and two assists, Tanev added an assist, and Vince Dunn also scored for the Kraken.Sidney Crosby had a goal and his 900th career assist, Jake Guentzel also had a goal and an assist, and Kris Letang had two assists for the Penguins, whose skid is the worst since 2005-06.Ducks 5, Sharks 4 (SO)Anthony Stolarz made 48 saves in regulation and overtime and stopped two of four attempts in the shootout to help Anaheim defeat host San Jose.Brett Leason and Mason McTavish each had a goal and an assist, and Max Comtois and Adam Henrique also scored for the Ducks, who also beat the Sharks in a shootout on Tuesday. McTavish, Henrique and Trevor Zegras scored in the shootout.Timo Meier and Tomas Hertl each had a goal and two assists, Luke Kunin also scored, and James Reimer made 21 saves for the Sharks, who have lost four in a row, the past three in a shootout. Kevin Labanc added a goal and an assist. Labanc and Nick Bonino scored in the shootout for San Jose.Predators 4, Canucks 3 (SO)Matt Duchene notched the game-deciding tally in the shootout as Nashville rallied from an early three-goal deficit to beat host Vancouver.After his team scored twice in the third to tie the match, Duchene potted the one-on-one session's only goal, firing a hard shot between the pads of Thatcher Demko.Nashville defenseman Jordan Gross scored twice for the first two goals of his career, and Nino Niederreiter tallied and had an assist. Mattias Ekholm produced two helpers.--Field Level MediaOur Standards: The Thomson Reuters Trust Principles. | Hockey |
The NHL released a statement Wednesday backing Philadelphia Flyers defenseman Ivan Provorov over his decision to skip out on Tuesday night’s pregame warmups where players wore Pride-them jerseys, citing his religious beliefs. The 26-year-old veteran, who is Russian Orthodox, explained to the media following the game that he elected not to participate in Tuesday’s warmups in order to "stay true" to himself and his religion. Ivan Provorov #9 of the Philadelphia Flyers skates during warmups before the game against the San Jose Sharks at SAP Center on December 29, 2022 in San Jose, California. (Kavin Mistry/NHLI via Getty Images)"I respect everybody and I respect everybody’s choices," he said in the locker room. "My choice is to stay true to myself and my religion. That’s all I’m going to say."FLYERS’ IVAN PROVOROV LABELED ‘HOMOPHOBIC’ AS HE FACES BACKLASH FOR BOYCOTTING TEAM’S PRIDE FESTIVITIES Before Tuesday’s game against the Anaheim Ducks, players wore Pride-themed jerseys and rainbow Pride tape on their hockey sticks in support of the LGBTQ+ community. After facing fierce backlash online, the NHL issued a statement seemingly backing Provorov’s decision, while adding that it will "continue to encourage their voices and perspectives on social and cultural issues.""Hockey is for Everyone is the umbrella initiative under which the League encourages Clubs to celebrate the diversity that exists in their respective markets, and to work to achieve more welcoming and inclusive environments for all fans," the statement read. Joel Farabee #86, Rasmus Ristolainen #55, Carter Hart #79, and Cam York #45 of the Philadelphia Flyers skate during warmups prior to their game against the Anaheim Ducks at the Wells Fargo Center on January 17, 2023 in Philadelphia, Pennsylvania. The Flyers are wearing limited edition jerseys during warmups to celebrate Pride Night tonight. (Len Redkoles/NHLI via Getty Images)CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM"Clubs decide whom to celebrate, when and how — with League counsel and support. Players are free to decide which initiatives to support, and we continue to encourage their voices and perspectives on social and cultural issues."The Flyers issued a separate statement following the game reiterating its stance on inclusivity. "The Philadelphia Flyers organization is committed to inclusivity and is proud to support the LGBTQ+ community. Many of our players are active in their support of local LGBTQ+ organizations, and we were proud to host our annual Pride Night again this year. The Flyers will continue to be strong advocates for inclusivity and the LGBTQ+ community." Ivan Provorov #9 of the Philadelphia Flyers skates with the puck past Max Jones #49 of the Anaheim Ducks during the third period at Wells Fargo Center on January 17, 2023 in Philadelphia, Pennsylvania. (Tim Nwachukwu/Getty Images)CLICK HERE TO GET THE FOX NEWS APPAccording to the team website, the jerseys and sticks used during warmups are set to be auctioned off with "proceeds going to Flyers Charities and their efforts to grow the game of hockey in diverse communities." Head coach John Tortorella said after the game that he did not consider benching Provorov. | Hockey |
After playing for the San Jose Sharks for three seasons, Mike Grier has been named the club's fifth ... [+] permanent general manager. (Photo by Andy Devlin/NHLI via Getty Images) NHLI via Getty Images The San Jose Sharks made history on Tuesday. Mike Grier was introduced by team president Jonathan Becher and assistant general manager Joe Will as the club’s new general manager. He’s the first Black GM in NHL history. Becher cited Grier’s breadth of experience as the quality that ultimately made him the club’s first choice for the position. As a right winger who was drafted by the St. Louis Blues in the ninth round in 1993, Grier logged 1,160 career NHL games with four organizations over 14 seasons, including three years with the Sharks from 2006 to 2009. After retiring in 2011, he became a scout with the Chicago Blackhawks organization, earning a Stanley Cup ring in 2015. He also coached prep school hockey for several years before joining the New Jersey Devils as an assistant coach for two seasons. Last year, the 47-year-old Detroit native joined Chris Drury’s staff with the New York Rangers, as a hockey operations advisor. Their ties go back to Boston University, where they played together for two seasons starting in 1994. “Chris has known Mike for a long time as a player, as a coach, and of course in his last role as part of the Ranger management team, and gave a very strong endorsement,” said Becher — who also mentioned the Rangers’ single-season improvement of 50 points in the NHL standings and their trip to the 2022 Eastern Conference Final. The Sharks, who have missed the playoffs for the last three years, would love to see a similar quick turnaround.
Grier has also been immersed in the world of sports management since childhood. His father, Bobby Grier, is a longtime NFL scout and executive who spent 20 years with the New England Patriots and 16 with the Houston Texans. After Mike’s brother Chris Grier became the Miami Dolphins’ general manager in 2016, Bobby joined the Dolphins in a consulting role in 2017. “I think the main thing my father instilled in us was his work ethic,” said Grier about the lessons he learned growing up that will help him in his new position. “The time he put in, he often would be off to work before we left for school, and sometimes he wouldn’t get home till after dinner or when we were ready to get in bed. Another core value: “His belief that you treat people the right way. If you want to have a winning franchise, it starts with how you treat people. And his ability to never leave a stone unturned. He would stay up till all hours and go scout, wherever it took him. Whatever needed to be done, to get the job done.” The Sharks’ general manager search has been underway since early April, when Doug Wilson announced that he’d be stepping away permanently after 19 seasons, due to health issues.
There’s no time for Grier to ease into his position. The 2022 NHL Draft is just two days away — July 7-8 in Montreal — and the league’s free agency period opens on July 13. He’ll also need to fill out the rest of his management staff. Will, who has been with the Sharks since before they came into the league as an expansion team in 1991, will stay on as an assistant general manager after serving as interim GM for the last three months. A new coaching staff will also need to be hired. Bob Boughner and his assistants John Madden and John MacLean were let go last Friday, making San Jose the lone remaining coaching vacancy in the NHL. Last week, the Detroit Red Wings hired former Tampa Bay Lightning assistant coach Derek Lalonde, while Jim Montgomery landed with the Boston Bruins and Rick Bowness signed on with the Winnipeg Jets.
Remaking the Sharks’ roster will also require some heavy lifting on Grier’s part. According to CapFriendly, the club has 21 players signed for next season, and less than $6 million in available salary-cap space. In a market where on-ice success is crucial for ticket sales, talent upgrades are needed. On defense, the club is carrying three massive contracts: Erik Karlsson, 32, has a cap hit of $11.5 million for five more seasons. Brent Burns, 37, is locked in at $8 million a year for three more seasons. And Marc-Edouard Vlasic, 35, carries a cap hit of $7 million for four more seasons. After averaging a career low 15:13 of ice time last season and putting up just 14 points, Vlasic’s name has been mentioned as a potential contract buyout candidate.
Evander Kane’s status is another piece of unfinished business. In January, while he was with the AHL’s San Jose Barracuda, the Sharks placed Kane on unconditional waivers after an alleged violation of the AHL’s Covid-19 protocols. As an unrestricted free agent, Kane signed a one-year contract worth $1.375 million to play with the Edmonton Oilers for the rest of the year. The 30-year-old had good success on the ice, recording 39 points in 47 regular-season games and adding another 17 points in 15 playoff games, as the Oilers reached the Western Conference Final.
But Kane also filed a grievance against the Sharks for improper termination of his contract, which runs through the 2024-25 season and carries a cap hit of $7 million per year. His hearing began in April but was not concluded, and scheduling challenges make it likely that the situation will not be resolved until after free agency opens on July 13.
If the arbitrator finds in favor of Kane, it’s possible that he could return to the Sharks — and create an even bigger salary-cap headache. It’s also possible that a settlement between the two sides could occur at some point, putting the matter to rest.
On Tuesday, Grier opted not to comment on Kane’s situation, Boughner’s dismissal or any potential player moves or buyouts.
The Sharks hold nine picks in this week’s draft, starting with the No. 11 selection in the first round. | Hockey |
Islanders Star Brock Nelson Pulls Tooth Out After Nasty Hit ... During NHL Game 1/24/2023 7:34 AM PT Maybe hockey players are the toughest athletes. Islanders star Brock Nelson pulled his tooth out on the bench after being inadvertently hit in the mouth with a hockey stick Monday night -- and the scene was ... wild! It happened during the Islanders-Maple Leafs game at Scotiabank Arena, Brock cleared the puck out of the defensive zone when Toronto star William Nylander's stick hit Nelson in the face. The stick got Nelson pretty good ... dropping the former first-round pick and 10-year NFL veteran to the ice, and when he got back to his bench, he realized his tooth was hanging on for dear life. Instead of waiting for his next dentist office visit, Brock took matters into his own hands -- literally -- pulling his tooth out and handing it to the team's trainer. Brock Nelson D.M.D. 🦷 pic.twitter.com/fkMoTWiLGs— Isles on MSGSN (@IslesMSGN) January 24, 2023 @IslesMSGN The craziest part -- Brock sprang up from his seat after the tooth removal and was ready to get back in the game. Different. Obviously, most tooth extractions are done in an office under the care of a dentist, using local anesthesia. But, not Brock Nelson's. Despite the 31-year-old's grit, the Islanders lost the game to the Maple Leafs, 5-2. | Hockey |
Dallas Stars defenseman John Klingberg (3) keeps the puck from Vegas Golden Knights center Jonathan Marchessault (81) during the first period of a game on Tuesday, April 26, 2022, at American Airlines Center in Dallas, TX.(Juan Figueroa / Staff Photographer)FRISCO — When the NHL’s free agency period opens on Wednesday at 11 a.m., the Stars will have the resources to do something. Just not everything.The Stars will be looking for help both on defense and at forward when the market opens as Dallas tries to replace John Klingberg and boost its offense, but it will likely only have cap space for one significant move. Equipped with an estimated $7 million in cap space, the Stars could make one impact move to improve their roster, but probably not two.The most glaring need is for a top-four defenseman. For the second straight summer, the Stars are expected to lose a key contributor on the blue line. In 2021, it was Jamie Oleksiak going to the expansion Kraken. This year, it may be Klingberg finding a more lucrative contract elsewhere.Klingberg and the Stars have been unable to reach an agreement on a contract extension, leading Klingberg to hit the open market on Wednesday with Carolina and Seattle as potential destinations. For the last eight year, Klingberg has been a staple on the Stars defense as one of the best offensive defensemen in the NHL, and an important part of the power play.Without Klingberg, the Stars are left with just one NHL-caliber right-handed defenseman in their organization: Jani Hakanpää. The right-handed options in the free agent market are limited.P.K. Subban will surely take a pay cut after his decline in New Jersey the last three years. Josh Manson will receive interest after winning the Stanley Cup with Colorado. Erik Gudbranson and Justin Schultz shouldn’t receive that much responsibility. Justin Braun and Anton Stralman are both 35 years old.The trade market, however, is much more robust.The Stars have been linked to Canadiens defenseman Jeff Petry (three years left at $6.25 million) and Sharks defenseman Brent Burns (three years left at $8 million). Edmonton’s Tyson Barrie (two years left at $4.5 million) would seem to be a like-for-like replacement for Klingberg.Anaheim’s Kevin Shattenkirk (one year left at $3.9 million) or Minnesota’s Matt Dumba (one year left at $6 million) could be short-term options. Ethan Bear, John Marino and MacKenzie Weegar are young defensemen on cap-strapped teams, though they may not all be available.The contracts of Tyler Myers in Vancouver, Seth Jones in Chicago and Brandon Carlo in Boston should be enough to scare off the Stars.Technically, the Stars and Klingberg could come back together if the market does not materialize for his services.Last year, when the Stars lost Oleksiak, they filled that top-four hole with Ryan Suter. The buyout market lacks such defensemen this summer, and the group of defensemen that were not qualified as restricted free agents lacks any depth.With the Stars’ focus presumably on adding a defenseman, it will be interesting to see what they do at forward.Stars general manager Jim Nill has assembled a strong group of forward prospects on the cusp of making it to the NHL, meaning internal upgrades could be in order. There’s Ty Dellandrea, whose two-way game took a big step forward last season in the AHL. There’s teenagers Wyatt Johnston and Logan Stankoven, who set Canadian junior hockey ablaze last season. There’s Mavrik Bourque, who will turn pro this season after he averaged two points per game in the QMJHL in 2021-22.Still, Nill’s history suggests that there will still be bottom-six forwards on his radar. Last summer, he signed Luke Glendening and Michael Raffl in free agency. Glendening still has one more season left at $1.5 million while Raffl is a free agent again.The Stars made Raffl a contract offer with a modest bump on his $1.1 million salary from last season, but it was not enough to fortify a reunion. Vladislav Namestnikov is also a free agent after arriving in Dallas at the trade deadline from Detroit.Hanging over Wednesday’s activity — however active the Stars are — will be the situations for Jake Oettinger and Jason Robertson. Both are RFAs that are due big raises after their entry-level contracts expired. It’s just not certain how much money they will make. Obviously, the less money they earn, the more money the Stars have to spend.Related:Stars hoping to find potential contributor among top prospects at development campRelated:Stars free agency: What’s on GM Jim Nill’s summer ‘to-do list’ for the NHL offseason?Find more Stars coverage from The Dallas Morning News here.Matthew DeFranks. Matt began covering the Stars for SportsDay in 2018-19, and previously covered the Florida Panthers for the South Florida Sun-Sentinel. He's also covered college football, the Miami Marlins, the Kansas City Royals and the Los Angeles Angels for a variety of outlets. He graduated from the University of Notre [email protected] /mdefranks @MDeFranks Be the smartest Stars fanNews, analysis and opinion about the Dallas Stars delivered FREE to your inbox.By signing up you agree to our privacy policyMost Popular on DallasNews.com123456 | Hockey |
NEWYou can now listen to Fox News articles! The easiest thing for the Florida Panthers this summer would have been to maintain the status quo, especially after posting the NHL’s best record.The Panthers went a different way.Matthew Tkachuk was introduced Monday as the team's newest addition, three days after the Panthers and Calgary completed a trade that sent Jonathan Huberdeau, MacKenzie Weegar, prospect Cole Schwindt and a conditional first-round draft pick to the Flames.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM Matthew Tkachuk #19 of the Calgary Flames celebrates after scoring against the Edmonton Oilers during the third period of Game One of the Second Round of the 2022 Stanley Cup Playoffs at Scotiabank Saddledome on May 18, 2022 in Calgary, Alberta, Canada. (Derek Leung/Getty Images)It was the latest big move for Florida, which earlier this summer hired Paul Maurice to take over for Andrew Brunette — a coach of the year finalist as an interim for the Panthers this past season — and now parts ways with both the franchise’s all-time leading scorer in Huberdeau and a defenseman in Weegar who led the team in skater minutes over the past two seasons."The changes we’ve made were made with the team and organization’s best interest at heart," Panthers general manager Bill Zito said. "And all for different reasons in each instance. In each instance, to be honest, we’ve acquired somebody who’s extraordinary."The Panthers believe extraordinary is the right word for Tkachuk, a 24-year-old coming off his first 100-point season. The organization will never speak in anything but superlatives with regard to Huberdeau — Zito made sure to laud both him and Weegar in his opening remarks Monday — but Tkachuk brings a different style, one that Florida thinks it may have been lacking."I bring a certain swagger," Tkachuk said.He had Florida at the top of his list of preferred destinations when deciding that he wouldn’t sign a long-term extension with Calgary. The Panthers were a top pick for many reasons: young core, the chance to play alongside Florida captain Aleksander Barkov ("top-two player in the NHL, and that’s a fact," Tkachuk said), and even the chance to wear flip-flops to work most days. Matthew Tkachuk #19 of the Calgary Flames in action against the Detroit Red Wings during the third period of an NHL game at Scotiabank Saddledome on March 12, 2022 in Calgary, Alberta, Canada. (Derek Leung/Getty Images)Barkov is under contract for eight years. So is Tkachuk.PANTHERS ACQUIRE MATTHEW TKACHUK IN BLOCKBUSTER TRADE WITH FLAMES"I don’t think it’s a secret that obviously some of the attributes that Matthew brings are areas of the game that we could really use collectively in our group," Zito said. "So, when that materialized as a reality, then rather quickly, we had to decide that this was something to pursue."Tkachuk had career bests of 42 goals, 62 assists and 104 points for Calgary. Huberdeau tied a career best with 30 goals for Florida, plus set marks with 85 assists and 115 points — both of those being franchise records for the Panthers.The trade was agreed to Friday afternoon in principle and was completed late Friday night, leading to some surprise phone calls."It was a big shock for me," Huberdeau said Monday when he and Weegar were introduced by the Flames. "It’s part of life. Now we have to go forward."Weegar had similar emotions: "I get the part of the hockey business and that side of it." Calgary Flames Right Wing Matthew Tkachuk (19) gets pulled out of scrum action in the first period during the Edmonton Oilers versus the Calgary Flames in the Stanley Cup playoffs round 2, game 4 on May 24, 2022 at Rogers Place in Edmonton, AB. (Curtis Comeau/Icon Sportswire via Getty Images)Zito said the Panthers clearly understood that they had to give something — a lot, in this case — to get something. Tkachuk is five years younger than Huberdeau, which made some sense from planning out where the franchise will be years down the line.CLICK HERE TO GET THE FOX NEWS APPAnd he immediately began making fans in Florida. With Calgary, Tkachuk embraced an all-Alberta rivalry with Edmonton. Now with the Panthers, he becomes rivals with the Tampa Bay Lightning, the team that swept Florida from the second round."I hate Edmonton," Tkachuk said. "But I hate Tampa more now." | Hockey |
Stars head coach Peter DeBoer watches game action alongside assistant coach Steve Spott during a San Jose Sharks NHL preseason hockey game on Friday, Sept. 25, 2015, in San Jose, Calif.(Marcio Jose Sanchez / AP)The Stars announced the hiring of two assistant coaches on Friday, joining Pete DeBoer’s first coaching staff in Dallas.Steve Spott and Alain Nasreddine will be key members of DeBoer’s staff, with Spott most likely handling the power play and Nasreddine probably taking control of the defensemen and the penalty kill.Spott is a longtime assistant of DeBoer, serving under him for 11 years in Plymouth and Kitchener of the OHL, and then the last seven years in the NHL with San Jose and Vegas. Spott also succeeded DeBoer in Kitchener when DeBoer landed his first NHL coaching job in Florida in 2008, and briefly was the head coach of Toronto in the AHL.Nasreddine spent the last seven seasons in New Jersey, mostly as an assistant coach, but he was also the interim head coach during the 2019-20 season. Nasreddine’s time with the Devils did not overlap with DeBoer’s tenure in New Jersey.Spott and Nasreddine join goaltending coach Jeff Reese and video coach Kelly Forbes on the Stars coaching staff. Dallas could still fill one more assistant coach position after letting go of John Stevens, Derek Laxdal and Todd Nelson earlier this summer.According to the Stars website, there are other staffing changes to the organization’s coaching staff and front office that have not yet been officially announced.Matt Rodell will move from his role as the assistant video coach to the director of hockey analytics. Brad Behan will serve as the hockey analytics coordinator. Patrick Dolan will become the assistant video coach after previously serving as the video coach for AHL affiliate Texas.Rodell and Behan’s roles help beef up an internal analytics staff that did not have any staffers fully devoted to analytics. Mark Janko (assistant general manager), Steven Greeley (director of hockey strategy/scouting and development), Alex Lepore and Sam Lites (hockey analytics coordinators/professional scouts) each has other duties in addition to analytics.As far as the on-ice changes go, Spott’s arrival is not a surprise given his past with DeBoer. But the two come into Dallas after failing to jumpstart the power play in Vegas.Since DeBoer and Spott arrived in Vegas in Jan. 2022, the Golden Knights ranked 21st in the NHL in power play percentage, scoring on just 18.6% of man-advantages. In San Jose, the Sharks were seventh (20.5%) on the power play under Spott and DeBoer.Spott will have a few questions to answer when it comes to the Stars power play.Is Miro Heiskanen the easy answer to replace John Klingberg on the top power play unit? How does he want to use Ryan Suter or Thomas Harley? Can he help Denis Gurianov rediscover his one-timer? Is there an opportunity for a prospect to earn power play time?Nasreddine helped the Devils’ penalty kill become one of the best parts of their team game, as the penalty kill ranked 10th since the start of the 2015 season. New Jersey was the only team with a sub-.500 record with a penalty kill ranked in the top 20 in the NHL across the last seven seasons.Familiar faces: Two former Stars head coaches have found head coaching jobs elsewhere.The Bruins announced the hiring of Jim Montgomery on Friday afternoon. Montgomery spent parts of two seasons in Dallas (2018-19) before he was fired in Dec. 2019 for unprofessional conduct.The Jets are hiring Rick Bowness, according to multiple reports. Bowness was the Stars’ most recent coach, taking over after Montgomery’s firing and then serving as the head coach through the 2021-22 season.Related:Stars announce two-year contract extension with goaltender Scott WedgewoodFind more Stars coverage from The Dallas Morning News here.Matthew DeFranks. Matt began covering the Stars for SportsDay in 2018-19, and previously covered the Florida Panthers for the South Florida Sun-Sentinel. He's also covered college football, the Miami Marlins, the Kansas City Royals and the Los Angeles Angels for a variety of outlets. He graduated from the University of Notre [email protected] /mdefranks @MDeFranks Be the smartest Stars fanNews, analysis and opinion about the Dallas Stars delivered FREE to your inbox.By signing up you agree to our privacy policyMost Popular on DallasNews.com123456 | Hockey |
Tim Maher and his family have plans to attend the 2023 NHL Winter Classic between the Boston Bruins and Pittsburgh Penguins at Fenway Park Jan. 2. When his Southwest Airlines flight from Phoenix continued to be delayed, Maher didn’t panic. Instead, he and his family sprung to action and did something not many would do. He rented a car, and now he and his family are driving from Phoenix to Boston, a 39-hour trek, to fulfill his 17-year-old son’s wish of going to the Winter Classic.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM The 2023 Discover NHL Winter Classic build-out continues at Fenway Park Dec. 27, 2022 in Boston. (Brian Babineau/NHLI via Getty Images)"He said, ‘The one gift I want is I want to go back to Boston for the Classic,'" Maher, who bought tickets for the entire family, told WCVB-TV Boston.Not many would make this their Plan B, but the Maher family doesn’t have to rush it to Boston. The game takes place Jan. 2, which gives them enough time to drive there. NHL OFFICIAL SHOVES LEAFS' MICHAEL BUNTING OFF THE ICE AFTER SCRUM: ‘WHAT THE F--- ARE YOU DOING?’The Maher family sat on the Phoenix Sky Harbor airport floor listening to announcements that their flight was repeatedly delayed. "I said, ‘It’s not happening. Like, nothing’s happening,'" Maher said. The 2023 Discover NHL Winter Classic build-out continues at Fenway Park Dec. 27, 2022 in Boston. (Brian Babineau/NHLI via Getty Images)So they hit the Enterprise lot, returned home with a rental car, caught a few hours of sleep and packed extra clothes before making their journey east.RISING HOCKEY STAR PLAYING IN CANADA DEAD AT 18, LEAGUE SAYSThe Maher family is surely in for a good game. The Bruins own the best record in the NHL, and the Penguins, at 19-9-5, are right in the playoff race and have won eight of their last 10 games entering Tuesday. It's the second time the Classic will be played at Fenway Park. The Bruins defeated the Philadelphia Flyers in 2010 at the famous ballpark. The 2023 Discover NHL Winter Classic build-out continues at Fenway Park Dec. 27, 2022, in Boston. (Brian Babineau/NHLI via Getty Images)CLICK HERE TO GET THE FOX NEWS APPSafe travels to Beantown. Scott Thompson is a sports writer for Fox News Digital. | Hockey |
After Florida Gov. Ron DeSantis' office blasted the National Hockey League for hosting a "discriminatory" job fair that only allows certain groups of people to attend, the league backtracked and said the event is open to all individuals over 18-years-old.The event, titled "Pathway to Hockey Summit" is scheduled for on Feb. 2 during the 2023 All Star Festivities in Fort Lauderdale, Florida, and seeks to help "diverse job seekers who are pursuing careers in hockey."According to a now-deleted post by the NHL promoting the event on LinkedIn, the event is only open to certain groups of people."Participants must be 18 years of age or older, based in the U.S., and identify as female, Black, Asian/Pacific Islander, Hispanic/Latino, Indigenous, LGBTQIA+, and/or a person with a disability. Veterans are also welcome and encouraged to attend," the event description states. NHL COACH BANS IPADS FROM BENCH: 'IT IS A MAJOR PROBLEM' Florida Gov. Ron DeSantis campaigns alongside New York Republican gubernatorial hopeful, Rep. Lee Zeldin (R-NY) at a Get Out The Vote Rally on October 29, 2022 in Hauppauge, New York (Photo by David Dee Delgado/Getty Images)In a statement, Bryan Griffin, press secretary for DeSantis, said that the event is discriminatory."Discrimination of any sort is not welcome in the state of Florida, and we do not abide by the woke notion that discrimination should be overlooked if applied in a politically popular manner or against a politically unpopular demographic. We are fighting all discrimination in our schools and our workplaces, and we will fight it in publicly accessible places of meeting or activity," Griffin said.DAMAR HAMLIN MAKES FIRST PUBLIC COMMENTS SINCE CARDIAC ARREST: 'THE LOVE HAS BEEN OVERWHELMING' TAMPA, FL - NOVEMBER 08: Florida Gov. Ron DeSantis gives a victory speech after defeating Democratic gubernatorial candidate Rep. Charlie Crist during his election night watch party at the Tampa Convention Center on November 8, 2022 in Tampa, Florida. (Octavio Jones/Getty Images)Griffin also said that the NHL should "immediately remove and denounce the discriminatory prohibitions it has imposed on attendance to the 2023 ‘Pathway to Hockey’ summit."In a statement to Fox News Digital, the NHL said the "original wording of the LinkedIn post associated with the event was not accurate.""The Pathway to Hockey Summit is an informational and networking event designed to encourage all individuals to consider a career in our game – and, in particular, alert those who might not be familiar with hockey to the opportunities it offers," the NHL spokesperson said.The NHL deleted the event posting from its LinkedIn account on Friday night.In a further clarification, the spokesperson said the event is open to anyone ages 18 and older.Several hockey teams are sending representatives to the event, including the Florida Panthers, Tampa Bay Lightning, San Jose Sharks, Chicago Blackhawks, Pittsburgh Penguins, Anaheim Ducks, Nashville Predators, Seattle Kraken, Washington Capitals, and the Carolina Hurricanes.CLICK HERE TO GET THE FOX NEWS APP Victor Rask #49 of the Seattle Kraken skates during warmups before a game against the Winnipeg Jets at Canada Life Centre on May 01, 2022 in Winnipeg, Manitoba. (Photo by Christopher Mast/NHLI via Getty Images)"The day will be filled with guest speakers and panelists, networking opportunities, and more!," the post says of the event. Adam Sabes is a writer for Fox News Digital. Story tips can be sent to [email protected] and on Twitter @asabes10. | Hockey |
The San Jose Sharks lost all three games they played this season against the Stanley Cup-champion Colorado Avalanche, allowing 15 goals and scoring just seven in the process.
In fact, the Sharks didn’t win a single game against any of the four teams that made the conference finals, going a combined 0-8-3 against the Avalanche, Edmonton Oilers, Tampa Bay Lightning and New York Rangers.
In other words, there’s some work to do before the Sharks can call themselves legitimate playoff contenders again.
That’s what the next few weeks are for. Through potential trades and other personnel moves, the NHL Draft, free agency, and the critical matter of hiring the correct person to be the next full-time general manager, the Sharks at least have a chance in July to make changes and address needs before the start of next season.
It’s where the rubber meets the road.
Here’s what the next month looks like:
FIRST BUYOUT PERIOD (July 1-12): Will the Sharks buy out the final four years of defenseman Marc-Edouard Vlasic’s eight-year, $56 million contract?
Vlasic said after the season he wasn’t concerned about a buyout, and interim GM Joe Will said in early May that he remains a big believer in the 35-year-old defenseman. Still, Vlasic’s ice time under coach Bob Boughner dropped dramatically the past two seasons, going from 20:18 per game in 2019-2020 to 15:13 this past season. His third-pairing usage has not been commensurate with his salary. With a buyout, the Sharks, per CapFriendly, would save a combined $8.8 million over the next two seasons, money they could put toward acquiring some scoring depth. But his departure would still leave a void, especially if Radim Simek’s days in San Jose are also numbered.
Without Vlasic or Simek, San Jose’s left shot depth chart on defense would include Mario Ferraro, Jaycob Megna, Nikolai Knyzhov, Santeri Hatakka, Nick Cicek, Brinson Pasichnuk, and Artemi Kniazev. That’s a pretty young group.
NHL DRAFT (July 7-8): For the first time in three years, all NHL general managers will be on the same draft floor. Will that lead to a few more trades than usual with everyone at the Bell Centre in Montreal? Maybe.
Will said last month he’s open to listening on most anything, including proposed trades for either Erik Karlsson or Brent Burns. “I think if you want to get better,” Will said, “you have to discuss it.”
Will said the Sharks wouldn’t necessarily have to wait before a new general manager is hired to make a big move. With the possibility of the Sharks also trading one of their three goalies, it could be an interesting couple of days.
Of course, the Sharks also have to make the right choice with the 11th overall pick, their second straight lottery choice. Wingers Danila Yurov and Jonathan Lekkerimaki have been mentioned as possibilities at No. 11, so have forwards Connor Geekie and Brad Lambert.
SAN JOSE, CALIFORNIA – APRIL 26: San Jose Sharks’ Timo Meier (28) waits for a face-off against the Anaheim Ducks in the first period at the SAP Center in San Jose, Calif., on Tuesday, April 26, 2022. (Nhat V. Meyer/Bay Area News Group)
FREE AGENCY (July 13): The Sharks in free agency last year signed forwards Nick Bonino and Andrew Cogliano and goalie James Reimer, all respected veterans.
What the Sharks didn’t do was address their scoring woes. With Evander Kane during the shortened 2020-2021 season, they averaged 2.61 goals per game, which ranked 25th in the NHL. Without him, that number fell to 2.57, which ranked 30th. This season, San Jose was the worst team in the league in 5-on-5 scoring with just 142 goals in 82 games.
Although the Sharks have high hopes for both William Eklund and Thomas Bordeleau, and players like Noah Gregor and Rudolfs Balcers finished the season strong, they still do not have enough proven goal scorers behind Timo Meier, Tomas Hertl, and Logan Couture.
Despite the glaring need, the Sharks may be wary about spending big money to acquire a top-six forward.
The NHL’s salary cap is expected to stay relatively flat for the next two years and Meier is going to need a new contract after next season. His deal could make him the highest-paid forward on the team, north of the $8.137 million Hertl will earn each of the next eight years.
There’s also uncertainty about the outcome of the NHLPA’s grievance, on behalf of Kane, against the Sharks. As of Tuesday, no date had been set for the resumption of the hearing, and as NHL Deputy Commissioner Bill Daly noted earlier this month, an outcome might not be known until after July 13.
If there’s a chance that part or all of Kane’s salary comes back on the Sharks’ salary cap ledger, could that put a crimp in the Sharks’ spending plans? Tough to say, but the Sharks felt they had sufficient grounds to terminate Kane’s contract in January, a belief that was shared by the NHL. THE NEW GM (July or August): The Sharks are willing to hire someone who has not been a full-time general manager in the NHL before. If that person is in place by the end of July, will he or she shake things up right away, or look to get a better feel for the organization before making any drastic moves?
For instance, will the new GM fire Bob Boughner and look to install his or her own coach? Is there time to make such a big move before the start of training camp in September? How many trades might that person make? Will the scouting staff or other parts of hockey operations be changed?
It’s going to be an interesting, perhaps even transformative, month of July. | Hockey |
November 23, 2022 10:43 AM The National Hockey League is getting dragged through the mud on social media after declaring that "trans women are women" on Tuesday. The NHL Twitter account posted after a user bashed the league's support of the Team Trans Draft Tournament in Middleton, Wisconsin. WOMAN WHO MURDERED PREGNANT VICTIM TO STEAL UNBORN CHILD GETS DEATH PENALTY The tournament was the first of its kind, and all 80 participants identified as either transgender or nonbinary, according to the NHL. "So, men playing on [a women's] team?" one user tweeted at the NHL. Trans women are women. Trans men are men. Nonbinary identity is real.— NHL (@NHL) November 22, 2022 "Trans women are women. Trans men are men. Nonbinary identity is real," the league fired back. Social media exploded in the wake of the comment. "Amazing to watch sports leagues that rely on extraordinary performance by biological men (as well as the viewership of disproportionately male audiences) parrot the idiotic anti-biological garbage of the woke coterie," Ben Shapiro tweeted. If this is true, why aren't there any trans men in the NHL? They're real men, after all. Must be terrible and vicious discrimination.— Ben Shapiro (@benshapiro) November 22, 2022 "If this is true, why aren't there any trans men in the NHL? They're real men, after all. Must be terrible and vicious discrimination." "Wonder who is at the controls of the ol @NHL Twitter account this holiday week?" one Twitter user asked. "Tweeting about trans hockey players then turning off the ability for its fans to comment because legitimate questions are being asked. Nice work, NHL social media team." Wonder who is at the controls of the ol @NHL Twitter account this holiday week?Tweeting about trans hockey players then turning off the ability for its fans to comment because legitimate questions are being asked.Nice work, NHL social media team.👍 pic.twitter.com/wZFZ5GnmUG— Keith Malinak AtTheMicShow.com (@KeithMalinak) November 22, 2022 "Not hockey too.... Canada is definitely doomed :)" Jordan Peterson posted. "Would you like some non-sensical horse puckey with your professional ice sport? NHL was getting ratioed for its denial of reality so it is no longer allowing responses," Mollie Hemingway tweeted. Would you like some non-sensical horse puckey with your professional ice sport? NHL was getting ratioed for its denial of reality so it is no longer allowing responses. https://t.co/sKznQ5ol7d— Mollie (@MZHemingway) November 22, 2022 CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER "The NHL becomes the latest organization to totally debase itself for the sake of pandering to people who aren't their customers and never will be," Matt Walsh chimed in. The NHL becomes the latest organization to totally debase itself for the sake of pandering to people who aren't their customers and never will be https://t.co/1H7G9d7Rj6— Matt Walsh (@MattWalshBlog) November 22, 2022 | Hockey |
Danielle Marmer is the first woman to hold an on-ice role with the Bruins. She is certain she won’t be the last.Appointed this week to the role of player development and scouting assistant, Marmer is assigned to help player development coordinator Adam McQuaid evaluate and support prospects throughout the Bruins’ system.Marmer spent the last nine months in the Bruins’ Diversity and Inclusion Scouting Mentorship program, a league-wide initiative that selected a dozen candidates to work with members of hockey operations staffs.“I envisioned it as being an opportunity to work on my ability to evaluate players, but I had no intention of trying to get in with the Bruins,” said Marmer, who worked with amateur scouting director Ryan Nadeau during her internship.She was tasked with evaluating a select group of players, both pros and amateurs, and reporting back. The Bruins are keeping an open mind about her role this season.Get Sports HeadlinesThe Globe's most recent sports headlines delivered to your inbox every morning.“I like to let players sort of come to me,” Marmer said of her scouting method. “So whatever their strengths are, I try to let that come through first. I appreciate skating, good skaters, so that’s probably the first thing I’m looking for. After that, aside from compete and work ethic, it’s the strengths of the players that stand out.”The Bruins are keeping an open mind about what Marmer's role might look like.Jonathan Wiggs/Globe StaffAsked to name prospects who stood out to her, Marmer pointed to Matthew Poitras, John Beecher, and Ty Gallagher. She added that it’s her first week seeing them live. “I’m going to leave some of that assessment to Jamie [Langenbrunner] and Adam and some of the guys upstairs — for now.”Marmer’s hire comes as NHL teams are diversifying. Two years ago, when the Miami Marlins made Kim Ng the first female general manager in baseball history, there were 10 female assistant coaches in the NBA, and hockey had never had a woman in a managerial or coaching position, or directors of player personnel.There are now five female assistant GMs in the league, including recently hired Northeastern product Kate Madigan (New Jersey). Danvers native Meghan Duggan is the Devils’ director of player development. Boston University grad Karilyn Pilch is the Blackhawks’ director of player personnel. Hayley Moore, of Wakefield, is the AHL’s vice president of hockey operations.“It’s an honor to work for the Bruins, regardless of gender,” Marmer said. “Luckily I’m not a trailblazer. There are a lot of women right now in leadership roles in the NHL and other development roles. I like to think of myself as a reinforcer, just that that’s going to continue. I definitely won’t be the last.”The Bruins have had women on staff before, but they’ve held roles in the team services, training, business, marketing or public relations departments. Never had they hired a female caretaker of hockey talent.“I think it’s great to open it up, there’s no question,” team president Cam Neely said. “I mean, there’s a lot of smart hockey people that are playing women’s hockey and involved with women’s hockey. It’s something that [GM] Don [Sweeney] and I have talked about extensively. You obviously want to hire the right people.”Marmer, a native of Dorset, Vt., joked that her lack of grace on skates as a toddler saw her “quickly” pushed from figure skating to hockey. The switch paid off. She was a forward for Quinnipiac from 2013-17 and won an ECAC title with the Bobcats in 2016, when the club set a program record by going 30-3-5. Marmer finished her career with 2-13—15 totals in 132 games.After graduating in 2017 with a bachelor’s degree in legal studies and master’s in strategic communication, Marmer spent two seasons as an assistant for Connecticut College’s women’s team. Before joining the Bruins, she was Quinnipiac women’s director of player development and operations since 2019.“You know, we didn’t do something reactionary, we did something because we wanted to,” Sweeney said. “We just felt that [Marmer] was a terrific fit for where we wanted to go in the directive and the things that she had been doing at Quinnipiac, and what she could apply to our hockey operations, and we’ll continue to do that.”Matt Porter can be reached at [email protected]. Follow him on Twitter: @mattyports. | Hockey |
CNN — Hockey Canada, the national governing body for the sport, announced drastic changes to the organization’s leadership Tuesday as CEO Scott Smith will leave immediately and the board of directors also will be stepping down. An interim management committee will be put in place until a new board appoints a replacement CEO, Hockey Canada said in a statement. The moves are being made in recognition of “the urgent need for new leadership and perspectives,” Hockey Canada’s statement reads. “Pursuant to Hockey Canada’s By-Laws, the Board will ask its Members to select a new slate of directors by no later than the forthcoming virtual election scheduled for December 17, 2022.” The shakeup comes in the midst of several scandals, including an ongoing investigation into Hockey Canada’s lack of action following the alleged sexual assault of a woman in London, Ontario, by members of the Canadian world junior team in 2018. Canadian broadcaster TSN reported in May the governing body settled a lawsuit filed by the woman against Hockey Canada, the players and the Canadian Hockey League. The Globe and Mail newspaper of Toronto later reported the organization used money from the organization’s National Equity Fund, which is maintained in part by player registration fees, to settle abuse claims. In June, the Canadian government announced it was freezing federal, public funding for Hockey Canada until the organization had submitted the complete results of the original investigation and plans for implementing change within Hockey Canada. Minister of Sport Pascale St-Onge said, “This is about changing a deeply entrenched culture, it’s not about simple Band-Aid solutions.” The next month, the governing body acknowledged that the handling of the situation was “not perfect” and it had not done enough following the 2018 alleged sexual assault. “We know you are angry and disappointed in Hockey Canada – rightfully so,” the organization wrote in an open letter this summer. “We know we have not done enough to address the actions of some members of the 2018 National Junior Team, or to end the culture of toxic behavior within our game. For that we unreservedly apologize.” A week later, Hockey Canada said that it would conduct a full governance review overseen by an independent third party. The organization also announced that it would no longer use the National Equity Fund to settle sexual assault claims. Hockey Canada’s current board will continue to fulfill its fiduciary duties until the new board is elected, the Tuesday statement read. | Hockey |
Published November 12, 2022 12:44PM Updated 6:46PM article DALLAS, TX - NOVEMBER 11: Dallas Stars center Joe Pavelski (16) scores a goal against San Jose Sharks goaltender James Reimer (47) during the game between the Dallas Stars and the San Jose Sharks on November 11, 2022 at American Airlines Center in Da Tomas Hertl scored early in the third period to help San Jose build a big lead, and the Sharks held on to beat the Dallas Stars 5-4 on Friday night to snap a five-game losing streak. Alexander Barabanov, Logan Couture, Timo Meier and Hertl each had a goal and an assist, and Evgeny Svechnikov also scored to help the Sharks get their first win since Oct. 27 and only their fourth in 16 games. James Reimer had 25 saves to end a personal four-game losing streak. "We’re slowly learning what it takes to win hockey games," said first-year Sharks coach David Quinn, who recorded his 100th NHL victory. "We’re still fragile from the last two weeks with the losing we’ve done and the way we’ve done it, but we took a step forward tonight." MORE: Dallas Stars News Couture also had a second-period fighting penalty with Jamie Benn, giving him a Gordie Howe hat trick. It was his fourth fight in 14 NHL seasons. "It just happened," Couture said. "I hit a guy good, and Jamie came over and grabbed me right away." Benn scored twice in the first period and Roope Hintz and Joe Pavelski also scored for the Stars. Jason Robertson had two assists. Jake Oettinger gave up all five goals on 18 shots after coming in leading the NHL in goals-against average (1.40) and save percentage (.952). He allowed more than two goals for the first time this season in his return after missing four games with a lower body injury. "There’s no easing into it in this league, and I was hoping for better tonight," said Oettinger, who played two seasons for Quinn at Boston University. The Sharks were 0-2-3 in their previous five games, including losing 5-3 Thursday night at St. Louis. The Stars have lost two straight, matching their longest losing streak of the season. The Sharks broke a 2-2 tie with two goals in the first 65 seconds of the second period. Meier whistled a wrist shot off the far post only 29 seconds in, extending his goal-scoring streak to five games. Just 36 seconds later, Couture scored from just inside the right circle to make it 4-2. The Stars had a goal disallowed when a video review showed Tyler Seguin's shot caromed off Reimer's stick and off the bottom of the crossbar. The Sharks scored at the 29-second mark again in the third period when Hertl corralled a rolling puck near the crease and netted a backhander for a three-goal lead. Hintz hit from the right dot 6:18 into the third to pull Dallas back within two goals, and Pavelski’s rebound goal while falling forward made it 5-4 at 12:06. Hintz has a seven-game points streak. Benn started the scoring in the first period as he skated in from center-ice on a 2-on-1, kept possession and wristed from the left circle under Reimer’s glove for the game’s first goal at 4:42. The Sharks tied it on Barabanov’s first goal of the season 10 seconds into a power play at 6:13. Svechnikov gave San Jose a 2-1 lead with 7:42 remaining when he beat Oettinger stick side after Dallas committed a neutral-ice turnover. Benn tied the score 2-2 with 20.4 seconds left, going top shelf over the glove again. He has six goals in his last four games after going goalless in the first 10 games. NOTES Robertson had a six-game goal streak snapped, handing the active lead to Meier at five games. ... Dallas allowed five goals for the second straight game after allowing 2.17 through its first 12. ... Pavelski, 38, played in his 1,182nd regular-season game, putting him in 18th place among U.S.-born skaters. ... Dallas has scored first in 12 of 14 games, dropping to 7-4-1 in those games. ... Stars F Matej Blumel made his NHL debut with F Denis Gurianov sidelined by an upper body injury. UP NEXT Sharks: At Minnesota on Sunday night in the third of a four-game trip. Stars: At Philadelphia on Sunday to open a three-game trip. | Hockey |
October 28, 2022 02:37 AM Living in the era of diversity, equity, and inclusion, it seems every ethnic group has a celebratory month nowadays. As such, October is traditionally recognized as the month to celebrate Americans of Italian descent. Yet, one would never know this by the reaction from our country's companies and large corporations. While they typically go all-out to celebrate other cultural months, they largely ignored Italians and October. It wasn't very diverse or inclusive of them. However, their slight did raise the question, why did major corporations ignore Italian American Heritage and Culture Month? BIDEN IGNORES ITALIAN-AMERICAN HERITAGE MONTH Consider professional sports leagues. The National Football League routinely honors cultural heritage months. Look no further than this past year. Anyone can see that the NFL celebrated Asian American and Pacific Islanders Heritage Month, Hispanic Heritage Month, and Black History Month. Major League Baseball, the National Basketball Association, and the National Hockey League also ignored Italian American Heritage and Culture Month. However, they all made sure to honor the aforementioned ethnic groups. Yet such acknowledgments did not happen for Italian Americans. Why? Do not professional sports leagues in this country care about Italian Americans? Judging by the snubs, the answer is no. The "Hardcore Italians" blog was one of the only websites to acknowledge this snub and highlighted the streaming platform Hulu (owned by Disney) as another example of a large corporation that ignored Italian Americans' culture month. "Each year, Hulu takes the time to honor certain ethnic groups via social media, but their efforts to acknowledge the culture being celebrated do not stop there," the blog claimed. Regarding Hispanic Heritage month, Hulu "took the time to aggregate content that features Hispanic actors, stories, and language into an easily accessible location on their service for users to enjoy." Hulu also launched an "Acentos Bienvenidos" marketing campaign. Yet, like the NBA, NHL, MLB, and NFL, Hulu rebuffed Italian American Heritage and Culture Month. "It is troubling to me that the vast majority of well-known businesses take it upon themselves to pick and choose which ethnicities are worthy of celebration, and that Italian Heritage is somehow always the odd one out," claimed an Instagram account dedicated to anti-Italian discrimination. And these are just some examples. A brief look at nearly every major company in the country will show the same disappointing pattern of neglecting Italian American Heritage and Culture Month. There seems to be widespread neglect when celebrating people of European descent. The Left claim it yearns for things such as "diversity" and "inclusion" under the guise of social justice. Yet, in reality, its actions prove the exact opposite. It only includes people whose ancestors do not come from Europe. It's indicative of the Left's falsehoods, hypocrisy, and cultural indoctrination. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER "If the goal is to uplift communities that have faced historical hardships, Italians certainly qualify. From lynchings to internment during World War II, there is a wide array of injustices that have endured in this country," the Instagram account claimed. "For major corporations to ignore this history is not only irresponsible but actively goes against their rationale for celebrating heritage months of different ethnic groups in the first place." Let's start celebrating real diversity and have real inclusion — not just those who the Left wishes to exploit for political gain. It's not that hard to treat all races and ethnic groups equally with dignity and respect. We can start by demanding corporations show the same respect for Italian American Heritage and Culture Month as they do every other month that honors a specific ethnic group. | Hockey |
MONTREAL (AP) — Rather than tip his hand on who the Montreal Canadiens plan to select with the first pick in the NHL draft, general manager Kent Hughes joked they’ll end up with all three of Shane Wright, Juraj Slafkovsky and Logan Cooley.If the Canadiens want to make a splash, they could end up with two of them.There’s uncertainly surrounding who’s going No. 1 for the first time in nearly a decade, when the Colorado Avalanche chose Nathan MacKinnon in 2013. In the aftermath of MacKinnon leading the Avalanche to the Stanley Cup, the Canadiens are confronted with a potentially franchise-changing decision in their first time picking first in 42 years and as the hosts of the draft that begins Thursday in Montreal.“If there was any one player with a perfect track record, it would be a pretty simple decision and we probably would have already declared what we were going to do,” Hughes said Wednesday. “Everything we can know, whether it’s Shane or Logan or Juraj, we want to know to what extent they will be able to live with the pressure of playing in Montreal.”Wright for years has been playing with pressure, in the microscope in the Ontario Hockey League as the long-projected top pick in this draft. He put up 94 points in 63 games of junior hockey this past season.The Canadian center believes he’s NHL-ready and wants the pressure of getting picked first overall by the Canadiens at Bell Centre 51 years after they selected Guy LaFleur in the same slot.“I’m competitive,” Wright said. “I always want to be first, I always want to be the best. I think no matter what position you’re in, no matter where you’re ranked, it’s always your goal and you always want to be first. You want to be that first guy chosen and that’s always been my mindset.”Dan Marr, head of NHL Central Scouting, has said Wright and Slafkosky, a big forward from Slovakia, are the most likely prospects to play in the league next season. Slafkovsky has drawn comparisons to late Hall of Famer Clark Gillies and was named most outstanding player at the Olympics after scoring seven goals in seven games.Slafkovsky repeated Wednesday he would be good fit on left wing with Montreal centers Nick Suzuki and Cole Caufield. Asked if the Canadiens were going to take him, the charismatic 18-year-old responded: “I don’t know. You need to ask them.”Because Hughes isn’t telling, the teams with the next few picks have to get ready for multiple scenarios. The New Jersey Devils took a significant amount of calls about trading the second pick, but they’re prepared to make it depending on what Montreal does before them.“We’ve got it mapped out,” GM Tom Fitzgerald said. “At the end of the day, Montreal’s going to pick a player and then we’re going to have a decision to make.”The Arizona Coyotes pick third, the Seattle Kraken fourth and Philadelphia Flyers fifth. Arizona may have a tough choice between Cooley, an American center from Pittsburgh, and Cutter Gauthier, who grew up in the Phoenix area.The dominos beginning with the top pick could take the draft in many different directions.“Obviously we’ll cross four names off before we call a name, assuming we stay at 5,” Flyers GM Chuck Fletcher said. “I can see scenarios when nearly every player there could be available at 5.”There’s also a scenario in which the Devils could do something surprising, given Czech defenseman David Jiricek and Slafkovsky Olympic teammate Simon Nemec are also in the top tier of available prospects. Much like nine years ago when long-projected top pick Seth Jones fell to four, that could happen to Wright.Or Wright could go first, like most in hockey have been expecting for some time.“There’s no clear-cut No. 1,” Fitzgerald said. “The majority of years you’ve had someone, so that’s why it’s unique. They’re all really good players, a lot of different positions. But they all may end up being the same at the end of the day with all having similar ceilings in our opinion.”___AP Hockey Writer John Wawrow contributed to this report.___Follow AP Hockey Writer Stephen Whyno on Twitter at https://twitter.com/SWhyno___More AP NHL: https://apnews.com/hub/NHL and https://twitter.com/AP_Sports | Hockey |
Philadelphia Flyers’ Ivan Provorov plays during an NHL hockey game, Thursday, Oct. 13, 2022, in Philadelphia. (AP Photo/Matt Slocum) Philadelphia Flyers head coach John Tortorella on Thursday defended defenseman Ivan Provorov’s decision not to wear a rainbow jersey during warm-ups for the team’s Pride Night earlier this week. “As I said, Provy did nothing wrong,” Tortorella said at a press conference. “Just because you don’t agree with his decision doesn’t mean he did anything wrong.” Provorov, who is Russian Orthodox, cited his religious beliefs as the reason for his decision not to wear the pride jersey on Tuesday night. “I respect everybody, and I respect everybody’s choices. My choice is to stay true to myself and my religion,” he said in the Flyers’ locker room after the game. “That’s all I’m going to say.” Tortorella compared the situation to 2016, when players in various American sports followed Colin Kaepernick’s lead and chose to sit or kneel during the national anthem in protest of police brutality and racial injustice. “They asked me if a player sits, what would you do? And what did I say? I said ‘the player would sit the rest of the game,’” Tortorella said, referring to a controversial statement he made in 2016. However, Tortorella has since reversed his hard-line stance on the issue. “I was wrong. I learned a lot through that experience,” he said at Thursday’s press conference. “My feelings towards any type of protest to the flag during the anthem, it disgusts me. To this day, it disgusts me. It shouldn’t be done.” However, he continued, “Those are my feelings. I can’t push those feelings onto someone else. So, I was wrong in saying that back then.” | Hockey |
Jun 26, 2022; Tampa, Florida, USA; The Colorado Avalanche pose for a photo after defeating the Tampa Bay Lightning to win the Stanley Cup in game six of the 2022 Stanley Cup Final at Amalie Arena. Mandatory Credit: Mark J. Rebilas-USA TODAY SportsRegister now for FREE unlimited access to Reuters.comJune 27 - The Colorado Avalanche are atop the mountain in the NHL for the third time in franchise history.Artturi Lehkonen scored the go-ahead goal with 7:32 remaining in the second period to lift the Avalanche to a 2-1 victory over the host Tampa Bay Lightning in Game 6 of the Stanley Cup Final on Sunday.Colorado, which also won the title in 1996 and 2001, denied Tampa Bay's bid of completing a three-peat as Stanley Cup champion.Register now for FREE unlimited access to Reuters.comNathan MacKinnon collected a goal and an assist and Darcy Kuemper made 22 saves for the Avalanche, who set a franchise record with nine road wins in a playoff year. Six clubs share the NHL record of 10 road victories."Disbelief. It's crazy," MacKinnon said. "I can't wait to hug my family. Geez, it's hard to describe. I didn't really know what it would feel like to actually win it, but just seeing all these warriors battle, it just feels unbelievable. Words can't describe how I feel right now."Reigning Norris Trophy recipient Cale Makar (eight goals, 21 assists) was named the Conn Smythe Trophy winner as the MVP of the playoffs. Makar, 23, is the third defenseman to win both trophies in the same year, joining Hockey Hall of Famers Bobby Orr (1970, 1972) and Nicklas Lidstrom (2002)."It's just been building over time," Makar told ESPN of his team's ascent. "For us, I've been here only three years, a couple tough exits in the playoffs. It was just all leading up to this."Captain Gabriel Landeskog was succinct when asked by ESPN how teams can mimic what Colorado achieved."Find a Cale Makar somewhere," Landeskog said.Captain Steven Stamkos scored and Andrei Vasilevskiy turned aside 28 shots for the Lightning, who were trying to become the seventh team to force a Game 7 after trailing 3-1 in a best-of-seven Cup final."I'm just sick to my stomach for some of these guys," Stamkos said. "Some guys didn't get a chance to win with us the past couple of years. And when they signed with us, we told them, we're gonna make a run and we come up short. It's a gut punch."Tampa Bay coach Jon Cooper applauded his team for its run of excellence over the last few seasons."They've thrilled hockey fans in this city for three years now," he said. "To sit here and think the last playoff series we lost was Columbus in 2019, you've gotta tip your hat to the guys in that room."Lehkonen, who hit the post late in the first period, gave Colorado a 2-1 lead with 7:32 remaining in the second. The puck banked off the leg of Tampa Bay defenseman Zach Bogosian and right to Lehkonen, who sent a shot over the glove of Vasilevskiy for his eighth goal of the playoffs.Tampa Bay scored the first goal for the third straight game after converting a turnover at 3:48 of the first period. The puck caromed off the skate of Ondrej Palat and right to Stamkos, who sent a shot between the pads of Kuemper for his team co-leading 11th goal of the playoffs and second in the finals.Vasilevskiy preserved the slim advantage in the first period after denying a point-blank chance from Nazem Kadri before receiving help from the post on Lehkonen's shot from in front.The Avalanche successfully answered 1:54 into the second period after MacKinnon wired a shot from deep in the left circle that banked off Vasilevskiy's blocker and into the net. MacKinnon's goal was his NHL co-leading 13th of the postseason, tying him with Edmonton's Evander Kane.--Field Level MediaRegister now for FREE unlimited access to Reuters.comOur Standards: The Thomson Reuters Trust Principles. | Hockey |
Panamanian prosecutors have charged former presidents Ricardo Martinelli and Juan Carlos Varela with laundering money from construction giant Odebrecht, after the company admitted paying bribes in the country.
The two men, who collectively led Panama between 2009 and 2019, were not present at a court hearing on Friday. Prosecutors accused the pair of using front companies and foreign bank accounts to receive funds from Odebrecht between 2008 and 2014.
About 50 other people are implicated in the charges, including several former ministers, prosecutors said. In 2016, Odebrecht pled guilty in a Brooklyn court to paying more than $788 million in bribes to government officials and political parties, mainly in Latin America, to win infrastructure contracts.
The Brazilian company admitted paying bribes worth $59 million in Panama in exchange for contracts to build public works.
Odebrecht built Panama’s two metro lines, expanded Tocumen International Airport and laid several stretches of Panama City’s promenade, among other multimillion-dollar projects.
It overbilled the Panamanian government for some of the projects, according to the Public Prosecutor’s Office. Varela, who lead Panama from 2014 to 2019, was the first of the two former heads of state to be accused, and his right-wing Panamenista party was accused of receiving $10 million from Odebrecht. Varela denies the charges.
Martinelli, president from 2009-2014 and a successful businessman, was also accused of illegally receiving money from Odebrecht. He was “fully aware of the illicit origin of the funds” and had even set up “an entire illegal structure” to collect the bribes, prosecutors said.
Two of Martinelli’s sons, who are both in prison in the US after being extradited from Guatemala, have pled guilty to receiving $28 million from Odebrecht. | Latin America Economy |
Pedestrians pass by Argentina's Banco Central (Central Bank) in Buenos Aires' financial district, Argentina, January 8, 2018. REUTERS/Agustin Marcarian/File PhotoRegister now for FREE unlimited access to Reuters.comBUENOS AIRES, Sept 9 (Reuters) - Economists hiked their estimate for annual inflation in Argentina this year to 95%, a monthly poll published Friday by the central bank showed, as the country struggles to overcome a prolonged economic crisis marked by soaring prices.The latest forecast for surging consumer prices is 4.8 percentage points higher than the previous month's estimate.Analysts estimated that Argentine inflation rose 6.5% in August.Register now for FREE unlimited access to Reuters.comBy next year, the South American nation's annual inflation rate is expected to reach 84%, and drop to 63% in 2024, according to the poll.The analysts consulted by the central bank moderately raised their projection for Argentina's economic growth this year to 3.6%, up barely 0.2 percentage points compared to last month's poll.The third-largest economy in Latin America has long suffered from high inflation, which has been aggravated by the effects of the war between Ukraine and Russia.Poll participants also expected the average official exchange rate in Argentina in December to reach 170.11 pesos per U.S. dollar, though Argentine traders have increasingly turned to black market foreign exchange.Register now for FREE unlimited access to Reuters.comReporting by Nicholas Misculin; Writing by Kylie Madry; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
CONCHAGUA, El Salvador, Sept 7 (Reuters) - A year after El Salvador adopted bitcoin as legal tender, the area where the world's first cryptocurrency city was meant to be built - a circular metropolis powered by a volcano - is still dense jungle.President Nayib Bukele had promised that "Bitcoin City" would be a tax haven for crypto investors and miners equipped with an airport, residential and commercial areas, and a central plaza designed to look like a bitcoin symbol from the sky."Invest here and make all the money you want," he said dressed all in white and wearing a reversed baseball cap, in front of hundreds of bitcoin enthusiasts in November 2021.Register now for FREE unlimited access to Reuters.comBut on a recent visit to the area in the shadow of the Conchagua volcano in the east of the Central American country, Reuters found no heavy machinery, construction workers, or raw materials to indicate any progress towards building this grand symbol to bitcoin.To many it has become, instead, a symbol of folly as bitcoin has crashed."This experiment has been very risky, too risky for a poor country," said Oscar Picardo, director of the Institute of Science, Technology and Innovation at the private Francisco Gavidia University."It has been seen that (bitcoin) is a very speculative, highly variable financial asset," he added.A major part of the problem is that the drop in the value of bitcoin and other cryptocurrencies has alienated investors.When El Salvador, one of the poorest countries in Latin America, adopted bitcoin as legal tender on September 7, 2021, the cryptocurrency was close to $47,000. read more A year later, it is worth less than half and on Tuesday was trading at around $19,770.The Bukele government declined to comment for this story but has defended doubling down on bitcoin -including the acquisition of 2,381 bitcoins- assuring it is a long-term plan.It says its bitcoin policy has attracted investment, reduced bank commissions to zero, increased tourism and promoted financial inclusion.But the price drop has elevated El Salvador's financial risk, complicating its search for funds to pay 1.6 billion dollars of sovereign bonds due in 2023 and 2025.The International Monetary Fund has called on El Salvador to reverse bitcoin's status as legal tender citing financial, economic and legal concerns; complicating a deal with the lender.Gloria Barcia shows her Bitcoin wallet at her store in the town of Conchagua, near the projected site for the Bitcoin City according to El Salvador's President Nayib Bukele, in Conchagua, El Salvador August 19, 2022. REUTERS/Jose CabezasThe use of the cryptocurrency has also failed to catch on, experts said.Neither the presidency nor the ministry of finance would share figures on the use of bitcoin through the government's bitcoin digital wallet Chivo.But a survey by the National Bureau of Economic Research (NBER), a U.S.-based NGO, found that only 20% of Salvadorans who downloaded the Chivo app continued to use it after spending the $30 that the government gave in free credit to promote its use.The study indicates the vast majority of Chivo downloads occurred in 2021, specifically in September, and that almost no downloads have taken place so far in 2022.In theory, developing nations like El Salvador are ideal candidates for cryptocurrency adoption due to a continued reliance on cash and a largely unbanked population.But, according to the April report, “bitcoin is not being widely used as a medium of exchange" because users "do not understand it, they do not trust it, it is not accepted by businesses, it is very volatile, and it involves high fees.”Despite Salvadoran law requiring all companies to accept cryptocurrency, only 20% do so, according to the survey that interviewed 1,800 Salvadoran households.Jesus Caceres' small watch store in central San Salvador is one business that does. Three signs read "We accept bitcoin," but the 47-year-old watchmaker has only ever made two sales with the cryptocurrency."One for $3 and one for $5, it was $8 in total. From then on, no one has approached me," he said.The government has also encouraged Salvadorans working abroad to send money home through the Chivo government wallet, or other private ones, without charging commissions. Known as remittances, those transfers from abroad represent 26% of the GDP of the Central American country, one of the highest percentages in the world.But according to statistics from the central bank, between September 2021 and June 2022, the country received nearly $6.4 billion dollars in remittances and less than 2% was transferred by digital cryptocurrency wallets.Like the use of bitcoin, the government shares few details about "Bitcoin City". But its future looks increasingly uncertain since the issuance of the "Bitcoin Bond," which Bukele said would support the city's construction, has been postponed following the cryptocurrency crash.Residents of the place where the city is planned, between the Conchagua volcano and the Gulf of Fonseca on the Pacific coast, feel the majority of the country's 6.5 million inhabitants will not be favored."It doesn't benefit us poor people at all," lamented fisherman and farmer Jose Flores, 48, who has lived in Conchagua for over three decades.Register now for FREE unlimited access to Reuters.comReporting by Nelson Renteria; Writing by Sarah Kinosian; Editing by Diego Ore, Stephen Eisenhammer and Alistair BellOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianRegister now for FREE unlimited access to Reuters.comBUENOS AIRES, June 28 (Reuters) - Argentina's economic alarm bells are ringing loudly with fears of a global recession and spiraling inflation stoking investor fears over possible defaults, missed targets with the International Monetary Fund (IMF) and political unrest.The South American country, an important global supplier of soybeans, corn and wheat, has seen its bonds sink to record lows, pressure on its peso currency is rising and a high energy import bill is stopping it building up vital dollar reserves.Domestic inflation meanwhile is heading towards 70% by the end of the year, forcing the central bank to tighten monetary policy hard, risking growth. The interest rate has climbed to 52% in a bid to avert investors dumping peso assets.Register now for FREE unlimited access to Reuters.comWith grains exports dipping in the second half of the year, this could imperil the country's ability to meet targets linked to a $44 billion deal agreed with the IMF."The government is finding it increasingly hard to renew all maturities and there is a growing fear of it resorting to a reprofiling of its debt," said Víctor Beker, director of the Center for New Economy Studies at the University of Belgrano.Argentina's economy, the third biggest in Latin America, has been hit by crises, defaults and rampant inflation for decades.The recent volatility has been exacerbated by wider emerging market jitters as the U.S. Federal Reserve has tightened monetary policy and soaring global prices, including high energy costs that have badly hit Argentina's balance of payments, limiting its ability to build up much-needed foreign reserves.BONDS IN THE 20SArgentina's sovereign bonds, restructured in a huge $110 billion deal in 2020, have tumbled back into distressed territory, with many now worth just 20-30 cents on the dollar, a reflecting of perceived default risk."Without access to the capital markets, Argentina is going to have to restructure again and again," said Gabriel Torres at rating agency Moody's. The government last week held a massive local debt swap to push back payments for June."And the only way for it to have access to the capital market is if the market believes that Argentina is really willing to pay its debt."Reuters Graphics Reuters GraphicsPESO GAP WIDENSTight capital controls have created popular alternative currency markets, where dollars trade at prices far removed from the official rate. The gap has recently started to widen again amid concerns over the economy and tight financing.That gap with the official rate has widened to around 100%, a destabilizing disparity rooted in controls which limit how much each person can buy every month to some $200."An FX gap as wide as the current one not only affects the behavior of price setters but also the incentives of exporters and importers, which reinforces expectations for a forced macroeconomic adjustment down the road," J.P. Morgan said in a note.Reuters GraphicsINFLATION HEADS FOR 70%The country, which has long battled rising prices, now has the second highest inflation among major economies behind Turkey. The rate was at 60.7% in May and a central bank poll forecasts it will hit $72.6% by the end of the year.That's far above targets agreed with the IMF of 38%-48% and weighs on salaries, savings and investment. Government officials have already hiked the official inflation target to 52%-62%, though most analysts see it well above that range."For 2022 we project inflation of 75%, and there are upward risks," said Isaias Marini at consultancy Econviews.Reuters Graphics Reuters GraphicsDOLLAR RESERVESArgentina has been struggling to build up its foreign currency reserves, key to meeting future debt obligations and a central part of its agreement with the IMF. Gross reserves stand at some $41 billion but net reserves are far lower.According to the IMF, net international reserves stood at $2.3 billion at the end of 2021. The target is to raise that by $4.1 billion by end June and $5.8 billion this year. Net increases to date are $960 million, Reuters calculations show.The central bank, which does not regularly publish its net reserve levels, declined to comment."Everything seems to indicate that the government will not be able to meet the goal agreed with the IMF in terms of reserve accumulation," said Beker.Reuters Graphics Reuters GraphicsThis, however, could get worse before it gets better, pushing the government towards higher taxes and controls."We're likely to see measures that imply a greater outlay from the private sector to the State," said Gustavo Martin, an analyst at investment platform Balanz."That is to say new taxes and higher tariffs, along with policies of greater restrictions on access to foreign currency."Register now for FREE unlimited access to Reuters.comReporting by Walter Bianchi; Additional reporting by Hernan Nessi and Jorge Otaola; Editing by Nicolas Misculin, Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. | Latin America Economy |
A supporter of Chilean presidential candidate Gabriel Boric carries a Chilean flag as supporters celebrate after their candidate won the presidential election, in Santiago, Chile, December 19, 2021.Ivan Alvarado | ReutersFor the most part, stocks around the world have taken a beating this year. But there's one corner of the global market that's bucking that trend: Chile.Chilean stocks this year are leapfrogging those in other countries, including the U.S.The iShares MSCI Chile exchange traded fund (ECH) is up more than 3% year to date, while the U.S. benchmark S&P 500 is down more than 20% — officially trading in a bear market.The S&P IPSA, an index that tracks the largest and most liquid stocks listed on the Santiago Exchange, is up 8.2% in 2022.Lea este artículo en español aquí.Stocks in Chile are also outperforming the broader emerging markets. The iShares MSCI Emerging Market ETF (EEM) is down more than 28% for the year.There are several catalysts contributing to the outperformance in the South American country, one of the more recent ones being last month's rejection of a proposed new constitution that would have represented a deeper pivot leftward under President Gabriel Boric away from the free market model that has defined Chile for decades."As it became clearer since the beginning of this year that the population is not going to support the draft of that constitution, markets have been performing really well," said BCA Research emerging market strategist Arthur Budaghyan. "And we think that's the main reason behind this rally."The run-up in commoditiesThere's another reason Chilean stocks have outperformed: higher commodity prices.A look inside the ECH shows that an overweight allocation to commodities helped the ETF this year, even as rising interest rates dinged emerging markets across the board. As of October, materials stocks made up roughly 30% of the ECH ETF, which has 25 holdings.The top holding is Sociedad Quimica Y Minera De Chile. It's a major lithium producer that counts for 24.2% of the ETF that enjoyed the spike in prices this year. According to Benchmark Minerals, lithium prices are up 123% in 2022. Consequently, Sociedad has surged 71%."Chile's market is very tied to commodity outcomes," said Andrew Daniels, associate director of equity strategies at Morningstar. "Generally, you'll see the market do well when commodities do well, and they'll see the market not do well when commodities kind of falter."A run-up in commodities prices also benefited other Latin American countries, such as Brazil.Getting exposure to ChileGaining direct exposure to Chilean equities is challenging for most U.S. investors, as the country — like other emerging markets — comes with greater volatility and deeper liquidity issues. BCA's Budaghyan said most of the rally is limited to large-cap stocks, likely driven by buying from foreign investors."It's not developed to the same degree," Daniels said. "There's not as many public companies on the stock exchange." Apart from the iShares MSCI Chile ETF, which helps investors gain exposure to the total addressable market, Chile makes up just a small part of other funds. The country comprises just 0.2% of the Morningstar global markets index, for example, and only about 0.6% of its emerging markets index. Even the T. Rowe Price Latin America fund, which is rated four stars on Morningstar, has just a 2.3% allocation to Chile in the entire portfolio.Daniels advised investors to stay diversified, and warned against allocating directly into the country. "Focus on getting exposure to broader mandates such as emerging markets option that you can trust the manager to navigate those markets accordingly over a full market cycle," he said.'Stock picker's dream market'Still, investors could benefit from greater exposure to Chilean stocks."We think it's like a stock picker's dream market," said Richard Cook, portfolio manager at Cook & Bynum Capital Management, calling it "a fantastic place for a good fundamental stock picker to be looking if they could get access."Cook said he is optimistic about investing in the country, where he first started taking research trips back in 2009. As a concentrated value investor, he's particularly interested in small-cap stocks, instead of the commodities companies that Chile ETFs are heavily exposed to, in order to identify differentiated opportunities. Cook said his firm manages about $250 million in assets.To be sure, Cook said investing in Chile is not for everyone. Someone who wants to invest in the market will have to consider a long time horizon should liquidity issues, or macroeconomic or political disruptions, sour investments in the short term.They should also thoroughly research opportunities on the ground. Cook said his fund currently has eight holdings, with only one position in Chile — a highly concentrated portfolio that could mean more volatility for investors."I think if you're going to express it, it probably ought to be in a relatively more concentrated way," he said. "Because otherwise you're just sort of indexing. I don't think you should pay active managers to index for you."What's next?For macro investors, Chile is one of the interesting countries in the emerging market universe to deploy, according to BCA Research's Budaghyan.However, investors should be wary of possible challenges on the horizon as global markets deal with the fallout from rising inflation and the rate-hiking campaigns undertaken by central banks around the world. BCA forecasts corporate profits in Chile will start to contract."Domestically, we have a very negative profit outlook, and I think that is going to matter over next few months till end of this year, so the market most likely will go down to end of this year," Budaghyan said. "But by next year, the market will be discounting already a lot of profit recession, the central bank will turn dovish, interest rates will be coming down next year, and it's a positive for the market."Chilean stocks are reasonably cheap. So if they weaken over the next few months, they will provide good value for next year," he added. | Latin America Economy |
In late August, thousands of Netflix users across Latin America found they had been logged out of their accounts on their smart TVs. After logging back in, those subscribers were prompted to pay an additional fee. The previous month, Netflix had announced that it was piloting a password crackdown in Argentina, El Salvador, Guatemala, Honduras, and the Dominican Republic — the second phase in a wider rollout. In this latest pilot, as long as a subscriber uses Netflix at the account holder’s “home” — the physical location where the account is registered — they won’t see additional charges. But any long-term use outside that location will require them to purchase an account for an additional location. The announcement of this latest pricing experiment triggered a wave of criticism, most notably among users in Argentina — the fourth-largest market for Netflix globally, behind only the U.S., Canada, and Australia, with more than 4.5 million subscribers as of 2020. Argentine users took to the internet more vociferously than any other country, as anti-Netflix memes, hashtags, and posts went viral across social media. Many threatened to leave Netflix en masse by popularizing the hashtag #ChauNetflix (#ByeNetflix), a riff on the platform’s local #CheNetflix promotional campaign on Twitter. Rest of World found little evidence that the protests triggered mass unsubscription from Netflix in Argentina. However, the country’s long-term economic issues may be what ultimately put the streaming platform’s subscriber numbers in jeopardy. Joaquín Serpe, a member of the Global Emergent Media Lab, told Rest of World that since subscriptions are priced in U.S. dollars, their cost effectively rises as the Argentine peso loses value. Additionally, Argentine consumers are up against monthly caps on the U.S. dollars they can save and credit card limits on the spending of foreign currency, making Argentines particularly sensitive to price hikes. “It’s a situation in which people are feeling all sorts of economic precarity — even people that are in the educated middle class,” Serpe said. “People are feeling all sorts of economic precarity — even people that are in the educated middle class.” Several weeks after the pricing policy came into effect, Rest of World spoke to 10 Netflix subscribers across Argentina, many of whom found the measure hostile enough to leave the platform. The policy is currently not affecting all users in the country, but some canceled their subscriptions immediately on hearing the announcement. Additional charges might affect other Netflix subscribers globally within the coming year, while Latin America continues to be the testing ground for this ongoing policy rollout. Argentine users told Rest of World they were worried Netflix charges its subscriptions in U.S. dollars. But the pricing for an additional “home” suggests Netflix may have taken Argentines’ price sensitivity into account. In Argentina, the pilot fee is 219 pesos ($1.50); in every other country, that fee is $2.99. Yet, the Argentine fee increases to 381 pesos ($2.62) following the government’s taxes on foreign transactions, and that dollar price effectively continues to rise given inflation — expected to peak at 95% by the end of this year. Argentina’s median monthly income is approximately $250. Netflix did not comment on the specific economic conditions facing subscribers in Argentina, but, in a statement to Rest of World, confirmed it was conducting regional testing on its password-sharing policies. “We want to get it right,” Kumiko Hidaka, director of global product and technology communication at Netflix, told Rest of World. Earlier this year, the streaming company experimented with a similar password crackdown in Peru, Chile, and Costa Rica. In its April 2022 quarterly letter to shareholders, the company reported that the new policies were meant to monetize the practice of password sharing, and in effect, recoup annual lost revenue. It estimates more than 100 million people are currently using another household’s account worldwide. Netflix’s original pricing policy trials continue to run parallel to this new pilot in five other Latin American and Caribbean countries. Experts noted this indicates Netflix may be running A/B testing of its new pricing policies across the region, and measuring subscriber responses to fine-tune its long-term pricing strategy. Explaining why Netflix chose Latin America to conduct its pilots, Hidaka told Rest of World that “there is, on average, a high rate of sharing across the region.” The company amended its pricing strategy following the response from customers in Peru, Chile, and Costa Rica, including a change from charges for individual “members” outside the account’s household to additional “homes.” There is also an allowance for travel with laptops and mobile devices. “I want to make it clear that I’m unsubscribing because I don’t agree with the changes.” The tweaks were not enough for many Argentine subscribers who reacted vocally against the price increase on principle, before any changes had been effected. In the days following Netflix’s announcement, angry customers launched the #ChauNetflix hashtag as a way of protesting the policy. “I want to make it clear that I’m unsubscribing because I don’t agree with the changes,” tweeted a user whose Twitter bio says they are based in Argentina. Another user with the name Raúl Britos compared Netflix to other platforms available in the country and wrote: “they allow you to watch [their content] wherever you are, and don’t charge you extra for it.” Rest of World also spoke to users who said they felt the service wasn’t worth the extra price, despite being able to afford it. Many decided to leave the platform without making their decision public on social media. “It was hard for me to find things worth watching; it was a loss of time and money,” said Paz Tibiletti, a Buenos Aires-based journalist, to Rest of World. Andrés Grabois, a local cinema technician, unsubscribed after he felt the measure was unnecessarily bitter. “The content was bad,” he told Rest of World, choosing to stick with his HBO+ subscription and watch other content through Stremio, a free streaming app. Some subscribers told Rest of World they have not experienced any changes to their accounts, and continue to share them at no extra cost. Officials with Argentina’s national communications and media regulator, Enacom, told Rest of World that the government cannot regulate Netflix and other digital streaming services’ policies. However, Gustavo López, vice president of Enacom, said during a July interview that digital services such as Netflix “shouldn’t change contracts unilaterally, especially given the crisis our country is going through.” A source with Netflix’s operations in Argentina told Rest of World, on condition of anonymity for fear of professional repercussions, that the anger displayed on social media did not translate to a mass exodus. This is a point the streaming company is no doubt looking into as it prepares to launch an updated version of the policy across the rest of Latin America, and beyond. For now, the subscriber response to the pilot in Argentina is likely a source of data for Netflix, as it continues to experiment in the region to refine its password-sharing strategy. “They are trying to prove this strategy in different countries, and they are going to adopt the one that causes the least damage for Netflix worldwide,” Guillermo Mastrini, a professor specializing in mass media policies and economics at the National University of Quilmes and the University of Buenos Aires, told Rest of World. He cautioned that, when it comes to subscriber responses, the insights Netflix gains in Argentina may not translate seamlessly to other markets, given the country’s unique local conditions. “I think Argentina is a really bad country to explore this [policy] as our economy is completely crazy. It’s not going to make sense for other countries,” he said. | Latin America Economy |
MEXICO CITY, Oct 11 (Reuters) - U.S. planemaker Boeing Co (BA.N) sees travel in Latin America ramping up more quickly than in other regions as countries loosen regulations and household incomes rise, the company's regional analyst said on Tuesday.Boeing expects Latin American air traffic to grow an average of 4.4% annually over the next two decades, surpassing the 4% growth it forecasts for the industry worldwide, helped by a trend towards more liberal policies over the next 10 years."We see liberalization not only as an engine of growth for the industry, but also as a great way to democratize air travel and make it accessible for a larger number of people," David Franson, the company's regional director of market analysis, told Reuters.Register now for FREE unlimited access to Reuters.comFranson said a trend toward looser state control had already helped develop a network of low-cost carriers in the region, adding more routes in Latin America.Low-cost carriers such as Argentina's Flybondi and Chile's JetSmart have already found a foothold, while Mexico's Volaris has focused on a strategy of so-called "bus-switching," targeting traditional bus users who previously could not afford pricier plane tickets.Airlines across Latin America have added 200 net airport pairs to their networks over the past 10 years, he said.While some countries have been hesitant to give airlines free rein due to concerns over economic competitiveness, labor standards and the environmental impacts of air travel, the move towards liberalization started decades ago by the United States and Europe is expected to keep up, Franson said."If this continues, we can expect to see a lot more in the way of those direct connections on relatively short-haul routes," said Franson.Boeing said it a July report Latin America will need 2,240 new aircraft and will have to train 118,000 new crew members and technicians over the next 20 years to meet growing demand.Register now for FREE unlimited access to Reuters.comReporting by Kylie Madry; editing by Richard PullinOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
NEWYou can now listen to Fox News articles! Former rebel Gustavo Petro is set to be Colombia's first leftist president after voters handed him a slim victory in Sunday's runoff election against Rodolfo Hernández, a political outsider and populist. Petro had garnered 50.47% of the votes to Hernandez's 47.25% on Sunday evening, according to preliminary results released by election authorities. "Today is a day of celebration for the people. Let them celebrate the first popular victory," Petro, a current senator and former mayor of Bogota, tweeted after the results came in. "May so many sufferings be cushioned in the joy that today floods the heart of the Homeland." Former rebel Gustavo Petro, left, his wife Veronica Alcocer, back center, and his running mate Francia Marquez, celebrate before supporters after winning a runoff presidential election in Bogota, Colombia, Sunday, June 19, 2022. (AP Photo/Fernando Vergara)The former guerilla's victory is a sign of rising discontent in Colombia and the rest of Latin America, as it comes after Chile, Peru, and Honduras elected leftist presidents in 2021. BIDEN TOUTS WESTERN HEMISPHERE ‘OPPORTUNITIES,’ DEMOCRACIES AT SUMMIT THAT EXCLUDED LATIN AMERICAN DICTATORSNearly half of Colombians say that their local economy is getting worse, while 80% say corruption is widespread in the government, according to a recent Gallup poll. The Colombian presidential candidate for the Historic Pact coalition, Gustavo Petro, waves as he arrives at a polling station to cast his vote during the presidential election, in Bogota on May 29, 2022. (JUAN BARRETO/AFP via Getty Images)Petro, who was jailed in the 1980s for his involvement in the defunct M-19 movement, promised a suite of economic reforms during his campaign, including higher taxes, more government spending, and changes to the country's pension system. While voters elected Petro on his progressive platform, he will have trouble delivering on his promises due to Colombia's fragmented Congress. McCAUL: US MUST ‘WAKE UP’ AND INVEST IN LATIN AMERICA TO GAIN EDGE OVER CHINAHernández, a millionaire real estate magnate who ran an unconventional campaign on TikTok and other social media platforms, conceded on Sunday evening. Supporters of presidential candidate of the Historical Pact coalition, Gustavo Petro, celebrate after he won a runoff presidential election in Cali, Colombia, Sunday, June 19, 2022. (AP Photo/Andres Quintero)"I accept the result, as it should be, if we want our institutions to be firm," Hernández said in a video. "I sincerely hope that this decision is beneficial for everyone."CLICK HERE TO GET THE FOX NEWS APPFrancia Marquez, Petro's running mate, will become Colombia's first Afro-Colombian female vice president. The Associated Press contributed to this report. Paul Best is a reporter for Fox News Digital. Story tips can be sent to [email protected] and on Twitter: @KincaidBest. | Latin America Economy |
The cryptocurrency exchange and digital wallet provider Lemon Cash is partnering with OpenNode to enable Bitcoin Lightning payments for its 1 million customers.The cryptocurrency exchange and digital wallet provider Lemon Cash is partnering with OpenNode to enable Bitcoin Lightning payments for its 1 million customers.OpenNode partners with Lemon Cash to bring the Lightning Network to over one million Argentines. Lemon Cash is a LATAM fintech company well-known for its digital wallet and cryptocurrency exchange which will begin supporting Lightning. Argentina has seen a 12-month rolling period of over 60% inflation and ranks 10th globally in adoption of cryptocurrencies, by country. More than one million Argentines will soon have access to Bitcoin’s Lightning Network on the Lemon Cash digital wallet through a partnership with bitcoin payments infrastructure company OpenNode, per a joint press release.Lemon Cash is a fintech company based in Argentina and is mostly known for being a cryptocurrency exchange and also for operating the aforementioned digital wallet. The company serves well over one million customers in the Latin American (LATAM) region. This integration will allow all of these customers to facilitate transfers of value on Bitcoin with low-fees and fast settlement times through Lightning. "Introducing the Lightning Network to more than one million users in partnership with OpenNode will be a huge step towards our main goal: to make crypto more usable and accessible in LATAM," Lemon Cash co-founder Borja Martel Seward said.LATAM has a higher level of concentrated adoption of bitcoin and other cryptocurrencies than most regions, but Argentina itself ranks 10th globally in a report from on-chain analytics firm Chainalysis. Countries with heightened levels of inflation are more prone to rely on bitcoin as a store of value, which is also the case for Argentina as Reuters reported a rolling 12-month period of over 60% inflation.“This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments," says Josh Held, head of strategy at OpenNode. "We're proud to support Lemon's mission, its desire to scale and benefit its customers and ultimately the growth of the Bitcoin economy in Latin America and beyond." | Latin America Economy |
NEWYou can now listen to Fox News articles! U.S. military leaders are deeply concerned about a surge in Chinese-owned ports in Latin America and the Caribbean that "could benefit its military," according to a report by the U.S.-China Commission (USCC)."Why would China need to build naval bases around the world?" said Sen. Marco Rubio, R-Fla., a member of the Senate Intelligence Committee. "They'll have visiting rights to basically nationalize and operationalize any port they control in the world in a time of conflict, if necessary, and there won't be anything we can do about it."Chinese state-owned companies are involved in the construction of roughly 40 ports on both sides of the Panama Canal, according to the report. The Chinese military already has been running a space tracking station in Argentina.In Brazil, South America’s largest and richest country, Chinese state-owned companies are building or leasing ports along Brazil’s massive Atlantic coast. The investments have positioned "China to further increase its military presence in the future," according to the USCC report.U.S. DESTROYER AND CANADIAN FRIGATE TRANSIT TAIWAN STRAIT AMID TENSIONS WITH CHINAIn April, China’s biggest state-owned food processor secured a long-term lease for a terminal at Brazil’s largest port near São Paulo. Other Chinese state-owned firms control ports on the northern coast and near Rio de Janeiro."Every company in China, no matter how private they claim to be, is controlled by the Communist Party because they wouldn't exist if the Communist Party didn't want them to exist," Rubio said.China has spent more than $2.25 trillion on foreign investment and construction since 2005, according to a website maintained by American Enterprise Institute.That includes more than $73 billion on projects in resource-rich Brazil. The investments and construction projects largely involve core infrastructure projects like electrical grids, shipping ports and mass transit systems. Chinese state media also have made agreements with Brazil’s largest television company to co-produce soap operas and other content. A container ship arrives in the Port of Long Beach, California. (Stock, File)LANTERNFLIES FROM CHINA CAUSING MILLIONS OF DOLLARS IN DAMAGE TO US AGRICULTURE: EXPERT"China was getting positions here in Brazil as we were getting rid of state companies," said Filipe Martins, a special adviser to Brazilian President Jair Bolsonaro. "As we were getting the privatization process going on here in Brazil during the '90s and 2000s, they were buying more and more companies."Those infrastructure projects are the focus of the latest episode of "Tucker Carlson Originals," titled "The China Takeover: Brazil." The episode is available now on Fox Nation.China’s rising influence and the United States' declining influence in the region has been well-documented.China displaced the United States as Brazil’s top trading partner in 2009. Brazil exports massive amounts of agricultural products and raw commodities, including iron ore and oil, to China.BIDEN SAYS US WOULD DEFEND TAIWAN IF CHINA LAUNCHES AN ‘UNPRECEDENTED ATTACK’"It's very clear that they think about Brazil as a source of food and other things. They need to keep the machinery going on," Martins said.Chinese Communist Party-aligned companies have controlled significant parts of Brazil's power grid and power generation facilities, in addition to ports and mass transit projects.China’s ascent in the region fueled the rise of Bolsonaro, a political outsider who made countering China a central tenet of his 2018 presidential campaign.After his election, Bolsonaro fought the introduction of Chinese vaccines. He has opposed legislation that would make it easier for Chinese firms to buy Brazilian resources."We tried to do things differently. Go ahead with privatization, yes, but with some kind of guarantee to ensure that whatever was being privatized would not become the property of a third-party country," Bolsonaro told Tucker Carlson in an interview featured in the documentary.TIKTOK IS A CHINESE ‘PIECE OF MALWARE’ CORRUPTING AMERICAN YOUTH: DOUGLAS MURRAYSome of Bolsonaro’s relatives and senior cabinet members have attacked China on social media, prompting harsh condemnations from the Chinese ambassador to Brazil.Bolsonaro, a right-wing populist often compared to former President Donald Trump, said he’s tried to attract more investment from the United States."I would very much like the Americans to also take part in more investments in Brazil," he told Carlson. "Ever since I was a young child, the United States were seen as an example."U.S. officials have repeatedly rejected outreach from Bolsonaro, who said President Joe Biden snubbed him at a G20 summit and called him only once during his first year in the White House. In July, a group of 23 House Democrats sent a letter to Biden condemning Bolsonaro. Brazilian President Jair Bolsonaro speaks during a news conference in Brasília in December 2021. (Andressa Anholete/Getty Images, File)CLICK HERE TO GET THE FOX NEWS APPNext month, Bolsonaro is set to face off against popular former President Luiz Inácio Lula da Silva, who has praised "the Chinese model" in speeches."I think China is an example of development for the world," he said in a video on China-Brazil relations. The "Tucker Carlson Originals" episode, "The China Takeover: Brazil," is available now on Fox Nation. Charles Couger is Executive Producer of Tucker Carlson Originals. | Latin America Economy |
An aerial view shows deforestation near a forest on the border between Amazonia and Cerrado in Nova Xavantina, Mato Grosso state, Brazil July 28, 2021. Picture taken July 28, 2021 with a drone. REUTERS/Amanda Perobelli/File PhotoSummaryForestry, land use account for 23% of global emissionsFinance to high-risk companies up over 60% from 2020 to 2021Pulp in Indonesia, beef in Brazil among areas of concernOct 18 (Reuters) - The world's largest financial institutions increased their backing of companies in the agriculture, forestry and land use sectors most responsible for deforestation in 2021, a new study showed on Tuesday.Issued by the Forests & Finance Coalition of NGOs, which looks to improve transparency, policies, systems and regulations in the financial sector, the report found that finance to those companies rose over 60% to $47 billion between 2020 and 2021.The analysis comes ahead of the next round of global climate talks in November at which protection of rainforests and other climate-crucial biodiversity are set to be a central theme.Register now for FREE unlimited access to Reuters.comBanks have pumped $267 billion into forest-risk commodity firms since the signing of the Paris Agreement on climate in 2015, the study said, while investors were holding $40 billion in bonds and shares as of September this year."The world's financial institutions are actually increasing their lending to the very industries driving humanity to the brink," Tom Picken, director of Rainforest Action Network's Forest and Finance Campaign, said in a statement, citing "dangerously inadequate" policies.Forests & Finance policy assessment of 200 financial institutions exposed to companies working in areas at risk of deforestation in Latin America, Southeast Asia and West and Central Africa scored 59% of them under one out of 10, sign of "an abject failure" to mitigate environmental, social and governance (ESG) risks.In Indonesia, for example, southeast Asian pulp and paper producers are continuing to expand production, putting the country's remaining forests under pressure; while in Brazil, the beef industry has contributed to 80% of the Amazon deforestation since 1985, the report said.Finance firms' policies on providing credit or investment to both sectors were "very weak", the study also noted, and have done little to avert environmental degradation, support indigenous peoples' and local communities' rights or ensure companies are not exploiting people through forced labour."This latest assessment shows how big banks and institutional investors are blind to the urgency of the moment," Picken stated.Register now for FREE unlimited access to Reuters.comReporting by Juliette Portala, editing by Simon Jessop, William MacleanOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Brazil's Economy Minister Paulo Guedes gestures during a meeting at Economic Affairs Committee (CAE) of the Brazilian Federal Senate in Brasilia, Brazil March 27, 2019. REUTERS/Ueslei Marcelino/File PhotoRegister now for FREE unlimited access to Reuters.comBRASILIA, Sept 20 (Reuters) - Brazilian Economy Minister Paulo Guedes said on Tuesday that efficiency gains by the government will allow for salaries to be increased after years of no meaningful hike in minimum wages and a salary freeze for public servants.Speaking virtually at an event hosted by the Brazilian Association of Supermarkets (Abras), Guedes highlighted efficiency gains with the digitization of public services, and noted that the current administration has not replaced many retired public servants."We will be able to give moderate salary increases and based on prospective inflation from now on. From now on, we will maintain purchasing power or even increase the purchasing power of salaries," he said.Register now for FREE unlimited access to Reuters.comThe government of President Jair Bolsonaro, who seeks reelection in October but trails former leftist President Luiz Inacio Lula da Silva in opinion polls, set aside 14.2 billion reais ($2.76 billion) to finance higher wages for public servants in the 2023 budget bill sent to Congress. read more The proposal did not specify the adjustment percentage or which public servants and professions were being considered for wage increases. The government has been under intense pressure by public servants for a wage increase as inflation eroded their purchasing power in Latin America's largest economy.The budget bill projected no gains on minimum wages beyond inflation.During the event, Guedes also said Bolsonaro's government this year intends to privatize Santos Port - the largest in Latin America - after setting the minimum price of 3.015 billion reais ($586.32 million) for the privatization auction on Tuesday.($1 = 5.1425 reais)Register now for FREE unlimited access to Reuters.comReporting by Marcela Ayres; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Students wearing protective masks attend a class in person as the coronavirus disease (COVID-19) outbreak continues, in Ciudad Juarez, Mexico June 22, 2022. REUTERS/Jose Luis GonzalezRegister now for FREE unlimited access to Reuters.comLA PAZ/SAO PAULO, June 24 (Reuters) - In Bolivia's highland city La Paz, Maribel Sanchez's children spent much of the last two years huddling over a small smartphone screen to attend online classes amid a lengthy lockdown due to the coronavirus pandemic.The two boys, aged 11 and eight, frequently missed lessons when their timetables collided as the family had no computer. Bolivian school children only finally returned to in-person classes in March this year, many still not full time.The story is echoed around the region from Mexico to Brazil.Register now for FREE unlimited access to Reuters.comLatin American has one of the worst records of school closures globally, according to a World Bank report, which shows children here faced almost 60 weeks of fully or partially closed schools between March 2020 and March this year.That's behind only South Asia and twice the level of Europe, Central and East Asia, Sub-Saharan Africa or the Pacific. In North America there were long partial closures, but just seven weeks of full closures versus 29 in Latin America and the Caribbean.That threatens to take a generation of children in the region back a decade, some experts say, in terms of education levels, weighing on incomes and job prospects for years to come."With virtual classes, the little ones didn't learn anything. They were distracted. My son, who's in first grade, hasn't learnt anything. Nothing!" Sanchez said while waiting to pick her children up outside a school in La Paz.Emanuela di Gropello, a researcher for the World Bank, said Latin America's school kids would see a 12% decline in their lifetime earnings due to gaps in education during the pandemic."Those young people arriving in the labor market will basically see a long-term decline in their salaries," she said.In Argentina, Mercedes Porto at Fundacion Cimientos, which works with youths, said the school system has "lost" a cohort of students with some 1 million young people not returning to school after the period of virtual schooling.Andres Uzin Pacheco, an education expert and academic director of a business school in La Paz, said that the impact would be long lasting and severe."This locked-up generation is going to suffer the consequences, not just for five years, but for the next 20 or 30 years, which implies all their education, even university, and their working life," he said.Register now for FREE unlimited access to Reuters.comReporting by Steven Grattan and Monica Machicao; Additional reporting by Horacio Soria; Editing by Adam Jourdan and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
BRASILIA, Oct 16 (Reuters) - Brazil plans to nominate former central bank governor Ilan Goldfajn to head the Inter-American Development Bank (IDB), a person familiar with the matter said on Sunday, as Latin America's largest economy seeks to secure its first presidency of the institution.The development bank will elect its next president on Nov. 20 after the ouster of Mauricio Claver-Carone in an ethics scandal.Currently head of the International Monetary Fund's Western Hemisphere department, Goldfajn led Brazil’s central bank under former President Michel Temer, before handing the reins to current chief Roberto Campos Neto in February 2019.Register now for FREE unlimited access to Reuters.comGoldfajn was recognized for his focus on controlling inflation and efforts to reform banking regulations that opened the door to greater competition in the Brazilian financial system.Under Goldfajn’s tenure, the central bank began developing its Pix instant payment platform, which was launched under Campos Neto. The platform has been a massive success in the country, winning international plaudits.After leaving the central bank, Goldfajn chaired the board of Credit Suisse in Brazil before joining the IMF.During IMF meetings in Washington, Brazil’s government began drumming up support for its nominee.Brazil is pushing the IDB, a major investor in Latin America and the Caribbean, to finance transnational infrastructures to support more exports from the region.The United States, which nominated Claver-Carone, has said it will not make a new nomination. Mexico has already announced that it plans to nominate Alicia Barcena, the former head of the United Nation's Economic Commission for Latin America and the Caribbean (ECLAC).Register now for FREE unlimited access to Reuters.comReporting by Marcela Ayres; editing by Brad Haynes, Chizu Nomiyama and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
U.S. Secretary of State Antony Blinken and senior trade officials are heading to Mexico on Monday for high-level economic talks aimed at repairing ties that have frayed over immigration and other issues.
“In addition to the High-Level Economic Dialogue, Secretary Blinken plans to meet with President (Andres Manuel) López Obrador and Foreign Secretary (Marcelo) Ebrard to discuss the bilateral economic relationship and other shared policy priorities such as irregular migration and stopping fentanyl smuggling," said the State Department’s top official for Latin America, Brian Nichols, on Friday.
Secretary of Commerce Gina Raimondo and Deputy U.S. Trade Representative Jayme White are also in the U.S. delegation.
Mexico is consistently among the United States’ top three trading partners.
Before the coronavirus pandemic, Mexico was the U.S.’s second-largest export market in 2020.
Blinken’s meeting with Lopez Obrador in Mexico City comes two months after U.S. President Joe Biden met with the Mexican president at the White House, where Biden said the two neighbors need to rebuild relations.
In June, Lopez Obrador boycotted the Summit of the Americas hosted by the U.S. because the talks excluded leaders from Cuba, Nicaragua and Venezuela. The summit was aimed at promoting democracy and tackling issues including migration. U.S. officials say the influx of illegal immigrants who cross the U.S.-Mexico border have created strains in the United States. In recent months, the state of Texas has sent thousands of migrants by bus to New York and Washington, saying the move was needed to relieve overwhelmed border communities.
The U.S. and Mexico are also at odds over energy policy. The United States has questioned the Mexican government’s support for its own state-controlled energy companies, saying it violates a trade pact and restricts American firms’ ability to compete in Mexico.
Mexican Foreign Minister Ebrard said energy policies are not on the agenda for Monday’s talks. Some information in this report came from Reuters and Agence France-Presse. | Latin America Economy |
Used-car sales unicorn Kavak is expanding to Chile, Colombia, Peru and Turkey, espousing transparency and efficiency in the fragmented used-car market. Founder and CEO Carlos García Ottati explains how the company is tackling multiple challenges.
By José Caparroso of Forbes Colombia Carlos García Ottati was living in Bogotá when he got a new job in Mexico City. He tried to sell his car, but wasn’t successful, so he left it for a friend who took six months to sell it. After moving to Mexico, García Ottati bought a used car, but later discovered that it had several mechanical problems. “I realized the risks that exist when there is no transparency or guarantee for these transactions,” García Ottati, a 39-year-old Venezuelan who is a founder and the CEO of Kavak, tells Forbes Colombia. “At that moment, I realized the opportunity in that market.” Kavak was formed in October 2016, when García Ottati, along with his cofounders Loreanne García and Roger Laughlin, with a team of 15 people, decided to start a company in Mexico that would eliminate the problem of fraud and guarantee its mechanical repairs so that customers could feel comfortable buying used cars. Now, Kavak is the most valuable startup in Latin America, worth $8.7 billion—based on funding from private investors like SoftBank and General Atlantic. It has more than 5,000 employees and 40 reconditioning centers for used cars. And it’s on a mission to rectify the inefficiencies of a gigantic, fragmented market with a business model that seeks to guarantee secure, transparent transactions. International expansion is a natural step for emerging companies that grow at this speed, even in times of economic uncertainty. While many companies in the region are pausing new moves, Kavak has decided to add to its presence in Mexico, Argentina and Brazil by launching operations in Colombia, Peru, Chile and Turkey. The company has not disclosed its revenues, but says it has an inventory of 25,000 cars for buyers to choose from. FERNANDO LUNA ARCE FOR FORBES EN ESPAÑOL To buy a used car in Latin America has long meant dealing with the headache of a complex web of potentially risky and insecure steps. Early on, García Ottati determined that for used-car sales, different emerging economies shared two main problems. On the one hand, transactions are highly vulnerable to the risk of fraud; on the other, access to purchasing a car is limited by few available financing options.
“In Latin America, no formal player has more than 1% of the market and 90% of transactions occur between individuals, causing some type of irregularity to affect more than 40% of [sales] and increasing the risk for the user of being a victim of financial, mechanical or other fraud” says García Ottati. “Under these conditions, it is difficult for institutions to take the risk of financing automobiles, thus generating prohibitive barriers that prevent citizens from improving their quality of life by not being able to purchase a car.”
In more developed markets such as the U.S., less than 10% of used car transactions occur informally, while more than 90% of sales are financed, which allows seven out of ten U.S. citizens to own a car. In contrast, in Latin America only 1.5 out of 10 inhabitants own a car, according to calculations from Kavak’s research team. “In countries with emerging economies there is little legal visibility in car transactions, in addition to the low rate of access to financing. So only people who already own a car can acquire another. For this reason, the priority within the industry in Latin America is to break down those barriers that affect 90% of people who cannot improve their quality of life, because they cannot access a car,” the Kavak CEO explains.
Prior to founding Kavak, García Ottati obtained an MBA from the University of Oxford’s Said School of Business, followed by a two-year stint at McKinsey & Co. working with Latin American clients. Then he moved to Latin American e-commerce firm Linio, where he served as chief marketplace officer and was part of the management team. All that experience came into play at Kavak, where he created a model that controls every step of the process, from inspection (looking at 240 mechanical points in each car), through the purchase, reconditioning and sale of the vehicle, as well as warranty and after-sales services. García Ottati was very likely keeping an eye on U.S. online used-car seller Carvana, which was founded in 2012 and went public in 2017. Carvana stormed the U.S. market during the first two years of the pandemic; revenues more than doubled to $12.8 billion in 2021 from the prior year. But the company has yet to turn a profit. In May, it laid off 12% of its employees. The Kavak CEO realized that to transform the industry, he needed to support the enormous complexity of the operating model with data, technology and artificial intelligence (AI). Thus the creation of the Kavak algorithm, an advanced technology tool that uses public information from the automotive industry plus Kavak’s own data generated with each transaction. It’s also able to predict market prices for used cars, to establish fair and up-to-date values for users both in their buying and selling processes. Kavak's inspection process includes a checklist of 240 mechanical points.Kavak “From the beginning, Kavak was born with the aim of solving the underlying problems of this highly fragmented industry, and we knew that if we were able to successfully formalize the Mexican market – a territory that accounts for more than six million annual transactions, and where only 5% of used car sales receive financing–it would allow us to change the lives of Mexicans, and, even more, take our solutions to all of Latin America and the rest of the world,” adds García Ottati.
In its first four years, Kavak focused its efforts on building its operation in Mexico to hone a business model that could be exported to territories with similar complexities. García Ottati led the company to develop its own financial solution that would provide financing options to users, based on the calculation of their payment capacity through data algorithms and AI. With it, the company managed to build the necessary infrastructure to formalize the used car market in countries with emerging economies. The model has been a magnet for some of the world's largest investment funds, including SoftBank of Japan, Greenoaks, Kaszek Ventures and General Atlantic. In its first three capital injections, the company raised $500 million, breaking records in raising venture capital and becoming the first Mexican unicorn, after surpassing a private valuation of $1.15 billion in October 2020.
Just one year later, through Series D and Series E investment rounds, the company raised more than $1.1 billion, reaching a valuation of $8.7 billion. This is how it managed to become the most valuable private startup in Latin America.
From its base in Mexico, Kavan expanded to Argentina in 2020, where it merged with a startup called Checkars. In 2021 Kavan executives also began to speak Portuguese with the company’s arrival in Brazil, a market in which they decided to invest $500 million and where they built the largest vehicle reconditioning center in the region, located in São Paulo.
“Our vision is global, and our challenge is to build a platform that is attractive and reliable enough so that any citizen can solve their mobility problems, but that also allows them to use the car as a tool to improve their financial situation,” says García Ottati. CONQUERING LATIN AMERICA
García Ottati says the strategy to guarantee safe access to a car is not focused on dominating the largest markets, but on solving the problems of fragmented industries in countries with emerging economies, since that is where Kavak's solutions can make a significant change in people’s quality of life.
“The car is an asset capable of changing people’s lives. For low-income families, owning a car increases the possibility of obtaining a job and, automatically, their purchasing power, since the car can be used as a financial tool, which, unlike a property, can be traded on numerous occasions, either for an emergency or to acquire more goods and services,” says the Kavak CEO. One of Kavak's 40 vehicle reconditioning centers in Latin America.Kavak Kavak’s finance offering—it charges annual interest rates of 14% to 20%—has proven popular. More than 50% of its sales include financing from the company, compared to a 10% average of the traditional industry within the region. “It has become an icon in the automotive technology industry in the region for its constant focus on creating value for its users, as well as for its courage to face the millions of challenges involved in setting up an operation as large and complex as Kavak is today,” Nicolás Berman, a partner at Kaszek, an important Latin American investment fund, told Forbes. Berman has supported the startup from its earliest days, when it first raised seed funding in December 2016. “Unlike other companies, Kavak has had to innovate in multiple industries, which implies innumerable challenges and high complexity, from solving car reviews using machine learning, vehicle routing optimized by artificial intelligence, to a credit scoring algorithm for financial products, among hundreds of innovations that have been necessary to generate real value for the consumer,” Berman says.
Berman, who knows the entire founding team well, says this is just the beginning. In Colombia, Peru and Chile, the company has announced an initial investment of $120 million. The move will expand Kavak’s presence to 80% of the automotive industry in Latin America.
The operation in the three new Latin Amerian countries is headed by Jaime Macaya, CEO of Kavak for Argentina and the Andean region. Each of the three new territories will be led by experts with more than 15 years of experience in the industry: Luis Eduardo López, former director of South America at e-commerce company Linio, will lead the operation in Colombia; Alonso Núñez, former CEO of food delivery firm PedidosYa will lead the company in Peru, and Andrés Vizcarrondo, former director of online clothing firm Dafiti's Marketplace, will become country manager of Kavak for Chile. KAVAK IN LATIN AMERICA
From its start in Mexico in 2016, Kavak has expanded to six countries in Latin America, which it says represent 80% of the continent’s car business. “We are convinced that our business model can ensure transparent and secure transactions, in a country where more than 4,000 complaints of some type of irregularity are registered annually. We focus on raising the standards of safety and experience of people when acquiring an asset as important as a vehicle,” says Kavak Colombia’s López. Colombia is one of the most important pre-owned car markets in Latin America, with an average of 1.2 million transactions annually. The majority –as in the rest of the continent– are carried out informally, which opens the window for some type of irregularity.
Kavak's operations in Colombia are concentrated in Bogotá, where the company opened three experience centers, located in the Plaza Central, Atlantis Plaza and Paseo Villa del Río shopping centers, with an inventory of 500 fully reconditioned cars ready for sale.
In Peru, Kavak general manager Alonso Núñez says that “the company seeks to transform the customer experience by providing security throughout the buying and selling process, with the support of Kavak to build trust in our auto reconditioning process. We are committed so that more people can have their first car and renew their cars with us.”
Kavak Chile director Vizcarrondo tells Forbes Colombia that “the arrival of Kavak will revolutionize the local automotive industry, since we will not only improve the experience of buying and selling used cars, but also, thousands of people will be able to access a financing option to purchase their first car, with the guarantee that the vehicle is in perfect condition.”
To strengthen its leadership in the Andean region, a market of more than three million transactions and with a value of more than $24 billion annually, Kavak will install the largest vehicle reconditioning centers in Chile, Colombia and Peru, which will have the capacity to process more than 3,000 cars per month, a figure that is expected to increase as the operation progresses. “There is nobody in the industry that offers real guarantees for used cars, and that is why the market is profoundly inefficient,” says García Ottati.
“This is precisely the problem that we are solving, so that citizens can acquire one of the most important assets of their lives,” adds García Ottati. “We will not rest until we achieve the transformation of the industry." Jose Caparroso is an editor at Forbes Colombia covering tech, venture capital and startups. Follow him on Twitter at @josecaparroso and email him at [email protected] MORE FROM FORBES
MORE FROM FORBESHere's What Another China Lockdown Could Mean For The U.S. EconomyBy Sergei Klebnikov
MORE FROM FORBESGolf Tournaments, A Private Jet And A Red Ferrari: A Tech CEO Lived Large While His Employees Went UnpaidBy David Jeans
MORE FROM FORBESDefying Pullback In Investments, General Catalyst Launches $670 Million Healthcare FundBy Katie Jennings
MORE FROM FORBESThe Seattle Mariners Are Winning. Meet The Woman Who's Working To Turn The Hot Streak Into Bigger Profits.By Jabari Young | Latin America Economy |
Buckets are refilled with water by residents as a water truck distributes it outside houses at La Hacienda neighborhood in Guadalupe, in Nuevo Leon state, Mexico June 11, 2022. REUTERS/Jorge MendozaRegister now for FREE unlimited access to Reuters.comMONTERREY, Mexico, July 29 (Reuters) - Mexico declared the water shortage in the northern state of Nuevo Leon a matter of "national security" on Friday as the region, home to Mexico's industrial capital, has been crippled by a worsening drought in recent months.In a declaration issued Friday afternoon, the federal government said available water should be prioritized for public use, and said existing federal water concessions to private companies could be modified or reduced."We're going to be able to guarantee water (in the state of Nuevo Leon) eight to 10 more years," President Andres Manuel Lopez Obrador said earlier on Friday during his regular news conference.Register now for FREE unlimited access to Reuters.comOutrage has grown in recent months across the metropolitan area of Monterrey, home to some 5.3 million people, as authorities sharply limited water access to residents, even as commercial bottlers and beer companies continued to extract what amounts to billions of gallons of water annually under federal concessions.Heineken (HEIN.AS), which according to Mexico's national water authority CONAGUA holds permits in the area for 3.6 million cubic meters of water, said earlier this month it would hand over the equivalent of 20% of the potable water used in its processes to residents.Photos of canned water donated by Heineken went viral on social media in recent days, sparking criticisms from those who continue to lack water at home.In June, authorities began curtailing access to running water across the metropolitan area to only a few hours each morning. read more The water rationing has sparked sporadic demonstrations, with some residents protesting that they have gone stretches of days, and sometimes even weeks, without receiving running water at all. read more Bottler Arca Continental (AC.MX), one of the largest Coca-Cola (KO.N) bottlers in Latin America and which also operates in Nuevo Leon, referred a request for questions to the local business chamber Caintra, which declined to comment.Register now for FREE unlimited access to Reuters.comReporting by Laura Gottesdeiner in Monterrey and Kylie Madry in Mexico City; Additional reporting by Noe Torres in Mexico City; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
A representation of cryptocurrency is seen in front of Binance logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/IllustrationRegister now for FREE unlimited access to Reuters.comLIMA, Aug 10 (Reuters) - Binance, the world's largest cryptocurrency exchange, is seeing a surge in clients due to rising inflation and a historically strong dollar that has depressed emerging market currencies, an executive told Reuters on Wednesday, without disclosing numbers."Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation," said Maximiliano Hinz, who heads Binance in Latin America, during an interview in Lima.Hinz pointed to the example of Argentina, where annual inflation is at 90%. The country has grown into one of the company's top markets, he said, together with Brazil and Mexico.Register now for FREE unlimited access to Reuters.comArgentina saw citizens pour savings into bitcoin this year despite a crash in cryptocurrency prices. read more While El Salvador has made headlines for adopting bitcoin as legal tender, Hinz said other Latin American nations have yet to pass meaningful cryptocurrency legislation, although he does not necessarily consider that a bad thing for the company."Regulation is a framework, but it's not always negative that something isn't regulated," he said. "If something isn't banned, then it's legal."Under President Nayib Bukele, El Salvador has made a massive bet on bitcoin, making it legal tender and buying more than $100 million worth of the cryptocurrency, which have lost about 50% of their value amid a broader cryptocurrency selloff this year.Register now for FREE unlimited access to Reuters.comReporting by Marcelo Rochabrun; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
John Oliver looked ahead to a concerning election for Brazil next week, in which President Jair Bolsonaro seeks a second term. Bolsonaro, a far-right candidate who, among other things, told a female member of congress he wouldn’t rape her because “you’re not worth it,” said he’d rather his son died in an accident than was gay, and frequently makes finger gun gestures, campaigned in 2018 “as a misogynistic homophobe who gestures like he runs a tech startup”, the Last Week Tonight host explained.Now, polls show Bolsonaro’s rival, former president Luiz Inácio Lula da Silva, leading the race by a wide margin. But there are concerns that if Bolsonaro loses, he will refuse to give up his office and follow Donald Trump’s example by encouraging supporters to back a “tropical version” of the Capitol riot. “Which isn’t great although, for the record, you really don’t have to use the word ‘tropical’ to describe an insurrection just because you’re talking about Latin America,” Oliver said. “Especially because ‘tropical riot’ sounds like a Mountain Dew flavor that was recalled for blinding several children.”Bolsonaro’s version of January 6 could be “a lot more destructive than Trump’s”, Oliver warned, because he has successfully courted support among his military. “All of which makes it more than a little concerning” when Bolsonaro tells supporters, as he did at a recent rally: “there are only three alternatives for me: to be arrested, to be killed, or to be victorious. And I tell those scumbags, I will never go to jail.”“No one says that before doing something pleasant,” Oliver noted. “No one says their options are ‘victory, prison or death’ before they, say, march into the Great British Bake-Off tent for biscuit week.”As “one of the world’s biggest democracies seems like it might be barreling towards a cliff”, Oliver examined Bolsonaro, “the man with his foot planted firmly on the gas”, whose first term as president has roiled Brazil.Bolsonaro, whom Last Week Tonight covered back in 2018, has “governed pretty much exactly how he said he was going to”. He loosened guns laws to the point that the number of weapons in private hands doubled during his time in office, despite polls showing that the majority of Brazilians are against lax restrictions. “He’s giving people what they didn’t ask for and don’t want, which I believe is also job description for the head of original programming at Netflix,” Oliver quipped.Bolsonaro has also devastated the Amazon by loosening regulations, expanding logging and mining and scaling back enforcement; deforestation is now at its highest point in a decade, destroying the homes of Indigenous people and increasing Brazil’s emissions by 9.5%.But the “defining catastrophe” of Bolsonaro’s presidency has been his handling of the Covid pandemic, which has infected 34 million Brazilians and killed more than 685,000. “Right from the start, he refused to take it seriously,” Oliver explained. Bolsonaro dismissed the virus as “a little flu” and shrugged off responsibility in “the most dickish possible way”.“I’m sorry for the dead, I’m sorry, but we’re all going to die one day,” Bolsonaro said in a speech. “We have to stop being a country of sissies.”“That is just monumentally shitty,” said Oliver. “America’s response left a lot to be desired, but at least the CDC slogan was never ‘what are you complaining about, death comes for all of us, man up and die in a hole.’”As president, Bolsonaro “actively made it [Covid] worse” by punishing governors and other officials who instituted shutdowns or social distancing policies, and delayed ordering doses of the vaccine.Bolsonaro, whose inner circle is now engulfed in a series of legal and criminal investigations, has also worked to sow doubt in Brazil’s election system. “I don’t want to spend too much time knocking down every one of Bolsonaro’s complaints,” said Oliver, “because it’s pretty clear that in raising these objections in the run-up to the election, his intention isn’t to maximize the security of the vote, but to maximize the amount of distrust that people have in it.”And his support have been very much listening to his bullshit,” he added before footage of interviews with Brazilians who believe the election would only be fair and legitimate if Bolsonaro won in the first round by a large margin.Things are tense in Brazil, Oliver summarized, even before getting to Bolsonaro’s deep ties to the military – the president, who is ex-military and openly admiring of the country’s former military dictatorship, has several ex-military members on staff; numerous military officials have sown similar doubts about the election process.A January 6-style coup attempt in Brazil could be “much worse” than in the US, Oliver explained, because “luckily for us, Trump’s allies were generally limited to a shirtless man in a fur hat, a perpetually hoarse pillow baron, and some of his dumber children.“But Bolsonaro has significant military support,” he continued. “Generally, when someone threatens democracy, it’s a lot easier to say, ‘You and what army?’ when you’re absolutely certain that that person doesn’t have an actual army behind them.“For Brazil, there is a lot on the line here,” he concluded. “The weeks ahead could be extremely nerve-racking. And the fact is, if Bolsonaro eventually loses and chooses to fight the results, it is going to test the strength of Brazil’s relatively young democracy.” | Latin America Economy |
David Velez, cofounder and CEO of Nubank, and his wife Mariel Reyes, attend the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 7, 2022. REUTERS/Brendan McDermidRegister now for FREE unlimited access to Reuters.comSAO PAULO, July 18 (Reuters) - Nubank , Latin America's largest fintech, is growing faster than expected in Mexico, Chief Executive David Velez said in an interview.“We thought it would be hard to beat the growth we had in Brazil in Mexico, and we now see Mexican ops beating Brazil metrics.”In a year and a half, Nu Mexico reached 2.1 million customers, equivalent to 2.2% of the country's total adult population. In Brazil, Nubank reached 53.9 million clients, equivalent to 30% of the adult population, after nine years.Register now for FREE unlimited access to Reuters.comNubank became the largest issuer of new cards in Mexico in 18 months; such a position was only achieved in Brazil after five years, according to the CEO.Competition in the financial sector is smaller in Mexico than in Brazil, Velez added. Almost 90% of Mexicans don't have access to credit cards, according to a survey by Comision Nacional Bancaria y de Valores.Now the fintech backed by large investors such as Warren Buffett's Berkshire Hathaway (BRKa.N) and Softbank Group Corp (9984.T) wants to accelerate growth in Mexico with a $650 million loan it obtained in April to expand international activities. "There is a huge growth opportunity in the country", he said.Velez said the drop of Nubank shares is "disappointing"-- the stock is almost 60% down this year. Less interest for investment in tech companies has reduced competition for assets and may allow Nubank to acquire startups, Velez said. He added that the fintech is involved in "several conversations" that may result in acquisitions in Latin America and the U.S.The Nubank CEO said he is not worried about the rise in delinquencies in the credit portfolio, saying delinquencies were kept "artificially low" during the pandemic. Nubank has four times more deposits than credit, Velez added, saying the risk is low. Nubank still has a large cash position from the $2.8 billion raised in its initial public offering.Register now for FREE unlimited access to Reuters.comReporting by Tatiana Bautzer; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Peru's President Pedro Castillo shakes hands with U.S. Secretary of State Antony Blinken during a private meeting in Lima, Peru October 6, 2022. Peru's Presidency/Handout via REUTERS LIMA, Oct 6 (Reuters) - The United States will provide $240 million in new humanitarian assistance to help meet the needs of refugees and migrants across the Western Hemisphere, U.S. Secretary of State Antony Blinken said on Thursday.Speaking at a migration-themed event at a meeting of the Organization of American States (OAS) in Lima, Blinken said the assistance would be delivered through health services, shelter, education and legal assistance."The support will help host communities better integrate migrant populations, including by funding programs to support migrants and applying for official status," Blinken said.Register now for FREE unlimited access to Reuters.comThe top U.S. diplomat is in Peru, the last stop of his week-long Latin America tour, as he tries to reassert U.S. commitment to the region at a time when Washington's foreign policy focus has been elsewhere, particularly with the Russian invasion of Ukraine.But migration remains a major regional challenge, and one that he has sought to address during his trip.Of the new funding, nearly $82 million will be humanitarian assistance and will be provided to refugee and migrant communities across the region, according to information provided by the State Department.Over $160 million will be in the form of bilateral and regional security assistance. Nearly $150 million of that will be provided through programs addressing weak criminal justice institutions in partner countries and corruption - among the reasons Washington sees as the root cause of migration from Central America.Register now for FREE unlimited access to Reuters.comReporting by Humeyra Pamuk, Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
In a move widely lambasted by Republicans, President Biden recently sought to resume Venezuelan oil imports in exchange for a promise of free and fair elections in 2024, a move which critics argue would only strengthen the hand of the Nicolás Maduro dictatorship. The move comes at a time of closer relations between the two U.S. enemies.Iran and Venezeula, both petroleum-rich OPEC members with international pariah status, have recently found solidarity in coordinated geopolitical, economic, and military maneuvers against shared common enemy the United States, which has subjected them to a regimen of economic sanctions for years.Ties between the nations were close under Venezuela’s socialist president Hugo Chavez, but strengthened further under Maduro, who has sought a lifeline from Iran’s Islamist regime. While Venezuela enjoys what are believed to be the world’s largest petroleum deposits, years of mismanagement, corruption and maintenance issues have dramatically hampered its production and refining capabilities.Former diplomat and current Venezuelan political dissident Isaias Medina views the alliance as a clear and present threat to the United States: "In my opinion, the countries of the Axis of Evil are increasing their presence on Venezuelan territory to strengthen their state policy of pursuing de facto control of a government that is based on asymmetric warfare against the West…this is where the interests of Venezuela-Iran -China-Russia-Cuba align." Medina quit his position with the Venezuelan mission to the UN where he served in a senior position over Maduro's policies.Geopolitical analysts have noted that the Maduro regime is now pursuing a policy which offers economic and territorial control to rogue states in exchange for access to its vast resources, including petroleum, gold and potentially even uranium. Iranian President Ebrahim Raisi and Venezuelan President, Nicolas Maduro hold joint press conference after their meeting in Tehran, Iran on June 11, 2022. (Photo by Iranian Presidency / Handout/Anadolu Agency via Getty Images)VENEZUELA'S OPPOSITION PRESSES U.S. TO HOLD OFF ITS CONSIDERATION OF OIL IMPORTSIn June of this year, Venezuela and Iran signed a 20-year cooperation plan which involves Iranian assistance in repair and maintenance of existing Venezuelan refineries, as well as other technical and engineering expertise. The two nations also signed a deal whereby Iran will deliver four oil tankers to Venezuela through the Iranian company SADRA. Weekly flights between Caracas and Tehran commenced in July, prompting speculation that cargo could include military hardware.Currently, Venezuela lacks both the investment capital and the expertise to resurrect its once formidable oil industry. With Russia’s Rosneft sidelined by U.S. sanctions, the Maduro regime has looked to Iran to step into the gap. Iran has sent fleets of fuel-laden tanker ships to alleviate Venezuela’s crises before, and also helped to export Venezuela’s crude in the face of crippling U.S. sanctions that have to some degree scared off both Russia and China, long term allies.One curious new feature of the Iran-Venezuela relationship involves a new supermarket, Megasis, launched in 2020. Perched on the eastern edge of Caracas, the 200,000 square foot megastore sits next to Venezuela’s largest and most notorious slum, Petare, where it stocks a dazzling array of over 2,500 Iranian products, many considered novelties to its new customers. A woman goes to the Iranian supermarket "Megasis" after its opening July, 30, 2020, in Caracas, Venezuela. "Iran, as well as every country in the world, has a right to free trade," said Iran's ambassador to Caracas at the opening. Tehran had recently sent five tankers full of gasoline to Venezuela. (Photo by Rafael Hernandez/picture alliance via Getty Images)However, Medina deems the venture, "another smokescreen to disguise their true intentions…profitability is not their interest, it is merely the public face hiding the true agenda behind the ‘supermarket’: arms agreements, training, exchange of strategic resources, oil, and military hardware on the one hand, and maybe even uranium on the other."VENEZUELA'S OPPOSITION PRESSES U.S. TO HOLD OFF ITS CONSIDERATION OF OIL IMPORTSIranian dissident Banafsheh Zand views the supermarket itself as a public relations ploy, designed to obscure the more nefarious intents on the part of both regimes: "It’s designed to show (the Venezuelan people) …we are so competent and good at foreign relations, we actually have friends that come and help us…people who care about the people of Venezuela."However, given the current economic hardships and deprivations in Iran, Zand argues that it is an unseemly vanity project."This is the ultimate show of just who these people are. In Iran, the price of regular staples is through the roof; an egg costs the equivalent of $5… It’s a cute way of giving the finger to the rest of the world."Venezuela saw the U.S. and most of its allies recognize opposition leader Juan Guaido as president, while Maduro and top lieutenants have been indicted by the U.S. Justice Department on drug trafficking and money laundering charges. Iranian President Ebrahim Raisi welcomes Venezuelan President Nicolás Maduro at Sadabat Palace in Tehran, Iran on June 11, 2022. (Photo by Iranian Presidency / Handout/Anadolu Agency via Getty Images)STATE DEPARTMENT MADE ‘CALCULATION’ TO PRIORITIZE IRAN NUCLEAR DEAL OVER HUMAN RIGHTS ISSUESIran is currently seeking to renegotiate the Iran Nuclear Deal with the Biden administration, despite strident objections from Congressional Republicans and some Democrats. It is also under threat from violent protests which have swept the nation in recent weeks. Iranian President Ebrahim Raisi blamed the U.S. for the unrest, alleging that it sought to spread "chaos, terror, and destruction."With constant flow of tankers, cargo ships and planes between the two countries, the supermarket is likely a small piece in a much more nefarious geopolitical battle involving money laundering, arms trafficking, drug trafficking, and dictatorship.CLICK HERE TO GET THE FOX NEWS APPMedina argues that the Venezuela-Iran relationships involves, "uniting strategic pieces converging against Western interests: Venezuela is the headquarters of these countries of the Axis of Evil, seeking to gain ground in South America and destabilize the West."The Venezuelan government’s intent also involves infiltrating the United States. Zand alleges, "the government of Venezuela creates fake passports for Iranian, Syrian, Yemeni nationals" in order to facilitate their movement into and throughout the West, yet "the Biden administration is willing to make a deal with a regime that does this." David Unsworth reports on Latin America. You can follow David Unsworth on Twitter @LatinAmerUpdate | Latin America Economy |
World Sep 28, 2022 8:36 PM EDT MEXICO CITY (AP) — Some 200 environmental and land defense activists were killed around the world in 2021, including some 54 in Mexico, which assumed the position of the deadliest country in the annual report by nongovernmental organization Global Witness.
More than three-quarters of the killings took place in Latin America, where Colombia, Brazil and Nicaragua also logged double-digit death tolls.
It was the third consecutive year of increases for Mexico and a jump from 30 such activists killed in 2020.
“Most of these crimes happen in places that are far away from power and are inflicted on those with, in many ways, the least amount of power,” the report said.
WATCH: Big Oil pledged to fight climate change, but do their actions line up?
Global Witness considers its report a baseline, noting “Our data on killings is likely to be an underestimate, given that many murders go unreported, particularly in rural areas and in particular countries.”
The victims died fighting resource exploitation and in land disputes. Conflicts over mining were tied to 27 deaths worldwide, the most for any sector.
Fifteen of those mining-related killings were in Mexico.
In the western Mexico state of Jalisco, José Santos Isaac Chávez was killed in April 2021. He was running for local office and had made opposition to a long-running mine a central part of his campaign. Days before the election, he was found dead in his car, which had been driven off a cliff and his body showed evidence of torture. Armed men had dragged him out of his home and driven him away in his own vehicle.
In April 2021, Sandra Liliana Peña Chocué, an Indigenous governor in southwest Colombia, who had fought for the eradication of coca crops in Caldono, Cauca was killed near her home by armed men. Her murder was condemned by the United Nations, nongovernmental organizations and foreign governments.
Overall, killings of environmental activists in Colombia dropped in 2021 to 33 from 65 the year before. The Philippines saw fewer such killings in 2021 too, 19 compared to 30 in 2020.
READ MORE: ‘We are heading in the wrong direction’ U.N. says in new report on climate change
In the Democratic Republic of Congo, all eight recorded victims were killed inside Virunga National Park.
In November, conservation park ranger Chief Brigadier Etienne Mutazimiza Kanyaruchinya, 48, was killed when 100 heavily armed men, presumed to be former members of the M23 rebel group, attacked a patrol post near the village of Bukima in Congo’s North Kivu Province.
Virunga Park is home to some of the world’s last mountain gorillas, but armed groups such as the Democratic Forces for the Liberation of Rwanda, known by its French acronym FDLR, the Mai-Mai and the M23 regularly vie for control of eastern Congo’s natural resources.
Global Witness called on governments to enforce laws that protect activists and require informed consent from Indigenous groups, while also requiring companies to be accountable throughout their global operations and have zero tolerance for attacks on land defenders.
“Activists and communities play a crucial role as a first line of defense against ecological collapse, as well as being frontrunners in the campaign to prevent it,” Global Witness CEO Mike Davis said in the report. Left: Flowers are placed on the images of murdered environmentalists during a protest on Earth Day to demand justice for the murdered and missing environmentalists, at the Zocalo square in Mexico City, Mexico, April 22, 2022. Photo by Edgard Garrido/REUTERS | Latin America Economy |
Secretary of State Antony Blinken heads to Latin America Monday to reassert Washington's commitment to the region and meet with three new leftist leaders, amid concerns that neglect of the hemisphere has let China make economic inroads.
During his weeklong trip to Colombia, Chile and Peru the top U.S. diplomat will also attend a ministerial summit and hold talks on regional challenges including migration, drug-trafficking, post-pandemic recovery, climate change and the Venezuelan crisis.
U.S. officials acknowledge privately the need to show the United States' southern neighbors they remain a policy priority despite the focus on big geopolitical issues such as Russia's war in Ukraine and China's threat to Taiwan.
Officials remain hopeful that Latin America's new leftist leaders will not govern as ideological firebrands and instead continue to maintain a free-enterprise-friendly approach and nurture U.S. ties.
"We are not judging countries based on where they fall on the political spectrum, but rather their commitment to democracy, the rule of law and human rights," Assistant Secretary Brian Nichols, the State Department's top diplomat on the Western Hemisphere, said in a briefing call.
"And I would note that we are also visiting three countries that have been longtime vital trade partners of the United States, countries with free trade agreements with the United States ... We are focused on strengthening our relations with those governments," Nichols said.
Blinken will aim to solidify U.S. partnerships in the face of an increasingly ambitious China that has been expanding its economic footprint across the resource-rich region, which was once Washington's geopolitical backyard.
"This (the trip) reflects the interest of the United States to pay more attention to Latin America, and specifically South America in this case, in terms of the deepening relationship there is with China," said Guillermo Holzmann, a Chilean academic and political analyst.
Drugs and diplomacy
The trip, Blinken's first in almost a year to the Andean region, will kick off a day after Brazilians head to the polls for a highly polarized election, in which leftist candidate Luiz Inacio Lula da Silva is leading in opinion polls against the far-right populist President Jair Bolsonaro.
Blinken's first stop, in Colombia, could be a test of long-standing close U.S. ties. Its new leftist president, former rebel Gustavo Petro, has derided the U.S.-led war on drugs as a failure and called for a new international approach.
The South American country is a top producer of cocaine and has historically faced pressure from Washington to eradicate drug crops. Petro has also moved to reengage diplomatically and economically with the government of Venezuelan President Nicolas Maduro, despite U.S. efforts to isolate the OPEC country.
Blinken's trip comes after a rare prisoner swap Saturday in which Venezuela freed seven U.S. citizens, including five oil executives, and the Biden administration released two relatives of Maduro held in federal prison in Florida on drug convictions.
Biden administration officials have struck a mostly conciliatory tone toward Petro, stressing areas of agreement on issues such as climate change and citing his appeals to Maduro to return to talks with the Venezuelan opposition.
Regarding Petro's calls to end the war on drugs, Nichols said Washington strongly supports "a health and science-based approach" to counter narcotics.
"This is reflected in our policy of supporting rural development and rural security in Colombia. And we believe that President Petro strongly shares that goal," Nichols said.
But one U.S. official said Washington was watching closely whether Colombia's outreach to authorities in neighboring Venezuela undercuts U.S. sanctions on Maduro's government.
Resolution on Ukraine
Blinken's second stop will be Chile, where Gabriel Boric, a former protest leader, was elected as the country's youngest ever president earlier this year promising ambitious social reforms amid a wave of political unrest.
But his approval ratings quickly fell and in September voters overwhelmingly rejected a proposed new constitution, forcing an overhaul of his cabinet.
Though Boric has openly criticized autocratic left-wing leaders such as Maduro and Nicaraguan President Daniel Ortega, he rankled U.S. officials by speaking out against President Joe Biden's decision to exclude Cuba, Venezuela and Nicaragua from the Summit of the Americas in June.
In Lima, Blinken will attend a ministerial meeting of the Organization of American States (OAS) General Assembly, where Washington will push to pass a new resolution against Russia's invasion of Ukraine after the group issued one in March condemning Moscow.
But there are doubts over how many countries will support the move after Petro said arming Ukraine would escalate the conflict. "We hope for strong support from all member states on the resolution on Ukraine," Nichols said.
Blinken's visit will come at a sensitive time for Peruvian President Pedro Castillo, a leftist who took office last year. Politics in the world's No. 2 copper producer is highly polarized amid mounting allegations of corruption against Castillo and close allies. He denies any wrongdoing.
Peru's foreign minister Cesar Landa told Reuters that items on the agenda for discussion with Blinken included democratic governance, combating drug trafficking and immigration. | Latin America Economy |
NEWYou can now listen to Fox News articles! Chilean voters have overwhelmingly rejected a proposal to overhaul a 41-year-old charter with a constitution that would have been among the most progressive in the world. With 96% of the votes counted in Sunday's plebiscite, the rejection camp had nearly 62% support compared to more than 38% for approval amid what appeared to be a heavy turnout with long lines at polling states. Voting was mandatory. FILE: An opponent of the new Constitution listens to the partial results of a plebiscite on whether the new Constitution will replace the current Magna Carta imposed by a military dictatorship 41 years ago, in Santiago, Chile, Sunday, Sept. 4, 2022. (AP Photo/Matias Basualdo)The vote deals a stinging setback to President Gabriel Boric, who at 36, is Chile's youngest-ever president. Boric had tied his fortunes so closely to the new document that analysts said it was likely some voters saw the plebiscite as a referendum on his government at a time when his approval ratings have been plunging since he took office in March.The proposed charter was the first in the world to be written by a convention split equally between male and female delegates, but critics said it was too long, lacked clarity, and went too far in some of its measures.BURMA COURT CONVICTS SUU KYI OF VOTE FRAUD, ADDS JAIL TIMEThe 388-article proposed charter sought to put a focus on social issues and gender parity, recognize a parallel justice system for Indigenous territories and put the environment and climate change center stage in a country that is the world's top copper and one of the top lithium producers. It also introduced rights to free education, health care, and housing.The current constitution – by contrast – is a market-friendly document that favors the private sector over the state in aspects like education, pensions, and health care. It also makes no reference to the country's Indigenous population, which makes up almost 13% of the population. Chile's President Gabriel Boric, right, holds a press conference after casting his vote in a plebiscite on a new draft of the Constitution in Punta Arenas, Chile, Sunday, Sept. 4, 2022. (AP Photo/Andres Poblete)The rejection of the progressive charter was broadly expected in this country of 19 million as months of pre-election polling had shown Chileans had grown wary. Still, many analysts and pollsters were thrown off by the large margin for the rejection camp. The approval camp conceded defeat, with its spokesman Vlado Mirosevic saying: "We recognize this result and we listen with humility to what the Chilean people have expressed."MIKHAIL GORBACHEV, FORMER SOVIET LEADER WHO OVERSAW END OF COLD WAR, DEAD AT 91"Today we're consolidating a great majority of Chileans who saw rejection as a path of hope," said Carlos Salinas, a spokesman for the Citizens' House for Rejection. "We want to tell the government of President Gabriel Boric... that 'today you must be the president of all Chileans and together we must move forward." What happens now amounts remains uncertain. Chilean society at large, and political leadership of all stripes, have agreed that the current constitution – which dates from the country's 1973-1990 dictatorship under Gen. Augusto Pinochet – must change. The process that will be chosen to write up a new proposal still has to be determined and will likely be the subject of hard-fought negotiations between the country's political leadership. President Boric is expected to meet with the heads of all political parties sometime this week to determine the path forward.Once seen as a paragon of stability in Latin America, the region exploded in student-led street protests in 2019. The unrest was sparked by a hike in public transportation prices, but it quickly expanded into broader demands for greater equality and more social protections.CLICK HERE TO GET THE FOX NEWS APPThe following year, just under 80% of Chileans voted in favor of changing the country's constitution. Then in 2021, they elected delegates to a constitutional convention.The Associated Press contributed to this report. | Latin America Economy |
The statue of Simon Bolivar, located in Plaza Bolivar, is seen covered by the Colombian flag the morning after the second round of the presidential election, in Bogota, Colombia June 20, 2022. REUTERS/Luisa GonzalezRegister now for FREE unlimited access to Reuters.comMEXICO CITY/BOGOTA/SAO PAULO, June 22 (Reuters) - Latin America's new "pink tide" is gaining pace after Colombia elected its first leftist leader Gustavo Petro, with Brazil expected to follow suit in elections in October, an echo of a regional political shift in the early 2000s.Around the region, angry voters, pinched by the economic impact of the COVID-19 pandemic and rampant inflation fanned by Russia's invasion of Ukraine, have ditched mainstream parties and been lured by promised of bigger government and social spending."A leftist government in Colombia represents hope," Gloria Sanchez, a 50-year old primary school teacher in the capital Bogota and a Petro supporter, told Reuters.Register now for FREE unlimited access to Reuters.com"This is the first time that there's a government that sees the people, the poor, as human beings."Colombia's shift means it joins Mexico, Argentina, Chile and Peru in a growing leftist bloc. In Brazil, the regional economic giant, former leftist president Luiz Inacio Lula da Silva leads opinion polls against far-right incumbent Jair Bolsonaro.The redrawing of political fault lines, with conservative bastions like Chile and Colombia toppled, may have a big impact on everything from grains and metals to economic policy, as well as ties with key partners like the United States and China."There is really an important and clear movement happening in Latin America, even though different governments show different nuances," said Brazilian Senator Humberto Costa and member of the leftist Workers' Party.Chile's Gabriel Boric, a 36-year-old progressive, came into office in March. Pedro Castillo, a socialist former teacher, in Peru last year. Bolivia's socialist party won election in 2020 after a short-lived conservative interim government.Bolivia's ex-president Evo Morales, an icon of the original pink tide, wrote on Twitter that Petro's win in Colombia marked a "rising social conscience and solidarity that raises the flag of the Latin American left."LULA VS BOLSONAROAll eyes are now on Brazil, where elections this year could tip the country leftwards, with voters growing dissatisfied with populist ultra-conservative President Bolsonaro."The fight against Bolsonaro has renewed Brazil's left," said leftist Brazilian Congressman Alexandre Padilha, adding it was attracting younger voters and brining people together in opposition to the current political and economic status quo."I believe that economic and political figures around the world are increasingly noticing the need to review a series of neo-liberal policies that have ended up deepening inequality."The new pink tide is however starkly different from the original version, that saw the emergence of firebrand leftists such as Venezuela's Hugo Chavez and Morales in Bolivia.Castillo in Peru has swung to the center since coming into office in the middle of last year, creating tension with his socialist party. Boric has looked to moderate his economic agenda and criticized regional leftist authoritarian regimes.And the tide could turn too, with center-left Argentine President Alberto Fernandez under pressure ahead of 2023 elections, Castillo struggling to fight off repeated impeachment attempts and Boric's popularity waning since taking office."If elections there were happening today, many of these 'pink' governments would disappear," said Nicolas Saldias, an analyst at the Economist Intelligence Unit. "This is not a strong base of support."On the streets of Colombia, many voters simply wanted a better life for themselves and their children. The chance to study and work."I don't understand much about the left and right, we are working people and those things don't matter to us, we want to work and that our children they can be better than us," said Pedro Pedraza, 60, a shopkeeper in Bogota."We don't want anything for free, we want conditions to be able to work and get ahead, get out of poverty."Register now for FREE unlimited access to Reuters.comReporting by Isabel Woodford, Carlos Vargas and Gabriel Araujo; Additional reporting by Luis Jaime Acosta; Editing by Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Residents protest to demand government support for soup kitchens in Pamplona Alta, a low-income neighbourhood on the outskirts of the Peruvian capital where soaring food prices are placing animal proteins out of reach for the most vulnerable residents, in Lima, Peru April 11, 2022. REUTERS/Daniel Becerril/File PhotoRegister now for FREE unlimited access to Reuters.comLIMA, Aug 18 (Reuters) - Since 2011, Peruvians have lived under seven presidents and seen four ex-leaders detained or wanted on corruption allegations. Yet, in the same period Peru has held onto the unlikely title of the fastest growing major economy in Latin America.That period of standout growth is set to end this year, an analysis of World Bank data and International Monetary Fund forecasts shows, with Colombia overtaking Peru.Slowing growth at the world's No. 2 copper producer underscores a painful truth: Peru's economy is finally beginning to crack after years of increasingly disruptive political crises that have peaked under President Pedro Castillo and a combative Congress, hurting both private and public investment.Register now for FREE unlimited access to Reuters.comGlobal economic pressures like inflation prompted by the pandemic have hit Latin America hard, but the mood has turned particularly sour in Peru. Investor confidence is lower than during the Great Recession and nearing the pandemic's record low, even though business performance continues to improve, monthly polls from Peru's central bank analyzed by Reuters show."I think that there is no other option but that the government is affecting (economic) expectations because companies are doing fine," said Pedro Francke, Castillo’s inaugural finance minister who resigned earlier this year.Castillo took office last July, spooking investors on the campaign trail with a plan to radically redistribute wealth and redraft the constitution. But he ultimately handed the economy to moderate finance czars and has passed no meaningful economic reforms.His administration and close associates are now besieged by scandals. Castillo himself is facing six criminal investigations, one of them for alleged obstruction of justice in the firing of a minister. Congress has twice impeached him but failed to oust him. read more While Peru is used to turmoil and in 2020 cycled through three presidents in nine days, market analysts say its economy is finally facing what may prove an insurmountable test."Politics and the economy can no longer be treated separately in Peru," Fitch said in a report this week.Peru's finance ministry declined to comment.To be sure, Peru is expected to remain among Latin America's top performing economies, according to the International Monetary Fund. Meanwhile, Moody's, Fitch and S&P all told Reuters they do not see imminent risks of a downgrade to Peru's investment-grade rating.Peru's largest corporations, including lender Credicorp and miner Sociedad Minera Cerro Verde , have presented solid earnings so far this year.Still, Peru's finance ministry is set to lower its growth expectations for 2022 later this month from 3.6%, according to newly appointed Finance Minister Kurt Burneo who first suggested it could be as low as 2.2% but has since said it might be a bit higher."Today Peru is facing one more stress test...but what we won't be able to save is economic growth," said David Tuesta, the President of the Private Competitiveness Council, a think tank funded by business interests.A POPULIST WHO CAN'T SPENDCastillo came to power promising to hike spending, fund new social programs and raise taxes on the mining industry.But his administration has actually overseen slower public spending despite record tax revenues, while Congress shelved the mining tax reform.Peru's fiscal deficit now sits at a very conservative 1% of GDP, a dramatic reduction from 8.9% just two years ago, all accomplished without an austerity policy in place."The bad news is that the deficit reduction is...because of the inability of this government to spend even on things that it wants to spend on," said Jaime Reusche, a vice president at Moody's.Peru's central government spending has contracted 5% so far this year compared to last year, when Castillo was not yet in power, amid record turnover in senior government roles.Less than two weeks into the job, Finance Minister Burneo said in an op-ed that Peru is risking a recession if it does not increase spending and criticized the central bank for hiking rates to combat inflation.While many analysts have predicted that Castillo may not finish his term in 2026, opposition lawmakers have said that they lack the votes to oust him.But even if they did, Castillo's removal may not shake up the economy, or change its trajectory toward slower growth."It shouldn’t have a major impact on economic activity and on real growth," Reusche said.Register now for FREE unlimited access to Reuters.comReporting by Marcelo Rochabrun; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
By Hector Pereira
Caracas, Aug 19 (EFE).- Irianny and her young son are malnourished.
Unable to provide a balanced diet for her family on a teacher’s salary of less than $100 a month, she must seek out free meals at a soup kitchen in this capital, an establishment where Venezuela’s incipient economic recovery is a distant mirage.
Still under the age of two, the child began receiving humanitarian assistance several months ago under a program run by the non-governmental organization Caritas after he showed signs of malnutrition.
Those same symptoms were later observed in his mother, who is now breastfeeding her six-month-old daughter.
The 36-year-old woman said the food assistance her family receives in a low-income Caracas neighborhood is essential and – speaking to Efe ahead of World Humanitarian Day, observed annually on Aug. 19 – called for other soup kitchens to be opened to help “many other” needy people.
At least 5.2 million Venezuelans are in urgent need of basic assistance, according to the United Nations’ new 2022-2023 Humanitarian Response Plan (HRP) for the country.
A total of nearly $800 million is required from international donors this year as part of that plan, which is focused on “supporting health services, improving food security and nutrition, strengthening basic service delivery and education, promoting protection and addressing human mobility,” the UN’s Office for the Coordination of Humanitarian Affairs said in a press release early this month.
Based on an increase in perceived needs, the new HRP tempers the excitement surrounding the incipient economic recovery of a country emerging from a years-long recession.
While leftist President Nicolas Maduro’s administration is touting Venezuela’s growth in 2022 as the fastest in Latin America, no country in the region needs as much money to assist its poorest inhabitants.
The necessities are the greatest among certain vulnerable demographic groups – children, indigenous communities, people with disabilities and the elderly – who have not yet felt the impact of the economic improvement.
“Humanitarian assistance in Venezuela must continue since, specifically for these vulnerable groups … the determining factors of their vulnerability haven’t disappeared. There is no economic recovery. There’s no increase in income,” Dr. Javier Manrique, humanitarian coordinator of Convite, an NGO, told Efe.
That organization, which provides near-nationwide support to the elderly population, says 70 percent of that population receives a pension of just $23 a month, a level of earnings that is woefully insufficient in a country where people require roughly $400 a month to cover their basic expenses.
While excitement is brimming due to the return of concerts by international recording artists and the emergence of new start-ups, enormous needs persist and it is more important than ever for the international community to continue to show solidarity with the Venezuelan people, the UN’s under-secretary-general for humanitarian affairs and emergency relief coordinator, Martin Griffiths, said after a visit to the South American nation.
Irianny is proof that those needs have not gone away. Although the teacher doesn’t deny that “some families” are better off today than a few years ago, she says her improved quality of life is due only to humanitarian assistance.
Manrique, for his part, says the country’s “dramatic indicators” – such as an extreme poverty rate of more than 70 percent, according to NGOs – must be highlighted to obtain the international financing that allows a continued flow of aid to the needy.
“The fact that a person … has to choose between medicine and eating, I think is already sufficient to show the level of suffering they’re facing,” he added.
But the doctor, the UN and the government also all agree on the importance of linking humanitarian assistance with skills development, which they say is the best way to ensure the incipient economic recovery is felt by all segments of Venezuelan society. EFE
hp/mc | Latin America Economy |
A report by Global Witness said the number had decreased slightly compared with 2020 but the number of killings soared in Mexico. In 2021, Latin America was A report released Wednesday by advocacy group Global Witness highlighted that more environmentalists were killed in Latin America than any other region in the world last year. As many as 200 environmentalists were killed globally in 2021, three-quarters of which occurred in Latin America. In 2020, the total number was 227. Mexico had the most deaths at 54 and jumped from its number of 30 reported in 2020. Colombia and Brazil came next, with 33 and 26 cases respectively. Mexico, Brazil, Nicaragua and Peru together accounted for over half the total deaths. Indigenous people were the recipients of more than 40% of the attacks, said the report. In Mexico, officials believe local authorities are implicated in about 40% of the killings based on preliminary investigations. Land conflicts biggest cause "These lethal attacks continue to take place in the context of a wider range of threats against defenders who are being targeted by government, business and other non-state actors with violence, intimidation, smear campaigns and criminalization," the organization said in its report. "This figure is likely to be higher as the reasons behind attacks on land and environmental defenders are often not properly investigated nor reported," it added. Global Witness said land conflicts such as resource exploitation, logging, mining, and large-scale agriculture were behind many attacks. Killings related to mining and extraction activities were highest with 27 cases. Mexico, Philippines, and Venezuela had 14, 6 and 4 cases respectively. tg/jsi (AP, Reuters) | Latin America Economy |
Mexican pesos are seen in this picture illustration August 3, 2017. REUTERS/Edgard Garrido/IllustrationRegister now for FREE unlimited access to Reuters.comMEXICO CITY, June 23 (Reuters) - The Bank of Mexico on Thursday increased its benchmark interest rate by a record 75 basis points to 7.75%, saying it would hike rates again and by as much if necessary to tame inflation that has surged to double its target.Inflation in the year through mid-June hit 7.88%, data showed earlier in the day, well above the central bank's target of 3%, plus or minus one percentage point.."For the next policy decisions, the board intends to continue raising the reference rate and will evaluate taking the same forceful measures if conditions so require," the bank said in a post-meeting statement after its ninth hike in a row.Register now for FREE unlimited access to Reuters.comAll five board members voted unanimously for the rate increase, the largest hike under the Bank of Mexico's current regime, in place since 2008.Banxico, as the bank is known, has been trying to moderate spiraling consumer prices. It has increased the benchmark rate by 375 basis points since mid-2021.Thursday's move echoes the U.S. Federal Reserve's hike last week of three-quarters of a percentage point, its largest increase in more than 25 years. Policy makers in regional powerhouse Brazil raised rates to 13.25% and penciled in another hike for August. read more Banxico underscored that in addition to inflationary shocks from the COVID-19 pandemic, there are pressures linked to Russia's war in Ukraine and strict lockdown measures imposed by China."The balance of risks for the trajectory of inflation within the forecast horizon is biased significantly to the upside," said Banxico.In view of pressures on prices, Banxico revised up its forecasts for headline and core inflation. However, the bank still expects inflation to converge to its 3% target in the first quarter of 2024."Further tightening of the U.S. monetary policy, a prolonged duration of Russia's invasion of Ukraine and supply chain disruptions from China's lockdown measures will result in further rate hikes from Banxico in the near term," said Carlos Morales, director, Latin America Sovereigns at Fitch Ratings.Morales projected Banxico would hike rates to 8.5% by the end of 2022.Register now for FREE unlimited access to Reuters.comReporting by Anthony Esposito, Dave Graham and Isabel Woodford; Additional reporting by Rodrigo Campos; Editing by Sandra Maler and David GregorioOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Key events16m agoHow are votes collected in Brazil's remotest areas?40m agoHow are votes counted?47m agoWho is Jair Bolsonaro?1h agoWho is Lula?1h agoVoting closes in Brazil electionsShow key events onlyPlease turn on JavaScript to use this featureWith just 12% of votes counted, Bolsonaro is in the lead, with 48.2% to Lula’s 43%. But is is very early in the counting, and this is unlikely to reflect the final result. The last Datafolha survey, which interviewed 12,800 people, with a margin of error of two percentage points, have Lula a 50% to 36% advantage over Bolsonaro. This is interesting from Reuters reporter Gabriel Stargardter: Keep an eye on results from Minas Gerais tonight. The giant bellwether state has correctly picked the winner of every national election since 1989. With 0.51% of votes counted in the state, Lula has 47.8% vs 44% for Bolsonaro.— Gabriel Stargardter (@gabstargardter) October 2, 2022
Do you have questions about the Brazilian elections? Let me know on Twitter @helenrsullivan and I’ll do my best to answer.In case you’re just joining us:Brazilians voted Sunday in a highly polarised election that could determine if the country returns a leftist to the helm of the world’s fourth-largest democracy or keeps the far-right incumbent in office for another four years.The race pits incumbent President Jair Bolsonaro against his political nemesis, former President Luiz Inacio Lula da Silva. There are nine other candidates, but their support pales to that for Bolsonaro and da Silva.Recent opinion polls have given da Silva a commanding lead the last Datafolha survey published Saturday found a 50% to 36% advantage for da Silva among those who intended to vote. It interviewed 12,800 people, with a margin of error of two percentage points.How are votes collected in Brazil's remotest areas?The Associated Press has this explainer on how votes are collected in Amazonas’ remote Javari Valley region.Thanks to the efforts of Bruno Pereira, the Indigenous expert slain this year alongside British journalist Dom Phillips, collecting votes in Amazonas’ remote Javari Valley region is less fraught than in recent years.Villages in the Javari Valley territory received their first voting centers in 2014. To deliver a voting machine to the most distant village, Vida Nova, election officials usually fly in a small plane from Manaus to Cruzeiro do Sul, a city in Acre state. There, they board a helicopter for the final leg. It is a 1,000-mile round-trip voyage to reach a place with 327 voters, in a nation with an electorate of more than 150 million people.Xukuru's indigenous people sing a sacred prayer in honour of late Brazilian indigenous expert Bruno Pereira during his funeral at the Morada da Paz Cemetery in Paulista, Pernambuco state, Brazil, on June 24, 2022. Pereira, 41, and British journalist Dom Phillips, 57, were shot while returning from an expedition in the Javari Valley, a remote region of the rainforest. Photograph: Brenda Alcântara/AFP/Getty ImagesUntil 2012, the region’s only voting centres were in the city of Atalaia do Norte. That year, a mayoral candidate distributed gasoline to about 1,200 Indigenous people from the Javari Valley Indigenous Territory so they could make the multi-day trip downriver to vote.The candidate hadn’t provided enough fuel for their return trip, however. They were stranded on the riverbanks for weeks without proper sanitation, prompting a rotavirus outbreak. Five Kanamari babies died and some 100 people were hospitalised.At the time, Pereira led the local bureau of Brazil’s agency for Indigenous affairs. He provided them with food and water, and coordinated a quarantine to prevent the virus from reaching Indigenous villages. Later, he and local Indigenous leaders developed a plan for transporting electronic voting machines to remote villages.Tom PhillipsA Lula victory would represent the latest in a series of triumphs for a resurgent Latin American left, following the election of leftist leaders in Argentina, Bolivia, Colombia and Chile.“I’m going to win these elections so I can give the people the right to be happy again. The people need, deserve and have the right … to be happy once more,” Lula told journalists as he wrapped up his campaigning with a parade through the streets of São Paulo on Saturday.The prospect of a Lula victory has galvanised leftwing and centrist Brazilians after four years under Bolsonaro during which nearly 700,000 people died of Covid and more than 30 million were plunged into poverty and hunger.“I feel hope,” the former president’s biographer and friend Fernando Morais told the Guardian as he prepared to vote wearing a Jeremy Corbyn T-shirt. “I feel like going out and distributing kisses.”From the Guardian’s Latin America correspondent, Tom Phillips, who is on the ground in São Paulo: The president of Lula’s party @gleisi upbeat about his prospects as she arrives at hotel for vote count. Bolsonaro “will have to respect the result, he isn’t bigger than Brazil or Brazil’s institutions,” she tells us pic.twitter.com/FWiUKcuezS— Tom Phillips (@tomphillipsin) October 2, 2022
Tom PhillipsBrazil’s leftwing former president Luiz Inácio Lula da Silva appeared on the verge of a startling political comeback on Sunday as more than 156 million Brazilians took part in the country’s most important election in decades.As the veteran ex-president cast his vote in Brazil’s industrial heartlands on Sunday morning, Lula voiced optimism he was heading for victory over the far-right incumbent Jair Bolsonaro.“We want no more hatred, no more quarrelling, we want a country that lives in peace,” the 76-year-old told reporters in São Bernardo do Campo, the city where he began his legendary political career as a unionist in the 1970s.Polls on the eve of the election suggested Lula – who governed from 2003 to 2010 – was tantalisingly close to securing the overall majority of votes he needs to avoid a second-round runoff against Bolsonaro in late October. One poll gave Lula 51% to Bolsonaro’s 37%, another gave them 50% and 36% respectively.The Guardian’s Latin America correspondent, Tom Phillips, is on the ground in São Paulo:The Associated Press spoke to voters on Sunday. Here is what a few of them had to say: Fernanda Reznik, a 48-year-old health worker, wore a red T-shirt a color associated with da Silva’s Workers’ Party to vote in Copacabana, where pro-Bolsonaro demonstrators often congregate, and had been waiting in line for 40 minutes.“I’ll wait three hours if I have to!” said Reznik, who no longer bothers talking politics with neighbours who favour Bolsonaro.“This year the election is more important, because we already went through four years of Bolsonaro and today we can make a difference and give this country another direction.”Supporters of Brazil's former President Luiz Inacio Lula da Silva react as they gather after polling stations were closed in the presidential election, in Rio de Janeiro, Brazil on 2 October 2022. Photograph: Pilar Olivares/ReutersMarley Melo, a 53-year-old trader in capital Brasilia, sported the yellow of the Brazilian flag, which Bolsonaro and his supporters have coopted for demonstrations.Melo said he is once again voting for Bolsonaro, who met his expectations, and he doesn’t believe the surveys that show him trailing.“Polls can be manipulated. They all belong to companies with interests,” he said.Bolsonaro supporters gather in front one of the president’s homes in Barra da Tijuca, Rio de Janeiro on 2 October 2022. Photograph: Wagner Meier/Getty ImagesHow are votes counted?Despite the fact that Brazil is the world’s fourth-largest democracy, results from more than 150 million eligible voters are presented mere hours after polls close, thanks to the country’s electronic voting system. And no significant fraud has ever been detected, the AP reports. Electronic machines were first used in 1996 and the first nationwide, electronic-only vote took place four years later. Brazilian authorities adopted electronic voting machines to tackle longstanding fraud. In earlier elections, ballot boxes arrived at voting stations already stuffed with votes. Others were stolen and individual votes were routinely falsified, according to Brazil’s electoral authority.A month ago, President Jair Bolsonaro was feeding concern about the nation’s electronic voting system. He has long insisted that the machines, used for a quarter-century, are prone to fraud, though he acknowledged last year that hasn’t been proved. Brazil’s top electoral authority maintain the system has been tested rigorously. Tom PhillipsSupporters and allies of Brazil’s ex-president Luiz Inácio Lula da Silva, are streaming into a hotel in downtown São Paulo hoping to celebrate a first round win in Brazil’s acrimonious presidential election.Speaking to the Guardian as she arrived at the event, the president of Lula’s leftist Worker’s party (PT), said she was optimistic about their chances of returning to power and defeating the far-right incumbent Jair Bolsonaro.“We feel confident ... we feel real happiness. We have faced hard and difficult moments but we have prevailed through our resistance and our unflinching belief in our cause,” Gleisi Hoffmann said.Hoffman said Bolsonaro, an ally of Donald Trump, would fail if he tried to contest the result like his North American friend.“[Bolsonaro] will have to respect the result. He isn’t bigger than Brazil or Brazil’s institutions,” she said.Who is Jair Bolsonaro?Since 2019, far-right incumbent Jair Bolsonaro has has led an administration marked by incendiary speech, his testing of democratic institutions, his widely criticised handling of the Covid-19 pandemic and the worst deforestation in the Amazon rainforest in 15 years.But he has built a devoted base by defending conservative values, rebuffing political correctness and presenting himself as protecting the nation from leftist policies that he says infringe on personal liberties and produce economic turmoil. President Jair Messias Bolsonaro votes at Rosa da Fonseca municipal school, in Rio de Janeiro, Brazil. Photograph: Anadolu Agency/Getty ImagesWho is Lula?Brazilian frontrunner Luiz Inácio Lula da Silva, known as Lula, became the country’s first working-class president in 2002.Lula stepped down after two terms in 2010 with approval ratings close to 90%. But the following decade saw the Workers’ party (PT) he helped found embroiled in a tangle of corruption scandals and accused of plunging Brazil into a brutal recession.Former Brazilian President Luiz Inacio Lula da Silva kisses his voting receipt in Sao Paulo, Brazil. Photograph: Fernando Bizerra/EPAHis apparently irremediable downfall was cemented in 2018 when he was jailed on corruption charges and barred from running in that year’s election, which Bolsonaro went on to win. Lula’s 580-day imprisonment seemed a melancholy end to a fairytale life that saw him rise from rural poverty to become one of the world’s most popular leaders.But Lula was freed in late 2019 and his convictions were quashed on the grounds that he was unfairly tried by Sérgio Moro, a rightwing judge who later took a job in Bolsonaro’s cabinet.Lula, who first sought the presidency in 1989, announced his sixth presidential run in May, vowing to beat Bolsonaro by staging “the greatest peaceful revolution the world has ever seen”.Voting closes in Brazil electionsHello and welcome to our live coverage of the Brazilian elections. I’m Helen Sullivan, and I’ll be taking you through the results as they come in. Counting has already started and the result is likely to be called within the next few hours. Polls ahead of the election suggest that the country’s leftwing candidate Luiz Inácio Lula da Silva, who was president from 2003 to 2010 may secure an outright win – avoiding a second run-off.One poll gave Lula 51% to Bolsonaro’s 37%, another gave them 50% and 36% respectively. | Latin America Economy |
As Hurricane Fiona slowly travels north, it leaves Puerto Rico — a U.S. colony — devastated. With dozens of towns inundated; several bridges collapsed; and much of the main island without electricity or water, Puerto Rico is experiencing a crisis of epic proportions, evoking immediate comparisons to the devastation seen during hurricanes Irma and Maria that hit in 2017. While immediate crisis response is underway, it will not be enough, as a more dire situation continues to burden the Caribbean island-nation: A colonial relationship with the U.S. For Puerto Ricans to be able to adequately respond to natural and man-made disasters, the island-nation must be decolonized.Acquired by the U.S. in 1898 by right of the Spanish-American War, Puerto Rico’s economy was molded to fit the extractive interests of the United States. Whether it be through the sugar industry (1900-1930s), industrial initiatives (1930s-1970s), tax exemptions reserved for intellectual property (1970s-2000s), or more recently, tax exemptions afforded to high-net-worth investors via the Act 20/22 (2012-present), Puerto Rico’s ability to develop an effective tax regime to fund basic government services has been compromised. The colonial state’s historical response to inadequate tax funds — coupled with prohibitive import costs imposed by a U.S. shipping monopoly — has been to indulge in unsustainable bond emissions, thus, resulting in a $73 billion-dollar public debt. As debt quickly accrued and tax revenue remained insufficient, operational funds for public services suffered, resulting in massive layoffs. These issues further perpetuated a longstanding brain drain which continues to shrink the archipelago’s tax base in the present. And as the nation’s ability to invest in basic infrastructure has dwindled, so has its ability to respond to — let alone rebuild — after hurricanes. Before this debt crisis, Congress — Puerto Rico’s ultimate legal authority — responded by imposing a fiscal oversight board to ensure debt repayment. However, rather than helping the nation prosper, the congressionally appointed board decided to withhold necessary funds to education, essential government services and even disaster recovery funds after hurricane Irma and Maria had hit, all while privatizing the nation’s electrical grid, thus complicating the nation’s sustainability even further. As if this were not enough, only a small fraction of the money assigned to rebuild Puerto Rico’s electrical grid was ever dispersed, and was given predominantly to LUMA Energy, a subcontracted electrical company in charge of energy distribution that has an embarrassing response record and no interest in rebuilding Puerto Rico’s decrepit electrical infrastructure. LUMA has, in turn, passed on its operational funds to Puerto Ricans by increasing their rates periodically. Despite these woes that came of Puerto Rico’s antiquated colonial relationship with the U.S., there are others that come with treating Puerto Rico as if it were like any other U.S. state, such as those pertinent to the Federal Emergency Management Agency, or FEMA.While it is well known that FEMA has a history of inadequate responses to natural disasters in the U.S., it is rarely thought that this inadequacy comes from universalizing institutional engagements, a reality that has challenged the assumption that statehood for Puerto Rico would end the nation’s woes. Best illustrated by the organization’s denial of many claims coming from Puerto Rican homeowners and businesses, as evidenced by inequities cited by a U.S. Civil Rights Commission Report, FEMA has proved that it cannot adequately respond to the disasters that Puerto Ricans suffer.The only option moving forward for Puerto Ricans must be a decolonization process with reparations, in service of a transition toward independence. This, however, will only happen if Congress is pressured to do so by Puerto Ricans and allies alike. Jenaro Abraham is a professor of Latin American Politics at Gonzaga University, the vice president of the Puerto Rican Independence Party in the Diaspora (DPIP), and a collaborator with Boricuas Unidos en la Diaspora (BUDPR). His research focuses primarily on social movements, politics and insurgencies in Latin America and the Caribbean. | Latin America Economy |
CONCHAGUA, El Salvador, Sept 7 (Reuters) - A year after El Salvador adopted bitcoin as legal tender, the area where the world's first cryptocurrency city was meant to be built - a circular metropolis powered by a volcano - is still dense jungle.President Nayib Bukele had promised that "Bitcoin City" would be a tax haven for crypto investors and miners equipped with an airport, residential and commercial areas, and a central plaza designed to look like a bitcoin symbol from the sky."Invest here and make all the money you want," he said dressed all in white and wearing a reversed baseball cap, in front of hundreds of bitcoin enthusiasts in November 2021.Register now for FREE unlimited access to Reuters.comBut on a recent visit to the area in the shadow of the Conchagua volcano in the east of the Central American country, Reuters found no heavy machinery, construction workers, or raw materials to indicate any progress towards building this grand symbol to bitcoin.To many it has become, instead, a symbol of folly as bitcoin has crashed."This experiment has been very risky, too risky for a poor country," said Oscar Picardo, director of the Institute of Science, Technology and Innovation at the private Francisco Gavidia University."It has been seen that (bitcoin) is a very speculative, highly variable financial asset," he added.A major part of the problem is that the drop in the value of bitcoin and other cryptocurrencies has alienated investors.When El Salvador, one of the poorest countries in Latin America, adopted bitcoin as legal tender on September 7, 2021, the cryptocurrency was close to $47,000. read more A year later, it is worth less than half and on Tuesday was trading at around $19,770.The Bukele government declined to comment for this story but has defended doubling down on bitcoin -including the acquisition of 2,381 bitcoins- assuring it is a long-term plan.It says its bitcoin policy has attracted investment, reduced bank commissions to zero, increased tourism and promoted financial inclusion.But the price drop has elevated El Salvador's financial risk, complicating its search for funds to pay 1.6 billion dollars of sovereign bonds due in 2023 and 2025.The International Monetary Fund has called on El Salvador to reverse bitcoin's status as legal tender citing financial, economic and legal concerns; complicating a deal with the lender.The use of the cryptocurrency has also failed to catch on, experts said.Neither the presidency nor the ministry of finance would share figures on the use of bitcoin through the government's bitcoin digital wallet Chivo.But a survey by the National Bureau of Economic Research (NBER), a U.S.-based NGO, found that only 20% of Salvadorans who downloaded the Chivo app continued to use it after spending the $30 that the government gave in free credit to promote its use.The study indicates the vast majority of Chivo downloads occurred in 2021, specifically in September, and that almost no downloads have taken place so far in 2022.In theory, developing nations like El Salvador are ideal candidates for cryptocurrency adoption due to a continued reliance on cash and a largely unbanked population.But, according to the April report, “bitcoin is not being widely used as a medium of exchange" because users "do not understand it, they do not trust it, it is not accepted by businesses, it is very volatile, and it involves high fees.”Despite Salvadoran law requiring all companies to accept cryptocurrency, only 20% do so, according to the survey that interviewed 1,800 Salvadoran households.Jesus Caceres' small watch store in central San Salvador is one business that does. Three signs read "We accept bitcoin," but the 47-year-old watchmaker has only ever made two sales with the cryptocurrency."One for $3 and one for $5, it was $8 in total. From then on, no one has approached me," he said.The government has also encouraged Salvadorans working abroad to send money home through the Chivo government wallet, or other private ones, without charging commissions. Known as remittances, those transfers from abroad represent 26% of the GDP of the Central American country, one of the highest percentages in the world.But according to statistics from the central bank, between September 2021 and June 2022, the country received nearly $6.4 billion dollars in remittances and less than 2% was transferred by digital cryptocurrency wallets.Like the use of bitcoin, the government shares few details about "Bitcoin City". But its future looks increasingly uncertain since the issuance of the "Bitcoin Bond," which Bukele said would support the city's construction, has been postponed following the cryptocurrency crash.Residents of the place where the city is planned, between the Conchagua volcano and the Gulf of Fonseca on the Pacific coast, feel the majority of the country's 6.5 million inhabitants will not be favored."It doesn't benefit us poor people at all," lamented fisherman and farmer Jose Flores, 48, who has lived in Conchagua for over three decades.Register now for FREE unlimited access to Reuters.comReporting by Nelson Renteria; Writing by Sarah Kinosian; Editing by Diego Ore, Stephen Eisenhammer and Alistair BellOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
LIMA, Oct 6 (Reuters) - A bloc of leftist Latin American nations ramped up pressure against Venezuelan opposition leader Juan Guaido on Thursday at a diplomatic summit, although they failed to pass a motion to discuss ousting his representation from the organization.Guaido has claimed to be Venezuela's rightful president since 2019 and the Organization of American States, which is hosting its General Assembly in Lima, has recognized him.But Guaido has never actually held power, and the country remains led by socialist President Nicolas Maduro.Register now for FREE unlimited access to Reuters.comAt the OAS Summit, major Latin American nations led by leftist leaders voted in favor of discussing the possibility of ousting Guaido's representation to the OAS.While 19 nations voted in favor and only four against, the motion fell short of the necessary 24 votes. The OAS counts 35 nation members.The vote was symbolic of a recent shift in Latin America, with leftist leaders replacing more conservative governments in Chile, Colombia and Peru since last year.Nations voting against Guaido included Mexico, Argentina, Chile, Colombia and Peru. Brazil and Ecuador abstained.Guaido's OAS representation announced ahead of the Assembly that they would not attend. Maduro announced his withdrawal from the OAS in 2017.Peru's vote was notable as the Andean nation was once the driving force behind the so-called Lima Group, a bloc of nations opposing Maduro that once backing Guaido's claim to the presidency.Peruvian foreign minister Cesar Landa told Reuters last week that the Lima group had "ceased to exist.""Countries have been stepping away and Peru is promoting dialogue so Maduro's government is recognized, as well as a legitimate opposition and for transparent elections to be held," Landa said.Register now for FREE unlimited access to Reuters.comReporting by Marco Aquino and Marcelo Rochabrun; Additional reporting by Sarah Morland and Brendan O'Boyle
Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Image source, Getty ImagesImage caption, Many of the Venezuelan migrants walk thousands of kilometres to reach their destinationMore than seven million Venezuelans have left their homeland since 2015 amid an ongoing economic and political crisis, according to new UN data.More than half of them face challenges accessing food, housing, and stable employment, the UN says.But despite the difficulties facing them abroad, the flow of Venezuelans escaping turmoil in their homeland has not let up. Aid agencies warn that these migrants risk being forgotten amid other crises."There's no question both that it is a major protracted crisis that is shaking the region [of Latin America]," David Miliband, president of the International Rescue Committee, told the BBC."But it is also clear that the competing priorities for global attention - Ukraine, famine in East Africa, trauma in Afghanistan - are draining attention in a way that is quite dangerous."More than 80% of those who have left Venezuela are living in Latin America and the Caribbean, in countries which often already struggle to provide health and education to their own nationals.Venezuela's population has fallen from 30.08m in 2015 to an estimated 28.25m now based on latest UN figures."Many of the governments in Latin America are trying to do the right thing in managing the movement of Venezuelans, but it's a big challenge," Mr Miliband said on a visit to Colombia, which is hosting 2.48m Venezuelans."It's dangerous to presume that this burden can just be borne indefinitely," he warned.Other aid agencies have also been sounding the alarm. The UN's Special Representative for Refugees and Migrants from Venezuela, Eduardo Stein, has said that half of all Venezuelan refugees and migrants cannot afford three meals a day and lack access to safe and dignified housing.It is an experience 33-year old Sarahí recalls only too well. "For more than a year, I had to make a choice between paying for a roof over my head or paying for food," she recalls.The investigative journalist - who covered human rights and freedom of speech - left Venezuela 10 years ago after receiving threats. She is withholding her surname for safety reasons. Sarahí settled in neighbouring Colombia and is now helping integrate Venezuelan migrants who have followed in her footsteps. She says that while Venezuelans' reasons for leaving are manifold - ranging from seeking access to health care and education, which have collapsed in many parts of Venezuela, to searching for employment - many face the same difficulties once they arrive."Many of us, even if we have university degrees, have to work in whatever we can to survive and to support our families who're still in Venezuela," she explains. "I came on my own, with just one suitcase. It contained clothes for the colder climate in Bogotá, my university certificates and photos of my family."Image source, Getty ImagesImage caption, The Darién Gap is a muddy expanse of dense jungle straddling the Colombia-Panama borderWhile most Venezuelans have headed to Colombia, Peru and Ecuador, a growing number are embarking on an even more dangerous trek: north across the jungle expanse known as the Darién Gap to Panama and beyond.More than 3,000 migrants, most of them Venezuelans, are making the crossing each day, figures from the Colombian authorities suggest. The 97km-trek (60 miles) across swamps and mountains can take more than a week to complete and robberies and rapes are not uncommon in the lawless jungle expanse. One of those who has made it is Gabriel Moreno. The Venezuelan told the International Red Cross in Panama that it took him two and a half days to walk across the Darién Gap with his wife.He says that it was thanks to his physical fitness he managed to complete the crossing faster than most.Image source, Courtesy ICRCImage caption, Gabriel Moreno has been on the move since leaving Venezuela in 2016, crossing seven countriesAnd while many Venezuelans will have already walked hundreds or even thousands of kilometres before they even reach the Darién jungle, Mr Moreno's stamina stems from having crossed seven countries. "My journey started in 2016 when I decided to leave Venezuela for Peru," he says. "My ambition was to build a home for me and my family somewhere where we could live in peace and wouldn't be oppressed." From Peru, Mr Moreno travelled south to Chile and on to Argentina before heading north again through Bolivia, Chile, Peru, Ecuador and Colombia to Panama.Like many Venezuelan migrants, he made most of the journey on foot. "I've had to walk a lot," he says, before adding that he will now try to stay in Panama. Mr Moreno's epic journey reflects a phenomenon aid agencies have increasingly witnessed as the Covid pandemic hit Latin American countries hard. With the opportunities in the informal economy - which is where many migrants first work - severely curtailed during lockdowns, Venezuelans who had settled in a host nation saw their meagre incomes dwindle and had to move again and again.This phenomenon also throws up challenges for the host countries, says Natalia Durán. She has co-ordinated the response to the migration in the Colombian city of Bucaramanga, which has received more than 40,000 Venezuelans in recent years."You have a wide variety of people in different situations, ranging from those looking to settle permanently, to those in transit who're just trying to move on, and even those who just briefly come to Colombia for medical attention and then return to Venezuela," she explains.The political scientist, who has also worked on migration at a national level, says that the media often highlight the negative impact of migration, such as crimes committed by foreign nationals. But she says they rarely report on the positives - such as the way labour-intensive harvests on coffee and flower plantations have been saved by the influx of young workers.What she would like to see is further investment in the integration of migrants - so the influx is seen not as a problem, but as an opportunity for the economic, cultural and gastronomic enrichment of the host nation. "Some of those who have arrived have impressive skills," she says. "They have created businesses and have brought knowledge which has benefited the host cities and their inhabitants."Media caption, Watch: Venezuela's hospital 'hell' | Latin America Economy |
The pink tide is sweeping Latin America, with leftist administrations taking power across the region. Colombia elected Gustavo Petro on Sunday as the nation’s first leftist leader, making the U.S. ally the latest to join a growing club of leftist governments. Petro’s rise to power threatens the United States's interests in its backyard. The president-elect is a former M-19 guerilla fighter and was the candidate for the Historic Pact for Colombia, a coalition that includes the Colombian Communist Party and other far-left political parties. “I congratulate Gustavo Petro and Francia Márquez for their historic victory in the Presidential elections in Colombia,” Venezuelan dictator Nicolas Maduro tweeted. From Mexican President Andres Manuel Lopez Obrador to Argentinian President Alberto Fernandez, praise for Petro spans the ends of Latin America. Yet this regionally unifying figure is causing a divide between those that support his domestic agenda and others that prioritize the nation’s important role in opposing Maduro’s regime. Juan Guaido, the opposition leader and interim president of Venezuela, accused Petro of being “an accomplice of the dictatorship of Nicolás Maduro.” Petro’s campaign statements regarding Maduro are mixed. Despite praising Hugo Chavez’s rise to power, Petro negatively compared Maduro to outgoing Colombian President Ivan Duque. “Hugo Chavez had the merit of reminding us that peaceful social change was possible in Latin America,” he said. “Marked by their dependence on raw materials and their authoritarian drift, Nicolas Maduro's Venezuela and Ivan Duque's Colombia are more similar today than they seem.” As president-elect, Petro has made the direction in which he will steer Colombia clear. He reached out to the Venezuelan government to discuss reopening the borders between the two countries. If trade resumes between the two countries, Colombia will be feeding capital into a nation whose wealth trickles straight to its autocratic leaders. As the United States fights to remain the No. 1 power in the world order, it is important for us to maintain a consistent foreign policy in our hemisphere. How can we expect to win in East Asia if we cannot maintain our policies within our own hemisphere? Ensuring Colombia does not change course is the most crucial step in maintaining our influence and protecting the U.S.’s interests in the Americas. President Joe Biden called Petro to congratulate him, and the White House’s readout of the conversation mentions a few areas of importance to American foreign policy interests. “[Biden] underscored that he looks forward to working with the President-elect to continue strengthening bilateral cooperation, including on climate change, health security, and implementation of the 2016 Peace Accord,” according to the readout. “President Biden also welcomed the opportunity to discuss bilateral security and counternarcotics cooperation.” Discussing counternarcotics operations is a positive step for the administration, as Petro has repeatedly criticized the U.S.’s approach to tackling drug trafficking. Perhaps Venezuela was mentioned in the call, but the readout does not place emphasis on it if so. Secretary of State Antony Blinken also called Petro, and the readout of that call fails to mention Venezuela as well. Biden’s approach to Venezuela has been softer than former President Donald Trump’s, and he is looking toward Maduro’s regime for assistance in solving America’s domestic energy crisis. Petro’s victory in Colombia is just the latest chapter in a wave of setbacks for the U.S. in Latin America. Mexico’s President Obrador boycotted Biden’s Summit of the Americas, while the administration downplayed our southern neighbor’s absence. The administration provided minor sanctions relief to Venezuela in order to incentivize negotiations with Guaido’s opposition. Maduro made the deal but played Biden like a fiddle by demanding Russia’s presence at the talks. The pink tide is a major threat, and Biden is failing to meet the challenge. James Sweet is a summer 2022 Washington Examiner fellow. | Latin America Economy |
Earlier this summer, Vice President Kamala Harris announced more than $1.9 billion in private sector investments in northern Central America as part of its Call to Action for businesses to invest and create economic opportunities in Central America. Facilitating private sector investment is a key piece of the Biden administration’s strategy to create economic stability for Central American workers, but the administration must step in and do more. While these private sector commitments are laudable, the administration is missing an opportunity to create the conditions for businesses to invest even further in Central America. To truly unleash economic opportunities, promote job growth, and help stabilize the region, the administration must focus on facilitating trade in Central America. BIDEN DIRECTS $2.9 BILLION IN HUMANITARIAN AID TO BUTTRESS GLOBAL FOOD SECURITY By encouraging and incentivizing trade with Central America, the Biden administration can fulfill dual policy goals of creating more stability in the region while also bringing some key industries closer to home. But to do this, it must ensure the tools that already exist to facilitate trade with Central America can be used to their fullest potential. This includes leveraging the U.S. free trade agreement with our partners in the region. The Central America-Dominican Republic Free Trade Agreement allows for duty-free imports of certain goods from Central American nations. In theory, duty-free treatment incentivizes industries such as apparel and textiles to shift their sourcing from countries like China and bring them closer to the Western Hemisphere. The current rules, however, make sourcing goods like apparel from the region difficult. In fact, CAFTA-DR saw record-low utilization rates in 2021. This must change. If companies are unable to use CAFTA-DR to achieve the duty-saving benefits, they are less incentivized to grow and diversify their investments in the region. This in turn diminishes economic opportunities for the people who call the area home. Meanwhile, here in the United States, it removes the ability to utilize and strengthen relationships with our CAFTA-DR trading partners. It’s a missed opportunity for all parties. This is something we are seeing in real time. In 2020, four out of the six CAFTA-DR member countries outside the U.S. were near the bottom of gross domestic product per capita in Latin America and the Caribbean. Similarly, the Northern Triangle nations (Guatemala, Honduras, and El Salvador — each of which is a part of CAFTA-DR) have also experienced increases in unemployment. If these problems aren’t addressed head-on, they will only get worse. Incentivizing private companies to invest in the region by expanding and building upon the current trade foundations, including CAFTA-DR, will make it easier for companies to source goods from the region, create jobs, and foster the type of durable economic stability these countries need. If the administration wants to truly unleash private sector investment, this is where it must shift its focus next. President Joe Biden, Harris, and U.S. Trade Representative Katherine Tai need to expand, not restrict, trade in the region. They must promote investment and open new possibilities for the people who live and work there. The benefits this will unlock for the region, coupled with the incentive it will give U.S. companies to source goods closer to home, shouldn’t be ignored. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER Blake Harden is the vice president for international trade at the Retail Industry Leaders Association. | Latin America Economy |
The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianRegister now for FREE unlimited access to Reuters.comBUENOS AIRES, June 28 (Reuters) - Argentina's economic alarm bells are ringing loudly with fears of a global recession and spiraling inflation stoking investor fears over possible defaults, missed targets with the International Monetary Fund (IMF) and political unrest.The South American country, an important global supplier of soybeans, corn and wheat, has seen its bonds sink to record lows, pressure on its peso currency is rising and a high energy import bill is stopping it building up vital dollar reserves.Domestic inflation meanwhile is heading towards 70% by the end of the year, forcing the central bank to tighten monetary policy hard, risking growth. The interest rate has climbed to 52% in a bid to avert investors dumping peso assets.Register now for FREE unlimited access to Reuters.comWith grains exports dipping in the second half of the year, this could imperil the country's ability to meet targets linked to a $44 billion deal agreed with the IMF."The government is finding it increasingly hard to renew all maturities and there is a growing fear of it resorting to a reprofiling of its debt," said Víctor Beker, director of the Center for New Economy Studies at the University of Belgrano.Argentina's economy, the third biggest in Latin America, has been hit by crises, defaults and rampant inflation for decades.The recent volatility has been exacerbated by wider emerging market jitters as the U.S. Federal Reserve has tightened monetary policy and soaring global prices, including high energy costs that have badly hit Argentina's balance of payments, limiting its ability to build up much-needed foreign reserves.BONDS IN THE 20SArgentina's sovereign bonds, restructured in a huge $110 billion deal in 2020, have tumbled back into distressed territory, with many now worth just 20-30 cents on the dollar, a reflecting of perceived default risk."Without access to the capital markets, Argentina is going to have to restructure again and again," said Gabriel Torres at rating agency Moody's. The government last week held a massive local debt swap to push back payments for June."And the only way for it to have access to the capital market is if the market believes that Argentina is really willing to pay its debt."PESO GAP WIDENSTight capital controls have created popular alternative currency markets, where dollars trade at prices far removed from the official rate. The gap has recently started to widen again amid concerns over the economy and tight financing.That gap with the official rate has widened to around 100%, a destabilizing disparity rooted in controls which limit how much each person can buy every month to some $200."An FX gap as wide as the current one not only affects the behavior of price setters but also the incentives of exporters and importers, which reinforces expectations for a forced macroeconomic adjustment down the road," J.P. Morgan said in a note.INFLATION HEADS FOR 70%The country, which has long battled rising prices, now has the second highest inflation among major economies behind Turkey. The rate was at 60.7% in May and a central bank poll forecasts it will hit $72.6% by the end of the year.That's far above targets agreed with the IMF of 38%-48% and weighs on salaries, savings and investment. Government officials have already hiked the official inflation target to 52%-62%, though most analysts see it well above that range."For 2022 we project inflation of 75%, and there are upward risks," said Isaias Marini at consultancy Econviews.DOLLAR RESERVESArgentina has been struggling to build up its foreign currency reserves, key to meeting future debt obligations and a central part of its agreement with the IMF. Gross reserves stand at some $41 billion but net reserves are far lower.According to the IMF, net international reserves stood at $2.3 billion at the end of 2021. The target is to raise that by $4.1 billion by end June and $5.8 billion this year. Net increases to date are $960 million, Reuters calculations show.The central bank, which does not regularly publish its net reserve levels, declined to comment."Everything seems to indicate that the government will not be able to meet the goal agreed with the IMF in terms of reserve accumulation," said Beker.This, however, could get worse before it gets better, pushing the government towards higher taxes and controls."We're likely to see measures that imply a greater outlay from the private sector to the State," said Gustavo Martin, an analyst at investment platform Balanz."That is to say new taxes and higher tariffs, along with policies of greater restrictions on access to foreign currency."Register now for FREE unlimited access to Reuters.comReporting by Walter Bianchi; Additional reporting by Hernan Nessi and Jorge Otaola; Editing by Nicolas Misculin, Adam Jourdan and Alistair BellOur Standards: The Thomson Reuters Trust Principles.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. | Latin America Economy |
An aerial view shows smoke from a fire rising above vegetation around the Cuiaba river in the Pantanal, the world's largest wetland, in Pocone, Mato Grosso state, Brazil, August 28, 2020. REUTERS/Amanda Perobelli Register now for FREE unlimited access to Reuters.comMEXICO CITY, Sept 15 (Reuters) - Latin America and the Caribbean face multiple and increasingly frequent risks from a changing climate, ratings agency Moody's Investors Service said on Thursday, with the risks highest for the region's energy and extractive sectors.The dangers include sea level rise, unprecedented fires, droughts, floods and extreme weather, "with dangers to credit quality across various geographic regions and industries," Moody's said.The ratings agency added in a report that episodic hazards such as hurricanes, wildfires and floods can be severe, concentrated, and sometimes immediately damaging to profitability and cash flow, and therefore to ratings.Register now for FREE unlimited access to Reuters.comIn Brazil climate change is threatening crop loss and productivity, while changes in rainfall, heat waves and droughts are upsetting grain production and trade in Argentina, the report added.Argentina's main farming zones are facing the driest conditions in around 30 years, agricultural and weather experts said, raising fears about a new "great drought" and stalling planting of corn in the world's No. 3 exporter of the grain.Mexico's agricultural producers are susceptible to weather-related events that affect the harvest of corn, the country's biggest crop, while water stress is complicating Chile's mining, agriculture and hydropower operations, said Moody's.Other water-intensive industries such as beverage producers will face higher costs from increasing water scarcity and droughts.In Peru, floods and rising sea levels pose direct threats to the Andean nation's fishing, protein and agriculture sectors, while its mining sector faces some risk from geographic concentration, said Moody's.Register now for FREE unlimited access to Reuters.comReporting by Carolina Pulice and Marion Giraldo; Editing by Anthony Esposito and Josie KaoOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
NEWYou can now listen to Fox News articles! New York City Mayor Eric Adams is calling for federal resources to assist with arriving asylum seekers. Adams said in a release that New York has experienced a sharp increase in asylum seekers from Latin America and others regions over the last serval weeks. More than 2,800 of those individuals have entered New York City’s shelter system and Adams' office said the Big Apple is working with the government to ensure the city can provide comprehensive support and resources to them. "New York has been and will always be a city of immigrants that welcomes newcomers with open arms. This value has made our city a beacon of freedom for people around the world and the economic and cultural powerhouse that it is. These very same humanitarian values apply to those who are experiencing homelessness. In New York City, we have both a moral — and legal — obligation to house anyone who is experiencing homelessness for any reason," Adams said in a statement.IMMIGRANTS BUSSED FROM TEXAS AND ARIZONA WELCOME IN NATION'S CAPITAL, SAY RESIDENTS"Currently, New York City is experiencing a marked increase in the number of asylum seekers who are arriving from Latin America and other regions. In some instances, families are arriving on buses sent by the Texas and Arizona governments, while in other cases, it appears that individuals are being sent by the federal government," continued. Mayor Eric Adams speaks during Juneteenth Celebration in Seneca Village at Central Park of New York City, United States on June 19, 2022. (Spencer Platt/Getty Images)Adams said that in order to meet the legal mandate as a "right-to-shelter city" and provide high-quality shelter and services for these individuals, New York's need for additional federal resources is immediate."If we do not get these urgently needed resources, we may struggle to provide the proper level of support our clients deserve, while also facing challenges as we serve both a rapidly growing shelter population and new clients who are seeking asylum. We are calling on the federal government to partner with New York City as we help asylum seekers navigate this process, and to provide financial and technical resources," he wrote. Adams said the state has been in talks with federal partners. NYC SEES 11 SEPARATE SHOOTINGS, STABBINGS HOURS AFTER ADAMS VOWED TO 'TURN THIS CRIME THING AROUND'"By law, asylum seekers have a right to be in the United States while they seek humanitarian protection. In New York City, we are responsible for the provision of services and infrastructure for newly arrived asylum seekers and currently residing populations alike. We’ve been in discussions with our federal partners on this matter and look forward to a quick resolution," he concluded. A fourth migrant bus from Texas arrived in Washington, D.C., near the U.S. Capitol, Saturday, April 16, 2022. (Caitlin McFall/Fox News Digital)In Washington, D.C., Mayor Muriel Bowser claimed in a Sunday interview with CBS' "Face the Nation" that migrants putting a strain on homeless shelters there were "tricked" into traveling to the nation's capital. "This is a very significant issue. We have for sure called on the federal government to work across state lines to prevent people from really being tricked into getting on buses," she said. "We think they’re largely asylum seekers who are going to final destinations that are not Washington, D.C. I worked with the White House to make sure that FEMA provided a grant to a local organization that is providing services to folks," Bowser continued. "I fear that they’re being tricked into nationwide bus trips when their final destinations are places all over the United States of America." Mayor Muriel Bowser discusses rising violence at a press conference, in Washington, DC. (Bill O'Leary/The Washington Post via Getty Images)CLICK HERE TO GET THE FOX NEWS APPTexas Gov. Greg Abbott and Arizona Gov. Doug Ducey started ordering buses of immigrants to Washington, D.C., in recent months to manage the growing numbers pouring crossing the border. The U.S. Customs and Border Protection June 2022 monthly operational report said there were more than 207,416 encounters at the U.S.-Mexico border for the month, down from May’s all-time high of 239,000.Fox News' Lindsay Kornick, Houston Keene and Jon Michael Raasch contributed to this report. Julia Musto is a reporter for Fox News Digital. You can find her on Twitter at @JuliaElenaMusto. | Latin America Economy |
U.S. Deputy National Security advisor Jonathan Finer and Colombia's President-elect Gustavo Petro shake hands after a meeting, in Bogota, Colombia July 22, 2022. REUTERS/Nathalia AngaritaRegister now for FREE unlimited access to Reuters.comBOGOTA, July 22 (Reuters) - Colombian President-elect Gustavo Petro on Friday met with representatives of U.S. President Joe Biden's administration in Colombia's capital Bogota, where they discussed topics including drug trafficking, the environment, and economic development.Petro, a 62-year-old economist who will become Colombia's first leftist leader next month, has been roundly critical of the U.S.-led war on drugs and was elected on promises to tackle deep inequality and climate change and to seek peace with remaining leftist rebels."This is a positive meeting because it shows the interest that exists in the government of the United States in Latin America and in Colombia," Petro told journalists accompanied by U.S. principal deputy national security adviser Jon Finer.Register now for FREE unlimited access to Reuters.comWhile Colombia is a top producer of cocaine, and faces constant pressure from Washington to eradicate drug crops and tackle drug trafficking, Petro has said his priority for the relationship with the United States will be fighting climate change and that his administration will frame drug policy around the environment.However, during the campaign, Petro also softened rhetoric around re-negotiating free trade agreements, including a 2012 deal with the United States.The Biden administration is willing to discuss the existing U.S.-Colombia trade agreement with Petro, a senior U.S. official said ahead of the delegation's arrival in Bogota. read more Petro has also raised concerns in Washington over his outreach to Venezuelan President Nicolas Maduro, who is under U.S. sanctions. The two have discussed reestablishing normal relations at their countries' border.The conversation between Petro's team and the U.S. delegation focused on a full range of topic, Finer told reporters, which included climate change, economic development and counter-narcotics, among others."We think it is a very promising conversation and very much look forward to working closely with the President elect and his team," Finer said.Register now for FREE unlimited access to Reuters.comReporting by Oliver Griffin and Luis Jaime Acosta
Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
The partnership lets FTX exchange users in 40 countries easily spend their bitcoin and cryptocurrencies at any merchant that accepts Visa cards.The partnership lets FTX exchange users in 40 countries easily spend their bitcoin and cryptocurrencies at any merchant that accepts Visa cards.HomeBusinessFTX is launching bitcoin and crypto-backed debit cards in 40 countries. The exchange partnered with Visa and will focus on Latin America, Asia and Europe. The offering is available to US users, and the partnership will now be extended internationally.Visa has partnered with one of the world’s leading cryptocurrency exchanges, FTX, to launch bitcoin and cryptocurrency debit cards internationally, per a press release.“The debit cards, which are linked directly to a user's FTX accounts, are currently available in the United States and are now being rolled out globally in over 40 additional countries, including many across Latin America,” p[er The next phase of the rollout for the FTX-branded Visa debit cards is expected in Europe before the end of the year, with additional regional launches planned for 2023Visa, along with its competitors in the marketplace, continues to hold that users of bitcoin and cryptocurrencies still want to use their holdings as a medium of exchange, even amid a bear market downturn.“Even though values have come down, there’s still steady interest in crypto,” said Visa CFO Vasant Prabhu, per the release.The debit cards simply connect to FTX’s platform enabling users to spend the digital assets in their wallets without needing to remove the assets from the exchange’s platform. “We don’t have a position as a company on what the value of cryptocurrency should be, or whether it’s a good thing in the long run –– as long as people have things they want to buy, we want to facilitate it,” said Prabhu. Visa’s major competitor, Mastercard, has also partnered with a number of different companies to offer bitcoin and crypto-backed debit cards. American Express has reportedly expressed interest in offering a similar product as well, though its CEO said it likely would not be “anytime soon.” FTX CEO Sam Bankman-Fried discussed Visa and other payment providers entering the ecosystem in a CNBC report: “There’s a decision you have to make as a traditional payments company: do you want to lean into this or do you want to fight against it? I respect the fact that many of them are leaning into it.” | Latin America Economy |
NEWYou can now listen to Fox News articles! MEXICO CITY, Mexico – Latin America has taken another leftward turn, this as Gustavo Petro was elected president of Colombia, Sunday, making history as the country’s first leftist elected to be president. The shift left, analysts claim, could be yet another foreign policy headache for the Biden administration.Petro is a former guerilla leader. His victory will change politics domestically, and the balance of power in Latin America as it adds to a wave of triumphs by the left in the region. Brazil could be the next triumph for the socialists if Lula da Silva wins in that country’s election in October. This would strengthen a leftist bloc whose pro-Russia and China sentiment and decidedly antagonistic views against the United States, should be a concern for the Biden and future U.S. administrations. Former rebel Gustavo Petro, left, his wife Veronica Alcocer, back center, and his running mate Francia Marquez, celebrate before supporters after winning a runoff presidential election in Bogota, Colombia, Sunday, June 19, 2022. (AP Photo/Fernando Vergara) Joseph Humire, executive director of the Center for a Secure Free Society warns: "The victory of Gustavo Petro in Colombia consolidates the gains of the Latin American left over the last decade. But while the Biden administration may sympathize with the leftist political agenda of a new President Petro, the U.S. should pay close attention to any potential authoritarian actions or efforts by the new Colombian government to dismantle, hijack or polarize democratic institutions in the country under the guise of constitutional reform."The praise coming in from the continent’s socialist leaders was fast. Venezuelan dictator Nicolas Maduro was quick to congratulate Petro and his running mate. "I congratulate Gustavo Petro and Francia Márquez for their historic victory in the Presidential elections in Colombia. The will of the Colombian people, who came out to defend the path of democracy and peace, was heard. New times are in sight for this sister country."COLOMBIA PRESIDENTIAL ELECTION PITS FORMER LEFTIST REBEL V POPULIST Nicolas Maduro, Venezuela's president, was one of the first leaders to congratulate Gustavo Petro on his win. (Gaby Oraa/Bloomberg via Getty Images)Maduro’s comments were echoed by Cuban president, Miguel Diaz-Canel: "I express my most fraternal congratulations to Gustavo Petro for his election as President of Colombia in a historic popular victory. We reiterate willingness to advance in the development of bilateral relations for the well-being of our peoples."MEXICO PRESIDENT SAYS HE WON'T ATTEND AMERICAS SUMMIT, WILL VISIT BIDEN IN JULYMexican president Andres Lopez Obrador, who just two weeks ago snubbed the U.S. by refusing to attend the Summit of the Americas in Los Angeles, said in a statement: "Gustavo Petro's triumph is historic. Colombia's conservatives have always been tenacious and tough. The writer José María Vargas Vila recounted that the dictators of his country ‘dipped their daggers in holy water before killing...’ Today's triumph may be the end of that curse and the dawn for that brotherly and worthy people. Congratulations." Lopez-Obrador will be visiting the White House next month.Colombian analyst Jose Penso, a former president of the Colombian Association of Political Consultants, urged caution and told Fox News Digital: "It is time to wait for the tone of the Petro government in relation to the United States. He arrives with a commitment to unite the country through consensus, trying to appear less radical because he has been supported by groups on the center. It is still very uncertain and only with time will the tone of its relationship with the United States be seen."During his victory speech, president-elect Petro said: "Thanks to the strength of past generations who are no longer with us today we are the sum of resistance, of a past of struggle and rebellion against injustice and a world that discriminates."BIDEN TOUTS WESTERN HEMISPHERE ‘OPPORTUNITIES,’ DEMOCRACIES AT SUMMIT THAT EXCLUDED LATIN AMERICAN DICTATORSObservers said that evidence that democracy in Colombia continues to be solid was Petro’s opponent Rodolfo Hernandez’s immediate response conceding defeat and congratulating the president-elect: "I called Gustavo to congratulate him on his victory and offered my support to fulfill the promises of change for which Colombia voted today. Colombia will always count on me." A woman cleans the capital's main voting center in preparation of the presidential runoff election in Bogota, Colombia, Friday, June 17, 2022. (AP Photo/Fernando Vergara) (AP)According to the Associated Press, Petro will have a tough time delivering on his promises as he does not have a majority in Congress, which is key to carrying out reforms. In recent legislative elections, Petro’s political movement won 20 seats in the Senate, a plurality, but he would still have to make concessions in negotiations with other parties.Yet despite the initial coming together of both candidates for president, one former president of Colombia Alvaro Uribe, whom Petro considers a political enemy, tweeted: "To defend democracy, it is necessary to abide by it. Gustavo Petro is the President. Let a feeling guide us: Colombia First." Critics and political opponents are afraid that Petro will still try to radicalize and move to an extreme left position. Argentina based analyst Agustin Antonetti of the Fundación Libertad, told Fox News Digital: "The triumph of Gustavo Petro is the missing piece, perhaps the most worrying, of this new reconfiguration in Latin America, leaning towards a new wave of leftist governments."Antonetti continued, "A region that is in alarming political and economic decline, in a complex global context, with three terrible dictatorships (Cuba, Venezuela and Nicaragua) that seem more alive than ever and surrounded by a large number of populist leaders, now in power, who they endorse them and are ready for anything. The big question is: Will the institutions in Latin America resist this new wave of governments in a clear rise of authoritarianism?" Supporters of presidential candidate of the Historical Pact coalition, Gustavo Petro, celebrate after he won a runoff presidential election in Cali, Colombia, Sunday, June 19, 2022. (AP Photo/Andres Quintero) MCCAUL: US MUST ‘WAKE UP’ AND INVEST IN LATIN AMERICA TO GAIN EDGE OVER CHINAIsaias Medina, a former high ranking Venezuelan diplomat at the United Nations who was one of the first Venezuela diplomats to resign in protest over the Maduro regime, said the U.S. needs to pay attention saying that Maduro and his acolytes were, "tightening the noose around democracy’s neck in Latin America."Medina told Fox News Digital, "The American beacon of light and freedom must shine brighter." He said, "President Biden has yet to face his hardest challenges of a full-scale China, Iran and Russia to overtake the last spaces left up in Latin America by absent U.S. policies and actions."CLICK HERE TO GET THE FOX NEWS APPThe former Venezuelan diplomat said that "a pale economic future looms in the last moves of the geopolitical chess (game.) In the words of Ronald Reagan, ‘freedom and liberty are one generation away from extinction.’ Let us pray that this is not the generation that allows it to happen."Gustavo Petro received 50.47% of the votes defeating his rival Rodolfo Hernández who obtained 47.27%. The leftist candidate, who for a long time said that there was no democracy in his country, wins an election that showed democracy does indeed exist and works, observers say the Biden administration must keep a very careful watch as Petro begins his term as president on August 7th.The Associated Press contributed to this report. | Latin America Economy |
MEXICO CITY — Rogelio Rosales Contreras' gaze became clouded as he described how his family and Indigenous community in Ayotitlán in the state of Jalisco were violently attacked after they opposed mining activities in the region and clamored to preserve their territory.“In December 1993, they took my brother, and on Oct. 26 of last year, they murdered my son,” he said in an interview with Noticias Telemundo in Mexico City.The case of Ayotitlán, and others from various regions of Latin America, are part of "Decade of Defiance: Ten years of reporting land and environmental activism worldwide," the most recent report by Global Witness, an environmental rights organization focused on the increasing violence against environmental activists."It's not fair that for this environmental fight they persecute us as criminals," he said. "We only want a more human, more communal way of life, and they are killing us for that."The report found that the last decade has been deadly for environmental activists: 1,733 killings have been recorded, a figure equivalent to one every two days.In 2021, Mexico had the largest recorded number of killings, with 54 deaths, compared to 30 the previous year. More than 40% of the people killed were Indigenous, and more than a third were forced disappearances, including at least eight members of the Yaqui Indigenous community.In Ayotitlán, Rosales Contreras' voice trembled when he spoke of the death last year of José Santos Isaac Chávez, an attorney and a leader in their Indigenous Nahua-Otomi community who was the only political candidate in a local race who was opposed to a mine in the Sierra de Manantlán, an area on the border of Jalisco and Colima.According to the report, the leader was found dead in his car, which had been driven off a cliff, and his body had evidence of torture.Global Witness urged governments to better protect activists by enforcing laws, especially those around the Indigenous community, and to require accountability from companies operating in these regions.Latin America is the most dangerous regionMore than three-quarters of the recorded attacks against environmental defenders in 2021 happened in Latin America, making it the deadliest region.While Mexico leads figures worldwide, with activists killed every month, countries like Brazil also registered an increase in lethal attacks, from 20 to 26, and India, from four to 14. On the other hand, Colombia experienced a fall in killings in 2021, from 65 to 33, as did the Philippines, from 30 to 19.Global Witness experts claimed that in countries such as Brazil, Peru and Venezuela, 78% of the attacks occurred in the Amazon.The investigation found that Indigenous communities faced a disproportionate level of attacks, almost 40 %, although they only represent 5 % of the world’s population."These are the people who understand, at the most fundamental level, how the fate of humanity is entwined in the fate of the natural places they are defending," academic Vandana Shiva stated in one of the report's chapters. "It’s why they are prepared to risk everything to defend these places. And it’s why they, more than anyone, deserve protection."The report highlighted that the control and use of land and territories is a central issue in countries where environmental defenders are threatened. The growing wave of killings, violence and repression are related to territorial conflicts and the search for economic growth based on the extraction of natural resources."Before we saw the attacks in the news, in media statistics, but as we're involved in this struggle for our Indigenous communities, we now live them in our own flesh. I am a victim of the threats to resist the exploitation of the resources that we defend," Higinio Trinidad de la Cruz, another Ayotitlán activist, told Noticias Telemundo.In addition, experts warn that the data on killings doesn't capture the real magnitude of the problem. In many countries, it's difficult to determine the situation around activists because of news media restrictions and a lack of independent oversight, which prevents more detailed reports.A Yaqui Indigenous man walks past the cemetery where slain water-defense leader Tomás Rojo is buried in Potam, Mexico, on Tuesday.Fernando Llano / AP'They treat us as perpetrators'Another troubling aspect, according to the report, is that most killings go unpunished because governments don't investigate them properly. According to experts, many authorities ignore or actively prevent the investigations because, often, there is collusion between corporate interests and state corruption.Adriana Sugey Cadenas Salmerón is an attorney for the Tsikini organization, a civil association that legally represents several Jalisco activists. She said the Mexican state "complicates the situation" in Ayotitlán by placing obstacles around legal resources. "It is inhuman because they treat us as perpetrators," she said. In Mexico, the Global Witness findings come in the middle of a substantial escalation of violence. Mexico registered 33,315 homicides in 2021; the two previous years were the most violent in its history, with 34,690 victims in 2019 and 34,554 in 2020.For activists such as Rosales Contreras, the defense of their ancestral territories has become an exercise marked by fear. He recounted bitterly that his relatives’ deaths, and Isaac Chávez’s, are part of a list of killings of activists that have kept going: In 2012, armed men took Celedonio Monroy Prudencio from his house, and he was never seen again; Aristeo Flores Rolón was killed in 2007; and Nazario Aldama Villa in 2004."I am not going to stop fighting, but what I demand from the government is justice, so that what happened to my family never happens again," he said. "The authorities have to find the culprits because we don't hurt anyone, we only want some equality."An earlier version of this story was originally featured in Noticias Telemundo. Follow NBC Latino on Facebook, Twitter and Instagram. | Latin America Economy |
Colombia's President Gustavo Petro addresses the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 20, 2022. REUTERS/Brendan McDermidRegister now for FREE unlimited access to Reuters.comSept 20 (Reuters) - Colombian President Gustavo Petro called on Latin American countries to join forces to end the war on drugs during a speech to the United Nations General Assembly in New York on Tuesday.Petro, Colombia's first leftist president, has long derided the global war on drugs as a failure, even using his inauguration speech in August to call for a new international strategy to fight drug trafficking. read more "From my wounded Latin America, I demand you end the irrational war on drugs," Petro said, while calling on the wider Latin American community to unite to defeat that "which torments our body."Register now for FREE unlimited access to Reuters.comDrug trafficking and the war on drugs are major contributors to Colombia's armed conflict, according to a report from the country's truth commission, which was established as part of a 2016 peace deal with the now demobilized FARC guerrillas. read more The South American country, considered the world's top producer of cocaine, comes under frequent pressure from prime ally the United States to reduce cocaine output.In July, the U.S. White House Office of National Drug Control Policy (ONDCP) reported that Colombia's potential cocaine output fell to 972 tonnes in 2021 from 994 tonnes the previous year.Colombia's area taken up by crops of coca, the chief ingredient in cocaine, also declined last year to 234,000 hectares (578,227 acres), down from 245,000 hectares in 2020, the ONDCP said.Petro, who has also promised to ease Colombia away from its dependence on hydrocarbon exports, also criticized a global addiction to oil and coal, adding that efforts to stop global warming were not working."The fight against the climate crisis has failed," he said.Register now for FREE unlimited access to Reuters.comReporting by Oliver Griffin
Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
SANTIAGO, Oct 15 (Reuters) - LATAM Airlines, the biggest carrier in Latin America, said it plans to conclude its exit from bankruptcy on Nov. 3."This process will allow the group to emerge more agile, with a more competitive cost structure, adequate liquidity to face the future, with approximately $10.3 billion in equity, and close to $6.9 billion in debt," the company said in a statement late on Friday.LATAM filed for Chapter 11 in 2020 after airline travel was hammered during the pandemic, and it won court approval that June.The reorganization plan would inject about $8 billion into the airline through a combination of capital increase, issue of convertible bonds and new debt. read more Register now for FREE unlimited access to Reuters.comReporting by Natalia Ramos; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
By Matt McGrathEnvironment correspondentImage source, Getty ImagesImage caption, Indigenous people protest in Brazil about the need for greater protection for their landsAn environmental activist has been killed every two days on average over the past decade, a new study shows.The report from Global Witness says that more than 1,700 people have died while trying to prevent mining, oil drilling or logging on their lands.Over the 10 years, Brazil and Colombia have recorded the highest numbers of deaths.Researchers say the figures underestimate the true scale of violence.Earlier this year, the murders of British journalist Dom Phillips and a local indigenous expert, Bruno Pereira, brought global attention to the lawless conditions prevailing in some parts of the Amazon.In this latest report from Global Witness, Latin America is very much the frontline when it comes to deadly attacks on environmental campaigners and activists. The study finds that 68% of the murders took place across this continent, with Brazil, Colombia, Mexico and Honduras recording the highest totals.Many of those who died were indigenous people, often involved in struggles to prevent the exploitation of their lands by mining, oil, logging or hydropower developers. Image source, Getty ImagesImage caption, In Honduras the murder of Berta Cáceres brought thousands to the streets in protestResearchers believe that as the world attempts to increase the exploitation of fossil fuels in the wake of the war in Ukraine, campaigners will come under greater threats. In 2021, the year with the most recent data available, some 200 people were killed at a rate of 4 per week."There is increasing stress on natural resources globally and this is playing out as a battle particularly in the Amazon in Brazil," said Shruti Suresh, from Global Witness, who says that 85% of the killings in Brazil have occurred in this region. "This is about land inequality, in that defenders are fighting for their land, and in this increasing race to get more land to acquire and exploit resources, the victims are indigenous communities, local communities, whose voices are being suppressed."Case study - ColombiaImage source, Global WitnessImage caption, Oscar Sampayo is an anti-fracking activist in ColombiaColombian human rights activist Oscar Sampayo saw three close friends and fellow activists killed for protesting in 2021. The anti-fracking campaigner has been actively opposing oil and mining developments in the Magdalena Medio region by documenting the impact on the local community and environment. He says the environmental impacts of the war in Ukraine are now being felt even in Colombia. "As coal, oil and gas are not bought from Russia, extraction in the global south is deepening, especially in countries like Colombia, regardless of the human rights violations that are generated," he told BBC News. While a new political leadership in Colombia has promised to be more environmentally aware, violence against green activists has been on the increase, according to Oscar. But despite the attacks on himself and the deaths of his fellow activists he is not ready to quit."The assassinations, displacements, exiles and attacks against comrades who defend nature generate concern and demotivates me, but I have not thought of leaving Colombia," he explained. Global Witness argue that around the world the situation for environmental campaigners has become worse not better in recent years. The activists say that the growing climate and biodiversity crises, and the rise of authoritarian governments, has seen a consecutive rise in killings since 2018.There are other factors at play as well, including the involvement of criminal and drug related gangs in the murders of environmental campaigners. Image source, Getty ImagesImage caption, A nun holds a photo of Herasmo Garcia Grau, a murdered indigenous leader in PeruIn 2021, Mexico recorded 54 killings - up from 30 the previous year. Opponents of large-scale mining operations have died but there have also been killings related to illegal mines operated by drug cartels. Key findings in 2021Nearly four people involved in environmental activism were killed every week across the worldBrazil and India both saw lethal attacks increase, while Colombia and the Philippines saw declines.There were 10 documented killings in Africa, with most taking place in the Democratic Republic of Congo. Eight of these deaths took place in the Virunga national park, mostly park rangers. Global Witness recorded 12 mass killings in 2021 with three in India and four in MexicoIn Nicaragua, criminal groups murdered 15 activists as part of a systematic campaign against the Miskitu and Mayangna peoplesHope on the horizonDespite the grim statistics and the rise in the number of deaths in recent years, campaigners are hopeful that progress is being made. In Honduras, a former energy executive was sentenced to 22 years in prison for the murder of activist Berta Cáceres in 2016. Also giving some encouragement is the Escazú agreement, which entered into force in 2021. It is the first environmental and human rights treaty for Latin America and the Caribbean. It commits countries to prevent and investigate attacks on environmental defenders. While some nations like Mexico have ratified it, others including Brazil and Colombia have not done so yet. Image source, Getty ImagesImage caption, Virunga national park in DRC has seen deadly attacks on park rangersCampaigners also point to plans by the European Union to enact laws that would make companies responsible for human rights abuses in their supply chains. "These are game-changing decisions that could make a real positive impact for environmental defenders," said Shruti Suresh."So there are for sure signs of hope and we should be optimistic. But it is going to be a difficult and challenging road ahead."Follow Matt on Twitter @mattmcgrathbbc. | Latin America Economy |
Drastic declines in animal species over the past several decades paints a grim picture for the future of healthy ecosystems, which in turn impact human health, according to a new report.Populations of monitored vertebrate species around the world, including mammals, birds, amphibians, reptiles and fish, have plunged a whopping 69% from 1970 to 2018, according to the the World Wildlife Fund Living Planet Report released on Wednesday.The Living Planet Index also found that in Latin America and the Caribbean, the numbers are even more alarming -- with populations declining 94% on average.A pink river dolphin in the Amazon River in Brazil.Gamma-Rapho via Getty ImagesA resident of the Indigenous community of Santo Corazon in Santa Cruz, Bolivia said in a statement released by WWF that while she use to hear jaguars near her hometown frequently as a child, those sounds are now few and far between."The roar of the jaguar could be heard near the community three years ago, but not anymore," Flor Delicia Ramos Barba said in a statement. "Compared with my childhood, I’ve witnessed a big difference. The animals in the community are now gone."According to Shaw, the same could be said for residents of the U.S. who use to see abundant numbers of monarch butterflies and fireflies in their childhood, but no longer see these species frequent the outdoor spaces they utilize."This is something that has touched a lot of our lives in different ways," Shaw said. "...Monarchs aren't extinct, and there's still quite a few on the planet. But their populations are severely diminished, so much so that many of us don't even see them anymore in the spring. The same is true with lightning bugs. We don't see them anymore."A sea lion pup on the beach near Green Head, Western Australia.Getty ImagesGlobal freshwater species have been disproportionately affected as well, with an average 83% drop in populations globally, researchers said. The Amazon pink river dolphin saw populations plummet by 65% between 1994 and 2016 in the Mamiraua Sustainable Development Reserve in the Brazilian state of Amazonas.Barba also said that her community feels the "lack" in the rivers and tree species."The people use to go fishing to support their families, but now there are no fish," she said.The ten areas highlighted in the report as "high-priority areas for risk mitigation" are the Himalayas, Southeast Asia, the east coast of Australia, the dry forest of Madagascar, the Albertine Rift and Eastern Arc Mountains in Eastern Africa, the Guinean forests of West Africa, the Atlantic Forest, the Amazon basin and the Northern Andes into Panama and Costa Rica in South and Central America.Monitored populations in Africa plummeted by 66%, while monitored populations fell in the Asia Pacific by 55%.In North America, monitored populations declined by 20%, and Europe and Central Asia saw declines of 18%.Three-year old lowland gorilla Pinga rests, July 18, 2006, at the Diane Fossey gorilla center in Goma, in the eastern Democratic Republic of Congo.John Moore/Getty ImagesAmong the most affected species elsewhere are the eastern lowland gorilla, which saw an estimated 80% decline in the Democratic Republic of the Congo’s Kahuzi-Biega National Park between 1994 and 2019, and the South and Western Australian sea lion pups, whose populations plunged by two-thirds between 1977 and 2019, according to the index.These drastic declines in ecosystems are early warning indicators of how species are responding to pressures in their environment driven by biodiversity loss and climate change."It's an indicator that ecosystems and their function and the functions that we rely on are unraveling," Rebecca Shaw, chief scientist for the World Wildlife Fund, told ABC News.Some of those functions include carbon storage, which is essential for stabilizing the climate, as well as water regulation and water purification, Shaw said. These functions create the fertility and processes in ecosystems that support food production as well, Shaw said.Some of the key drivers of biodiversity decline include habitat loss, overexploitation of species, invasive species, pollution, climate change and diseases, according to the The Living Planet Index, the research provided by the Zoological Society of London that serves as an early warning indicator of the health of nature.This year's edition of the report analyzes almost 32,000 species populations with more than 838 new species and just over 11,000 new populations added since the last edition was published in 2020. This year's report has the most comprehensive findings to date, according to WWF.The researchers are now calling on policymakers to transform economies so that natural resources are properly valued, including actions that transform food production and consumption, rapidly cut emissions and invest in conservation can mitigate both biodiversity loss and climate change -- which share many of the same underlying causes. Wealthy countries will also need to "step up to their moral responsibility" to support a target of at least $60 billion annually for the conservation of nature, according to the report."They are two sides of the same coin -- the nature crisis and biodiversity crisis, and the climate crisis are inextricably interlinked," Shaw said.In December, world leaders will meet at COP15, the United Nations' 15th Conference of Parties to the Convention of Biological Diversity, an event the WWF described as a "once-in-a-decade opportunity to course-correct for the sake of people and the planet."Increased conservation and restoration action in the vulnerable tropical regions are needed, but these efforts will not succeed unless we halve the global footprint of production and consumption by 2030, the researchers said.A new born loggerhead sea turtle.Getty ImagesThere have been some examples of populations thriving as a result of conservation efforts, the researchers said.Along the Chrysochou Bay in Cyprus, the number of loggerhead turtle nests increased by 500% between 1999 and 2015 after cages were implemented to protect turtle nests from foxes as well as relocating the nests away from heavy tourism areas.After the common crane fell into extinction as a breeding bird in the United Kingdom around 1600 due to hunting and habitat lost, more than 200 are now in existence as the result a small breeding population reestablished in Norfolk in 1979 and the launch of a reintroduction program in Somerset in 2010.The mountain gorilla population in the Virunga Mountains along the northern border of Rwanda, the Democratic Republic of Congo and Uganda, has grown to 604 individuals despite years of unrest in the region -- up from 480 individuals in 2010, according to the index."The world is waking up to the fact that our future depends on reversing the loss of nature just as much as it depends on addressing climate change. And you can’t solve one without solving the other," Carter Roberts, president and CEO of the U.S. chapter of WWF, said in a statement. "Everyone has a role to play in reversing these trends, from individuals to companies to governments." | Latin America Economy |
BTG Pactual has launched Mynt, a new exchange for bitcoin and other cryptocurrencies in Brazil focusing on education in the ecosystem.BTG Pactual has launched Mynt, a new exchange for bitcoin and other cryptocurrencies in Brazil focusing on education in the ecosystem.HomeBusinessThe largest investment bank in Latin America just launched a cryptocurrency exchange in Brazil.The exchange will only support bitcoin and one other cryptocurrency at launch.BTG Pactual holds over $1 trillion in managed assets.BTG Pactual, the largest investment bank in Latin America, just launched a bitcoin and cryptocurrency exchange in Brazil, per an announcement from the bank. The bank’s new trading platform is called Mynt and will enable users to have direct access to bitcoin, placing it among the first leading financial institutions in Brazil to do so. Additionally, the investment bank with over $1 trillion of assets under management will provide educational content for all of its users about bitcoin once users have established an account. "Content will be a part of Mynt at all levels,” Pedro Frazzo, product manager for Mynt said in an interview prior to the release. “Any product we launch will come along with some content like a video or a paper that provide the means for the customer to understand more about what they're investing in, and if they have any questions the app has a 24/7 chat function,” Frazzo continued.Additionally, when partner and head of digital assets at BTG Andre Portilho was asked what bitcoin is backed by in the same interview, he said:"Bitcoin's backing isn't physical. It is backed by the mathematics underpinning its blockchain, and this technology guarantees the safety of its transactions.” However, it currently remains unclear who will back Mynt and serve the custodian of the physical bitcoin, as well as whether or not clients of Mynt will be able to withdraw their bitcoin from the platform in order to self-custody. Nonetheless, the company still believes that the world of finance is headed into changing tides. "Our vision is that crypto technology will do to the finance industry what the internet did to the information industry, it changed it completely," Portilho concluded in the interview.BTG Pactual joins the ranks of other institutions entering the growing Brazilian market such as XP Inc., who just earlier today, released bitcoin trading services on its brand new platform – Xtage. Additionally, banking giant Santander began discussing plans to enter the ecosystem as well. | Latin America Economy |
Whirlpool Corp is betting on demand for front-load washing machines in Latin America with a new state-of-the-art plant in Argentina, even as other foreign companies shy away from the turbulent country.
Built in the outskirts of Buenos Aires, the factory required a US$52-million investment and will export 70 percent of its output, said its president for Latin America, João Carlos Brega. Previously, front-load washing machines had to be imported into the region.
The plant, which has the ability to produce a washing machine every 40 seconds, is expected to export US$50 million worth of products a year. It will target a growing market of front-load machines in Brazil, but will also export to neighbouring countries including Uruguay, Paraguay, Bolivia and Chile, he added.
“This plant will allow us to produce a new category of products in South America,” he said in an interview from the plant in Pilar, Buenos Aires Province, at its inauguration on Thursday. “We weren’t competitive before.”
The facility is also a rare investment by a multinational company in Argentina, where capital controls and inflation near 100 percent annually have led many firms to close or curb their operations. Brega said the company is “used to volatility,” and pointed to its 30 years in the country.
The decision to supply the South American markets with washing machines also comes at a time where a growing number of companies are looking to near-shoring practices, or the idea that multinationals are bringing factories so that the output is closer to the final destination.
Also on Thursday, Whirlpool said it cut its earnings and sales forecast for 2022 as it grapples with softening demand. Sales fell in the third quarter from a year ago in every geography the company operates in, including a 10.8 percent slide in Latin America. Chief Executive Marc Bitzer said Friday in a call with analysts that the company was optimistic about global demand in the middle and long term.
Brega declined to name the locations for future plants in the region, adding the decision “is not taken lightly.” Other points from the interview:
– The plant was built in record time, with the purchase of the land made in May 2021, Brega said
– The plant will employ 400 people when it’s operating at maximum capacity
– 50 percent of the factory’s inputs come from Argentina and the company is in talks with the government to help raise that number to 70 percent in as little as 18 months, which will lower costs, said operations manager Federico Sampedro
– 30 to 40 percent of employees in the plant are women, Sampedro added.
by Carolina Millan & Daniela Sirtori-Cortina, Bloomberg | Latin America Economy |
NEWYou can now listen to Fox News articles! MEXICO CITY, Mexico – Colombia’s leftist candidate for president, Gustavo Petro, could make history in this Sunday's presidential runoff by becoming his country’s first-ever left-wing candidate to be elected to the post. While the polls are razor-thin between Petro and his populist opponent, Rodolfo Hernández, a win for the left will be just the latest of several victories across the continent. Critics say a socialist win in Colombia will undo years of sacrifice and effort to implement and maintain a policy of democratic security, respect for freedom, strengthening of the rule of law, free trade, greater openness to the world and even a commitment to become an innovation hub and pioneer of the orange economy (creative economy). They note, that all these milestones, stability and institutions are at risk. BIDEN TOUTS WESTERN HEMISPHERE ‘OPPORTUNITIES,’ DEMOCRACIES AT SUMMIT THAT EXCLUDED LATIN AMERICAN DICTATORS This combination of photos shows Colombian presidential candidates Gustavo Petro, left, June 17, 2018, and Rodolfo Hernández on June 2, 2022, in Bogota, Colombia. (AP Photos/Martin Mejia, Fernando Vergara, Files)The United States has had in Colombia a strategic ally and a reliable partner, the jewel in the crown that some observers say could be at risk in a world that is rapidly reconfiguring itself. Petro has reportedly tried to distinguish himself from other leaders on the left across Latin America, promising to seek only one term. "Rest assured that I will not seek re-election," Petro said, according to The Associated Press, while adding he "will respect the laws. ... Listen carefully, this includes respecting the right to private property."McCAUL: US MUST ‘WAKE UP’ AND INVEST IN LATIN AMERICA TO GAIN EDGE OVER CHINAOpponents of Petro say he is not afraid to hide his views, and they worry that he threatens to reverse and completely change the reality of Colombia by aligning himself with the socialist agenda of the São Paulo Forum, an organization of leftist politicians from the continent and the Caribbean. They worry a close relationship with Venezuela, Russia and China or allies such as Iran could, from there, expand its malign influence throughout the region. Maria Clara Escobar, executive director of Instituto de Ciencia Política (ICP), told Fox News Digital "a Petro government represents the opportunity for the Latin American left to consolidate a regional bloc with the ability to influence at the geopolitical level in its efforts to achieve a change in the international order by legitimizing the region's dictatorships, facilitating the penetration of authoritarian regimes such as Russia, China and Iran, weakening the inter-American institutional framework (Organization of American States) and creating new regional political and diplomatic blocs, from which they will support the weakening of regional democracy and the rule of law." A woman cleans the capital's main voting center in preparation for the presidential runoff election in Bogota, Colombia, Friday, June 17, 2022. Sunday's runoff is between the man who could become the first leftist to lead the nation and a populist millionaire who promises to end corruption. (AP Photo/Fernando Vergara)LATIN AMERICA BECOMES NEW EPICENTER OF CORONAVIRUS PANDEMICWith the onset of the COVID pandemic, commentators say anti-establishment sentiment has grown in Latin America because of a lack of inclusive growth and prosperity. The economic and political effects generated by COVID-19 have caused discomfort and frustration in people, something Petro and other politicians have taken advantage of.Yet while Petro won the first round handily, polls have become much closer in recent weeks as his challenger, Rodolfo Hernández, who some in the media describe as Colombia’s answer to Donald Trump, has narrowed Petro's lead to a statistical tie and now has every chance of winning.The millionaire businessman became a social media phenomenon and has positioned himself among those who reject politics as normal. And, to the surprise of many, he came in second place, beating the establishment conservative candidate last month. Still, Hernández has taken differing positions and is seen largely as a populist candidate. At 77, he's a former mayor who made his money from farming and real estate and has said he wants to target corruption and wasteful spending. Yet others say he has more in common with the president of Mexico, López Obrador (AMLO), than Petro. This is a concern to some Colombians because, to them, Petro represents a greater threat. Rodolfo, as he is known, is viewed as not so different. Some in the media have compared populist candidate Rodolfo Hernández to former President Donald Trump. (AP Photo/Evan Vucci, File)Hernández is not affiliated with either political party, and his campaign to become president profited greatly by his use of social media, where most of his campaign was said to be waged. MEXICO PRESIDENT SAYS HE WON'T ATTEND AMERICAS SUMMIT, WILL VISIT BIDEN IN JULYRodolfo has repeated AMLO´s slogans such as "Do not steal, do not lie and do not betray … There cannot be a rich government with poor people." And Rodolfo does not hide his admiration for the Mexican president, who in turn, openly supports Petro. Observers believe that while the choices are far from ideal, a Petro presidency will be problematic for the U.S. Colombian Senator Paola Holguin, a member of the conservative Centro Democratico party, told Fox News Digital that "Rodolfo is an engineer and businessman from Bucaramanga who had good results during his tenure as mayor; he likes to be politically incorrect, but now he is the only guarantee to maintain democracy, freedom and (the institutions)."His main flags are austerity and fighting against corruption. On the other side, Gustavo Petro is an amnestied former M-19 guerrilla, former mayor of Bogotá with a questionable administration who has received support from criminal structures such as ELN, FARC and Clan del Golfo (and) can be defined as a radical left populist who has been close to the leaders of the São Paulo Forum and the Puebla Group." NICARAGUA APPROVES RUSSIAN TROOP ACCESS TO COUNTRY, DEFIES US OBJECTIONAnalysts worry that if Petro wins, the United States could lose a great ally in the hemisphere and witness the continued growth of influence of Russia, China and Iran among its closest neighbors. Nicolas Maduro, Venezuela's president, delivers a State of the Union address at the National Assembly in Caracas, Venezuela, Jan. 15, 2022. (Gaby Oraa/Bloomberg via Getty Images)The growing wave of triumphs by the left in Latin America runs from Mexico through Honduras, Nicaragua, Venezuela, Bolivia, Peru, Chile and Argentina. After Colombia, Brazil could be the next domino to fall in a leftward direction if early polls in Brazil are to be believed for the upcoming October presidential election.CLICK HERE TO GET THE FOX NEWS APPCommentators say there is a lot at stake in Sunday’s election. "No president of Colombia will be able to break this alliance that easily," said Joseph Humire, executive director of the Center for a Secure Free Society. "Gustavo Petro may try to do so if he is elected, but like Hugo Chávez in Venezuela, he will need more than four years to radically realign Colombia's foreign policy. Colombia shares more than government policies with the United States, we share culture." Whoever wins Sunday, Colombian presidential politics will change drastically, and Washington will need to adjust and prepare, whatever the outcome. The Associated Press contributed to this report. | Latin America Economy |
Colombia's President-elect Gustavo Petro speaks after receiving the credential as elected president from Colombia's National Electoral Council, in Bogota, Colombia June 23, 2022. REUTERS/Luisa Gonzalez/File PhotoRegister now for FREE unlimited access to Reuters.comWASHINGTON, July 21 (Reuters) - The Biden administration is willing to discuss the existing U.S.-Colombia trade agreement with the Andean country’s next president, a senior U.S. official said, as Washington dispatched a high-level delegation on Thursday to begin forging a relationship with him on a wide range of issues.President-elect Gustavo Petro, a 62-year-old economist who will become Colombia's first leftist leader next month, talked during his campaign about proposals to renegotiate trade pacts, including a 2012 deal with the United States. But he moderated some of his stances by the time he was elected last month. read more Asked whether Washington is willing to renegotiate the accord or open it up for discussion, the administration official said: “Any conversations relating to the U.S.-Colombia trade promotion agreement will be led by the U.S. Trade Representative.”Register now for FREE unlimited access to Reuters.com“We look forward to engaging in those discussions with the Petro administration after he is inaugurated on Aug. 7," the official said. Washington, he added, hopes to advance economic ties to address "social inequalities in both our societies" and on a "mutually beneficial" basis.The official previewed a visit to Bogota beginning on Thursday that could test for what has long been one of the closest U.S. partnerships in Latin America. They will meet Petro and his team to start developing an agenda for what the official called a "critical" relationship, and will also see outgoing President Ivan Duque.Petro has called the U.S.-led drug war a "complete failure," saying the government should instead support small farmers with substitute crops and increase their incomes. read more Asked how the delegation would address the issue, a second official said it wants to “to listen and to understand the contours and the nuances" of Petro's ideas.President Joe Biden’s administration believes a “holistic approach” focused on economic livelihoods and security is needed and they can find common ground, the official added.Petro has also raised concerns in Washington over his outreach to Venezuelan President Nicolas Maduro, who is under U.S. sanctions. The two have discussed reestablishing normal relations at their countries’ border.Asked whether Petro’s efforts could undermine efforts to isolate Venezuela’s Socialist leader, the second official said Colombia could help encourage Maduro and the Venezuelan opposition to resume negotiations.The visit is also intended to provide reassurances against “speculation” about the U.S.-Colombia relationship, one official said, referring to questions about how well the countries would work together once Petro takes office.The visit, which the U.S. National Security Council said would last until Friday, will include discussion of implementation of a 2016 peace deal between the government and FARC rebels, according to the officials.The delegation includes the White House's top Latin America adviser Juan Gonzalez, Assistant Secretary of State Brian Nichols, principal deputy national security adviser Jon Finer and Philip Gordon, Vice President Kamala Harris’ national security adviser.(This story corrects typographical error in "relationship" in paragraph 5)Register now for FREE unlimited access to Reuters.comReporting by Matt Spetalnick
Editing by Marguerita Choy and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
U.S. Deputy National Security advisor Jonathan Finer and Colombia's President-elect Gustavo Petro shake hands after a meeting, in Bogota, Colombia July 22, 2022. REUTERS/Nathalia AngaritaRegister now for FREE unlimited access to Reuters.comBOGOTA, July 22 (Reuters) - Colombian President-elect Gustavo Petro on Friday met with representatives of U.S. President Joe Biden's administration in Bogota, the Colombian capital, where they discussed topics including drug trafficking, the environment and economic development.Petro, a 62-year-old economist who will become Colombia's first leftist leader next month, has been roundly critical of the U.S.-led war on drugs and was elected on promises to tackle deep inequality and climate change and to seek peace with remaining leftist rebels."This is a positive meeting because it shows the interest that exists in the government of the United States in Latin America and in Colombia," Petro told journalists, as he was accompanied by U.S. principal deputy national security adviser Jon Finer.Register now for FREE unlimited access to Reuters.comThe conversation between Petro's team and the U.S. delegation focused on a full range of topics, Finer told reporters, including climate change, economic development and counter-narcotics.Colombia is a top producer of cocaine and faces constant pressure from Washington to eradicate drug crops and tackle drug trafficking.Petro and the Andean country's truth commission have criticized the U.S.-led war on drugs, with the latter urging Colombia's president-elect to lead a global conversation on changing drug policies, with a focus on regulation over criminalization.Though Finer hailed talks with Petro and his team as positive, he told journalists at a later briefing that there would always be areas of disagreement, as in any of the U.S.'s relationships."The United States and the Biden administration is not supportive of decriminalization," Finer said.Petro has also raised concerns in Washington over his outreach to Venezuelan President Nicolas Maduro, who is under U.S. sanctions. The two have discussed reestablishing normal relations at their countries' border.The Biden administration will continue to recognize Venezuelan opposition leader Juan Guaido, Finer said, adding that restarting talks between Maduro's government and Venezuela's opposition could be a key focus for Petro and the United States."We think that also could be an area of common ground with the incoming administration, whether or not they take a different approach to their predecessors, as they've said they will, to a recognition and normalization with Maduro," he said.Register now for FREE unlimited access to Reuters.comReporting by Oliver Griffin and Luis Jaime Acosta
Editing by Alistair Bell and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
(C) Reuters. FILE PHOTO: The logo of Mexico’s Central Bank (Banco de Mexico) is seen at its building in downtown Mexico City, Mexico August 9, 2022. REUTERS/Henry Romero/File Photo
By Brendan O’Boyle and Nelson Bocanegra
MEXICO CITY/BOGOTA (Reuters) -Central banks in Mexico and Colombia on Thursday accelerated their monetary policy hiking cycles to push back against inflationary pressures, even as some policymakers elsewhere in the region look to pause their rate increases.
All five board members of the Bank of Mexico voted to raise the country’s benchmark interest rate 75 basis points to a record 9.25%, while Colombia’s central bank raised its interest rate by 100 basis points to 10% in a divided decision.
The moves follow in the footsteps of the Federal Reserve’s recent three-quarter of a percentage point increase, the U.S. central bank’s third straight hike of that size. The Mexican central bank, known as Banxico, cited “the ongoing tightening of global financial conditions and the environment of significant uncertainty” as key challenges moving forward.
Mexican policymakers have now raised rates by 525 basis points since the current hiking cycle began in June 2021, as inflation has blown past the bank’s target of 3%, plus or minus one percentage point, to an over two-decade high of 8.76% in the first half of September.
Banxico said its board “will assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions.”
“We anticipate Banxico will continue its policy tightening to avoid further de-anchoring of inflation expectations against a backdrop of stubbornly high inflation,” said Carlos Morales, sovereign director at Fitch Ratings, who projected the policy rate will reach 10% by year end.
The Colombian central bank’s board was divided on how sharply to increase the rate, with six policymakers backing the 100-basis point hike and one voting for 50 basis points.
Analysts have continually raised their inflation predictions for Colombia. If expectations in a Reuters survey are met, Colombia’s annual inflation will be 11.25% in the 12 months to September, higher than the 10.84% recorded in August and nearly four times the bank’s long-term 3% target.
The board of Colombia’s central bank, like Banxico, said rate hikes outside the region were a factor in Thursday’s decision. “The monetary policy of developed countries has become more contractive than expected, which has been reflected in a deterioration in international financial conditions and in a significant depreciation of the peso and other currencies,” the board said in a statement. “Fears of a global recession have increased, inducing reductions in the price of raw materials,” the board said.
Last week, a poll by Chile’s central bank showed that traders expect the country to raise its interest rate by 50 basis points to 11.25%.
Elsewhere in Latin America, however, some policymakers have signaled they may be ready to halt their tightening cycles. Brazil’s central bank last week paused an aggressive monetary tightening cycle, voting to maintain its benchmark interest rate after 12 straight increases brought the rate to 13.75%.
“The process of raising interest rates should be ending. What we are going to see next year is possibly interest rates going down,” Brazilian Economy Minister Paulo Guedes said on Sep. 19.
In Peru, Central Bank President Julio Velarde said Wednesday that the country’s benchmark interest rate “probably” does not need to rise much further, after over a year of consecutive increases amid high inflation. (C) 2007-2022 Fusion Media Limited. All Rights Reserved.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers. | Latin America Economy |
BUENOS AIRES, Oct 4 (Reuters) - Argentina's fintech unicorn Uala will invest $150 million over the next 18 months to boost its digital banking business, mainly in Mexico and Colombia, its Chief Executive Pierpaolo Barbieri said in an interview with Reuters.The fast-growing firm, which has a valuation of some $2.5 billion, is aiming to expand its user base at least fivefold to 25-30 million people in the next five years, from five million users currently around in Latin America."In the next 18 months alone we are going to invest $150 million more in growth," Barbieri, 35, said at the companies offices in Buenos Aires. "Most of those funds are going to be destined to push growth in Mexico and Colombia.Register now for FREE unlimited access to Reuters.comUala bought Argentine digital banking company Wilobank this year and invested $80 million to operate in Colombia, after closing an investment round for $350 million in 2021 and acquiring Mexican bank ABC Capital."In a market context where others are cutting investment, we are expanding because we already have the capital," said Barbieri, adding the firm wanted to expand its financial offerings into debit cards, loans, investments, and insurance.Major investors in Uala include China's tech giant Tencent (0700.HK) and Japan's SoftBank (9984.T). Uala, which faces regional competition from the likes of Brazil's Nubank, Mexico's Stori and MercadoLibre (MELI.O) payment arm Mercado Pago is aiming to tap Latin America's largely unbanked population."Latin America is 20% digitized against 50% in Europe and 70% in China. I know that digitization will continue," said Barbieri."It seems to me a great shortfall of Latin America's democracies that we have so many people outside the system. In 10 years there will be no people outside the financial system."Register now for FREE unlimited access to Reuters.comReporting by Nicholas Misculin; Editing by Adam Jourdan and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
LIMA, Oct 6 (Reuters) - A bloc of leftist Latin American nations ramped up pressure against Venezuelan opposition leader Juan Guaido on Thursday at a diplomatic summit, although they failed to pass a motion to discuss ousting his representation from the organization.Guaido has claimed to be Venezuela's rightful president since 2019 and the Organization of American States, which is hosting its General Assembly in Lima, has recognized him.But Guaido has never actually held power, and the country remains led by socialist President Nicolas Maduro.Register now for FREE unlimited access to Reuters.comAt the OAS Summit, major Latin American nations led by leftist leaders voted in favor of discussing the possibility of ousting Guaido's representation to the OAS.While 19 nations voted in favor and only four against, the motion fell short of the necessary 24 votes. The OAS counts 35 nation members."I would ask those 19 countries that voted against the permanence of Venezuela in the OAS, which side would (Venezuelan independence hero Simon) Bolivar be on? That of Maduro, a criminal against humanity ... or with the Venezuelans who persist and ask for free elections?," Guaido said in a video posted on social media.The Venezuelan politician also asked those 19 countries to stand for democracy and thanked the countries who supported his delegation.The vote was symbolic of a recent shift in Latin America, with leftist leaders replacing more conservative governments in Chile, Colombia and Peru since last year.Nations voting against Guaido included Mexico, Argentina, Chile, Colombia and Peru. Brazil and Ecuador abstained.Guaido's OAS representation announced ahead of the Assembly that they would not attend. Maduro announced his withdrawal from the OAS in 2017.Peru's vote was notable as the Andean nation was once the driving force behind the so-called Lima Group, a bloc of nations opposing Maduro that once backing Guaido's claim to the presidency.Peruvian foreign minister Cesar Landa told Reuters last week that the Lima group had "ceased to exist.""Countries have been stepping away and Peru is promoting dialogue so Maduro's government is recognized, as well as a legitimate opposition and for transparent elections to be held," Landa said.Register now for FREE unlimited access to Reuters.comReporting by Marco Aquino and Marcelo Rochabrun; Additional reporting by Sarah Morland and Brendan O'Boyle; Editing by Marguerita Choy and Christopher CushingOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
A billboard which reads "For the Cuban Families, your vote counts!" is displayed in Havana, Cuba, September 19, 2022. REUTERS/Alexandre Meneghini/File PhotoRegister now for FREE unlimited access to Reuters.comSept 26 (Reuters) - Cubans overwhelmingly approved gay marriage and adoption in a government-backed referendum on Sunday, a landmark vote half a century after a wave of state persecution sent many homosexual people to forced labor camps and into exile.Here is a timeline on same-sex marriage across Latin America and the Caribbean:Pre-2010 - Only a handful of countries worldwide recognize same-sex marriage, mostly in Europe. Civil unions grant some marital rights for couples in Argentina, and same-sex marriage is legal in Mexico City.Register now for FREE unlimited access to Reuters.com2010 - Argentina becomes the first country in Latin America to legalize same-sex marriage nationwide, five years after Canada. The law includes the right to adopt, which is at the time criticized by Pope Francis, then archbishop of Buenos Aires.2011 - Brazil's Supreme Court rules that gay couples in stable relationships should have the same rights as heterosexual couples in terms of retirement benefits, inheritance and alimony.2013 - France legalizes gay marriage, changing the law in its overseas Caribbean territories of Guadeloupe, Martinique and French Guinea.A Brazilian judicial council rules that notaries cannot refuse to perform same-sex marriages, effectively legalizing it across the country.2015 - Mexico's Supreme Court rules that laws restricting marriage to a man and a woman are unconstitutional. A majority of Mexican states have since legalized it in separate rulings.The U.S. Supreme Court rules that the Constitution affords same-sex couples the right to marry, extending the right across its Caribbean territories.2016 - Colombia's constitutional court legalizes same-sex marriage, five months after legalizing adoption for gay couples.2017 - The British overseas territory of Bermuda's Supreme Court rules same-sex couples have the right to marry, but this is overturned by a ban the following year. In 2022, a London appeals court sides with the government in upholding the ban.2018 - The Inter-American Court of Human Rights rules that same-sex marriage should be recognized, a verdict that applies to most Latin American states, though many signatories have not yet adapted their laws.Gay Brazilians rush to the altar late in the year before the Jan. 1, 2019, inauguration of President Jair Bolsonaro, who once called himself a "proud homophobe."2019 - Cubans approve a new constitution that removes language defining marriage as between a man and a woman. Shortly afterwards, the government says it has started work on a new "family code" that would recognize same-sex marriage.Ecuador's top court rules in favor of same-sex marriage.2020 - Costa Rica becomes the first Central American country to legalize same-sex marriage, two years after its Supreme Court ruled that prohibiting it was unconstitutional.2021 - Chile's National Congress votes by overwhelming majority to legalize same-sex marriage. read more 2022 - Cubans overwhelmingly approve gay marriage and adoption in a government-backed September referendum. read more Same-sex marriage remains illegal or not recognized across most of Central America, Paraguay, Bolivia, Peru, Venezuela, Suriname, Guyana and swathes of the Caribbean, according to global LGBT rights tracker Equaldex.Colonial-era "buggery" laws banning gay sex were overturned in parts of the Caribbean but still exist in some countries including Jamaica and Barbados.Sources: Pew Research Center, Council on Foreign Relations, Equaldex, Thomson Reuters Foundation, ReutersRegister now for FREE unlimited access to Reuters.comReporting by Sarah Morland; Editing by Cynthia OstermanOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
A general view of the tanks of Brazil's state-run Petrobras oil company following the announcement of updated fuel prices at at the Brazilian oil company Petrobras in Brasilia, Brazil June 17, 2022. REUTERS/Ueslei MarcelinoRegister now for FREE unlimited access to Reuters.comSummaryCompaniesDividends hit quarterly record in Q2 - Janus HendersonSurging energy prices put dividends on course for record yearEmerging markets, banks and autos also behind growthBoom in payouts contrasts with workers' cost-of-living crisisLONDON, Aug 24 (Reuters) - Energy companies reaping record profits from soaring oil and gas prices have helped global dividend payments to shareholders soar above pre-pandemic levels and to a record quarterly high, data showed on Wednesday.Oil and gas firms, including state-controlled giants in Latin America, accounted for more than two-fifths of the growth in dividend payments in the three months to end-June, according to fund manager Janus Henderson's latest global dividend report.Banks freed from pandemic-era restrictions on dividends were behind a similar share of the growth in payouts, while consumer firms such as automotive manufacturers also shelled out more.Register now for FREE unlimited access to Reuters.comIn total, global dividend payments reached $544.8 billion in the second quarter, Janus Henderson calculated, up 11.3% on a headline basis year-on-year after companies slashed dividends during the COVID-19 pandemic.The payouts highlight how stellar a year companies enjoyed in 2021 as economies recovered, and how well corporate profitability has held up this year even as households are plunged into a cost-of-living crisis as inflation soars and fears of a global recession mount.For the year, Janus Henderson forecasts global dividend payments will reach a record $1.56 trillion, a 5.8% increase year-on-year."What we've seen is companies have generally come back to paying dividends much more quickly perhaps than some commentators thought they would, because earnings have been better," said Ben Lofthouse, Janus Henderson's head of global equity income.The jump in dividends is good news for shareholders such as pension funds, he added, especially in light of the plunge in markets this year.While the post-pandemic rebound in dividends has been faster than expected, the outlook is not as rosy as economies slow and corporate margins are slashed.Global annual dividends since 2009EMERGING MARKET BOOMCash-rich oil producers, notably Brazil's Petrobras and Colombia's Ecopetrol, fuelled the jump in shareholder payouts.State-controlled Petrobras (PETR4.SA) topped the list of the world's biggest dividend payers in the quarter read more .UK dividends leapt 29.3% year-on-year in the second quarter as payouts from commodity producers and banks surged, while high commodity prices drove emerging markets dividends 22.5% higher to a new record. Emerging markets beat all other regions for the first time since 2015.Despite energy companies reporting soaring profits, their dividend payouts have been higher in previous commodity booms, and the Janus Henderson data does not capture money handed to shareholders through stock buybacks. read more With major economies now heading for significant slowdowns, there are concerns about investors' reliance on energy industries for dividend growth.Dan Kemp, global chief investment officer at Morningstar's Investment Management group, said dividend funds could become "more and more dependent on what is essentially a very cyclical industry."The scale of recent dividend payouts could also trigger more calls for windfall taxes on oil and gas profits, although analysts say that bigger dividend payments are a boost to the many pension funds that own energy shares. read more "We would say that companies paying out dividends to shareholders is preferable from an environmental sustainability view than reinvesting into new oil and gas production that contributes to yet further global warming," said Mike Coffin at Carbon Tracker, a financial think-tank.Register now for FREE unlimited access to Reuters.comReporting by Lucy Raitano
Editing by Tommy Reggiori Wilkes and David EvansOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
The effects of China's economic slowdown are spreading globally and resulting in various winners and losers, BofA says. A weaker China, BofA said, helps lower US inflation via a strong dollar but could also spur supply snags. Meanwhile, some commodity exporters in Latin America are taking a hit from China's slowdown. Loading Something is loading. China's economic growth is sputtering, and its effects have rippled into the rest of the global economy with mixed results. According to a Bank of America note to clients, China is facing headwinds that will set the tone for the US, Europe and Latin America as they respond to currency and commodities markets. "Short-term factors include China's zero-Covid strategy, deep problems in the property market and a weak labor market (particularly for young workers)," BofA analysts wrote Friday. "Meanwhile, unfavorable demographics and a low return on investment after years of rapid infrastructure development pose structural challenges to growth."USChina's economic weakness presents both good and bad news for the US. On the positive side, China's yuan has weakened about 8% against the dollar over the past year on aggressive Fed rate hikes and expectations the US economy will outperform others around the world. That will help ease inflation in the US, as research shows that a 10% appreciation in the dollar lowers personal consumption expenditures inflation by about 0.4 percentage points, BofA said. BofA Global Research However, China's COVID-19 lockdowns could weigh on US markets via supply-chain disruptions. Shipments to the US have declined to their lowest level since June last year, possibly signaling fresh supply issues, BofA noted, which could add pressure on US goods inflation.Meanwhile, a weaker Chinese economy could help the US eventually distance itself from its geopolitical rival."There is a bipartisan push in the US to decouple from China," according to Bank of America. "While concrete steps have been taken in some sectors, the aggregate trade data do not show clear signs of decoupling."EuropeChina mainly impacts Europe through demand for its exports and commodity prices. Should China ease lockdowns, it could contribute to the easing of supply bottlenecks in Europe and reduce price pressure on non-energy goods, BofA explained. But China will "contribute considerably less to the outlook risk balance than they usually would," the analysts said, with a recession on the horizon due to the worsening energy crisis. "In the current backdrop, the marginal impact of the China slowdown on [Central and Eastern Europe] GDP is likely limited, as Europe is already facing the risks of production cutbacks due to gas rationing in the winter."Latin AmericaThe region has significant exposure to China, with Chile sending 40% of its total exports there while Brazil and Peru send about 30% of their totals. In the note, analysts said the Brazilian economy faces a mixed outlook due to China's slowing growth. "On the positive side, lower commodity prices are helping inflation to slow down this year from a peak around 12% to 6.5% by year-end," BofA said. "On the negative side, they affect Brazil's fiscal position and trade balance. Therefore, the lower growth in China is negatively impacting Brazilian exports and growth - recall that China represents almost a third of Brazilian total exports, the equivalent of around 5% of the country's GDP."Since 2020, Brazil's exports to China have fallen off sharply, the data shows, and it will need to diversify its exports as China's demand slips for goods like soybeans, iron ore, oil, and beef. BofA Global Research Similarly, Chile must endure China's far weaker demand for metals like copper, exports of which represent 18% of Chile's GDP. "China is Chile's main trade partner, receiving about 40% of Chile's goods exports," BofA said. "Net exports to China represent almost 2.5% of GDP, the biggest share in the region." But Mexico seems to be benefitting as it gains market share in US manufacturing imports at the expense of China's retreat, BofA said. | Latin America Economy |
Oct 15 (Reuters) - Brazilian Economy Minister Paulo Guedes said the government is seeking international support for the country's nominee to head the Inter-American Development Bank (IDB), expected to be presented in the coming days, but whose name he did not reveal.The election for Latin America's largest development bank presidency will take place on Nov. 20 after the ouster of Mauricio Claver-Carone of the United States following an ethics scandal. President Joe Biden's administration has already said it will not nominate a candidate again.In a press conference on Friday afternoon in Washington, after attending the International Monetary Fund meetings, Guedes said he had revealed the Brazilian nominee to U.S. Treasury Secretary Janet Yellen in an informal conversation and that it pleased her.Register now for FREE unlimited access to Reuters.comThe topic was also discussed with Colombia and Chile this week, but with no mention of the nominee, said the minister."We think whoever headed the bank cannot preside again before Brazil. Brazil has been watching for 63 years and has never presided. We think we deserve it, we have a representative GDP, we are a strong economy," he said.Guedes said he favors a five-year term with vetoed reelection for the IDB, a major investor in Latin America and the Caribbean, providing $23.4 billion in financing and other financial commitments in 2021.The Brazilian candidate will not be associated with a political position, added the minister. On Oct. 30, leftist former President Luiz Inácio Lula da Silva and right-wing incumbent Jair Bolsonaro will contest a presidential election run-off.Register now for FREE unlimited access to Reuters.comReporting by Marcela Ayres; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
The Biden administration is poised to inject billions of dollars into a multinational finance agency that serves as Beijing’s gateway to Latin America. If approved, it would strengthen communist China’s penetration of our own backyard. Last July, the U.S. Treasury Department committed to further capitalizing the Inter-American Development Bank, the largest source of development financing for Latin America, ostensibly to provide an alternative to “non-concessional and opaque Chinese official financing.” The additional funds would go to the bank’s autonomous investment arm, IDB Invest. The proposal enjoys bipartisan congressional support. Earlier this year Senate Foreign Relations Committee Chairman Bob Menendez (D-N.J.) called for “a capital increase for the Inter-American Development Bank [as] we are facing China’s challenge throughout the hemisphere.” The White House is presently negotiating with IDB Invest to make good on that promise. Yet, what sounds like a great idea would, in practice, undercut American national interests. The U.S. is already the banks’ largest contributor and holds 30 percent of its shares. (China, in contrast, holds only 0.0004 percent of the banking group’s shares.) Yet the lion’s share of IDB funding goes to Chinese entities. China has been IDB’s top recipient of co-financing, its top non-borrower recipient and its top procurement recipient. Between 2010 and 2020, Chinese state-owned companies won $1.7 billion in IDB contracts. American companies procured a mere $249 million. It’s not just American companies that are losing out. South Korean firms won a paltry $32.6 million in IDB contracts. During that same decade, the bank poured another $6.1 billion into a co-financing fund with Chinese state companies. The IDB has also catalyzed thousands of meetings between China and regional counterparts. In sum, Beijing has been able to leverage its tiny shareholder position to strategically expand its presence in Latin America. The IDB-China relationship began in the wake of the 2008 financial crisis, when China presented itself as a source of new lending. By 2016 the head of IDB Invest, James Scriven, described the bank as China’s “gateway to Latin America and the Caribbean.” The relationship proved a boon for China’s ambitious Belt and Road Initiative to displace the United States as the global superpower. Twenty-five of the 29 Latin American countries are now participating in that initiative. Since 2005, China’s state-owned banks have loaned those countries $138 billion, and Chinese entities have invested another $140 billion. China now ranks as the largest or second largest trade partner of each of those countries. In the past few years, however, Beijing has launched a genocide campaign against its Uyghur Muslims, crushed Hong Kong’s democracy, threatened Taiwan militarily and engaged in predatory lending. There is no rationale in 2022 to continue promoting China’s commercial interests with U.S. money. Yet the relationship continues. For example, last week the head of IDB Invest pushed forward a $130 million loan to Brazil to launch a solar energy project with Huawei Technologies Company as its main equipment supplier. U.S. law prohibits U.S. funds from procuring Huawei equipment due to its ties to China’s military. Thus far, the Biden administration appears to be blind to the problems. It boycotted this year’s IDB Forum on Trade and Investment for the Americas, an event organized to promote the region as a supply chain alternative to China. Its climate policies led the administration to veto Guyana’s $180 million loan request to develop its recent discovery of 10 billion barrels of offshore oil and gas. And now it wants to direct billions specifically to IDB Invest, rather than to the larger Inter-American Development Bank, which is led by an American seeking to rein in funding to the Chinese. Meanwhile, China continues to strengthen its toehold in the Southern Hemisphere. It has become a major arms supplier to Venezuela, Bolivia and Ecuador. Last month, units of China’s Red Army participated in the international war games hosted by Venezuela. There, they joined forces from Russia, Iran, Belarus and Burma, as well as the usual Marxist stalwarts: Cuba, Nicaragua and Bolivia. Chinese state enterprises now operate on both sides of the Panama Canal, a major chokepoint for U.S. trade. The U.S. Strategic Command has expressed concern that “the Chinese have 29 port projects” ongoing in the canal area, and those ports can be used for both civilian and military purposes. It boils down to this: China is aggressively pursuing its strategic goals while the Biden administration dithers. Congress must take on the leadership role and reject IDB Invest’s multi-billion-dollar funding request. It should investigate how a development bank, established by the U.S. government and meant to raise Latin America out of poverty, has been transformed into an agent of influence on behalf of Chinese expansionism in our own backyard. Max Primorac is director of the Douglas and Susan Allison Center for Foreign Policy at the Heritage Foundation. He previously served in various positions at the United States Agency for International Development. | Latin America Economy |
Activists hold signs during a protest to call for a stronger response by the government to the monkeypox crisis, outside the Health Secretary building, in Mexico City, Mexico, Mexico, July 26, 2022. The sign on the right reads: "No more stigma, preventing is living". REUTERS/Edgard Garrido/Register now for FREE unlimited access to Reuters.comMEXICO CITY, Sept 1 (Reuters) - Gay rights activists from across Latin America have called for the region's governments to take firm steps to prevent the spread of monkeypox, saying a lack of will to provide vaccines and diagnose cases is hurting the region's gay and bisexual men.Latin America has confirmed around 16% of over 50,000 registered cases worldwide in the recent outbreak, almost exclusively in countries where it is not historically endemic. (See graphic: https://tmsnrt.rs/3QsW88m)However, a Latin American network of gay rights activists believes governments are drastically underreporting the extent of the outbreak, in part due to discrimination against men who have sex with men, among whom the disease has so far been circulating overwhelmingly through sex.Register now for FREE unlimited access to Reuters.com"The worst thing would be to decide that this will be controlled through herd immunity," the AIDS Healthcare Foundation's director, Dr. Jorge Saavedra, told Reuters. "The lesions are very painful; and you can't just condemn people to suffer.""This is state sadism," he said.Activists, who gathered in Mexico City on Thursday at an event to call for stronger state responses, said it was unbelievable that Mexico - one of Latin America's most populous and visited countries - would have only one-third the number of monkeypox cases as Peru, which confirmed its first case a month after Mexico."Are Peruvians having more sex than Mexicans? Sexologists have found no evidence," Saavedra said at the event.The situation is particularly worrying in Mexico, activists said, where there is just one centralized diagnostics center forcing people to wait and travel long distances.Grassroots clinics for people living with HIV, who risk suffering much more severe effects of monkeypox, have meanwhile been flooded with patients, they said.Mexico's government in June issued a statement discouraging messaging that links gay and bisexual men to monkeypox to prevent discrimination."They stigmatized us 40 years ago during the AIDS crisis," said HIV researcher Ricardo Forcada. "Now, they're not helping us under the pretext of not stigmatizing us."Forcada said the network was prepared to take all available legal actions, including appealing to Mexico's human rights commission. It hopes the governments will invest in targeted health campaigns and order vaccines."We don't want this to turn into an endemic problem like other sexually transmitted diseases," said Saavedra.Register now for FREE unlimited access to Reuters.comReporting by Sarah Morland in Mexico City, Editing by Brendan O'Boyle and Matthew LewisOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
The humanitarian crisis in Darién Gap has reached new heights as medical NGOs are overwhelmed by the record numbers of people risking their lives to cross the lawless strip of jungle in Latin America en route to the US.An exodus of Venezuelans fleeing socioeconomic collapse has led to more people embarking on the perilous journey across the only land bridge connecting South and North America so far this year than in the entirety of 2021, Panamanian authorities say.“Unfortunately we are not able to treat all of the victims,” said Conrado Hincapié, a project coordinator in Darién with the charity Médecins Sans Frontières (MSF).More than 150,000 people have reached Panama from Colombia by traversing the Darién this year, according to Panama’s national migration service, exceeding the previous record of 133,000 who made the journey in 2021.Crossing the Darién Gap – which straddles Panama and Colombia – is one of the most dangerous journeys on the planet for experienced survivalists, and migrants are usually poorly equipped to make the trek. It can take up to a week on foot and some succumb to the jungle’s flash floods, steep ravines and turbulent rivers.locatorAs well as the natural dangers of the rainforest, those who risk the journey are at the whim of violent gangs who control the jungle corridor and exploit those fleeing poverty and danger.For many people, crossing the Darién is the only affordable way north to the US where they seek better lives.The UN says the spike in the number of migrants in recent months has led to growing reports of people traffickers sexually abusing people and robbing them of the little cash and clothes they have stuffed in their backpacks.The Panama representative for the UN’s refugee agency, Philippa Candler, says the average person forced to cross the Darién is poorer because of the cost of living crisis in Latin America, which makes them more vulnerable to exploitation by the armed gangs who are the region’s de facto authority.“Some of the recent incidents that we’ve heard about are really quite horrendous,” she said.One in three interviewed by the UN said they were mistreated or abused in the jungle. The agency is also receiving increasingly shocking reports of human rights abuses, including the shooting of a six-year-old child for screaming as gang members sexually assaulted his mother.Medical NGOs racing to treat people as they emerge from the forest in Panama have been overwhelmed by the unprecedented footfall. About 48,000 have made the 37-mile (60km) trek this month, according to Panamanian authorities.People cool off in a stream as they walk through mountainous terrain towards Panama. Photograph: Mauricio Dueñas Castañeda/EPAAbout 30% of them are women, according to the UN, and a growing number are being forced to have sex as a form of payment to the “coyotes” guiding them, Hincapié says.In the past two weeks there has also been a “great increase in the number of children and really small babies of around six, seven and eight months old”, he added.As well as primary care for flesh wounds and tropical diseases, NGOs are providing psychological support and contraception to the growing number of women raped by traffickers.About 1,200 people a day are passing through San Vicente, a village on the Panamanian side of the jungle. Around 200-300 are treated by MSF each day. The sharp rise in migration is also straining services on the Colombian side of the border. Unable to secure a boat heading towards the Darién, up to 10,000 are estimated to be stranded on the beaches of Necoclí, a transit town on Colombia’s Gulf of Urabá.The wave of migration is driven by the growing number of people fleeing poverty and insecurity in Venezuela, the UN says.While most who traversed the Darién last year were the Haitian diaspora leaving other Latin American countries when the pandemic struck, at least 70% of people making the journey this year are Venezuelan. More than half of those are heading directly to the US. | Latin America Economy |
A billboard which reads "For the Cuban Families, your vote counts!" referring to a family code referendum to take place on September 25, is displayed in Havana, Cuba, September 19, 2022. REUTERS/Alexandre MeneghiniRegister now for FREE unlimited access to Reuters.comHAVANA, Sept 25 (Reuters) - Cubans headed to the polls on Sunday to vote on a package of measures that would upend the island's long-held "machista" culture and legalize gay marriage even as the country wrestles with a deepening economic crisis.If approved, the 100-page "family code" would put Cuba at the vanguard of progressive social policy in Latin America, legalizing same-sex marriage and civil unions, allowing same-sex couples to adopt children, and promoting equal sharing of domestic rights and responsibilities between men and women.President Miguel Diaz-Canel, who walked with his wife to vote just a few blocks from their home in the Havana suburb of Siboney, told reporters the code abolishes prejudices and taboos that have been ingrained in Cuban society.Register now for FREE unlimited access to Reuters.com"My expectation is that most of the population will vote 'yes'," Diaz-Canel said. "But regardless of whether 'yes' or 'no' wins ... the popular debate that has been generated has contributed to our society."The code, which has undergone 25 drafts, nearly 80,000 townhall-style meetings and 300,000 suggestions from the public, is expected to draw millions of Cubans to the polls. The measure requires more than 50% of votes cast on Sunday to become law.Most prior ballot initiatives in Cuba have been overwhelmingly approved, but an economic crisis that has led to long lines for food, medicine and fuel has raised the possibility of a protest vote against the government."We have to get used to the fact that on such complex issues, where there is a diversity of criteria ... there may be people who vote to punish (the government)," said Diaz-Canel. "That is also legitimate."Sunday's vote will be the first of its kind since mobile internet was legalized in 2018, which has let dissenting views spread more widely.There are no independent, outside observers of Cuban elections, however, citizens may observe the count at their precincts immediately following the vote.The government flooded TV and radio in recent weeks with spots celebrating diversity and inclusion to promote the code."This code makes everyone equal," said Jose Antonio Fernandez, a 73-year-old retired Havana resident who voted in favor of the measure on Sunday morning.Some social conservatives - including the Roman Catholic Church and evangelicals, see things differently, objecting to issues including gay marriage and complaining that government control of the media has drowned out opposing views.Havana resident Lisandra Samon, 36, said she voted on Sunday but thought it was hard to predict the outcome."The vote will be close ... aspects of this code have divided the opinions of the public, even families," she said.Register now for FREE unlimited access to Reuters.comReporting by Dave Sherwood and Reuters TV; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
PANAMA CITY, Oct 12 (Reuters) - Some 4.3 million Venezuelan refugees and migrants face difficulty accessing basic services, food, and formal employment, a statement from the International Organization for Migration (IOM) said on Wednesday.Half of the refugee and migrant population across Latin America and the Caribbean cannot afford three meals a day and do not have access to decent or safe housing, according to the statement.Many Venezuelans are forced to resort to sex, begging or indebtedness, to make ends meet, the IOM added.Register now for FREE unlimited access to Reuters.comThe number of Venezuelans migrating irregularly has risen in 2022, representing the vast majority of foreigners crossing the treacherous Darien jungle which links Panama with Colombia.As of October 2022, more than 7.1 million Venezuelan refugees and migrants have left their home country, fleeing poverty and violence and relocating around the world.But increased living costs, the impact of the pandemic, and rising unemployment have exacerbated migrants' vulnerability, making it difficult for many Venezuelans to integrate and rebuild in host communities, the IOM statement noted.While host countries have made great efforts to address migrants' needs, greater international support is required, U.N. Refugee Agency Representative for Venezuelan migrants Eduardo Stein said in a conference to present the study."Regularization is only the first step towards integration and must be accompanied by policies that allow refugees and migrants to become self-sufficient," Stein added.The IOM did not specify what percentage of the migrants are refugees but the United Nations High Commissioner for Refugees (UNHCR) defines refugees as people who leave their country to flee conflict and persecution, while migrants leave behind their homes to improve their lives with better work, education, family reunion or other reasons.Meanwhile, some 10,000 migrants - mostly Venezuelans - remain trapped in a town in northwestern Colombia awaiting a boat to cross the Gulf of Uraba and enter Panama, hoping to reach the United States, local authorities said on Wednesday.Register now for FREE unlimited access to Reuters.comReporting by Elida Moreno;
Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Residents protest to demand government support for soup kitchens in Pamplona Alta, a low-income neighbourhood on the outskirts of the Peruvian capital where soaring food prices are placing animal proteins out of reach for the most vulnerable residents, in Lima, Peru April 11, 2022. REUTERS/Daniel Becerril/File PhotoRegister now for FREE unlimited access to Reuters.comLIMA, Aug 18 (Reuters) - Since 2011, Peruvians have lived under seven presidents and seen four ex-leaders detained or wanted on corruption allegations. Yet, in the same period Peru has held onto the unlikely title of the fastest growing major economy in Latin America.That period of standout growth is set to end this year, an analysis of World Bank data and International Monetary Fund forecasts shows, with Colombia overtaking Peru.Slowing growth at the world's No. 2 copper producer underscores a painful truth: Peru's economy is finally beginning to crack after years of increasingly disruptive political crises that have peaked under President Pedro Castillo and a combative Congress, hurting both private and public investment.Register now for FREE unlimited access to Reuters.comGlobal economic pressures like inflation prompted by the pandemic have hit Latin America hard, but the mood has turned particularly sour in Peru. Investor confidence is lower than during the Great Recession and nearing the pandemic's record low, even though business performance continues to improve, monthly polls from Peru's central bank analyzed by Reuters show."I think that there is no other option but that the government is affecting (economic) expectations because companies are doing fine," said Pedro Francke, Castillo’s inaugural finance minister who resigned earlier this year.Castillo took office last July, spooking investors on the campaign trail with a plan to radically redistribute wealth and redraft the constitution. But he ultimately handed the economy to moderate finance czars and has passed no meaningful economic reforms.Reuters GraphicsHis administration and close associates are now besieged by scandals. Castillo himself is facing six criminal investigations, one of them for alleged obstruction of justice in the firing of a minister. Congress has twice impeached him but failed to oust him. read more While Peru is used to turmoil and in 2020 cycled through three presidents in nine days, market analysts say its economy is finally facing what may prove an insurmountable test."Politics and the economy can no longer be treated separately in Peru," Fitch said in a report this week.Peru's finance ministry declined to comment.To be sure, Peru is expected to remain among Latin America's top performing economies, according to the International Monetary Fund. Meanwhile, Moody's, Fitch and S&P all told Reuters they do not see imminent risks of a downgrade to Peru's investment-grade rating.Peru's largest corporations, including lender Credicorp and miner Sociedad Minera Cerro Verde , have presented solid earnings so far this year.Still, Peru's finance ministry is set to lower its growth expectations for 2022 later this month from 3.6%, according to newly appointed Finance Minister Kurt Burneo who first suggested it could be as low as 2.2% but has since said it might be a bit higher."Today Peru is facing one more stress test...but what we won't be able to save is economic growth," said David Tuesta, the President of the Private Competitiveness Council, a think tank funded by business interests.Reuters GraphicsA POPULIST WHO CAN'T SPENDCastillo came to power promising to hike spending, fund new social programs and raise taxes on the mining industry.But his administration has actually overseen slower public spending despite record tax revenues, while Congress shelved the mining tax reform.Peru's fiscal deficit now sits at a very conservative 1% of GDP, a dramatic reduction from 8.9% just two years ago, all accomplished without an austerity policy in place."The bad news is that the deficit reduction is...because of the inability of this government to spend even on things that it wants to spend on," said Jaime Reusche, a vice president at Moody's.Peru's central government spending has contracted 5% so far this year compared to last year, when Castillo was not yet in power, amid record turnover in senior government roles.Reuters GraphicsLess than two weeks into the job, Finance Minister Burneo said in an op-ed that Peru is risking a recession if it does not increase spending and criticized the central bank for hiking rates to combat inflation.While many analysts have predicted that Castillo may not finish his term in 2026, opposition lawmakers have said that they lack the votes to oust him.But even if they did, Castillo's removal may not shake up the economy, or change its trajectory toward slower growth."It shouldn’t have a major impact on economic activity and on real growth," Reusche said.Register now for FREE unlimited access to Reuters.comReporting by Marcelo Rochabrun; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
NEWYou can now listen to Fox News articles! MEXICO CITY, Mexico – Beijing has been carefully looking to increase its influence in Latin America and with it, observers claim, advance its geopolitical goals. For decades, China has been investing in the region and building close relationships with politicians of undemocratic regimes who make decisions to benefit the Asian giant not only economically and commercially, but also politically.On Monday, Secretary of State Anthony Blinken came to meet with leaders in Mexico, including President Andrés Manuel López Obrador. Up for discussion was the U.S. and Mexico High Level Economic Dialogue that seeks to foster among other things regional prosperity. While not mentioned publicly, China was likely on the minds of Blinken and his colleagues. China is Mexico’s second trading partner after the U.S, the third destination for exports and the second supplier of Mexican imports. In 2021, bilateral trade amounted to 110.27 billion dollars.China's dominance in the region is advancing with new strategies that go far beyond economic influence to encompass the political, military, security and even technological fields."When experts talk about China's influence in Latin America, they mostly focus on their economic influence. The more than $153 billion in investments since 2005, and more than $140 billion in loans. While that is important, it's more important to understand how China has leveraged that economic influence to gain military, intelligence, and geopolitical advantage in Latin America and the Caribbean, turning the region towards authoritarianism," Joseph Humire, executive director of the Center for a Secure Free Society told Fox News Digital. U.S. Secretary of State Antony Blinken arrives at Mexico City International Airport for an official visit as part of the US-Mexico High-Level Economic Dialogue on Sept. 12, 2022 in Mexico City. (Photo by Hector Vivas/Getty Images)MCCAUL: US MUST 'WAKE UP' AND INVEST IN LATIN AMERICA TO GAIN COMPETITIVE EDGE ON CHINAExperts are concerned as China's increasing influence could mean a further loss of to U.S interests in the region, especially at a time when most leftist governments are more pro-China than pro-U.S.Observers claim Chinese leaders have created a dependency to maintain their dominance and advance their interests regardless of the government in power throughout the continent especially when it comes to some of the biggest and most influential countries in the region."In both the Brazilian and Argentine cases, China has become the primary customer for the agricultural commodities produced by these important countries. In the case of Brazil, China is the destination of 40% of Brazilian agribusiness exports. With this power, Beijing uses Brazil's dependence on Chinese markets to exert negative pressure when its interests are threatened or simply criticized" explains Brazilian expert, researcher and author Leonardo Coutinho.Experts have warned that the U.S. should not only be concerned but also take immediate action to compete on the same ground as it represents its own hemisphere where it must strategically act before China becomes more entrenched. Although China has built great economic influence, it no longer has the same capacity to invest and lend to countries as before when commodities were high, something that they themselves manipulated."China already has more than 40 port projects in progress in Latin America, established telecommunications through Huawei or ZTE, not to mention the rise in popularity of its social media app Tik Tok. For many Latin Americans this is normal commercial activity, but they are being deceived because beneath the surface is an effort to increase the social control of Latin Americans" warns Humire. China's flag and other red flags flutter in front of the Great Hall of the People in Beijing, China. (Photo by VCG/VCG via Getty Images)CHINA’S TIKTOK MAY FACE NEW US RESTRICTIONS DESPITE REVERSAL OF TRUMP BANHumire continued "for instance, when the U.S. Federal Communications Commission said, earlier this year, that ‘Tik Tok functions as a sophisticated surveillance tool that harvests extensive amounts of personal and sensitive data.’ These sort of facts are often lost on Latin Americans and the Chinese government capitalizes on this with disinformation and deception at the highest level."COVID-19 became an opportunity for China to aggressively advance its agenda. Coutinho underlines that "the health emergency resulting from the COVID-19 pandemic made it straightforward how China would use this power as an instrument of blackmail. A significant leap from the soft power exercised in the past (with the installation of language schools and advertorials in the prominent Brazilian newspapers) to the purest "warrior wolf" diplomacy, as the aggressive action model of the Chinese ambassadors and diplomats came to be called".He explained "this was possible because, between soft power and "warrior wolf" diplomacy, China exercised a silent and competent strategy of sharp power. That included the capture of elites (academics, journalists, and politicians, mainly) who, rewarded with trips, scholarships, and advertising funds, formed a choir to defend Chinese interests in the region.""In Brazil and Chile, for example, the Chinese managed to take advantage of the panic during the pandemic to sell millions and millions of doses of their vaccines, even though they have never (until today, it is worth noting) been thoroughly tested or definitively approved. There was a collective silence about the precariousness of the process, and the critics were punished. In Brazil, a chancellor was even fired for criticizing the lack of democracy in China, something the Chinese embassy made society understand could harm the relations between the two countries."He says another country under Chinese influence is Argentina. "One of the most symbolic cases is how Argentina gave up part of its territory so that the Chinese could build a satellite signal reception station, which, although it is formally for civilian use, is administered by the Chinese military, and the Argentineans are denied access."CLICK HERE TO GET THE FOX NEWS APP Chinese President Xi Jinping, right, and then Argentinian President Cristina Fernandez shake hands after signing documents following their meeting at the Great Hall of the People in Beijing in 2015. (AP Photo/Rolex Dela Pena)An example of the of how far Chinese leaders are willing to go when they do not get what they want happened in Paraguay where "the local government suffered retaliation from the Chinese, who refused to sell medical supplies and sabotaged vaccine exports because the South American country recognizes Taiwan as a country. Beijing conditioned the end of the blockade to the rupture of Paraguay's relations with Taiwan. Paraguay does not change this position" said Coutinho.Humire cautions that the U.S. should be very concerned with is freedom is being lost in the Western Hemisphere and the role China is playing with that he says is key. "Beyond its economic influence, China is building authoritarian influence in Latin America and its key to success is propping up the region's most brutal autocratic leaders. This is why, for the last 20 years, more than 75% of the credits that the People's Republic of China has provided to Latin America, went to the four most autocratic regimes: Cuba, Venezuela, Nicaragua, and Bolivia". Armando Regil Velasco reports on Latin American affairs. He can be followed @armando_regil | Latin America Economy |
The United States is exporting record high amounts of diesel fuel to Latin America and Europe, new data show, as global demand for diesel continues to outstrip current supply, intensifying efforts to secure U.S. exports
. In the first 17 days of July, the U.S. Gulf Coast exported an average of 1.35 million barrels of diesel fuel per day, according to new data from the oil analytics firm Vortexa
. That’s about 10% higher than the previous July record, set in 2017. DAILY ON ENERGY: RUSSIA AND THE WEST PLAY GAME OF CHICKEN OVER TURBINE STUCK IN MONTREAL When accounting for gasoline and other types of fuel, a senior Vortexa analyst told the Washington Examiner that total U.S. transportation fuel exports soared to another record high of 92.1 million barrels per day in July. So far, the bulk of U.S. diesel exports this month has been sent to Latin American countries, including Mexico, Brazil, Chile, and Argentina. There, diesel fuel shortages have touched off a recent wave of political and social unrest — and forced many leaders to up their imports of U.S. supplies as a result. Meanwhile, the U.S. has seen some relief for diesel prices, with national averages falling 3.6% in the past month, according to AAA. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER The U.S. has also seen an uptick in diesel fuel shipments to Europe in July, the Vortexa data showed, while exports to Asia have declined for the month. | Latin America Economy |
Clara corporate credit cards are seen in this undated handout illustration photo in Mexico City, Mexico. Clara Corporate/Handout via REUTERSRegister now for FREE unlimited access to Reuters.comMEXICO CITY, Aug 8 (Reuters) - Mexican "unicorn" Clara, a startup with a valuation over $1 billion that offers corporate credit cards and expense management resources, said on Monday it has secured $150 million in debt financing from Goldman Sachs.The funds will be used to flesh out Clara's technological infrastructure and on increasingly larger credit lines for clients, Clara's chief executive officer, Gerry Giacoman, told Reuters."Every day bigger and bigger companies are working with us, including some of the largest corporations operating in Latin America," Giacoman said, noting Spanish bank Sabadell (SABE.MC), Mexican hotel chain RLH Properties (RLHA.MX) and airline Volaris (VOLARA.MX) were clients.Register now for FREE unlimited access to Reuters.comAt the moment, Clara is growing by hundreds of clients a week, Giacoman added, saying it now has more than 6,000 clients throughout the three countries in which it operates: Mexico, Brazil and Colombia.Clara hopes to hit 10,000 clients by the end of the year, Giacoman said, down from a previous goal of 15,000 when the company expanded to Colombia in March. read more Moves to Peru and Chile are in the works as well, according to the executive.For Goldman Sachs, the debt line extended to Clara is not its first foray into funding corporate credit card providers. Last year, Goldman Sachs provided the same amount, $150 million, to U.S. startup Ramp.In December, Clara became the fastest company in Latin America to reach unicorn status, just eight months after it began operations.Register now for FREE unlimited access to Reuters.comReporting by Kylie Madry in Mexico City
Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Conta Black's co-founders Fernanda Ribeiro and Sergio All Larissa Isis Fast approaching its sixth year of operation, Brazilian digital bank Conta Black is accelerating its journey towards creating an entire financial ecosystem focused on black consumers. With an approach that blends online and physical strategies, the fintech aims to offer services such as credit and financial education to its target audience. Founded in 2017, the São Paulo-based company was around before the emergence of the first Brazilian unicorn - mobility firm 99, acquired in 2018 by Chinese conglomerate DiDi - and before the largest operator in the digital banking space in Brazil, Nubank, gained real traction. Even though the largest market in Latin America has seen a flurry of neobanks over the last few years, it is estimated that the country still has 35 million unbanked consumers, according to a study by Americas Market Intelligence and Mastercard. Of the Brazilians without a bank account, nearly 70% are black, according to data from a 2018 study by research organization Instituto Locomotiva commissioned by black entrepreneurship network Feira Preta. By tapping into that massive pool of individuals excluded from the financial services system, Conta Black has built a base of 30,000 consumers, primarily based in the outskirts of major cities across Brazil. The aim is to boost that number to 100,000 within 18 months. Currently valued at around 30 million Brazilian reais ($5.6 million), the company is looking to raise 6 million Brazilian reais (approximately $1.1 million) before year-end to propel its growth plan. "When we compare our objectives with the trajectory of other neobanks that reached 1 million consumers within six months, our goals are quite conservative. We believe we can get to that point very quickly, but we also know that getting to that point requires a significant investment, both in marketing and in technology, to meet consumers' evolving expectations," said the firm's co-founder and chief executive Sergio All. An evolving proposition Conta Black started with a pre-paid credit card for the black Brazilian population - a parcel of the population that transacts around 1.7 trillion Brazilian reais ($319 billion) a year in goods and services, according to research by Instituto Locomotiva. At that point, there was no technology involved in the product: according to All, the main goal at the start was to break a paradigm by providing access to financial services to black individuals rather than focusing on immediately going digital. "We developed the MVP at a time when the market had started to make the transition from traveler's cheques into cards. I thought this could help the afro descendent entrepreneurial community in Brazil a great deal, and since around the 70s, the dream of my people had been to have our own bank. So our predecessors paved the way, and I just continued the work", All said. The company's offering then evolved into a digital account supported by Banco BV and the launch of the Conta Black app in 2019, a year when the democratization of financial services was moving at full speed in Brazil with a fast-growing fintech scene. Conta Black was ready to plow resources from a private investment round into customer acquisition, then the Covid-19 pandemic the following year forced a rethink of the business model. The bank account then became a means to an end, providing consumers access to a range of services such as insurance, as well as payments, charging, and other functionalities geared at entrepreneurs. "We repositioned our product to cater to the needs of our customer base: when you consider our clients are black consumers from the outskirts, they need financial products and services that are specific to their realities. It also became evident to us that the pandemic impacted black professionals and entrepreneurs more severely", said the company's co-founder and chief operating officer, Fernanda Ribeiro. Conta Black is also aiming to provide financial education to its client base as a way to break down barriers caused by the structural problems the Brazilian black population experiences. "Usually, the black population doesn't have a long-term financial relationship or planning around money because they don't know how long they might be around to see the results," said Ribeiro, citing data from the Latin American School of Social Sciences (Flacso) that a young black Brazilian man gets murdered every 23 minutes in Brazil. Among the initiatives on the financial education front, the company has toured Brazil with financial education workshops and is setting up consulting hubs in universities and slums in partnership with non-profit organizations, dubbed Black Spaces. According to the COO, most incumbent institutions and even new players in that space have ignored the need to provide financial education and commercial offerings aimed explicitly at black consumers. "Our work has been around developing financial products and services from a black perspective, with partnerships with companies that want to co-create these offerings. We know there is a lack of black people in decision-making positions in organizations, but we also know there are good intentions to change the current reality. So we are on the lookout for allies", Ribeiro pointed out. As well as evolving the digital product, building a physical presence among its customer base is crucial for Conta Black. Alongside Ribeiro, All has recently spent a few weeks in the United States meeting potential investors under a program facilitated by entrepreneur Paulo Amazon, CEO of Global Amazon, a US-based English school focused on Brazilian students. The goal was to seek partnerships and capital. According to All, the idea is that the Black Spaces will become venues focused on education and customer experience. "When observing the format of the Apple Store in New York, I concluded that the way to go for us is to build pleasant spaces where people can build a relationship with the product, maybe pay their bills, and attend a financial education workshop. Being present offline and online strengthens the bond with the customer and contributes significantly to our overarching goals, " the CEO noted. According to Ribeiro, the proximity between Conta Black and its customers is one of the critical points of its unique selling proposition. "There are many digital banks around that have a technology set-up that is way better than ours. But we are a love brand for most of our clients: when we started, people would pay to have our card", the COO pointed out, adding that despite the fact the fintech's client age profile varies, there is a significant amount of older customers. "[Our older customers] were protagonists of the first black activism movements in Brazil and see in Conta Black their dreams coming true, and identify with our purpose," the executive said. International opportunities
As well as banking the unbanked, providing financial education and positioning itself as a financial services hub, the company is also eyeing the credit provision space. According to data from the International Development Bank, black consumers are denied credit four times more often than white consumers with the same economic profile. In addition, Ribeiro noted that 70% of the economically active adults in Brazil are in debt, most of whom are black. The issue of racism in financial services is something that All has experienced personally. As the chief executive of an advertising agency in São Paulo, the executive was looking to buy several Apple computers as part of a company-wide technology upgrade in 2008. According to the executive, the loan request got declined even though he had a financially healthy business and a good credit score.
That experience is one of the situations that sowed the seed of what would later become Conta Black. A few years later, All met his wife Ribeiro, a tourism specialist who had stepped down from a management role at one of the main Brazilian airlines, who joined as a co-founder. Before launching the fintech, the pair started AfroBusiness, an organization that plugs black entrepreneurs into the supply chain of large organizations such as Carrefour, Google and Meta. As well as consulting services for corporations, the non-profit also provides education for entrepreneurs, many of whom become interested in Conta Black's products. "At the same time our paths crossed, they also crossed with the trajectories of other black entrepreneurs. Sergio and I then thought this could be a real business and have been hacking the system ever since, starting with the provision of an entry point into the financial system for entrepreneurs that frequently couldn't even open a bank account", Ribeiro said. Ribeiro noted that her fintech accumulated plenty of insights about that audience over the years. For example, even though individuals represent 60% of Conta Black's client base (businesses represent the remainder), the COO said account usage patterns reveal that most of these consumers are, in fact, informal entrepreneurs. When it comes to the inevitable comparisons between Conta Black and other fintechs that have managed to build a much larger customer base ia lot faster, the executive argued that the company has focused on growing sustainably. "In addition, we can't ignore the fact that investments in startups led by black people is a lot smaller", she said. According to a study by Brazilian accelerator Black Rocks Startups and Bain & Company released last year, only 32% of black founders have received investment to support their businesses, compared to 41% of non-black founders. According to All, while access to capital is the lever the company needs to grow faster across the technology, marketing, and education fronts, Conta Black's pitch is that its business also satisfies the demand from certain backers for investments that tick the boxes when it comes to environmental, social and governance (ESG).
"As well as having a business proposition that focuses on ESG principles, we are also participating in the discussions with the Central Bank and the Brazilian Fintech Association on what can be improved and how can we become an even more attractive business. It is impossible not to think of how far we could go with extra capital", the entrepreneur noted. During their travels in the US, the entrepreneurs advanced talks with several potential partners around potentially launching in Brazil through Conta Black. "We have noticed that [financial services players in the US] are looking to go beyond the same old offerings. The opportunity of our target audience was also clear to them since more than half of the Brazilian population is black. There is a great deal of openness from the players in the US and the ecosystem there is also a lot more inclusive, with black people in very senior roles, and that makes all the difference", All said. When it comes to the size of the investment Conta Black is looking to raise, the founders - who are part of the entrepreneurs supported by Google's Black Founders Fund in Brazil - said they could be seeking more but are cognizant of the currently unstable market conditions, which tend to be even harsher for black founders. According to data from Crunchbase, funding to black-founded US startups plunged from $1.2 billion in the first quarter of 2022 to $324 million in Q2. "We opted to downsize the round as a strategic move, given the ongoing challenges around capital availability. We also retain 100% of the company, which enables us to grow more sustainably while also opening up the opportunity to have more rounds in the future, " Ribeiro noted.
Commenting on expected achievements for the next 12 months, All expects Conta Black will have "moved a few wagons and be in front of the fintech industry's train in Brazil", by significantly boosting its client base. "I want to be talking about a company that is different, even more, active when it comes to changing realities, and especially, more educational", the chief executive said. "People often ask me whether I have a Plan B concerning Conta Black. My answer is always the same: my Plan B is to make it work." | Latin America Economy |
The humanitarian crisis in Darién Gap has reached new heights as medical NGOs are overwhelmed by the record numbers of people risking their lives to cross the lawless strip of jungle in Latin America en route to the US.An exodus of Venezuelans fleeing socioeconomic collapse has led to more people embarking on the perilous journey across the only land bridge connecting South and North America so far this year than in the entirety of 2021, Panamanian authorities say.“Unfortunately we are not able to treat all of the victims,” said Conrado Hincapié, a project coordinator in Darién with the charity Médecins Sans Frontières (MSF).More than 150,000 people have reached Panama from Colombia by traversing the Darién this year, according to Panama’s national migration service, exceeding the previous record of 133,000 who made the journey in 2021.Crossing the Darién Gap – which straddles Panama and Colombia – is one of the most dangerous journeys on the planet for experienced survivalists, and migrants are usually poorly equipped to make the trek. It can take up to a week on foot and some succumb to the jungle’s flash floods, steep ravines and turbulent rivers.locatorAs well as the natural dangers of the rainforest, those who risk the journey are at the whim of violent gangs who control the jungle corridor and exploit those fleeing poverty and danger.For many people, crossing the Darién is the only affordable way north to the US where they seek better lives.The UN says the spike in the number of migrants in recent months has led to growing reports of people traffickers sexually abusing people and robbing them of the little cash and clothes they have stuffed in their backpacks.The Panama representative for the UN’s refugee agency, Philippa Candler, says the average person forced to cross the Darién is poorer because of the cost of living crisis in Latin America, which makes them more vulnerable to exploitation by the armed gangs who are the region’s de facto authority.“Some of the recent incidents that we’ve heard about are really quite horrendous,” she said.One in three interviewed by the UN said they were mistreated or abused in the jungle. The agency is also receiving increasingly shocking reports of human rights abuses, including the shooting of a six-year-old child for screaming as gang members sexually assaulted his mother.Medical NGOs racing to treat people as they emerge from the forest in Panama have been overwhelmed by the unprecedented footfall. About 48,000 have made the 37-mile (60km) trek this month, according to Panamanian authorities.People cool off in a stream as they walk through mountainous terrain towards Panama. Photograph: Mauricio Dueñas Castañeda/EPAAbout 30% of them are women, according to the UN, and a growing number are being forced to have sex as a form of payment to the “coyotes” guiding them, Hincapié says.In the past two weeks there has also been a “great increase in the number of children and really small babies of around six, seven and eight months old”, he added.As well as primary care for flesh wounds and tropical diseases, NGOs are providing psychological support and contraception to the growing number of women raped by traffickers.About 1,200 people a day are passing through MSF’s treatment centre in San Vicente, a village on the Panamanian side of the jungle.The sharp rise in migration is also straining services on the Colombian side of the border. Unable to secure a boat heading towards the Darién, up to 10,000 are estimated to be stranded on the beaches of Necoclí, a transit town on Colombia’s Gulf of Urabá.The wave of migration is driven by the growing number of people fleeing poverty and insecurity in Venezuela, the UN says.While most who traversed the Darién last year were the Haitian diaspora leaving other Latin American countries when the pandemic struck, at least 70% of people making the journey this year are Venezuelan. More than half of those are heading directly to the US. | Latin America Economy |
Food and Drink Now playing UN and World Trade Organization warn of global food supply crisis Now playing Russia's war in Ukraine threatens one of England's most famous dishes Now playing See rebranded McDonald's restaurants unveiled in Russia Now playing How AriZona Beverages has kept iced tea prices at 99 cents for 30 years Taco Bell Corp. Now playing New Taco Bell drive-thru restaurant serves tacos using mini elevators Sean Clark Now playing The fastest growing trend in adult beverages will surprise you CNN Now playing See Russian merchant ship's journey across Mediterranean with stolen grain CNN Now playing Mother describes 'anxiety provoking' search for baby formula PETA Now playing Actor superglues his hand to Starbucks counter in protest Now playing Americans are tipping less in the wake of tipping fatigue Now playing Forget oil. Here's how Russia's war in Ukraine is jacking up food prices. Kaburgaci Yasar Now playing What's that long skinny thing a restaurant just tried sending to space? Now playing Pusha T isn't 'lovin' it' anymore. Hear his new song for Arby's Now playing Wendy's CEO: Expect menu price increases of 5% this year Now playing Watch CNN's 1990 coverage of McDonald's first opening in Russia Now playing McDonald's suspends business in Russia. Here's why it's a big deal London CNN Business — Nestlé hiked its prices by 6.5% in the first half of 2022 as it grapples with an “unprecedented” rise in costs. The world’s largest food company raised its prices the most in North America — a 9.8% increase — followed by Latin America at 9.4%, Nestlé said in a statement Thursday. Rising costs for commodities, packaging, freight and energy weighed on the company’s operating profit margin, Nestlé (NSRGF) said. “We limited the impact of unprecedented inflationary pressures and supply chain constraints on our margin development through disciplined cost control and operational efficiencies,” CEO Mark Schneider said in a statement. Despite higher prices, the company, which counts KitKat and Nescafé among its brands, grew its organic sales 8.1% over the period — driven by strong demand for its Purina pet food products. Soaring global inflation has pushed up costs for the world’s biggest manufacturers, who have then passed them onto consumers. Unilever (UL), one of Nestlé’s competitors, said Tuesday that it increased its prices by an average of 9.8% in the first six months of the year. Higher prices have also fueled global food insecurity, made worse by Russia’s invasion of Ukraine in February. The war has driven the cost of energy and staple commodities to record highs, squeezing poorer countries that rely on imports. There is some good news: global food prices have fallen for three consecutive months, according to the UN’s Food and Agricultural Organization’s Food Price Index — though were still 23% higher in June compared to a year earlier. The World Food Programme (WFP) estimates that 47 million people have moved into a stage of acute hunger as a consequence of the Ukraine war. Last week, Russia and Ukraine signed a deal that would allow for grain and oilseed exports from Ukrainian Black Sea ports to restart after months of blockages. — Julia Horowitz, Rob Picheta, Jomana Karadsheh, Radina Gigova and Tim Lister contributed reporting. | Latin America Economy |
Register now for FREE unlimited access to Reuters.comCOCHABAMBA, Bolivia, July 28 (Reuters) - A Bolivian startup is betting on the Andean nation's unlikely push to mine the world's largest lithium deposits, building tiny electric cars that it hopes can be adopted throughout Latin America with locally made batteries."The form of electro-mobility that we are proposing is electric micromobility," said Jose Carlos Marquez, a co-owner of Quantum, a niche automaker based in the city of Cochabamba.The company builds small, quirky cars that can fit up to three passengers and go no faster than 55 kms (34 miles) per hour. But Marquez points out that most drivers in Latin America do not go long distances nor do they have high average speeds due to chronic gridlock.Register now for FREE unlimited access to Reuters.comQuantum has produced just 1,500 vehicles so far, including cars and motorcycles, and is hoping to export another 500 this year.Jose Carlos Marquez, co-owner of Quantum, poses for a photograph next to a tiny electric car built by the Bolivian startup Quantum, in Cochabamba, Bolivia, July 22, 2022. REUTERS/Patricia PintoIts lithium batteries are made abroad, despite the fact that Bolivia sits on the world's largest lithium deposit in the Uyuni salt flats. That, Marquez hopes, can soon change.Left-wing President Luis Arce is pushing to industrialize its vast lithium resources before the end of his term in 2025, although even his allies do not expect the country to produce significant quantities of lithium before 2030, according to a recent Reuters report. read more For the past decade, Bolivia has poured hundreds of millions of dollars into lithium mining but produced very little of the battery metal, in part because of impurities.While lithium is key to making batteries, so are other metals like nickel and cobalt which Bolivia does not produce and would need to import."Normally, we associate electro-mobility with Tesla, but that's as false as saying that all combustion engine cars are BMWs or Mercedes Benz," Marquez said. "Sure those cars are beautiful and we would all like to have them but they exist very far from the reality of Latin America."Register now for FREE unlimited access to Reuters.comReporting by Monica Machicao, Diego Cartagena and Sergio Limachi; Writing by Marcelo Rochabrun; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
(Bloomberg) — Argentina’s central bank raised its benchmark interest rate Thursday in a bid to prop up its currency and curb inflation nearing 100%.Most Read from BloombergAdobe Near Deal for Online Design Startup Figma, Sources SayRay Dalio Does the Math: Rates at 4.5% Would Sink Stocks by 20%Putin Acknowledges Xi’s ‘Concerns’ on Ukraine, Showing TensionAdobe Tumbles After Deal to Buy Figma for About $20 BillionGermany Seizes Assets of Russian Oil Giant RosneftThe central bank boosted its benchmark Leliq rate by 5.5 percentage points to 75%, according to an emailed statement. The move comes a day after data showed consumer prices jumped nearly 79% a year in August, the fastest pace in 30 years. It was the bank’s ninth rate hike this year.The bank’s board of directors also added in the statement that it intends to reduce the level of short-term debt held by the central bank next year, but didn’t provide more specifics.Read More: Cash-Strapped Argentina Goes All or Nothing on New Economy ChiefEarlier this week, central bank President Miguel Pesce and Economy Minister Sergio Massa affirmed, in a meeting with International Monetary Fund Managing Director Kristalina Georgieva their commitment to implement the country’s $44 billion deal with the IMF. A key element of the accord includes keeping interest rates above the rate of inflation.What Bloomberg Economics Says“The new rate hike catches up with the rise in current and expected inflation — but may not be sufficient to tame inflation or boost reserves. The substantial uncertainty on inflation and the persistent risk that the peso may soon see a sharper depreciation undermine the ability of the new rate to convince households to save or investors to have a position in pesos.”—Adriana Dupita, Latin America economistClick here for full reportEconomists surveyed by the central bank forecast inflation will accelerate to 95% by the end of the year.Central banks across Latin America have raised rates this year to combat high inflation, but prices have continued to stay hot as high levels of all-cash workers and businesses make monetary policy less effective than in developed economies. Argentina’s central bank made incremental rate increases early in the year but over the past three months has ramped up its hikes, with a combined 23 percentage point increase since July.Read More: Argentina Inflation Rate to Hit 100% by End of 2022, EcoGo SaysPesce and Massa face added pressure after they allowed a devalued exchange rate for the month of September for producers of soy — the nation’s biggest export — in a bid to replenish the country’s dwindling international reserves.The central bank has been propping up the official peso rate, currently at 143 per dollar. The blue-chip swap rate, an implied exchange-rate based on the difference in prices between Argentine stocks and their American depositary receipts, stands at 297 per dollar.(Updates with comment from Bloomberg Economics)Most Read from Bloomberg BusinessweekIt’s White-Collar Jobs That Are at Risk in the Next RecessionChinese Manufacturers Get Around US Tariffs With Some Help From MexicoThe Biggest Copper Mine in the US Stalled in Dispute Over Sacred GroundThe Ethereum Merge Ups the Stakes—and Reshapes the Crypto Universe©2022 Bloomberg L.P. | Latin America Economy |
FILE PHOTO - The logo of Argentine online marketplace MercadoLibre is seen in this undated handout illustration distributed to Reuters on July 27, 2022. Mercado Libre/Handout via REUTERS Register now for FREE unlimited access to Reuters.comSAO PAULO, Aug 3 (Reuters) - South American e-commerce giant MercadoLibre Inc (MELI.O) reported on Wednesday that its second-quarter net income rose 79.8% year-on-year, beating earnings forecasts.The company, present in 18 countries including Brazil, Mexico and Colombia, reported a net income for the three-month period of $123 million, beating a Refinitiv forecast of $98.9 million.After the results, MercadoLibre's senior strategy vice president Andre Chaves said the company has plans to grow in Latin America, but "there is nothing in sight at the moment in terms of acquisitions."Register now for FREE unlimited access to Reuters.com"If so, it will be something small," Chaves said.Brazil, which represented 56% of the group's net revenue in the quarter, remains the company's main focus, Chaves added.In March, the group announced an investment in Brazil of 17 billion reais through this year, part of which would be used to open four logistics centers and double its delivery capacity.Furthermore, the company said during a call with analysts it sees Mexico's potential to be a larger and more profitable market in the longer term, adding this has been their first profitable quarter in the country in the last five years.Shares of MercadoLibre were up 12% at 6:00 pm Eastern time (2200 GMT) in extended trade Wednesday.The company's net revenue rose 56.5% in constant currency and 52.5% in dollars to $2.6 billion as it registered growth in revenues from its commerce and fintech sectors.The group's financial arm, Mercado Pago, saw net revenue soar 112.5% in dollars year-on-year to $1.2 billion, as it expanded its lines of business such as insurance and investment tools.Mercado Pago reported an 83.9% jump in total payment volume in constant currency to $30.2 billion. Its credit portfolio reached $2.7 billion in the quarter, a 12.5% increase in comparison to the previous quarter.Register now for FREE unlimited access to Reuters.comReporting by Aluisio Alves and Aida Pelaez-Fernandez; Writing by Carolina Pulice; Editing by Brendan O'Boyle, Cynthia Osterman and Chris ReeseOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
Carlos Bautista, a renewable energy engineer at Mexican solar company Enlight shows areas of an installed solar panel project at a client's company in Mexico state, Mexico August 19, 2022. REUTERS/Henry RomeroRegister now for FREE unlimited access to Reuters.comMEXICO CITY, Aug 22 (Reuters) - With alternative energy projects stalled in Mexico due to controversial energy reforms, companies are increasingly turning to smaller-scale renewable options that allow businesses to cut carbon emissions while dodging fights with Mexican regulators.Solar companies and energy analysts said they are seeing an unprecedented surge in distributed generation (DG) solar projects, which are smaller and less regulated with a threshold in Mexico of 500 kilowatts - enough to power about 200 households.Bread-producer Grupo Bimbo (BIMBOA.MX) and French energy firm Engie (ENGIE.PA) are among those increasingly turning to DG. Although these projects often provide just 10% or 20% of a company's energy needs, they are seen as the "only game in town" right now, according to Andres Friedman, chief executive of Canadian-Mexican solar startup Solfium.Register now for FREE unlimited access to Reuters.comEven with the explosive growth predicted in DG, analysts doubt it will be enough for Mexico to successfully address its energy transition, given that government policies continue to prioritize fossil-fuel generated electricity.But for many companies they are the best option, with DG projects not requiring a generation permit and taking just weeks to get approved, versus months or years for utility-scale projects. It is likely to stay that way too - at least for now - said analysts, who do not foresee changes to DG regulation in the near future."Companies have said, 'that's it, we're going to be in control of our own destiny with distributed generation. We can do it immediately,'" said Friedman, who counts Engie, German industrial manufacturer Prettl and Legrand Group's (LEGD.PA) BTicino as clients.AMLO'S QUEST FOR CONTROL OF POWER SECTORMexico is embroiled in tensions with the United States and Canada, its major trade partners, over President Andres Manuel Lopez Obrador's drive to tighten state control of the energy market. The United States has demanded dispute settlement talks with Mexico, arguing the move is unfair to U.S. companies and likely in breach of a regional trade deal. read more Lopez Obrador's quest has infused deep uncertainty in the renewable energy sector as at least nine major projects amounting to more than 1,000 megawatts (MW) by large developers like German company BayWa (BYWGnx.DE) and Italy's Enel (ENEI.MI) , are currently stalled as they await permitting from the state power regulator, according to Valentina Izquierdo, a Mexico-based solar analyst for Wood Mackenzie.Spain's Iberdrola (IBE.MC) has an already-built 100 MW wind farm that was denied its generation permit.The vast majority of distributed generation projects in Mexico center on easy-to-install solar panels that can be used on-site, rather than large wind turbines."Right now in Mexico, commercial and industrial clients don't have any other options, so that's pushed more clients towards the DG market," Izquierdo said.Enlight, a Mexican solar company that focuses on DG projects for industrial customers, said it had clients that considered tapping renewable energy from larger sources, but the political climate swayed them to DG as a more proactive step towards their own ESG commitments."There was a lot of great growth for that type of client, for certain specific industries that have goals of very aggressive de-carbonization, such as the automotive industry," said Oscar Garcia, chief growth officer for Enlight, which has worked with Grupo Bimbo.Sector experts have estimated DG investments in Mexico have topped $3.5 billion in the last eight years, with another $500 million expected by the end of this year.There are also attempts to increase the threshold for DG projects, which is lower than in countries like Brazil and Colombia, with Green Party (PVEM) lawmaker Nayeli Arlen Fernandez Cruz pushing to double the capacity to 1 MW.Mexico's most recent electricity development plan, for 2022 through 2036, delays by seven years the country's previous commitment to generate 35% of its energy from renewable sources by 2024. It now says that will only be possible by 2031.But DG still features as a major area of growth in renewable sources - forecast to reach nearly 16,500 cumulative megawatts by 2036 under the best case scenario, a nearly 725% increase. In contrast, it did not include scenarios for utility-scale solar or wind projects, a sign the government could continue holding them back."This allows us to interpret that few permits could be given out for renewable energy generation utility-scale projects," said country manager Maria Jose Trevino for consultancy Acclaim Energy.Register now for FREE unlimited access to Reuters.comReporting by Cassandra Garrison; editing by Stephen Eisenhammer and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.Cassandra GarrisonThomson ReutersMexico-based reporter focusing on climate change and companies with an emphasis on telecoms. Previously based in Santiago de Chile and Buenos Aires covering the Argentine debt crisis, the tussle for influence between the United States and China in Latin America and the coronavirus pandemic. | Latin America Economy |
WASHINGTON, Oct 2 (Reuters) - Secretary of State Antony Blinken heads to Latin America on Monday to reassert Washington's commitment to the region and meet with three new leftist leaders, amid concerns that neglect of the hemisphere has let China make economic inroads.During his week-long trip to Colombia, Chile and Peru the top U.S. diplomat will also attend a ministerial summit and hold talks on regional challenges including migration, drug-trafficking, post-pandemic recovery, climate change and the Venezuelan crisis.U.S. officials acknowledge privately the need to show the United States' southern neighbors they remain a policy priority despite the focus on big geopolitical issues such as Russia's war in Ukraine and China's threat to Taiwan.Register now for FREE unlimited access to Reuters.comOfficials remain hopeful that Latin America's new leftist leaders will not govern as ideological firebrands and instead continue to maintain a free-enterprise-friendly approach and nurture U.S. ties."We are not judging countries based on where they fall on the political spectrum, but rather their commitment to democracy, the rule of law and human rights," Assistant Secretary Brian Nichols, the State Department's top diplomat on the Western Hemisphere, said in a briefing call."And I would note that we are also visiting three countries that have been longtime vital trade partners of the United States, countries with free trade agreements with the United States ... We are focused on strengthening our relations with those governments," Nichols said.Blinken will aim to solidify U.S. partnerships in the face of an increasingly ambitious China that has been expanding its economic footprint across the resource-rich region, which was once Washington's geopolitical backyard."This (the trip) reflects the interest of the United States to pay more attention to Latin America, and specifically South America in this case, in terms of the deepening relationship there is with China," said Guillermo Holzmann, a Chilean academic and political analyst.DRUGS AND DIPLOMACYThe trip, Blinken's first in almost a year to the Andean region, will kick off a day after Brazilians head to the polls for a highly-polarized election, in which leftist candidate Luiz Inacio Lula da Silva is leading in opinion polls against the far-right populist President Jair Bolsonaro.Blinken's first stop, in Colombia, could be a test of long-standing close U.S. ties. Its new leftist president, former rebel Gustavo Petro, has derided the U.S.-led war on drugs as a failure and called for a new international approach.The South American country is a top producer of cocaine and has historically faced pressure from Washington to eradicate drug crops. Petro has also moved to re-engage diplomatically and economically with the government of Venezuelan President Nicolas Maduro, despite U.S. efforts to isolate the OPEC country.Blinken's trip comes after a rare prisoner swap on Saturday in which Venezuela freed seven U.S. citizens, including five oil executives, and the Biden administration released two relatives of Maduro held in federal prison in Florida on drug convictions.Biden administration officials have struck a mostly conciliatory tone toward Petro, stressing areas of agreement on issues such as climate change and citing his appeals to Maduro to return to talks with the Venezuelan opposition.Regarding Petro's calls to end the war on drugs, Nichols said Washington strongly supports "a health and science based approach" to counter narcotics."This is reflected in our policy of supporting rural development and rural security in Colombia. And we believe that President Petro strongly shares that goal," Nichols said.But one U.S. official said Washington was watching closely whether Colombia's outreach to authorities in neighboring Venezuela undercuts U.S. sanctions on Maduro's government.RESOLUTION ON UKRAINEBlinken's second stop will be Chile, where Gabriel Boric, a former protest leader, was elected as the country's youngest ever president earlier this year promising ambitious social reforms amid a wave of political unrest.But his approval ratings quickly fell and in September voters overwhelmingly rejected a proposed new constitution, forcing an overhaul of his cabinet.Though Boric has openly criticized autocratic left-wing leaders such as Maduro and Nicaraguan President Daniel Ortega, he rankled U.S. officials by speaking out against President Joe Biden's decision to exclude Cuba, Venezuela and Nicaragua from the Summit of the Americas in June.In Lima, Blinken will attend a ministerial meeting of the Organization of American States (OAS) General Assembly, where Washington will push to pass a new resolution against Russia's invasion of Ukraine after the group issued one in March condemning Moscow.But there are doubts over how many countries will support the move after Petro said arming Ukraine would escalate the conflict. "We hope for strong support from all member states on the resolution on Ukraine," Nichols said.Blinken's visit will come at a sensitive time for Peruvian President Pedro Castillo, a leftist who took office last year. Politics in the world's No. 2 copper producer is highly polarized amid mounting allegations of corruption against Castillo and close allies. He denies any wrongdoing.Peru's foreign minister Cesar Landa told Reuters that items on the agenda for discussion with Blinken included democratic governance, combating drug trafficking, and immigration.Register now for FREE unlimited access to Reuters.comReporting by Humeyra Pamuk and Matt Spetalnick; Additional reporting by Natalia Ramos in Santiago, Marcelo Rochaburn in Lima, and Julia Symmes-Cobb in Bogota; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles. | Latin America Economy |
image: Hebrew University Professor Hagai Levine view more Credit: Avi Hayon_Hadassah An international team led by Professor Hagai Levine of Hebrew University of Jerusalem’s Hadassah Braun School of Public Health, with Prof. Shanna Swan at the Icahn School of Medicine, Mount Sinai, New York, along with researchers in Denmark, Brazil, Spain, Israel and the USA, published the first meta-analysis to demonstrate declining sperm counts among men from South and Central America, Asia and Africa. Alarmingly, this study also shows that the decline in sperm counts in North America, Europe, and Australia—reported by this team in 2017—has continued and even accelerated in the 21st century. Sperm count is not only an indicator of human fertility; it also is an indicator of men's health, with low levels being associated with increased risk of chronic disease, testicular cancer and a decreased lifespan. The authors say the decline reflects a global crisis related to our modern environment and lifestyle, with broad implications for the survival of the human species. This latest analysis, with data from 53 countries, was published today in the journal Human Reproduction Update. It includes an additional seven years of data collection (2011-2018) and focuses on sperm count trends among men in regions not reviewed previously, specifically South America, Asia and Africa. The data shows, for the first time, that men in those regions share the significant decline in total sperm counts (TSC) and sperm concentration (SC) seen previously in North America, Europe and Australia. Furthermore, this study shows an accelerated post-2000 decline in TSC and SC globally. As Levine summarized these results, “Overall, we’re seeing a significant worldwide decline in sperm counts of over 50% in the past 46 years, a decline that has accelerated in recent years”. While the current study did not examine the causes of sperm count declines, Levine pointed to recent research indicating that disturbances in the development of the reproductive tract during fetal life are linked to lifetime impairment of fertility and other markers of reproductive dysfunction. Additionally, Levine explained that “lifestyle choices and chemicals in the environment are adversely affecting this fetal development.” Time is running out, cautioned Levine. “Our findings serve as a canary in a coal mine. We have a serious problem on our hands that, if not mitigated, could threaten mankind’s survival. We urgently call for global action to promoted healthier environments for all species and reduce exposures and behaviors that threaten our reproductive health." Swan stressed that low sperm counts do not only affect men’s fertility, but have serious ramifications for men’s health more generally, and are linked with other adverse trends, termed together as testicular dysgenesis syndrome. “The troubling declines in men’s sperm concentration and total sperm counts at over 1% each year as reported in our paper are consistent with adverse trends in other men’s health outcomes, such as testicular cancer, hormonal disruption, and genital birth defects, as well as declines in female reproductive health. This clearly cannot continue unchecked." Journal Human Reproduction Update Method of Research Meta-analysis Subject of Research Not applicable Article Title Temporal trends in sperm count: A systematic review and meta-regression analysis of samples collected globally in the 20th and 21st centuries Article Publication Date 15-Nov-2022 Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system. | Men's Health |
Subsets and Splits