Latin America

Who is Leo XIV? first American elected as Pope of 1.4 bn roman catholics

A 69-year-old Leo has been elected as the 267th pope of the Catholic Church, following the death of Pope Francis last month

Pope Francis was both controversial figure and spiritual guide in Argentina

The faithful in Pope Francis' hometown lit candles in the church where he found God as a teenager, packed the cathedral where he spoke as archbishop and prayed Monday in the neighbourhoods where he earned fame as the slum bishop." For millions of Argentines, Francis who died Monday at 88 was a source of controversy and a spiritual north star whose remarkable life traced their country's turbulent history. Conservative detractors criticised the only Latin American pope's support for social justice as an affinity for leftist leaders. They pointed to his warm meetings with former President Cristina Fernndez de Kirchner, a highly divisive left-leaning populist figure whose policies many Argentines blame for the nation's economic ruin. They compared their enthusiastic encounters to his curt meeting with centre-right former President Mauricio Macri, captured in an unusually stern-faced photo in 2016. Like every Argentine, I think he was a rebel, said 23-year-old Catalina Favaro, who had

Indian refiners turn to Latam, Africa to replace Russian oil in Feb: Data

The South Asian nation became the biggest buyer of Russian seaborne oil sold at a discount after Western nations imposed sanctions on Moscow

Trump govt lines up Latin American cooperation for migrant deportations

Venezuelan migrants handed over to Mexico like it's a US immigration detention facility. Families from Central Asia flown to Panama and Costa Rica to await voluntary repatriation to their countries. Venezuelans from Guantanamo Bay handed off on a Honduran tarmac and returned to Caracas. It all sends the unmistakable message that trying to get to the US border is no longer worth it. US President Donald Trump's administration has laid the groundwork to reverse the region's migration flow. And while the numbers remain modest, an outline of how the US hopes to overcome limited detention space as it gears up its deportation machine is emerging. Making deals across Latin America In its first month, the Trump administration has reached deals with Mexico, Guatemala, El Salvador, Honduras, Costa Rica and Panama to act as stopovers or destinations for migrants expelled from the U.S. It has brokered deals with Venezuela to pick up its people in Texas, Guantanamo Bay, Cuba and Honduras. But no

Colgate-Palmolive sees weaker annual sales growth on demand slowdown

The company's net sales in Latin America, a major revenue contributing region, fell 7.2 per cent and dropped 1 per cent in North America. On an adjusted basis, its profit of 91 cents per share

Carlos Slim invested $1 billion in 2024 to supercharge crude oil bets

Slim now owns 24.2 per cent of Talos, prompting the board in October to introduce a poison pill to prevent him from acquiring more than a quarter of the stock

Argentina exits recession in Q3 as Prez Milei eyes growth before mid-terms

Gross domestic product expanded 3.9 per cent from July to September compared to the previous three-month period, better than analysts' expectations for 3.4 per cent growth

PM Modi visits Guyana: Why South American nation is crucial to India

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

Trump's pick of Marco Rubio as America's top diplomat jolts Latin America

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

MG Motor plans to build manufacturing plant, R&D centre in Mexico

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

Bolivia prez announces natural gas discovery, promising boon for country

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

President Lula approves spending cuts to meet Brazil's fiscal framework

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

General accused of leading failed coup wanted to take over: Bolivian prez

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

Brazil's court decriminalises possession of marijuana for personal use

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

Global central banks considering different interest-rate cut policies

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

India-Chile free-trade agreement talks may begin after Lok Sabha polls

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

'Exports to Europe, Latin America register healthy growth in 2023'

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

Decision Point acquisition will help expand into Latin America: LatentView

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

Devaluation of Argentine Peso results in negative impact on Q3 sales: GCPL

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

US inflation data may offer some comfort to the Fed, CPI may rise 0.2%

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