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☆ Latin America Must Invest up to 4.9% of GDP Annually to Meet Climate Goals -UN
▼ + stars: | 2023-12-04 | by ( Dec. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Latin America and the Caribbean need to rapidly boost spending to up to 4.9% of gross domestic product (GDP) annually by 2030 to meet their climate targets, a United Nations agency said in a report on Monday. The Economic Commission for Latin America and the Caribbean (ECLAC) report presented at Dubai's COP28 summit said the region must spend between 3.7% to 4.9% of GDP annually, up from just 0.5% in 2020, amounting to total investments of $2.1 trillion to $2.8 trillion by 2030. This implies the "availability of substantial but not unattainable amounts - and the time to act is now," ECLAC Executive Secretary Jose Manuel Salazar-Xirinachs said. Climate mitigation - mostly projects around transportation as well as energy, infrastructure and deforestation - would take up the lion's share of spending, ECLAC said, while a remaining third would need to go toward adaptation methods. Climate change - excluding the impacts of extreme phenomena - could strip 10% off labor productivity in some countries, it added, cutting potential for economic growth.

Persons: Jose Manuel Salazar, Xirinachs, ECLAC, Salazar, Marion Giraldo, Sarah Morland, Sandra Maler Organizations: MEXICO CITY, United, Economic Commission, Latin Locations: MEXICO, America, Caribbean, United Nations, Latin America, Uruguay, Brazil, Argentina, South America's Parana, La Plata, Chile

☆ Hurricane Norma weakens but still 'dangerous' as it approaches Baja California peninsula
▼ + stars: | 2023-10-21 | by ( ) www.reuters.com time to read: +1 min

[1/5] People observe waves breaking on the beach as Hurricane Norma barrels towards the Baja California peninsula, in Cabo San Lucas, Mexico, October 20, 2023. REUTERS/Fernando Castillo Acquire Licensing RightsMEXICO CITY, Oct 21 (Reuters) - Hurricane Norma weakened to a Category 2 storm on Saturday as it approached the south of Mexico's Baja California peninsula where it was expected to make landfall later in the day, bringing with it a "dangerous storm surge." Mexican authorities called on residents of the state of Baja California Sur to take precautions and stay in their homes, while shelters were set up. "Norma is expected to remain a hurricane while it moves over the southern portion of Baja California Sur," the NHC said, noting nonetheless that further weakening was expected over the weekend. Local authorities maintained a "prevention zone" between the towns of Todos Santos and Los Barriles, in the state of Baja California Sur.

Persons: Fernando Castillo, Norma, Marion Giraldo, Isabel Woodford, Diane Craft Organizations: REUTERS, MEXICO CITY, U.S National Hurricane Center, NHC, Todos Santos, Mexican Pacific, Thomson Locations: Baja California, Cabo San Lucas, Mexico, MEXICO, Mexico's Baja California, Baja California Sur, Todos, Mexican

☆ Mexico's Banorte plans to hire up to 1,200 people to tap into nearshoring
▼ + stars: | 2023-09-28 | by ( Marion Giraldo | ) www.reuters.com time to read: +1 min

[1/2] A general view shows the of headquarters of Banorte Bank in Monterrey, Mexico, June 17, 2019. Picture taken June 17, 2019. REUTERS/Daniel Becerril/File Photo Acquire Licensing RightsMEXICO CITY, Sept 27 (Reuters) - Mexican bank Banorte plans to hire between 1,000 and 1,200 more employees to handle operations related to nearshoring, amid an expected boom in activity from global manufactures wishing to relocate their factories, a company executive said on Wednesday. The latest hiring estimate marks an increase from Banorte's March announcement that it would hire 800 new employees to tap into nearshoring, in which businesses set up shop in Mexico near the U.S. border. Banorte projects the trend could generate an additional 30% in exports from Mexico over the next five years, totaling $168 billion.

Persons: Daniel Becerril, Alejandro Padilla, Banorte's, nearshoring, Marion Giraldo, Carolina Pulice, Isabel Woodford, Leslie Adler Organizations: Banorte Bank, REUTERS, Thomson Locations: Monterrey, Mexico, MEXICO, U.S, Nearshoring, North America, Asia

☆ At Peru temple site, archaeologists explore 3,000-year-old 'condor's passageway'
▼ + stars: | 2023-07-12 | by ( Carlos Valdez | ) www.reuters.com time to read: +2 min

ANCASH, Peru, July 12 (Reuters) - Archaeologists working in Peru have uncovered a 3,000-year-old sealed corridor dubbed "the condor's passageway" that likely leads to other chambers inside what was once a massive temple complex pertaining to the ancient Chavin culture. Located around 190 miles (306 km) northeast of Lima, the Chavin de Huantar archeological site is among the culture's most important centers, thriving from around 1,500-550 B.C. The temple complex features terraces as well as a network of passageways, which have only recently been discovered. Rick, a Stanford University archeologist, has said much of the temple complex remains to be excavated. The United Nations' educational, scientific and cultural arm UNESCO declared Chavin de Huantar a world heritage site in 1985.

Persons: John Rick, Rick, Chavin, Carlos Valdez, Marion Giraldo, David Alire Garcia, Rosalba O'Brien Organizations: Reuters, Stanford University, Rick's, United Nations, UNESCO, Thomson Locations: ANCASH, Peru, Lima, Peruvian

☆ Mexican Pemex estimates platform fire shut in 700,000 barrels of oil
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

[1/3] Boats spray water onto an offshore oil platform that caught fire at the Pemex's Cantarell Field, in the Bay of Campeche, Mexico July 7, 2023. The fire started early Friday on the Nohoch-A link platform of the company's Cantarell Field and later moved to a compression complex, killing two people. "Today, 700,000 barrels of losses have been reflected (...) because we closed practically all the wells in the area," Romero said via the company's Twitter account. As of Saturday afternoon, 600,000 barrels of production had resumed, the executive added. Most of Mexico's crude production, approximately 1.6 million bpd, comes from the shallow waters of the Gulf of Mexico.

Persons: Octavio Romero, Romero, Cantarell, Pemex, Marion Giraldo, Anna, Catherine Brigida, Kim Coghill Organizations: REUTERS Companies, Ciudad del, Thomson Locations: Bay, Campeche, Mexico, Handout, MEXICO, Gulf of Mexico, Cantarell, Ciudad

☆ Analysis: Latin America, after record tightening, could lead way on rate cuts
▼ + stars: | 2023-06-26 | by ( Marion Giraldo | ) www.reuters.com time to read: +5 min

The small South American country of Uruguay has already cut rates, by 25 basis points in April. Chile's central bank kept its key interest rate on hold at 11.25% last week, but said if recent positive trends continue, it could begin cutting the rate in the short term. Forecasts are pointing to a rate cut next month, said Cesar Guzman, macroeconomic analyst at Santiago-based Grupo Securities. Even there, however, the central bank opted to hold rates steady in June as monthly inflation slowed for the first time in half a year. "Colombia and Mexico will be the last ones to cut rates, possibly in the fourth quarter."

Persons: Joan Domene, Reuters Graphics Goldman Sachs, Alberto Ramos, Cesar Guzman, Luiz Inacio Lula da Silva, Kimberley Sperrfechter, Andres Pardo, Marion Giraldo, Natalia Ramos, Fabian Cambero, Nelson Bocanegra, Anthony Esposito, Jonathan Oatis Organizations: MEXICO CITY, U.S . Federal Reserve, European Central Bank, Bank of England, America, Oxford, Reuters Graphics, Grupo Securities, Reuters, Capital Economics, XP Investments, Thomson Locations: MEXICO, Chile, Brazil, Mexico, American, Uruguay, Santiago, COLOMBIA, America, Argentina, Colombia, Bogota

☆ At Mexico's Chichen Itza, archaeologists discover Mayan scoreboard
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Mexican archaeologists found a circular-shaped Mayan scoreboard used for a ball game at Chichen Itza's archaeological site, Mexican Anthropology and History Institute (INAH), in this handout picture released on April 10, 2023. INAH/Handout via REUTERSMEXICO CITY, April 11 (Reuters) - A stone scoreboard used in an ancient soccer-like ball game has been discovered at the famed Mayan Chichen Itza archaeological site in Mexico's Yucatan peninsula, archaeologists said this week. "In this Mayan site, it is rare to find hieroglyphic writing, let alone a complete text," said Francisco Perez, one of the archaeologists coordinating the investigations in the Chichanchob complex, also called Casa Colorada. The ball game was a traditional practice of Mesoamerican peoples and is believed to have had ritual undertones. The Chichen Itza complex, declared a World Heritage Site by UNESCO, is one of the main archaeological centers of the Mayan civilization in the Yucatan Peninsula.

☆ Mexico's Grupo Bimbo sees Q4 net profit skyrocket to 30.2 billion pesos
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Feb 22 (Reuters) - Mexican breadmaker Grupo Bimbo's (BIMBOA.MX) net profit increased to 30.234 billion pesos in the fourth quarter of 2022 from 4.824 billion pesos in the year earlier period, according to a filing published Wednesday. Company revenue totaled 109 billion pesos, a jump from the 94.550 billion pesos reported the same period a year before. Reporting by Valentine Hilaire and Marion Giraldo; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Grupo Bimbo's Q4 net profit surges aided by sales, Ricolino deal
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Feb 22 (Reuters) - Mexican breadmaker Grupo Bimbo's (BIMBOA.MX) net profit surged 526% in the fourth quarter of 2022 from the year-earlier period, driven by rising sales and the exit of its Ricolino unit, according to a filing published Wednesday. Grupo Bimbo's net profit totaled 30.23 billion pesos ($1.5 billion). Company revenue totaled 109 billion pesos, a 15% jump from the year before, aided by a favorable price mix and higher sales volumes, the filing said. Adjusted earnings before interests, tax, depreciation and amortization stood at 14.64 billion pesos, up 12% from the previous October to December period. ($1= 19.5089 Mexican pesos at end December)Reporting by Valentine Hilaire and Marion Giraldo; Editing by Brendan O'Boyle and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Walmart's Mexico unit posts nearly 12% jump in Q4 net profit
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Feb 15 (Reuters) - Walmart's Mexico unit on Wednesday posted a nearly 12% annual jump in its fourth-quarter net profit, standing at 14.82 billion pesos ($759.65 million), boosted by strong same-store sales in both Mexico and Central America. Revenue for the company stood at 237.82 billion pesos for the quarter, up 11% from the prior October-December period. Same-store sales in the period grew 12.7% in Central America and 10.2% in Mexico, although the company's gross margin fell 20 basis points overall. The company's EBITDA in the quarter stood at 25.34 billion pesos, up 7.5% from last year's 23.56 billion. ($1 = 19.5089 Mexican pesos)Reporting by Valentine Hilaire and Marion Giraldo; Editing by Daina Beth Solomon and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

It is the worst violence in Peru in two decades and threatens to destabilize one of region's most reliable economies. Armas' comments come a day after the central bank maintained its benchmark interest rate at 7.75%, making it the first time since the second half of 2021 that the bank did not hike its rate. On Thursday, the International Monetary Fund called inflation Peru's most immediate policy challenge, in a statement following a staff visit to the country. Armas highlighted that inflation was seen to be on a "downward" trend, with January's figures slightly better than expected. The bank now forecasts inflation for early 2024 to reach 4.62%, above the previous forecast of 4.3%.

☆ Scientists unearth megaraptors, feathered dinosaur fossils in Chile's Patagonia
▼ + stars: | 2023-01-16 | by ( Marion Giraldo | ) www.reuters.com time to read: +2 min

Jan 16 (Reuters) - Scientists in Chile's Patagonia region are unearthing the southernmost dinosaur fossils recorded outside Antarctica, including remains of megaraptors that would have dominated the area's food chain before their mass extinction. The specimens, according to University of Chile researcher Jared Amudeo, had some characteristics not present in Argentine or Brazilian counterparts. "The enormous variation we are seeing, the biological diversity, was also responding to very powerful environmental stimuli," Leppe said. "This world was already in crisis before (the meteorite) and this is evidenced in the rocks of the Rio de las Chinas Valley," he said. Reporting by Marion Giraldo; Writing by Sarah Morland, Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Peru announces $1.6 bln economic reactivation plan after protests
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - Peru will launch an economic reactivation plan at the cost of some 5.9 billion soles ($1.55 billion) after weeks of protests following the ouster of former President Pedro Castillo, the country's economy minister said Thursday. The push comes as protests and roadblocks have crippled trade and commerce in Peru, causing the country to lose around 100 million soles ($26.30 million) a day, Contreras said. The total losses come to 1 billion soles, or 1% of Peru's December GDP, a ministry presentation showed. The plan will also expand public works on federal, state and local levels and invest in industry like mining and agriculture, Contreras said. With the plan, called "Con Punche Peru," the Andean nation will maintain its growth estimate of 3.1% to 3.9% for 2023, Contreras said.

☆ Researchers discover over 100 new ancient designs in Peru's Nazca lines
▼ + stars: | 2022-12-19 | by ( Carlos Valdez | ) www.reuters.com time to read: +2 min

Jorge Olano, head archaeologist for the Nazca Lines research program, said the new figures averaged between two and six meters (6.56 to 19.7 feet) in length. The purpose of the Nazca lines, which could only be seen from the air, remain a mystery. This month's findings, however, are smaller and can be seen from the ground, Masato Sakai, a professor from Yamagata University who led the study, told Reuters. The figures, iconic vestiges of Peru's rich history, are about a three-hour drive from the capital Lima. Yamagata University said the research will be used in artificial intelligence-based surveys to help inform the lines' preservation.

☆ Mexico, the deadliest country for journalists in 2022: watchdog
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ueslei Marcelino/File PhotoMEXICO CITY, Dec 14 (Reuters) - Mexico is the country where most journalists were killed in 2022, media watchdog Reporters Without Borders (RSF) said on Wednesday in a report that documented alarming evidence of kidnappings, assaults and arrests of media workers. The report registered 11 killings of media professionals in the Latin American country from January to Dec. 1, or nearly 20% of the global total, the report said. Freedom of speech advocacy groups have documented even more killings of media workers this year, making 2022 the deadliest year on record for journalists in Mexico. Worldwide, RSF reported 57 journalist killings, an 18.8% increase from 2021, driven mainly by the war in Ukraine. The organization reported 49 media workers went missing and other 65 were kidnapped globally.

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