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☆ What Chile's state-led lithium policy means for the future of the electric vehicle industry
▼ + stars: | 2023-05-06 | by ( Katie Brigham | ) www.cnbc.com time to read: +9 min

The only two lithium companies currently operating in Chile are North Carolina-based Albemarle , the largest lithium producer in the world, and SQM , the No. Chile's lithium is of particular strategic importance to the U.S., which has a free trade agreement with the country but not with neighboring Argentina. The plan calls for the creation of a national lithium company to partner with all private businesses looking to enter the sector. Bags of battery-grade lithium carbonate at La Negra, Albemarle's lithium processing plant near Antofagasta, Chile. Lenny-Pessagno told CNBC in January that Albemarle supports the creation of a state-owned lithium company.

☆ Argentina secures initial irrigation funding after withering drought
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The approved loan is part of irrigation development plan that aims to ultimately invest some $2.07 billion in public spending and nearly double the amount of farmland with irrigation systems in place. The government's irrigation plan "will allow the development of the country's productive potential" by adding 1.9 million hectares (4.7 million acres) to its total irrigated areas, said Jorge Neme, the country's development planning secretary. Argentina currently boasts around 2.1 million hectares of irrigated farmland, said Neme in the economy ministry statement. Over 30 irrigation projects are already underway in the country's trio of top agricultural provinces Buenos Aires, Santa Fe and Cordoba, which have seen the worst drought impacts. The irrigation projects will be financed by local funds, as well as multilateral organizations including the World Bank, the Inter-American Development Bank and the Development Bank of Latin America, according to the statement.

Listed miners with lithium projects in South America suffered, however, on concerns other governments may follow Chile's lead. Elsewhere in Asia, lithium prices stabilised on an improved demand outlook, and Japan acted to shore up its EV minerals supply by announcing a swathe of industry subsidies. Bucking the regional trend were Australian-listed miners with projects in South America's lithium triangle which spans Chile, Argentina and Bolivia, on concerns other governments may follow Chile's footsteps. Shares in miners with Argentine projects fell. Lithium Power International, (LPI.AX) whose Maricunga brine project is Chile's largest permitted, proposed project welcomed the new policy which it said would "positively transform" Chile's lithium industry.

Lula has been criticised in the West for suggesting Ukraine and Russia are to blame for the conflict that began when Moscow invaded its neighbour in February 2022. Last week he said the United States and European allies should stop supplying arms to Ukraine saying they were prolonging the war. Lula arrived in Portugal on Friday for a five-day visit as he strives to improve foreign ties. Portugal's President Marcelo Rebelo de Sousa, who accompanied Lula at the news conference, said their countries' stance on the war were different. Rebelo de Sousa said Ukraine had the right to defend itself and "recover" its territory.

HOUSTON/NEW DELHI, April 21 (Reuters) - South America's fastest growing oil producer has turned down the Indian government's request for discounted crude oil purchases during trade discussions, Guyana Vice President Bharrat Jagdeo said on Thursday. Guyana's oil production in total has tripled from a year ago to about 380,000 barrels of oil per day. "Any sale of our crude will have to be on commercial terms, not a discounted terms," Jagdeo said at a briefing. Indian buyers have sought a discount to compensate for high freight costs to send its oil to the Asian country, Jagdeo said. "Guyana crude is costly for us because of high freight.

☆ General Motors will lead a $50 million funding round for lithium extraction startup EnergyX
▼ + stars: | 2023-04-11 | by ( John Rosevear | ) www.cnbc.com time to read: +2 min

EnergyX demonstrated its technology with a pilot plant in South America's "Lithium Triangle," an area of salt flats covering parts of Argentina, Bolivia and Chile that contains over half of the world's known lithium reserves. General Motors said Tuesday its venture capital arm will lead a $50 million financing round for EnergyX, a Texas-based startup developing a more efficient method to extract and process lithium from salt flats. The process is relatively cheap, but it only recovers 30% to 40% of the total lithium – while using huge amounts of water and land. EnergyX plans to use the new funding to build five larger demonstration plants in North and South America. For GM, a key priority is to unlock a North American supply of lithium, which isn't cost-competitive with global supplies using current extraction methods.

[1/5] One of the dishes created by Bolivian chef Marsia Taha and Peruvian chef Virgilio Martinez with ingredients from the Amazon, gets served at Gustu restaurant, in La Paz, Bolivia, March 31, 2023. REUTERS/Claudia MoralesApril 3 (Reuters) - In the high altitudes of Bolivia's La Paz, some of South America's top chefs are paying homage to regional Amazonian culinary ingredients including gusanillo, or worm chili, tree bark that tastes like garlic, and honey from stingless bees. At Taha's restaurant Gustu in La Paz, a feast of colors and flavors was carefully spread out on wooden tables decorated with large leaves to celebrate the gastronomic diversity of the Peruvian and Bolivian Amazon. "This is not only a celebration of the Amazon and its biodiversity but of our producers as well. They are the ones who make it possible for these products to arrive to our homes or our restaurants," said Taha.

☆ Brazil development bank aims to pay out sums totaling 2% of GDP by 2026
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

RIO DE JANEIRO, March 14 (Reuters) - An executive at Brazilian state development bank BNDES said on Tuesday the bank aims to pay out the equivalent of 2% of the country's Gross Domestic Product (GDP) by 2026. According to Brazil's government statistics agency, the country's 2022 GDP amounted to 9.9 trillion reais ($1.88 trillion). The comments follow the bank's 2022 earnings, in which it said it reported 46% jump year-on-year in its annual recurring net profit, reaching 12.5 billion reais. The bank posted a net profit of 41.7 billion reais, boosted by factors such as dividend income from state-run oil company Petrobras' (PETR4.SA), among others. ($1 = 5.2534 reais)Reporting by Rodrigo Viga; Writing by Carolina Pulice; Editing by Sarah MorlandOur Standards: The Thomson Reuters Trust Principles.

GMO wheat has never been grown for commercial purposes due to consumer fears about allergens or toxicities in the staple crop used worldwide for bread, pasta and pastries. The association was against adopting GMO wheat previously, but changed its stance after a survey it commissioned showed more than 70% of Brazilians would not mind consuming products containing it. Bioceres has said its GMO wheat "showed higher yields than conventional varieties across all environments, with an average 43% yield improvement in targeted environments." In November 2021, Brazil became the first country in the world to allow imports of flour made with GM wheat. "The approval for planting, imports and commercialization of GMO wheat resolves this issue, bringing peace of mind to different market actors," Abitrigo said in a statement.

☆ Machu Picchu reopens to tourists after closure over civil unrest
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +2 min

CUSCO, Peru, Feb 15 (Reuters) - The Incan citadel of Machu Picchu, one of South America's biggest tourist draws, reopened to visitors in Peru on Wednesday after several weeks of closure due to civil unrest. Although the protests and road blockades, which have been focused in the south of Peru, are ongoing, there has been a relative calm in recent days. The mountain citadel of Machu Picchu was built in the 15th century, probably for an Incan emperor. It was abandoned around the time of the Spanish conquest and rediscovered in 1911 by American explorer Hiram Bingham. Reporting by Carlos Valdez and Liamar Ramos; Writing by Rosalba O'Brien; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina likely to see inflation tick up this year -analysts
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The bank's latest REM survey compares to a December forecast of a 98.4% inflation rate by the end of this year. The government of embattled President Alberto Fernandez sees creeping annual inflation for 2023 significantly lower, at just 60%, according to a budget projection. The survey's inflation forecast sees some relief by 2024, however, with prices rising by 79.6%, but up from its previous estimate of 75%. The analysts surveyed expect January's inflation rate to come in at 5.6%. The monthly rise in prices last December stood at 5.1%, according to the official IPC price index.

☆ Scholz seeks to secure more critical minerals on South America tour
▼ + stars: | 2023-01-30 | by ( Sarah Marsh | ) www.reuters.com time to read: +3 min

Sebastian Rodriguez/Chilean Presidency/Handout via REUTERSSANTIAGO DE CHILE, Jan 29 (Reuters) - German Chancellor Olaf Scholz announced a new, expanded commodities partnership with Chile on Sunday during a tour of South America that Berlin hopes will help secure more access to critical minerals key to the transition to a green economy. That has led to a reliance on China, which has invested widely in the mining sector in resource-rich South America and in processing commodities. Argentina and Chile sit atop South America's "lithium triangle" which holds the world's largest trove of the ultra-light battery metal. "We want to help Chile on the way to a sustainable mining sector," Scholz said in a news conference with his Chilean counterpart in Santiago de Chile on the second leg of his tour. Germany also wanted to ensure mining generated more jobs in the source countries, Scholz said.

☆ Germany's Scholz sets off on first South American tour to boost trade, environment ties
▼ + stars: | 2023-01-28 | by ( ) www.cnbc.com time to read: +3 min

Chancellor Olaf Scholz said Germany is looking to create closer ties with countries that share its values, naming Japan and India, among others. German Chancellor Olaf Scholz heads to Argentina on Saturday for the first leg of his inaugural tour of South America as his government seeks to reduce Germany's economic dependence on China and strengthen relations with democracies worldwide. High on the agenda for talks will be the war in Ukraine and the lessons drawn from it — including for Berlin, a greater awareness of the need to reduce economic reliance on authoritarian states. "These three countries are all interesting partners for the diversification of our economic relations generally but also of our sourcing for commodities," a German government official said on Friday. The chancellor will address that as well as visit the memorials of victims of Argentina and Chile's military dictatorships.

☆ United States to host Copa America 2024 tournament including CONCACAF teams
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - The 2024 Copa America will be played in the United States, the CONCACAF and CONMEBOL confederations announced on Friday, as part of a new strategic partnership that will include a jointly organised club tournament. Next year's Copa America, organised by the South American confederation (CONMEBOL), will also feature six invited teams from the CONCACAF (North, Central America and Caribbean) region. It will be the second time that South America's most important national team tournament will be held in the U.S. after the special commemorative edition in 2016, which also featured six CONCACAF teams. "CONMEBOL and CONCACAF are united by historical and emotional ties. CONCACAF president Victor Montagliani added: "This partnership is to support the continued growth of men's and women's football in CONCACAF and CONMEBOL, and will truly be of mutual benefit to both Confederations."

☆ Argentina and Brazil are discussing plans for a common currency — analysts can scarcely believe it
▼ + stars: | 2023-01-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina President Alberto Fernandez (R) and Brazil President Luiz Inacio Lula da Silva (L) greet each other after signing a series of agreements during a news conference in Buenos Aires. Argentina and Brazil, the two largest economies in South America, are in early talks to create a common currency, as part of a coordinated bid to reduce reliance on the U.S. dollar. Speaking on his first international visit since taking office, Lula said that the currency would initially be designed for trade and transactions between Brazil and Argentina. Brazil's Finance Minister Fernando Haddad said that the adoption of a common currency was not designed to replace the Brazilian real and the Argentine peso. "Developing and implementing a common South American currency is, therefore, pie in the sky."

☆ A South American currency union? Don't hold your breath
▼ + stars: | 2023-01-23 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

That came after the leaders had touted a "common South American currency" on Sunday and officials told the Financial Times the tender could even be called the "sur" and eventually look to bring in other countries around South America. "It has failed to achieve simpler integration goals than that of a common currency." He called the idea of a currency union a "fantasy." Currency union talk was just a distraction, she said. Todd Martinez, a director at Fitch Ratings' sovereigns group focused on Latin America, said the two countries appeared to be unlikely partners to form a successful currency union, given their diverging economies.

☆ Chile's LATAM airline sees 2023 revenue taking off, up at least 15%
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - LATAM Airlines, South America's largest carrier, sees double-digit revenue growth this year, according to company guidance published in a statement on Thursday, as many airlines chart a more profitable future amid pent up demand from travelers. The airline also forecast 2023 growth of around a fifth for passenger and cargo operations for this year. The airline's financial net debt, however, is seen ticking up to between $6.1 billion-$6.2 billion this year, compared to some $5.5 billion in red ink estimated for 2022. LATAM, born from the 2012 merger of Chile's LAN with Brazilian rival TAM, operates units in Chile, Brazil, Colombia and Peru. Reporting by Valentine Hilaire and Carolina Pulice; Editing by David Alire Garcia and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023: Brazil lacking world aid to fight climate change, Silva says
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

She said Brazil has regained the trust of the European Parliament with regards to resistance to the EU trade deal with South America's Mercosur bloc. Speaking at the World Economic Forum (WEF), Silva said Brazil's new government that took office on Jan. 1, was rebuilding Brazil's environmental agencies and policies that were "completely dismantled" by the previous administration. Silva said President Luiz Inacio Lula da Silva had offered to hold the COP30 climate summit in the Amazon region in 2025 to show its commitment towards curbing in climate change. Silva and Finance Minister Fernando Haddad represented Brazil at the WEF and discussed the country's economic, social and environmental roadmap in a panel. Reporting by Alessandra Galloni in Davos, Anthony Boadle and Eduardo Simoes in Brazil; Editing by Andrew Heavens and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

☆ Former Fox execs' FIFA case about 'corruption of international soccer,' prosecutor says
▼ + stars: | 2023-01-17 | by ( Jack Queen | ) www.reuters.com time to read: +2 min

The charges are part of a long-running corruption probe surrounding FIFA, the world governing body for soccer. "This case is about the corruption of international soccer," prosecutor Victor Zapana told jurors in opening statements, saying the alleged scheme funneled money that could have gone towards building stadiums and developing youth and women's leagues into the pockets of corrupt officials. An attorney for Full Play Group said the allegedly illicit payments were "expected, asked for and even demanded" by South American soccer officials. An attorney for Lopez told jurors his client was not aware of the bribes and immediately reported them to Fox upon learning of them. The charges are part of a sprawling FIFA corruption probe unveiled in May 2015.

☆ Brazil stocks set to slide as world leaders condemn pro-Bolsonaro riots
▼ + stars: | 2023-01-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

BRASILIA, Brazil - Jan. 08, 2023: Damage caused at the Supreme Court by supporters of former Brazilian President Jair Bolsonaro. Bolsonaro's supporters stormed Brazil's Congress, Supreme Court and presidential palace in Brasilia on Sunday. Brazilian stocks are expected to fall on Monday after supporters of right-wing former president Jair Bolsonaro stormed government buildings on Sunday in protest against his election loss. He also accused the former president of encouraging "fascist fanatics," an allegation Bolsonaro denied in a series of tweets on Sunday. In a tweet Sunday night, U.S. President Joe Biden condemned what he called "the assault on democracy and the peaceful transfer of power in Brazil."

☆ Brazil markets fall after Lula takes office vowing to end poverty
▼ + stars: | 2023-01-02 | by ( Anthony Boadle | ) www.reuters.com time to read: +4 min

[1/2] Brazil's President Luiz Inacio Lula da Silva, his wife Rosangela "Janja" da Silva and Chief Raoni walk through the ramp of the Planalto Palace after Lula's swearing-in ceremony, in Brasilia, Brazil, January 1, 2023. Lula narrowly defeated far-right former President Jair Bolsonaro in October, swinging South America's largest nation back on a left-wing track. Lula spent his first day in office meeting with more than a dozen heads of state who attended his inauguration. In his swearing-in speech to Congress, Lula said he was not seeking revenge, but any crimes committed under Bolsonaro would be held accountable with due legal process. ($1 = 5.3458 reais)Reporting by Anthony Boadle and Gabriel Araujo in Brasilia Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Brazil markets tumble on Lula's first full day in office
▼ + stars: | 2023-01-02 | by ( Anthony Boadle | ) www.reuters.com time to read: +5 min

Haddad, who is seeking to dispel market fears that he might not maintain fiscal discipline, took office on Monday, pledging to control spending. "The policies remind us of Dilma Rousseff's government rather than Lula's," Gracia said, referring to Lula's handpicked successor, who was impeached while in office. Allies said Lula's newfound social conscience was the result of his 580 days in prison, Reuters reported on Sunday. Lula kicks off his third presidential term after persuading Congress to pass a one-year, 170 billion-reais increased social spending package, in line with his campaign promises. Lula spent his first day in office meeting with more than a dozen heads of state who attended his inauguration.

☆ How many?! Pele's astonishing goal record
▼ + stars: | 2022-12-29 | by ( Andrew Downie | ) www.reuters.com time to read: +3 min

FIFA put his overall total at more than 1,200 - over 1,000 of which came for his first club, Santos. Almost half of Pele's goals came in friendly matches – including games as an army conscript - and some argue they do not carry the same weight as goals scored in competitive matches. Barcelona celebrated in December 2020 when Messi scored his 644th goal for the Spanish club, surpassing the 643 competitive goals Pele scored for Santos. Two months later, Cristiano Ronaldo scored his 768th goal, three more than Pele's total, including international goals. Pele sent his congratulations to both players but his supporters still argue the Brazilian's goal haul is superior because in Pele's day friendly matches were much more competitive than they are today.

☆ Uruguay's free-trade deal ambitions rattle South American trade bloc
▼ + stars: | 2022-12-06 | by ( Fabian Werner | ) www.reuters.com time to read: +2 min

At the meeting in the Uruguayan capital Montevideo, the leaders sought to pressure their host over plans for go-it-alone trade deals with China and the Trans-Pacific Partnership (TPP). "The solution is not for each one of us just to do our own thing," said Argentine President Alberto Fernandez, chiding Uruguay. One of the smallest economies in South America, Uruguay has been trying for years to conclude unilateral trade agreements that it considers more beneficial than Mercosur. Of course, if we go in a group it is much better," said Uruguayan President Luis Lacalle Pou. Paraguayan President Mario Abdo Benítez said Mercosur integration was "fundamental and strategic" but indicated flexibility on a demand Uruguay not move forward on trade deals without informing the others.

☆ In South America's Andes, farmers pray for rain to end drought
▼ + stars: | 2022-11-25 | by ( Monica Machicao | ) www.reuters.com time to read: +2 min

[1/5] An indigenous woman raises her hands in prayer asking for rain in the Lloko Lloko community, in Tihuanacu, Bolivia November 23, 2022. REUTERS/Claudia MoralesTIHUANACU, Bolivia, Nov 25 (Reuters) - High in the mountains of the Bolivian Andes, farmer Alberto Quispe has one thing on his mind: rain. The drought has hit crops in Bolivia as well as in Argentina, Paraguay and Peru. In the Andean regions, drought in recent years has caused falling water reservoir levels in places like Chile and led to important glaciers retreating. Drought has hit crops like wheat and soy, including this year in major grains producer Argentina.

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