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Dealflow.la #57 - LatAm to Host World Cup games in Argentina 🇦🇷, Uruguay 🇺🇾, & Paraguay 🇵🇾, Bukele 🇸🇻 to run for illegal? 2nd term, & Drip 🇧🇷 raises $8 Million from SRM 🇧🇷.
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Robbin 🇧🇷 raised a $1 Million Seed round from Norte Ventures 🇧🇷 and Canary 🇧🇷 to provide credit cards for businesses. The company provides inclusive and transparent credit cards without any deposit, annual fee, or revolving interest, providing businesses with financial management services that sell through the machine or payment links.
Mission Brasil 🇧🇷 raised a $1.3 Million Seed round led by Headline 🇺🇸 and DOMO Invest 🇧🇷 to offer a legal compliance management platform designed to provide legal and administration, retail monitoring, research, and audit-related services. The company's platform provides digital outsourcing for administrative tasks and activities through a centralized sourcing system, enabling companies to connect with to professionals seeking temporary services, such as mystery shopping, conducting market research, replacing products at POS, purchasing and logistics.
Yooga 🇧🇷 raised a $2.3 Million Seed round led by SaaSholic 🇧🇷, with funding from Gilgamesh Ventures 🇺🇸 to provide business operations solutions. The company specializes in offering services like inventory management, client management, delivery systems, artificial intelligence, and performance reports, enabling entrepreneurs to have control of their businesses and increase sales in a simplified way, without complex notebooks and spreadsheets.
Liqi Digital Assets 🇧🇷 raised a $2.5 Million Venture round led by Galapagos Capital 🇧🇷 with funding from Honey Island 🇧🇷 to build a tokenization platform designed to democratize access to different types of investments with crypto assets. The company's platform connects blockchain and tokens to the traditional financial market by offering autonomy, learning and security through blockchain technology, enabling a large part of the population to acquire tokens from their partners through launches on our website.
Koltin 🇲🇽 raised a $2.8 Million Seed round led by Mucker Capital 🇺🇸, with funding Graph Ventures 🇺🇸 and Colectivo Jaguara 🇲🇽 to build a digital health platform intended to provide insurance and preventative care services to seniors in Mexico. The company's platform specializes in providing health plans, and remote support service that includes accident insurance, medical emergencies, insurance for major medical expenses, and unlimited preventive advice by specialists, enabling the elderly to enjoy their independence for longer while maintaining their physical and mental abilities.
Drip 🇧🇷 raised an $8 Million Venture Round led by SRM Asset 🇧🇷 to an online payment system designed to offer smart payment alternatives with no limit. The company's system permits payment in installments with no interest, offers cashback at the end of all purchases, and sets no fixed limit for transactions, enabling customers to have a seamless payment method.
FIFA's 2030 World Cup decision to host only three games in South America (Argentina, Uruguay, and Paraguay) was met with disappointment, especially as the nations proposed joint hosting to commemorate the World Cup's 100th anniversary. Instead, Morocco, Portugal, and Spain will predominantly host the event. The decision reflects South America's political instability and infrastructure deficits. While Argentina boasts football achievements, its economic challenges, including high inflation, hinder large-scale investments needed for the World Cup. Past issues, like Brazil's costly 2014 World Cup preparations, may have influenced FIFA's decision. (Bloomberg)
In Argentina's political arena, a surprising surge by the radical libertarian Javier Milei has upended the expected outcome of the elections. Previously, Patricia Bullrich's center-right group was favored to win. Milei, however, became the frontrunner after a shock primary win, with his party Libertad Avanza garnering 29.9% votes. The rise of Milei, who advocates for extreme economic changes and has a contentious public persona, mirrors the populist political shifts seen in other nations. Bullrich's challenge is to retain her base while countering Milei's momentum without alienating centrist voters. Political dynamics suggest volatility, with the final results still unpredictable. (FT)
In the second Argentine presidential debate, candidates intensified their attacks. Patricia Bullrich and Sergio Massa took aggressive stances, while libertarian Javier Milei remained mostly composed. Juan Schiaretti and Myriam Bregman, considered underdogs, made strong interventions without major impact. Bullrich's comments targeted corruption and recent scandals, while Massa, under fire for economic mismanagement, emphasized national unity. Milei faced criticism for controversial policy stances but reiterated his critique of Argentina's political establishment. Bregman and Schiaretti struggled to gain traction, focusing on their specific platforms and criticisms of frontrunners. The debate highlighted deep political divisions ahead of the October 22 election. (BA Times)
Argentina's impending presidential race is drawing some risk-embracing investors despite uncertainty that any new leadership can resolve its extensive economic crisis. While many remain cautious, particularly regarding libertarian front-runner Javier Milei, some bond investors anticipate a market-friendly administration post-election. Investment decisions now lean on the potential for fiscal consolidation. Milei aims to drastically reduce expenditure and eventually transition to a dollarized economy. Other candidates, Patricia Bullrich and Sergio Massa, also suggest fiscal policies that may favor the market. Regardless of optimism, Argentina's economic track record and political unpredictability caution many investors. (Reuters)
Bolivia's President Luis Arce has been ousted from his own Movimiento al Socialismo (Mas) party due to a growing conflict with former President Evo Morales over the party's 2025 presidential nomination. Arce's absence from a recent party meeting led to his expulsion, alongside Vice-President David Choquehuanca and several Arce supporters. The rift between Arce and Morales intensified when both expressed presidential aspirations for 2025. Accusations of corruption, drug trafficking ties, and treason have further fueled tensions. The party's decisions face scrutiny from electoral authorities, and a parallel congress is scheduled for October 17. (The Guardian)
Brazil, under President Lula, aims to curb the escalating Israel-Hamas conflict by convening an emergency U.N. Security Council meeting. This follows a significant Hamas attack on Israel, prompting retaliatory air strikes. While condemning violence, Brazil reaffirms its support for a two-state solution and urges resumption of peace negotiations. (Reuters)
Three doctors were fatally shot and one injured at a Rio beachside eatery, with initial suspicions of political motivation due to a victim's relation to a federal lawmaker. However, mistaken identity, confusing one victim with a local militia group's member, is now considered the main line of investigation.(AP)
Brazil's Supreme Court is closer to potentially decriminalizing abortion up to 12 weeks, revisiting a paused 2018 case amid international human rights obligations. Current restrictive laws date back to 1940. A favorable ruling aligns Brazil with other Latin American nations that recently decriminalized abortion, reflecting broader regional human rights advocacy. (Human Rights Watch)
Brazil's federal prosecutors probe Cargill and a local partner over "irregularities" in acquiring disputed Amazon land for a river port project. The investigation follows suspicions of illegal transactions, challenging Cargill's $178 million port investment plans amidst claims by local families of designated land rights since 2005. (Reuters)
Brazil will launch its first energy exchange, N5X, in 2024 to enhance power trading and register power purchase agreements in its free market. A joint venture between L4 Venture Builder fund and European Energy Exchange's Nodal Exchange, N5X aims to eventually facilitate electricity derivatives trading, addressing the market's liquidity constraints and modest financial products trading volume. (Reuters)
Brazil urges IMF reform at a meeting, demanding more representation for emerging economies. Frustrated by the delay in redistributing IMF quotas, Brazil sees BRICS bank as an alternative financing source for developing nations. (Bloomberg)
Chile expressed disappointment after being excluded from the 2030 World Cup hosting, despite their joint bid with Argentina, Uruguay, and Paraguay. While the latter three countries will host opening matches, Chile was overlooked. The decision sparked public outcry, and President Gabriel Boric criticized the decision-making process, emphasizing Chile's national pride. Spain, Portugal, and Morocco will host the majority of the games. (Reuters)
Voters in Chile are rejecting the conservative-led attempt to draft a new constitution, with concerns over proposals to further restrict abortion laws. A recent poll by Cadem showed 54% of Chileans plan to vote against the new constitution. The previous draft, primarily developed by left-wing candidates, was rejected in a 2022 referendum for being too progressive. The current proposal's language could pave the way for stricter abortion laws, causing concerns among abortion rights supporters. Chile's shifting stances on the constitution highlight a broader discomfort with political extremes. (Reuters)
Colombia's government and the Estado Mayor Central (EMC), the largest group of former FARC rebel dissidents, have suspended offensive actions, marking the commencement of a peace process. The EMC, which rejected a 2016 peace deal, is part of President Gustavo Petro's aim for "total peace." A formal ceasefire decree is expected on Oct. 16, with an initial duration of 10 months. The peace efforts are also extending to the Segunda Marquetalia, another FARC dissident group, and the National Liberation Army (ELN). (Reuters)
Tens of thousands of U.S.-bound migrants, predominantly Venezuelans, are crossing the dangerous Darién Gap jungle in Panama, causing an "unsustainable crisis," says Colombia's ambassador to the U.S. Over 400,000 migrants have traversed this region in 2023. This surge has led to an unprecedented number of Venezuelan migrants at the U.S. southern border. Colombia emphasizes addressing the issue humanely, focusing on legal migration routes and socioeconomic development. U.S. officials, however, express frustration at Colombia's stance, and New York City grapples with accommodating the incoming migrants. (CBS)
🇨🇷 Costa Rica
Facing record homicide rates, Costa Rica's President Rodrigo Chaves vows to increase police presence and reform laws to address drug-related violence. Chaves seeks extradition flexibility, stricter gun controls, enhanced surveillance capabilities, and the prosecution of minors as adults in specific cases. Costa Rica, once just a transit point, now sees rising domestic drug trade and conflicts among local gangs. (AP)
🇩🇴 Dominican Republic
The Dominican Republic announces its readiness to reactivate a previously decommissioned canal near the border with Haiti, following a border closure in response to Haiti's canal construction, deemed a treaty violation. Tensions persist between the nations, with Haiti claiming treaty rights to use border resources. The Organization of American States urges dialogue, emphasizing the shared importance of water resources. (Reuters)
Six Colombian inmates, suspected in the assassination of Ecuadorian presidential candidate Fernando Villavicencio, were killed in Ecuador's Litoral Penitentiary. President Guillermo Lasso condemned the incident, promising transparency in the investigation and interrupting his international trip to address the situation. Villavicencio's assassination is believed to be linked to organized crime amid rising gang violence in Ecuador. (Al Jazeera)
🇸🇻 El Salvador
El Salvador's political parties began their presidential election campaigns amid controversy over President Nayib Bukele's potential re-election, which is constitutionally prohibited. Despite this, the Supreme Court approved Bukele's consecutive term bid. Bukele is popular due to his anti-crime efforts, with polls indicating strong voter support. However, concerns over human rights violations under his administration persist. (Reuters)
The Organization of American States (OAS) appointed representatives to mediate between Guatemalan officials and protestors, aiming for a smooth transition of power to President-elect Bernardo Arevalo. Amidst widespread protests against alleged undermining actions by prosecutors, the OAS seeks consensus and will provide recommendations to address the social unrest. (Reuters)
Guatemalan activists block roads supporting President-elect Bernardo Arévalo after the country's top court upheld his party's suspension due to alleged voter registration fraud. Arévalo labels this a "coup" and his supporters demand the responsible prosecutors resign. The protests escalated from 14 blockades on Monday to 58 by Friday. Arévalo contends the suspension is politically motivated, attempting to invalidate his August election victory. International observers did not find any significant election fraud. The US-sanctioned Attorney General, Consuelo Porras, continues to investigate Arévalo's party registration process. (ABC)
Guatemalan activists block roads supporting President-elect Bernardo Arévalo after the country's top court upheld his party's suspension due to alleged voter registration fraud. Arévalo labels this a "coup" and his supporters demand the responsible prosecutors resign. The protests escalated from 14 blockades on Monday to 58 by Friday. Arévalo contends the suspension is politically motivated, attempting to invalidate his August election victory. International observers did not find any significant election fraud. The US-sanctioned Attorney General, Consuelo Porras, continues to investigate Arévalo's party registration process. (The Guardian)
As China gains diplomatic ties in Central America, Honduras warmly welcomes China's President Xi Jinping. Despite warnings from the Biden administration, Honduras broke ties with Taiwan to establish relations with China. Beijing's influence could challenge U.S. regional interests, especially as Honduras hosts an American military base. The U.S. remains concerned about China's potential dual-use infrastructure developments in the region. Despite these geopolitical shifts, Honduras seeks cooperative benefits from China without compromising its security ties to the U.S. (Washington Post)
Mexico's two primary political parties have nominated women for the presidential race, indicating the likelihood of the country electing its first female president. The Broad Front for Mexico selected senator Xóchitl Gálvez, while the Morena party chose former Mexico City mayor Claudia Sheinbaum. This historic move challenges the traditionally patriarchal society, furthering the progress women have made in Mexican politics in recent years. Sheinbaum currently leads in the polls. (NPR)
Mexico rejected the U.S.'s plan to build new sections of the U.S.-Mexico border wall during talks in Mexico City. Mexican President Lopez Obrador termed the plan a "step backwards." The U.S. intends to add to the wall in Starr County, Texas. Despite this, both countries aim to increase cooperation on drug trafficking and migration. Mexico's Foreign Minister Alicia Barcena emphasized Mexico's stance against the wall, advocating for "bridges, not walls." The funds may be used for technology rather than physical walls. The wall's resurgence could influence upcoming presidential elections in both nations. (Reuters)
President Joe Biden is facing increasing criticism over the U.S.-Mexico border situation. Even within his own party, concerns grow about the border's political and security challenges, especially with the 2024 election approaching. Some Democrats are distancing themselves from the White House, amid frustrations over Biden's immigration and border strategies. Recent actions, like new border wall sections in South Texas and resumed deportations to Venezuela, have drawn mixed reactions, with both conservatives and liberals expressing discontent. Polls indicate widespread disapproval of Biden's handling of these issues. (AP)
US President Joe Biden's administration plans to construct a section of the border wall in southern Texas to address rising immigration levels. About 20 miles will be built in Starr County. Although building the border wall was a key policy under Donald Trump, Biden had previously promised not to extend it. The decision follows pressure from increased illegal border crossings, particularly in the Rio Grande Valley area. Biden's shift on the wall has attracted criticism, especially from environmentalists concerned about potential ecological damage. (BBC)
Mexico's airport operators, including Grupo Aeroportuario del Pacifico (GAP), Grupo Aeroportuario del Sureste, and Grupo Aeroportuario del Centro Norte, warn investors about government modifications to their concession agreements. Mexico’s National Aviation Agency changed the fee structure without prior notice. The operators are assessing the impact of these changes, noting significant revenue comes from passenger fees for airport use. (Bloomberg)
Lionel Messi returned from a hamstring injury to play for Inter Miami against FC Cincinnati but couldn't prevent a 1-0 loss, ending Miami's MLS playoff hopes. Despite playing 35 minutes, Messi's impact was limited. Coach Gerardo "Tata" Martino mentioned Messi's lack of recent play as a reason for his limited time on the pitch. The Argentine star will now join Argentina for World Cup qualifiers. Messi's previous injury during international duty had severely affected Miami's playoff aspirations. The team's performance has been notably better when Messi is on the field.(ESPN)
Nicaragua's electoral authorities have disqualified the Indigenous Yatama party from upcoming local elections, according to party official Sammy Allen Cubero. This decision leaves President Daniel Ortega's ruling Sandinistas without opposition in the elections. Reasons for the disqualification remain unspecified, but local media suggest accusations of inciting foreign interference and treason. Additionally, the government has reportedly confiscated local radio stations affiliated with Yatama and arrested two party leaders. The Yatama party represents the Miskitos, Nicaragua's largest Indigenous community. (Reuters)
Panama's government has decided to withdraw a proposed contract that would regulate the operations of Canadian mining company First Quantum's local unit, Minera Panama. The contract, agreed upon in March, was awaiting assembly approval. The withdrawal aims to make adjustments requested by lawmakers. Demonstrators have protested against the contract, seeking more environmental protections. The revised contract would ensure Panama receives $375 million annually, a significant increase from previous amounts. The Cobre Panama mine is crucial for both First Quantum and Panama's economy. (Reuters)
The US has voiced concerns over China's growing control of critical infrastructure in Peru, including Lima's electricity supply and a new Pacific coast megaport. Chinese firms have been investing heavily in Latin American power, mining, and port assets. A senior US official expressed particular concern over China's strategic investments in Peru. While Chinese firms emphasize the commercial nature of their investments, the US fears potential dual-use, like ports that could also serve Beijing's navy. The US has suggested Latin American countries vet foreign investments in strategic sectors for national security reasons. (FT)
Peru is expected to decrease its interest rates following a deepening recession and a significant drop in inflation. Analysts anticipate the central bank will reduce its benchmark rate to 7.25%. (Bloomberg)
The Venezuelan government, led by President Nicolás Maduro, has issued an arrest warrant for opposition leader Juan Guaidó, accusing him of misusing state oil funds. Guaidó, who had previously declared himself interim president and was recognized by the U.S. and over 50 countries, currently resides in the U.S. to escape arrest threats. Despite the claims, Guaidó denies the allegations, labeling them as part of a misinformation campaign. The Maduro administration's move coincides with ongoing negotiations with the Biden administration about possible U.S. sanctions relief in return for democratic elections. (Washington Post)
Venezuela's opposition election commission intends to proceed with its October primary vote to select a presidential candidate for the upcoming general election, despite the national electoral council's request for a delay. The opposition, which will challenge President Nicolas Maduro's ruling socialists, criticized the council for its tardy response and insisted on maintaining the October 22 primary date. While the council agreed to provide technical support, the opposition has requested additional voting centers and security measures. Recently, several opposition candidates, including leading contender Maria Corina Machado, were disqualified by Venezuelan authorities. (Reuters)
Venezuela's government is preparing to resume Mexico-based negotiations with the political opposition nearly a year after their last meeting. These talks, between President Nicolas Maduro's administration and opposition leaders, aim to address Venezuela's persistent political and economic challenges. This decision coincides with increased U.S. demands for a fair presidential election. The opposition's requests include the release of political prisoners and guarantees for the 2024 election. Parallel discussions between Caracas and Washington representatives occurred in Doha, though without direct opposition participation. Topics included potential U.S. oil sanctions relief and addressing Venezuelan migration. (Reuters)
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