Dealflow.la #63 - Milei 🇦🇷 wins, Lima 🇵🇪 kidnaped Venezuela's players 🇻🇪, Logcomex 🇧🇷 raised $34M Series B, Democrats 🇺🇸 attack PR 🇵🇷 tax breaks, & Spotify 🇸🇪 leaving Uruguay 🇺🇾.

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Funding

Monuv 🇧🇷 raised a $1.7 Million Seed round led by Invest Tech 🇧🇷 and Indicator Capital 🇧🇷 to build a custom mobile platform intended to transform any security camera into an intelligent device by applying artificial intelligence. The company's platform offers software capable of connecting with any security camera and applying artificial intelligence to autonomously generate real-time alerts, enabling customers to make the existing hardware more intelligent and avoid the disposal of cameras, leading to reduced electronic waste generation.

Legria 🇨🇱 raised $3.4 Million in Debt Financing from Ameris 🇨🇱 to continue building their real estate platform intended to help clients buy their dream homes for a fraction of the price. The company is in charge of searching for properties in vacation destinations, acquiring them, and then taking care of the entire legal process to allow fractions of these to be sold, enabling clients to become owners of their second homes.

Enerlink 🇨🇱 raised a $3.6 Million Seed round led by Kayyak Ventures 🇨🇱, with funding from E62 Ventures 🇺🇸 to provide smart energy services intended to help businesses and organizations reduce their energy costs and carbon footprint. The company offers a variety of smart energy services, including smart charging for electric vehicles, smart metering for energy management, and energy consulting and advisory services, enabling customers to reduce their energy costs and carbon footprint while improving their energy efficiency.

Logcomex 🇧🇷 raised a $34 Million Series B round led by Riverwood Capital 🇺🇸, with funding from Endeavor Catalyst 🇺🇸, Igah Ventures 🇧🇷, Caravela Capital 🇧🇷, and Alexia Ventures 🇧🇷 to build a foreign trade management platform intended to provide real-time information on customs procedures for ports, warehouses, importers, and exporters. The company's platform helps in global trade, big data, and business intelligence to improve operations by providing strategic, operational, and commercial information to businesses, enabling clients to monitor their shipments in real-time and verify exactly where they can be saved in logistics.

Sociopolitical News

🇦🇷 Argentina

• In response to circulating "false rumors," Argentina's president-elect Javier Milei reiterated his firm commitment to shutting down the country's central bank, emphasizing it as an unalterable aspect of his policy. This stance is a key element of his broader, ambitious reform agenda, which includes dollarizing Argentina's economy and privatizing major state enterprises. Milei faces significant challenges in implementing these changes, including limited support in Congress and the need to accommodate demands from mainstream conservatives, vital for his electoral success. (Reuters)

• Argentina's President-elect Javier Milei has invited Brazil's President Luiz Inácio Lula da Silva to his December 10th inauguration, signaling a diplomatic approach towards Brazil, a key trade partner. This invitation represents a shift from Milei's previous critical stance, further highlighted by his upcoming trip to the United States. (Reuters)

• President-elect Javier Milei's victory in Argentina signals a test for his radical proposals, including dollarizing the economy. His policies face challenges in Congress and skepticism about their feasibility, alongside controversial stances on climate change and international relations. (BBC)

• Argentina's President-elect Javier Milei is visiting the US to meet officials from the US Treasury, White House, and IMF, explaining his administration's economic plans. Concurrently, his envoy invited Brazil's President Lula to his inauguration, indicating a diplomatic approach towards Argentina's largest South American trading partner. (Bloomberg)

🇧🇴 Bolivia

• Bolivia is grappling with severe wildfires that have scorched over 3 million hectares. Firefighters and police, often lacking adequate equipment, are resorting to hoses, sprinklers, and even water bottles to combat the flames. These wildfires have caused numerous fatalities, disrupted flights and schools, and devastated ecosystems, including vital agricultural areas. Bolivia's government is seeking international aid to tackle this crisis, exacerbated by increased deforestation and climatic challenges. (Reuters)

🇧🇷 Brazil

• Brazil's state-run oil company Petrobras plans a $102 billion investment for 2024-2028, aiming to revitalize and transition into an energy company under CEO Jean Paul Prates. This strategic move includes expanding into fertilizers and renewable energy, with significant focus on solar and wind power projects. (Reuters)

• Brazilian retailer Americanas has signed a support agreement with creditors for over 35% of its debt, a crucial step in its restructuring after bankruptcy filing due to $4 billion accounting discrepancies. The plan includes a $2.45 billion capital injection and a debt-for-equity swap, boosting Americanas' shares in the market. (Reuters)

• FIFA is investigating disturbances during the World Cup qualifier between Brazil and Argentina, which led to a delayed start. The clash at Maracana Stadium involved fan fights and police intervention, prompting Argentina's team, led by Lionel Messi, to intervene before play resumed. Argentina won the match 1-0. (Reuters)

• Brazilian officials are investigating Time4Fun, the organizer of Taylor Swift's Rio de Janeiro concerts, after a fan's death and complaints of extreme heat and limited water access. The investigation focuses on potential endangerment to concertgoers' health during a severe heatwave. Taylor Swift expressed grief over the incident, and future concerts will allow water bottles. (NBC News)

🇨🇱 Chile

• Germany and Chile are launching a "climate club" at COP28 to aid developing nations in decarbonizing industries like steel and cement-making. This initiative aims to connect these countries with funding and technical support, partly as a response to concerns about the EU's carbon border tax. The club includes 33 member countries and seeks to establish international green industry standards. (Reuters)

• Despite recent downgrades to junk status by Fitch and S&P, investors are recognizing potential in Chile’s Falabella SA, encouraged by its plans to reduce debt and return to profitability. The company's strategy, including asset sales, is gaining investor interest, contrasting with the cautious stance of rating agencies. (Bloomberg)

• Venezuelan authorities denied entry to a flight carrying Venezuelans deported from Chile, as reported by a Chilean official. The decision impacts migrants amidst Venezuela's ongoing crisis, with many having sought refuge in countries like Chile. (Reuters)

🇨🇴 Colombia

• Colombia's President Gustavo Petro is shifting strategies to seek a national consensus, meeting with business leaders and former right-wing President Álvaro Uribe. This move represents Petro's evolving approach, balancing his leftist policies with practical governance, as he tackles political resistance and aims for legislative success. (El País)

• Colombia's President Gustavo Petro, a former guerrilla, promised a "total peace" strategy but has faced a surge in violence and kidnappings, challenging his peace process and causing fear of a return to past decades of conflict. The situation questions the efficacy of Petro's approach to peace and security. (Financial Times)

  

• In Bogotá, Colombia, a baseball league predominantly comprised of Venezuelan migrants provides a cultural connection and support amid the soccer-dominated landscape. This community offers a sense of home and hope to Venezuelans who have fled their country's crisis, transforming the local baseball scene. (New York Times)

• Colombian President Gustavo Petro proposed that the U.S. pay bonuses to Venezuelan migrants in Colombia as an "economic stabilization" measure. This initiative aims to support migrants considering returning to Venezuela or staying in Colombia, amidst the mass exodus from Venezuela due to its economic crisis. (Reuters)

🇩🇴 Dominican Republic

• Tensions escalated between the Dominican Republic and Haiti following an armed standoff at their shared border, stemming from confusion over territorial limits. This incident is part of broader disputes, including the Dominican Republic's recent visa ban and border closures affecting Haitians, linked to a canal construction controversy along the border. (AP)

• Torrential rains in the Dominican Republic have killed at least 21 people, displaced over 13,000, and caused significant infrastructure damage. The heavy rainfall, leading to flooding and power outages, is described by President Luis Abinader as the largest rainfall event in the country's history. (Al Jazeera)

🇪🇨 Ecuador

• Ecuadorian police have arrested Jaime S.C., an alleged leader of the powerful drug trafficking gang Los Lobos, during an operation in Puerto Bolívar. The arrest led to armed confrontations, resulting in injuries to a police officer and attacks on the police headquarters. The suspect was found with a significant amount of unexplained cash. (BBC)

• Ecuador's new President Daniel Noboa, committed to reducing violence and creating jobs, was sworn in, promising urgent reforms. Facing a truncated term, Noboa aims to address the country's economic challenges and escalating violence, including plans for job creation and tackling security issues. (Reuters)

🇸🇻 El Salvador

• El Salvador's Supreme Electoral Tribunal has approved President Nayib Bukele's bid for reelection in 2024, despite the country's constitutional prohibition on reelection. This decision follows a 2021 Supreme Court ruling allowing Bukele to run again, reflecting his popularity, especially for his crackdown on gangs under an extended state of emergency. (AP)

• Hosting the Miss Universe pageant in El Salvador, President Nayib Bukele aims to reshape the country's historically violent image, showcasing it at a time when crime rates have significantly decreased. The event aligns with Bukele's broader strategy of using high-profile events to highlight positive changes in El Salvador, amidst his controversial bid for reelection. (ABC)

• El Salvador's President Nayib Bukele defended his gang crackdown at the U.N. General Assembly, asserting it was the right approach despite international criticism over human rights violations. The crackdown significantly reduced the country's murder rate, but it also involved mass arrests and suspended some fundamental rights, raising concerns about due process. (AP)

🇬🇹 Guatemala

• Guatemala's President-elect Bernardo Arevalo faces legal challenges that critics argue aim to block him from office. His support for university protests against an allegedly fraudulent rector election is central to these efforts. This controversy erupts as Arevalo, known for his anti-corruption stance, prepares to assume presidency, raising concerns about political suppression and the integrity of Guatemala's democracy. (Al Jazeera)

🇭🇳 Honduras

• In Honduras, the lucrative palm oil industry is fueling environmental degradation and violence. Park rangers like Adonias Cruz face death threats for combating illegal oil palm cultivation in national parks. The industry, linked to drug trafficking, has led to increased illegal plantations and conflicts, posing serious threats to biodiversity and local communities. (The Guardian)

🇲🇽 Mexico

• Mexico's arrest of Nestor Isidro Pérez Salas, a violent Sinaloa cartel security chief, is seen as a personal retaliation by the Mexican army. Pérez Salas, linked to attacks on soldiers' families and involvement in high-profile cartel violence, faces U.S. extradition for drug charges and is accused of numerous brutal crimes. (ABC)

• A Danish fund will invest $10 billion in a development hub in southern Mexico, as announced by Mexican President Andres Manuel Lopez Obrador. This investment aims to produce green hydrogen for ships, replacing fossil fuel use, and supports Lopez Obrador's infrastructure project to connect the Pacific and Atlantic oceans. (Reuters)

• Mexico's Department of the Interior reportedly withdrew funding for a conference on the government's violent anti-insurgency actions from the 1960s to the 1980s, leading to its cancellation. This move has sparked accusations of censorship and concerns among academics about the suppression of debate on a contentious period in Mexico's history. (ABC)

• Mexican President Andrés Manuel López Obrador has revealed a plan to expand passenger rail service, with military involvement if private tenders are not viable. This initiative aims to connect key cities and ports, reflecting López Obrador's vision of reintegrating national rail service as a priority for national development. (CHN)

🇳🇮 Nicaragua

• Nicaragua's Miss Universe win by Sheynnis Palacios, a graduate from a college central to anti-regime protests, has exposed the country's political divide. The government initially celebrated the victory but later condemned the opposition's celebration, as Palacios had participated in 2018 protests against President Daniel Ortega's regime. The win sparked rare public demonstrations in a country where protests and opposition are largely suppressed. (ABC)

• The U.S. is cracking down on chartered flights to Nicaragua, increasingly used by Cuban and Haitian migrants to reach the U.S. Irma Perez, a Cuban migrant, revealed her journey to Nicaragua via a chartered flight operated by Viva Aerobus, followed by an overland trip to Mexico with a smuggler. The surge in such flights, a relatively new phenomenon, has led to a record number of Cuban entries into the U.S. Washington responded by imposing sanctions on the aircraft operators involved in these flights. (VOA)

🇵🇦 Panama

• Panama's Supreme Court is deliberating on constitutional challenges to First Quantum Minerals' contract for the Cobre Panama mine, a significant decision for the global copper market and investors. Since the Panama government's signing of a new contract on Oct. 20, the company has faced protests and allegations of corruption, which it denies. The Cobre Panama mine, producing about 1% of the global copper supply, significantly influences Panama's GDP. A ruling against First Quantum could have major implications, already impacting its market value and copper prices. The decision, expected in the coming days or weeks, could also affect Panama's stance on mining, as the government recently banned new mining concessions. (Reuters)

• Protesters attacked workers leaving the Cobre Panama mine, injuring about eight people, according to union leader Michael Camacho. A group of protesters in a pickup truck threw stones at buses carrying staff from the First Quantum-operated mine, forcing one bus to stop and detaining its driver. The extent of the injuries is unknown. The union has requested protection for its members as demonstrators block supplies to the mine, compelling the company to reduce operations. Panama's Supreme Court is currently reviewing cases against the mine's operating contract, alleging it is unconstitutional. (Bloomberg)

🇵🇾 Paraguay

• Paraguay's central bank unexpectedly accelerated monetary easing by cutting its benchmark interest rate by half a percentage point, reducing it to 7.25%. Analysts had anticipated a smaller quarter-point reduction. This decision, part of a series of cuts totaling 125 basis points since August, comes as annual inflation in Paraguay remains below the central bank's 4% target, registering at 3.5% in October. The bank plans to continue monitoring domestic and international factors affecting inflation. This move aligns Paraguay with other South American countries like Chile, Brazil, and Peru, which are also implementing looser monetary policies. Uruguay's central bank, meanwhile, indicated nearing the end of its easing cycle. (Bloomberg)

🇵🇪 Peru

• Following a 1-1 draw in a 2026 World Cup qualifier match in Lima, a diplomatic row erupted between Venezuela and Peru. Venezuelan footballers alleged they were beaten by Peruvian police while greeting fans. Additionally, Venezuela accused Peru of "kidnapping" its national players by delaying their flight home due to alleged refueling issues, a claim disputed by Lima's airport operator. Venezuelan President Nicolas Maduro condemned the alleged xenophobia and violence by Peruvian authorities. Tensions were further fueled by Peru's recent decree authorizing the government to expel foreigners, amidst Peru's significant Venezuelan immigrant population.(France 24)

• Workers at Peru's Las Bambas copper mine, owned by China's MMG Ltd, are planning an indefinite strike from November 28 over unmet profit-sharing commitments. The union had expected a profit-sharing explanation, which didn't occur, leading to the decision to strike. This action follows a brief strike over the same issue. The mine, a significant copper producer, has been operational since 2016 and recently increased its output. The union seeks adherence to contractual profit-sharing obligations. (Reuters)

• Peruvian President Dina Boluarte's approval rating has plummeted to a record low of 8%, marking a significant decline from her peak approval of 19% in January, according to an IEP survey. Boluarte faces challenges including a recession with consecutive contractions and accusations of "extrajudicial executions" to suppress protests. Her disapproval rating stands at 85%, the highest of her term in the IEP poll. The Ipsos poll also recorded a 10% approval rating for her. The decline comes almost one year after she took office following her predecessor's impeachment for attempting to dissolve congress illegally. (Bloomberg)

🇵🇷 Puerto Rico

• The Popular Democratic Party in Puerto Rico is holding a gubernatorial primary after Rep. Jesús Manuel Ortiz's candidacy announcement. He'll compete against Sen. Juan Zaragoza. Ortiz cited issues like inefficient recovery funds and a struggling electrical system. The primary winner will face the New Progressive Party's primary winner, including Gov. Pedro Pierluisi and Jenniffer González. The Popular Democratic Party supports the current political status, while the New Progressive Party supports statehood. (ABC)

• Twelve Democratic members of Congress are urging the IRS to provide updates on its investigation into approximately 100 high-income individuals suspected of using a controversial Puerto Rican tax break to avoid U.S. taxation. The lawmakers expressed concern that the IRS has not made any information public regarding its auditing efforts to address non-compliance with Puerto Rico's tax incentives law (Act 60). Under Act 22, investors can receive a 0% tax rate on capital gains by purchasing residency in Puerto Rico and meeting certain conditions. The tax breaks have sparked controversy and contributed to rising property prices, impacting working-class residents. The IRS is expected to conduct criminal investigations in some cases. Critics argue that Puerto Rico has lost billions in potential income due to these tax exemptions. (NBC)

🇺🇾 Uruguay

• Spotify is set to phase out its service in Uruguay starting on January 1, 2024, with a complete cessation by February 2024 due to changes in music copyright law. The changes introduced by the Uruguayan Society of Performers (SUDEI) include provisions that may require additional payments by streaming platforms. Spotify expressed concerns that these changes could force them to pay twice for the same music, making their business unsustainable. Uruguay's music industry has grown significantly due to streaming, and Spotify accounts for a significant portion of revenue. The impact of these changes in Uruguay may have implications for copyright discussions in other markets. (Music Business Worldwide)

• Uruguayan President Luis Lacalle Pou and Chinese Premier Li Qiang expressed their commitment to pursuing a bilateral free trade agreement (FTA) and to explore an FTA between China and the Mercosur trade bloc. This comes after China and Uruguay upgraded their bilateral relationship to a "comprehensive strategic partnership." China's interest in an FTA with Mercosur could pressure Paraguay, the last South American country with ties to Taiwan. Uruguay aims to secure opportunities for its exporters similar to other countries that have tariff-free access to China. However, fellow Mercosur members Argentina, Brazil, and Paraguay prefer settling an FTA with Europe instead. (Reuters)

🇻🇪 Venezuela

• US Department of Defense officials will visit Guyana amid rising tensions between Guyana and neighboring Venezuela. Venezuela has organized a poll to consider annexing the Guyana-administered region of Essequibo, which has become a major point of dispute since the discovery of oil there. Guyanese Vice President Bharrat Jagdeo stated that "all options" are on the table, including welcoming the establishment of foreign military bases, to protect their national interests. The dispute over Essequibo dates back to 1899, and Venezuela's unilateral referendum seeks to challenge the 1899 tribunal decision and assert sovereignty over the region. (France 24)

  

• Colombian President Gustavo Petro's pledge to phase out fossil fuel production in Colombia may lead to importing cheap energy from Venezuela, despite its reputation as one of the world's dirtiest producers. Petro has proposed "energy integration" with Venezuela, citing natural gas as a transition to clean energy. However, Venezuela's energy sector is highly toxic due to decades of underinvestment and sanctions. Colombian state oil producer Ecopetrol is considering importing Venezuelan natural gas, raising questions about the reliability of Venezuela as a supplier. The US lifting some sanctions on Venezuela's oil and gas operations may improve the outlook for the sector​​. (Bloomberg)

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