12/13 Closing Prices / revised 12/12/2024 21:59 GMT |  12/12 OPEC Basket $73.36 +$0.91 cents 12/13 Mexico Basket (MME)  $66.23 +$1.02 cents   10/30 Venezuela Basket (Merey) $58.30   +$3.39 cents  12/13 NYMEX Light Sweet Crude  $71.29 +$1.27 cents | 12/13 ICE Brent  $74.44 +$1.08 cents | 12/13 Gasoline RBOB NYC Harbor  $2.0 +0.07 % | 12/13 Heating oil NY Harbor  $2.27 +0.05 % | 12/13 NYMEX Natural Gas   $3.28 -5.1% | 12/13  Active U.S. Rig Count (Oil & Gas)  589 + 7 | 12/13 USD/MXN Mexican Peso $20.1257 (data live) 12/13 EUR/USD Dollar  $1.0501 (data live) | 12/16 US/Bs. (Bolivar)  $50.33190000 (data BCV) | Source: WTRG/MSN/Bloomberg/MarketWatch/Reuters

Thousands rally in defense of democracy in São Paulo (August 12, 2022)

Yesterday, thousands of Brazilians rallied at the University of São Paulo’s law school in defense of democracy and against President Jair Bolsonaro’s re-election bid. Organizers read “A Letter to Brazilians,” signed by over one million citizens, calling for the respecting of election results during this October’s presidential election and upholding the rule of law. A similar letter, organized by São Paulo’s confederation of industries and signed by many prominent Brazilians in the business sector and union leadership, additionally demonstrated support for the judiciary, which is often attacked by Bolsonaro and his allies. Bolsonaro has spread disinformation in an effort to grow distrust in the country’s electoral system and has preemptively looked to claim fraud as he consistently trails front-runner and former president Lula in polls (APReutersEstadão). 

As Catherine Osborn writes in the Foreign Policy Latin America Brief, “The shift among Brazil’s financial elite is not all-encompassing—big agribusiness companies that stand to benefit from Bolsonaro’s lax environmental stances remain loyal to the president—but it is a notable difference from four years ago.” Big business was initially supportive of Bolsonaro, believing that he would reform and cut taxes, drive privatizations, and maintain fiscal austerity—Electrobras is set to be privatized, but tax reform has stalled, and Bolsonaro has evaded constitutional spending limits in order to implement election-oriented welfare spending. 

Politico reports that Senator Bernie Sanders of Vermont is planning to introduce a “Sense of the Senate” resolution in support of Brazilian democracy once Congress returns from its August recess. The resolution “would both show senators’ support for a free and fair election and call on the U.S. to break ties with Brazil if it’s led by an illegitimate regime,” with Sanders noting in an interview that “It would be unacceptable for the United States to recognize and work with a government that actually lost the election. It would be a disaster for the people of Brazil, and it would send a horrific message to the entire world about the strength of democracy.” Sanders met with a Brazilian civil society delegation visiting Washington last month. 

More Brazil

  • Bolsonaro’s plan for re-election, released Wednesday, includes privatizations but remains quiet on Petrobras, reports Reuters. The president had previously aimed to privatize the company. 

Argentina

  • Following a previous request by the US, Argentina ordered the seizure of the controversial Boeing 747 plane that had been grounded in the country since June, reports Reuters. The aircraft is suspected of having ties to terrorist activities.  

  • Argentina’s central bank has raised interest rates by 9.5 points as the country’s inflation reaches a 20-year record high of over 70%. It is the bank’s eight hike this year, says BBC.

  • As political and economic uncertainty looms in Argentina, “the hope of the Fernández government is centered around a soccer ball,” writes Hugo Alconada Mon in the Washington Post. Argentines know for certain when the World Cup is set to begin, but they do not know for certain the days or circumstances of their next election.  

Caribbean

  • The Women’s Economic Empowerment program in the Caribbean was officially launched on August 4, and will “provide an estimated 3,000 women from the Eastern Caribbean an opportunity to reap the benefits of increased access to digital technology through capacity-building, mentoring, and networking with stakeholders from the highest levels of business innovation.” (OAS)  

Chile

  • “President Gabriel Boric’s left-wing administration is working to reset relations with Mapuche groups that have feuded with governments for decades.” (Bloomberg)

  • Chile’s Congress voted to lower the congressional majority needed to add amendments to the constitution, following polls showing that the country’s draft constitution was increasingly likely to be rejected on September 4, reports Bloomberg

Colombia

  • Draft legislation that offers alternatives to incarceration for women who meet certain requirements was approved by both the House and the Senate, in 2020 and 2019, respectively. Originally opposed by then-president Iván Duque, Gustavo Petro would have the opportunity to sign the legislation into law, says WOLA

  • For Gustavo Petro, “…the greatest risk seems to be public frustration with what is likely to be a slower pace of change than many of his voters expect—above all because not all parties of his coalition think alike,” writes Oliver Stuenkel at Carnegie Endowment for International Peace.

  • Otoniel, the extradited leader of the drug trafficking group Clan del Golfo, managed to send a letter from prison to the armed group ordering a cease fire and to engage in negotiations with the new Petro government, reports El Espectador.  

Costa Rica

  • Costa Rica’s plan to “formally include the migrants in the jobs market and healthcare system” will regularize the status of more than 200,000 migrants, mostly from Nicaragua, reports Reuters

Cuba

  • The Latin America Risk Report covers the oil fire in Cuba, noting that the US should help, but ultimately Cuba’s closest allies are most responsible (and are failing to meet the challenge): “Blaming the US is Cuba’s go-to scapegoat. There is something the US can do on sanctions to perhaps help Cuba, but there are plenty of other potential solutions that have nothing to do with sanctions policy or the US at all.” 

Guatemala

  • “The international community cannot impose democracy, rule or law, or transparency on a foreign country—only a country’s own citizens can do that. It can, however, use sanctions to penalize certain behaviors that favor dictatorship and organized crime, and it can use its voice to support victims of abuse,” writes Stephen McFarland in Americas Quarterly.

Guyana

  • World Politics Review editors address the impact of the Guyana-Venezuela border dispute on Guyana’s economy. 

Mexico

  • Deputy Municipal Police Chief Juan Miguel Silva Alvarado was shot and killed in Sinaloa, the third police officer to be killed in the state this year, according to Insight Crime. The perpetrators and motive of the attack are still being investigated. 

Nicaragua

  • At least 140 journalists have fled Nicaragua since 2018, escaping a government that is increasingly hostile to the media and free press, writes the LA Times.

Uruguay

  • A defense agreement with China that had been signed under late president Tabaré Vazquez’s administration was approved Tuesday by Uruguay’s Congress, reports MercoPress. The agreement includes increased joint defense efforts.  

Arianna Kohan y Jordi Amaral / Latin America Daily Briefing
http://latinamericadailybriefing.blogspot

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