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Latin America at a glance: February 2017

In this section we provide you a wide overview of Latin American Economy, Politics and Business Opportunities in 2 minutes.

Economics

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Brazil

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  • Retail sales (Food, beverages and tobacco) grew 2% in November 2016, showing the fastest growth since July 2013.  Information courtesy of FocusEconomics.
  • Brazil’s Supreme Court has announced that Judge Edson Fachin will be in charge of the Operation Car Wash, an investigation into a massive corruption ring involving some of Brazil’s top business executives and politicians.

Chile

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  • January, 20. Fire started and has spread quickly. Nearly 240,000 hectares (593,000 acres) about three times the size of New York City, have burned. President Michelle Bachelet declared a state of emergency “We have never seen anything on this scale, never in the history of Chile,” source: CNN

Peru

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  • January, 20. Fire started and has spread quickly. Nearly 240,000 hectares (593,000 acres) about three times the size of New York City, have burned. President Michelle Bachelet declared a state of emergency “We have never seen anything on this scale, never in the history of Chile,” source: CNN

Mexico

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  • January 1, 2017. Mexico’s a 20% hike in gasoline prices was implemented, during the next weeks a wave of violent demonstration occurred along the country.
  • January 25, 2017. Trump signed a pair of executive orders that mandate the building of the wall as well as increasing the number of border-police officers by 5,000 and immigration-enforcement officers, who deport illegal immigrants by 10,000. The orders also called for cutting federal funding of sanctuary cities, like Chicago, which protect illegal immigrants from deportation. Marielena Hincapié of the National Immigration Law Center predicts that the presidential action will result in a monumental waste of taxpayer money and create chaos in the immigration system and courts. Mexico has so far categorically refused to pay for the wall. The border between America and Mexico stretches 3,200km and costs of between $15bn and $25bn.  Source: The economist.
  • President Pena Nieto cancelled the scheduled meeting from Jan. 31 in Washington.
  • February 1, 2017. President Enrique Peña Nieto announced that the negotiations to reform the NAFTA will start in May, after a 90-day consultation period with Mexican businesses.
  • February 1, The European Commission represented by EU Trade Commissioner Cecilia Malmstrom and her counterpart Mexican Economy Minister Ildefonso Guajardo had scheduled subsequent rounds for April 3-7 and June 26-29 to an acceleration of negotiations to deepen economic ties. Source: foxnews.
  • January 26, 2017. President Peña Nieto confirms that Mexico won’t pay for the wall and states “Mexico does not believe in the walls”. And that Consulates will support Mexican immigrants in US.