The economy in Latin America is still struggling to stabilize. Amid discussions and working groups, the labor force has achieved some achievements that are reflected in salary increases starting in 2025, as is the case in Peru, Brazil and Colombia.

In Peru, for example, since January 1, workers’ salaries are close to $ 300, according to the announcement by President Dina Boluarte herself.

In Colombia, on the other hand, the salary increase was 9.54 %, to average $1,623,500, including transportation assistance.

In Brazil, the minimum wage for workers was approved by decree of President Luiz Inácio Lula da Silva, to be set at 1,518.00 reais, equivalent to $244.6.

M.Pino

With information from international media

(Reference image source: Getty Images for Unsplash)

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La entrada Colombia, Peru and Brazil agreed to increase minimum wage apareció primero en Bitfinance.

The Government of Argentina announced an increase in electricity tariffs that will take effect in April. The main objective is to “normalize the electricity sector” and promote the efficient use of energy in the South American country. According to official sources, this increase will affect different user groups proportionally.

• Higher Income Users: The electricity bill for this group will increase by up to 150 % for average consumption.
• Sectors with Lower Purchasing Power: Here, the increase will be around 65 %. However, if the electricity consumption reaches 600 KW/h (the average being 380 KW/h), the increase could be as high as 130 %.

The Ministry of Energy of Argentina has pointed out that during the period 2019-2023, electricity tariffs remained static, with insufficient punctual adjustments. This lack of updating distorted the real costs of electricity supply, affecting both users and the technical and revenue-raising operation of the system as a whole.

The Department of Energy, under the administration of ultra-liberal Javier Milei and subordinate to the Ministry of Economy, considers this “tariff correction” to be essential for restoring relative prices in the economy, ensuring the economic self-sufficiency of the electricity system and laying the foundations for promoting private investment.

Next steps will include measures to restore the functioning of the wholesale market, reallocating subsidies to help those with lower purchasing power, and promoting responsible and efficient use of energy for intensive consumers.

K. Tovar

Source: Bancaynegocios

(Reference image source: @RadNalCo, X)

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La entrada Argentina will increase electricity tariffs apareció primero en Bitfinance.

The Central Bank of Venezuela (BCV) reached this week the figure of 516 million dollars in foreign exchange intervention after the last injection made on Monday, February 5 for an amount of 70 million dollars.

According to the information, this last intervention, which was the ninth placement of currency by the Central Bank in the bank, was carried out at a rate of 36.29 bolivars per dollar, the official rate of the currency that day.

On the other hand, they contrast that at the same date last year, the institution had sold 295 million dollars, therefore, there has been an increase of more than 74 % in disbursements for foreign exchange intervention compared to 2023.

It should also be noted that after intervening with 446 million dollars during January, the official price of the dollar in Venezuela ended the first month of 2024 with an increase of 0.83% to close at 36.26 bs/USD, while the parallel exchange rate fell 2.43 % to close the period at 38.18 bs/USD.

The official rate price is around 36 bs/USD, and the parallel at 37 bs/USD.

In this context, the view is reinforced that the BCV is determined this year to implement a more aggressive intervention strategy to contain the exchange rate.

K. Tovar

Source: Cointelegraph

(Reference image: @ActualidadRT, X)

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La entrada BCV has sold about 516 million dollars in two months apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries has indicated that during the month of August Venezuela experienced a 14 % increase in production, reaching 94,000 bpd.

According to the OPEC report, with the figures for Venezuela, in August the average production was 723,000 barrels per day, compared to the drop experienced in July, when 629,000 barrels per day were reached.

The Caribbean country’s crude output has been experiencing ups and downs since the beginning of 2022. It is still far from the goal that Nicolás Maduro had set, of reaching 2 million bpd by the end of this year and 3 million for which comes.

The Venezuelan oil industry was for years one of the strongest in the market. However, during the last decades it has been marked by a lack of investment, management errors, cases of corruption and more recently by the sanctions imposed by the United States.

M.Pino

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Source: swissinfo

La entrada OPEC: Venezuela’s oil production rose 94,000 barrels in August apareció primero en Bitfinance.

The Federal Reserve of the United States (FED) decreed a new increase in reference interest rates in the order of 0.5 percentage points to place them in a range that oscillates between 0.75 % and 1 % with the purpose of avoiding a increase in inflation.

The information was provided through an official statement from the institution where they indicated that “Inflation remains high, reflecting supply and demand imbalances related to the pandemic, higher energy prices and broader price pressures”.

This increase is the third that the FED has made since March, after inflation registered an unexpected increase last month and warned that other increases may come. Not since 1994 has a rise in interest rates of this magnitude been recorded.

Control of employment and long-term inflation

The FED projected a slowdown in the economy and a rise in unemployment in the coming months, which is why it plans to “achieve maximum employment and inflation at a rate of 2 percent in the long term, because they have decided to raise the target range for the federal funds rate of 1-1/2 to 1-3/4 percent and anticipates that continued increases in the target range will be appropriate.”

On the other hand, the Committee will reduce its trends “for Treasury securities and agency debt and agency mortgage-backed securities” in accordance with the provisions of the Plans to reduce the size of the Federal Reserve balance sheet, published last month of May.

The institution indicated that it would be prepared to adjust the monetary policy if factors occur that impede the control of inflation. Forecasts indicate that interest rates will reach 3.4% by the end of the year, a movement that affects citizens in aspects such as higher borrowing costs for credit cards or mortgages.

M. Rodríguez

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Source: finanzasdigital.com 

La entrada The Fed decreed a new increase in interest rates apareció primero en Bitfinance.

Online commerce sales in Argentina registered a year-on-year increase of 18 %, reporting an increase in turnover equivalent to 77 % during the first quarter of 2022, compared to the same period in 2021. The average number of products purchased was four items per completed cart.

This was revealed by a study carried out by Tiendanibe, which also indicates that the five main products demanded in the first three months of the year correspond to the following categories:

• Clothing: masks, sweaters and shoes 33 %
• Food and drinks: vegetables, fish and soft drinks 13 %
• Health and beauty: personal care products and makeup 11 %
• Bookstore, art and education: school supplies 10 %
• Decoration and home: organizers and linen with 9 %

The areas of health and beauty and Bookstore, art and education reported an increase of 3 and 4 points respectively of growth compared to the same period of last year.

Credit cards, payment system in online commerce

The study carried out by Tiendanube in Argentina also refers to the payment system used by customers during this first quarter of the year. The report reveals that “52 % of buyers used credit cards to pay for their purchases this quarter, an indicator that grew 4 points compared to last year.”

For its part, the use of debit cards reported a reduction equivalent to half in reference to the first three months of 2021, with just 5 % of the total, while bank transfers were used in 43 % of cases.

Regarding the devices used to execute the purchase during this quarter, it can be seen that mobile devices registered 66 %, rising 7 points compared to 2021, while computers registered 34 %.

Personalized home delivery remains the best option to pick up purchased products, while only 37 % of buyers chose a face-to-face point of sale.

M. Rodríguez

Source: emprendedoresnews.com

La entrada Turnover of Argentine online businesses rose by 77 % apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly report that Venezuelan oil production increased by 4 % in February compared to January pumping, based on official figures.

The information highlights that the authorities of the Caribbean country notified the international organization that in February Venezuela produced a total of “788,000 barrels per day (bpd), which represents an increase of 33,000 bpd”, while in January they managed to produce 755,000 bpd of raw.

Other sources secondary to OPEC contradict the information and maintain that Venezuela managed to pump 680,000 bpd in February, which means that the increase is 3 % compared to the figures reported in January, when it reached 658,000 barrels per day.

Two million bpd for December

The representatives of the Venezuelan government recently declared that they aspire to close 2022 with a production of 2 million barrels per day.

“This year we are going to 2 million barrels per day rain, shine or shine. This year we recovered oil production hand in hand with the working class”, affirmed the Venezuelan president.

Different Venezuelan economists, as well as oil experts, consider that Venezuela does not currently have the capacity to achieve the goal established by the executive of 2 million barrels per day. According to his opinions, the country “would not have the capacity to cover the deficit left by Russia in the supply of crude oil”, after the sanctions that the United States Government imposed on it for the invasion of Ukraine.

Last week authorities from the government of Joe Biden arrived in Venezuela and held a meeting with representatives of the national executive that provoked a series of expectations regarding the relaxation of the measures imposed on PDVSA by the US. However, the country ruled out “importing oil from Venezuela, at least for now.”

M. Rodríguez

Source: 800noticias.com

La entrada Venezuelan oil production increased 4 % in February apareció primero en Bitfinance.