With Paraguay taking over the presidency of the Mercosur trade block, the Paraguayan president has said that trade negotiations will stop with the EU if a deal is not reached soon. It looks as though Mercosur will turn to Asia should relations with the EU remain unresolved.
On September 12th, Guyana allowed bids from several international oil companies, including Exxon and TotalEnergies, for the right to explore 14 offshore oil blocks. Negotiations with the bidders will take place next month. However, neighboring Venezuela has voiced its displeasure with the Guyanese auction, arguing that Guyana does not have sovereign rights over the area and therefore cannot grant rights to third parties for oil exploration.
On September 9th, a federal judge in New York ordered the nation of Argentina to pay $16 billion to minority shareholders of YPF, over the Argentine government’s 2012 seizure of a majority stake in the energy company. Following this concern, the current Peronist administration led by President Alberto Fernandez and Vice President Cristina Kirchner, who was President when YPF was expropriated, could be replaced by political outsider Javier Milei, a fierce libertarian with an economist background.
During his campaign for the presidency, Petro promised major changes and initiatives that would take place during his time in office, including a focus on expanding peace processes with armed groups, environmental protection, and social welfare in historically neglected parts of Colombia. However, a year in, Petro has largely failed to deliver on his campaign goals and is facing major challenges in his administration's efforts via crumbling legislative support, personal scandals, and increasing disapproval from Colombia’s populace with their new leader.
On April 6, the United Nations ruled to “reject Venezuela’s challenge to the case’s admissibility” meaning that the ICJ officially has jurisdiction over the border dispute case. Guyana has asked the court "to rule that the 1899 border decision is valid and binding on both countries." Should the court rule favor Venezuela, Guyana could lose up to half its territory. However, should the court rule in favor of Guyana, it has the potential to become one of the largest oil producers in Latin America.
Lawmakers have “refused to move forward with a proposed tax reform meant to finance key elements of the president’s progressive agenda”. The proposed reform would collect 3.6% of GDP, propose a mining royalty, and “included adjustments for income tax, a wealth tax, the reduction of exemptions, measures against evasion, and greater spending on tax incentives”. As promised by the government, the additional revenue was meant to “fund future reforms in the pension and health systems”.
Senator Do Val alleges of having “met with Bolsonaro and lawmaker Daniel Silveira on Dec. 9 at the presidential residence” which is where the discussion of the plot took place. Supreme Court Justice, Alexandre de Moraes, has confirmed that this is the same information the senator shared with him. However, Moraes has also ordered Do Val to “provide sworn testimony to federal police within five days as part of Supreme Court investigation into the January 8 riots”.
Thousands gathered in protest in the capital of Lima, including people from remote Andean regions, to "demand [President] Boluarte's resignation, immediate elections and the dissolution of Congress," along with redrafting the country's constitution. The use of tear gas and pellets on Tuesday is no surprise since Boluarte has answered the protests with repression and violence by deploying military forces, refusing to acknowledge the demands being made, and labeling the protestors far-left agitators. President Boluarte has since called for a political truce.
On Sunday, October 30th, leftist candidate Luiz Lula won the presidential election by an incredibly small margin of 50.1% to Bolsonaro’s 49.1%. Lula has promised to “end hunger, zero tolerance for deforestation in the Amazon…and restore democracy to Brazil". He will overturn many of Bolsonaro’s policies, including pro-gun measures, and plans to restore Brazil’s leadership on climate change.
Peruvian President Pedro Castillo is facing a constitutional complaint alleging that he is leading a corruption ring within the government. This complaint was filed by Attorney General Patricia Benavides. Whereas presidents typically have immunity against criminal charges, the filing of a constitutional complaint gives Congress a loophole to carry out its own trial. The complaint “will be examined by parliament and could lead to President Castillo’s suspension from office if more than 65 of the 130 members were to vote in favor”.
