Milei's Foreign-Exchange Shakeup Has Brokers Moving Into Banking
With more than 280 brokers operating in the Latin American country — a figure unmatched anywhere else in the region, according to local regulator CNV — competition has always been fierce. It's even more so now that exploiting the gap between the official and parallel exchange rates doesn't generate as much profit, and that banks can sell dollars now, too. By comparison, that far exceeds the number of brokers in Brazil, Mexico, Chile and Peru.
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CNN
a minute ago
- CNN
Polls open in Bolivia's national elections that could end decades of socialist rule
After a lackluster campaign overshadowed by a looming economic collapse, Bolivians voted on Sunday for a new president and parliament in elections that could see a right-wing government elected for the first time in over two decades. The vote, which could spell the end of the Andean nation's long-dominant leftist party, is one of the most consequential for Bolivia in recent times - and one of the most unpredictable. In the run-up to Sunday, a remarkable 30% or so of voters remained undecided. Polls showed the two leading right-wing candidates, multimillionaire business owner Samuel Doria Medina and former President Jorge Fernando 'Tuto' Quiroga, locked in a virtual dead heat. Voting is mandatory in Bolivia, where some 7.9 million Bolivians are eligible to vote. 'I have rarely, if ever, seen a situational tinderbox with as many sparks ready to ignite,' said Daniel Lansberg-Rodriguez, founding partner of Aurora Macro Strategies, a New York-based advisory firm. A right-wing victory isn't assured. Many longtime voters for the governing Movement Toward Socialism, or MAS, party, now shattered by infighting, live in rural areas and tend to be undercounted in polling. With the nation's worst economic crisis in four decades leaving Bolivians waiting hours in fuel lines, struggling to find subsidized bread and squeezed by double-digit inflation, the opposition candidates bill the race as a chance to alter the country's destiny. 'I have rarely, if ever, seen a situational tinderbox with as many sparks ready to ignite,' said Daniel Lansberg-Rodriguez, founding partner of Aurora Macro Strategies, a New York-based advisory firm. The outcome will determine whether Bolivia — a nation of about 12 million people with the largest lithium reserves on Earth and crucial deposits of rare earth minerals — follows a growing trend in Latin America, where right-wing leaders like Argentina's libertarian Javier Milei, Ecuador's strongman Daniel Noboa and El Salvador's conservative populist Nayib Bukele have surged in popularity. A right-wing government in Bolivia could trigger a major geopolitical realignment for a country now allied with Venezuela's socialist-inspired government and world powers such as China, Russia and Iran. Doria Medina and Quiroga have praised the Trump administration and vowed to restore ties with the United States — ruptured in 2008 when charismatic, long-serving former President Evo Morales expelled the American ambassador. The front-runners also have expressed interest in doing business with Israel, which has no diplomatic relations with Bolivia, and called for foreign private companies to invest in the country and develop its rich natural resources. After storming to office in 2006 at the start of the commodities boom, Morales, Bolivia's first Indigenous president, nationalized the nation's oil and gas industry, using the lush profits to reduce poverty, expand infrastructure and improve the lives of the rural poor. After three consecutive presidential terms, as well as a contentious bid for an unprecedented fourth in 2019 that set off popular unrest and led to his ouster, Morales has been barred from this race by Bolivia's constitutional court. His ally-turned-rival, President Luis Arce, withdrew his candidacy for the MAS on account of his plummeting popularity and nominated his senior minister, Eduardo del Castillo. As the party splintered, Andrónico Rodríguez, the 36-year-old president of the senate who hails from the same union of coca farmers as Morales, launched his bid. Rather than back the candidate widely considered his heir, Morales, holed up in his tropical stronghold and evading an arrest warrant on charges related to his relationship with a 15-year-old girl, has urged his supporters to deface their ballots or leave them blank. Voting is mandatory in Bolivia, where some 7.9 million Bolivians are eligible to vote. President Arce appealed to the population to reject Morales' calls, arguing that those spoiling their ballots were doing damage to democracy. 'We urge the population to go out and vote,' he said while casting his vote in Bolivia's capital of La Paz. 'We must demonstrate unity and commitment to democracy.' Doria Medina and Quiroga, familiar faces in Bolivian politics who both served in past neoliberal governments and have run for president three times before, are struggling to stir up interest as voter angst runs high. 'There's enthusiasm for change but no enthusiasm for the candidates,' said Eddy Abasto, 44, a Tupperware vendor in La Paz torn between voting for Doria Medina and Quiroga. 'It's always the same, those in power live happily spending the country's money, and we suffer.' Whoever wins faces daunting challenges. Doria Medina and Quiroga have warned of the need for a painful fiscal adjustment, including the elimination of Bolivia's generous food and fuel subsidies, to save the nation from insolvency. Some analysts caution this risks sparking social unrest. 'A victory for either right-wing candidate could have grave repercussions for Bolivia's Indigenous and impoverished communities,' said Kathryn Ledebur, director of the Andean Information Network, a Bolivian research group. 'Both candidates could bolster security forces and right-wing para-state groups, paving the way for violent crackdowns on protests expected to erupt over the foreign exploitation of lithium and drastic austerity measures.' All 130 seats in Bolivia's Chamber of Deputies, the lower house of Parliament, are up for grabs, along with 36 in the Senate, the upper house. If, as is widely expected, no one receives more than 50% of the vote, or 40% of the vote with a lead of 10 percentage points, the top two candidates will compete in a runoff on Oct. 19 for the first time since Bolivia's 1982 return to democracy.
Associated Press
10 hours ago
- Associated Press
GWM Brazil Plant Officially Opens with President Lula in Attendance
Iracemápolis, São Paulo - Media OutReach Newswire - 16 August 2025 - In the early hours of August 16 (Beijing time), GWM's Brazil plant officially commenced operations, marked by a grand ceremony for the rollout of its first vehicle, the HAVAL H6 GT. The plant, located in Iracemápolis, São Paulo, was acquired from Daimler Group and has since been upgraded into an intelligent manufacturing base. As GWM's third full-process vehicle manufacturing center overseas, it carries the core mission of serving the Latin American market and acts as a key hub linking Europe, Asia, Southeast Asia, and Latin America. This milestone not only advances GWM's globalization in Latin America but also sets an example of China's high-quality automotive expansion, showcasing innovative collaboration between the Chinese and Brazilian auto industries. GWM Brazil Plant officially begins production with the first HAVAL H6 GT rolling off the line At the opening ceremony, Brazilian President Luiz Inácio Lula da Silva, Vice President Geraldo Alckmin, Chinese Ambassador Zhu Qingqiao, Brazil's Minister of Labor, and other dignitaries joined GWM President Mu Feng, GWM International President Parker Shi, GWM Brazil Region President Zhang Gengshen, and other GWM executives to witness this landmark moment in the company's globalization journey. President Lula personally signed the hood of the first HAVAL H6 GT, marking its final production step before entering the market. After the ceremony, he also posed for photos with factory workers. In his welcome address, GWM President Mu Feng stated: 'The Brazil plant is not only a strong commitment to the Brazilian market, but also the starting point for building the future together with our Latin American partners. In our global expansion, we adhere to the 'Four New Modernizations': Locally Built, Locally Operated, Globally Cultivated, Supply Chain Integrated. Following international quality standards, we will deliver highly reliable vehicles to the Latin American market.' He further announced that the plant's annual production capacity will gradually increase from 20,000 to 50,000 vehicles, creating over 1,000 direct jobs. Initial models include the HAVAL H9, POER P30, and HAVAL H6, with the H9 and POER P30 scheduled to launch in Brazil this September. Chinese Ambassador Zhu Qingqiao emphasized that since the establishment of diplomatic ties 51 years ago, China and Brazil's comprehensive strategic partnership has continued to deepen, with key areas of cooperation including renewable energy, infrastructure, and manufacturing. He described the Brazil plant as a model of Sino-Brazilian industrial synergy, combining 'Chinese smart manufacturing + Brazilian localization.' He noted that GWM is contributing to economic development and quality job creation in São Paulo and Brazil, and expressed hope for further collaboration in clean energy and digital technology to provide a 'China-Brazil solution' for global climate governance. In his speech, President Lula stressed: 'The GWM Brazil plant is very important for Brazil's national industry. Its inauguration shows that Brazil has the capability to acquire advanced technology and produce vehicles that can compete with those from any country in the world. This means creating jobs, increasing income, and enhancing professional expertise for Brazilians. We hope GWM will make Brazil its production base in Latin America. The Brazilian government stands ready to support businesses and welcomes more Chinese companies to invest here.' Brazilian Vice President Alckmin, the Minister of Labor, and the Mayor of Iracemápolis also gave speeches, jointly opening a new chapter for GWM in Latin America. Guests at the ceremony praised GWM's rapid growth and contributions to Brazil's automotive market and expressed confidence in the company's ability to further drive innovation and transformation in the industry. During the event, the Great Place to Work Institute awarded GWM Brazil the 'Great Place To Work' (GPTW) honor. In addition, GWM announced a donation of 500,000 reais to local schools in Iracemápolis to help improve educational facilities. Located in Iracemápolis, São Paulo, the GWM Brazil plant covers a total area of 1.2 million square meters, with 94,000 square meters of built-up area. It houses welding workshops, robotic painting lines, assembly lines, energy and equipment facilities, and logistics supply systems. With an initial annual production capacity of 50,000 vehicles, the plant is expected to create 1,000 jobs by the end of this year. Initial models will include the HAVAL H9, POER P30, and the HAVAL H6 series. The plant also supports flexible production of multiple energy types, including hybrid (HEV), plug-in hybrid (PHEV), and diesel. Since entering the Brazilian market in 2021, GWM has reached annual sales of 29,000 units within just three years, ranking 14th in the market. In the first half of this year, GWM sold over 15,700 vehicles in Brazil, up 19.8% year-on-year—17 percentage points above the industry average—demonstrating the company's confidence and determination to expand overseas and compete globally. Rooted in Brazil, expanding across Latin America, and reaching the world, GWM will continue to invest in Brazil, focusing on quality jobs, technological leadership, and R&D. The opening of the Brazil plant marks a new chapter in Chinese automotive globalization. With this plant, GWM will strengthen localized smart manufacturing, deepen its presence in Latin America, and bring its products and services to more global markets. Hashtag: #GWM The issuer is solely responsible for the content of this announcement.
Yahoo
10 hours ago
- Yahoo
Bolivians head to polls in uncertain vote that could shift political landscape
Bolivians are heading to the polls in a pivotal election that could bring the country's first right-wing government in over 20 years and end the dominance of the fractured MAS party. With the economy in crisis and voter uncertainty high, the outcome could lead to a major political shift both domestically and internationally. Bolivians headed to the polls on Sunday to vote in presidential and congressional elections that could spell the end of the Andean nation's long-dominant leftist party and see a right-wing government elected for the first time in over two decades. The election on Sunday is one of the most consequential for Bolivia in recent times — and one of the most unpredictable. Even at this late stage, a remarkable 30 percent or so of voters remain undecided. Polls show the two leading right-wing candidates, multimillionaire business owner Samuel Doria Medina and former President Jorge Fernando 'Tuto' Quiroga, locked in a virtual dead heat. But a right-wing victory isn't assured. Many longtime voters for the governing Movement Toward Socialism, or MAS, party, now shattered by infighting, live in rural areas and tend to be undercounted in polling. With the nation's worst economic crisis in four decades leaving Bolivians waiting for hours in fuel lines, struggling to find subsidized bread and squeezed by double-digit inflation, the opposition candidates are billing the race as a chance to alter the country's destiny. 'I have rarely, if ever, seen a situational tinderbox with as many sparks ready to ignite,' Daniel Lansberg-Rodriguez, founding partner of Aurora Macro Strategies, a New York-based advisory firm, writes in a memo. Breaking the MAS party's monopoly on political power, he adds, pushes 'the country into uncharted political waters amid rising polarization, severe economic fragility and a widening rural–urban divide.' The outcome will determine whether Bolivia — a nation of about 12 million people with the largest lithium reserves on Earth and crucial deposits of rare earth minerals — follows a growing trend in Latin America, where right-wing leaders like Argentina's libertarian Javier Milei, Ecuador's strongman Daniel Noboa and El Salvador's conservative populist Nayib Bukele have surged in popularity. A right-wing government in Bolivia could trigger a major geopolitical realignment for a country now allied with Venezuela's socialist-inspired government and world powers such as China, Russia and Iran. Doria Medina and Quiroga have praised the Trump administration and vowed to restore ties with the United States — ruptured in 2008 when charismatic, long-serving former President Evo Morales expelled the American ambassador. The right-wing front-runners also have expressed interest in doing business with Israel, which has no diplomatic relations with Bolivia, and called for foreign private companies to invest in the country and develop its rich natural resources. After storming to office in 2006 at the start of the commodities boom, Morales, Bolivia's first Indigenous president, nationalized the nation's oil and gas industry, using the lush profits to reduce poverty, expand infrastructure and improve the lives of the rural poor. After three consecutive presidential terms, as well as a contentious bid for an unprecedented fourth in 2019 that set off popular unrest and led to his ouster, Morales has been barred from this race by Bolivia's constitutional court. His ally-turned-rival, President Luis Arce, withdrew his candidacy for the MAS on account of his plummeting popularity and nominated his senior minister, Eduardo del Castillo. As the party splintered, Andrónico Rodríguez, the 36-year-old president of the senate who hails from the same union of coca farmers as Morales, launched his bid. Rather than back the candidate widely considered his heir, Morales, holed up in his tropical stronghold and evading an arrest warrant on charges related to his relationship with a 15-year-old girl, has urged his supporters to deface their ballots or leave them blank. Voting is mandatory in Bolivia, where some 7.9 million Bolivians are eligible to vote. Doria Medina and Quiroga, familiar faces in Bolivian politics who both served in past neoliberal governments and have run for president three times before, have struggled to stir up interest as voter angst runs high. 'There's enthusiasm for change but no enthusiasm for the candidates,' said Eddy Abasto, 44, a Tupperware vendor in Bolivia's capital of La Paz torn between voting for Doria Medina and Quiroga. 'It's always the same, those in power live happily spending the country's money, and we suffer.' Read moreBolivians march four days to protest against economic hardship Doria Medina and Quiroga have warned of the need for a painful fiscal adjustment, including the elimination of Bolivia's generous food and fuel subsidies, to save the nation from insolvency. Some analysts caution this risks sparking social unrest. 'A victory for either right-wing candidate could have grave repercussions for Bolivia's Indigenous and impoverished communities,' said Kathryn Ledebur, director of the Andean Information Network, a Bolivian research group. 'Both candidates could bolster security forces and right-wing para-state groups, paving the way for violent crackdowns on protests expected to erupt over the foreign exploitation of lithium and drastic austerity measures.' All 130 seats in Bolivia's Chamber of Deputies, the lower house of Parliament, are up for grabs, along with 36 in the Senate, the upper house. If, as is widely expected, no one receives more than 50 percent of the vote, or 40 percent of the vote with a lead of 10 percentage points, the top two candidates will compete in a runoff on Oct. 19 for the first time since Bolivia's 1982 return to democracy. (FRANCE 24 with AFP)
