Important Headlines
📰 China’s Renminbi Overtakes Dollar in Chinese Cross-Border Transactions
Renminbi used in cross-border transactions jumped ahead of the US Dollar for the first time this month. Renminbi was used in 48% for such payments, up from 0% in 2010. In the same period, the Dollar’s share decreased to 47% from 83%. The Renminbi only accounts for 2.3% of international payments, which remained unchanged.
📰 Canada’s Largest Pizza Chain Launches in Mexico
Pizza Pizza, a 55 year old Canadian company with 730 restaurants across Canada, launched in Mexico under the brand PZA Pizzeria. The moves has been four years in the making. High population growth rates (2x Canada) and high pizza consumption in Mexico were drivers. The master franchisee is Food Guru.
📰 Toys “R” Us Joins with Liverpool to Enter Mexico
Since WHP Global purchased Toys R Us in 2021 the retailers footprint in America has doubled. The retailer partnered with Macy’s to sell its products in all of its department stores. Liverpool is a high-end department store, and the 5th largest retailer in Mexico with revenues last year topping $6.7 billion.
📰 Singapore Ice Cream Brand Yole Opens First Store in Latin America
The sugar-free product is offered in 10 countries through 65 shops. Chile is the first opening in Latin America, with stores planned in Peru, Costa Rica, Canada and Ghana. Chileans consumes 11 liters of ice cream annually, the highest in Latin America. The brand was advised by Jorge Lizan.
📰 Argentina Declares Lithium a Strategic Mineral
Mexico and Chile have already nationalized their lithium reserves. This move clears the way for Argentina to follow suit. The end goal is likely an OPEC like cartel for lithium to manage prices and provide further leverage. Lithium (i.e., white gold) is essential for battery production and Latin America contains 60% of the global reserves.
📰 Chinese Firm to Build $290 Million Lithium Processing Factory in Chile
BYD is the world’s largest manufacturer of electric vehicles, and Chile the second largest lithium producer. The factory will generate 500 jobs and produce 50k tons of lithium per year starting in 2025.
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