IBOV 175,739 ▼ 1.20% IPSA 10,928 ▼ 1.16% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL5.14▲ 0.57% USD/MXN17.52▲ 0.25% USD/CLP932.66▲ 0.84% USD/COP3,236▼ 0.31% USD/PEN3.41▲ 0.49% USD/ARS1,482▼ 0.37% USD/UYU 40.22 — 0.00% USD/PYG6,045▼ 0.17% USD/BOB10.35▲ 2.07% USD/DOP58.30▼ 0.31% USD/CRC448.53▼ 0.06% USD/GTQ7.62▼ 0.10% USD/HNL26.73▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▼ 0.70% USD/TTD6.74▼ 0.12% EUR/BRL5.86▲ 0.79% BRENT 83.18 ▲ 9.43% WTI 78.00 ▲ 9.23% IRON ORE 161.91 — — COPPER 6.28 ▲ 0.68% GOLD 4,009 ▼ 2.32% SILVER 57.98 ▼ 3.06% SOY 1,194 ▼ 0.25% CORN 463.00 ▲ 5.71% WHEAT 635.25 ▲ 0.51% COFFEE 330.50 ▼ 3.64% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 137.15 ▼ 7.24% COTTON 81.49 ▲ 1.96% COCOA 5,808 ▼ 1.88% BEEF 234.95 ▼ 0.11% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.61 ▼ 1.23% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.68 ▲ 0.85% GRUMA 281.37 ▼ 0.77% KIMBER 38.22 ▲ 0.39% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,080 ▼ 3.06% PAMPA 5,225 ▲ 0.87% TXAR 664.50 ▼ 0.97% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,319 ▼ 3.21% MIRGOR 17,000 ▼ 1.45% COME 44.78 ▼ 2.46% LOMA NEGRA 3,498 ▼ 2.37% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,250 ▲ 0.12% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,059 ▼ 2.67% ETH 1,761 ▼ 2.48% SOL 74.58 ▼ 2.98% XRP 1.06 ▼ 2.39% BNB 564.60 ▼ 1.63% ADA 0.16 ▼ 3.00% DOGE 0.07 ▼ 1.41% AVAX 6.43 ▲ 0.44% LINK 7.84 ▼ 1.85% DOT 0.83 ▼ 1.33% LTC 43.29 ▼ 1.55% BCH 234.70 ▼ 2.19% TRX 0.33 ▼ 1.80% XLM 0.18 ▼ 3.42% HBAR 0.07 ▼ 1.88% NEAR 1.89 ▲ 0.23% ATOM 1.54 ▼ 1.67% AAVE 94.02 ▼ 3.13% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.05 ▲ 0.99% INTER 5.65 ▼ 2.92% IBOV 175,739 ▼ 1.20% IPSA 10,928 ▼ 1.16% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL 5.14 ▲ 0.57% USD/MXN 17.52 ▲ 0.25% USD/CLP 932.66 ▲ 0.84% USD/COP 3,236 ▼ 0.31% USD/PEN 3.41 ▲ 0.49% USD/ARS 1,482 ▼ 0.37% USD/UYU 40.22 — 0.00% USD/PYG 6,045 ▼ 0.17% USD/BOB 10.35 ▲ 2.07% USD/DOP 58.30 ▼ 0.31% USD/CRC 448.53 ▼ 0.06% USD/GTQ 7.62 ▼ 0.10% USD/HNL 26.73 ▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES 719.54 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.98 ▲ 0.25% USD/TTD 6.74 ▲ 1.05% EUR/BRL 5.86 ▲ 0.79% BRENT 83.18 ▲ 9.43% WTI 78.00 ▲ 9.23% IRON ORE 161.91 — — COPPER 6.28 ▲ 0.68% GOLD 4,009 ▼ 2.32% SILVER 57.98 ▼ 3.06% SOY 1,194 ▼ 0.25% CORN 463.00 ▲ 5.71% WHEAT 635.25 ▲ 0.51% COFFEE 330.50 ▼ 3.64% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 137.15 ▼ 7.24% COTTON 81.49 ▲ 1.96% COCOA 5,808 ▼ 1.88% BEEF 234.95 ▼ 0.11% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.61 ▼ 1.23% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.68 ▲ 0.85% GRUMA 281.37 ▼ 0.77% KIMBER 38.22 ▲ 0.39% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,080 ▼ 3.06% PAMPA 5,225 ▲ 0.87% TXAR 664.50 ▼ 0.97% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,319 ▼ 3.21% MIRGOR 17,000 ▼ 1.45% COME 44.78 ▼ 2.46% LOMA NEGRA 3,498 ▼ 2.37% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,250 ▲ 0.12% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,059 ▼ 2.67% ETH 1,761 ▼ 2.48% SOL 74.58 ▼ 2.98% XRP 1.06 ▼ 2.39% BNB 564.60 ▼ 1.63% ADA 0.16 ▼ 3.00% DOGE 0.07 ▼ 1.41% AVAX 6.43 ▲ 0.44% LINK 7.84 ▼ 1.85% DOT 0.83 ▼ 1.33% LTC 43.29 ▼ 1.55% BCH 234.70 ▼ 2.19% TRX 0.33 ▼ 1.80% XLM 0.18 ▼ 3.42% HBAR 0.07 ▼ 1.88% NEAR 1.89 ▲ 0.23% ATOM 1.54 ▼ 1.67% AAVE 94.02 ▼ 3.13% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.05 ▲ 0.99% INTER 5.65 ▼ 2.92%
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Five Long Months After Elections, Guyana Officially Names New President

By · August 9, 2020 · 3 min read

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RIO DE JANEIRO, BRAZIL – Five months after the parliamentary elections and barely three months after a vote recount had already confirmed the victory of Mohamed Irfaan Ali of the People’s Progressive Party/Civic (PPP/C), the victor in the election was finally allowed to be sworn in this week as the tenth president of Guyana and to appoint his cabinet.

The People’s National Congress Reform (PNC-R) party, which has been in power up to now, rejected and challenged the very narrow election results for a long time. Their aim was to have former president David A. Granger reinstated. Notwithstanding, the PPP/C has now taken over the government.

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President Ali’s main aim is to reactivate the private sector, which was already in trouble before the coronavirus pandemic and is now in an even more tense situation. First meetings with private sector representatives were held last week.

Guyana's new president, Mohamed Irfaan Ali.
Guyana’s new president, Mohamed Irfaan Ali. (Photo: internet reproduction)
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However, the medium-term economic outlook for the country seems promising. Because of the recently discovered vast oil and natural gas reserves, the International Monetary Fund (IMF) projected an economic growth rate of 86 percent for this year, according to the BBC, albeit before the coronavirus crisis. No country in the world has such projections. The World Bank was also very positive about the expected economic growth.

The parliamentary elections in the small English-speaking country on March 2nd closed with an extremely close result. In contrast to the preceding election, the left leaning PPP/C won an extra seat and reached 33 out of 65 deputies. The PNC-R, which has been in government since 2015, lost two seats and became the second strongest party with 31 deputies. One seat was won by a party alliance, which had declared beforehand that it would only join a government of national unity and would not support a PPP/C or PNC-R government. The hitherto opposition Progressive People’s Party accused the Granger government of having hired a US lobby company using tax funds.

The Minister of Security and Prime Minister candidate, Khemraj Ramjattan, accused the PPP/C of having received support from Russia. Three people “with a Russian background” had allegedly tried to hack into the election commission’s computers. The Russian commodities group Rusal, the world’s largest producer of aluminum, suspended all its activities at the Rusal mine in Kwakwani in eastern Guyana four weeks before the election. As a result, 300 staff lost their jobs. A politically motivated background was suspected.

Under Ali’s Vice-President, Bharrat Jagdeo, who was President of Guyana between 1999 and 2011, the small country in the north of South America strengthened its relations with China and Russia. In 2010, Jagdeo urged Russia to play a greater role in the Caribbean, to which Guyana belongs culturally and historically.

In turn, under the PNC-R government, the contract for newly discovered oil deposits was awarded to the US ExxonMobil group. The rewriting of the country’s oil laws was undertaken by a company closely associated with the US oil company. A swing towards the old policy of the PPP/C governments is obvious.

With Ali, the South Asian minority group in Guyana returns to power. Almost 40 percent of the country’s population has ancestors in the formerly British Imperial India, now Bangladesh, India, and Pakistan. In contrast, almost 30 percent of the population has ancestors on the African continent, 20 percent are mixed-race and ten percent are indigenous. With Irfaan Ali, a South American country has for the first time an Islamic head of state.

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