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Latin America

Mexican used-car startup Kavak hits $4 billion valuation
Business & Finance

Mexican used-car startup Kavak hits $4 billion valuation

  • Kavak, which was founded in 2016 and is backed by Japan's SoftBank Group Corp, became Mexico's first tech "unicorn" last October when it reported a valuation of more than $1 billion.
  • The new capital injection will help Kavak, an online platform for buying and selling secondhand cars operating in Mexico and Argentina, launch in Brazil in the next couple of months, Chief Executive Carlos Garcia said.
Published 07 Apr, 2021 06:52pm
Using trade ties to secure doses, Chile moves fast on COVID-19 vaccination drive
World

Using trade ties to secure doses, Chile moves fast on COVID-19 vaccination drive

  • That puts it in the top 10 globally of larger countries and compares to 172 days for Brazil and over 1,000 days for Mexico, which has faced delays in its inoculation program.
  • This global tragedy perhaps gives us the opportunity as Chileans not just to get a shot in the arm but reach out to people and soothe the nation's soul.
Updated 22 Feb, 2021 10:06pm
Brazil unemployment rate falls further to 14.1pc as job growth jumps
World

Brazil unemployment rate falls further to 14.1pc as job growth jumps

  • The unemployment rate was down from 14.3% in the three months to October, statistics agency IBGE said, slipping further back from the record 14.6% in the three months to September.
  • The median forecast in a Reuters poll of economists was for an unemployment rate of 14.0%. It ended 2019 at 11.0%.
Published 28 Jan, 2021 08:52pm
Nubank jumps into Latam financials top five with $400mn fundraising
Business & Finance

Nubank jumps into Latam financials top five with $400mn fundraising

  • The latest funding round valued Nubank at roughly $25 billion, according to a source familiar with the matter, more than doubling its valuation since the last funding round in July 2019.
  • Its loan book is less than 1.5% of Brazil's biggest lender Itau, yet the $25 billion valuation would put it at roughly half of Itau's market value.
Published 28 Jan, 2021 08:44pm
Using drones, tunnels and new routes, Mexico’s drug cartels seek to fend off the COVID’s economic fallout
World

Using drones, tunnels and new routes, Mexico’s drug cartels seek to fend off the COVID’s economic fallout

  • The coronavirus pandemic had an unprecedented impact on the global economy, thrusting economies into uncharted territory - and drug cartels were no different.
  • The cartel - being one of the world's most powerful drug trafficking groups - used a mix of ingenuity and business acumen to adapt to the rapidly changing circumstances in a pandemic-stricken world.
Updated 30 Dec, 2020 05:22pm