Week 11, 2024 - Latin America
"I am not what I write, but what I have felt." - Teresa de la Parra (Venezuelan novelist)
MARKETS
March 14, End Of Day
TECH
From Deforestation to Reforestation
Deforestation in Brazil's Amazon decreased by 30% in February from the previous year, driven by President Luiz Inácio Lula da Silva's efforts to fight illegal deforestation. Satellite data revealed a reduction to 226 square kilometers, though this is still above the nine-year February average. This progress, despite ongoing challenges, aligns with Brazil's commitment to end illegal deforestation by 2030, signaling a hopeful trend in environmental conservation. Yet, the question remains on how to move from deforestration to reforestration.
The fight against deforestation in Brazil's Amazon is finding hope in technological innovations. Here are five key points on how technology is being leveraged to protect and, even more importantly, restore the Amazon:
These technological innovations represent a comprehensive approach to preserving the Amazon rainforest, aiming to stop deforestation and foster a sustainable economy that capitalizes on the region's biodiversity.
Fundraising picks of the week
TELL Toolkit Inc: TELL Toolkit is pioneering the use of AI in digital health to analyse speech for early detection of neurodegenerative diseases such as Alzheimer's and Parkinson's. This innovative, low-cost solution is remote, non-invasive, and quick, offering analysis within 5 minutes and achieving gold-standard accuracy. Get to know the case here.
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Quantum: Their vision is to provide a comfortable, safe, and 100% electric transportation solution. They have achieved significant milestones with over 400 units sold across 5 countries. Their vehicles are 80% cheaper to operate than gasoline cars. Get to know the case here.
Ubanku: Ubanku is a financial super app designed specifically for the youth. It aims to accelerate users' dreams by offering simple yet effective financial products, with a focus on frictionless scalability and guaranteed low-cost distribution in campuses Get to know the case here.
Dive deeper into other fundraising firms in LatAm here.
CURRENT AFFAIRS
Costa Rica: The World Bank has granted Costa Rica a $350 million loan to support infrastructure projects focused on climate and disaster resilience, including flood control, slope stabilization, and the repair of bridges and roads damaged by weather-related disasters. Highlighting the country's vulnerability to extreme weather events, this funding aligns with Costa Rica's climate change mitigation and adaptation strategy, aiming to invest in resilient infrastructure for the protection of vulnerable populations.
El Salvador: El Salvador's Congress has passed a reform to eliminate income taxes on overseas funds, aiming to attract more foreign investment. This exemption applies to remittances and company investments, removing the previous 30% tax rate for incomes of $150,000 or more upon entry. The measure is intended to stimulate both domestic and foreign investment, enhancing economic growth and job creation.
Argentina: Since President Javier Milei's inauguration in December, Argentina's central bank has accumulated over $10 billion in foreign currency purchases, aiming to tackle the nation's significant net reserves deficit. This achievement aligns with Milei's focus on stabilizing public finances and exceeding the IMF's reserve targets. However, the country's net reserves are still approximately -$1.5 billion in the red. The increase in reserves, essential for Milei's plan to eventually dollarize the economy, has occurred alongside austerity measures that have reduced economic activity and demand for dollars, with inflation exceeding 275%.
FURTHER READING
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