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Prosecutor General Tarek William Saab of Venezuela, known as one of President Nicolás Maduro’s closest allies, announced that his office will open a criminal investigation into the organizers of the opposition primaries held last Sunday. 

The purpose of the primaries was to select a unified opposition candidate to run against Mr. Maduro in Venezuela’s general elections next year.

With nearly all of the 2.5 million votes counted, right-wing former lawmaker María Corina Machado won with over 92 percent, despite a recent government ban that prevents her from running for office for the next 15 years. Her victory was hailed as a “democratic demonstration” by the U.S. embassy in Venezuela.

A few days earlier, an electoral pact between the government and the opposition led the U.S. to temporarily lift sanctions on Venezuela’s commodities on the condition that free elections be held in the country. But the future of the waiver is now uncertain, as Washington has promised to immediately revoke the deal if pressure against opposition figures continues. 

In his statement, Mr. Saab told the press that prosecutors will investigate possible wrongdoing committed by the National Primary Committee, including “fraud, impersonation of electoral officials, and conspiracy.”

Through the office’s account on X (formerly Twitter), the chief prosecutor described last weekend’s vote as a “theater to deceive people of good faith.” The investigation came in response to requests from Mr. Maduro himself, as well as ruling party lawmakers such as the president’s wife Cilia Flores, and National Assembly President Jorge Rodríguez. 

Government officials also say the opposition committee was legally required to accept “technical support” from the Chavista-run National Electoral Council (CNE), whose director, Elvis Amoroso, was behind the ban imposed on Ms. Machado in June. 

But organizers repeatedly rejected the CNE’s offer to prevent the primaries from being postponed. Adversaries of the government also accused the bodies aligned with Mr. Maduro of deliberately trying to derail the process. Despite this week’s investigation and the 15 year ban, Ms. Machado was officially declared the opposition candidate for 2024.

Nubank, the largest neobank in Latin America, has surpassed 90 million customers in the region. Nearly 85 million are in Brazil, and 5.2 million are in Mexico and Colombia. 

The bank has achieved this by aggressively expanding its portfolio and seeking new licenses. The milestone was announced by David Vélez, Nubank’s founder and CEO, at an event for press and influencers in Mexico City this week.

This year alone, Nubank has launched more than 40 new products and features in Brazil, including payroll loans for retirees and pensioners, new investment options, and special benefits for high-income customers who use its Ultravioleta credit card. 

As a result, it was able to compete directly with the country’s largest banks. At the end of June, it was Brazil’s fourth-largest financial institution by number of customers and, more importantly, the primary banking relationship for nearly 60 percent of its base.

In Mexico, Nu is already the country’s largest Sofipo — a type of non-bank lender — and the fifth-biggest credit card issuer. Just months after launching its digital account in the country — its second product after the credit card — Nu México announced last week that it had applied for a banking license from the National Banking and Securities Commission (CNBV), the market regulator. 

The neobank is growing faster in Mexico than it did in Brazil, but this growth is not without pain. 

Nu Mexico had a delinquency rate of 9.95 percent in the 12 months ended August, according to CNBV data, above the Sofipo average of 9.74 percent. Nubank co-founder Cristina Junqueira told journalists that the company is not really aiming for low delinquency rates. 

“We seek a profitable and sustainable operation,” she said, explaining that the main factor for the high delinquency rates is that 50 percent of Nu’s customers have never had a credit card before, and therefore, Nu’s risk assessment models in Mexico are not as mature as in Brazil, where the delinquency rate is 5.9 percent. 

In addition, she said, Brazil’s profitable operations can support expansion in Mexico and Colombia.

Nu Holdings — the Nasdaq-listed company that combines Brazil’s Nubank, Nu Mexico, and Nu Colombia — ended the second quarter with a net income of USD 225 million, up from a loss of USD 30 million a year earlier.

A banking license will allow Nu Mexico to offer products such as investments, including shares on the Mexican stock exchange, corporate loans, and mortgages, among others.

In September, Nu Colombia reported a significant increase in the A/B loan provided by the International Finance Corporation (IFC) to support its operations. From the initial commitment of USD 150 million announced in January 2023, the amount raised from “commercial institutions” has now been increased to USD 265.1 million. 

Nu Colombia has reached more than 700,000 customers, and nearly one in ten adults in the country uses its credit card. The company is awaiting a second license from the Superintendency of Finance of Colombia (SFC) to operate as a finance company. This will allow it to launch products for saving and managing money, i.e., digital accounts.

Chinese mobility app DiDi is increasing its investments in Peru. It recently announced that it will invest an additional USD 2 million in the second half of 2023, on top of the USD 8 million promised in June. The goal is to increase the number of drivers and motorcyclists by at least 30 percent and virtually double the volume of passengers in the three Peruvian cities where it operates: Lima, Cusco, and Arequipa.

In early 2023, Didi underwent an internal reorganization, laying off hundreds of workers in Mexico, Peru, Chile, and Brazil — its largest market, where it operates under the brand 99. Twenty percent of its employees worldwide were let go. Now, it appears to be investing again.

In its second-quarter results, released in early September, DiDi said that after hitting the brakes in the first half of the year, it would “step up its investment in consumer incentives and marketing expenses to continue to drive growth in its international business.” When the company talks about international markets, it mainly means Latin America.

The company does not disclose the exact number of partners or passengers it has in Peru, but says that from December 2020, when it arrived in the country, until early October this year, 3.5 million Peruvians have used its app. 

Since its debut in Peru, DiDi has seen Uber abandon its food delivery vertical in the country — leaving Rappi as its main rival in the segment — and the arrival of new competitors such as InDrive.

Part of the investment will go to food delivery. The platform intends to triple the number of users of DiDi Food, which already serves 6,000 restaurants — a number close to the 7,000 businesses served by Rappi. However, Didi still lacks the reach of the Colombian unicorn, which is present in ten Peruvian cities.

To compete with InDrive — an app that allows passengers and drivers to negotiate a price for each trip — DiDi recently launched DiDi Flex in some of its Latin American markets, including Peru, which allows the same practice.

Clearly, the company sees potential in the Peruvian market that it does not see in other Latin American countries. In addition to the layoffs earlier in the year, DiDi announced that it would cease operations of DiDi Food in Chile. The service had launched in the country in April 2022. At the time, it justified the decision by saying that it needed to focus and invest more in the mobility vertical.

After finishing third in Argentina’s presidential election, establishment right-winger Patricia Bullrich announced her support for far-right libertarian Javier Milei in the upcoming November 19 runoff against Economy Minister Sergio Massa.

But many of her former allies in the center-right opposition coalition will not be joining her, starting with Buenos Aires City Mayor Horacio Rodríguez Larreta, who was eliminated from the race in August after losing the primary to Ms. Bullrich.

In a press conference held shortly after Ms. Bullrich’s announcement yesterday, Mr. Larreta said he was not informed by Ms. Bullrich or former President Mauricio Macri about their meetings with Mr. Milei.

“I didn’t know anything. It was a midnight meeting, in secret. I was very surprised by the news and I don’t know what they discussed or what they agreed,” Mr. Larreta said.

As for his approach to the runoff, he argued that “both options are very bad” and vowed to continue working for a centrist alternative.

Other former allies of Ms. Bullrich and Mr. Macri also distanced themselves from the announcement, with the century-old Radical party organizing a press conference shortly after Ms. Bullrich’s to say it would not take sides. But when pressed for an answer, many Radicals indicated they would rather vote for Mr. Massa.

“Patricia Bullrich and Mauricio Macri decided to abandon [the center-right coalition] Together for Change. They made a unilateral decision without consulting anyone,” Radical Party figurehead Martín Lousteau said yesterday.

The center-right split could reshape Argentinian politics, with Mr. Macri taking an openly influential role in Mr. Milei’s camp, while the rest of the coalition tries to remain independent or opens talks with Mr. Massa.

Argentina’s stock market rose yesterday on the news, despite a global and regional sell-off, as investors prefer Mr. Macri’s economic advisers to those of Mr. Milei.

Right-wing former lawmaker Maria Corina Machado declared herself the winner of the opposition presidential primaries in Venezuela. She had 93 percent of the vote, with roughly 26 percent of ballots counted. Ms. Machado is, however, currently barred from holding office.

Official results are still pending, as an unexpected overnight internet server blockage halted the count. But her lead was so overwhelming that she claimed victory. Officials say the count is expected to be resumed soon. 

The vote also took place a few days after a historical agreement between President Nicolás Maduro’s administration and the Unitary Platform of Venezuela, the opposition bloc. The deal led the U.S. to partially lift sanctions on Venezuela’s oil, gas, and gold sectors, commodities that have a massive weight in the country’s economy.

“Today, very powerful forces have been unleashed,” Ms. Machado told supporters gathered outside her campaign headquarters in the capital, Caracas.

But Maria Corina Machado’s participation in next year’s vote remains uncertain, as she was barred from serving any public office post for 15 years, according to a highly-questioned decision issued in June by Venezuela’s Comptroller’s General Office. 

The office started a legal process against Ms. Machado, accusing her of inconsistencies in the declaration of her assets during the time she served as a lawmaker, between 2011 and 2014. She denies any wrongdoing and accused the government of “political persecution.”

The office that banned Ms. Machado, as well as other opposition figures, was led at the time by government-backed Elvis Amoroso, who in August was appointed as the new director of the CNE, Venezuela’s electoral agency.

The U.S. ambassador to Venezuela, Francisco Palmieiri, issued a statement saying “Venezuelans gathered to express their opinion with a view to truly free, fair, and competitive presidential elections” in 2024. 

The U.S. Treasury says “it is prepared to amend or revoke authorizations at any time, should representatives of [Mr.] Maduro fail to follow through on their commitments,” which includes ceasing bans against opposition figures.

In the aftermath of Sunday’s first round of presidential elections in Argentina, the mainstream right has been left with a pair of unappealable choices. After former Security Minister Patricia Bullrich finished the vote in third, being knocked out of next month’s runoff, the group must decide whether to back current Economy Minister Sergio Massa or the far-right libertarian Javier Milei.

Despite targeting a great deal of his campaign to bashing Ms. Bullrich, Mr. Milei made gestures to the establishment right after Sunday’s results. “Two-thirds of Argentinians voted for a change, an alternative to this government of criminals who want to mortgage our future,” he said. “All of us who want change have to work together.”

In her first speech after bowing out of the presidential race on Sunday, Ms. Bullrich delivered a strong anti-Peronist message. “We will never be complicit with populism nor with the mafias that destroyed this country,” she said. Despite her fierce opposition to Peronism, there is a wide gulf between Ms. Bullrich and Mr. Milei, who has expressed desires to dollarize the economy and shut down the central bank.

Former President Mauricio Macri, a major mainstream right-wing figure, has not yet commented on the election results, but has been open to backing Mr. Milei. “If [Mr. Milei] wins the election, I hope that our coalition will support any reasonable reform in Congress so that Argentina can leave behind this fraudulent system in which we are trapped,” he told local newspaper Clarín.

Many expect Mr. Macri to support Mr. Milei at some point. If that happens, his Together for Change coalition is expected to splinter immediately — with Horacio Rodríguez Larreta, the mayor of Buenos Aires who tried but failed to win the presidential nomination in August, not expected to follow. 

The rise of Javier Milei has been compared to the leap Jair Bolsonaro made in Brazil, ascending from a far-right backbencher to holding the highest office in the land. In 2018, Mr. Bolsonaro squared off against the center-left — and was benefited by support from establishment conservatives. 

Mr. Milei now hopes to repeat that story in Argentina.

• You should also read: Massa’s centrism stuns Argentina’s radicalized right

Sergio Massa, Argentina’s economy minister, and Javier Milei, a far-right libertarian economist, have qualified for the November 19 presidential runoff in Argentina. 

With 83 percent of ballots counted, Mr. Massa had won over 36 percent of the votes, while Mr. Milei stood at 30.3 percent. Patricia Bullrich, a right-wing former security minister, sunk to third with only 23 percent.

While a Massa-Milei runoff was always seen as the most likely scenario, election day started with analysts speculating about whether Mr. Milei could have enough momentum to reach a first-round landslide win, after taking a surprise first place in the August 13 primaries. He would have needed to reach at least 40 percent of the votes on Sunday, with a 10 percent lead over the next candidate. 

Ultimately, however, Peronism managed a surprising show of strength — despite struggling with ballooning inflation that has now reached almost 140 percent and an ideological right-wing turn in Argentina. 

Most pollsters had Mr. Milei finishing first. One exception was Atlas Intel, a pollster that also was most accurate in the Brazilian 2022 election. Atlas Intel’s chief executive Andrei Roman celebrated their accurate prognosis on X (formerly Twitter), although it is important to note that on July 22 he proclaimed that Ms. Bullrich would be the next president of Argentina.

Mr. Roman said Ms. Bullrich’s chances were nixed by a lackluster campaign among young voters and leaked audio recordings allegedly revealing inappropriate comments and behavior by Carlos Melconian, her pick for economy minister. 

Supporters of Mr. Milei were left in disbelief as the votes were counted, saying the ballots were rigged to benefit the Peronist candidate.

Messrs. Massa and Milei will meet again on November 19, when the second round is held. They will have to fight for the spoils of Ms. Bullrich. That could be a tall order for center-left Peronism.

Mr. Massa’s strategy emphasized broadly held values ​​such as public education and healthcare in contrast to an electoral menu that was dominated by increasingly extreme right-wing ideas — while also blaming the current macroeconomic chaos on former President Mauricio Macri and taking distance from incumbent President Alberto Fernández. 

Mr. Milei, on the other hand, promises the return of economic prosperity by abandoning the Argentinian peso and adopting the U.S. dollar as the country’s national currency — which experts say is simply not doable in Argentina’s current context.

After surprising Argentinian politics by finishing in first place in the August 13 presidential primaries, libertarian economist Javier Milei was hoping that momentum could be enough for him to secure a first round win in the October 22 election.

But that does not seem to have been the case. With no votes officially counted yet, Guillermo Francos, one of the top spokesmen in Mr. Milei’s Liberty Advances party, said “nobody is expecting a first-round win” shortly after polling stations closed.

Mr. Francos played down previous expectations and said that a runoff was always the most likely scenario.

Candidates need at least 40 percent of the vote plus a difference of 10 percentage points from the second-placed candidate in order to avoid a runoff.

Mr. Milei took 30 percent of the vote in the August 13 primaries, the center-right opposition led by Patricia Bullrich finished second with 28 percent, and Sergio Massa’s ruling center-left coalition took 27 percent, but blank votes are excluded from the final count, meaning that Mr. Milei would already be closer to 32 percent if a similar scenario materialized.

Optimism about a better-than-expected election is growing in the Massa camp, but official data will not be published before 10 pm Argentinian time (-03:00 GMT), and the final count could be delayed until past midnight.