Ecuador lawmakers re-elect National Assembly president
Independent lawmaker Virgilio Saquicela was re-elected president of Ecuador’s National Assembly on Sunday, supported by politicians who want an impeachment process against President Guillermo Lasso to advance to a vote for his possible removal. Saquicela, who took over as president of the National Assembly in May last year, has become a principal figure in the process against Lasso, who is accused of embezzlement in an oil transportation contract. The assembly voted to continue with the impeachment process on Tuesday in a session convened by Saquicela with 88 votes in favor out of 116 legislators present. A majority of 96 lawmakers of the 136 present voted to re-elect Saquicela. 92 votes from the 137-member assembly are needed to remove Lasso.
Source:Bueno Aires Herald
May 14, 2023 18:35 UTC
Beset by inflation, government raises rates again
The yearly nominal rate for 28-day Liquidity Bills —the rate at which the Central Bank lends money to financial entities— is now 97%. The monthly effective interest rate is 8% — under April’s inflation rate — and 154% annually. The last time the Central Bank raised interest rates was on April 27, when it did so by 1000 basis points following a run against the peso. Friday’s inflation rates surpassed all prior predictions by consulting firms, prompting the economy ministry to respond with a series of working meetings over the course of yesterday. Other measuresYesterday’s meetings also resulted in a packet of measures that the economy ministry announced via a series of press releases.
Source:Bueno Aires Herald
May 14, 2023 16:53 UTC
Cheers to a most famous bull!
A businessman, he detected the benefits of introducing a pedigree Shorthorn bull, also known as Durham. It is characterized by its short horns, blocky conformation, and color, which ranges from red, red with white markings and white, to roan – a mixture of red and white hairs. As the fifth generation of cattle producers, today the Dawneys run a family farming business, proudly and passionately upholding a 120-year tradition as Shorthorn cattle herders. Nearby is a monument to John Miller and his bull Tarquino. Cheers, then, to this most famous bull!
Source:Bueno Aires Herald
May 13, 2023 22:54 UTC
Zelenskiy asks pope to back Kyiv peace plan
Ukrainian President Volodymyr Zelenskiy asked Pope Francis on Saturday to back Kyiv’s peace plan, and the pope indicated the Vatican would help in the repatriation of Ukrainian children taken by Russians. Earlier on Saturday, Zelenskiy met Italian Prime Minister Giorgia Meloni, who promised full military and financial backing for Ukraine and reiterated support for its EU membership bid. “We must make every effort to return them home,” Zelenskiy said in a Tweet afterwards, saying he had discussed it with the pope. Zelenskiy also said he asked the pope to “join” Kyiv’s 10-point peace plan. Zelenskiy flew to Rome on an Italian government plane that was escorted over Italian airspace by fighter jets.
Source:Bueno Aires Herald
May 13, 2023 17:55 UTC
Deforestation in Brazil's Amazon falls 68% in April
Deforestation in Brazil’s Amazon rainforest fell 68% in April from the previous year, preliminary government data showed today, a positive reading for President Luiz Inacio Lula da Silva as it represents the first major drop under his watch. Lula won last year’s election pledging to end deforestation after years of surging destruction under his predecessor Jair Bolsonaro, but has faced continued challenges since taking office as environmental agency Ibama grapples with lack of staff. Official data from space research agency Inpe showed that 328.71 square kilometers (126.92 square miles) were cleared in the Brazilian Amazon last month, below the historical average of 455.75 square kilometers for the month. That interrupted two consecutive months of higher deforestation, with land clearing so far this year now down 40.4% to 1,173 square kilometers. “There are several factors, and the change in government might indeed be one of them,” said Daniel Silva, a conservation specialist at WWF-Brasil.
Source:Bueno Aires Herald
May 13, 2023 05:13 UTC
Argentina gets “nod” from US to increase lithium trade fivefold
The Economy Ministry led by Sergio Massa views this meeting as a US “nod” to improving trade relations with Argentina. However, subsidies will go to vehicle manufacturing that uses resources from the US, or any country they have free trade agreements with. While Argentina currently has only 2 operational lithium production projects, there are 6 others under construction. The last critical minerals report by the Wilson Center, a top US think tank, projected that in five years Argentina could top Chile in lithium production. After the presentation, Ávila was asked about Argentina’s mining legal framework, tax incentives, and community liaisons.
Source:Bueno Aires Herald
May 12, 2023 19:00 UTC
Brazil's crusading justice Moraes ratchets up fight with tech giants
The head of Brazil’s electoral authority, Supreme Court Justice Alexandre de Moraes, delivered a stern warning to the world’s top tech companies on Wednesday, saying he would not let them undermine Brazil’s democracy. Moraes’ comments – which included the assertion that global tech giants “believe no jurisdiction in the world can oversee them” – reflect growing global debates about whether the firms are doing enough to police their platforms. They will be held accountable, to guarantee the voter’s freedom to vote,” Moraes told judges and public servants studying electoral law, without naming any specific firms. Brazil is among countries taking a global lead in pressuring tech giants to crack down harder on users it sees as spreading disinformation. Global tech firms have campaigned against the bill, arguing it would open the door to censorship.
Source:Bueno Aires Herald
May 12, 2023 15:41 UTC
Néstor Kirchner gas pipeline construction reaches final stages
One of the final stages in the construction of the Néstor Kirchner gas pipeline will take place on Friday 12: the last welding of the more than 50,000 pipes used for the infrastructure work. The gas pipeline will then become one single piece running from Tratayén, in Neuquén, to Salliqueló, in the south of Buenos Aires province. The last welding work was scheduled for May 15, but will in fact take place sooner, on this Friday 12. A project that construction sources say could have taken two years will in fact be finished in less than twelve months. Looking ahead, the gas pipeline is waiting for two compression plants to start functioning.
Source:Bueno Aires Herald
May 11, 2023 18:58 UTC
Bolivian leader open to using yuan for trade, touting 'trend'
Bolivian President Luis Arce expressed openness to the use of the Chinese yuan for international trade during a press conference on Wednesday, citing similar moves by Argentina and Brazil to tap the Asian currency for transactions with China. International trade transactions tend to be priced in U.S. dollars, especially for major commodity markets like energy and grains, going back decades. “The two largest economies in the region are already trading in yuan in agreements with China, and that is going to be the trend in the region,” Arce said, adding that Bolivia could not afford to stay on the sidelines. Earlier in the year, China and Brazil moved to reduce the dominance of the greenback by signing a deal to set up yuan clearing arrangements that can facilitate bilateral trade. “In Latin America, we have always had a great influence from the United States… but today many countries have more foreign trade with China.
Source:Bueno Aires Herald
May 11, 2023 13:28 UTC
Haddad tells Yellen Brazil "worried" for Argentina's economy
“We are worried because this situation may affect the political destiny of Argentina,” Haddad told U.S. Treasury Secretary Janet Yellen in a meeting on the sidelines of a Group of Seven (G7) finance ministers meeting in Niigata, Japan. Haddad said Brazil was keeping a close eye on Argentina, where the current drought could reduce exports by 20%, mindful of previous far-right political shifts elsewhere in Latin America. Speaking with reporters after the meeting, Haddad said he raised the issue with Yellen because Argentina needed the assistance of the International Monetary Fund. The United States is the largest shareholder in the global lender. He said Brazil was also keen to expand trade with the United States and said more trade integration was needed in the Americas.
Source:Bueno Aires Herald
May 11, 2023 13:16 UTC
Massa said holding primaries would be “a very serious mistake”
Economy Minister Sergio Massa declined to comment on the possibility of being a presidential candidate in this year’s elections, and spoke against the idea of holding primaries in the Frente de Todos ruling coalition. “Exposing in primary elections whether the government has differences or not seems to me like a very serious mistake,” the minister said during the annual summit of the United States Chamber of Commerce in Argentina (Amcham Argentina). Massa said that the “last welding” on the Néstor Kirchner gas pipeline will be done on Friday. Massa also referred to Argentina’s program with the International Monetary Fund (IMF.) In March 2022, Argentina signed an agreement renegotiating the US$ 44 billion debt former President Mauricio Macri acquired in 2018.
Source:Bueno Aires Herald
May 10, 2023 22:37 UTC
Driving in fog, the concern of the business leaders
“Argentina is on the verge of a crisis, navigating in a fog bank. Leaders from Juntos por el Cambio were the two main figures of PRO: Patricia Bullrich and Horacio Rodríguez Larreta. Bullrich also gave her thoughts on what the dollar exchange rate should be. She thinks that the value should be located between the current official exchange rate, which she called a “lie,” and the informal (or blue) dollar. Today, the official exchange rate reached AR$ 228 per dollar and the blue dollar is at AR$ 471, so a value in the middle would leave an exchange rate of around $350.
Source:Bueno Aires Herald
May 10, 2023 11:56 UTC
Head of Supreme Court criticized the government’s “excessive monetary emission”
The president of the Supreme Court, Justice Horacio Rosatti, said today that the national government’s monetary policy “betrays the mandate of the [National] Constitution.”“The text commands us to defend the value of the currency,” Rosatti said in the annual summit of the United States Chamber of Commerce in Argentina (Amcham Argentina). That move allowed Rosatti to take over as head of the institution, which is in charge of selecting federal judges. “It is an institutional coup,” said Justice Minister Martín Soria at the time. Amcham’s annual summit gathers business leaders, public officials, and civil society representatives. This year, it is taking place as the US and Argentina celebrate 200 years of commercial relations.
Source:Bueno Aires Herald
May 10, 2023 02:50 UTC
Messi’s father and rep denies Al Hilal deal
The decision will not be made before Lionel finishes the season with PSG,” Messi’s father wrote on his Instagram account. “Once the season ends, that will be the time to analyze the options and then make a decision. Neither verbal nor signed nor agreed, and there won’t be until the season ends,” he wrote. Information about a deal between Messi and Al Hilal —which is currently coached by Argentine Ramon Díaz— was reported today by an international news agency, citing an unnamed “Saudi source close to the negotiations”. In response, Jorge Messi accused the media of “deceiving and lying constantly and deliberately, with no proof”.
Source:Bueno Aires Herald
May 09, 2023 20:53 UTC
Inflation: Buenos Aires City hits 7.8% in April and 110% YoY
Inflation in Buenos Aires City was 7.8% in April, according to figures released by the City Government’s General Directorate of Statistics and Census (Dgeyc in Spanish) today. The capital saw a 110.4% inter-annual inflation rate and a total 31.2% increase in prices over the first trimester. The prices of fruits, vegetables, tubers and legumes drove the highers food prices with a 19.9% increase, followed by meats (11.5%), milk and dairy products and eggs (10.8%) and bread and cereals (8.5%). Rent raises and higher energy bills contributed to a 6.4% increase in housing costs. Following a controversial back and forth last week, the National Institute for Statistics and Census (INDEC, its Spanish acronym) is set to publish the national inflation rate on Friday, May 12.
Source:Bueno Aires Herald
May 09, 2023 02:12 UTC