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But by January of this year, faced with rising rent, increased taxes and financing constraints, he closed it down. The government of Nicolas Maduro relaxed currency controls in 2019, allowing more transactions in dollars despite U.S. sanctions. The move led to a slight recovery in 2021 and 2022 after eight years of economic collapse and the migration of some 7.3 million Venezuelans. 'NO BUYING CAPACITY'Other businesses which have survived said they were slashing prices, salaries and profit margins to stay afloat. "Structural economic problems like scarce credit, an absence of recovery in public utilities, among others, were not resolved."

Persons: Enrique Perrella, Nicolas Maduro, Maduro, Yaner Fung, Fung, Ecoanalitica, Jesus Palacios, Migdalia Uviedo, Ivan Puerta, restaurateurs, Giulio Gallucci, Mayela Armas, Keren Torres, Tibisay Romero, Johnny Carvajal, Julia Symmes Cobb, Vivian Sequera, Rosalba O'Brien Organizations: Venezuelan Finance Observatory, Retailers, Restaurants, Thomson Locations: CARACAS, Caracas, Barquisimeto, Valencia, Ecoanalitica, Mexican

Ramiro Marra, candidate for mayor of Buenos Aires and part of the inner circle of Argentina's radical presidential front-runner Javier Milei, listens to Milei talking to journalists, in Buenos Aires, Argentina August 24, 2023. Juan Napoli, also running for a Senate seat with Milei's party, agreed time would be needed to lay the groundwork for reforms. The presidential candidates for the two blocs will be Economy Minister Sergio Massa and former security minister Patricia Bullrich, respectively. "All of the alternatives that are laid out in the law and the national constitution, we are going to use them." Reporting by Anna-Catherine Brigida; Additional reporting by Eliana Raszewski and Juan Bustamante; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Ramiro Marra, Javier Milei, Agustin Marcarian, Milei, Marra, Juan Napoli, dollarization, Sergio Massa, Patricia Bullrich, Anna, Catherine Brigida, Eliana Raszewski, Juan Bustamante, Rosalba O'Brien Organizations: REUTERS, Milei, Reuters, Bull Market Brokers, Peronist, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ The BRICS summit ended with no new currency and all 5 members issuing differing and contradictory commentary on de-dollarization
▼ + stars: | 2023-08-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

De-dollarization was a closely watched topic amid the BRICS summit last week. He said at a previous international meeting in July that it was important to establish an "independent financial system" based on local currency trade. But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time." AdvertisementAdvertisementInstead, South Africa appears to veer toward increasing the bloc's trade in local currencies. The economist who coined the term BRICS slammed the idea altogetherJim O'Neill, a former Goldman Sachs economist who first gave the BRICS bloc its name, has slapped down the idea of a common BRICS currency.

Persons: dollarization, SWIFT, Luiz Inacio Lula da Silva, Putin, Vladimir Putin, I'm, Hardeep Singh Puri, Puri, Xi, Xi Jinping, Enoch Godongwana, Paul Mashatile, Jim O'Neill, Goldman Sachs, O'Neill Organizations: Service, United, United Arab Emirates, Times, CNBC, Bloomberg, Financial Times Locations: Wall, Silicon, South Africa, Brazil, Russia, India, China, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab, New Delhi, Johannesburg, South

☆ 'Coldplay dollar' and 'Qatar dollar' highlight Argentina's bizarre currency system as it weighs ditching the peso
▼ + stars: | 2023-08-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Argentina's economic burdens have spawned a number of dollar-peso exchange rates. They include a black market dollar rate, as well as the "Coldplay" and "Qatar" rates. There's an official rate, but also a "blue dollar" rate determined by an underground exchange of greenbacks that's free of governmental controls. So while the official peso rate stood at just under 350-per-dollar on Friday, the blue dollar rate was 715. AdvertisementAdvertisementOther exchange rates are not spin-offs designed to evade currency restrictions, but are actually organized by the government.

Persons: Coldplay, There's, Monica de Bolle, Javier Milei, de Bolle Organizations: Service, Qatar, Coldplay, Peterson Institute for International Economics Locations: Qatar, Wall, Silicon, Argentina

☆ De-dollarization still a long way off, Indian minister says after BRICS talk of a common currency
▼ + stars: | 2023-08-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

However, the U.S. dollar will remain the currency of choice for transactions in international oil markets, he told CNBC's Tanvir Gill. watch nowThe U.S. dollar has long been the main global oil currency, including for purchases by India. Stock Chart Icon Stock chart iconOil has also been settled in Indian rupees. In light of this, Puri was asked if the Indian rupee could be part of the de-dollarization trend, especially in the oil market? But these international arrangements, trading arrangements, payment arrangements, these have been in place for a long time," he added.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, It's, SWIFT, Puri, I'm, Hardeep Singh, Luiz Inácio Lula da Silva Organizations: U.S, Gas, CNBC, India, Reuters, India Oil Corp, United Arab Emirates, Affairs, Gas Minister Locations: New Delhi, Russia, Ukraine, Moscow, China, Saudi Arabia, India, Malaysia, Hardeep Singh Puri, South Africa

CNN —Oil powers Saudi Arabia and the United Arab Emirates have been invited to become members of the BRICS group of developing nations in its first expansion in over a decade. Total bilateral trade between Saudi Arabia and BRICS nations exceeded $160 billion in 2022, the Saudi foreign minister said. It also means Russia and Saudi Arabia — both members of OPEC+, a group of major oil producers — will join each other in a new economic bloc. The BRICS countries have also been talking about a common currency, an idea analysts have described as unworkable and “unlikely” in the near future. Existing BRICS members have “had enough difficulty trying to agree just between the five of them,” he added.

Persons: Cyril Ramaphosa, ” Ramaphosa, Vladimir Putin, ” Putin, Xi Jinping, ” Jinping, Prince Faisal bin Farhan, Narendra Modi, Saudi Arabia —, —, Putin, Goldman Sachs, Jim O’Neill, ” O’Neill, “, ”, I’m, ” BRICS, Mohamed bin Zayed al Nahyan, Abdel Fattah el, Sisi, — Manveena Suri, Mostafa Salem, Lizzy Yee, Mengchen Zhang, Nadeen Ebrahim Organizations: CNN, Oil, United Arab, Saudi Foreign, Indian, OPEC, West, Western, Bloomberg, New Development Bank, United Arab Emirates, BRICS Locations: Saudi Arabia, United Arab Emirates, Iran, Egypt, Ethiopia, Argentina, South, Johannesburg, Brazil, Russia, India, China, South Africa, Russian, BRICS, Saudi, United States, UAE

☆ China's yuan is displacing other top global currencies in trade, but not the US dollar
▼ + stars: | 2023-08-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

China's share of global payment transactions on the SWIFT system grew to 3% in July. But that hasn't come at the expense of the dollar, which had a record high 46.5% share on SWIFT. A greater role of BRICS and other emerging markets in global trade may create more natural demand for alternatives to USD, but this has not happened so far. AdvertisementAdvertisementFor its part, the dollar's share of SWIFT transactions is holding relatively steady, accounting for 46.5% in July and 42% in the first half of 2023. As an example, China has been steadily building an alternative to the Western-dominated SWIFT system, with the Cross-border International Payments System, or CIPS.

Persons: BRICS, China's Organizations: ING, SWIFT, Service, FX, dollarization Locations: Wall, Silicon, China

☆ Putin can't attend the BRICS summit for fear of arrest, but he couldn't pass up taking potshots against the West and the US dollar via tape
▼ + stars: | 2023-08-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian President Putin railed against Western sanctions and touted de-dollarization at the BRICS summit. Putin said the BRICS bloc represents the "global majority" and is an alternative to the Western order. On Tuesday, Putin slammed Western sanctions against Russia over the Ukraine war in a 17-minute prerecorded speech broadcasted at the summit in Johannesburg, South Africa. AdvertisementAdvertisementOver 40 countries have already expressed interest in joining the BRICS bloc as an alternative to Western-led international groupings. The BRICS bloc is home to 40% of the world's population and a quarter of global GDP.

Persons: Putin, Vladimir Putin, —, Putin isn't, Putin —, It's Organizations: Service, West, Russia, Associated, Criminal, Reuters Locations: Wall, Silicon, South Africa, Ukraine, Johannesburg, Brazil, Russia, India, China

☆ Brazil's real, not the dollar, could be the solution to Argentina's currency turmoil, an economist says
▼ + stars: | 2023-08-23 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Argentina should peg the peso to Brazil's real, not the US dollar, to deal with exchange-rate instability and hyperinflation, an economist said. "If Argentina wants a currency peg so badly - Dollarization is after all just a peg - peg to Brazil," Robin Brooks said. "If Argentina wants a currency peg so badly - Dollarization is after all just a peg - peg to Brazil. AdvertisementAdvertisementSome market experts have also backed the idea of Argentina potentially adopting the US currency – economist Steve Hanke recently called for the nation to mothball its central bank and dollarize. Brooks' latest comments come after he suggested earlier that Argentina needs a recession to fix its crashing currency, not dollarization.

Persons: Robin Brooks, Brooks, Javier Milei, Steve Hanke Organizations: Service, Institute of International Finance, South, greenback Locations: Argentina, Brazil, Wall, Silicon, South American

☆ Xi and Putin are seeking to expand the alliance of BRICS nations to challenge the global dominance of the US and the dollar
▼ + stars: | 2023-08-23 | by ( Tom Porter | ) www.businessinsider.com time to read: +7 min

China's Xi Jinping is in South Africa this week for the BRICS summit. Addressing the BRICS summit by video link Tuesday, Russian President Vladimir Putin took swipes at the West, and said the summit represented the "global majority." Together, they make up around 40% of the world's population, around $27.7 trillion of the global economy, and are seen to represent the so-called "Global South" of southern hemisphere nations. Taking on the dollarThere are also proposals on the table to create a BRICS currency to challenge the global dominance of the dollar. AdvertisementAdvertisementChina and Russia may have ambitious plans for the BRICS group, but realizing them still appears some distance away.

Persons: China's, Jinping, Putin, Vladimir Putin, Graeme Thompson, China Xi, Cyril Ramaphosa, PHILL MAGAKOE, Xi Jinping, Steve Tsang, Thompson, Xi, Wang Wentao, Luiz Inacio Lula da Silva, Luiz Inácio Lula da Silva Organizations: Service, Eurasia Group, South, Getty Images, US, SOAS China Institute, University of London, CNN, Russia, Anadolu Agency, Getty Locations: South Africa, China, Russia, Wall, Silicon, Johannesburg, Brazil, India, AFP, Western, Iran, Saudi Arabia, Indonesia, Ukraine, Beijing, Pacific, United States

☆ Over 40 countries sick and tired of the Western-led world order are clamoring to join a group where China and Russia are members
▼ + stars: | 2023-08-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Over 40 countries are interested in joining Brazil, Russia, India, China, and South Africa in the BRICS bloc, Reuters reported. However, the BRICS bloc faces challenges from rivalry between China and India, and Russia's war in Ukraine. South Africa is hosting the 15th summit of the BRICS bloc in Johannesburg from Tuesday to Thursday. Still, the BRICS group does face challenges, including the long-standing rivalry between China and India, China's economic slowdown, and Russia's war in Ukraine. The bloc was formed in 2009 with its first summit, and South Africa joined in 2011, making the grouping BRICS.

Persons: South Africa hasn't, Rob Davies, South, It's, Evan Freidin, Vladimir Putin, Putin —, Goldman Sachs, Jim O'Neill, dollarization Organizations: Reuters, Service, South, United, Australian Institute of International Affairs, Criminal, South Africa, New Development Bank Locations: Brazil, Russia, India, China, South Africa, Ukraine, Wall, Silicon, Johannesburg, Iran, Venezuela, Southeast, Indonesia, Saudi Arabia, United Arab Emirates, Russian, Shanghai, Africa's

☆ India's central bank urges lenders to de-dollarize trade with the UAE using local currencies
▼ + stars: | 2023-08-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

India's central bank is asking lenders to promote local currencies when trading with the UAE, Reuters reported. The central bank hopes to stem India's outflow of greenbacks and help promote the rupee internationally, according to the report. A central bank official delivered the message to foreign exchange dealers during a seminar this month, Reuters said. The request from the central bank comes as India and the UAE have set themselves on a de-dollarization path. Meanwhile, banks are also offering smaller companies discounted service charges to incentivize local currency transactions.

Persons: South Africa —, Jim O'Neill Organizations: UAE, Reuters, Service, Reserve Bank of India, United Arab, Abu Dhabi National Oil Company, — Locations: India, UAE, Wall, Silicon, United Arab Emirates, Abu Dhabi, Ukraine, Russia, — Brazil, China, South Africa

☆ The dedollarization drive is facing a confidence crisis as the yuan, ruble and Argentine peso simultaneously plummet, an analyst says
▼ + stars: | 2023-08-20 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Slumps in the ruble, yuan, and Argentine peso underscore how the US dollar is a more reliable currency, an expert told Insider. In the past week alone, the Chinese yuan, Russian ruble, and the Argentine peso plunged, forcing the countries' central banks to take drastic measures to calm markets. The Chinese currency fell Thursday to its weakest level this year amid investor anxiety over the deepening slowdown in the world's second-largest economy. Last month, Russian president Vladimir Putin said more than 80% of his country's trade with China is settled in the yuan and ruble. "The recent decline and volatility in the Chinese Yuan, the Russian Ruble, and to a lesser extent the Argentine Peso, will only add further challenges to the idea of de-dollarization," Zain Vawda, market analyst at DailyFX, said.

Persons: Slumps, Vladimir Putin, Yuan, Zain, Vawda, Paul Krugman, Larry Summers, It's Organizations: Service, Argentine, International Monetary Fund Locations: Argentine, Ukraine, Wall, Silicon, Argentina, Moscow, Beijing, Russian, China

☆ The biggest threat to the dollar is the US itself, top economist Benn Steil warns
▼ + stars: | 2023-08-20 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

But the US itself poses the biggest threat to the buck's dominance, according to Benn Steil. Debt-ceiling standoffs and “growing weaponization” could undermine the currency, he said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "The biggest threat to the dollar's dominance comes not from competitive alternatives, but from the US government itself," Steil, who's the director of international economics for the Council on Foreign Relations, wrote. "Just as the overuse of antibiotics fuels antimicrobial resistance, excessive use of sanctions prompts targeted countries, as well as potential targets, to reduce their engagement with the US financial system," Steil wrote.

Persons: Benn Steil ., Benn Steil, Biden, Fitch, heightening, Vladimir Putin, that's, Elon Musk, Steil Organizations: Service, Project Syndicate, Council, Foreign Relations, International Monetary Fund, European Union Locations: China, Russia, Wall, Silicon, US, Ukraine

☆ Argentina's Milei pitched dollarization 'models' in IMF meet - sources
▼ + stars: | 2023-08-18 | by ( Jorgelina Do Rosario | ) www.reuters.com time to read: +3 min

LONDON, Aug 18 (Reuters) - Argentina's surprise presidential front-runner, radical libertarian Javier Milei, pitched models of dollarizing the South American country's economy in a meeting with major lender the International Monetary Fund on Friday, two sources said. Milei, 52, outlined his economic proposals and told IMF representatives that his teams is working on "different models of dollarization," said two sources close to the candidate with direct knowledge of the meeting who asked not to be named. In the 80-minute meeting, he also told IMF officials that he does not intend to default to the fund or to bondholders, one of the sources added. The IMF was keen to learn further details on Milei's dollarization plans, one source said. IMF officials included the director of the Fund's Western Hemisphere Department Rodrigo Valdes and deputy director Luis Cubeddu.

Persons: Javier Milei, Milei, Carlos Rodriguez, Roque Fernandez, Dario Epstein, Western Hemisphere Department Rodrigo Valdes, Luis Cubeddu, Milei's, Jorgelina, Juan Bustamante, Hugh Lawson, Adam Jourdan, Alistair Bell Organizations: International Monetary Fund, Peronist, U.S ., IMF, Western Hemisphere Department, Thomson Locations: Argentina, Rosario

A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. The Sunday primary vote saw outsider candidate Javier Milei, who has pledged to dollarize the economy and eventually scrap the central bank, win the largest share of the vote. Analyst Salvador Vitelli, however, said that despite the new measures a further devaluation was expected, even after the central bank pegged the official exchange rate at 350 pesos per dollar until the election. "The market does not seem to believe that they will be able to maintain the exchange rate until October," he said. Reporting by Walter Bianchi, Jorge Otaola and Lucinda Elliott; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Gustavo Ber, Javier Milei, Salvador Vitelli, Milei, Patricia Bullrich, Sergio Massa, Milei's dollarization, Peter West, Walter Bianchi, Jorge Otaola, Lucinda Elliott, Jamie Freed Organizations: Argentine, REUTERS, Reuters Graphics Reuters, Peronist, Economy, Monetary Fund, Sovereign, Thomson Locations: BUENOS AIRES, MERV

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. The official FX rate will be fixed at 350 pesos per dollar until the October elections, the central bank said. The country's sovereign dollar bonds fell as much as 2 cents on the dollar, with the 2038 note leading the slide, according to MarketAxess data. Latin America's third-largest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, William Jackson, overvalued, Sunday's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Rodrigo Campos, Jorge Otaola, Medha Singh, Adam Jourdan, Bernadette Baum, John Stonestreet, Andrew Cawthorne Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Capital Economics, Investment, JPMorgan, Gross, Milei, Peronist, Economy, Analytica, Reuters Graphics Reuters, International Monetary Fund, IMF, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, MERV, Argentine, refinance, Washington, Rosario

☆ Argentina markets face election hangover after far-right primary bombshell
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: +2 min

Argentina's markets face an election hangover on Monday after a shock primary election win for far-right libertarian Javier Milei, who wants to axe the central bank and dollarize the economy, shook up the race towards general elections in October. The primary to elect party candidates acts as a dress rehearsal for the general election in two months time. Markets had hoped for a strong performance by more moderate candidates, who had a bad night. After a similar primary election shock result in 2019, bonds and the currency crashed and remain in distressed territory, with the peso now held in check by capital controls the government has been unable to unwind. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Javier Milei, Milei, Dante Sica, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado Organizations: Markets, Peronist Locations: Argentine

A general view of the facade of Banco de la Nacion Argentina (Bank of the Argentine Nation), in Buenos Aires, Argentina December 7, 2021. REUTERS/Agustin MarcarianBUENOS AIRES/LONDON, Aug 14 (Reuters) - Argentina's markets face an election hangover on Monday after a shock primary vote win for far-right libertarian Javier Milei - who wants to axe the central bank and dollarize the economy - shook up the race towards presidential elections in October. Rock-singing, wild-haired economist and lawmaker Milei far outperformed forecasts to win some 30% of the vote, the largest share with over 90% of ballots counted. Latin America's third-biggest economy has been grappling with a severe economic crisis with sky-high inflation and falling central bank reserves. A candidate needs 45% of the Oct. 22 vote to win outright or 40% and a 10-point lead over second place.

Persons: Agustin Marcarian, Javier Milei, Milei, Diego Pereira, Milei's, Goldman Sachs, Patricia Bullrich, Sergio Massa, Ricardo Delgado, Eliana Raszewski, Jorge Otaola, Adam Jourdan, Stephen Coates, Bernadette Baum Organizations: de la Nacion Argentina, Bank of, Argentine, REUTERS, LONDON, Investment, JPMorgan, Reuters Graphics Reuters, Gross, Peronist, Economy, Analytica, International Monetary Fund, Qatar, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, U.S, Argentine, refinance, Washington, Rosario

☆ Warren Buffett waves off Fitch's cut to America's credit rating - and says he's buying Treasuries as normal
▼ + stars: | 2023-08-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Warren Buffett isn't stressing about Fitch's cut to America's credit rating this week. Berkshire Hathaway continues to buy $10 billion of US Treasuries every Monday, he told CNBC. Buffett said the US dollar's status as the world's reserve currency remains intact. He added that the only question is whether Berkshire will buy $10 billion of 3-month or 6-month Treasuries next Monday. Fitch's rating cut spooked investors this week, as it signaled reduced confidence in the safety of US government debt.

Persons: Warren Buffett, Berkshire Hathaway, Buffett, CNBC's Becky Quick, Berkshire's, He's Organizations: Berkshire, CNBC, Service, AAA, AA, Fed Locations: US, Wall, Silicon, Berkshire

☆ Most of what we've heard about the yuan dethroning the dollar is from the West. Here's what China's actually said about it.
▼ + stars: | 2023-07-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

China wants the yuan to play a bigger global role but hasn't called for it to replace the dollar. China wants to make the yuan the global currency," The Washington Post reported in May. Meanwhile, the Chinese currency is in fourth place, after the Japanese yen. In April this year, Xi again raised China's goal of yuan internationalization in Qiushi magazine, a Chinese Communist Party journal. In Qiushi, Xi said that China was committed to promoting yuan internationalization "in an orderly manner."

Persons: Xi Jinping, Niall Ferguson, hasn't, dollarization, China's, Rory Green, Xi, SWIFT, Liqing Zhang, Zhang Organizations: Service, NPR, Washington Post, Stanford, CNBC, European Central Bank, Communist, TS Lombard, Communist Party, Green, Central Bank of, Media, Communist Party's, Daily, Chinese Communist Party, Securities Times, Central University of Finance, Economics Locations: China, Wall, Silicon, Beijing, Russia, London, Xinhua

☆ Argentina should ditch the peso in favor of a 'hard dollar regime' to get inflation under control, think tank says
▼ + stars: | 2023-07-28 | by ( Jason Ma | ) www.businessinsider.com time to read: +3 min

Argentina should adopt the US dollar to get inflation under control, the Cato Institute said. "This type of hard dollar regime is exactly what Argentina needs now." This type of hard dollar regime is exactly what Argentina needs now," Cato researchers wrote in a paper published on Thursday. A top presidential candidate has proposed switching to the dollar as a way to tame inflation, which is soaring more than 100%. Other countries use the dollar as their primary currency or alongside a local currency, including some in Latin America.

Persons: Cato, Steve Hanke, Argentina's, Hanke, dollarization Organizations: Cato Institute, Service, Argentine, International Monetary Fund, Johns Hopkins University Locations: Argentina, Wall, Silicon, Latin America

☆ Ecudor crisis: How gang warfare jumped from Ecuador's prisons to the open street
▼ + stars: | 2023-07-26 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +7 min

CNN —Frantic purchases of ammunition, the daylight assassination of a mayor, and a growing body count inside Ecuador’s prisons signal that the country’s roiling security crisis is going from bad to worse. Violence has been most pronounced on Ecuador’s Pacific coast as criminal groups battle to control and distribute narcotics, primarily cocaine. The country has also lost control of its prisons, which are often ruled by the criminal gangs. Ecuador's President Guillermo Lasso speaks during a meeting in the Carondelet Palace in Quito on November 10, 2021. The crisis has also affected the security and justice system with allegations of corruption swirling around some in courts and police.

Persons: Agustin Intriago, Ariana Chancay, Agustin Intriago's, Dolores Ochoa, Guillermo Lasso, Vicente Gaibor del Pino, Coronel Mario Pazmiño, CRISTINA VEGA RHOR, Lasso, ” Lasso, ”, Fausto Salinas, Luisa Gonzalez, Otto Sonnenholzner, Yaku Perez Organizations: CNN, Manta, Security, Authorities, Reuters, Ecuadorian Army, Getty, Public Security Council, Ecuadorian Locations: Ecuador’s, Guayaquil, Manta, Ecuador, South America, North America, Europe, Peru, Colombia, America, Bolivia, Carondelet, Quito, AFP, Manabi

☆ 3 reasons countries around the world want to break up with the dollar
▼ + stars: | 2023-07-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +6 min

The US dollar has been the world's reserve currency for decades, but its dominance is fading. US monetary policies, the strong USD, and structural shift in the global oil trade also contribute. Here are three other reasons countries around the world are attempting to line up plans to possibly move away from a dollar-dominated world. The arrangement was formalized in 1945 when the oil-giant country Saudi Arabia and the US reached a historic deal wherein Saudi Arabia would sell its oil to America only using the greenback. In return, Saudi Arabia would reinvest excess dollar reserves into US treasuries and companies.

Persons: Valéry Giscard d'Estaing, —, Narendra Modi's, Luiz Inácio Lula da Silva, It's, Donald Trump, wasn't, Joe Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Sarah Miller Organizations: Service, International Monetary Fund, Wilson, Reserve Bank of, Indian, Reuters, Allianz, Global, US, Washington Post, Energy Intelligence Locations: Russia, Wall, Silicon, Western, Ukraine, Washington, Brazil, Argentina, Bangladesh, India, France, Reserve Bank of India, China, South Africa, Saudi Arabia, America, Saudi

☆ De-dollarization risks aren't priced in despite rising US dysfunction and tension with China, JPMorgan says
▼ + stars: | 2023-07-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

De-dollarization risks aren't priced in despite rising US dysfunction and tension with China, JPMorgan said. Investors should go underweight on the dollar, as well as US markets, bonds, and financial equities, analysts said. But that also points to the risks that are not yet reflected in financial markets. Meanwhile, economic and political instability within the US will also factor into the credibility of the dollar, JPMorgan added. While "rapid and deep" de-dollarization is unlikely in the next decade, investors should expect partial de-dollarization, with the yuan rising among Chinese partners, strategists predicted.

Organizations: JPMorgan, Service, CBO Locations: China, Wall, Silicon, Beijing, Washington

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