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☆ Paraguay election result calms fear of another Taiwan ally falling (for now)
▼ + stars: | 2023-05-01 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

ASUNCION, May 1 (Reuters) - News of Santiago Pena's election victory in Paraguay will be cheered by officials in Taiwan, which faces an uphill battle against China's economic muscle to keep its remaining 13 allies worldwide, including its last in South America. "This is a relief to Taipei," a senior European diplomat told Reuters in Asuncion asking not to be named. Taiwan's embassy in Paraguay congratulated Pena for winning the election and said it would continue to work on the two countries' "fruitful relationship". Pena's victory - and a strong performance in congressional elections by the ruling conservatives - has dampened hopes of a swift foreign policy shift, Galli said. Rubén Ramírez, a former foreign minister for Paraguay told Reuters that discussions over the Taiwan relationship must remain a priority when the new government is sworn in.

ASUNCION, April 30 (Reuters) - Paraguayans are readying to head to the polls on Sunday in what could be the biggest electoral challenge to the ruling conservative Colorado Party in over a decade and with the country's near 70-year ties with Taiwan potentially at stake. In the streets and news debates, the political build-up has been dominated by the economy, corruption allegations and the candidates' views on Taiwan. Paraguay is one of only 13 nations to maintain formal diplomatic ties with the democratically-governed island that China claims as its own. Pena has said he would maintain ties with Taiwan. In final campaign events, Alegre took aim at corruption charges that have dogged Colorado Party leader Horacio Cartes, who was sanctioned by the U.S. Treasury this year.

☆ Paraguay's women battle to break political glass ceiling
▼ + stars: | 2023-04-29 | by ( Lucinda Elliott | ) www.reuters.com time to read: +4 min

But there are signs of change, with seven female candidates out of 26 this time around. Nunez is the vice presidential candidate for the main opposition coalition, hoping to unseat the ruling Colorado Party. The more right-wing Colorado party has also approved gender parity plans for the cabinet, though two men are on its ticket. Some women are worried that may work against female candidates, who often contend with having less political apparatus and campaign funding. "By insisting on gender parity, it opens up the debate further," Martinez said.

The ruling Colorado Party has dominated Paraguayan politics for the last three-quarters of a century, in power for all but five years. "We never talked about politics before, because a win for the Colorado Party was a done deal," 40-year-old bank worker Gustavo Vera told Reuters in the capital. "There's more corruption in Paraguay than work... All I know is we have to work much harder to make ends meet." The U.S. Treasury earlier this year imposed sanctions on party chief Horacio Cartes and Vice President Hugo Velazquez, citing "rampant corruption." Alegre, on his third presidential campaign, has pulled together a broad alliance of independent parties to challenge the powerful Colorado political machine.

☆ Peruvian gas firm doubles up as pre-Hispanic tomb-finder
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

While installing gas pipes under roads and buildings, gas distributor Calidda has unearthed some 1,700 archaeological remains, including mummies, textiles and ceramics dating back hundreds or thousands of years. On Wednesday, the firm unearthed a 600-year-old funeral bundle with the remains of an ancient settler, found during excavations in a neighborhood of capital Lima. "By building out the gas distribution network, we have excavated almost all the streets of Lima," she told Reuters. Finding ruins and remains in construction sites is common in Peru, home to dozens of pre-Hispanic cultures along the coast and in the Andes. Metropolitan Lima, with some 10 million inhabitants, has some 400 'huacas' or archaeological ruins.

☆ Argentina hikes interest rate 1,000 bps after peso slide -sources, traders
▼ + stars: | 2023-04-27 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

With Argentina's inflation rate running at more than 100%, the country's central bank had already hiked the rate last week by 300 basis points to 81% in an effort to get it under control. "A rise of 1,000 basis points is expected and the Leliq (rate) will go up to 91%," one bank source told Reuters, adding: "Today the BCRA (central bank) shakes up the rate." A second source, an adviser at the central bank who asked not to be named, said its board had agreed to hike the rate to 91%. A higher interest rate offers more incentives to savers to keep their funds in pesos, strengthening the local currency, but weighs on borrowing and economic growth. The peso currency is also quickly losing value against the dollar.

But Pena, who has powerful party backing, is able to keep a cool head amid the tumult, his supporters say. "I think what characterizes him is that he has infinite tranquility," said Lea Gimenez, who served as Pena's deputy when he was finance minister and was later finance minister herself. Opinion polls suggest either Pena or center-left opposition leader Efrain Alegre could triumph and most analysts predict a close race. "He matured very quickly, being a young father... he became an adult very quickly," a former colleague told Reuters. He became finance minister in 2015.

☆ Argentina vows to battle peso slide towards 500 per dollar in black market
▼ + stars: | 2023-04-25 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

The peso hit 495 against the dollar on Tuesday in informal markets that have flourished as the official foreign exchange market is under tight controls. That is down from 400 pesos per dollar just over a week ago and compares to the official spot rate of around 221. The official peso, which is in a controlled, sliding peg to the dollar, has fallen 20% so far this year. The gap between the black and official rates of some 122% is the widest since July. Last week, Argentina's central bank raised its benchmark interest rate by 300 basis points to 81% after inflation soared past expectations in March to 7.7%, the fastest monthly increase in two decades.

☆ Argentina's lithium pipeline promises 'white gold' boom as Chile tightens control
▼ + stars: | 2023-04-24 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

Neighboring Chile, the region's top lithium producer, last week unveiled plans for a state-led public-private model, spooking investors. Bolivia has long maintained strict control over its huge though largely untapped resources, while Mexico nationalized its lithium deposits last year. The country has six lithium projects under construction and 15 in the advanced exploration or feasibility stage, Mignacco said. "Argentina's lithium sector has thrived through a decentralized, pro-market strategy," said Benjamin Gedan, director of the Latin America program at The Wilson Center, adding in contrast Bolivia's lithium sector had "repeatedly stalled as a result of excessive state control." "Chile today produces and exports much more lithium than Argentina," said Natacha Izquierdo, analyst at consultancy ABCEB.

☆ Taiwan or China? Paraguay's dilemma puts election race in the spotlight
▼ + stars: | 2023-04-24 | by ( Lucindaalice Elliott | Daniela Desantis | ) www.reuters.com time to read: +5 min

[1/2] Paraguayan presidential candidate Santiago Pena from ruling Colorado Party, attends his campaign rally, in Asuncion, Paraguay April 18, 2023. REUTERS/Cesar OlmedoASUNCION, April 24 (Reuters) - From Paraguayan capital Asuncion to Taipei and Washington, diplomats, officials - and farmers - are closely watching a tight election race that could determine Paraguay's future ties with Taiwan. "How can I deny a relationship that is beneficial for all Paraguayans, a people that need development, need investment, need industry?" China has long argued that democratically-ruled Taiwan is part of its own territory with no right to state-to-state ties, a position Taipei strongly rejects. 'WHEN, NOT IF'Among diplomatic circles in Asuncion there is a sense a switch is inevitable - regardless of the election outcome.

SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. SQM has a larger footprint in Chile, with 81,000 hectares (about 200,000 acres) for lithium extraction compared with Albemarle's 16,000 hectares. Argentine state energy firm YPF last year began exploring lithium, while Bolivia has long maintained strict control over its huge though largely untapped resources. Mexico's President Andres Manuel Lopez Obrador and Bolivia's Luis Arce have touted the idea of a regional lithium "OPEC" to coordinate on lithium policy and benefit local economies.

The move would see Chile, the world's second largest lithium producer, shift to a model with the state holding a controlling interest in all new lithium projects through a public company that would partner with private mining firms. Mexico nationalized its lithium deposits last year, and Indonesia banned exports of nickel ore, a key battery material, in 2020. In early trading on Friday, Chilean firm SQM's U.S.-listed shares slid 6.2%, while Albemarle was down 2.5%. SQM's lithium contract in Chile is set to expire in 2030 and Albemarle's in 2043, giving it more insulation from the potential move. Mining shares in London fell sharply too.

BUENOS AIRES, April 20 (Reuters) - Argentina's central bank hiked the benchmark interest rate a sharper-than-expected 300 basis points on Thursday after inflation soared past expectations in March to hit 104% on an annual basis, the monetary authority said in a statement. The bank hiked the benchmark rate 300 basis points in March, the first raise since September at the end of a vicious tightening cycle through most of 2022. The bank had wanted to cut rates this year on hopes inflation would cool. Reuters reported earlier this month that central bank board members were discussing another interest rate hike to rein in one of the world's highest inflation rates. A central bank poll forecasts inflation will end this year at 110%, while J.P. Morgan estimates it could hit 130%.

☆ Exclusive: Paraguay opposition leader plans state 'austerity' vs tax hikes on farmers
▼ + stars: | 2023-04-18 | by ( Daniela Desantis | ) www.reuters.com time to read: +2 min

Soy exports currently face no levies, boosting competitiveness, but the country's diplomatic ties with Taiwan have closed doors to China. Peña, the ruling party candidate, has said publicly he wants to crack down on tax evasion and have more people working in the formal economy. Alegre has criticized Paraguay's current diplomatic relations with Taiwan going back over 60 years, which have made it hard to sell soy and beef to China, a major global buyer. "We are going to solve this based on national interests and of course also based on our alliances in international politics. The current relationship is insufficient, we have a critical position to what we have today," he said.

[1/6] An Aedes aegypti mosquito is seen under a magnifying glass at the CNEA (National Atomic Energy Commission), in Ezeiza, in the outskirts of Buenos Aires, Argentina April 12, 2023. REUTERS/Agustin Marcarian TPX IMAGES OF THE DAYBUENOS AIRES, April 17 (Reuters) - Argentine, fighting one of its worst outbreaks of dengue in recent years, is sterilizing mosquitoes using radiation that alters their DNA before releasing them into the wild. Their population keeps on moving further south," said National Atomic Energy Commission (CNEA) biologist Marianela Garcia Alba. They expect to release the first batch of sterilized males in November. Similar techniques to sterilize pests using the same radiation found in X-rays have been utilised for decades, helping global efforts to control diseases such as chikungunya, dengue and Zika.

☆ Argentina cenbank mulls another rate hike to tame 100% inflation - adviser, analysts
▼ + stars: | 2023-04-12 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

BUENOS AIRES, April 12 (Reuters) - Argentina central bank board have been discussing the idea of another potential interest rate hike from the current 78% level, an adviser to the bank said on Wednesday, with analysts anticipating a 200-basis-point raise to contend with annual inflation running at over 100%. "The possibility of a new rate rise has been raised, but it is not yet defined," an advisor to the central bank told Reuters, asking not to be named as the discussions were private. A central bank spokesman declined to comment. Analysts, however, unanimously agreed another hike was likely, with monthly inflation for March expected to have accelerated to above 7%, the fastest since July last year. He agreed the rate would likely rise to 80%.

BUENOS AIRES, April 10 (Reuters) - Argentina has patched up its wobbly economy with a so-called "soy dollar" preferential exchange rate to boost grains exports and bring in much-needed foreign currency, which analysts said would give the government breathing room, at least temporarily. "The 'farm dollar' will not create extra foreign currency, but at least will accelerate it coming in and so provide temporary relief," said economist Gustavo Ber, adding that foreign currency reserves had hit "critical levels." Reuters Graphics Reuters GraphicsThe so-called "soy dollar" was used twice last year and did help create a boost in exports, at least in the short-term helping ease availability of foreign currency. "This new measure aims to buy two months, which in the current context is not insignificant," Geretto told Reuters. Reporting by Walter Bianchi and Anna-Catherine Brigida; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Argentina - a serial defaulter which has long battled high inflation, currency weakness and indebtedness - struck a $57 billion deal with the IMF in 2018 to try and fix its economic woes. Those reviews of how Argentina is doing against its economic targets are linked to scheduled disbursements of funds. Failure to meet the targets could stall the program or force the IMF to adjust the targets further. The IMF net reserve targets are the amount Argentina needs to accumulate over time above a baseline of $2.277 billion at the end of 2021. "That will make it hard to meet the IMF's (downwardly revised) FX reserve target and increases the risk of a disorderly devaluation."

The Chinese Embassy in Washington called self-ruled Taiwan "an inalienable part of China" and said the one-China principle was an "overwhelming trend" internationally. When Taiwan temporarily averted a split with Honduras after President Xiomara Castro took office in January 2022, U.S. State Department officials remained wary. The Biden administration is also keeping a close eye on tiny Belize for any cracks in its Taiwan relationship. Two U.S. officials said Washington was putting less stock in Taiwan maintaining its diplomatic allies in favor of efforts to increase its participation in international organizations. While denied a seat in the United Nations, Taiwan is a member of the WTO and the Asia-Pacific Economic Cooperation forum.

BUENOS AIRES, March 31 (Reuters) - The International Monetary Fund (IMF) approved Argentina's fourth review under its $44 billion loan program on Friday, unlocking the disbursement of $5.4 billion to the indebted country, the lender said in a short statement. The country's central bank foreign reserves jumped by $2.5 billion on Friday versus a day earlier, data from the bank showed. That reflected the new IMF funds minus $2.7 billion of repayments Argentina had to make to the lender on Friday. A central bank source told Reuters the funds had arrived and been reflected in reserve levels. Reporting by Jorge Otaola, Rodrigo Campos and Jorgelina do Rosario; Writing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

[1/6] Jorge Pedro Armoa, 67, works with metal in one of his three jobs to beat Argentina's over 100% inflation rate, in 9 de Abril, in the outskirts of Buenos Aires, Argentina March 21, 2023. REUTERS/Tomas CuestaBUENOS AIRES, March 30 (Reuters) - As Argentina's over 100% inflation rate saps earning power and outstrips wages, Jorge Pedro Armoa, 67, has found a painful solution: juggling three jobs as a metal worker, soccer coach and part-time salesman of medical creams, flip flops and honey. So sometimes it's not enough," said Armoa, a metal mold factory worker who is the technical director of a local soccer team and funds his own small business. Armoa, even with his three salaries and income from his wife, a teaching assistant, often struggles to get by. "You have to put a positive face on things, good energy and think that tomorrow things will be better."

The Vatican on Thursday said Pope Francis' health was improving and that he has resumed working while treatment continues. In the Flores neighborhood, many people reminisced about the pope, who has not been back to his homeland in the decade since he was chosen as pontiff. In the Buenos Aires Cathedral on Thursday morning, prayers were held for Pope Francis too, though his illness was cast as a just a "slight halt." Back in the neighborhood of Flores, 50-year-old housewife Marcela Borda said everyone was praying for his "speedy recovery". "It's good to pray for him, to ask for the strength he always had, and health, health for him and for everyone.

☆ In Paraguay, calls for change test Colorado Party's political machine
▼ + stars: | 2023-03-28 | by ( Daniela Desantis | ) www.reuters.com time to read: +3 min

ASUNCION, March 28 (Reuters) - Paraguay's ruling Colorado Party - a conservative political machine that has dominated government in Asuncion for some eight decades - could be facing a major challenge at the ballot box next month. Many voters say they feel it is time for something new. Pena may also be impacted by a U.S.-led graft probe into Horacio Cartes, a former Colorado president who led the country from 2013 to 2018. However, the Colorado party retains a powerful election campaign machine and supporter base that goes back generations. Adelina Caceres, director of a public school in the town of Guarambare, on the outskirts of the capital, said she supported the Colorado party mainly because "her grandfather had been Colorado," and despite being often frustrated by them.

☆ Argentina orders public sector to give up dollar bonds in debt shake-up
▼ + stars: | 2023-03-23 | by ( Eliana Raszewski | ) www.reuters.com time to read: +4 min

REUTERS/Agustin Marcarian/File PhotoBUENOS AIRES, March 23 (Reuters) - Argentina ordered public sector bodies on Thursday to sell or exchange their holdings of 11 sovereign dollar bonds in a bid to reorganize its debt as inflation soared above 100% and its foreign reserves dropped. A presidential decree in Argentina's official gazette said public sector bodies would have to sell or auction five local law dollar bonds maturing between 2029 and 2041, and to swap six foreign law dollar bonds for peso debt. The order makes official plans announced earlier in the week, which had dragged down the value of Argentina's sovereign bonds. These are already in distressed debt territory after a ninth sovereign default and a major debt restructuring in 2020. Public sector bodies will have to sell the local law dollar bonds and exchange foreign law dollar bonds maturing between 2029 and 2046 for debt payable in pesos issued by the Treasury.

[1/3] A customer counts money before paying at a butcher shop, as inflation in Argentina hits its highest level in years, causing food prices to spiral, in Buenos Aires, Argentina September 13, 2022. REUTERS/Agustin MarcarianSAN FERNANDO, Argentina, March 14 (Reuters) - Argentina's annual inflation rate tore past 100% in February, the country's statistics agency said on Tuesday, the first time it has hit triple figures since a period of hyperinflation in 1991, over three decades ago. In Argentina's markets, shops and homes, the impact of spiraling prices is being felt keenly as one of the highest inflation rates in the world stretches people's wallets. Patricia Quiroga, 50, said 100% inflation was impossible to bear as she waiting on line to do her shopping. "I am tired, tired, just tired of all this, of the politicians who fight while the people die of hunger," she told Reuters.

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