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☆ Buenos Aires opposition mayor Larreta set to join election race
▼ + stars: | 2023-02-22 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Feb 22 (Reuters) - Horacio Rodríguez Larreta, mayor of Argentine capital Buenos Aires, is set to announce his 2023 presidential election bid, a spokesman for the conservative opposition politician said on Wednesday, as a fragmented field of runners starts to emerge. Larreta, a 57-year-old economist who has led the city since 2015, will seek to represent the main Together for Change opposition coalition, where he faces likely internal competition from former Minister of Security Patricia Bullrich. The conservative coalition internal race will likely see Larreta take on Bullrich who has long signaled she will be a candidate, as well as former Buenos Aires provincial governor Maria Eugenia Vidal and politician Elisa Carrió. Argentine President Alberto Fernández has said he wants to seek re-election, while powerful former president and current Vice President Cristina Fernández de Kirchner ruled out being a candidate late last year, though could pull off a surprise. Reporting by Jorge Otaola; Writing by Maximilian Heath; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

BUENOS AIRES, Feb 14 (Reuters) - Argentines are increasingly feeling the impact of one of the world's highest inflation rates, with annual price rises nearing 100%, straining people's budgets as the cost of food, gas and services far outstrips salaries. The South American country, which has grappled with high inflation for years, is set to announce January data on Tuesday, with monthly inflation expected to accelerate to around 6% and the 12-month figure nearing three digits. "The truth is that I live day to day, I look for low prices, I go to markets. Argentines are fed up with inflation and many blame poor economic management and money printing by the government. Brian Muliane, a 33-year-old chiropractor, said that between inflation and taxes his business struggled to survive.

☆ Argentina likely to see inflation tick up this year -analysts
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

The bank's latest REM survey compares to a December forecast of a 98.4% inflation rate by the end of this year. The government of embattled President Alberto Fernandez sees creeping annual inflation for 2023 significantly lower, at just 60%, according to a budget projection. The survey's inflation forecast sees some relief by 2024, however, with prices rising by 79.6%, but up from its previous estimate of 75%. The analysts surveyed expect January's inflation rate to come in at 5.6%. The monthly rise in prices last December stood at 5.1%, according to the official IPC price index.

On the final leg of his South American tour, Scholz on Monday became the first foreign leader to visit Lula since his inauguration. But he grew stony-faced as his fellow leftist leader expounded his views on the Ukraine war. Lula also said Brazil would not provide ammunition to Ukraine for German-made Gepard anti-aircraft guns, as reportedly requested by Germany. In both countries, Scholz visited memorials to the victims of their military dictatorships that he said underscored the need to fight for democracy and freedom. In Brasilia, he expressed his full solidarity for Lula and Brazil at large after Bolsonaro supporters earlier this month stormed government buildings.

☆ In Peru, protesters were tear-gassed after president called for truce
▼ + stars: | 2023-01-25 | by ( Associated Press | ) www.nbcnews.com time to read: +6 min

LIMA, Peru — Thousands of protesters took to the streets of Peru’s capital and were met with volleys of tear gas and pellets amid clashes with security forces just hours after President Dina Boluarte called for a “truce” in almost two months of protests. “We can’t have a truce when she doesn’t tell the truth,” Blanca España Mesa, 48, said of Peru’s president. Even though her eyes were watering from the tear gas, España Mesa said she was “happy because a lot of people came today. On Tuesday, police fired round after round of tear gas as they blocked the passage of protesters, who seemed more organized than before. “Peru has managed to fly under the radar,” said Marina Navarro, executive director of Amnesty International Peru.

☆ Argentina and Brazil are discussing plans for a common currency — analysts can scarcely believe it
▼ + stars: | 2023-01-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina President Alberto Fernandez (R) and Brazil President Luiz Inacio Lula da Silva (L) greet each other after signing a series of agreements during a news conference in Buenos Aires. Argentina and Brazil, the two largest economies in South America, are in early talks to create a common currency, as part of a coordinated bid to reduce reliance on the U.S. dollar. Speaking on his first international visit since taking office, Lula said that the currency would initially be designed for trade and transactions between Brazil and Argentina. Brazil's Finance Minister Fernando Haddad said that the adoption of a common currency was not designed to replace the Brazilian real and the Argentine peso. "Developing and implementing a common South American currency is, therefore, pie in the sky."

☆ Explainer: What Brazil and Argentina's 'currency union' really means
▼ + stars: | 2023-01-23 | by ( Marcela Ayres | ) www.reuters.com time to read: +3 min

BRASILIA, Jan 23 (Reuters) - Brazil and Argentina sparked some excitement on Sunday over the possibility of a potential "currency union", though the two countries are unlikely to ditch the real or peso any time soon. That sparked off chatter about a European Union-style zonal currency for South America, though officials have since played that down and analysts say a full-on currency union is a distant prospect. Under the plan, the Brazilian real and Argentine peso would continue to exist, with the new tender targeted narrowly at trade. That is key for Argentina, which is grappling with low foreign currency reserves after years of debt crises. In 2019, former Brazilian President Jair Bolsonaro touted plans for a currency union, which also never materialized.

☆ Premarket stocks: ESG funds had a terrible year but traders kept investing anyway
▼ + stars: | 2023-01-23 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —ESG funds — investments that evaluate companies using environmental, social and governance factors — just survived a tumultuous 2022. That increased scrutiny also played into political differences around ESG investing and opened the door to vocal critics. Responsible investing funds also came up against mighty economic headwinds. These funds’ outsized investments in tech stocks and lack of energy stocks (which was the only positive sector this past year), led to a noticeable losses for ESG funds in general last year. On a global scale, ESG funds also attracted positive investment flows even as money was pulled from broader funds, according to Refinitiv Lipper data provided exclusively to Before the Bell.

London CNN —The two biggest economies in South America are starting talks to create a common currency. At a press conference in Buenos Aires, he said establishing a common currency for trade would reduce reliance on the US dollar, whose sharp ascent last year was painful for countries around the world. Talk of creating a common currency has periodically cropped up since its founding in 1991. Still, investors are doubtful efforts to create a common currency in the region will gain much traction. “Brazil and Argentina are a long way away from the convergence in economic policy and performance required to launch [a] monetary union,” he said.

☆ A South American currency union? Don't hold your breath
▼ + stars: | 2023-01-23 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

That came after the leaders had touted a "common South American currency" on Sunday and officials told the Financial Times the tender could even be called the "sur" and eventually look to bring in other countries around South America. "It has failed to achieve simpler integration goals than that of a common currency." He called the idea of a currency union a "fantasy." Currency union talk was just a distraction, she said. Todd Martinez, a director at Fitch Ratings' sovereigns group focused on Latin America, said the two countries appeared to be unlikely partners to form a successful currency union, given their diverging economies.

☆ Brazil, Argentina to encourage trade, says Haddad; plays down common currency
▼ + stars: | 2023-01-23 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

His remarks came after Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez published a joint article saying their aim for greater economic integration included studies of a common South American currency. Haddad, who floated such a possibility in an article last year, said removing trade barriers between the two largest economies in South America could involve using a single currency for commerce, given a lack of U.S. dollars in Argentina. "Trade is really bad and the problem is precisely the foreign currency, right? Haddad noted Argentina was an important buyer of Brazilian industrial goods and that "several possibilities" were being floated to circumvent its currency problems, though no decision had been made. The Financial Times had previously reported, citing Argentina's Economy Minister Sergio Massa, that the neighboring nations would announce this week they were starting preparatory work on a common currency.

☆ Brazil and Argentina to discuss common currency
▼ + stars: | 2023-01-22 | by ( Lisandra Paraguassu | ) www.reuters.com time to read: +2 min

BUENOS AIRES, Jan 22 (Reuters) - Brazil and Argentina aim for greater economic integration, including the development of a common currency, Brazilian President Luiz Inacio Lula da Silva and Argentine leader Alberto Fernandez said in a joint article they penned. "We also decided to advance discussions on a common South American currency that can be used for both financial and commercial flows, reducing costs operations and our external vulnerability," the article said. Earlier in the day, the Financial Times reported the neighboring nations will announce this week that they are starting preparatory work on a common currency. . . a decision to start studying the parameters needed for a common currency, which includes everything from fiscal issues to the size of the economy and the role of central banks,” Argentina’s economy minister Sergio Massa told the Financial Times. Reporting by Lisandra Paraguassu; Additional reporting by Jyoti Narayan in Bengaluru; Editing by Tomasz Janowski and Diane CraftOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina and China formalize currency swap deal
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 8 (Reuters) - Argentina and China have formalized the expansion of a currency swap deal, allowing the South American country to increase its depleted foreign currency reserves, the Argentine central bank said on Sunday. President Alberto Fernandez announced the deal in November last year and said at the time it was worth $5 billion. China is Argentina's second biggest trade partner, after Brazil, and the second most important destination for Argentine exports. "The swap comprises the exchange of currency for reinforcement of international reserves of 130 billion yuan and a special activation of 35 billion yuan to compensate operations on the foreign exchange market," the statement said. Reporting by Jorge Otaola; Writing by Maximilian Heath and Julia Symmes Cobb; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Global leaders condemn assault on Brazilian government buildings
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +7 min

Brazil's democratic institutions have our full support and the will of the Brazilian people must not be undermined. Using violence to attack democratic institutions is always unacceptable. BOLIVIAN PRESIDENT LUIS ARCE"We strongly condemn the assault on the Brazilian Congress, Palace and Supreme Court by anti-democratic groups. A return to normality is urgently needed and we express solidarity with Brazilian institutions. We categorically condemn the assault on the Brazilian Congress and make a call for the immediate return to democratic normality."

☆ Argentina president seeks to impeach Supreme Court chief after clash
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Jan 3 (Reuters) - Argentine President Alberto Fernandez on Tuesday said he would seek to impeach the head of the Supreme Court, after the two powers recently clashed over a court decision to award more state funds to the city of Buenos Aires. Fernandez said in a statement that he had signed, along with various provincial governors, a request for the impeachment of Supreme Court President Horacio Rosatti as well as other members of the top court, escalating a fight with the judiciary. Fernandez had rejected a Supreme Court ruling in December to give a larger proportion of state funds to the opposition-controlled city of Buenos Aires, before backtracking and saying that he would comply with the ruling he called "unfair". Reuters could not immediately reach the Supreme Court or Rosatti for comment. Fernandez called on his Frente de Todos coalition to support his plan to start the impeachment process in Congress.

☆ Argentina president to comply with "unfair" court ruling on Buenos Aires funding
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Dec 26 (Reuters) - Argentina's president Alberto Fernandez said Monday his government would abide by a recent Supreme Court ruling and give a larger proportion of state funds to the opposition-controlled city of Buenos Aires. The announcement signaled a reversal from a decision last week that drew a backlash, when Fernandez said he was rejecting a ruling from the court that increased funding to the capital. "Judicial rulings are binding even when they are deemed to be disadvantageous and unfair," Fernandez said on Twitter, clarifying that the funds will be paid in peso-denominated bonds. In a ruling last Wednesday, the Supreme Court ruled that the capital city should return to receiving 2.95% of federal funds, which it received before the national government cut the percentage in 2020 to 1.4%. Reporting by Nicolas Misculin; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Argentina president rejects Supreme Court ruling, sparking backlash
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

Fernandez, who has seen his popularity slide and whose ruling coalition was badly defeated in midterm congressional elections last year, said that the state would "challenge the members of the Supreme Court" and seek to have the ruling revoked. His remarks sparked off a backlash on both sides, some agreeing with the president that the ruling was unjustified and others saying the rejection of a Supreme Court decision set a dangerous precedent and undermined the justice system. "The president decided to break the constitutional order, completely violate the rule of law and attack democracy," said Buenos Aires city mayor Horacio Rodríguez Larreta, who is seen as a potential 2023 presidential candidate. "This measure is, under current conditions, impossible to comply with," said Buenos Aires province Governor Axel Kicillof. "There are already 18 governors who denounce the partisan decision of the Supreme Court to benefit the head of the city government against all the provinces."

☆ Latin America's 'pink tide' may have hit its high-water mark
▼ + stars: | 2022-12-22 | by ( Brad Haynes | ) www.reuters.com time to read: +4 min

REUTERS/Alessandro Cinque/File PhotoDec 22 (Reuters) - Dramatic elections in Brazil, Chile and Colombia brought leftist governments into power across much of Latin America in 2022, capping the region's second "pink tide" in two decades. Chilean President Gabriel Boric, 36, took office in March as his country's most progressive leader in half a century and its youngest ever. Brazilian President-elect Luiz Inacio Lula da Silva, 77, who narrowly beat incumbent Jair Bolsonaro in October, is a holdover from the region's first pink tide, when a commodity boom helped him finish his 2003-2010 presidency with record approval. WHAT IT MEANS FOR 2023The region's new pink tide has a distinct green tint, as progressive movements have embraced the fight against climate change. Castillo, ousted about a year and a half after his election, may not be the only leftist leader to face difficult times.

☆ Argentina’s World Cup heroes airlifted in helicopters as street party overflows
▼ + stars: | 2022-12-21 | by ( ) www.nbcnews.com time to read: +2 min

“It’s crazy, it’s incredible, it’s the best thing that can happen to you in life,” said 25-year-old metalworker Matias Gomez. People held up banners of Messi and late icon Diego Maradona, played instruments or climbed lamp-posts or bus stops. Roads started to clear after the players took to the sky in helicopters, with some people left disappointed not to see the team. The penalty shootout victory made the country world champions for the first time since Maradona hoisted the trophy in 1986 and the third in total. “I celebrate how the people took to the streets to pay homage to our national team,” President Alberto Fernandez said in a post on Twitter.

"The World Cup is an immense joy that revives us after suffering economic crisis for so long," Victorica said. "But soon we will have to fall back into reality and face the situations that weigh us down every day." "The World Cup gives us hope and the desire to believe," said Osvaldo Hassan, a 62-year-old merchant in Buenos Aires. World Cup wins can give a small boost to a country's economy in the months following, an academic paper from Britain's University of Surrey found, helping raise exports. Reporting by Rodrigo Campos in New York and Belen Liotti in Buenos Aires; Writing by Adam Jourdan; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Thousands in Argentina welcome back triumphant World Cup winners, Messi
▼ + stars: | 2022-12-20 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

Thousands of fans lined up in the middle of the night to try to get a glimpse of the Argentina soccer team that won one of the greatest World Cup finals of all time ahead what is scheduled to be a day of celebrations in Buenos Aires. Throughout the trip, Messi held on the World Cup as players waved to fans and often sang along with them. Argentina's Lionel Messi holds the FIFA World Cup Trophy upon arrival at Ezeiza International Airport in Buenos Aires on Tuesday. As the plane got closer to Argentine soil, almost 200,000 people were tracking its path online and news channels gave live coverage of the arrival. In the afternoon, people started arriving at the airport and outside the AFA headquarters in hopes of getting a glimpse of the team.

☆ Peru's new president says she is open to early election talks
▼ + stars: | 2022-12-09 | by ( Marco Aquino | ) www.reuters.com time to read: +3 min

LIMA, Dec 9 (Reuters) - Peruvian President Dina Boluarte on Friday said she was willing to discuss early elections with the country's political and civil organizations, but ruled out kick-starting constitutional changes for the time being. Early morning footage on local television showed hundreds of farmers blocking a stretch of Peru's main coastal highway demanding early elections. Later on Friday, Boluarte said she had received a call expressing support from Argentina's President Alberto Fernandez. [1/9] Peru's President Dina Boluarte speaks during a ceremony to commemorate the Day of the Peruvian Army and the anniversary of the Battle of Ayacucho, in Lima, Peru December 9, 2022. On Friday afternoon, Peru's foreign ministry summoned the Mexican ambassador and said statements by the country's leaders relating to the matter constituted an "interference in Peru's internal affairs."

☆ Argentine Vice President Cristina Fernández convicted, sentenced in $1B fraud case
▼ + stars: | 2022-12-07 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

BUENOS AIRES, Argentina— Argentine Vice President Cristina Fernández was convicted and sentenced Tuesday to six years in prison and a lifetime ban from holding public office for a fraud scheme that embezzled $1 billion through public works projects during her presidency. It was the first time an Argentine vice president has been convicted of a crime while in office. Argentina’s dominant leader this century, she was accused of improperly granting public works contracts to a construction magnate closely tied to her family. The panel also sentenced Báez and her public works secretary, José López, to six years. Fernández remains the singular leader of the leftist faction of the Peronist movement.

☆ Argentina’s VP Fernández guilty in $1B fraud, gets 6 years
▼ + stars: | 2022-12-07 | by ( ) www.cnbc.com time to read: +2 min

A three-judge panel found the Peronist leader guilty of fraud, but rejected a charge of running a criminal organization, for which the sentence could have been 12 years in prison. It was the first time an Argentine vice president has been convicted of a crime while in office. Fernández lashed out at the verdict, describing herself as the victim of a "judicial mafia." Argentina's dominant leader this century, she was accused of improperly granting public works contracts to a construction magnate closely tied to her family. The panel also sentenced Báez and her public works secretary, José López, to six years.

☆ Uruguay's free-trade deal ambitions rattle South American trade bloc
▼ + stars: | 2022-12-06 | by ( Fabian Werner | ) www.reuters.com time to read: +2 min

At the meeting in the Uruguayan capital Montevideo, the leaders sought to pressure their host over plans for go-it-alone trade deals with China and the Trans-Pacific Partnership (TPP). "The solution is not for each one of us just to do our own thing," said Argentine President Alberto Fernandez, chiding Uruguay. One of the smallest economies in South America, Uruguay has been trying for years to conclude unilateral trade agreements that it considers more beneficial than Mercosur. Of course, if we go in a group it is much better," said Uruguayan President Luis Lacalle Pou. Paraguayan President Mario Abdo Benítez said Mercosur integration was "fundamental and strategic" but indicated flexibility on a demand Uruguay not move forward on trade deals without informing the others.

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