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☆ Argentine shoemakers and tailors buckle under 109% inflation
▼ + stars: | 2023-05-17 | by ( Horacio Soria | ) www.reuters.com time to read: +3 min

Argentina is battling one of the highest inflation rates in the world, with prices growing faster at any time since 1991, raising the specter of hyperinflation and full-blown economic crisis. What it meant for small businesses like his, he said, was supplier prices changing almost daily. The clothing and footwear sector experienced the highest monthly inflation of all categories in April at 10.8%, data from statistics agency INDEC show. In a clothing market in the capital, traders pointed to higher import prices, given volatile exchange rates. "I never used to fix clothes, but people fix clothes now because they cannot afford to buy them."

☆ Colombian children found alive in jungle weeks after plane crash
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

The children were rescued by members of the military, firefighters and civil aviation authority officials in the dense jungle of Colombia's Caqueta province. "After arduous searching by our military, we have found alive the four children who went missing after a plane crash in Guaviare. A joy for the country," Petro said in a message via Twitter. Three adults, including the pilot, died as a result of the crash and their bodies were found inside the plane. Rescuers, supported by search dogs, had previously found discarded fruit the children ate to survive, as well as improvised shelters made with jungle vegetation.

☆ Taco Bell is fighting to cancel a rival's trademark on the phrase 'Taco Tuesday,' saying nobody should have 'exclusive rights'
▼ + stars: | 2023-05-16 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Taco Bell is challenging trademarks on the phrase "Taco Tuesday" in a PR blitz. "Nobody should have should have exclusive rights in a common phrase," one of Taco Bell's petitions reads. Taco John's controls a trademark for "Taco Tuesday" in 49 states, according to Nation's Restaurant News. Taco John's website on Tuesday after it released its response to Taco Bell's petitions. "Taco John's, despite all of its claims to the contrary, did not invent Taco Tuesday — nowhere even close to inventing Taco Tuesday," Arellano told Marketplace.

☆ Colombia's ELN guerrilla group warns of peace talks 'crisis'
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, May 15 (Reuters) - Colombian leftwing guerrilla group the National Liberation Army (ELN) on Monday said peace talks with the government were in crisis due to comments made by President Gustavo Petro. Petro had questioned the unity of the group's leadership and ordered Colombia's military to target illicit activity such as drug trafficking that finance illegal armed groups. "The peace talks cannot be subject to the fluctuations in the public statements of the president," the ELN said in a statement. The government says the group finances itself through drug trafficking, illegal mining and kidnapping. Negotiations with the ELN under previous administrations faltered on the group's diffuse chain of command and dissent within its ranks.

☆ Argentina raises economic defenses against inflation 'onslaught'
▼ + stars: | 2023-05-15 | by ( Walter Bianchi | ) www.reuters.com time to read: +3 min

BUENOS AIRES, May 15 (Reuters) - Argentina's government is bolstering its economic defenses as it battles runaway inflation that hit 109% in April, fast draining central bank foreign currency reserves, a weakening peso and simmering market fears of a sharp-shock devaluation. The economy ministry announced a package of measures on Sunday including new interest rate hikes, more central bank intervention in currency markets and fast-tracked deals with creditors after inflation overshot all forecasts last week. Investment bank J.P. Morgan said an "onslaught of inflation" had forced the government to take "emergency measures". That's created a dilemma for the government: how to tame inflation and avoid a crash in the currency, while protecting the scarce foreign currency reserves in the bank. "If the BCRA (central bank) speeds up a devaluation, it will be adding more gasoline to the fire.

☆ Argentina's ruling Peronist party wins provincial elections
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

May 14 - Argentina's ruling Peronist party posted strong wins in elections Sunday, appearing to hold control over three provinces just months ahead of presidential elections in which support for the party is flagging. The results come as a relief to President Alberto Fernandez's ranks as economic unrest has shaken the party's hold over the country. Fernandez has said he is not seeking re-election, however a Peronist coalition is still aiming to hold onto power. Although the outcome is good news for the party, its fate in the presidential elections will likely be decided in more populous provinces, such as Buenos Aires, Cordoba, Santa Fe and Mendoza. Reporting by Maximilian Heath; Writing by Kylie Madry; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ The Los Angeles Opera, Post-Plácido Domingo
▼ + stars: | 2023-05-12 | by ( Adam Nagourney | ) www.nytimes.com time to read: +2 min

It survived the downturn without running a deficit, relying on salary reductions, a handful of layoffs, a $5 million five-year loan against the endowment, and federal aid. Domingo’s downfall stunned Los Angeles and its opera company, which had been so closely identified with the star tenor, who had been singing there since the 1960s and was instrumental in the creation of the company. It is difficult to say precisely whether attendance was affected by the departure of Domingo, given that the coronavirus shutdown followed so soon afterward. For many years his performances had drawn the biggest crowds, and his image was as integral to the company’s marketing as Gustavo Dudamel’s is for its neighbor, the Los Angeles Philharmonic. “It is unmistakably a loss because he’s such a titanic figure in the world,” Koelsch said.

☆ Washington is at an impasse on the debt ceiling. Here’s what that might mean for your portfolio
▼ + stars: | 2023-05-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Income-focused investors seeking yield and safety in Treasury bills are likely nervous as debt ceiling rhetoric heats up in Washington, but they should take a breather before they dump these assets. In the short-term Treasury market, investors are already showing some signs of anxiety. In that case, holders of short-term T-bills could see declines in their portfolio values as yields spike, he added. Review your holdings Now could be a good time to review your bond holdings, particularly the short-term T-bills that are seeing a big jump in yields. But the longer-term advice is to snap up longer-dated bonds to prepare for the day the Federal Reserve starts to dial back its tight monetary policy.

Persons: Joe Biden, Biden, Kevin McCarthy, Hakeem Jeffries, Janet Yellen, Yellen, Kathy Jones, Gustavo Schwenkler, Jones, Thomas McLoughlin, McLoughlin, Christine Benz, Jamie Hopkins, — CNBC's Michael Bloom Organizations: Treasury, Schwab Center, Financial Research, Santa Clara University Leavey School of Business, Federal Reserve, UBS, Morningstar, Carson Group Locations: Washington, D, U.S

☆ Premarket stocks: Wall Street is strangely calm about the debt ceiling. That could change this month
▼ + stars: | 2023-05-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Dire warnings about the economic chaos and catastrophe that will ensue if the US debt ceiling isn’t lifted soon abound. The debt ceiling crisis of 2011 caused Standard and Poor’s to downgrade US debt for the first time in history. Schwenkler says to expect “a lot more volatility” if debt ceiling issues don’t appear resolved by the last week of the month. By contrast, recovery from a debt-default crisis would likely start the day Congress, belatedly, suspended the debt ceiling,” he added. “A misstep over the debt ceiling would subject businesses and consumers to an economic shockwave,” he added.

☆ Review: After 55 Years, the Helsinki Philharmonic Returns to Carnegie Hall
▼ + stars: | 2023-05-10 | by ( Joshua Barone | ) www.nytimes.com time to read: +1 min

Until Tuesday, the Helsinki Philharmonic Orchestra hadn’t been to Carnegie Hall since 1968. Its chief conductor at the time was Jorma Panula, who was at the podium for that visit. Now, 55 years later, the group is led by one of his former students: Susanna Mälkki. Her tenure in Helsinki, where she has been the chief conductor since 2016, ends this season. In Los Angeles, Mälkki’s repertoire has been varied: a lot of well-shepherded contemporary music, but also insightfully transparent interpretations of the classics.

☆ Migrants risk life and limb to jump Mexico trains in rush to border
▼ + stars: | 2023-05-10 | by ( Jose Luis Gonzalez | Gustavo Graf | ) www.reuters.com time to read: +1 min

I doubt it,” said Romario Solano, 23, a Venezuelan, while waiting for hours in baking sun near the trash-strewn rail tracks in Huehuetoca. For years, mainly Central Americans have crisscrossed Mexico on cargo trains, dubbing them collectively “La Bestia” (The Beast) due to the risk of injury, even death, if they fell off. The latest wave of people aboard “La Bestia” are largely poor Venezuelans, including families with small children, mostly aiming to reach Ciudad Juarez, opposite the Texan city of El Paso. “There are hundreds of people arriving every day,” said migrant activist Guadalupe Gonzalez last week in the central city of Irapuato, where the train makes a stop. “We hadn’t seen so many migrants passing through here like this before.”During the past month, as many as 700 people were trying to board per day, she said.

☆ Ecuador Strikes a Landmark Deal to Save Nature, and Some Cash
▼ + stars: | 2023-05-09 | by ( Catrin Einhorn | ) www.nytimes.com time to read: 1 min

The NewsEcuador announced a record-setting deal on Tuesday designed to reduce its debt burden and free up hundreds of millions of dollars to fund marine conservation around the Galápagos Islands, an archipelago of unique biodiversity that’s famous for inspiring Darwin’s theory of evolution. The arrangement, known as a debt-for-nature deal, is a bit like refinancing a mortgage, only for government bonds. Gustavo Manrique Miranda, the Ecuadorean foreign minister, called it a historic agreement that takes into account the value of nature. He said Ecuador was as wealthy as any of the richest countries in the world, “but our currency is the biodiversity.”

LONDON, May 9 (Reuters) - Ecuador sealed the world's largest "debt-for-nature" swap on record on Tuesday, selling a new "blue bond" that will funnel at least $12 million a year into conservation of the Galapagos Islands, one of the world's most precious ecosystems. Tuesday's $656 million "Galapagos Bond," as it has been dubbed, will run until 2041 and gave investors that bought it a 5.645% "coupon" or interest rate, its bankers said. Ecuador sovereign bonds currently yield from 17% to 26%, but the new bond has an $85 million 'credit guarantee' from the Inter-American Development Bank and $656 million of political risk insurance from the U.S. International Development Finance Corp (DFC), effectively making it less risky. The driver has been the remote Galapagos Islands, some 600 miles (970 km) off Ecuador's mainland coast, that inspired Charles Darwin's Theory of Evolution. Scott Nathan, the chief executive of DFC, said people needed to "stay tuned" for similar deals in other countries and the Galapagos deal had been a long time coming.

CNN —Mage won the 149th Kentucky Derby at Churchill Downs in Louisville, Kentucky, on Saturday. “It took me a little while to get there, to finally get it.” The victory was the first at the Kentucky Derby for Castellano in 16 attempts. Albert Cesare/USA Today/ReutersPrior to the Kentucky Derby, Mage only had one victory in three career starts. He’s the second horse to die today at the track, making it an appalling seven deaths in advance of the Kentucky Derby. They should play ‘Taps’ at the Derby instead of ‘My Old Kentucky Home.’”Correction: A previous version of this story misstated the location of Churchill Downs.

☆ Mage wins Kentucky Derby, seven horse deaths being investigated at Churchill Downs
▼ + stars: | 2023-05-06 | by ( ) www.reuters.com time to read: +2 min

[1/6] May 6, 2023; Louisville, KY, USA; Mage jockey Javier Castellano celebrates after winning the 149th Kentucky Derby at Churchill Downs May 6, 2023. Mandatory Credit: Andrew P. Scott-USA TODAY SportsMay 6 (Reuters) - Mage won the 149th running of the Kentucky Derby at Churchill Downs in Louisville, Kentucky, on Saturday to capture the first leg of U.S. thoroughbred racing's Triple Crown. Mage, who finished second in the Florida Derby last month, finished the 1-1/4-mile race in two minutes and 1.57 seconds. The victory was the first Kentucky Derby win for Venezuelan trainer Gustavo Delgado and Venezuelan Hall of Fame jockey Javier Castellano, who won the Run for the Roses after 16 attempts. Thank you for the opportunity to run this horse, that has a lot of heart."

SAN FRANCISCO/WASHINGTON, May 4 (Reuters) - A Miami-based digital marketing firm was behind a series of covert political influence operations in Latin America over the last year, Facebook-owner Meta (META.O) said this week, a rare exposé of an apparent U.S.-based misinformation-for-hire outfit. "It's a classic pattern that you tend to see with for-hire influence operations," said Ben Nimmo, Meta's Global Threat Intelligence Lead. Meta says it regularly takes down disinformation and misinformation operations in order to maintain the integrity of its platform. Twitter said in a September 2022 blog that it had shared datasets about influence operations with Cazadores. Former Twitter employees told Reuters in January that most of the staff involved in the TMRC had since left and Reuters could not determine if it was still operational.

CNN —Venezuela’s former opposition leader Juan Guaidó is visiting Washington this week, where he hopes to meet with the Biden administration, he told reporters on Tuesday during a surprise appearance at the Washington Conference on the Americas. Asked if he sought political asylum in the US, he said, “I am currently visiting. Guaidó landed in Miami the following day, after accusing Colombia of forcing him out of the country – a claim Colombian officials refuted. “We also hope to meet with the Biden administration – obviously it’s a critical moment for the region, especially Venezuela, a moment in which we are pressing to achieve a free election,” he said. The Biden administration loosened some sanctions against the Maduro government in 2022, and last November, it granted Chevron limited authorization to resume pumping oil from Venezuela.

Even gaining qualifications in Italy didn't help Abhishek, a 26-year-old migrant from India who got a master's degree in mechanical engineering at Turin's Polytechnic University last year. Italy, which is also contending with an exodus of skilled nationals to stronger economies, needs qualified immigrants to fill growing skilled labour shortages, many economists say. In 2023, work permits will be granted to around 83,000 non-EU migrants, according to government data, less than a third of the 277,000 who applied for them. Barbera at Turin University said the lack of migrants in skilled professions has become entrenched and hard to reverse. "Migrants in Italy have virtually no access to the middle class," he said.

Five months later, on Nov. 24, the regulator approved the plan for the Quesqui field in the southern state of Tabasco. Interviews with eight sources with direct knowledge of the matter show Hernandez had been pressured by Lopez Obrador's government and Pemex to approve Quesqui and other plans, or resign. According to these people, at least three other senior officials at the regulator were also pressured by officials in government and at the regulator to help approve the plans. One of the officials who the sources said was pressured, the former technical head, Julio Trejo, resigned shortly before the Quesqui plan was approved. Guerrero also reiterated that the Quesqui field "is a strategic project" as defined by the government.

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.

☆ Colombia’s President Replaces Market-Friendly Finance Minister in Cabinet Reshuffle
▼ + stars: | 2023-04-27 | by ( Juan Forero | ) www.wsj.com time to read: 1 min

President Gustavo Petro has seen some of his signature proposals stall in Congress or run into political opposition. Photo: Oliver Contreras/Bloomberg NewsBOGOTÁ, Colombia—Colombian President Gustavo Petro , a leftist who has pressed for broadscale social reforms in eight months in office, replaced his market-friendly finance minister on Wednesday amid the breakup of his congressional coalition. José Antonio Ocampo, a Columbia University professor who was seen by the markets as a stabilizing force, was replaced as finance minister in a cabinet shuffle that saw seven ministers ousted. The shake-up weakened the long-battered Colombian peso and sent bonds tumbling.

☆ Colombia's Gustavo Petro finds his opening in Washington
▼ + stars: | 2023-04-27 | by ( Stefano Pozzebon | ) edition.cnn.com time to read: +5 min

So what was the most solid common ground President Biden, as host, could find for his guest? Leaders from the region tend to see the climate issue as their platform in international summits. Like many countries in Latin America, Colombia has received considerable investments from Chinese companies in recent years, mostly in the transport and mining sectors. “Petro has the aspiration of leading the new phase of Latin America’s geopolitics. And Biden can also tout a considerable concession from his meeting with Petro, who had always refused to condemn Russia’s actions in Ukraine – until now.

Exxon has held eight exploration and production contracts in Colombia, including the fracking pilot. All either have been or are being ended, suspended or liquidated, Colombia's National Hydrocarbon Agency (ANH) told Reuters. The proposed bill would ban development of non-conventional energy projects including fracking. "We will continue to have constructive dialogue with the Colombian government on a comprehensive assessment of our unconventional investments," Exxon spokesperson Michelle Gray told Reuters. Exxon said it continuously evaluates and prioritize investments, including those in Colombia.

☆ Colombian president asks cabinet to resign ahead of reshuffle - sources
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

BOGOTA, April 25 (Reuters) - Colombia's President Gustavo Petro has asked his cabinet ministers to resign ahead of a reshuffle, two sources told Reuters late on Tuesday, as the leftist leader said he had lost his majority coalition in Congress. "The political coalition agreed as a majority has ended today due to decisions of some party presidents," Petro said in a message via Twitter late on Tuesday. Petro has largely backed his ministers, including Velez, though disagreement over the health reform proposal already lead to the exit of the education minister, Alejandro Gaviria. Interior Minister Alfonso Prada could be take over as defense minister, said one government source who declined to be identified. Others, including Velez, could hold on to their posts, the source said.

☆ The Boston Symphony Finds Surprises and Strengths in New Music
▼ + stars: | 2023-04-26 | by ( Oussama Zahr | ) www.nytimes.com time to read: +1 min

When orchestras come to Carnegie Hall, their programs typically tell you two things: who they are and what they can do. Or when the Berlin Philharmonic and Kirill Petrenko opened up the complex worlds of Mahler’s Seventh with coordinated virtuosity. And over two nights at Carnegie this week, the Boston Symphony Orchestra and its music director, Andris Nelsons, told their story gradually, one piece at a time, in canonical works by Ravel, Rachmaninoff, Sibelius and Mozart. Among American orchestras, the Boston Symphony’s sound is enviably rich. That opulence was readily apparent in the ceaseless flow of cantabile melodies in Rachmaninoff’s Second Symphony.

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