International
Rising Argentine inflation ends 2021 over 50%
AFP
Argentine inflation continued to rise in 2021, ending the year at more than 50 percent, the state statistics institute said on Thursday,
It was grim news for the South American country, given cumulative inflation in 2020 — a year when the economy was almost paralyzed by the Covid-19 pandemic — was just 36 percent.
The largest price increases in 2021 were in hotels and restaurants (65.4 percent), transport (57.6) and food (50.3).
“During 2021, the government tried to anchor inflation and to do so basically used the regulation of the price of utility rates and the exchange rate,” Hernan Fletcher of the Argentine Center of Economic Policy, told AFP.
“Although it certainly was not a success, without this, inflation would have been higher.”
Since 2019, Argentina has imposed ever stricter currency exchange controls, meaning citizens can only withdraw $200 a month at the official rate.
For 2022, the government predicted in its budget — which was rejected by the opposition-dominated parliament — an inflation of 33 percent.
Opposition figures derided the budget as unrealistic.
According to a Central Bank survey, inflation in 2022 will be 55 percent.
The news comes with the government embroiled in a tricky renegotiation with the International Monetary Fund (IMF) over the repayment structure of a $44 billion loan agreed in 2018.
Argentina is due to pay back $19 billion to the IMF this year, another $20 billion in 2023 and $4 billion the following year.
Yet analysts estimate that the country has just $4 billion in international reserves.
“A deal with the IMF could improve the economy in terms of expectations, but in terms of inflation I don’t see 2022 being very different to 2021,” said economist Pablo Tigani.
International
Sheinbaum highlights anti-drug gains after U.S. says challenges remain
Mexican President Claudia Sheinbaum on Friday highlighted her government’s achievements in the fight against drug trafficking, after the United States said challenges remain in combating organized crime.
On Thursday, Mexican Foreign Minister Juan Ramón de la Fuente held talks with his U.S. counterpart, Secretary of State Marco Rubio. Following the meeting, the U.S. State Department said in a statement that “despite progress, challenges still exist” in addressing organized crime.
“There are very strong results from joint cooperation and from the work Mexico is doing: first, a 50% reduction in fentanyl seizures at the U.S. border,” Sheinbaum said during her regular morning press conference.
The president also said that authorities have seized nearly 320 tons of drugs and that there has been a “40% decrease in intentional homicides in Mexico” since the start of her administration on October 1, 2024.
Sheinbaum added that the United States should implement campaigns to reduce drug consumption within its territory and curb the flow of weapons into Mexico.
“There are many results and there will be more, but there must be mutual respect and shared responsibility, as well as respect for our sovereignties,” she said.
On Monday, Sheinbaum held a phone call with U.S. President Donald Trump to discuss security issues. She said she once again ruled out the presence of U.S. troops in Mexico to fight drug cartels.
Security has been a recurring issue used by Trump to threaten tariffs on Mexico and to pressure negotiations over the USMCA (T-MEC) free trade agreement, which are scheduled for 2026.
The agreement is crucial for Mexico’s economy, as about 80% of the country’s exports are destined for the United States.
International
Canada accuses Iran of killing its citizen during anti-government unrest
A Canadian citizen has died “at the hands of Iranian authorities,” the Canadian government said on Thursday, amid ongoing protests against the government in Tehran.
“I have just learned that a Canadian citizen has died in Iran at the hands of Iranian authorities,” Canada’s Minister of Foreign Affairs, Anita Anand, said, without providing further details. She added that Tehran’s response to what she described as “peaceful protests” has “led the regime to show a blatant disregard for human life.”
On Thursday, the United States imposed sanctions on Iranian security officials and individuals linked to the country’s banking networks, accusing them of orchestrating a violent crackdown on peaceful demonstrations and laundering billions of dollars in oil revenues. U.S. Treasury Secretary Scott Bessent announced the measures following what were described as the largest anti-government protests in the history of the Islamic Republic, although demonstrations have reportedly eased in recent days amid heavy repression and a near week-long internet shutdown.
“The United States stands firmly with the Iranian people in their pursuit of freedom and justice,” Bessent said in a statement, adding that the sanctions were imposed at the direction of President Donald Trump.
Those sanctioned include Ali Larijani, secretary of Iran’s Supreme National Security Council, whom Washington accused of coordinating the repression and the use of force against protesters.
International
Ukraine declares nationwide energy emergency amid russian attacks and extreme cold
The Ukrainian government on Wednesday declared a nationwide energy state of emergency amid continued Russian military attacks and extreme winter weather, with nighttime temperatures dropping as low as minus 18 degrees Celsius.
“The consequences of Russian attacks and worsening weather conditions are severe (…) Overall, a state of emergency will be declared for Ukraine’s energy sector,” Ukrainian President Volodymyr Zelensky said in a statement posted on social media following a meeting with senior officials.
Zelensky announced the creation of a “permanent coordination headquarters” to manage the crisis in the capital, Kyiv, and tasked former defence minister and current energy chief Denys Shmyhal with overseeing support efforts for affected individuals and communities, including addressing power outages, heating shortages and other “practical issues.”
“There are many problems that require urgent solutions,” the president said, noting that repair crews, energy companies, municipal services and the State Emergency Service are working “around the clock” to restore electricity supplies. Kyiv has been particularly affected after Russian strikes last Friday disabled key parts of the power grid, as daytime temperatures hover around minus 12 degrees Celsius and plunge to minus 18 at night.
Zelensky added that public authorities will “maximize efforts with partners to obtain the necessary equipment and additional support,” while the government will ensure “maximum deregulation of all processes” to speed up the connection of backup power equipment to the grid. He also confirmed that work is underway to significantly increase electricity imports into Ukraine.
The Ukrainian leader further instructed his Cabinet to review curfew regulations in light of the extreme cold, arguing that citizens must have the greatest possible access to assistance centers, while businesses should be given flexibility to plan their operations according to the state of the energy system.
Sheinbaum highlights anti-drug gains after U.S. says challenges remain
Canada accuses Iran of killing its citizen during anti-government unrest
Ukraine declares nationwide energy emergency amid russian attacks and extreme cold
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
Defense Minister commends salvadoran soldier for Central American Cross Country victory
Extension of the state of emergency approved in southern Chile
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