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.

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“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.

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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.

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International

Japan reopens Kashiwazaki-Kariwa Plant despite public concerns

La centrale nucléaire japonaise de Kashiwazaki-Kariwa, la plus grande au monde, a repris ses activités mercredi pour la première fois depuis la catastrophe de Fukushima en 2011, malgré les inquiétudes persistantes d’une partie de la population.

La remise en service a eu lieu à 19h02 heure locale (10h02 GMT), a indiqué à l’AFP Tatsuya Matoba, porte-parole de la compagnie Tokyo Electric Power (Tepco).

Le gouverneur de la préfecture de Niigata, où se situe la centrale, avait donné son feu vert à la reprise le mois dernier, en dépit d’une opinion publique divisée. Selon une enquête menée en septembre par la préfecture elle-même, 60 % des habitants se déclaraient opposés au redémarrage, contre 37 % favorables.

Mardi, plusieurs dizaines de manifestants ont bravé le froid et la neige pour protester près de l’entrée du site, sur les rives de la mer du Japon.

« L’électricité de Tokyo est produite à Kashiwazaki. Pourquoi seuls les habitants d’ici devraient-ils être exposés au danger ? Cela n’a aucun sens », a déclaré à l’AFP Yumiko Abe, une riveraine de 73 ans.

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La centrale de Kashiwazaki-Kariwa avait été mise à l’arrêt lorsque le Japon a fermé l’ensemble de ses réacteurs nucléaires à la suite du triple désastre de mars 2011 — un séisme, un tsunami et un accident nucléaire — survenu à Fukushima.

International

Markets rise as Trump halts Europe tariffs and floats Greenland agreement framework

U.S. President Donald Trump on Wednesday lifted his threat to impose new tariffs on several European countries and said he had outlined the framework of a future agreement on Greenland during a meeting in Davos with NATO Secretary General Mark Rutte.

“Based on this understanding, I will not impose the tariffs that were scheduled to take effect on February 1,” Trump wrote on his social media platform Truth Social, without providing details about the proposed “framework.”

The announcement boosted financial markets. Wall Street, which had been trading slightly higher, extended its gains following Trump’s message, while the U.S. dollar strengthened against the euro.

Trump has repeatedly insisted that Greenland, rich in mineral resources, is ‘vital’ to the security of the United States and NATO, particularly as Arctic ice melts and global powers compete for strategic advantage in the region amid rising tensions with China and Russia.

Last week, the U.S. president threatened to impose tariffs of up to 25% on eight European countries for supporting Denmark and sending a military exploratory mission to Greenland. All of the targeted countries are NATO members, including the United Kingdom, Germany, and France, Europe’s largest economies.

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Trump said on Wednesday that additional discussions are underway regarding the “Golden Dome” missile defense system, specifically in connection with Greenland.

He assigned Vice President JD Vance, Secretary of State Marco Rubio, and special envoy Steve Witkoff to lead the negotiations.

Hours before his post, Trump ruled out the use of force to seize Greenland for the first time, but demanded “immediate negotiations” for its acquisition, reiterating his view that only the United States can guarantee the security of the Arctic island.

International

Venezuela’s interim president predicts 37% increase in revenues for 2026

Venezuela’s interim president, Delcy Rodríguez, said Wednesday that the country’s revenues are expected to increase by about 37% in 2026, in a statement made during a session of the Federal Government Council at the Miraflores Presidential Palace in Caracas.

Rodríguez said the projected rise in foreign currency income comes as agreements on Venezuelan oil sales with the United States are being implemented, including deals in which Washington will trade Venezuelan crude and manage the proceeds before transferring funds to Caracas.

“This year, revenues expressed in foreign currency will increase by 37%,” Rodríguez declared, according to EFE. She noted that the increase will also benefit regional governments and local authorities. “You will have more resources for your management, which I know you need,” she added.

Rodríguez said the distribution formula for revenues will remain the same as in 2025: 53% for communes, 29% for state governments, 15% for municipalities, and 3% for institutional strengthening. She also said the government would intervene to “correct imbalances” in how funds are allocated, particularly among some municipal and regional authorities.

The announcement follows reporting that Venezuela received at least $300 million from oil revenues tied to a U.S.–Venezuela deal that could involve up to 50 million barrels of crude. Washington officials have said the interim government met U.S. requirements under the agreement.