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
HMPV infection rate declining in Northern China, health official reports
The rate of human metapneumovirus (HMPV) infections, which is similar to the flu, in northern China is decreasing, a health official said on Sunday, amid international concern about a potential pandemic.
HMPV, which belongs to the same family as the human respiratory syncytial virus, causes symptoms similar to the flu or a cold, such as fever, cough, and nasal congestion. Symptoms often resolve on their own, although they can lead to lower respiratory tract infections in children, the elderly, and immunocompromised individuals.
“Human metapneumovirus is not a new virus and has been with humans for at least several decades,” said Wang Liping, a researcher at the Chinese Center for Disease Control and Prevention, during a press conference by the National Health Commission of China.
Wang added that the recent increase in cases of the virus, first detected in the Netherlands in 2001, is due to better detection methods.
International
Elon Musk sends Cybertrucks with Starlink and supplies to assist Los Angeles wildfire victims
Rescuers are working to contain the wildfires in Los Angeles, where the death toll stands at least 24. Amid the tragedy, billionaire Elon Musk announced the deployment of Cybertrucks with Starlink and supplies to help the victims.
“We’re going to place Cybertrucks with Starlinks and free WiFi in a grid pattern in the areas that need it most in the Los Angeles/Malibu metropolitan area,” Musk posted on X.
“Security personnel will also be added to the vehicle, along with snacks and drinks for passersby,” he explained.
The Cybertrucks being used are scheduled deliveries, so Musk apologized in advance.
“We apologize to those awaiting Cybertruck deliveries in California over the next few days. We need to use those trucks as mobile base stations to provide power to Starlink internet terminals in Los Angeles areas without connectivity. A new truck will be delivered by the end of the week,” he stated.
International
Trump announces creation of external revenue service to collect foreign tariffs
U.S. President-elect Donald Trump announced on Tuesday the creation of a body to “collect tariffs, duties, and all revenue from foreign sources,” comparing it to the Internal Revenue Service (IRS), which collects taxes from Americans.
“We will begin charging those who profit at our expense through trade, and they will finally start paying what they owe,” Trump said in a message on his social media platform, Truth Social.
He indicated that the new body, to be called the External Revenue Service, will begin operations on January 20, the day Trump is sworn in as the 47th president of the U.S. and when he is expected to make the first decisions of his second term.
The Republican also criticized “soft and pathetically weak trade deals” that have been in place until now.
“The U.S. economy has provided growth and prosperity to the world while we taxed ourselves,” he stated.
Trump has been insisting on raising tariffs for months and has even declared that “tariff” is, for him, “the most beautiful word in the dictionary.”
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