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

Federal immigration agents kill man in Minneapolis, sparking protests and outrage

Federal immigration agents shot and killed a 37-year-old Minneapolis man during an operation on Saturday, authorities confirmed, sparking new protests and deepening outrage over federal immigration enforcement in the city.

The victim, identified as Alex Jeffrey Pretti, was a U.S. citizen and intensive care nurse who worked at a Veterans Affairs hospital and was widely respected in his community, according to colleagues and news reports.

Officials said the shooting occurred during a targeted immigration raid in south Minneapolis. The Department of Homeland Security (DHS) described the incident as an act of self-defense by agents who believed the man posed a threat.

However, videos reviewed by multiple outlets and eyewitnesses show Pretti holding a phone and not displaying a weapon before being pepper-sprayed, tackled by agents and then shot multiple times, raising serious questions about the official account.

The killing comes amid a broader federal immigration enforcement operation in the city and follows another controversial shooting in early January in which Renée Good, a 37-year-old U.S. citizen, was fatally shot by an ICE agent, leading to widespread protests and criticism of federal tactics.

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International

Delcy Rodríguez seeks political agreements after Maduro’s ouster

Venezuela’s interim president, Delcy Rodríguez, on Saturday called for “reaching agreements” with the opposition to achieve “peace” in the country, which the United States says it now controls following the military operation that removed President Nicolás Maduro from power.

Rodríguez, who previously served as Maduro’s vice president, assumed interim leadership after the leftist leader was captured on January 3 during a military incursion that left nearly 100 people dead.

In her first public statements since taking office, Rodríguez signaled a shift in the strained relationship between Caracas and Washington, while also committing to the release of a “significant number” of political prisoners.

“There can be no political or partisan differences when it comes to the peace of Venezuela,” Rodríguez said during an address in the coastal state of La Guaira, broadcast on state television VTV.

“From our differences, we must speak to one another with respect. From our differences, we must meet and reach agreements,” she added.

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The day before, Rodríguez instructed the head of Parliament — her brother Jorge Rodríguez — to convene talks with various political sectors in the country aimed at achieving “concrete and immediate results.”

International

Bogotá and Quito Seek Dialogue After Tariffs and Power Cut Escalate Tensions

Bogotá and Quito will hold an emergency bilateral summit next week amid recent developments that have strained relations between the two countries.

Tensions escalated this week after Ecuadorian President Daniel Noboa unexpectedly announced a 30% tariff on Colombian imports. Colombia responded with a reciprocal measure, imposing the same tariff on around 20 Ecuadorian products and suspending electricity exports to Ecuador.

Aware that electricity imports are critical to easing Ecuador’s recent energy crises, Quito further imposed a 30% tariff on the transportation of Colombian oil through its territory.

However, recent statements from the Ecuadorian government suggest that dialogue between the two sides has intensified in recent hours. Ecuador’s Minister of Foreign Affairs, Gabriela Sommerfeld, confirmed that active conversations are under way.

In Colombia, segments of the business sector have welcomed the prospect of negotiations. The National Business Council (Consejo Gremial Nacional, CGN), for instance, urged both governments to restore commercial relations, warning that the dispute “puts jobs and regional economic stability at risk.”