International

Venezuela, Colombia name ambassadors in step toward normalization

AFP

Venezuela and Colombia both named new ambassadors to the other country on Thursday, a first step in normalizing diplomatic relations after the recent inauguration of Colombian President Gustavo Petro.

In Caracas, President Nicolas Maduro announced that former Foreign Minister Felix Plasencia had requested his accreditation from the Colombian government “and will soon be in Bogota.”

Petro, who was inaugurated as Colombia’s first leftist president on Sunday, pledged during his campaign to immediately reverse a decision by his predecessor, right-wing leader Ivan Duque, to sever diplomatic ties with Venezuela.

Duque, along with the United States, the European Union and others, did not recognize Maduro’s re-election in 2019 and instead backs opposition leader Juan Guaido’s claim that he is Venezuela’s interim president.

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“In response to the Venezuelan government, I have appointed an ambassador who will (also) be tasked with normalizing diplomatic relations between the two countries,” Petro said in a video. The Colombian ambassador in Caracas will be a former senator, Armando Benedetti.

In addition to exchanging ambassadors, the normalization process will include the full reopening of the more than 2,000-kilometer (1,200-mile) border between the two countries, which has been largely closed to vehicles since 2015 — though it has been open to pedestrians since late last year.

Caracas and Bogota have also announced intentions to restore military relations.

“We will continue step by step and at a safe pace to advance toward the restoration and reconstruction of political, diplomatic and commercial relations,” Maduro said on state television.

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International

US panel backs Trump-themed coin amid controversy

The United States Department of the Treasury confirmed to AFP that the Commission of Fine Arts approved the design of a new collectible coin featuring Donald Trump, with members of the commission appointed by the current administration.

According to the proposal, the coin will feature an image of Trump standing with clenched fists over a desk on the obverse, while the reverse will display an eagle, a traditional symbol of the United States.

The sale price of the collectible has not yet been disclosed, although the United States Mint typically offers similar items for more than $1,000.

“There is no more iconic portrait for the front of these coins than that of our president Donald Trump,” U.S. Treasurer Brandon Beach said in a statement sent to AFP. He added that two additional coins — a $1 piece and a one-ounce gold coin — are also under consideration.

However, the Citizens Coinage Advisory Committee (CCAC), another body responsible for reviewing new coin proposals, declined to discuss the Trump design in late February.

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“Only nations governed by kings or dictators place the image of a sitting leader on their currency,” said Donald Scarinciat the time. “No country in the world has minted coins featuring a democratically elected leader during their term in office,” he added.

When contacted by AFP, the Treasury Department did not immediately respond to requests for further comment.

International

Fed’s Waller warns of rising inflation risks amid Middle East conflict

Christopher Waller, a governor at the Federal Reserve, said Friday that he is increasingly concerned about the inflationary impact of the ongoing conflict involving United States and Israel against Iran, particularly due to the prolonged closure of the Strait of Hormuz.

Waller, who had supported interest rate cuts over the past year amid concerns about the labor market, said he has shifted his stance in recent weeks due to rising inflation risks.

“Since the Strait of Hormuz was closed, it suggests this conflict could be much more prolonged and that oil prices will remain elevated for longer,” Waller said in an interview with CNBC.

“Therefore, this indicates that inflation is a greater concern than I had previously assessed,” he added.

Waller also backed the Federal Reserve’s decision earlier this week to keep interest rates unchanged, signaling a more cautious approach as global geopolitical tensions continue to affect economic outlooks.

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International

Brazil offers to mediate Colombia-Ecuador tensions, calls for restraint

The government of Brazil has offered to mediate in the ongoing tensions between Colombia and Ecuador, while calling on both nations to exercise restraint.

In a statement released Wednesday, Brazil’s Ministry of Foreign Affairs urged the parties involved to act with moderation and seek a peaceful resolution to the dispute.

“Brazil encourages all sides to act with moderation in order to find a peaceful solution to the controversy. It stands ready to support dialogue efforts aimed at preserving peace and security in the region,” the statement said.

Brazil also expressed “serious concern” over reports of deaths in the border area between Colombia and Ecuador, noting that the circumstances surrounding the incidents have not yet been clarified.

The diplomatic move comes amid rising tensions between the neighboring countries, increasing regional concern over stability and security along their shared border.