International

Colombia top cocaine producer despite shrinking coca fields: UN

AFP/Editor

Colombia in 2020 managed to reduce by seven percent its land surface under coca cultivation, but remained the world’s largest producer of cocaine, a UN report said Wednesday.

The country last year had 143,000 hectares of illegal coca plantations, down from 154,000 hectares in 2019, said the UN Office on Drugs and Crime (UNODC).

However, “cocaine production continued to increase,” UNODC representative Pierre Lapaque said at a press conference in Bogota, with a higher coca leaf yield despite the shrinking surface area.

Colombia thus remained the world’s biggest producer of cocaine, derived from the coca leaf, ahead of Peru and Bolivia.

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Production of cocaine hydrochloride was estimated at 1,228 metric tons in 2020, an eight percent rise from 2019, said the UNODC.

The United States, a major funder of the war on drugs, is the main consumer of Colombian cocaine.

Conservative President Ivan Duque, in power since 2018, has made the fight against drug trafficking a priority and has launched a plan to halve coca plantations — which reached a record 171,000 hectares in 2017 — by 2023.

The report said nearly half of Colombia’s coca plantations in 2020 were in protected areas such as national parks or indigenous reserves.

And much of it was found in the restive border area with Venezuela, where armed groups and drug traffickers operate.

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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.