International
Argentina revives special ‘soy dollar’ to boost reserves
| By AFP |
Argentinian soy farmers will be able to sell their product at a preferential exchange rate, as the country seeks to shore up its central bank reserves, according to a decree published Monday.
Argentina is one of the world’s largest exporters of soybeans and soy oil. However, with year-on-year inflation of 88 percent and constant fears of currency devaluation, farmers often hoard their supplies waiting for a better rate.
The plan is to “increase reserves so that the economy reaches the end of the year with $10 billion available,” Secretary of Industry Jose de Mendiguren told Futurok radio.
The incentive kicks off Monday and will last until December 30.
Instead of selling soy products for the tightly-controlled official rate of around 166 pesos per dollar, producers will receive a much higher 230 pesos.
A similar preferential soy rate was applied in September, when soybean sales earned the country almost $8 billion.
Argentina imposed a raft of exchange controls in 2019 in its constant battle to keep dollars in the country and fight low foreign exchange reserves.
These include blocking citizens from buying more than $200 in greenbacks per month.
This has led to a multitude of dollar exchange rates. Demand for scarce dollars is so high that they are exchanged for over 300 pesos at the “Blue Dollar” rate on the streets of Buenos Aires.
The “Qatar Dollar” imposes higher taxes on those using their credit cards abroad — such as those spending valuable dollars at the World Cup in Doha.
Meanwhile, the “Coldplay Dollar” was the name given to the higher rate applied to entrance tickets to international shows.
“Nobody wants various exchange rates, the economy must be normalized and stabilized. But it is a solution, a tool for the exceptional circumstances Argentina is experiencing,” De Mendiguren said.
Argentines have so little faith in their currency that many exchange it into dollars as fast as they can and store it in safes or under their mattresses.
Under an International Monetary Fund deal to refinance debt of more than $44 billion, Argentina must boost its international reserves and reduce its fiscal deficit.
International
China calls for dialogue amid rising Iran-Israel conflict
The Chinese government emphasized on Monday the importance of “creating the conditions to return to the proper path of dialogue” between Iran and Israel, which have exchanged attacks in recent days resulting in more than 20 Israeli and over 220 Iranian deaths.
Chinese Foreign Ministry spokesperson Guo Jiakun expressed deep concern at a press conference over the Israeli attacks on Iran and the “sudden escalation” of the military conflict.
Guo called on all parties to “take immediate measures to ease tensions and prevent the region from descending into further turmoil,” stating that “force cannot bring lasting peace.”
“If the conflict between Israel and Iran continues to intensify or even expand, the countries of the Middle East will be the first to suffer the consequences,” he added, while noting that China “will continue to maintain communication with the relevant parties, promoting peace and dialogue.”
Chinese Foreign Minister Wang Yi spoke last Saturday with his Iranian and Israeli counterparts to condemn the Israeli airstrike on Iranian territory, which he described as a “violation of international law” with the potential to trigger “disastrous” consequences.
In both calls, Wang reiterated China’s rejection of the use of force, defended diplomacy as the only solution to the Iranian nuclear dispute, and offered China’s mediation to prevent further destabilization in the Middle East.
International
Suspect arrested in killing of Minnesota legislator and husband, governor Says
Minnesota Governor Tim Walz announced on Sunday the arrest of Vance Luther Boelter, 57, the main suspect in the killing of Democratic legislator Melissa Hortman and her husband in a Brooklyn Park suburb on Friday night.
Boelter, who also reportedly shot State Senator John Hoffman and his wife early Saturday morning, was apprehended in Sibley County following an intensive manhunt involving hundreds of law enforcement officers.
In a public statement, Governor Walz condemned Boelter’s “unthinkable actions,” which resulted in the death of a woman who “shaped the core of who we are as a state.”
“We cannot become numb to this. We are a deeply divided nation,” Walz said in a statement posted on his X account.
“We move forward not with hatred or violence, but with humility, grace, and civility,” he added.
Expressing solidarity with the victims’ families, Walz said the entire state of Minnesota is in mourning. He also thanked law enforcement for their bravery and professionalism: “They have saved lives,” he emphasized.
“As we heal, we will not let fear win,” Walz concluded. “We must honor Melissa by moving forward with understanding, service, and above all, humanity.”
Throughout Sunday, police and sheriff units searched a rural area in Minnesota for Vance Luther Boelter, a security company director and preacher who, according to Governor Walz, acted out of politically motivated violence.
International
40,000 tourists stranded in Israel amid airspace shutdown over Iran conflict
Approximately 40,000 tourists are stranded in Israel following the closure of the country’s airspace amid escalating hostilities with Iran, the Israeli Ministry of Tourism reported on Monday.
The ministry has set up a virtual office to provide information via email (virtual@goisrael.gov.il) and phone (+972-53-583-5808), as well as a Facebook page called Israel Virtual Tourist Office.
Israeli Tourism Minister Haim Katz is in contact with hotels and accommodations across the country to offer support to tourists in need, the ministry added.
Many stranded travelers are considering crossing overland into Jordan or Egypt to seek flights from those countries. The Israel Airports Authority reminded the public that land border crossings remain open.
Three German tourists stranded in Jerusalem told EFE today that they have not received any assistance from their country’s embassy in Israel, and their primary option currently is to cross into Jordan to catch a flight from there.
Since early Friday morning, Israel launched operations against Iran, targeting military personnel and infrastructure, including energy and nuclear facilities, as well as numerous residential areas in Tehran.
In response, Iran has fired hundreds of ballistic missiles at Israel, some of which have struck various locations across the country, leaving at least 24 dead so far, according to Israeli authorities.
Iranian health officials report at least 224 deaths, mostly civilians, including at least 17 senior military officials—nine from the Revolutionary Guard—and more than a dozen nuclear scientists.
The Israeli military has warned that many more “targets” remain, while Iran’s Revolutionary Guard declared on Monday that it will continue missile attacks against Israel until its “destruction.”
China calls for dialogue amid rising Iran-Israel conflict
Suspect arrested in killing of Minnesota legislator and husband, governor Says
40,000 tourists stranded in Israel amid airspace shutdown over Iran conflict
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