International

The Colombian Senate approves the pension reform of the Petro Government

The Senate plenary approved in the second debate the pension reform of the Government of Colombian President, Gustavo Petro, which will now have to go through the House of Representatives before becoming law.

“Yes, it was possible, it could, it could be,” shouted the bench of the ruling Historical Pact about the approval of the initiative, which also happens just two days after the massive protests against the Government.

The objective of the project is to maintain the retirement age at 57 for women and 62 for men, but to expand the system so that everyone can benefit from resources even without having contributed enough in salaries.

The initiative aims to expand the life annuity for those who have not contributed enough and a subsidy for people in conditions of extreme poverty and vulnerable.

The life annuity will be for those over 65 years of age who have contributed between 150 and 999 weeks, and it will depend on the weeks and the contribution given by the State.

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“This is the equity that this bill achieves, but above all that three million older adults can begin to enjoy this benefit from July 1, 2025, which is the validity of this bill,” said the Minister of Labor, Gloria Inés Ramírez, after approval in the Senate.

He added: “We will be able to make Colombia move towards a country of rights, but above all where we are going to make both private funds and the public system fulfill their function: to give pension and protection to the old age of Colombia.”

Now the project must pass, before June 20, two debates in the House of Representatives to become law, a procedure in which the Government is very fair in time.

“Tomorrow we will be living in the House of Representatives (…) and we hope that between now and June 20, Colombia will have the possibility of having this law that we need so much,” Ramírez added.

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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.