International

Argentina’s president reshuffles cabinet after political crisis: official

AFP

Argentina’s president Alberto Fernandez announced a new cabinet on Friday in a bid to smother a political crisis that pitted him bitterly against his vice president this week after an electoral defeat in legislative primaries.

The reshuffle came one day after Vice President Cristina Kirchner wrote Fernandez to demand one, deepening the crisis gripping the ruling coalition after their poor showing in the weekend primaries.

Juan Manzur, governor of Tucuman province, will take over as chief of staff from Santiago Cafiero, one of Kirchner’s most controversial officials, the presidency announced.

Cafiero instead became foreign minister, replacing Felipe Sola, who is in Mexico.

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The new ministers joining the cabinet, who will be sworn in on Monday, are Anibal Fernandez (Security), Julian Dominguez (Livestock, Agriculture and Fisheries), Juan Perzyck (Education) and Daniel Filmus (Science and Technology).

Juan Ross was also appointed as the new Secretary of Communication and Press, replacing Juan Pablo Biondi, whom the vice president had openly rejected and accused of organizing “off-the-record operations.”

The government of Fernandez and Kirchner, herself a former president, has been going through its most acute crisis yet this week after the weekend’s legislative primary elections, in which the ruling Frente de Todos coalition won only 31 per cent of the votes at the national level.

These results put the ruling party’s majority in the Senate at risk for the parliamentary by-elections on November 14, as well as any majority in the Chamber of Deputies, with two years of the Fernandez-Kirchner mandate still to run.

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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.