International

Argentina’s VP Kirchner challenges president over resignations

AFP

Argentina’s Vice President Cristina Kirchner directly challenged her boss, President Alberto Fernandez on Thursday, demanding a cabinet reshuffle and blaming the ruling coalition’s recent electoral defeat on his economic policies.

In a deepening political crisis, Kirchner wrote an open letter to Fernandez one day after five cabinet ministers and other senior officials offered to step down after a poor showing for the ruling coalition in weekend primary elections.

Fernandez has rejected the resignations.

“Do you seriously believe that it is not necessary, after such a defeat, to publicly present the resignations and that those in charge facilitate the president to reorganize his government?” Kirchner wrote in the letter in which she criticized those who “cling to their chairs.”

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She also said she had warned that the government’s economic policies would “have electoral consequences.”

The ruling Frente de Todos center-left coalition garnered less than 31 percent of the vote ahead of parliamentary elections scheduled for November 14 to renew half the seats in the Chamber of Deputies and a third of those in the Senate.

The alliance has a majority in the Senate and had been hoping to achieve the same in the lower house.

Sunday’s vote was to pick candidates for the November elections, but it is also considered a barometer of people’s voting intentions.

Fernandez called Thursday for his government to put aside “differences.”

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“This is not the time to raise disputes that distract us from this path,” Fernandez wrote on Twitter. “Governance will continue as I intend. That’s what I was elected to do,” added the president.

The move by the five ministers was interpreted by analysts as pressure from Kirchner, herself a former president, on Fernandez to reshuffle the cabinet.

The pair “do not trust each other and think that the other is keeping cards up his sleeve,” said political analyst Carlos Fara.

The center-right coalition Juntos, of ex-president Mauricio Macri, obtained 40 percent of the votes cast nationwide on Sunday.

It critically made great strides in the province of Buenos Aires, the country’s largest electoral district and considered a bastion of Fernandez’s party.

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Fernandez took power from the incumbent Macri in 2019.

Public discontent with his government has been growing in a country in recession since 2018 and a GDP drop of 9.9 percent last year amid the coronavirus pandemic.

Argentina has one of the world’s highest inflation rates, at 29 percent from January to July this year, and a poverty rate of 42 percent.

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.