International
Argentina to ease exchange control for oil and gas companies
AFP
Argentina on Tuesday announced an easing of foreign exchange controls for the shale oil and gas industry in a bid to promote investment and boost production.
In an area known as Vaca Muerta in Patagonia, Argentina has what is considered the second-largest shale gas reserve in the world and the fourth largest of shale oil.
Extraction has been hampered by a lack of much-needed but costly investment, especially for hydraulic fracking.
On Tuesday, Economy Minister Martin Guzman said “a special regime for currency access” would be put in place for the hydrocarbon industry “to guarantee the special equipment they require,” especially for fracking.
About 20 oil companies have been operating in Vaca Muerta since 2013, including Chevron, Shell, Total and Statoil in partnership with the Argentine oil company YPF.
Since September 2019, Argentina has had exchange controls in place with a limited official rate of about 120 pesos for one dollar.
At the same time, currency can be exchanged at a rate of some 200 pesos to the dollar through debt bonds or on the informal market.
“We have a great opportunity in energy in Argentina. The next 15 years have great potential for development,” said President Alberto Fernandez, on a working trip with Guzman.
The government says oil production can increase by 70 percent and gas production by 30 percent over the next five years.
In recent months, Argentina has increased its production of hydrocarbons to reach a record 578,000 barrels per day in April — an increase of 13 percent in 12 months, according to the government.
Gas production in the same month was 127 million cubic meters, an increase of 12 percent year-on-year.
That has allowed the country to reverse five years of decline in oil production, said Guzman.
Last month, the government launched a construction tender phase for a gas pipeline from Vaca Muerta to the north of the country, to increase domestic supply and exports at a time when worldwide energy costs have shot up due to the war in Ukraine.
International
7 in 10 mexicans born poor stay poor, new report finds
Seven out of ten Mexicans born into poverty remain poor throughout their lives, highlighting an urgent need for public policies focused on promoting social mobility through equal opportunity, according to civil society organizations.
The 2025 Social Mobility Report in Mexico, published by the Espinosa Yglesias Center for Studies (CEEY), reveals that 73% of individuals born into the bottom 20% of income households in Mexico — Latin America’s second-largest economy — continue to live in poverty based on income.
The report signals a worrisome stagnation in social mobility, defined as the ability of individuals to improve their socioeconomic standing compared to that of their parents. This lack of upward movement indicates that one’s economic origins are largely inherited, according to CEEY.
Geographically, disparities are stark:
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In northern Mexico, 37% of those born in poverty remain there.
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In the south, that number rises dramatically to 64%.
Gender gaps are also evident. Among those born in wealthier households, women experience less upward mobility, with a rate of 47% compared to 53% for men.
The report also notes that 48% of economic inequality in Mexico stems from inequality of opportunity — placing Mexico among the top ten countries with the highest opportunity inequality across 50 nations analyzed globally.
International
Spain hits record 46°C in June amid scorching heatwave
Spain registered a record-breaking temperature of 46°C (114.8°F) on Saturday, June 28, in El Granado, Huelva — a southern town near the Portuguese border — marking the highest temperature ever recorded in June in the country, according to Spain’s national meteorological agency, Aemet.
The temperature was officially recorded at 4:40 p.m. local time, surpassing the previous June record of 45.2°C (113.4°F)set in Seville back in 1965, also in the Andalusia region.
Like many parts of Southern Europe, Spain is experiencing a severe heatwave, with large areas of the country facing temperatures above 40°C even though summer has just begun.
As one of Europe’s countries most vulnerable to climate change, Spain has endured its three hottest years on recordfrom 2022 to 2024, marked by repeated heatwaves and temperature extremes.
Climate scientists have long warned that global warming is amplifying the intensity, frequency, and duration of extreme weather events such as heatwaves and droughts — trends now evident across the Iberian Peninsula and the broader Mediterranean region.
International
Trump administration sues Los Angeles over sanctuary city policies
The Republican administration of Donald Trump filed a lawsuit on Monday against Los Angeles officials, challenging the city’s sanctuary policies as illegal amid an intensifying federal immigration crackdown.
The Department of Justice accused the Democratic-led city of interfering with federal immigration enforcement, arguing that its sanctuary policies have contributed to “violence, chaos, and attacks on law enforcement” recently seen in Los Angeles.
“The sanctuary city policies were the cause of violence, chaos, and attacks on law enforcement that Americans recently witnessed in Los Angeles,” said Attorney General Pamela Bondi in an official statement.
The lawsuit, filed in a California federal court, names Mayor Karen Bass, City Council President Marqueece Harris-Dawson, and the entire City Council as defendants.
While Los Angeles had long been considered a sanctuary city for immigrants, the City Council officially adopted the designation through a municipal ordinance in November last year, following Trump’s election to the presidency.
The legal action seeks to limit local authorities’ cooperation with federal immigration agents under Trump’s policies.
With over one-third of its population being immigrants, Los Angeles has become a flashpoint in the battle against Trump’s anti-immigration agenda, which began with his campaign promise to deport millions.
Tensions in the city escalated earlier this month after an increase in workplace immigration raids, sparking mass protests downtown. The situation further intensified when Trump overrode California Governor Gavin Newsom and ordered the deployment of thousands of National Guard troops and 700 U.S. Marines to the area.
7 in 10 mexicans born poor stay poor, new report finds
Spain hits record 46°C in June amid scorching heatwave
Trump administration sues Los Angeles over sanctuary city policies
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
Defense Minister commends salvadoran soldier for Central American Cross Country victory
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