International
Venezuela’s state bank announces partial share sale
AFP
Venezuela’s state bank said on Wednesday it would sell up to 10 percent of its shares as part of the government’s plan to inject capital into public companies struggling due to a lack of investment.
Two weeks ago, Venezuela President Nicolas Maduro announced a plan to sell off parts of public companies.
The Bank of Venezuela is the only state firm so far to have declared a share sale, although it gave no details as to when that would be.
It said in a statement shared on social media that it would “begin the public offer of 5 percent progressively up to 10 percent of its social capital.”
“It is the first step by Venezuelan public companies to offer on the stock market the possibility for citizens, and national and international private economic actors, to take part in the country’s development through instruments of economic democratization.”
The first share sale was supposed to take place on May 16 with the CANTV telephone company, but it never happened and no explanation was ever given.
The Bank of Venezuela is the largest in the country with 15 million customers and was nationalized under the presidency of the late Hugo Chavez (1999-2013.)
It was under the control of the Spanish Santander Group from 1994 until the transfer of its shares to the state in 2009.
Since last year, several NGOs such as Transparency Venezuela have claimed that the government has been negotiating with the private sector with regards to state companies in fields such as farming, tourism and manufacturing.
With the collapse of Venezuela’s vital oil industry and the punishing effects of US sanctions aimed at forcing Maduro from power, the government has been forced to relax various state controls imposed under Chavez.
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
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