International

Ecuador’s President absent from impeachment trial hearing

Photo: EFE

April 26 |

The president of Ecuador, Guillermo Lasso, will not appear before the Oversight Committee of the National Assembly (Parliament) as part of the impeachment process against him for the crime of embezzlement.

According to the schedule, this Wednesday, the president himself was supposed to present his defense. However, the legal secretary of the Ecuadorian Presidency, Juan Pablo Ortiz, said that, in principle, the president’s presence in the process will only be given if it reaches the second and final stage, when he has to make his argument before the full House.

Meanwhile, his lawyer, Édgar Neira, will intervene to try to demonstrate that there is no political responsibility in the irregularities detected in a contract between the state-owned Flota Petrolera Ecuatoriana (Flopec) and the company Amazonas Tanker.

For the questioning legislators, this agreement is the basis for the prosecution of the president for apparently knowing about the anomalies and not doing anything to stop them despite the fact that they were harmful to the country.

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With the presentation of the president’s defense, the court will conclude the phase dedicated to hearing witnesses and analyzing documents and, from that moment on, the Commission will have 10 days to conclude a report on whether or not to recommend impeachment.

The legislators requesting the trial will also present their arguments this Wednesday, something that was scheduled for the day before, but the session was postponed so that the prosecution and defense could appear on the same day.

In order to censure the head of state, the support of two thirds of the plenary of the Assembly is required, that is, 92 out of 137 parliamentarians.

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.