International

Bogotá unveils new tax increases as fiscal deficit deepens

The Colombian government will increase taxes on dozens of products and industries—including oil and gold extraction—for the remainder of 2025, according to a decree published late Wednesday. The move aims to raise up to $1.57 billion USD as the country faces a growing fiscal deficit.

Colombia’s public finances have worsened due to declining tax revenues, a high public debt, and limited room to cut spending. An independent expert committee estimated that the government needs a $11 billion USD fiscal adjustment to meet its own fiscal rule.

According to the decree, signed by Finance Minister Germán Ávila, the tax on oil extraction will slightly increase from 2.6% to 2.7%, while gold and other precious metals will see a steeper hike, from 2.4% to 4.5%.

Several other sectors—including agriculture, forestry, sugar refining, petroleum refining supplies, and textile manufacturing—will also face tax increases, with rates rising from 0.55% to 1.2%.

International

Pope Leo XIV blesses Giro d’Italia riders in Vatican Ceremony

Pope Leo XIV offered his blessing to the Giro d’Italia peloton, presenting the riders as “role models for all the youth in the world,” as the cyclists passed through Vatican City during the 21st and final stage of the race on Sunday.

Riders pedaled at a slow pace through the famous gardens of the world’s smallest state during the neutralized start of the last stage.

Leo XIV was presented with a replica of the iconic pink jersey—the “maglia rosa” worn by the race leader—by Urbano Cairo, owner of RCS Sport, the Giro’s organizing company.

The cyclists stopped to greet the pontiff, and the four wearers of the race’s distinctive jerseys, including race leader Simon Yates and Mexican rider Isaac del Toro, best young rider, dismounted their bikes to shake hands with him.

“Welcome to the Vatican. I’m pleased to greet you on this final stage of the Giro; I hope it will be a beautiful day for everyone,” Pope Leo XIV said in a brief address.

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“You are role models for all the youth of the world—not just in Italy—because cycling is one of the most important sports in the world,” added the first American pope in history, before offering his blessing to the riders.

The Giro previously passed through the Vatican in 1974 and 2000. This year’s route through the Vatican was initially planned as part of the Jubilee celebrations—a holy year held every 25 years when pilgrims from around the globe visit the city—but later became a tribute to Pope Francis, who passed away on April 21.

International

Elon Musk slams NYT over drug allegations and Russiagate reporting

Elon Musk, who stepped down Friday as an advisor to U.S. President Donald Trump, lashed out at The New York Timesafter the newspaper published a report alleging he had consumed a high volume of drugs.

When asked about the report, Musk declined to comment on the specific allegations and instead criticized the newspaper’s credibility. He accused the outlet of previously spreading misinformation regarding alleged Russian interference in the 2016 U.S. presidential election, which Trump won.

“Is this the same publication that won a Pulitzer Prize for false information about Russiagate? Is it the same organization? I believe it is!” Musk said, before quickly redirecting the conversation to another reporter.

According to The New York Times, Musk’s drug use during last year’s presidential campaign — in which he actively supported Trump — was allegedly “far more intense than previously known.”

Citing anonymous sources, the article claims Musk’s consumption went “well beyond occasional use.” Substances allegedly included ecstasy, psychedelic mushrooms, stimulants such as Adderall, and ketamine in such high quantities that it reportedly began to affect his bladder.

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The newspaper noted that it is unclear whether this alleged heavy use continued after Musk was appointed to Trump’s new Cabinet as head of the Department of Government Efficiency (DOGE), a role responsible for cutting public spending.

International

Milei to meet Pope, Netanyahu and Macron during june diplomatic tour

Argentine President Javier Milei will depart for Europe on June 5 for an international tour that includes meetings with Pope Leo XIV and Israeli Prime Minister Benjamin Netanyahu, the presidential office announced on Friday.

Milei is also scheduled to meet with French President Emmanuel Macron and Italian Prime Minister Giorgia Meloni.

The tour will begin in Rome, where Milei will meet with Meloni on June 6 and with Pope Leo XIV the following day. The president had missed the pope’s enthronement on May 18 due to local legislative elections in Buenos Aires. Pope Leo XIV, the first American-born pontiff, previously served as a missionary in Peru and has shown a special interest in Latin America.

After a brief visit to Spain—where he will speak at an economic forum but is not expected to meet with Prime Minister Pedro Sánchez, with whom he has had diplomatic tensions—Milei will travel to Nice to meet with President Macron on June 9. The two leaders have met several times since Milei took office in December 2023, including a recent bilateral meeting in Buenos Aires in November, prior to the G20 Summit in Brazil.

On June 10, Milei will arrive in Tel Aviv for a packed agenda that includes meetings with Israeli President Isaac Herzog and Prime Minister Benjamin Netanyahu. He is also expected to visit the Western Wall that same day.

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Netanyahu is currently the subject of an arrest warrant issued by the International Criminal Court (ICC) over alleged war crimes and crimes against humanity in the Gaza Strip.

This will be Milei’s second visit to Israel, a country with which Argentina maintains close ties. Argentina’s ambassador to Israel, Axel Wahnish, told local media on Friday that the visit will include the announcement of a new direct air route between Buenos Aires and Tel Aviv.

“This is not just a technical detail. For me, it symbolizes the deep connection between our two peoples,” Wahnish said in an interview with Radio Mitre.

On June 11, Milei will meet with families of hostages kidnapped by the Palestinian Islamist group Hamas and will deliver remarks before the Israeli Parliament.

He is expected to return to Buenos Aires on June 14 after a second stop in Spain.