Mexican President Andres Manuel Lopez Obrador said that talks on the sale of Citibanamex, Citigroup’s retail bank, to mining and transport conglomerate Grupo Mexico are "going really well". The bank was first put up for sale over a year ago as part of Citigroup's efforts to simplify its global business. Grupo Mexico is thought to be in advanced discussions over a $7bn deal that would leave Citi with 10% of Banamex.
Ecuador's National Assembly has begun impeachment proceedings against President Guillermo Lasso, who faces a charge of disregarding embezzlement warnings related to Flopec, a state-run oil transport company. The opposition requires 92 votes to oust Lasso, while Lasso could call for "two-way death" early elections to avoid impeachment. If Lasso is removed from office, Vice President Alfredo Borrero will replace him, while dissolving the assembly will see Lasso govern via decree until new elections are called. Some lawmakers have stated any dissolution would be unconstitutional and refuse to comply, while the government and allies question the legality of the impeachment process.
At least 883 people were executed globally in 2022, according to a report by Amnesty International, a 53% increase from the previous year’s total of 579. More than 90% of the killings were carried out by three countries, Egypt, Iran and Saudi Arabia, while it is believed that China executed or sentenced to death "thousands" of people. The report questioned the transparency of these unofficial statistics. The study stated many of the deaths were for drug-related offences, which international treaty bars the death penalty for. Four countries abolished the death penalty during the year: Central African Republic, Kazakhstan, Papua New Guinea and Sierra Leone.
Russian court sentences Colombian man to 5 years in prison for 'fake news'
Reuters
23-05-16 15:54
A Colombian man has been jailed for five years and two months after being found guilty of spreading "fake news" about the Russian army in Ukraine. Alberto Enrique Giraldo Saray was convicted of violating a law passed last year that has been used to silence opponents of Russia's "special military operation" in Ukraine, carrying a penalty of up to 15 years in prison and $60,000 in fines. His trial was held behind closed doors in Moscow and it is not known whether he pleaded guilty. Giraldo Saray, who lived in Moscow for 20 years and holds a Russian passport, was arrested in April 2022 after investigators say he purchased mobile phones and SIM cards and placed them in a shopping centre in Moscow, before his two accomplices allegedly sent mass messages containing "knowingly false information" about Russian soldiers in Ukraine.
Lithium Americas Corp has cleared an obstacle in the development of the Thacker Pass mine project in Nevada, after the US Department of the Interior found nearly all of the site contained lithium. Claims had previously been made that the project would cause unnecessary harm to the environment and be blocked due to the land it was on not containing valuable minerals, although officials found that over 98% of claims held by the Canadian mining company contained lithium mineralisation. The ruling will enable Lithium America to build and develop the project, which it is working on with General Motors.
The International Monetary Fund has expressed its support for Brazil's efforts to improve its fiscal position, whilst applauding the country's sustainable, inclusive and green economy. The IMF views that broadening the tax base and tackling spending rigidities will support sustainability and credibility. Brazil's finance ministry recently unveiled new fiscal rules to balance limits on spending growth under President Luiz Inacio Lula da Silva's administration.
Cuba has announced measures to ease restrictions on citizens living abroad, including extending the validity of passports from six to 10 years and cutting more than half the costs associated with renewing travel documents off-island. The measures, which take effect on 1 July, also eliminate a requirement that Cubans pay a fee for maintaining active status. The government's move is aimed at "strengthening ties with the Cuban community abroad". More than 300,000 Cubans arrived at the US border last year, representing a record-breaking exodus amid an economic crisis, which has put increasing stress on the country's already fragile economy.
Brazil's Finance Ministry is exploring new initiatives to increase tax revenue, including a review of income tax deductions and exemptions, according to anonymous sources. The potential measures are hoped to improve Brazil's fiscal stability, which has been threatened by leftist President Luiz Inacio Lula da Silva's aim to direct more money towards social projects. The potential initiatives would include taxing company profits and dividends and changing the tax laws on some investment funds. The government estimates that due to exemptions, it is set to lose BRL51.1 billion ($10.2 billion) and BRL31.3 billion from deductions in its 2024 budget bill.
A Chinese native has been charged by the US Department of Justice with stealing trade secrets from Apple, including information on autonomous vehicle technology. Weibao Wang, a former software engineer accused of stealing thousands of documents, is one of five individuals to be pursued as part of a government task force created to combat the theft of critical technology by foreign countries. Wang, who told investigators he had no plans to travel to China, immediately flew to Guangzhou upon being questioned by law enforcement officers who discovered a large volume of Apple data at his California home in 2018.
According to Amnesty International, executions across the world rose to their highest number in five years in 2022 despite growing moves to ban the death penalty. The annual report recorded 883 executions globally, up from 579 in 2021. Including information from countries such as China, where high levels of secrecy make it difficult to determine numbers, could mean that thousands more people were executed globally. Such information means the true scale of executions across the world could be even higher. Approximately 90% of the documented executions were carried out in Egypt, Iran, and Saudi Arabia. The report found that non-lethal crimes such as drug offences were common in Saudi Arabia and Iran, which is in violation of international law. Executions in the Middle East and North Africa rose by 59% in 2022. In total four countries, Kazakhstan, Papua New Guinea, Sierra Leone and the Central African Republic, abolished the death penalty for all crimes, however. Also, public support for the death penalty decreased in certain countries.
Canadian Prime Minister Justin Trudeau has pledged the country’s support to South Korea, saying Canada is ready to aid Seoul in subjects ranging from critical minerals to clean energy and North Korea. The two nations also plan to sign an agreement on securing electric vehicle mineral supply chains, energy conversion and energy security cooperation, according to a South Korean government official. Trudeau has urged the region to work on stability in the Indo Pacific and the North Pacific, calling for North Korea to renounce its weapons programmes and return to talks regarding denuclearisation.
Ecuadorian President Guillermo Lasso has dissolved the country's National Assembly and brought forward legislative and presidential elections, following an impeachment process launched against him that he denies. A majority of lawmakers backed the resolution, but Lasso said his administration had changed a corrupt contract to benefit the state. He has now declared a "grave political crisis" and invoked the "two-way death" allowing the calling of elections for both his post and assembly under certain circumstances. The president will remain in power for up to six months and rule by decree until the national electoral authorities set dates for the elections.
The International Monetary Fund’s (IMF) First Deputy Managing Director, Gita Gopinath, has warned of significant risks that inflation will remain high or increase further in many emerging markets, and urged central banks to keep monetary policies tight. Gopinath highlighted that price pressures seem entrenched in many economies and upside inflation risks are significant. She noted that insufficient monetary tightening now may necessitate more painful actions down the road, and that fiscal restraint could support central banks’ fight against inflation. Gopinath also warned of heightened risks to emerging markets from monetary policy tightening in advanced economies, and underscored the need for emerging market authorities to continue to strengthen their monetary, fiscal, and financial policy frameworks.
The Emilia-Romagna Grand Prix, which was due to take place on May 21, has been cancelled due to severe flooding in Imola. The area around the circuit has been subjected to heavy rain, resulting in flood and landslide warnings, and the nearby Santerno river has risen, threatening the circuit. The fifth round of the Formula One world championship has been cancelled, with at least three people in the region having already been killed in floods, and more than 5,000 having been evacuated from their homes. As of Wednesday morning, the paddock had not been affected, although car parks and other areas nearby have experienced severe flooding.
Formula 1 personnel were forced to vacate the paddock on Tuesday, with the event officially confirmed as cancelled on Wednesday. Following surveys of the region, and in view of the fact that rain is expected to persist until Thursday, event organisers declared there was no option other than to cancel the Imola Grand Prix. A statement expressing sympathy with those affected by the floods was issued by Ferrari. Championship leader Max Verstappen offered his support for the cancellation, having taken the chequered flag in first place at the preceding round, held in Miami.
The Imola cancellation marks the first time this season that F1 has had to cancel an event. The season is set to proceed with the next race at the Monaco Grand Prix next weekend.
Argentina is seeing some of the highest inflation rates in the world, which has led to an increase in the prices of imports, leaving people struggling to afford the basics. The country's clothing and footwear sector experienced the highest monthly inflation of all categories in April at 10.8%, causing consumer sales to stall and small businesses' revenue to shrink. Meanwhile, strong labour laws and a sense of loyalty mean workers are so far being protected. However, the threat of hyperinflation and a full-blown economic crisis are looming large.
Brazilian President Luiz Inacio Lula da Silva is being warned by senior allies that his focus on foreign policy and his forthcoming visit to the G7 Summit in Japan risks diverting him from domestic issues in a year when there is a great need to deliver results. Lula's people are understood to have told him that he should concentrate more on resolving Brazil's economic problems as his constant trips overseas are seen as having delayed decision-making at a time when the economy is flagging.
Brazil's antitrust regulator Cade has recommended that L'Oreal's acquisition of Natura & Co's Aesop brand be approved. L'Oreal agreed to buy Aesop for $2.53bn last month. The deal is considered definitively approved within 15 calendar days of its publication, providing no appeals are made.
Ecuador's President Guillermo Lasso has dissolved the National Assembly and brought forward legislative and presidential elections. This move came a day after Lasso defended himself against impeachment charges related to an alleged embezzlement case that he denies and claims are politically motivated. The decision to dissolve the legislature was made using a provision in Ecuador's constitution known as a "two-way death," which allows the president to call for elections for both his post and the assembly under certain circumstances, including if actions by the legislature are blocking the functioning of government. Lasso will remain in office and rule by decree until new elections are held.
Mexican security forces are searching for around 50 migrants who were kidnapped from a bus in the central state of San Luis Potosi. The bus, which was found further north in the border state of Nuevo Leon, was missing its two drivers. Mexican President Andres Manuel Lopez Obrador has deployed the National Guard to help locate the missing migrants. The incident highlights the growing involvement of organized crime in the trafficking of migrants, particularly as increasing numbers of individuals are crossing through San Luis Potosi on their way to the United States following the lifting of a COVID-era border policy.
Brazil's ministers see room for rate cuts as central bank keeps cautious stance
Reuters
23-05-17 15:40
Brazilian finance and planning ministers support a potential kick-off for monetary easing, although central bank Governor Roberto Campos Neto maintains caution in relation to potential risks of rising inflation. Finance Minister Fernando Haddad is supportive of monetary easing but does not question the central bank's authority to set rates. Planning Minister Simone Tebet pointed to the expected impact on the favourable conditions for lowering interest rates in August, depending on whether a proposed new fiscal framework is approved by Congress. Brazil's next monetary policy meeting is scheduled for 20-21 June.
