Author: Juan Martinez

Juan Martinez is a journalist working for the Rio Times, covering local news from Brazil, South American news stories and international breaking news.

Argentine President Javier Milei has raised concerns about foreign exchange markets, accusing entities of influencing market stability and hinting at conflicts of interest. During a public streaming event, Milei targeted Rodrigo Valdés, the Chilean director of the IMF’s Western Hemisphere Department, questioning his impartiality due to past involvement in left-wing governments. Milei also criticized manipulative tactics that led to a sell-off at Banco Macro, likening the economic fallout to a disruptive storm. Despite challenges, Milei expressed confidence in his economic policies, citing major cuts in annual inflation under Economy Minister Luis Caputo. His administration prioritizes strict fiscal policies and transparency…

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In 2024, Venezuela’s economy is on the upswing, with a projected 4.2% growth for the year according to Ecoanalítica, a key economic analyst. Various sectors like trade, services, oil, mining, food processing, and pharmaceuticals are driving this economic rebound, with the energy sector showing gradual improvement. Despite international sanctions hindering further growth, the government has successfully managed hyperinflation. However, challenges persist, with most economic progress concentrated in urban areas while rural regions struggle with economic stagnation. Critics argue that more sustained and robust growth is needed for full recovery as 85% of the population lives below the poverty line. Venezuela’s…

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Nicolás Maduro, the Venezuelan President, recently led a massive rally in Catia, Caracas, where he warned about ‘extremist’ attempts to disrupt the upcoming presidential elections on July 28th. This event, part of his re-election campaign for the PSUV, saw over 40,000 motorcyclists from Petare to Catia, filling the streets of the capital. During his speech, Maduro emphasized his connection to the people, portraying himself as a leader of the common people opposed to elites. He assured his supporters that the elections would proceed as planned, firmly stating that no one could prevent the electoral process. Maduro accused opposition extremists of…

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Colombia’s economy witnessed a remarkable growth of 2.4% in May 2024, showing a significant recovery from the previous year. This surge came after a substantial 5.6% increase in April, indicating a strong upward trend. The agriculture sector played a crucial role in driving this expansion with a 4.60% rise, ranking fourth for the year. Despite this, the industry and construction sectors faced challenges, experiencing a 2.95% decline. The services sector, on the other hand, demonstrated strength by climbing 3.15%, reflecting solid consumer confidence and spending habits. Financial experts, based on Fedesarrollo’s Financial Opinion Survey, predict a slower growth rate ahead,…

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Uruguayan economists have adjusted their growth expectations for 2024 to 3.3%, slightly lower than the previous forecast of 3.35%. The Central Bank of Uruguay’s recent Survey of Expectations reveals a mix of caution and optimism among financial experts. The economic forecasts for 2024 vary, with the most conservative estimate anticipating a 2.8% GDP increase, while the most optimistic scenario predicts growth up to 3.9%. This reflects Uruguay’s complex economic landscape, influenced by both internal challenges and global trends. Despite facing obstacles like drought and the completion of major construction projects, Uruguay saw a small uptick of 0.6% in its economic…

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The Legislative Assembly of El Salvador has made a groundbreaking decision by approving a ten-year tariff waiver on crucial food items and agricultural supplies. This initiative, spearheaded by President Nayib Bukele, aims to reduce living costs and enhance long-term food security. Over 70 food products, such as rice, sugar, and oils, along with essential agricultural resources like fertilizers, will benefit from tariff reductions. These cuts are designed to lower the prices of basic food items, providing relief to families nationwide and encouraging local farmers to increase production. Part of a broader Economic Plan, the tariff waiver contributes to the goal…

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In Venezuela, tensions rise as opposition leader María Corina Machado’s chief bodyguard, Milciades Ávila, is detained. Ávila, a former police officer and long-time protector of Machado, was apprehended amidst the political turmoil leading up to the July 28 presidential elections. The arrest stemmed from an altercation at La Encrucijada involving opposition figures and pro-government women, which Machado believes was orchestrated to weaken her security. Video evidence supports her claims of a targeted provocation designed to leave her vulnerable before the election. Machado, a prominent figure in Venezuelan politics, accuses President Nicolás Maduro of endangering Ávila and other team members. The…

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President Nayib Bukele of El Salvador has unveiled a dynamic economic roadmap for the years 2024-2029, consisting of six distinct phases targeting various economic hurdles. The strategy kicks off by focusing on food security and technological advancement. Notably, a $30 million investment has been made in a data trust center in Ciudad Arce, expected to generate over 4,000 employment opportunities. U.S. Ambassador William Duncan commended the initiative, foreseeing a positive impact on the local economy. Bukele’s plan includes eliminating tariffs on 116 essential food items for a decade to ensure stable food prices and combat long-term inflation. Furthermore, the President…

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Argentina has achieved a significant milestone with a 1.1% GDP surplus in the first half of the year, marking the first fiscal achievement in over a decade. The Ministry of Economy confirmed this success as the sixth consecutive month of financial surplus, a streak not seen since 2008. June’s figures were particularly impressive, with a surge in public sector revenue driven by increased tax receipts. The boost stemmed from social security contributions and hikes in taxes targeting foreign currency transactions. On the spending side, primary expenditures and social security payouts also experienced significant increases. These adjustments are part of a…

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With the Venezuelan presidential campaign only ten days in, security forces have already detained 71 opposition supporters, including key figures from Edmundo González Urrutia’s camp due to legal challenges faced by leader María Corina Machado. Documented by NGO Peace Laboratory, these detentions reflect an escalated crackdown on dissent, particularly in response to González’s growing influence among those critical of the current regime. Arrests have taken place across multiple states, with businesses like Pancho Grill being shut down for supporting the opposition. Notable detentions include Ricardo Albacete Vidal, a Spanish citizen who hosted Machado in Táchira, now under investigation for alleged…

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