Latin Financial News

foreign exchange and fiscal revenues. Perhaps no company in the world is as closely linked to its country’s collapse as Venezuela’s state oil firm, PDVSA. At its peak in 1998, it provided 5% of global supply.

UN General Assembly President Dennis Francis has said it is «incongruous» that only five countries can exercise certain powers within the UN Security Council, underlining that the thrust of reform has to be to «democratise» the powerful UN organ, making it more fit for purpose in the 21st century. «It's not untrue that the architecture of the Security Council was designed a very long time ago, decades ago when geographically and geopolitically the world was a very different place,» Francis, President of the 78th session of the UN General Assembly, told PTI in an exclusive interview. Francis said many countries did not exist at the time when the UN Security Council was formed more than seven decades ago, particularly developing countries in the Global South and «countries like my own Trinidad and Tobago. We would at that time have been represented by the British. »But the world has changed.

United Nations Security Council (UNSC). Among other things, India has called for the expansion of the permanent membership of the body, which currently includes only five countries. The reform of international institutions also featured prominently in deliberations at the G20.

By Dave Graham and Diego Oré

Russia-Ukraine crisis, India worked very closely with Brazil, South Africa and Indonesia. I want to say that it was the emerging markets which played a very key role. There was very tough, very ruthless negotiations for several days non-stop," said India’s G20 Sherpa Amitabh Kant during a press briefing.

Traders in the $325 billion industry for emerging-market exchange-traded funds are shifting cash toward strategies that focus on brighter spots in the developing world as China’s economy stumbles.

SANTIAGO (Reuters) — The presidents of Chile and Mexico called for the strengthening of democracy in Latin America during a joint address on Sunday to commemorate the 50th anniversary of a 1973 coup in Chile, hours after a peaceful march culminated in violent clashes with police.

India and Brazil on Sunday agreed to work together for the expansion of India-Mercosur preferential trade agreement (PTA) to further promote economic ties, an official statement said. Mercosur is a trading bloc in Latin America, comprising Brazil, Argentina, Uruguay and Paraguay. The issue came up for discussion during the meeting of Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva here at the sidelines of the G20 Summit. «Expressing satisfaction over the growing trade between India and Mercosur, both leaders agreed to work together for the expansion of India-Mercosur PTA during Brazil's Mercosur Presidency, to leverage the full potential of this economic partnership,» a joint statement issued after the meeting said. The two countries also welcomed the establishment of the India-Brazil Business Forum as a dedicated platform for private-sector collaboration. «The leaders noted with satisfaction the conclusion of domestic procedures for the entry into force of the India-Brazil Social Security Agreement,» it added. India-Mercosur preferential trade agreement (PTA) came into effect on June 1, 2009. In such agreements, two countries reduce or eliminate customs duties on a limited number of goods agreed between them.

In response to growing speculation surrounding a recently posted photo, Paolo Ardoino, CTO of Tether and Bitfinex, took to Twitter to clarify matters. The image in question showcased a container bearing the «Tether Energy» logo, leading to a myriad of questions and theories. Some tabloids questioned the site's authenticity, while others speculated if Ardoino had digitally superimposed the logo onto the container.

G20 partners will unveil ambitious plans Saturday to bolster trade between India, the Middle East and Europe, the United States said — a modern-day Spice Route that could more closely bind three regions that account for about a third of the global economy. Washington, Saudi Arabia, the EU, UAE and others will sign an agreement on the sidelines of the G20 summit to explore a railway and port project to augment trade flows between Europe and India, officials said.Track all the live updates here The agreement comes with Washington actively engaging with Riyadh, a major oil producer and security partner, as it encourages the kingdom to normalise ties with Israel. Jon Finer, US deputy national security advisor, said the announcement came after «months of careful diplomacy, quiet, careful diplomacy, bilaterally and in multilateral settings». Finer said the plan could include shipping and rail transportation projects to «enable the flow of commerce, energy and data from here in India across the Middle East to Europe». This project «has enormous potential» he said.

Security Council, his spokesperson said on Thursday. «In terms of Security Council, the secretary general has been a strong advocate for Security Council reform to make it more reflective of the world that we live in today, as opposed to the world in 1945,» Stephane Dujarric, Spokesperson for the UN Secretary-General said. Dujarric was speaking on the sidelines of the ASEAN-India Summit and East Asia Summit in Jakarta, which was attended by Prime Minister Narendra Modi. Pitching for reforms at the United Nations Security Council, India has told the UN Security Council that there is a «need» for a council that better reflects the geographical and developmental diversity of the UN today. India's Permanent representative to the UN, Ruchira Kamboj, on Tuesday, said, «What we therefore need is a Security Council that better reflects the geographical and developmental diversity of the United Nations today.

dollar's strength will be difficult to overcome for most major currencies by year-end, according to a Reuters poll of forex strategists who said the risks to their greenback outlook were skewed to the upside. Backed by a strong economy and rising U.S. Treasury yields, some of the highest among developed economies, the dollar despite bouts of weakness has stayed resilient against most major currencies. Hitting a six-month peak as jitters over China and global growth weighed on risk appetite and expectations the U.S.

By Marcela Ayres and Bernardo Caram

UPI) and RuPay cards as a payment platform in these geographies, a senior government official said on Tuesday. The Reserve Bank of India (RBI) and the National Payments Corp. of India (NPCI) are in discussions with various countries, various high commissions and embassies, the person said, requesting anonymity.

BOGOTA (Reuters) — Colombia's government and industry associations called on the central bank to lower interest rates on Monday and urged business leaders to resume investment decisions, in a bid to shore up the economy.

By Karin Strohecker and Vincent Flasseur

Mercado Libre (NASDAQ:MELI), a renowned name in Latin American e-commerce and financial services, has not only gained global recognition but also fiercely competes with industry giants like Amazon (NASDAQ:AMZN) and Alibaba (NYSE:BABA).

For some investors seeking to diversify their portfolios, emerging markets are looking increasingly attractive. There are 169 emerging-markets stock ETFs available to fund investors, with total assets of about $296 billion, according to fund researcher Morningstar Direct. Some analysts and financial advisers say there is a lot to like about this sector right now.

JF-17 Thunder, supplied to Myanmar by Pakistan were declared unfit and the military junta has sent a «stern message» to Islamabad to answer for the mess, Myanmar-based Narinjara News reported citing sources. Pakistan supplied many JF-17 Thunder combat aircraft to Myanmar between 2019 and 2021 and all have been declared «unfit for operations.» The delivered planes were part of a deal that the Burmese military junta signed in 2016 to purchase JF-17 produced jointly by Pakistan Aeronautical Complex and Chengdu Aircraft Industries Corporation of China. But soon after the delivery of the aircraft, the Burmese Air Force was forced to ground the planes as malfunctions and structural flaws were detected. The failure of JF-17 appears to be shimmering tensions between Islamabad and Naypyidaw and somehow compelled China to intervene. A recent visit by Myanmar's Chinese envoy to Naypyidaw is said to have carried a message from the CCP's top leadership to Gen Min Aung Hlaing, as per Narinjara News. According to sources, Pakistan is trying hard to renegotiate the deal with newer versions of the JF-17s.

After a period market by subsiding oil and natural gas prices, energy stocks appear to be back in the vogue at the start of the latter half of the year.

The latest report by the Organised Crime and Corruption Reporting Project (OCCRP) against Adani Group has erupted a new political and economic storm in India. The report has alleged Gautam Adani's family of investing millions of dollars in its own companies via “opaque" Mauritius funds. The report mentions two of company associates, Chang Chung-Ling and Nasser Ali Shaban Ahli, and alleges them of investing heavily in Adani group's companies shares since 2013.