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Inflation in Argentina surges past 100 percent in historic spike

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Inflation in Argentina surges past 100 percent in historic spike

The nation’s inflation has not surpassed one hundred pc in over three many years, as worth of Argentina’s forex plummets.

Inflation within the South American nation of Argentina has risen previous one hundred pc for the primary time since 1991, based on the federal government’s newest shopper value index.

The Nationwide Institute of Statistics and Census (INDEC) launched its February report on Tuesday, pinpointing Argentina’s annual inflation at 102.5 % because the nation continues to undergo from one in every of its worst financial crises in many years.

In February alone, inflation rose 6.6 %, with meals and drinks recognized because the class of things most affected. INDEC credited the 9.8-percent improve in meals prices to steep costs for meat, dairy and egg merchandise.

The most recent inflationary soar arrives as Argentina contends with a historic drought, its worst in practically 60 years, and wildfires in areas just like the northern Corrientes province.

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Youngsters play in a plastic swimming pool in Buenos Aires on March 14 as Argentina contends with a significant warmth wave [Victor R. Caivano/AP Photo]

The nation is a number one exporter of soybeans, alongside the US and Brazil, in addition to different agricultural merchandise like corn, wheat and different grains.

However with crops failing in Argentina’s fertile grasslands, often called the Pampas, trade specialists have slashed the nation’s anticipated agricultural yields to ranges not seen for the reason that flip of the century. Excessive temperatures, believed to be sparked by local weather change, have beleaguered the nation since Might 2022.

Argentina has the second largest economic system in South America. However for a lot of the final century, its market has been notoriously risky, with a debt disaster within the Eighties spurring power hyperinflation all through that decade.

The inflation disaster hit a peak in 1989 with charges reaching greater than 3,000 % at sure factors.

A man counts money in front of a butcher's counter
The worth of Argentina’s forex, the peso, has dropped within the face of accelerating inflation [File: Agustin Marcarian/Reuters]

Battling its spiralling worldwide debt, Argentina organized a controversial deal in 2018 with the Worldwide Financial Fund (IMF) for greater than $57bn in credit score — the most important mortgage bundle within the fund’s historical past.

However inflation has crept greater since 2018, and the nation has struggled to maintain tempo with its compensation plan. A brand new $44bn mortgage deal was reached with the IMF in 2022, to interchange the 2018 plan.

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On Monday, the IMF introduced it had reached a “staff-level settlement” to ease the nation’s financial targets below the brand new debt plan, citing “the challenges of an more and more extreme drought”.

Chatting with the Reuters information company, customers on the outskirts of the capital Buenos Aires expressed frustration with Argentina’s financial struggles and the toll it was taking over their value of dwelling.

“There’s simply nothing left. There’s no cash. Individuals don’t have something, so how do they purchase?” mentioned Irene Devita, 74-year-old retiree purchasing for groceries.

She instructed Reuters that she had been lately compelled to forego a deliberate buy of tomatoes as meals prices outstripped her skill to pay.

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One other shopper, 50-year-old Patricia Quiroga, expressed frustration at politicians’ seeming incapability to curtail the inflation.

“I’m drained, drained, simply bored with all this, of the politicians who combat whereas the individuals die of starvation,” she instructed Reuters. “This may’t go on any extra.”

Argentina is ready to carry normal elections, together with for president, this October.

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Cartier owner Richemont posts 10% increase in Q3 sales

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Cartier owner Richemont posts 10% increase in Q3 sales
Cartier jewellery owner Richemont on Thursday reported a 10% increase in constant currency sales during the three months to the end of December, a strong early indicator for the performance of European luxury companies over the all-important holiday season.
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Ancient Pompeii excavation uncovers lavish private bath complex

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Ancient Pompeii excavation uncovers lavish private bath complex

Archaeologists have unearthed a lavish private bath complex in Pompeii, highlighting the wealth and grandeur of the ancient Roman city before it was destroyed by Mount Vesuvius in AD 79, the site said on Friday.

The baths, featuring hot, warm and cold rooms, could host up to 30 guests, allowing them to relax before heading into an adjacent, black-walled banquet hall, decorated with scenes from Greek mythology.

ITALY’S ANCIENT POMPEII PARK CRACKS DOWN ON DAILY VISITORS TO COMBAT OVERTOURISM

The pleasure complex lies inside a grand residence that has been uncovered over the last two years during excavations that have revealed the opulent city’s multifaceted social life before Vesuvius buried it under a thick, suffocating blanket of ash.

A central courtyard with a large basin adds to the splendour of the house, which is believed to have been owned by a member of Pompeii’s elite in its final years.

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“This discovery underscores how Roman houses were more than private residences, they were stages for public life and self-promotion,” said Gabriel Zuchtriegel, director of the Pompeii Archaeological Park.

The private thermal baths complex discovered by archaeologists in a villa of the ancient city of Pompeii is seen in Pompeii, Italy, in this undated handout picture released on January 17, 2025.  (Pompeii Archeological Park/Ministry of Cultural Heritage and Activities and Tourism/Handout via REUTERS )

Zuchtriegel said the layout recalled scenes from the Roman novel “The Satyricon”, where banquets and baths were central to displays of wealth and status.

Decorated with frescoes, the complex draws inspiration from Greek culture, emphasizing themes of leisure and erudition.

“The homeowner sought to create a spectacle, transforming their home into a Greek-style palace and gymnasium,” Zuchtriegel said.

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The remains of more than 1,000 victims have been found during excavations in Pompeii, including two bodies inside the private residence with the bathhouse – a woman, aged between 35-50, who was clutching jewellery and coins, and a younger man.

The discovery of their bodies was announced last year.

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‘Fields were solitary’: Migration raids send chill across rural California

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‘Fields were solitary’: Migration raids send chill across rural California

Los Angeles, California — Recent raids carried out by the United States Customs and Border Protection (CBP) in a rural California county have struck fear into immigrant communities as President-elect Donald Trump prepares to return to the White House.

CBP says that the operation in Kern County, which took place over three days in early January, resulted in the detention of 78 people. The United Farm Workers (UFW) union says it believes the number is closer to 200.

“The fields were almost solitary the day after the raids,” a 38-year-old undocumented farmworker named Alejanda, who declined to give her last name, said of the aftermath.

She explained that many workers stayed home out of fear. “This time of year, the orchards are usually full of people, but it felt like I was by myself when I returned to work.”

The raids are being seen by local labourers and organisations like UFW as a shot across the bow from immigration enforcement agencies before Trump’s inauguration on Monday.

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His second term as president is expected to ring in a new era of enhanced restrictions and deportation efforts.

While the number of people arrested represents a small fraction of the hundreds of thousands of undocumented workers underpinning California’s agricultural sector, the anxieties caused by such raids extend far beyond those detained.

“On Wednesday [the day after the raids], I stayed home from work. I barely left my house,” said Alejanda, adding that she kept her five-year-old son home from daycare rather than risk driving to drop him off.

“Everyone is talking about what happened. Everyone is afraid, including me. I didn’t actually see any of the agents myself, but you still feel the tension.”

Emboldened agencies

Following a presidential campaign where he routinely depicted undocumented migrants as “criminals” and “animals”, Trump will likely try to fulfill his promise to carry out the “largest deportation programme” in the country’s history on his first day in office.

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About 11 million people live in the United States without legal documentation, some of whom have worked in the country for decades, building families and communities.

The January arrests in Kern County appear to be the first large-scale Border Patrol raid in California since Trump’s victory in the November election, which set off speculation about the potential impact of mass deportations on immigrant communities and the economic sectors dependent on their labour.

About 50 percent of California’s agricultural workforce is made up of undocumented immigrants.

In California, undocumented status has been cited as a source of persistent anxiety for workers — as well as a means of leverage for employers, who often pay such labourers lower wages and grant them fewer protections in the fields.

But Alejanda says that workplace raids like the ones that took place in Kern County have not been common in the area.

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“I have been here for five years and never experienced anything like this before,” she said, noting that workers were detained while leaving the fields to go home.

CBP said in a statement that the operation, named “Return to Sender”, had targeted undocumented people with criminal backgrounds and connections to criminal organisations.

The raids were carried out by agents from the CBP El Centro Sector, located near the border between Mexico and southern California, more than five hours by car from the site of the raids.

“The El Centro Sector takes all border threats seriously,” Chief Patrol Agent Gregory Bovino said in a press release. “Our area of responsibility stretches from the US/Mexico Border, north, as mission and threat dictate, all the way to the Oregon line.”

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Antonio De Loera-Brust, a spokesperson for UFW, said that the operation shows that agencies like CBP are likely to become more aggressive as Trump takes office.

He also disputed CBP’s characterisation of the raids as focused on people with criminal records, saying that the operation cast a wide net and profiled people who looked like farmworkers.

Two of those arrested were UFW members, whom the organisation described as fathers who had lived in the area for more than 15 years.

“By operating over 300 miles north of the Mexican border, and apparently conducting this untargeted sweep based on profiling on their own initiative and authority, Border Patrol has shown itself to be clearly emboldened by a national political climate of hostility towards hard-working immigrant communities,” De Loera-Brust told Al Jazeera.

“It’s certainly deeply concerning that this sort of operation could be the new normal under the incoming Trump administration.”

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