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peppertree's JournalBuenos Aires and Mendoza, Argentina, are now destinations endorsed by the Michelin Guide
Buenos Aires and Mendoza, Argentina, are now destinations endorsed by the Michelin Guide, as the famed culinary guide decided to review Argentina’s restaurants, the first Spanish-speaking country of Latin America to achieve this.
The announcement was made this Tuesday by Argentine Tourism Minister Matías Lammens and Michelin Guide Communications Director Elisabeth Boucher-Anselin, in an event held in Buenos Aires.
“According to our inspectors, Buenos Aires and Mendoza are first level culinary destinations,” Boucher-Anselin noted. “As a capital city, Buenos Aires is also a breathtaking metropolis that offers a wide range of architecture, culture and cuisine, with fancy restaurants to casual bistros backed by international and local foodies.”
She added that the first selection of restaurants for both locations will be unveiled on November 24 of this year.
“Buenos Aires and Mendoza are just the first places that have been reviewed, but the goal is to expand this selection to other places in Argentina,” said Lammens, who revealed that the negotiations to include the country in the culinary guide began about a year ago.
At: https://buenosairesherald.com/society/buenos-aires-city-and-mendoza-are-now-destinations-endorsed-by-the-michelin-guide
Argentine Tourism Minister Matías Lammens and Michelin Guide Communications Director Elisabeth Boucher-Anselin during today's annoucement of the inclusion of two Argentine cities - Buenos Aires and Mendoza - in the famed Michelin Guide.
Michelin, which evaluates over 16,000 restaurants worldwide, made Argentina only the second Latin American country to be included in their iconic red guides - after Brazil.
Buenos Aires and Mendoza are the two most visited Argentine cities by foreign tourists, with around 65% and 10%, respectively, of a projected 7 million tourist arrivals this year.
Spain election: right-wing bloc pulls ahead but remains short of overall majority
With 99% of the votes counted, the right-wing Popular Party (PP) has won the election with 136 seats.
But the result is far from an outright majority and hints at weeks – if not months – of negotiations as parties try to hammer out whether Spain’s next government will tack to the right or left.
The Socialists (PSOE) did better than polls had predicted, winning 122 seats. The result is a slight gain over the 120 seats it won in the November 2019 election.
The new left-wing movement, Sumar, won 31 seats.
The far-right party Vox has taken some of the biggest losses of the night, with its seat count dropping from 52 in the country’s parliament to 33.
A PP-Vox coalition would have 169 seats – meaning it would need to secure a handful of votes from other parties to secure the 176 seats needed for a majority in the 350-seat parliament. It is a tall order, given that most regional parties have expressed hesitation over striking deals that could ease Vox’s path to power.
The Socialists and Sumar would have 153 seats together, meaning they could potentially try to strike deals with smaller regional parties to govern.
But doing so would require fraught negotiations, meaning Spain risks heading into new elections.
At: https://www.theguardian.com/world/live/2023/jul/23/spain-election-2023-polls-results-latest-news
Spanish candidates Yolanda Díaz (left-wing), Prime Minister Pedro Sánchez (center-left), Alberto Núñez Feijóo (right-wing), and Santiago Abascal (far-right).
Prime Minister Sánchez's ruling Socialists - who were projected to lose - fared better than expected, and may be able to form a coalition government with smaller regional parties wary of entering an alliance with Abascal's neo-fascist Vox.
IMF and Argentina set ground for Staff Level Agreement on $45 billion, Macri-era debt
The International Monetary Fund (IMF) announced on Sunday midday that it has agreed on primary objectives for a new Staff-Level Agreement with Argentina.
“The main objectives and parameters that will serve as the grounds for a ‘Staff-Level Agreement’ have been agreed on,” the IMF announced via Twitter.
Argentina and the IMF agreed on a disbursement program for the second semester of 2023 - including a potential advance of over $8 billion.
Government sources told the Herald they expect the staff level agreement — a preliminary technical understanding subject to the IMF board’s approval — to be closed between Wednesday and Thursday.
The agreement would allow the country to continue servicing its $45 billion IMF debt, granted to former President Mauricio Macri during his failed, 2019 re-election campaign - reportedly at then-President Donald Trump's insistence.
The deal recognizes the harsh impact a record drought has had on the country’s exports and fiscal income, with agricultural GDP down 43.8% in May from a year earlier (and 5.5% overall).
Amid the worst drought in a century, Argentina's central bank reserves have so far this year plummeted by $19 billion, to $25.5 billion - less than three months of goods and services imports.
Argentine officials also credited White House and congressional support for today's agreement, while noting that IMF officials had disclosed that right-wing Argentine figures lobbied hard against any agreement - preferring instead "to let it all blow up" ahead of elections this October.
At: https://buenosairesherald.com/economics/imf-and-argentina-set-the-ground-for-staff-level-agreement
Argentine Economy Minister Sergio Massa and IMF Deputy Managing Director Gita Gopinath share a light moment during Massa's March visit to IMF headquarters - when the last IMF loan disbursement to the country was agreed on.
The IMF's quarterly loan disbursements to Argentina - the centerpiece of a March 2022 refinance agreement - have been critical to Argentina's repayment of a $45 billion IMF debt, granted to former President Mauricio Macri during his failed, 2019 re-election campaign - reportedly at then-President Donald Trump's insistence
A record drought this year - estimated to have cost Argentina some $20 billion in export earnings - led to a renegotiation of the 2022 refinance agreement.
Tucker Carlson's extremist recommendation to Republicans: 'The US should bomb Mexico'
During the Family Leadership Summit in Des Moines, Iowa, former television host Tucker Carlson suggested that Mexico was a bigger threat to the United States than Russia, as well as proposing to “bomb” the country to crack down on drug trafficking.
Throughout the event that took place on Friday, July 14, Tucker Carlson interviewed six candidates for the presidential candidacy of the Republican Party.
The tensest moment of the interview with Tim Scott was when Carlson, who has made comments in favor of Russian President Vladimir Putin, questioned why the United States sees the Kremlin as a threat and not Mexico.
Tucker Carlson later interviewed Asa Hutchinson, the governor of Arkansas, to whom he suggested: “Why not bomb the Mexican cartels?” - an act of war against an allied country.
At: https://mexicodailypost.com/2023/07/18/tucker-carlsons-extremist-recommendation-to-the-republicans-the-us-should-bomb-mexico/
Disgraced former Fox News host Tucker Carlson defends Russia to a befuddled Tim Scott at the Family Leadership Summit in Des Moines, Iowa - an early cattle call for GOP contenders.
“Why not bomb the Mexican cartels?” Carlson later asked Asa Hutchinson.
Record drought pushes Argentina back into recession
Argentina's Statistics Bureau (INDEC) reported that economic activity in the country fell again in May - albeit at a much slower rate than in April, posting a monthly drop of only 0.1%.
But compared to May 2022, activity was 5.5% lower - pushing GDP to its lowest level in 16 months, and representing the sharpest year-on-year fall in 31 months.
It was the second consecutive monthly drop for Argentina's economy, the third-largest in Latin America and 23rd in the world, after monthly GDP fell 1.8% in April (and 4.4% from April 2022).
In both monthly readings, agriculture accounted for virtually the entire downturn - with annual GDP slipping 0.4% in April and rising 0.3% in May but for that sector.
A record drought - the worst since 1929 - pushed agricultural output down 37% in April and 43.8% in May, costing the severely indebted country's coffers an estimated $20 billion in foreign exchange.
The nation's GDP, however, remains 5% above December 2019 levels, when current President Alberto Fernández took office on the heels of a foreign debt bubble crash known as the "Macrisis" - a reference to his right-wing predecessor, Mauricio Macri.
Fernández's Economy Minister, Sergio Massa, is currently in Washington negotiating repayment terms with the International Monetary Fund (IMF) over a record, $45 billion bailout granted to Macri during his failed re-election campaign - reportedly at the insistence of then-President Donald Trump.
At: https://www-baenegocios-com.translate.goog/economia/El-impacto-de-la-sequia-continuo-en-mayo-y-el-PBI-siguio-en-baja-20230718-0049.html?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en-US&_x_tr_pto=wapp
A harvester collects soy in eastern Argentina's fertile Pampas region.
A record drought - the worst since 1929 - has cost the country's coffers an estimated $20 billion in foreign exchange so far this year, bringing a strong 2021-22 recovery to a halt and jeopardizing the country's ability to service its $190 billion public foreign debt.
Argentina's public foreign debt doubled under right-wing President Mauricio Macri in 2015-19 - an estimated 80% of which went to finance asset dollarizing and offshoring by both local elites and foreign speculators.
Argentina and EU sign energy memorandum
President Alberto Fernández and European Commission President Ursula von der Leyen have signed a memorandum of understanding (MoU) on energy co-operation that seeks to boost energy trade between Argentina and the European Union.
Inked just before the start of the EU-CELAC (Community of Latin American and Caribbean States) summit, the memorandum states that both parties will support investment to increase energy trade between Argentina and the EU.
They will also develop the hydrogen, renewable energy and energy efficiency sectors - and work together to ensure that progress in these areas is in line with the 2015 Paris Agreement on climate change.
It also contemplates developing a plan to use transport infrastructure to speed up the shipping of liquefied natural gas (LNG) to Europe.
Future investment and related activity carried out within the framework of the memorandum should comply with the relevant climate laws, it states.
The document was signed in the European Union building in Brussels, where the EU is headquartered.
At: https://buenosairesherald.com/business/energy/argentina-and-eu-sign-energy-memorandum-at-eu-celac-summit
Argentine President Alberto Fernández and European Commission President Ursula von der Leyen after signing a memorandum of understanding on energy co-operation between Argentina and the EU.
Today's agreement seeks to boost Argentine/EU energy trade, which totaled just $2 billion last year - with a $732 million deficit for Argentina due mainly to gas imports.
But growing production from SW Argentina's Vaca Muerta shale block could yield over $25 billion in annual oil and gas exports by 2030.
Argentina's Catena Zapata named 'World's Best Vineyard' for 2023
The annual ‘World’s Best Vineyard’ winners have been announced, recognising the very best wine tourism experiences around the globe.
Catena Zapata of Mendoza, Argentina, topped the list, also winning the best overall South American vineyard. The award coincides with the opening of the vineyard's first restaurant, Angélica Cocina Maestra, located in Catena's renowned La Pirámide vineyard, founded in 1983.
Founded in 1902 by Italian immigrant Nicola Catena and known for its pioneering role in reinventing Malbec, Catena Zapata was one of four Argentine vineyards to make the top 20 – the other being Salentein (9th), El Enemigo Wines (10th), and Finca Victoria (13th).
The Healdsburg, CA, based Jordan Vineyard & Winery was the highest-ranking U.S. entry at number 20.
Glass half empty?
Though still the world's sixth-largest wine producer, Argentine output declined sharply during the 1990s as state subsidies to vineyards were curtailed amid a privatization push - and failed to recover even as exports rose from 1995 onwards.
Last year's output (1.15 billion liters) was only half the average levels in the 1970s and '80s, with consumption around 60% lower to 830 million liters.
Quality and variety have improved, however, with Argentina now growing over half the world's Malbec - a full-bodied red prized around the world.
But a 100-year drought - plus what exporters believe to be an overvalued peso (at the official rate) - have combined to slash exports so far this year by 31.7%.
At: https://harpers.co.uk/news/fullstory.php/aid/31662/Catena_Zapata_named__91World_92s_Best_Vineyard_92_2023.html
Publicity footage for Argentina's Catena Zapata, in the Andes foothills of vineyard-rich Mendoza Province.
Recognized as the World's Best Vineyard for 2023 by Britain's William Reed, the award was welcome news amid the worst drought in Argentina in a century.
Revealed: shares held 'in secret' by scores of MPs raise questions about vested interests
More than 50 MPs have owned stakes in publicly listed companies that raise questions about possible conflicts of interest and that until now have been in effect secret, the Guardian can reveal.
Parliamentary rules mean MPs’ shareholdings, including ones that were held by the former prime minister Theresa May and the former education secretary Gavin Williamson, do not need to be publicly disclosed in parliamentary registers.
But as a result voters are left in the dark about some of the financial interests of their elected representatives.
At: https://www.theguardian.com/politics/2023/jul/09/revealed-shares-held-in-secret-by-scores-of-mps-raise-questions-about-vested-interests
Conservative MP Andrea Leadsom, who was revealed to hold undeclared shares in Barclays Bank - one of Britain's largest.
Over 50 other MPs were revealed by The Guardian to hold undeclared shares - including in many firms overseen by committees in which they served.
Argentina inaugurates Nestor Kirchner gas pipeline, projected to save $4.2 billion in imports a year
Argentine President Alberto Fernández inaugurated the 354-mile Néstor Kirchner Gas Pipeline (GPNK) this Sunday in the Pampas town of Salliqueló - described by the president as "the most important public work in the last 40 years" and "a crucial step toward our economic independence."
The $2.5-billion pipeline, named in honor of former President Néstor Kirchner, is projected to save the country's hard currency reserves - depleted by foreign debt payments and a record drought - some $4.2 billion in imports next year alone, as well as ease the need for costly utility subsidies.
Built in a record eight months, the pipeline, with a daily capacity of 21 million m³ of gas, connects the country's Vaca Muerta shale oil and gas formation to the Neuba II gas pipeline - which supplies the Buenos Aires metro area of over 15 million people.
Vaca Muerta, the world's third-largest unconventional oil and gas formation, already supplies 42% of the country's gas and 46% of its oil. Argentina is the world's 18th-largest gas consumer, and ranks 30th in oil consumption.
A pipeline to unity?
The president was joined by Vice President Cristina Kirchner and Economy Minister Sergio Massa - the first time all three appeared together since the opening of Congressional sessions (akin to a State of the Union) on March 1.
Vice President Kirchner, whose endorsement of Fernández - and joining him in a center-left ticket - was decisive in his 2019 defeat of right-wing incumbent Mauricio Macri, had been distanced from the president since his March 2022 agreement to refinance the record, $45 billion IMF bailout granted in 2018 to Macri - reportedly under pressure from then-President Donald Trump.
Their joint appearance with the pragmatic Massa may help boost Massa's presidential bid this year.
Polling already shows Massa besting his primary rival, left-wing populist Juan Grabois, by around 7-to-1 - but fears remain among the ruling coalition of a repeat of the 2021 mid-terms, when the right-wing Together for Change (JxC) opposition was handed a victory by an estimated 4 million largely pro-Kirchner voters who sat the election out.
The same polling shows Massa's center-left Union for the Homeland (UP) in a statistical tie with the increasingly radicalized JxC - whose front-runner, Macri-era Security Minister Patricia Bullrich, has pledged to "dynamite the Kirchnerist economic order" through a mix of shock devaluation, currency deregulation and sharp budget cuts critics liken to the country's 2001 collapse (during which Bullrich was Labor Minister).
At: https://www-france24-com.translate.goog/es/minuto-a-minuto/20230709-argentina-inaugura-gasoducto-clave-para-el-shale-gas-de-vaca-muerta?_x_tr_sl=es&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp
Argentine President Alberto Fernández and Vice President Cristina Kirchner turn the opening valve on the Néstor Kirchner Gas Pipeline, flanked by (from left) Cabinet Chief Agustín Rossi, Economy Minister Sergio Massa, Buenos Aires Province Governor Axel Kicillof, and ENARSA President Agustín Gerez.
The pipeline the pipeline connects the country's Vaca Muerta shale oil and gas formation to the Buenos Aires metro area of over 15 million people - thus projected to save the hard currency-strapped country some $4.2 billion in gas imports next year alone.
The ECB and IMF confirm: "Inflation is mainly driven by companies, not wages."
Another confirmation of how inflation in the eurozone has depended so far much more from corporate profits than from workers’ wages.
On the other hand, firms have raised prices far more than costs - thereby increasing earnings.
Latest data taken from International Monetary Fund (IMF) shows how from the beginning of 2022 to today, business profits have had an impact 45% of total price increases. Wages accounted for a more modest 25%, and the cost of imports another 40%.
The amount exceeds 100 because the decreasing tax component acted against inflation. The IMF data follow what the European Central Bank (ECB) has been saying for several months now: that at the moment there is no price-salary spiral, and how price increases are largely driven by companies’ decision to raise their product prices rather than by increasing costs.
At: https://thenationupdate.com/economy/454679.html
Greedflation: Ballooning corporate profits (red) have accounted for nearly half of Europe's inflation since 2021.
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