INR | AMERICAS: Weekly Updates

USA plans to invest $162 Million to Microchip Technology

• The Biden administration announced plans to provide $162 million in federal grants to Microchip Technology as part of a preliminary agreement with an Arizona-based computer chip maker.

• $90 million of CHIPS and Science Act funding will be used to improve a Microchip plant. Another $72 million from the landmark legislation will be allocated to expand the company’s factory in Gresham, Oregon.

https://www.nytimes.com/2024/01/04/business/economy/microchip-technology-biden-funding.html

https://www.nbcnews.com/tech/tech-news/biden-administration-announces-162-million-expand-computer-chip-factor-rcna132227

Trump Appeal on Colorado Ballot Ban: High Stakes for the Supreme Court

• The Supreme Court has agreed to decide whether former President Donald Trump can appear on presidential primary ballots,

• Clause of the 14th Amendment of the Constitution says no one can hold office who has previously taken the oath but then engaged in an insurrection

• This will bring the high court squarely into a political fight because he participated in the Jan. 6 insurrection at the Capitol.

https://www.usnews.com/news/national-news/articles/2024-01-05/high-stakes-for-the-supreme-court-as-it-takes-on-trump-appeal-of-colorado-insurrection-clause-ballot-ban

Bolivian court rules that former president Morales cannot seek re-election

• Bolivia's Constitutional Court has ruled that former President Evo Morales cannot seek re-election in 2025, overturning a previous decision that allowed him to pursue a fourth term in 2019. 
• The court's reversal is based on the Inter-American Court of Human Rights' criteria, stating that re-election is not a human right. Morales, Bolivia's first Indigenous president, faced protests over alleged election fraud in 2019, leading to his resignation.

https://www.france24.com/en/americas/20231230-bolivian-court-rules-that-former-president-morales-cannot-seek-re-election

Bolivia FX reserves end 2023 at $1.7 bln, lowest in 19 years

• Bolivia's central bank reports 2023 year-end net foreign reserves at $1.7 billion, a 19-year low, attributing it to reduced hydrocarbon export earnings and foreign debt payments.

https://finance.yahoo.com/news/bolivia-fx-reserves-end-2023-161323949.html

Bolivia Faces Escalating Tension Over Ideological and Resource Disputes

• Bolivia faces a political crisis as tensions rise between President Evo Morales and Santa Cruz residents over autonomy and resource control. 
• The conflict hampers foreign investment and raises stability concerns.

https://bnnbreaking.com/politics/bolivia-on-the-brink-the-struggle-for-power-and-autonomy/

PowerChina finalizes construction of 480 MW PV plant in Chile

• PowerChina Chile, a unit of PowerChina, has completed the construction of a 480 MW solar plant in María Elena, Chile, making it the country's largest operational solar farm. 
• The facility, built with 882,720 panels, utilizes robotic panel cleaning technology to reduce water consumption by 80%. 
• Connected to a 9.6 km transmission line, the project was part of the Generadora Metropolitana joint venture and received $980 million in financing.

https://www.pv-magazine.com/2024/01/04/powerchina-finalizes-construction-of-480-mw-pv-plant-in-chile/

Argentina pulls out of plans to join BRICS bloc

• Argentina's new President, Javier Milei, has withdrawn the country from its planned entry into the Brics club of nations, citing differences in foreign policy from the previous government. 
• Milei, critical of China, expressed commitment to strengthening bilateral ties while not considering full Brics membership. 
• Argentina's economic challenges, including soaring inflation and high government debt, shape its delicate position in navigating relations with major partners like China, Brazil, and the US.

https://www.bbc.com/news/world-latin-america-67842992.amp

Colombia to hike minimum wage by 12% in 2024

• Colombia's minimum wage will increase by 12% in 2024, reaching 1.3 million pesos ($340) per month. 
• The hike is less than the 16% increase in 2023 and was not agreed with business leaders. 
• The country faces high inflation and economic challenges.

https://www.reuters.com/world/americas/colombia-hike-minimum-wage-by-12-2024-2023-12-30/

US Deports 55,000+ Guatemalans in 2023, Breaking Record

• The United States deported 40,713 Guatemalans by air in 2022, doubling the figures from 2021 and 2020, amid irregular flights due to the Covid-19 pandemic. 
• The Foreign Ministry estimates around 2.7 million Guatemalans are in the United States, with only 400,000 having work documents.

https://ticotimes.net/2023/12/30/us-deports-55000-guatemalans-in-2023-breaking-record

News bits proofread by:

Ayushi Attri (M.A. I.R., 2nd Year)

Drafted by:

Aditya Raj (B.A. I.R., 1st Year)

Aita Dey (B.A. I.R., 3rd Year)

Published by:

Alithia Clemency Paul (M.A. I.R., 2nd Year)