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)

INR | AMERICAS: Weekly Updates

 Bank Maintains Interest Rate at 7% in the Dominican Republic

• The Central Bank of the Dominican Republic (BCRD) adjusts its monetary management based on global and domestic conditions.

• With yearly inflation decreasing to 4%, attributed to effective monetary and fiscal measures, the BCRD anticipates sustained economic improvement, projecting a 5% growth in 2024 through increased money availability and government spending.

Read ahead at: https://euro.eseuro.com/business/1831779.html

FTA between Nicaragua and China Will Boost Economic Cooperation

• China and Nicaragua officially implement the Free Trade Agreement, effective January 1st. China grants zero tariffs on Nicaragua's key exports and an annual sugar quota.

• Both countries commit to phased tariff reductions, opening up trade in various sectors, and facilitating high-level exchanges, promoting economic collaboration and deepening ties.

• The comprehensive agreement includes chapters on the digital economy, environment, and cooperation in sectors like agriculture, textiles, logistics, tourism, and SMEs, aiming to enhance bilateral trade scale and quality.

Read ahead at: https://global.chinadaily.com.cn/a/202308/31/WS64effccba31035260b81f3a4.html

Ecuador to Resort to Militarization after Experiencing Increase in Violence

• Ecuador faces escalating violence, prompting Mayor Valdivieso to demand security over justice.

• A reported church shooting adds to concerns.

• President Noboa discusses plans to enhance weapon monitoring amid rising criminal activities, projecting a grim milestone for violent deaths.

Read ahead at: https://www.semafor.com/article/08/09/2023/latin-america-militarization

The Residents of the Uruguayan City March Against Insecurity 

• A town, gripped by escalating violence attributed to criminal gang conflicts, experiences a surge of fear among residents.

• Triggered by a Christmas Eve incident where a young woman was shot, a 10,000-strong demonstration follows, prompted by concerns about safety and stability. Police arrests add momentum to community response.

Read ahead at: https://www.euronews.com/video/2023/05/21/watch-thousands-in-uruguay-march-in-silence-for-those-missing-since-dictatorship-era

Small Left-Wing Parties in Alliance for Uruguayan Elections.

• Various left-wing groups, including Popular Unity, Workers' Party, and Workers' Front, unite for parliamentary representation in the upcoming October 2024 elections.

• Their collective focus includes opposing the government's retirement reform, advocating for a plebiscite, and challenging neoliberal policies, emphasizing social security, land concentration, IMF dictates, and education reform.

Read ahead at: https://www.aljazeera.com/news/2019/10/28/ruling-left-coalition-faces-tough-presidential-runoff-in-uruguay

Bolivia 2023: Advances in the Industrialisation of Locomotives.

• Bolivia's notable progress in achieving economic diversification includes a $3 billion investment in productive complexes set to yield results in 2024.

• The creation of the Bolivian Chemical Industry Productive Public Company (IBQ) on April 26 aims to save $1.4 billion annually, focusing on import substitution through four factories in Uyuni, Potosí.

• The IBQ plans to produce various chemicals, contributing to the consolidation of 100% Bolivian products in global markets.

Read ahead at: https://www.prensa-latina.cu/2023/12/30/bolivia-2023-avances-en-la-locomotora-de-la-industrializacion

Violent Events Shake the City of Esmeraldas in Ecuador.

• Esmeraldas, Ecuador, faces violent incidents prompting the National Police's deployment to apprehend culprits. Videos on social media depict burning cars and frightened individuals amid explosions.

• The Esmeraldas Government condemns the violence, urging citizens to remain calm.

• The city, known for past criminal acts, witnesses a disturbing trend amid Ecuador's worst-ever wave of insecurity, expecting over six thousand violent deaths in 2023.

Read ahead at: https://www.telesurenglish.net/news/Car-Bomb-Explosions-and-Gunshots-in-Esmeraldas-City-Ecuador-20220519-0012.html

Milei Government Rules out Argentina's Incorporation into the BRICS.

• Buenos Aires, Dec 29 (Prensa Latina) The Argentine Government ruled out the incorporation of this country into the Brics group (Brazil, Russia, India, China and South Africa).

• Adorni reported that letters were sent to the heads of state that make up the bloc, which were published this day in local media. The letters state that “the entry of this nation as a full member of that platform as of January 1, 2024 is not considered appropriate.”

• The beginning of the process for Argentina's incorporation into the BRICS was announced in August and the then president, Alberto Fernández, highlighted the role of that platform in promoting multilateral cooperation.

Read ahead at: https://euro.eseuro.com/world/1841924.html

INR | AFRICA: Weekly Updates

Sudan Civilians Rush for Arms as Paramilitaries Advance.

• The rapid advance of Sudanese paramilitaries has intensified calls on civilians to carry arms, raising the spectre of the eight-month conflict between rival generals transforming into full-blown civil war.

Read ahead: https://mg.co.za/africa/2023-12-29-sudan-civilians-rush-for-arms-as-paramilitaries-advance/

After Hundreds Die of Starvation in Ethiopia, Millions More are in Grave Danger. 

• Death by starvation has become a stark reality for hundreds of people in different parts of Ethiopia, especially in the Amhara and Tigray regions, where food production is severed by consecutive years of drought and wars.

Read ahead: https://wp.me/p7BpQh-avt 

Museveni Offers to Help Sudan Factions End War.

• The President reportedly promised  to work towards efforts aimed at achieving peace and stability in Sudan.

Read ahead: https://www.monitor.co.ug/uganda/news/national/museveni-offers-to-help-sudan-factions-end-war-4476922

South Africa Files Genocide Case Against Israel, Argentina Ditches BRICS, & more 

• As the Israel-Hamas war rages on relentlessly, the rising death toll in Gaza has prompted South Africa to appeal to the International Court of Justice (ICJ), seeking an order to declare Israel in violation of its obligations under the 1948 Genocide Convent.

Read ahead: https://www.wionews.com/world/morning-news-brief-south-africa-files-genocide-case-against-israel-argentina-ditches-brics-more-674891/amp