Argentinian President Javier Milei's economic measures continue to faces major opposition. In the latest, the country's largest union held a 12-hour strike on Wednesday. Thousands of workers demonstrated in capital Buenos Aires to oppose Milei's reforms.

Argentina: Labour groups oppose reforms

Argentina's labour union holds 12-hour-long strike

India's state-owned company, Khanij Bidesh India ltd or Kabil, has signed a $24 million lithium exploration pact in Argentina. Speaking to Wion's diplomatic correspondent Siddhant Sibal, argentina's envoy Hugo Javier Gobbi welcomed the lithium deal.

India-Argentina cooperation on lithium

India has signed a Lithium mining deal with Argentina. Through this agreement, India has bought exclusive rights for exploration and commercial production of Lithium from five brine blocks. Will this be a blow to China, which is India's biggest source of Lithium imports?

Gravitas | India signs first overseas lithium mining deal

In a move towards securing critical minerals for the energy transition, India is set to invest approximately Rs 200 crore ($24 million) in exploring and developing five lithium mines in Argentina.

This is based on a report published by the Press Trust of India (PTI).

The agreement, signed between Khanij Bidesh India Ltd (KABIL), a state-owned joint venture, and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a government-owned mining and energy corporation in Argentina, aims to tap into Argentina's abundant lithium resources.

Lithium is a crucial component of lithium-ion batteries that power electric vehicles and battery energy storage systems.

The project, with a cost of about Rs 200 crore, involves the exploration and development of five lithium brine blocks in the Catamarca province of Argentina.

The blocks, covering an area of approximately 15,703 hectares, include Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI. KABIL will hold exploration and exclusivity rights, allowing the evaluation, prospecting, and exploration of lithium minerals.

Upon the discovery, exploitation rights for commercial production will be granted.

Argentina, part of the 'lithium triangle' alongside Chile and Bolivia, boasts more than half of the world's total lithium resources.

It holds the distinction of having the second-largest lithium resources, the third-largest reserves, and the fourth-largest production globally.

The PTI report cited India’s Coal and Mines Minister Pralhad Joshi, who highlighted the significance of this agreement, saying, "This is a historic day for both India and Argentina as we are scripting a new chapter in bilateral ties with the Agreement signing between KABIL and CAMYEN."

India's move into lithium exploration aligns with its commitment to a sustainable and diversified supply chain for critical minerals essential to various industries.

The joint venture between NALCO, HCL, and MECL, KABIL, was formed in 2019 to source strategic minerals like lithium and cobalt from overseas locations.

The recent agreement signifies not only a strategic step in securing vital resources for the energy transition but also a strengthening of bilateral ties between India and Argentina.

(With inputs from PTI)<o:p></o:p>

In a move towards securing critical minerals for the energy transition, India is set to invest approximately Rs 200 crore ($24 million) in exploring and developing five lithium mines in Argentina.

In a move towards securing critical minerals for the energy transition, India is set to invest approximately Rs 200 crore ($24 million) in exploring and developing five lithium mines in Argentina. This is based on a report published by the Press Trust of India (PTI). The agreement, signed between Khanij Bidesh India Ltd (KABIL), a state-owned joint venture, and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a government-owned mining and energy corporation in Argentina, aims to tap into Argentina's abundant lithium resources. Lithium is a crucial component of lithium-ion batteries that power electric vehicles and battery energy storage systems. The project, with a cost of about Rs 200 crore, involves the exploration and development of five lithium brine blocks in the Catamarca province of Argentina. The blocks, covering an area of approximately 15,703 hectares, include Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI. KABIL will hold exploration and exclusivity rights, allowing the evaluation, prospecting, and exploration of lithium minerals. Upon the discovery, exploitation rights for commercial production will be granted. Argentina, part of the 'lithium triangle' alongside Chile and Bolivia, boasts more than half of the world's total lithium resources. It holds the distinction of having the second-largest lithium resources, the third-largest reserves, and the fourth-largest production globally. The PTI report cited India’s Coal and Mines Minister Pralhad Joshi, who highlighted the significance of this agreement, saying, "This is a historic day for both India and Argentina as we are scripting a new chapter in bilateral ties with the Agreement signing between KABIL and CAMYEN." India's move into lithium exploration aligns with its commitment to a sustainable and diversified supply chain for critical minerals essential to various industries. The joint venture between NALCO, HCL, and MECL, KABIL, was formed in 2019 to source strategic minerals like lithium and cobalt from overseas locations. The recent agreement signifies not only a strategic step in securing vital resources for the energy transition but also a strengthening of bilateral ties between India and Argentina. (With inputs from PTI)

India invests $24 mn in lithium exploration: Boosting energy transition & bilateral ties with Argentina

Italy on Friday (Jan 12) ruled against the extradition of a priest sought in Argentina on charges of murder and torture during the South American nation's last military dictatorship, the news agency Associated Press reported citing human rights advocates.

Italy on Friday (Jan 12) ruled against the extradition of a priest sought in Argentina on charges of murder and torture during the South American nation's last military dictatorship, the news agency Associated Press reported citing human rights advocates. In Oct last year, Italy's top criminal court approved the extradition of Rev. Franco Reverberi, who served as a military chaplain during Argentina's 1976-1983 military dictatorship. However, Italian Justice Minister Carlo Nordio ruled against Reverberi's (86) extradition, citing his advanced age and poor health. As per Italy's justice system, the justice minister either abides by or rejects court decisions on extradition. Will Argentina challenge Rome's decision? Speaking to the Associated Press, Jorge Ithurburu, who represents the March 24 human rights advocacy group that has followed the case, said that it would be up to Argentina to decide if it wants to challenge Nordio's decision by going to an Italian administrative court. Also read: Pope calls for universal ban on ‘despicable’ practice of surrogate motherhood The Oct ruling by the Cassation upheld a previous decision by a lower court in Bologna to allow the extradition of the Reverberi. A hearing has been set for next week to formally relieve the 83-year-old priest of the sign-in obligation. The charges against the priest Argentina has been seeking Reverberi for trial on charges including the 1976 slaying of 22-year-old José Guillermo Berón and the torture of several other men. The torture took place in Argentina's Mendoza. Reverberi had emigrated to Argentina from Italy when he was about seven years old. He left Argentina in 2011 after the first trial for crimes against humanity carried out during the dictatorship took place in the western Mendoza province. The testimonies of survivors and family members began to point to his responsibility (for the crimes). In Aug 2023, Italian Justice Minister Nordio initially approved the priest's extradition. But due to a clerical error, Nordio was unaware of Reverberi's appeal against Argentina’s request to have him sent there for trial when he initially OK’d extradition. The appeals process went on, leading to the October ruling of the Cassation and to Nordio’s having a second opportunity to have a final say in the matter. Ithurburu told the news agency that relatives of Berón could conceivably ask Italian prosecutors to pursue a case against Reverberi as an Italian citizen investigated for murder and other charges abroad, in Argentina. (With inputs from agencies)

Italy refuses extradition of priest sought by Argentina in crime cases

Rising inflation in Argentina is taking a toll on Asado - the traditional Argentinian barbecue, as people cut down on their spending to survive rising prices.

People cut down on traditional barbecue as prices soar

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. <o:p></o:p>

President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. <o:p></o:p>

The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. <o:p></o:p>

This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years.<o:p></o:p>

"We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. <o:p></o:p>

The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. <o:p></o:p>

The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. <o:p></o:p>

The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America.<o:p></o:p>

President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. <o:p></o:p>

However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. <o:p></o:p>

The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. <o:p></o:p>

Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." <o:p></o:p>

She shared her meticulous approach to shopping, counting potatoes to manage costs. <o:p></o:p>

Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data.

Argentina is grappling with a severe economic crisis as the annual inflation rate surged past 211 per cent in December, reaching levels not witnessed since the early 1990s, according to official data. President Javier Milei, a newly-elected libertarian leader, has implemented stringent austerity measures to curb hyperinflation. The country experienced a monthly inflation rate of 25.5 per cent, slightly below predictions, following a significant devaluation of the peso currency after Milei assumed office on December 10. This move aimed to address the deep-rooted economic challenges that have plagued Argentina for years. "We've had to eliminate things that made life a little brighter," Reuters quoted retiree Susana Barrio, 79, who highlighted the personal toll of surging inflation. The escalating prices have forced some, like Barrio, to forgo traditional social gatherings, such as inviting friends for asado (roast meat) barbecues, a customary part of Argentine social life. The economic strain is palpable among the population, leading to adjustments in daily life as citizens grapple with the economic fallout. The inflation surge has propelled Argentina beyond regional peer Venezuela, long considered an inflation outlier in Latin America. President Javier Milei, an unconventional political figure who gained power on a wave of voter dissatisfaction with the economic situation, is championing austerity measures to tackle inflation, reduce fiscal deficits, and replenish government coffers. However, Milei acknowledges the complexity of the situation, cautioning that improvements may take time, and the economic landscape could worsen before witnessing any positive changes. The impact of hyperinflation is reverberating through Argentine society, with a significant portion of the population already grappling with poverty. Reuters cited another retiree - Graciela Bravo, 65, who highlighted the rising cost of essentials, noting, "Nothing is cheap." She shared her meticulous approach to shopping, counting potatoes to manage costs. Others, like 49-year-old lawyer Alejandro Grossi, express weariness at the persistent rise in prices, describing adaptation as a necessity. (With inputs from Reuters)

Argentina faces economic crisis as inflation soars over 200pc under President Javier Milei

Sticky U.S. Inflation data has reduced the chances of an early federal reserve rate cut. The data has, in turn, raised an important question: has the inflation genie still not completely been put back into its bottle? Hotter-than-anticipated U.S. Consumer Price Index (CPI) data on Thursday tempered bets on a FED rate cut in March.

US inflation picks up more than expected in Decembe

Newly elected far-right Argentine President Javier Milei has received his first setback since coming to power last year. On Wednesday (Jan 3), a top Argentine court suspended a package of labour reforms he decreed last month amid much criticism from rivals.

Newly elected far-right Argentine President Javier Milei has received his first setback since coming to power last year. On Wednesday (Jan 3), a top Argentine court suspended a package of labour reforms he decreed last month amid much criticism from rivals. The National Chamber of Labor Appeals heard the case and temporarily blocked enforcement of Milei's "mega-decree" that included over 300 regulations. The judges presiding over the case said the labour measures were temporarily halted until the court can decide whether they are allowable under the Argentine law without congressional approval. The General Labor Confederation (CGT) - the nation's largest union, had filed an injunction saying the changes eroded basic worker protections such as the right to strike and parental leave. Watch | Gravitas: Who is Javier Milei, Argentina's president-elect? × The powerful CGT has long been against the reform proposal by Milei and is planning a nationwide strike, set to begin at the end of the month. However, after receiving the ruling in its favour, CGT said it "halts (Milei's) regressive and anti-worker labour reform". The Argentine president had earlier rationalised his decision saying the labour reforms were aimed at deregulating the South American country's economy which has been in a rut. After the court verdict, his government released a statement saying they planned to appeal the suspension. After taking office in December, President Milei has undertaken some drastic policy changes that include labour reforms as well as pulling out of the BRICS grouping. Last week, Milei told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping. Milei's unexpected win Milei managed a political upset in November last year by clinching Argentina's presidential run-off elections. Milei's campaign was marked by unconventional tactics, including wielding a chainsaw on the trail. His economic proposals, notably the bold idea of "detonating" the central bank and endorsing the US dollar as the official currency, struck a chord with voters disillusioned with traditional politics and desperate for a transformative approach. Also read | Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’ While Milei's win resonated with a significant portion of the electorate frustrated with economic hardships, critics remain sceptical of his untested leadership and unconventional policy proposals. The comparison with populist leaders like Trump and Brazil's Jair Bolsonaro raises concerns about the potential consequences of unorthodox governance. (With inputs from agencies)

Setback for Argentine President Milei as top court suspends his 'mega-decree' labour reforms

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration.

Newly elected far-right President Javier Milei in a letter dated December 22 told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping.

Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.”&nbsp;

<h2>Campaign promise fulfilled</h2>

President Milei during his campaign had vowed to push for aligning his nation’s foreign policy with the West and ditching the previous administration’s efforts to seek closer ties with the developing economies.

Former centre-left President Alberto Fernandez wanted to join forces with the BRICS group, which accounts for 25 per cent of the global GDP.

<a href="https://www.wionews.com/india-news/exclusive-argentina-eyes-indias-tejas-jets-amidst-uk-parts-hurdle-617160">Also read:&nbsp;&nbsp;Exclusive | Argentina eyes India's Tejas jets amidst UK parts hurdle</a>

Milei not only pushed for pro-West policies during his campaign but also targeted nations “ruled by communism”, in a veiled dig at China and neighbouring Brazil.

However, the president in his letter clarified that Argentina will seek to “intensify” its economic ties with BRICS in order to avail better trading and investment opportunities.

<h2>Argentina undergoing drastic policy changes</h2>

After taking office in December, President Milei has undertaken drastic policy changes, while vowing to support US and Israel.

"Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists," said Milei during his election campaign. However, after taking office, Milei's stance on China and Brazil has weakened as he has taken a more conciliatory tone.

Watch:&nbsp;Argentina confirms first human case of 'wee'

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He has also undertaken bold economic reforms since taking office. Milei has already devalued the peso by a staggering 54 per cent, pushing the official exchange rate from 366.5 to 800 pesos per US dollar.&nbsp;

Experts noted that Milei's administration was gearing up for a challenging period, with soaring inflation coming in at 160.9 per cent in November 2023.

(With inputs from agencies)

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration.

Argentina on Friday (Dec 29) revealed that it was rejecting the invitation to join the BRICS bloc of developing nations, in a drastic foreign policy shift under the new administration. Newly elected far-right President Javier Milei in a letter dated December 22 told his counterparts from Brazil, Russia, India, China and South Africa that the timing was not opportune for Argentina to join the grouping. Milei said in his letter that his approach to foreign affairs “differs in many aspects from that of the previous government. In this sense, some decisions made by the previous administration will be reviewed.” Campaign promise fulfilled President Milei during his campaign had vowed to push for aligning his nation’s foreign policy with the West and ditching the previous administration’s efforts to seek closer ties with the developing economies. Former centre-left President Alberto Fernandez wanted to join forces with the BRICS group, which accounts for 25 per cent of the global GDP. Also read: Exclusive | Argentina eyes India's Tejas jets amidst UK parts hurdle Milei not only pushed for pro-West policies during his campaign but also targeted nations “ruled by communism”, in a veiled dig at China and neighbouring Brazil. However, the president in his letter clarified that Argentina will seek to “intensify” its economic ties with BRICS in order to avail better trading and investment opportunities. Argentina undergoing drastic policy changes After taking office in December, President Milei has undertaken drastic policy changes, while vowing to support US and Israel. "Our geopolitical alignment is with the United States and Israel. We are not going to ally with communists," said Milei during his election campaign. However, after taking office, Milei's stance on China and Brazil has weakened as he has taken a more conciliatory tone. Watch: Argentina confirms first human case of 'wee' × He has also undertaken bold economic reforms since taking office. Milei has already devalued the peso by a staggering 54 per cent, pushing the official exchange rate from 366.5 to 800 pesos per US dollar. Experts noted that Milei's administration was gearing up for a challenging period, with soaring inflation coming in at 160.9 per cent in November 2023. (With inputs from agencies)

Argentina’s new far-right President Javier Milei ditches BRICS to ‘support US and Israel’

'Wee', a rare mosquito-borne disease has become the cause of concern in Argentina. Several Argentine provinces have reported cases of wee. Watch the video to get more insights!

Wee: Rare mosquito-borne disease, incubation period of 2-10 days | World News | WION

'Wee' a rare mosquito-borne disease has become the cause of concern in Argentina. Several Argentine provinces have reported cases of wee. Watch the video to get more insights!

Argentina confirms first human case of 'wee'

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major&nbsp;challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. &nbsp;

According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished.&nbsp;

President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. &nbsp;

Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes.&nbsp;

Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. &nbsp;

The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic.&nbsp;

President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. &nbsp;

The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.”&nbsp;

(With inputs from Reuters)&nbsp;

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In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending.

In a display of public discontent, thousands took to the streets of Buenos Aires to voice their opposition to President Javier Milei's economic shock measures. The demonstrations marked the first major challenge for Argentina's new libertarian leader, who assumed office with a commitment to reduce public spending. According to Reuters, Milei's recent announcements of a 54 per cent devaluation of the peso, subsidy cuts, and the closure of government ministries have sparked widespread concern and opposition from various social groups. The protests, primarily led by organisations representing the unemployed, unfolded peacefully in the main Plaza de Mayo square, where participants demanded increased financial support for the impoverished. President Milei's austerity measures, aimed at addressing Argentina's acute economic crisis, have triggered a wave of dissent. The proposed reforms, including the devaluation of the peso, have garnered significant attention and criticism. Milei's commitment to slashing public spending has set the stage for a potential clash with social groups that vehemently oppose what they refer to as "shock therapy" for the economy. The protesters, amidst a heavy police presence, marched peacefully, emphasising their desire for a peaceful demonstration without confrontations or clashes. Eduardo Belliboni, leader of the leftist protest group Polo Obrero, emphasised the peaceful nature of the mobilisation. "It is a peaceful mobilisation. We do not want any type of confrontation. We do not want any type of clash," Reuters quoted him as saying. The protesters, mainly advocating for increased financial support for the impoverished, congregated in Plaza de Mayo square, historically significant as a meeting point in front of the presidential palace. Authorities directed the demonstrators away from roads to ensure the flow of traffic. President Milei's recently appointed security minister introduced a "protocol" to maintain public order, allowing federal forces to prevent disruptive road-blocking protests. This move has garnered criticism from social organisations, with some arguing that the protocol infringes on the right to protest. The government's warning that those blocking streets could lose their right to receive state benefits adds another layer of tension to the ongoing situation. As the protests unfolded, an official announcement at train stations in Buenos Aires reiterated the potential consequences: “He who cuts, does not get paid.” (With inputs from Reuters) WATCH WION LIVE HERE

Protests erupt in Buenos Aires against Milei's economic overhaul 

As promised, Argentina's new President, Javier Milei, delivered the first set of his "Shock therapy" plans for the economy. In a televised address, Milei listed 30 initial points in sweeping reforms to rescue the nation from a severe economic crisis. Milei said these were only the first steps and part of a broader package of over 300 measures.

Argentina faces protests as President implements austerity measures

As promised, Argentina's new president, Javier Milei, delivered the first set of his "shock therapy" plans for the economy. in a televised address, Milei listed 30 initial points in sweeping reforms to rescue the nation from a severe economic crisis. Milei said these were only the first steps and part of a broader package of over 300 measures.

Argentina faces protests as President implements Austerity measures

In the next set of plans to bring Argentina out of the current economic crisis, the country's central bank changed its key monetary policy tool.

Argentina swaps key monetary policy tool

Here we bring you a quick round-up of all the latest news and top headlines from all across the globe: Israeli forces battling Hamas said they had uncovered an unusually large concrete and iron-girded tunnel, designed to carry carloads of militant fighters from Gaza right up to the border.

Israel uncovers 'biggest Hamas tunnel' near Gaza| N.Korea's ballistic missile

At least 13 people died in an Argentinian city after the roof of a sports club collapsed due to a powerful storm.&nbsp;According to the AFP news agency, winds of more than 140 kilometres (87 miles) per hour were recorded in the city, parts of which lost power.

The incident happened at 8 pm (local time) on Saturday (Dec 16) in the port city of Bahia Blanca. According to reports, a roller-skating display was taking place in the club at the time of the tragedy.

<h2>Local mayor confirms deaths&nbsp;</h2>

"It is with great pain that I have to say that the deaths of 13 people have so far been confirmed," local mayor Federico Susbielles said on social media X.

“We ask the public to take extreme care and not travel on public roads."

He added: "Faced with the catastrophe in the city, the entire government team, together with the police, civil defence, traffic chiefs, firefighters and the army, are working to assist those who need it."

“Unfortunately, the emergency service confirms the death of 13 people in the Bahiense del Norte club,” the municipality said in a statement, adding that firefighters were working at the site where people remained trapped under rubble.

<h2>Videos shared on X show the extent of the storm&nbsp;</h2>

Videos shared on social media showed shocking storm conditions, with locals describing it as a "tornado".

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<a href="https://twitter.com/hashtag/TORNADO?src=hash&amp;ref_src=twsrc%5Etfw">#TORNADO</a> EN BAHÍA BLANCA DEJA 13 MUERTOS‼️‼️ 
 
📣UN TORNADO NIVEL F1, PROVOCÓ GRANDES DESTROZOS EN LA CIUDAD DE BAHÍA BLANCA, CAUSANDO LA MUERTE DE 13 PERSONAS. <a href="https://t.co/D2bd3XtAJD">pic.twitter.com/D2bd3XtAJD</a>
— La Rioja Informa (@lariojainforma1) <a href="https://twitter.com/lariojainforma1/status/1736235977239076923?ref_src=twsrc%5Etfw">December 17, 2023</a></blockquote>
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19:30h| Tormenta muy fuerte en Bahia Blanca. La ciudad esta sin luz <a href="https://t.co/1YMSojHSi5">pic.twitter.com/1YMSojHSi5</a>
— Cindy 🌪 (@cindymfernandez) <a href="https://twitter.com/cindymfernandez/status/1736154898616525091?ref_src=twsrc%5Etfw">December 16, 2023</a></blockquote>
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Argentina President Javier Milei also expressed condolences to the family of the victims.

"I deeply regret the victims that this storm caused in Bahía Blanca and I send my deepest condolences to the families and loved ones of those affected. We will provide information as we have it. We ask everyone who is in risk areas to stay in their homes," he said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/explained-curious-case-of-alex-batty-british-teen-returns-to-uk-after-he-went-missing-six-years-ago-670487">Explained | Curious case of Alex Batty: British teen returns to UK six years after he went missing</a>

His office added in a tweet: "The national government is monitoring the delicate situation generated by the electrical storm in the province of Buenos Aires."

“We recommend that the population check the meteorological service and, if necessary, stay in their homes during the early hours of the morning."

Also read |&nbsp;<a href="https://www.wionews.com/world/us-georgia-teacher-arrested-over-threatening-to-behead-antisemitic-student-670541">US: Georgia teacher arrested over threatening to behead ‘antisemitic’ student</a>

“The wind gusts exceeded 150kmh (93mph) in Bahía Blanca and an orange alert is in place in different areas of the province of Buenos Aires."

“At this moment, the National Cabinet is working together with the provincial and municipal authorities to assist the victims and control the damage.”

(With inputs from agencies)

At least 13 people died in an Argentinian city after the roof of a sports club collapsed due to a powerful storm. According to the AFP news agency, winds of more than 140 kilometres (87 miles) per hour were recorded in the city, parts of which lost power.

At least 13 people died in an Argentinian city after the roof of a sports club collapsed due to a powerful storm. According to the AFP news agency, winds of more than 140 kilometres (87 miles) per hour were recorded in the city, parts of which lost power. The incident happened at 8 pm (local time) on Saturday (Dec 16) in the port city of Bahia Blanca. According to reports, a roller-skating display was taking place in the club at the time of the tragedy. Local mayor confirms deaths "It is with great pain that I have to say that the deaths of 13 people have so far been confirmed," local mayor Federico Susbielles said on social media X. “We ask the public to take extreme care and not travel on public roads." He added: "Faced with the catastrophe in the city, the entire government team, together with the police, civil defence, traffic chiefs, firefighters and the army, are working to assist those who need it." “Unfortunately, the emergency service confirms the death of 13 people in the Bahiense del Norte club,” the municipality said in a statement, adding that firefighters were working at the site where people remained trapped under rubble. Videos shared on X show the extent of the storm Videos shared on social media showed shocking storm conditions, with locals describing it as a "tornado". #TORNADO EN BAHÍA BLANCA DEJA 13 MUERTOS‼️‼️ 📣UN TORNADO NIVEL F1, PROVOCÓ GRANDES DESTROZOS EN LA CIUDAD DE BAHÍA BLANCA, CAUSANDO LA MUERTE DE 13 PERSONAS. pic.twitter.com/D2bd3XtAJD — La Rioja Informa (@lariojainforma1) December 17, 2023 × 19:30h| Tormenta muy fuerte en Bahia Blanca. La ciudad esta sin luz pic.twitter.com/1YMSojHSi5 — Cindy 🌪 (@cindymfernandez) December 16, 2023 × Argentina President Javier Milei also expressed condolences to the family of the victims. "I deeply regret the victims that this storm caused in Bahía Blanca and I send my deepest condolences to the families and loved ones of those affected. We will provide information as we have it. We ask everyone who is in risk areas to stay in their homes," he said in a statement. Also read | Explained | Curious case of Alex Batty: British teen returns to UK six years after he went missing His office added in a tweet: "The national government is monitoring the delicate situation generated by the electrical storm in the province of Buenos Aires." “We recommend that the population check the meteorological service and, if necessary, stay in their homes during the early hours of the morning." Also read | US: Georgia teacher arrested over threatening to behead ‘antisemitic’ student “The wind gusts exceeded 150kmh (93mph) in Bahía Blanca and an orange alert is in place in different areas of the province of Buenos Aires." “At this moment, the National Cabinet is working together with the provincial and municipal authorities to assist the victims and control the damage.” (With inputs from agencies)

13 die after powerful storm causes sports club’s roof to collapse in Argentina

Lionel Messi continues to make the headlines in the sports world. The shirt worn by Messi during Argentina’s epic 2022 FIFA World Cup final victory against France&nbsp;in Qatar, is expected to be sold for a record-breaking $10mn (£8 million) when a set of six shirts he wore during the tournament goes under the hammer at Sotheby’s in New York on Thursday.

Notably, if the set of shirts attracts bids in excess of an unprecedented&nbsp;$10.1mn, it will set a new benchmark for sports tops. The highest remains a whopping $10.09mn paid last year for a jersey worn by the all-time great basketballer Michael Jordan during Game 1 of the 1998 NBA Finals.

In addition, Messi’s shirts would become the most expensive football kit ever sold if the numbers go beyond £71,42,500&nbsp;($90,28,298) paid earlier this year for the shirt worn by Argentina great Diego Maradona. The late Maradona wore&nbsp;the shirt when he found the back of the net twice – including the iconic 'hand of God'&nbsp;goal – in Argentina's 2-1 win over&nbsp;England in&nbsp;the 1986 World Cup Round of 8.

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The Messi set comprises&nbsp;two shirts he wore during the group stage. The other four were worn during the knockouts -- i.e. the&nbsp;Round of 16, quarter-finals, semi-finals, and the final. In the run-up to the finale, Argentina beat Australia (2-1), Netherlands (4-3 in penalties) and Croatia (3-0) in R-16, quarters and the semi-finals, respectively.

Speaking of Messi's run in the World Cup, the 36-year-old&nbsp;had a dream campaign ending with the Golden Ball award for best player. He&nbsp;returned&nbsp;with seven goals (second-most after France's Kylian Mbappe) and led the side to their third World Cup title after 36 years. In the summit clash, he scored twice when Argentina beat France 4-2 in the penalty shootout after a 3-3 draw following&nbsp;extra time.

Lionel Messi continues to make the headlines in the sports world. The shirt worn by Messi during Argentina’s epic 2022 FIFA World Cup final victory against France in Qatar, is expected to be sold for a record-breaking $10mn (£8 million) when a set of six shirts he wore during the tournament goes under the hammer at Sotheby’s in New York on Thursday.

Lionel Messi continues to make the headlines in the sports world. The shirt worn by Messi during Argentina’s epic 2022 FIFA World Cup final victory against France in Qatar, is expected to be sold for a record-breaking $10mn (£8 million) when a set of six shirts he wore during the tournament goes under the hammer at Sotheby’s in New York on Thursday. Notably, if the set of shirts attracts bids in excess of an unprecedented $10.1mn, it will set a new benchmark for sports tops. The highest remains a whopping $10.09mn paid last year for a jersey worn by the all-time great basketballer Michael Jordan during Game 1 of the 1998 NBA Finals. In addition, Messi’s shirts would become the most expensive football kit ever sold if the numbers go beyond £71,42,500 ($90,28,298) paid earlier this year for the shirt worn by Argentina great Diego Maradona. The late Maradona wore the shirt when he found the back of the net twice – including the iconic 'hand of God' goal – in Argentina's 2-1 win over England in the 1986 World Cup Round of 8. Also read: PSG, Porto storm into UEFA Champions League last 16 as Newcastle United bow out The Messi set comprises two shirts he wore during the group stage. The other four were worn during the knockouts -- i.e. the Round of 16, quarter-finals, semi-finals, and the final. In the run-up to the finale, Argentina beat Australia (2-1), Netherlands (4-3 in penalties) and Croatia (3-0) in R-16, quarters and the semi-finals, respectively. Speaking of Messi's run in the World Cup, the 36-year-old had a dream campaign ending with the Golden Ball award for best player. He returned with seven goals (second-most after France's Kylian Mbappe) and led the side to their third World Cup title after 36 years. In the summit clash, he scored twice when Argentina beat France 4-2 in the penalty shootout after a 3-3 draw following extra time.

Argentina captain Lionel Messi’s 2022 World Cup final shirt expected to be sold for WHOPPING amount

Days after taking oath, Argentina's President has taken his very first steps in implementing his short therapy programme. President Milei devalues Peso by 54%.

Argentina's government devalues Peso by 54%

Argentina will weaken its peso over 50% to 800 per dollar, cut energy subsidies, and cancel tenders of public works, new Economy Minister Luis Caputo said on Tuesday, as part of economic shock therapy aimed at fixing the country's worst crisis in decades.

Caputo said the plan would be painful in the short-term but was needed to cut the fiscal deficit and bring down triple-digit inflation, as he unveiled a package of measures after libertarian President Javier Milei took office on Sunday.

"The objective is simply to avoid catastrophe and get the economy back on track," Caputo said in a recorded speech.

He said the country needed to tackle a deep fiscal deficit he put at 5.5% of GDP, adding Argentina had a fiscal deficit for 113 of the last 123 years - the cause of its economic woes.

"We're here to solve this problem at the root," he said. "For this, we need to solve our addiction to fiscal deficit."

The South American country, a major grains producer, is battling inflation nearing 150%, central bank reserves deep in the red and two-fifths of the population in poverty. It has a wobbling $44 billion loan with the International Monetary Fund.

"I welcome the decisive measures," IMF chief Kristalina Georgieva said, calling it "an important step toward restoring stability and rebuilding the country's economic potential."

The IMF called the measures "bold" and said in a statement they would "help stabilise the economy and set the basis for more sustainable and private-sector led growth" following "serious policy setbacks" in recent months.

The country's foreign exchange and grains markets had been locked down on Tuesday as traders awaited the new government's economic plan. Banks had already anticipated a sharp devaluation, with some weakening their FX rate to 700.

Since 2019, Argentina's peso currency has been kept artificially strong by strict capital controls which create a wide gap between the official exchange rate of 366 per dollar and parallel rates as high as 1,000 per dollar.

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<h2>'THE SITUATION IS CRITICAL'</h2>

Milei, a wild-haired political outsider, had campaigned with pledges for major spending cuts, often wielding a chainsaw at rallies as a blunt symbol of his plans to trim back the state.

"The situation is critical with 45% poverty and 200% annualised inflation," presidential spokesperson Manuel Adorni earlier told a press conference. "We are heading towards hyperinflation and the objective is to avoid it."

Milei's tough fiscal rhetoric - with a new mantra "there is no money" - has buoyed markets since his election win, with the S&amp;P Merval stock index hitting a record high on Tuesday and sovereign bonds up nearly 4%.

Analysts said the new measures sent a strong message.

"The devaluation announced exceeded market expectations," said Shamaila Khan, Head of Fixed Income for Emerging Markets and Asia Pacific at UBS Asset Management.

"Some details were announced on the fiscal adjustment that will be needed such as reduction of subsidies and decrease in public expenditure. Implementation will be key."

Caputo, echoing previous pledges by Milei, said the government would look to gradually erase export tariffs, something farmers have long sought. Argentina is a top exporter of processed soy oil and meal, and the no. 3 for corn.

The grains sector is expected to meet with the government late on Tuesday, Reuters reported earlier citing sources.

<h2>'THE ADJUSTMENT WILL BE PAINFUL'</h2>

The key doubt is whether Milei, whose libertarian coalition is only the third largest bloc in Congress, can implement the sharp cuts needed to undo the deep fiscal deficit without pushing the South American country towards turmoil and unrest.

"The adjustment will be painful, and the path forward is laden with economic, political and social risks," Fitch Ratings said in a report.

"Milei's party has little representation in the legislature and controls no provincial governorships, alliances with more influential parties and power-brokers remain in flux, and the social situation is fragile."

The central bank, which had new president Santiago Bausili confirmed overnight in the official gazette, said it would undo "transition" checks on FX trades from Wednesday morning that had only allowed priority trades through this week.

The Economy Ministry posted on Twitter that the central bank would announce measures on Wednesday related to the interest rate, debt and monetary policy to complement its own measures.

Argentina will weaken its peso over 50% to 800 per dollar, cut energy subsidies, and cancel tenders of public works, new Economy Minister Luis Caputo said on Tuesday, as part of economic shock therapy aimed at fixing the country's worst crisis in decades.

Argentina will weaken its peso over 50% to 800 per dollar, cut energy subsidies, and cancel tenders of public works, new Economy Minister Luis Caputo said on Tuesday, as part of economic shock therapy aimed at fixing the country's worst crisis in decades. Caputo said the plan would be painful in the short-term but was needed to cut the fiscal deficit and bring down triple-digit inflation, as he unveiled a package of measures after libertarian President Javier Milei took office on Sunday. "The objective is simply to avoid catastrophe and get the economy back on track," Caputo said in a recorded speech. He said the country needed to tackle a deep fiscal deficit he put at 5.5% of GDP, adding Argentina had a fiscal deficit for 113 of the last 123 years - the cause of its economic woes. "We're here to solve this problem at the root," he said. "For this, we need to solve our addiction to fiscal deficit." The South American country, a major grains producer, is battling inflation nearing 150%, central bank reserves deep in the red and two-fifths of the population in poverty. It has a wobbling $44 billion loan with the International Monetary Fund. "I welcome the decisive measures," IMF chief Kristalina Georgieva said, calling it "an important step toward restoring stability and rebuilding the country's economic potential." The IMF called the measures "bold" and said in a statement they would "help stabilise the economy and set the basis for more sustainable and private-sector led growth" following "serious policy setbacks" in recent months. The country's foreign exchange and grains markets had been locked down on Tuesday as traders awaited the new government's economic plan. Banks had already anticipated a sharp devaluation, with some weakening their FX rate to 700. Since 2019, Argentina's peso currency has been kept artificially strong by strict capital controls which create a wide gap between the official exchange rate of 366 per dollar and parallel rates as high as 1,000 per dollar. Also read: COP28: Nations adopt first-ever deal to transition away from fossil fuels 'THE SITUATION IS CRITICAL' Milei, a wild-haired political outsider, had campaigned with pledges for major spending cuts, often wielding a chainsaw at rallies as a blunt symbol of his plans to trim back the state. "The situation is critical with 45% poverty and 200% annualised inflation," presidential spokesperson Manuel Adorni earlier told a press conference. "We are heading towards hyperinflation and the objective is to avoid it." Milei's tough fiscal rhetoric - with a new mantra "there is no money" - has buoyed markets since his election win, with the S&P Merval stock index hitting a record high on Tuesday and sovereign bonds up nearly 4%. Analysts said the new measures sent a strong message. "The devaluation announced exceeded market expectations," said Shamaila Khan, Head of Fixed Income for Emerging Markets and Asia Pacific at UBS Asset Management. "Some details were announced on the fiscal adjustment that will be needed such as reduction of subsidies and decrease in public expenditure. Implementation will be key." Caputo, echoing previous pledges by Milei, said the government would look to gradually erase export tariffs, something farmers have long sought. Argentina is a top exporter of processed soy oil and meal, and the no. 3 for corn. The grains sector is expected to meet with the government late on Tuesday, Reuters reported earlier citing sources. 'THE ADJUSTMENT WILL BE PAINFUL' The key doubt is whether Milei, whose libertarian coalition is only the third largest bloc in Congress, can implement the sharp cuts needed to undo the deep fiscal deficit without pushing the South American country towards turmoil and unrest. "The adjustment will be painful, and the path forward is laden with economic, political and social risks," Fitch Ratings said in a report. "Milei's party has little representation in the legislature and controls no provincial governorships, alliances with more influential parties and power-brokers remain in flux, and the social situation is fragile." The central bank, which had new president Santiago Bausili confirmed overnight in the official gazette, said it would undo "transition" checks on FX trades from Wednesday morning that had only allowed priority trades through this week. The Economy Ministry posted on Twitter that the central bank would announce measures on Wednesday related to the interest rate, debt and monetary policy to complement its own measures.

Argentina devalues peso, cuts spending to treat fiscal deficit 'addiction'

Javier Milei took office on sunday. In his maiden speech, Milei warned that the country was facing its worst economic crisis in decades. He said a swift and painful fiscal shock was the only way to address the rapidly rising inflation rate. Inflation in the south american country is expected to reach 200% soon.

Argentine President Milei warns economic shock unavoidable in maiden speech

Libertarian Javier Milie takes oath as Argentina President. During an election year in Argentina, it can be difficult to concentrate on anything other than economics. The severe financial prognosis has once again dominated this year's presidential campaign, with an annual inflation rate that has surpassed 138 percent and a currency that has experienced a sharp decline in value.

Argentina: Libertarian Javier Milie takes oath as President of Argentina, braces for economic reform

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%.

Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, took the presidential sash from outgoing Peronist Alberto Fernandez in a packed Congress with crowds gathered outside.

The wild-haired outsider marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty.

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However, voters - who drove Milei to victory in a November run-off against a ruling Peronist coalition candidate - said they were willing to roll the dice on his sometimes radical ideas that include shutting the central bank and dollarizing.

"He is the last hope we have left," said 72-year-old doctor Marcelo Altamira, who slammed "useless and inept" governments for years of boom-bust economic crises. The outgoing Peronist government, he said, "had destroyed the country".

The challenges are huge. Argentina's net foreign currency reserves are estimated at $10 billion in the red, annual inflation is 143% and rising, a recession is around the corner and capital controls skew the exchange rate.

Argentina has gone through boom-bust cycles for decades with money printing to fund regular deficits stoking inflation and weakening the peso. That has worsened in recent years as reserves have dwindled with a major drought earlier this year hitting main cash crops soy and corn.

The major grains exporter needs to revamp a creaking $44 billion loan program with the International Monetary Fund (IMF), while Milei needs to navigate ties with important trade partners China and Brazil, whom he criticized during the campaign.

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Milei will take over from unpopular outgoing center-left President Fernandez, but will need to negotiate with rivals as his libertarian coalition only has a small bloc in Congress. He has allied with the main conservative grouping.

That has already had an impact. He has moderated his tone in the last few weeks, packed his first Cabinet with mainstream conservatives rather than ideological libertarian allies, and put more radical ideas like dollarization onto the back burner.

That has helped buoy the markets and reassure voters.

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"I think he will do well. For legal and Congressional reasons he'll end up having to focus on more coherent things," said Laura Soto, 35, a restaurant employee in Buenos Aires.

She said some more radical social ideas he had talked about during the campaign were also unlikely to happen, including easing regulation on guns and reopening the debate on abortion, which was legalized in Argentina three years ago.

<h2>'Change was necessary'</h2>

To fix the economic mess, Milei has chosen mainstream conservative Luis Caputo to helm the economy ministry, with a close Caputo ally Santiago Bausili as the central bank chief.

Milei is expected to lay out his vision in a speech on Sunday, with a more detailed economic plan likely on Tuesday or Wednesday, sources from his team told Reuters.

The ceremony's guests included Ukrainian President Volodymyr Zelenskiy, Hungarian Prime Minister Viktor Orban and a U.S. delegation.

Right wing former Brazilian leader Jair Bolsonaro also attended, as well as Uruguay's conservative leader Luis Lacalle Pou. Chile's leftist President Gabriel Boric was also present but leftists Luiz Inácio Lula da Silva of Brazil and Mexican Andrés Manuel López Obrador were some of the major absences.

Attentive to the popular support that has driven his rise, Milei is expected to speak to his supporters outside Congress, instead of doing so to lawmakers inside as is customary.

"He gives us something, the people, not the politicians," said retiree Vilma Bonino, 73. "Now we need to see what happens."

In a sign of challenges ahead, state energy firm YPF hiked petrol pump prices this week by an average 25%, with analysts and markets anticipating a sharp devaluation of the over-valued peso currency shortly after Milei takes office.

"Things aren't in good shape currently and it seems to me that a change was necessary," said 22-year-old student Delfina Ortiz as she took a photo in front on Congress.

"Obviously, like all change, there is a lot of hope and expectation for what is to come. Hopefully it will be good."

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%.

Argentina libertarian economist Javier Milei was sworn in as president on Sunday in a sharp swerve for the South American country as it seeks a radical fix for the worst economic crisis in decades and inflation rapidly heading towards 200%. Milei, 53, a former TV pundit who shot to fame with expletive-ridden tirades against rivals, China, and the pope, took the presidential sash from outgoing Peronist Alberto Fernandez in a packed Congress with crowds gathered outside. The wild-haired outsider marks a major gamble for Argentina: his shock therapy economic plan of sharp spending cuts has gone down well with investors and could stabilize the embattled economy, but it risks pushing more people into hardship with over two-fifths already in poverty. Also Read | Egyptians cast votes in elections held amid Israel-Hamas war with Sisi almost sure to win However, voters - who drove Milei to victory in a November run-off against a ruling Peronist coalition candidate - said they were willing to roll the dice on his sometimes radical ideas that include shutting the central bank and dollarizing. "He is the last hope we have left," said 72-year-old doctor Marcelo Altamira, who slammed "useless and inept" governments for years of boom-bust economic crises. The outgoing Peronist government, he said, "had destroyed the country". The challenges are huge. Argentina's net foreign currency reserves are estimated at $10 billion in the red, annual inflation is 143% and rising, a recession is around the corner and capital controls skew the exchange rate. Argentina has gone through boom-bust cycles for decades with money printing to fund regular deficits stoking inflation and weakening the peso. That has worsened in recent years as reserves have dwindled with a major drought earlier this year hitting main cash crops soy and corn. The major grains exporter needs to revamp a creaking $44 billion loan program with the International Monetary Fund (IMF), while Milei needs to navigate ties with important trade partners China and Brazil, whom he criticized during the campaign. Also Read | Conspiracy theorist Alex Jones' account reinstated on X after being banned for nearly five years Milei will take over from unpopular outgoing center-left President Fernandez, but will need to negotiate with rivals as his libertarian coalition only has a small bloc in Congress. He has allied with the main conservative grouping. That has already had an impact. He has moderated his tone in the last few weeks, packed his first Cabinet with mainstream conservatives rather than ideological libertarian allies, and put more radical ideas like dollarization onto the back burner. That has helped buoy the markets and reassure voters. Watch | US: 47% support Donald Trump over Joe Biden × "I think he will do well. For legal and Congressional reasons he'll end up having to focus on more coherent things," said Laura Soto, 35, a restaurant employee in Buenos Aires. She said some more radical social ideas he had talked about during the campaign were also unlikely to happen, including easing regulation on guns and reopening the debate on abortion, which was legalized in Argentina three years ago. 'Change was necessary' To fix the economic mess, Milei has chosen mainstream conservative Luis Caputo to helm the economy ministry, with a close Caputo ally Santiago Bausili as the central bank chief. Milei is expected to lay out his vision in a speech on Sunday, with a more detailed economic plan likely on Tuesday or Wednesday, sources from his team told Reuters. The ceremony's guests included Ukrainian President Volodymyr Zelenskiy, Hungarian Prime Minister Viktor Orban and a U.S. delegation. Right wing former Brazilian leader Jair Bolsonaro also attended, as well as Uruguay's conservative leader Luis Lacalle Pou. Chile's leftist President Gabriel Boric was also present but leftists Luiz Inácio Lula da Silva of Brazil and Mexican Andrés Manuel López Obrador were some of the major absences. Attentive to the popular support that has driven his rise, Milei is expected to speak to his supporters outside Congress, instead of doing so to lawmakers inside as is customary. "He gives us something, the people, not the politicians," said retiree Vilma Bonino, 73. "Now we need to see what happens." In a sign of challenges ahead, state energy firm YPF hiked petrol pump prices this week by an average 25%, with analysts and markets anticipating a sharp devaluation of the over-valued peso currency shortly after Milei takes office. "Things aren't in good shape currently and it seems to me that a change was necessary," said 22-year-old student Delfina Ortiz as she took a photo in front on Congress. "Obviously, like all change, there is a lot of hope and expectation for what is to come. Hopefully it will be good."

Argentine libertarian Milei takes presidency with economic crisis in focus

Lionel Messi and Argentina will get the chance to avenge their defeats to Chile in the 2015 and 2016 Copa America finals after being grouped with their old rivals in the draw for next year's tournament on Thursday. Reigning Copa America champions Argentina will defend their title in the United States next summer in an expanded 16-team tournament which features 10 South American teams and six qualifiers from the CONCACAF region.

Argentina, winners of last year's World Cup, will kick off the tournament on June 20 in Atlanta against either Canada or Trinidad &amp; Tobago, who meet in a playoff next year to determine one of two remaining CONCACAF slots. The Argentines will then face Chile in East Rutherford, New Jersey, on June 25 in a repeat of the 2016 Copa America Centenario final held at the same venue.

Argentina, beaten by Chile in Santiago on penalties a year earlier in 2015, also lost the 2016 final on spot-kicks, with Messi blazing his penalty over the bar. The Argentine captain later announced a shortlived retirement from international football after the defeat, before reversing the move and continuing his career.

The world champions will wrap up their Group A campaign in familiar territory for Inter Miami' Messi, facing Peru in Miami on June 29 in their final first-round game. Elsewhere, Mexico were drawn in a Group B alongside Ecuador, Venezuela and Jamaica, while the United States face Uruguay, Panama and Bolivia in Group C.

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Five-time world champions Brazil, beaten in the 2021 final on home soil by Argentina at the Maracana Stadium in Rio de Janeiro, have a potentially tricky group containing Colombia, Paraguay and either Costa Rica or Honduras. Next year's Copa America is being seen as an effective test run for the 2026 World Cup taking place in the United States, Canada and Mexico.

CONMEBOL president Alejandro Dominguez said at Thursday's draw that the tournament would be a "Copa America of the World." "The world champion team (Argentina), the only five-time world champion team (Brazil), the first world champion team (Uruguay) will take part, along with the best players in the world, who are Latin Americans," Dominguez said.

Brazil open their campaign at the SoFi Stadium in Inglewood, the futuristic home of the Los Angeles Rams NFL team, against either Costa Rica or Honduras on June 24. They face Paraguay in Las Vegas on June 28 before concluding their group play against Colombia at Levi's Stadium in Santa Clara, home of the San Francisco 49ers.

A total of 14 stadiums will be used for the tournament, most of them large capacity venues that belong to NFL teams. If Argentina win Group A, they will face the runner-up of from Group B in the quarter-finals on July 4 at Houston's NRG Stadium -- where they defeated the United States in the semi-final in 2016.

The Arlington, Texas home of the Dallas Cowboys will host another quarter-final on July 5, with Las Vegas' Allegiant Stadium and the State Farm Stadium in Glendale, Arizona, rounding out the last eight venues. The semi-finals will take place at East Rutherford on July 9, and in Charlotte on July 10, with the final taking place at Miami on July 14.

Lionel Messi and Argentina will get the chance to avenge their defeats to Chile in the 2015 and 2016 Copa America finals after being grouped with their old rivals in the draw for next year's tournament on Thursday.

Lionel Messi and Argentina will get the chance to avenge their defeats to Chile in the 2015 and 2016 Copa America finals after being grouped with their old rivals in the draw for next year's tournament on Thursday. Reigning Copa America champions Argentina will defend their title in the United States next summer in an expanded 16-team tournament which features 10 South American teams and six qualifiers from the CONCACAF region. Argentina, winners of last year's World Cup, will kick off the tournament on June 20 in Atlanta against either Canada or Trinidad & Tobago, who meet in a playoff next year to determine one of two remaining CONCACAF slots. The Argentines will then face Chile in East Rutherford, New Jersey, on June 25 in a repeat of the 2016 Copa America Centenario final held at the same venue. Argentina, beaten by Chile in Santiago on penalties a year earlier in 2015, also lost the 2016 final on spot-kicks, with Messi blazing his penalty over the bar. The Argentine captain later announced a shortlived retirement from international football after the defeat, before reversing the move and continuing his career. The world champions will wrap up their Group A campaign in familiar territory for Inter Miami' Messi, facing Peru in Miami on June 29 in their final first-round game. Elsewhere, Mexico were drawn in a Group B alongside Ecuador, Venezuela and Jamaica, while the United States face Uruguay, Panama and Bolivia in Group C. Also Read: Upstart Indiana Pacers topple Milwaukee Bucks to storm into NBA Cup final Five-time world champions Brazil, beaten in the 2021 final on home soil by Argentina at the Maracana Stadium in Rio de Janeiro, have a potentially tricky group containing Colombia, Paraguay and either Costa Rica or Honduras. Next year's Copa America is being seen as an effective test run for the 2026 World Cup taking place in the United States, Canada and Mexico. CONMEBOL president Alejandro Dominguez said at Thursday's draw that the tournament would be a "Copa America of the World." "The world champion team (Argentina), the only five-time world champion team (Brazil), the first world champion team (Uruguay) will take part, along with the best players in the world, who are Latin Americans," Dominguez said. Brazil open their campaign at the SoFi Stadium in Inglewood, the futuristic home of the Los Angeles Rams NFL team, against either Costa Rica or Honduras on June 24. They face Paraguay in Las Vegas on June 28 before concluding their group play against Colombia at Levi's Stadium in Santa Clara, home of the San Francisco 49ers. A total of 14 stadiums will be used for the tournament, most of them large capacity venues that belong to NFL teams. If Argentina win Group A, they will face the runner-up of from Group B in the quarter-finals on July 4 at Houston's NRG Stadium -- where they defeated the United States in the semi-final in 2016. The Arlington, Texas home of the Dallas Cowboys will host another quarter-final on July 5, with Las Vegas' Allegiant Stadium and the State Farm Stadium in Glendale, Arizona, rounding out the last eight venues. The semi-finals will take place at East Rutherford on July 9, and in Charlotte on July 10, with the final taking place at Miami on July 14.

Old rivals Lionel Messi-led Argentina and Chile to face each other in Copa America 2024

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.&nbsp;

The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. &nbsp;

This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei.&nbsp;

Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. &nbsp;

The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation.&nbsp;

Milei's team has hinted at maintaining currency controls temporarily while&nbsp;seemingly deferring&nbsp;plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. &nbsp;

Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis.&nbsp;

(With inputs from Bloomberg)&nbsp;

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In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported.

In a move to curb US dollar hoarding and counter an anticipated devaluation, Argentina's central bank has imposed restrictions on the foreign currency holdings of commercial lenders, Bloomberg reported. The decree, published on Thursday, dictates that banks may not hold more than the lowest recorded amount between October 12 and December 6. The measure, effective immediately and valid until the year-end, aims to compel banks to unwind their existing dollar portfolios, thereby increasing the supply in the official exchange market. This move is seen as a proactive step to support the peso as investors brace for a potential 27 per cent drop in the currency's value on Monday, with expectations of a 44 per cent devaluation under the incoming President, Javier Milei. Bloomberg sources suggest that the new regulation forces banks to liquidate their current dollar holdings, potentially offering the central bank a much-needed boost. The measure aligns with Milei's commitment to address the currency issue, signalling a departure from the current administration's policies. The Central Bank's spokespersons clarified that the objective is to prevent banks from increasing their dollar holdings on the eve of Milei's inauguration. Despite the silence from Milei's team, the move underscores the urgency felt within the government to stabilise the economy and manage the impending devaluation. Milei's team has hinted at maintaining currency controls temporarily while seemingly deferring plans to scrap the peso altogether. The incoming administration faces the challenge of sustaining the peso's value amid economic uncertainties. Market analysts suggest that the current exchange rate is unsustainable, emphasising the need for decisive measures to avert a deeper economic crisis. (With inputs from Bloomberg) WATCH WION LIVE HERE

Argentina imposes limits on banks’ dollar holdings amid concerns over devaluation 

Argentina captain Lionel Messi has been named Time magazine's Athlete of the Year for 2023 after winning the Ballon d'Or for a record-extending eighth time and elevating the profile of the sport in the U.S. with his move to Inter Miami. Messi played a key role in guiding Argentina to their first World Cup title in 36 years when they beat defending champions France in the final in December last year.

The 36-year-old had no shortage of offers when he left Paris St Germain earlier this year, choosing to sign for Major League Soccer's Inter Miami despite being linked with his former team Barcelona and a big-money move to Saudi side Al-Hilal. "The truth is that fortunately, I had several options on the table that were interesting, and I had to analyse them and think, even weigh them up with my family, before making the final decision to come to Miami," Messi told Time.

Messi made an instant impact at Miami, scoring 10 goals in seven Leagues Cup appearances as he spurred them to victory in the tournament which features MLS teams as well as sides from Mexico. The Argentine's arrival in the U.S. also made waves off the pitch, causing a massive spike in searches for match dates and tickets to see him in action, with fans also buying up his official pink Inter Miami shirt.

Also read:&nbsp;<a href="https://www.wionews.com/sports/premier-league-arsenal-go-five-clear-after-declan-rice-seals-seven-goal-thriller-at-luton-666660">Premier League: Arsenal go five clear after Declan Rice seals seven-goal thriller at Luton</a>

The price of tickets to Inter Miami games skyrocketed, while Apple TV, which has a 10-year partnership with the MLS, saw a significant increase in subscriptions, according to research firm Antenna. "Messi managed to do what once seemed impossible: turning the U.S. into a soccer country," Time wrote.

Simone Biles, LeBron James and the United States women's soccer team have won the award in recent years, with Aaron Judge of the New York Yankees winning in 2022.

Argentina captain Lionel Messi has been named Time magazine's Athlete of the Year for 2023 after winning the Ballon d'Or for a record-extending eighth time and elevating the profile of the sport in the U.

Argentina captain Lionel Messi has been named Time magazine's Athlete of the Year for 2023 after winning the Ballon d'Or for a record-extending eighth time and elevating the profile of the sport in the U.S. with his move to Inter Miami. Messi played a key role in guiding Argentina to their first World Cup title in 36 years when they beat defending champions France in the final in December last year. The 36-year-old had no shortage of offers when he left Paris St Germain earlier this year, choosing to sign for Major League Soccer's Inter Miami despite being linked with his former team Barcelona and a big-money move to Saudi side Al-Hilal. "The truth is that fortunately, I had several options on the table that were interesting, and I had to analyse them and think, even weigh them up with my family, before making the final decision to come to Miami," Messi told Time. Messi made an instant impact at Miami, scoring 10 goals in seven Leagues Cup appearances as he spurred them to victory in the tournament which features MLS teams as well as sides from Mexico. The Argentine's arrival in the U.S. also made waves off the pitch, causing a massive spike in searches for match dates and tickets to see him in action, with fans also buying up his official pink Inter Miami shirt. Also read: Premier League: Arsenal go five clear after Declan Rice seals seven-goal thriller at Luton The price of tickets to Inter Miami games skyrocketed, while Apple TV, which has a 10-year partnership with the MLS, saw a significant increase in subscriptions, according to research firm Antenna. "Messi managed to do what once seemed impossible: turning the U.S. into a soccer country," Time wrote. Simone Biles, LeBron James and the United States women's soccer team have won the award in recent years, with Aaron Judge of the New York Yankees winning in 2022.

Argentina superstar Lionel Messi named Time's Athlete of the Year for 2023

The International Monetary Fund has expressed strong interest in bolstering Argentina's recovery, as President-elect Javier Milei engages in crucial talks with the IMF and high-profile meetings in Washington. With Argentina's inflation surpassing 140% and net reserves in a precarious state, the IMF's Chief, Kristalina Georgieva, aims to discuss strategies to enhance the nation's resilience.

Argentina's economic challenges and the role of the IMF | World Business Watch

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet.

Milei said he had chosen Luis Caputo, an economist and finance minister under market-friendly ex-president Mauricio Macri, for the job in a country beset by skyrocketing inflation and poverty of 40 percent.

Milei, a 53-year-old political outsider, stormed to victory in elections 10 days ago pledging to ditch the peso for the US dollar and "dynamite" the central bank as ways of dealing with Argentina's long-running economic malaise.

On Wednesday, he warned of months of "stagflation" -- inflation coupled with economic stagnation -- ahead.

Watch | What's next for Argentina's economy?

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Inflation -- at 143 percent year-on-year -- "will remain high" due to the outgoing government's monetary policy, Milei cautioned.

"There is going to be stagflation, because when you do a fiscal reordering, it will have a negative impact on economic activity," he added.

For 2023, the International Monetary Fund (IMF) has projected a contraction of 2.5 percent in Argentine GDP.

Since beating outgoing Economy Minister Sergio Massa in a November 19 runoff vote, Milei has sought to temper hopes for a rapid economic turnaround, saying it could take "18 to 24 months" to bring inflation under control.

He has also said that "dollarization" of the economy -- a key campaign promise -- might have to wait about a year. 
The top priority is cutting the budget deficit.

Milei announced Caputo's nomination on his return from a visit to the United States, meeting top aides to President Joe Biden.

Caputo, who accompanied Milei as a financial adviser, had also taken part in a technical meeting with officials of the International Monetary Fund, to which Argentina owes repayment on a $44 billion loan taken out by Macri in 2018.

Milei told La Red radio that Caputo had been well received by the IMF delegation, which he said "perfectly understand the challenges" the South American country faced.

Also Read | <a href="https://www.wionews.com/business-economy/argentinas-black-market-peso-plummets-as-libertarian-milei-secures-presidential-win-661403">Argentina's black market peso plummets as libertarian Milei secures presidential win</a>

Before joining Macri's government, Caputo, 58, had previously worked for American bank JP Morgan in bonds and stocks trading.&nbsp;

Milei recently asserted that "there is no better financial expert in Argentina than Luis Caputo."

As finance minister, Caputo was credited in 2017 with the successful issuing of a 100-year sovereign bond that was lapped up by investors, raising much-needed capital despite the country's poor economic standing at the time.

Also Read | <a href="https://www.wionews.com/world/china-it-would-be-serious-mistake-if-argentina-cuts-ties-with-beijing-661124">China: It would be serious mistake if Argentina cuts ties with Beijing</a>

An economist himself, Milei describes himself as anti-establishment and holds conservative stances on social issues such as abortion and climate change.&nbsp;

On the campaign trail, he waved around a live chainsaw to illustrate the cuts he wants to make to state spending and often dressed up as his superhero alter-ego "Captain Ancap" -- short for anarcho-capitalist.

He received Macri's backing for the presidency.

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet.

Argentina's libertarian president-elect Javier Milei, who on the campaign trail vowed to upend the establishment, on Wednesday tapped a former central bank governor and finance minister to the economic portfolio in his cabinet. Milei said he had chosen Luis Caputo, an economist and finance minister under market-friendly ex-president Mauricio Macri, for the job in a country beset by skyrocketing inflation and poverty of 40 percent. Milei, a 53-year-old political outsider, stormed to victory in elections 10 days ago pledging to ditch the peso for the US dollar and "dynamite" the central bank as ways of dealing with Argentina's long-running economic malaise. On Wednesday, he warned of months of "stagflation" -- inflation coupled with economic stagnation -- ahead. Watch | What's next for Argentina's economy? × Inflation -- at 143 percent year-on-year -- "will remain high" due to the outgoing government's monetary policy, Milei cautioned. "There is going to be stagflation, because when you do a fiscal reordering, it will have a negative impact on economic activity," he added. For 2023, the International Monetary Fund (IMF) has projected a contraction of 2.5 percent in Argentine GDP. Since beating outgoing Economy Minister Sergio Massa in a November 19 runoff vote, Milei has sought to temper hopes for a rapid economic turnaround, saying it could take "18 to 24 months" to bring inflation under control. He has also said that "dollarization" of the economy -- a key campaign promise -- might have to wait about a year. The top priority is cutting the budget deficit. Milei announced Caputo's nomination on his return from a visit to the United States, meeting top aides to President Joe Biden. Caputo, who accompanied Milei as a financial adviser, had also taken part in a technical meeting with officials of the International Monetary Fund, to which Argentina owes repayment on a $44 billion loan taken out by Macri in 2018. Milei told La Red radio that Caputo had been well received by the IMF delegation, which he said "perfectly understand the challenges" the South American country faced. Also Read | Argentina's black market peso plummets as libertarian Milei secures presidential win Before joining Macri's government, Caputo, 58, had previously worked for American bank JP Morgan in bonds and stocks trading. Milei recently asserted that "there is no better financial expert in Argentina than Luis Caputo." As finance minister, Caputo was credited in 2017 with the successful issuing of a 100-year sovereign bond that was lapped up by investors, raising much-needed capital despite the country's poor economic standing at the time. Also Read | China: It would be serious mistake if Argentina cuts ties with Beijing An economist himself, Milei describes himself as anti-establishment and holds conservative stances on social issues such as abortion and climate change. On the campaign trail, he waved around a live chainsaw to illustrate the cuts he wants to make to state spending and often dressed up as his superhero alter-ego "Captain Ancap" -- short for anarcho-capitalist. He received Macri's backing for the presidency.

Argentina's Milei warns of 'stagflation' as he names economy minister

A header from Argentine defender Franco Escobar gave the Houston Dynamo a 1-0 win over Sporting Kansas City on Sunday and a place in Major League Soccer's Western Conference final. Escobar rose to firmly head in a corner from Hector Herrera in the 39th minute as Houston kept alive their hope of winning a US Open Cup and MLS Cup double.

The Dynamo will face the winner of Sunday's other Western Conference semi-final between the Seattle Sounders and Los Angeles FC. Houston have not featured in the playoffs since 2017 and have endured some miserable seasons since that run to the conference final six years ago.

But under former US international Ben Olsen, the Dynamo have been transformed into a team that plays attractive, attacking football and they started in that fashion. Winger Nelson Quinones went close twice in the early stages, cutting in from the left with his first effort flashing just wide of the far post and his second forcing Kansas City keeper Tim Melia into a full-stretch save.

Then Escobar, who has won the MLS Cup with Atlanta and LAFC, found the breakthrough and forced Sporting to chase the game. Within minutes they went close to levelling when Alan Pulido's shot was saved and the ball fell to Hungarian forward Daniel Salloi, whose goalbound shot was blocked on the line.

Also Read:&nbsp;<a href="https://www.wionews.com/sports/nba/news-nba-ban-golden-state-warriors-star-draymond-green-for-grabbing-timberwolves-rudy-gobert-in-a-headlock-663232">NBA ban Golden State Warriors star Draymond Green for grabbing Timberwolves' Rudy Gobert in a headlock</a>

Television replays raised the question of whether the ball had struck defender Erik Sviatchenko's arm or his chest but the video review ruled the play was fair to the frustration of Kansas City coach Peter Vermes. Houston managed their lead well, but Kansas City had a great chance to level when Johnny Russell found Salloi but his close-range shot was well saved by Houston keeper Steve Clark.

Pulido then missed a glorious chance when he sliced an Erik Thommy cross wide and Houston's desperate defending did well to block William Agada's effort in stoppage time. On Saturday, Columbus Crew beat Orlando City 2-0 and FC Cincinnati defeated the Philadelphia Union 1-0 to set up an all-Ohio Eastern Conference final.

A header from Argentine defender Franco Escobar gave the Houston Dynamo a 1-0 win over Sporting Kansas City on Sunday and a place in Major League Soccer's Western Conference final.

A header from Argentine defender Franco Escobar gave the Houston Dynamo a 1-0 win over Sporting Kansas City on Sunday and a place in Major League Soccer's Western Conference final. Escobar rose to firmly head in a corner from Hector Herrera in the 39th minute as Houston kept alive their hope of winning a US Open Cup and MLS Cup double. The Dynamo will face the winner of Sunday's other Western Conference semi-final between the Seattle Sounders and Los Angeles FC. Houston have not featured in the playoffs since 2017 and have endured some miserable seasons since that run to the conference final six years ago. But under former US international Ben Olsen, the Dynamo have been transformed into a team that plays attractive, attacking football and they started in that fashion. Winger Nelson Quinones went close twice in the early stages, cutting in from the left with his first effort flashing just wide of the far post and his second forcing Kansas City keeper Tim Melia into a full-stretch save. Then Escobar, who has won the MLS Cup with Atlanta and LAFC, found the breakthrough and forced Sporting to chase the game. Within minutes they went close to levelling when Alan Pulido's shot was saved and the ball fell to Hungarian forward Daniel Salloi, whose goalbound shot was blocked on the line. Also Read: NBA ban Golden State Warriors star Draymond Green for grabbing Timberwolves' Rudy Gobert in a headlock Television replays raised the question of whether the ball had struck defender Erik Sviatchenko's arm or his chest but the video review ruled the play was fair to the frustration of Kansas City coach Peter Vermes. Houston managed their lead well, but Kansas City had a great chance to level when Johnny Russell found Salloi but his close-range shot was well saved by Houston keeper Steve Clark. Pulido then missed a glorious chance when he sliced an Erik Thommy cross wide and Houston's desperate defending did well to block William Agada's effort in stoppage time. On Saturday, Columbus Crew beat Orlando City 2-0 and FC Cincinnati defeated the Philadelphia Union 1-0 to set up an all-Ohio Eastern Conference final.

Franco Escobar helps Houston Dynamo beat Kansas City for spot in MLS Western Conference final

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