Latest news with #Argentina
Yahoo
14 minutes ago
- Business
- Yahoo
Why crypto giant Tether bought a South American farming company
By Marcelo Teixeira NEW YORK (Reuters) -Crypto powerhouse Tether, the world's largest digital assets company, is leveraging its recent acquisition of a South American agricultural firm to make a strategic play for the multi-trillion dollar a year global commodities trade. The company aims to embed its stablecoin, a digital currency pegged to the U.S. dollar that trades in crypto exchanges, into the core of markets where raw materials are bought and sold, promising to slash cross-border payment costs and times from days to seconds. New York-listed Adecoagro, a company that produces dairy in Argentina, rice in Uruguay and sugar and ethanol in Brazil, among other products, agreed in April to sell 70% of its shares to Tether in a deal valued at around $600 million. It is another sign that the quickly-expanding crypto industry is moving into brick-and-mortar businesses, and broadening investments in physical assets. "The crypto industry is increasingly focused on bridging digital finance with tangible assets," said Joe Sticco, chief executive of Cryptex Finance, a company that created indexes that mirror cryptocurrencies' market caps. He said that by adding income-generating assets like farmland or food processing plants, Tether could strengthen its balance sheet and provide a hedge against inflation. Tether's main business segment is USDT, a digital currency backed mostly by U.S. Treasuries. Launched in 2014, USDT has grown sharply in trading volumes amid rising interest in cryptocurrency and token prices. It is a way to make payments outside of the traditional global financial system. The big difference between USDT and bitcoin or another cryptocurrency like ethereum is that USDT is designed to track the U.S. dollar, the currency dominating global trade. COMMODITIES TRADING Tether has issued $143 billion in USDT so far, and it said in its first quarter report that it has $149 billion in reserves, including $120 billion in U.S. Treasuries. "Tether wants to boost the use of its stablecoin to make cross-border payments, something that I think will grow a lot in financial markets, particularly in commodities markets," said Marcos Viriato, the chief executive of Parfin, a South American company providing technology for transactions with cryptocurrencies. "If a company in Brazil sells commodities to someone in Bolivia, the payment through conventional channels could take more than three days. With USDT it would take seconds," he said, adding that operation costs would also be much lower. Parfin has a pilot project with Brazil's third largest bank, Banco Bradesco, where Brazilian commodities exporters sell products to clients abroad who pay with stablecoins. Bradesco then uses Parfin's infrastructure to convert those USDT to local currency, which is deposited in exporters' accounts. "Tether's investment approach prioritizes companies that expand our distribution network and enhance the real-world utility of stablecoins, with Adecoagro as a prime example," Tether said in response to a Reuters request for information on the deal. The company said it is evaluating, alongside Adecoagro's management and other industry experts, how stablecoins could enhance efficiency and liquidity in commodity trading. Tether reported late last year that it had financed a physical crude deal between a major oil company and a commodities trader, which was settled using USDTs, the first time a deal on these terms was done. Reuters reported earlier this year that Russia was using cryptocurrencies in its oil trade with China and India to skirt Western sanctions. Venezuela has also sought to use digital currencies to trade. SUGAR TOKEN Another possible option for Tether as it enters the agriculture world is the so-called tokenization of commodities, said Gracy Chen, chief executive of crypto exchange Bitget. Tether already has a gold token, which mirrors gold's value and is backed by gold reserves. It could look now into a sugar or corn token, that could be used for hedging or as a collateral in pre-harvest financing, Chen said. "In effect, they are turning farmland, sugar mills and renewable energy plants into programmable financial instruments," she said. Tether said that it sees "significant potential in exploring the tokenization of real-world assets, including agricultural commodities," although it stressed that there were no immediate plans to launch a sugar or corn token. Instead, for now, the crypto company will use its acquisition for a different application. Tether said it will tap renewable energy produced by Adecoagro in its operations in South America, such as the electricity coming from sugarcane mills, to power a bitcoin mining operation.
Daily Mail
16 minutes ago
- Daily Mail
Migrant being held in Alligator Alcatraz makes plea to self-deport
A 63-year-old migrant being held at Florida's controversial Alligator Alcatraz has made a desperate plea to be released so he can self-deport. Fernando Artese, an undocumented immigrant from Argentina, was thrown into the notorious jail - plagued with accusations of deplorable conditions including overcrowding and food shortages - after he was arrested for driving with a suspended license. U.S. Immigrations and Customs Enforcement (ICE), which runs the facility, has hit back at the claims of poor conditions as 'fake news.' Fernando (pictured), who had lived in the U.S. for more than a decade, was taken into police custody on July 3 on a warrant linked to a March charge for driving without a license. He was later placed on an immigration hold, according to the Miami New Times. His 19-year-old daughter, Carla Artese (pictured together), 19, is begging for her father's release while claiming that the entire family had been preparing to leave the country and settle in Argentina. 'This year, we were trying to leave the USA, and ICE got him and sent him to Alligator Alcatraz, where they treat them like criminals and have no rights, ' she explained. She added that she and her family had been 'saving up' for the relocation. 'The plan was to drive cross-country to California, pass through Mexico, visit family in Argentina, and then fly to Madrid,' she told the Miami New Times, adding that she was born in Spain and had planned to start college there. However, their ambitious plans drastically changed after her father was detained. 'On the second day of the trip, we were stopped in Jupiter, where were were passing by an area that was more of a rich area,' Fernando's daughter said. 'He was driving, and when he was stopped, we actually stopped, we were talking to them, they run the plate - it was because my dad didn't have a license.' Following the arrest, Fernando was placed on an immigration hold and later transferred to the Alligator Alcatraz facility in the Florida Everglades - a newly constructed detention center that has garnered significant criticism for its alleged conditions. President Donald Trump toured the migrant detention facility on July 1, praising its remote, high-security design. The 47th President promised the controversial center would soon house what he called 'the most menacing migrants, the most vicious people on the planet.' 'Very soon this facility will house some of the most menacing migrants, the most vicious people on the planet. We're surrounded by miles of swamp land and the only way out is deportation,' Trump said. He also said he'd like to see similar facilities in 'many states,' adding Florida would getting a second one 'and probably a couple more.' Now, the Artese family's worst fears have come to life as their beloved dad is one of hundreds of migrants currently being held at the divisive Florida facility. 'Since I came here [the the United States], I've always had the fear of something happening to my dad, and I feel like my biggest fear happened,' Carla said. 'And I feel like my biggest fear happened, and in the worst situation it could have been.' Fernando has since described the conditions at the facility as harsh and unsanitary, citing extreme temperature swings, mosquito infestations , and a lack of privacy. He also reported that detainees had to handle human waste after toilets malfunctioned, the Miami New Times reported. Fernando has also likened the site to a 'concentration camp' calling it a 'Hispanic concentration camp' full of mostly working-class immigrants. 'My dad tells me, 'We're all like a family in there eating together,'' Carla told the Miami New Times of her father's experience in the camp. 'It's the Hispanic community,' she added. The 63-year-old father-of-one added that he has had only three showers since arriving at the facility. Trump, however, said he 'couldn't care less' that the newly erected facilities were controversial. He praised the facility. 'We're arresting the worst of the worst,' he told reporters in Florida. 'We're getting these monsters out of the United States, out of Florida, out of all the places that they are in.' The detention facility was spearheaded by Florida Republican leaders and garnered its nickname due to its location: it sits about 37 miles from Miami in the middle of a swamp surrounded by snakes and alligators - and in an area of the state that is prone to hurricanes. Despite Trump's praise, Democrats railed against the facility and environmental groups have sued to try and stop its opening. 'It's like a theatricalization of cruelty,' Maria Asuncion Bilbao, Florida campaign coordinator at the immigration advocacy group American Friends Service Committee told the Associated Press. Rep. Maxwell Frost, a Democrat from Orlando, called the facility a 'makeshift prison camp.' Yet, Trump looked visibly pleased with the setup during his tour - as he was accompanied on by Florida Gov. Ron DeSantis Department of Homeland Security Secretary Kristi Noem - observing stacks of bunk beds behind chain-linked fencing inside an air conditioned tent in a Florida swamp. The president has since said that any migrant being processed into the facility who wanted to return to their home country would be allowed to do so. However, on July 10, Fernando told the Miami New Times that officials at Alligator Alcatraz had made an announcement that detainees who wanted to self-deport should line up. But, when detainees did so, officials disappeared without any explanation. Fernando, who holds Italian citizenship, has made it clear that he wishes to return to Italy, but says he has not been provided with any information about how to proceed. His daughter, who has been desperately trying to assist her father, has since started a GoFundMe campaign to raise money for an immigration attorney. The campaign has raised over $5,000 of its $10,000 goal, but she says more funds are needed to navigate the legal process. 'They haven't given him any information about his case or any right to an attorney. Not to mention, they haven't added him to the system yet, so he doesn't even appear like an inmate anywhere,' she wrote on the fundraising page. 'We want to get an attorney soon to guide us and help us through our situation to make it as quick as possible to see my dad again, and we need help to cover the expenses.' Carla expressed concern over her father's treatment and the lack of transparency in his case. 'They treat them like criminals and have no rights,' she said. Stephanie Hartman, a spokesperson for the Florida Department of Emergency Management, has since defended the new facility, claiming the allegations against the center are 'completely false.' 'Those allegations are completely false. The facility meets all required standards and is in good working order,' Hartman wrote in an email to the Miami New Times. 'Detainees have access to potable water from on-site tanks refilled by 6,000-gallon trucks. Each individual is issued a personal cup they can refill at any time, and bottled water is provided at meals. Tanks are regularly sanitized, flushed, and tested to ensure water quality. Full-size showers are available daily with no restriction on bathing water All wastewater is hard-pumped into 22,000-gallon frac tanks, maintained below 50 percent capacity and pumped daily to minimize transfers. Tanks, hoses, and connections are fully contained to prevent spills and are regularly inspected to ensure zero environmental impact,' the statement concluded.
New York Times
an hour ago
- New York Times
Looking for a Summer Ski Fix? Head to South America.
For avid skiers from the north, it can feel like cheating to get first tracks through boot-deep powder in South America while those at home are sweltering through another August. Heading to Chile and Argentina, which have the most ski areas in South America, all in the Andes, is a perfectly legit way to revisit winter. Much of the terrain lies above tree line, making the slopes resemble the Alps. The massive vertical relief between the valley bottoms and soaring peaks offers dramatic views and a landscape that seems remote and wild. Condors circling overhead only add to the feel. But it isn't all about chasing powder. 'The cultural aspect is attractive, including the food,' said David Owen, an American skier who lives in Chile and runs PowderQuest, a guided ski-trip outfitter. Après ski may involve pisco sours, Argentine and Chilean wine, and dancing until late. Here are some options, from relatively low cost to extravagantly high end, that can satisfy the yearning to ski from June to early October. Chile Steeped in tradition, this family-owned ski area, about 100 miles northeast of Santiago, has welcomed an international clientele since 1949, as Chile's oldest winter resort. Just 35 runs weave down 1,235 above-treeline acres, from beginner-friendly groomers to vertigo-inducing steeps off the Roca Jack, a surface lift that's a challenge just to ride. Want all of The Times? Subscribe.
Japan Times
5 hours ago
- Politics
- Japan Times
A Nazi document trove raises questions for Argentina
The Supreme Court official had a secret to share when he called Eliahu Hamra, the rabbi of Argentina's main Jewish community center, one night around the turn of the year. The court had found a dozen boxes of Nazi documents in its basement archive containing photos of Hitler as well as thousands of red Nazi labor organization membership booklets stamped with the swastika of the Third Reich. Silvio Robles, chief of staff to the court's president, wanted the rabbi's advice about how to handle the discovery, Hamra recalled. It was an uncomfortable subject for Argentina, home to Latin America's largest Jewish community, but also notorious for giving refuge to dozens of Nazi war criminals after World War II. Hamra said he told Robles the court could face awkward questions about how the Nazi material came to be in its basement. "I warned him to take into account that this could leave a stain on them," Hamra said in an interview. The conversation with the rabbi was an important early step in a coordinated effort between the Supreme Court and Jewish community leaders to bring the trove of documents to light. The find surfaced at a time when Argentina is demonstrating new readiness to look back at its complicated history with Nazis in the war era. President Javier Milei, who has shown a personal interest in Judaism and strong support for Israel, in April opened up access to Nazi documents, uploading hundreds of declassified documents online. "The Argentine government is committed to bringing these issues to light," said Emiliano Díaz, a spokesperson for Milei's government. Argentina remained neutral during the conflict until March 1945 when it declared war on Germany. After the Allied victory, many Holocaust survivors emigrated to Argentina. So did Nazi war criminals Adolf Eichmann, the chief organizer of the massacre of Jews during the Holocaust, and Josef Mengele, an Auschwitz death camp doctor who performed experiments on prisoners, granted entry by the Juan Perón government. Even decades later, this history made the Supreme Court tread carefully around the discovery. It declined to answer written questions on the finding or to allow the news agency to see the booklets. The court has said it discovered the boxes during preparations for a new Supreme Court museum. But the Nazi documents had been seen sporadically in the court's archives since the 1970s, according to interviews with three judiciary employees and a private attorney with direct knowledge of the matter. Reporters could not determine why the trove of documents was not made public until now. "Nazis in Argentina set in motion many feelings," said Argentine historian Germán Friedmann. 'Don't touch' The basement archives housed in the large stone building of Argentina's Supreme Court contain hundreds of thousands of legal case files. It's easy to imagine that something could get lost. The Nazi materials were rediscovered in a room storing broken furniture, according to two judiciary officials. Robles, alerted to the find, then reached out to Hamra, the rabbi. And on May 9, Hamra, Jonathan Karszenbaum, the director of the local Holocaust museum and himself the grandson of survivors, and Horacio Rosatti, the president of the court, gathered in a judge's chamber to watch workers pry open the wooden crates. "I couldn't register even my own sensations because of the strangeness of the moment," said Karszenbaum. The court announced the find two days later. Crates containing Nazi-related material are displayed after they were rediscovered at the Supreme Court in Buenos Aires in this picture released on May 11. | Corte Suprema de Justicia de la Republica Argentina / via REUTERS It later said the discovery included 5,000 membership booklets from the German Labor Front and the German Association of Trade Unions, both Nazi labor organizations. But some people who worked in the archives have long known about the boxes of Nazi material. One archive employee said he saw the boxes in the same storage room about a decade ago, and caught a glimpse of booklets with German names in a partially opened box. In the early 1970s, Alberto Garay, now an attorney and constitutional law expert in Buenos Aires, was visiting a friend who worked at the archives. He spotted a pile of red notebooks, imprinted with swastikas and bundled together with string, on the floor, he said. "I was surprised and said, 'what do you have here?'" Garay recalled. "He said, 'don't touch.'" A ship and a raid According to the Supreme Court, the material arrived in Argentina in 1941 aboard a Japanese vessel, part of a shipment of 83 packages from the German Embassy in Tokyo. The cargo was impounded by customs agents because of concerns it could damage Argentina's war neutrality, the court said. But for local historian Julio Mutti, whose work focuses on Nazis in Argentina, that sounded implausible. In a May 15 article, Mutti suggested the court had conflated two events that occurred a month apart: the arrival of the Japanese ship and a raid on underground Nazi organizations. Argentina was home to about 250,000 German-speakers at the outbreak of World War II. When Hitler annexed Austria in 1938, more than 10,000 people filled a Buenos Aires stadium to celebrate, causing alarm among locals. In 1939, Argentina's president dissolved the local branch of the Nazi party. Two years later, in 1941, Argentina's congress created a commission to investigate Nazi activities in the country. When the Nan A Maru docked in Buenos Aires, the commission asked the foreign ministry to intervene, according to a review of reports in La Prensa, a popular Argentine daily at the time. Inspectors opened five packages, finding propaganda, La Prensa reported. Searches of the remaining 78 packages revealed mostly children's books, magazines and envelopes with war photographs. There was no mention of membership booklets. Reporters were unable to determine what happened to the impounded cargo. Around this time, the commission was also investigating whether the banned Nazi party and the German Labor Front were continuing to operate underground. On July 23 — a month after the arrival of the Japanese ship — the authorities raided the offices of the German Association of Trade Unions and the Federation of German Beneficence and Cultural Clubs, fronts for the banned Nazi labor organization and party, seizing thousands of red membership booklets, according to La Prensa. The booklets were stored in the Supreme Court, La Prensa reported. Mutti, who learned about the raids through archival research in 2016, had searched for the notebooks in the court building, eventually concluding they had been incinerated to make space in the archive. When news broke of the discovery of the red booklets in the basement, "I immediately realized where they came from," he said. In June, the Supreme Court said it was digitizing and cataloguing the materials, and released photos of workers in masks and hairnets poring over the find. For now, it's unclear what the rediscovered booklets will reveal. Four historians said it's unlikely the notebooks will yield information not already uncovered by the wartime commission. Holger Meding, a historian at the University of Cologne, didn't expect the booklets would radically change historians' understanding of Nazi activities in Argentina. But, he said, "for historians, every piece of the mosaic is important."
Associated Press
6 hours ago
- Business
- Associated Press
CNH Maintains Great Place To Work (GPTW) Seal With a Focus on People, Innovation and Wellbeing
For the seventh consecutive year, world-class equipment, technology and services company, CNH, was considered a great company to work for in Brazil and Argentina, according to Great Place To Work (GPTW). The achievement reflects the experience of employees in the region, evaluated in a detailed assessment that analyzed aspects such as management, sense of belonging, remuneration, benefits and career opportunities. For the president of CNH for Latin America, Rafael Miotto, winning the seal for another consecutive year demonstrates the hard work and engagement of the company. 'More than achieving - but maintaining this recognition for so many years reflects our commitment to the people who are responsible for promoting innovation and development of our business. Regardless of changes or challenges that arise in our market, we remain committed to promoting a safe environment that values people, so that they can deliver increasingly better results,' he highlighted. Visit 3BL Media to see more multimedia and stories from CNH
