Latest news with #Peso
Newsweek
05-05-2025
- Business
- Newsweek
Javier Milei Has Been a Disaster for Argentina
Just over a year into President Javier Milei's radical experiment in Argentina, his government boasts of an economic miracle: a record fiscal surplus, a stronger currency, and surging market optimism. But behind these numbers lies a brutal truth. Milei's program—one of the most austere in history and cheered on by figures of the global far right—is tearing apart Argentina's social fabric and democratic institutions, leaving millions in deepening poverty and despair. The cost of this "miracle" is paid by children who go to underfunded schools, pensioners who can't afford medication, and women escaping domestic violence only to find state-run shelters closed. The government's much-celebrated fiscal achievements are funded by gutting institutions meant to sustain human life. Today, more than half of Argentina's population lives below the poverty line, according to the Catholic University of Argentina. This is a direct result of Milei's devaluation of the Peso and cuts to government funding. Over the past year, tens of thousands of government workers have been dismissed. Food assistance to tens of thousands of families has been cut off. The Ministry of Women, Genders, and Diversity was eliminated. Education budgets have been slashed by 70 percent in real terms, threatening to shut down iconic public universities like the University of Buenos Aires. Meanwhile, Milei and other top government officials gave themselves a 48 percent salary increase last year. The government also quietly shipped several tons of gold reserves to the United Kingdom as financial collateral, sparking outrage in a country still haunted by the colonial wound of the Malvinas/Falklands. Sovereignty, it seems, is now a tradable asset. But beyond this damage lies something more insidious: democratic backsliding. Milei has ruled largely by decree, bypassing Congress to implement sweeping deregulation and privatization. His "Omnibus Law" would have granted him near-dictatorial powers over taxation, natural resources, and the press. When the bill was partially rejected, peaceful demonstrators were met with tear gas, mass arrests, and indiscriminate violence. Among the detainees: journalists, union organizers, even high school teachers. Milei denies climate change, ridicules social justice, and champions trickle-down cruelty. He insulted the late Pope Francis and whitewashed the 1976–1983 military dictatorship that forcibly disappeared 30,000 people. He publicly promoted a cryptocurrency scam that defrauded thousands of Argentinians and Americans, prompting an active judicial investigation in the U.S. These actions embody his ethos: politics as speculative casino, corruption as global digital spectacle, and contempt for accountability. This is not provocation—it is an ideology that replaces empathy with disdain and treats the state as an enemy to be dismantled. But Milei didn't emerge from a vacuum. The betrayal began with the quiet surrender of his predecessor, Alberto Fernández, whose government cloaked itself in progressive language, but failed to confront the powers that truly govern Argentina: corporate monopolies, foreign creditors, and judicial mafias. While speaking of social justice, it tiptoed around confrontation, appeased the International Monetary Fund, and left millions in poverty. That political cowardice paved the road for something far more brutal. Milei's rise was not just a reaction to the economic crisis—it was the product of cultural abandonment. Fernández's administration lost its soul when it stopped fighting for workers and the marginalized, instead governing for technocrats and PR headlines. It stands as a warning for every country where progressive leadership forgets that dignity is not a marketing strategy—it's a fight. BUENOS AIRES, ARGENTINA - APRIL 30: President of Argentina Javier Milei (C) gestures during a walk around Villa Lugano as part of Manuel Adorni's campaign on April 30, 2025 in Buenos Aires, Argentina. BUENOS AIRES, ARGENTINA - APRIL 30: President of Argentina Javier Milei (C) gestures during a walk around Villa Lugano as part of Manuel Adorni's campaign on April 30, 2025 in Buenos Aires, democracy was rebuilt from the ashes of the last civic-military dictatorship. That hard-won social pact is now under siege. Human rights organizations are vilified in government-aligned media. The security minister labels protesters as "internal enemies." Intelligence agencies have returned to putting union leaders and community organizers under surveillance. It is no coincidence that Donald Trump praises Milei, Elon Musk promotes him, and Jair Bolsonaro emulates him. Behind this model lies a transnational alliance of libertarian think tanks, financial elites, and far-right agitators who see Argentina as a test case. And the contagion is already widespread. In Brazil, Bolsonarist factions are seeking revenge. In El Salvador, Nayib Bukele imprisons thousands without trial under the guise of security. In the United States, Trump is back—with a thirst for vengeance. To those in Washington who view Milei as an ally because of his anti-China rhetoric or market enthusiasm, I ask: at what cost? Ignoring authoritarianism is not only cynical, it will embolden would-be autocrats. I've worked for years in Argentina's poorest neighborhoods, alongside informal workers, evicted families, and children who rummage through trash to survive. I've witnessed priests resist forced evictions, mothers run soup kitchens in the rain, and students drop out of school because they can't afford transportation. These are not passive victims. They are the country's moral backbone. The crisis we face is structural. Land, housing, work, health care, and education are not luxuries—they are basic rights millions in Argentina lack. In response to the failed Milei model, we propose a different system: one rooted in the fair distribution of land to produce healthy food, dignified housing for every family, formal employment through the popular economy, a territorial public health system, and inclusive education. What we advocate is not charity—it's justice. It's not assistance—it's grassroots power. And it's not a dream—it's a roadmap for a nation that belongs to all its people, not just the elite. Argentina is not yet lost. But its democracy is in grave danger. The libertarian dystopia being tested in our country is one where markets rule and the vulnerable are left to die. We must say no. Juan Grabois is an Argentine lawyer, social leader, and former presidential candidate. He is the founder of the Movimiento de Trabajadores Excluidos (MTE), working across Latin America in defense of human rights and the popular economy. The views expressed in this article are the writer's own.
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Business Standard
30-04-2025
- Business
- Business Standard
Rupee hits 5 month high; logs biggest single-day gain in 29 months
The rupee logged its best single-day gain in nearly two-and-a-half years to close the day on Wednesday at a five-month high amid softening dollar due to US President Donald Trump's trade policy, and in the absence of the Reserve Bank of India (RBI) in the foreign exchange market. The local unit closed the day at 84.49/$ against 85.25/$ on Tuesday, marking its highest single appreciation in the current calendar year. The local unit was up by 0.9 per cent, the highest since November 11, 2022. After plunging to its all-time low of 87.95/$ on February 10, 2025, the Indian unit staged a remarkable comeback, appreciating 2 per cent in March and 1.16 per cent in April. In 2025 so far, it has gained 1.33 per cent. 'The Indian rupee witnessed its most significant single-day appreciation since November 2022. This surge can be attributed to month-end adjustments and a technical selloff in the US dollar leading up to the holiday. Despite prevailing geopolitical tensions, trader caution was somewhat offset by the RBI's apparent absence from the market and the strengthening of other Asian currencies, providing support to the rupee,' said Dilip Parmar, senior analyst at HDFC Securities. 'Looking ahead in the near term, the spot USDINR pair finds support around the 84.10 level and faces resistance near 85.50. The current bias appears to favour further strengthening of the rupee,' Parmar added. Also Read Owing to dollar-selling by exporters to lock in profits, as well as muted dollar demand from importers who had already hedged their exposure during last month's rally, the local unit witnessed the steepest single-day rise of 2025. Moreover, traders were optimistic that India would be one of the first countries to strike a trade deal with the US as Trump emphasised on the positive trade talks between the two nations. 'Although it is difficult to say whether these levels will sustain, these are the good times for the RBI to buy dollars and shore up their forex reserves,' said a dealer with a foreign bank. Geopolitical tailwind, combined with a weakening US dollar and expectations of a dovish pivot by the Federal Reserve, has brightened the outlook for Asian currencies more broadly. In 2025, some of the Asian currencies which performed better than the rupee are: South Korean Won, Philippines' Peso, Thai Bhat, and Malaysian Ringgit, among others. 'There are multiple reasons which led to the rupee's rise. First is FPI (foreign portfolio investors) inflows, both in debt and equity markets. Second, the market has started believing the fact that India is close to cutting the trade deal with the US. During the day, stop losses were being triggered below 84.95 levels; and lastly, month-end inflows,' said a trader at a brokerage firm. Dealers said inflows are expected to continue on Friday too. The range for Friday is expected to be 84.25-85.00, with a risk to the downside for the pair. Foreign exchange and money markets will be shut on Thursday on account of Maharashtra Day. Bond yields were largely steady on Wednesday, with the 10-year government bond settling at 6.35 per cent against 6.34 per cent on Tuesday. Traders remained cautious on account of geopolitical tensions between India and Pakistan, said dealers. Government bond yields have fallen 23 basis points (bps) in April on account of liquidity infusion by the central bank, along with 25-bps policy repo rate cut and changing of the stance of the monetary policy to 'accommodative'.
Yahoo
17-04-2025
- Entertainment
- Yahoo
Davido's '5ive' welcomes the Afrobeats megastar into an era of change and growth
NEW YORK (AP) — Afrobeats may be the hot sound of the moment, but Davido remembers a very recent past when music from Africa wasn't embraced globally, amid a perception the continent was one of only destitute poverty and primitive lands. 'I remember when Africans used to lie that they were Jamaicans,' laughed the Atlanta-born 'Fall' singer, who grew up between the U.S. and Nigeria. 'The narrative has immensely changed. And thanks to the people who are behind this, because it's not governments … it's the innovators. The musicians. The entertainers. The lawyers. The doctors in America, pushing the narrative of being African.' The Grammy-nominated artist, who has multiple 100 million-streamed songs on Spotify and is often credited as playing a vital role in the global expansion of Afrobeats, drops his new album, '5ive,' on Friday. Following 2023's 'Timeless,' the 17-track project boasts an international flare with features from Grammy winners Chris Brown and Victoria Monét, as well as Becky G and Afrobeats heavyweights Omah Lay and Victony. Davido began with 80 potential songs, then crowdsourced opinions from family and friends, using a ranking system to help curate the album. Suffering heartbreak in 2022 after his three-year-old son died from a drowning accident, the 32-year-old now looks at life with new perspective. 'My life was going so fast ... now, things are clearer,' said Davido, who now has five living children. 'After the crazy loss we had, God gave us twins: a boy and a girl. So, life is just different now — the importance of family and good people around you. I feel like the energy is very, very important, and I feel like that energy is what I used to record this album.' The Associated Press spoke with the megastar about the popularity of Afrobeats, unity and inspiring through grief. The conversation has been edited for clarity and brevity. AP: What's the album title's significance? DAVIDO: It's my fifth album. But after I called it '5ive,' I went to go and do more research on the number five and what it entails, which is a symbol of hope, grace, change, growth. AP: How can Afrobeats not be looked at as a fad once the excitement dwindles? DAVIDO: Not over-loving the conception of Western validation … one song blows up, two songs blows up — only two songs — and they are running to America to do a tour. What happened to Ibado? What happened to the other places in Nigeria? The most important thing that will make us last longer is if we don't forget where we came from. AP: The women of Afrobeats seem united, but it hasn't been that way for the men. Can that change? (Competition, social media jabs and friction between camps have strained the relationship between the genre's biggest stars, Davido, Burna Boy and Wizkid.) DAVIDO: Recently, the conversation has been had … when I see Bad Bunny working with Peso (Pluma), and Peso working with Farruko, I'm like, yo, there's so much unity. Imagine if all of us came together and busted out a tour? … We're older now, we are more mature, so I feel like maybe in the greatest future, you might see that happen. AP: How do you feel about non-Africans adopting the sound? DAVIDO: They can't do it better than us! I say this to Chris (Brown) every time we play around, I'm like, 'Chris, I can't sing R&B like you, but never in your life can you sing Afrobeats like me!' (laughs) I don't see any problem with it as long as it's done right and everybody's credit is due … at least come use an African producer. AP: Has your approach to making music changed since suffering an unimaginable loss? DAVIDO: Music-wise, I don't think it changed a bit because when I get to my artist mode, nothing distracts me. … When I dropped the 'Timeless' album and everything went crazy — like, the most streamed album in the (first) week in Africa ever — we celebrated the album with the people that were with us when we were in trying times. I feel like that was the beauty of it. And apart from that, I just want people to just look at my story and know that you can overcome anything. ___ Follow Associated Press entertainment journalist Gary Gerard Hamilton at @GaryGHamilton on all his social media platforms. By Gary Gerard Hamilton, The Associated Press
Yahoo
16-04-2025
- Entertainment
- Yahoo
Davido's '5ive' welcomes the Afrobeats megastar into an era of change and growth
NEW YORK (AP) — Afrobeats may be the hot sound of the moment, but Davido remembers a very recent past when music from Africa wasn't embraced globally, amid a perception the continent was one of only destitute poverty and primitive lands. 'I remember when Africans used to lie that they were Jamaicans,' laughed the Atlanta-born 'Fall' singer, who grew up between the U.S. and Nigeria. 'The narrative has immensely changed. And thanks to the people who are behind this, because it's not governments … it's the innovators. The musicians. The entertainers. The lawyers. The doctors in America, pushing the narrative of being African.' The Grammy-nominated artist, who has multiple 100 million-streamed songs on Spotify and is often credited as playing a vital role in the global expansion of Afrobeats, drops his new album, '5ive,' on Friday. Following 2023's 'Timeless,' the 17-track project boasts an international flare with features from Grammy winners Chris Brown and Victoria Monét, as well as Becky G and Afrobeats heavyweights Omah Lay and Victony. Davido began with 80 potential songs, then crowdsourced opinions from family and friends, using a ranking system to help curate the album. Suffering heartbreak in 2022 after his three-year-old son died from a drowning accident, the 32-year-old now looks at life with new perspective. 'My life was going so fast ... now, things are clearer,' said Davido, who now has five living children. 'After the crazy loss we had, God gave us twins: a boy and a girl. So, life is just different now — the importance of family and good people around you. I feel like the energy is very, very important, and I feel like that energy is what I used to record this album.' The Associated Press spoke with the megastar about the popularity of Afrobeats, unity and inspiring through grief. The conversation has been edited for clarity and brevity. AP: What's the album title's significance? DAVIDO: It's my fifth album. But after I called it '5ive,' I went to go and do more research on the number five and what it entails, which is a symbol of hope, grace, change, growth. AP: How can Afrobeats not be looked at as a fad once the excitement dwindles? DAVIDO: Not over-loving the conception of Western validation … one song blows up, two songs blows up — only two songs — and they are running to America to do a tour. What happened to Ibado? What happened to the other places in Nigeria? The most important thing that will make us last longer is if we don't forget where we came from. AP: The women of Afrobeats seem united, but it hasn't been that way for the men. Can that change? (Competition, social media jabs and friction between camps have strained the relationship between the genre's biggest stars, Davido, Burna Boy and Wizkid.) DAVIDO: Recently, the conversation has been had … when I see Bad Bunny working with Peso (Pluma), and Peso working with Farruko, I'm like, yo, there's so much unity. Imagine if all of us came together and busted out a tour? … We're older now, we are more mature, so I feel like maybe in the greatest future, you might see that happen. AP: How do you feel about non-Africans adopting the sound? DAVIDO: They can't do it better than us! I say this to Chris (Brown) every time we play around, I'm like, 'Chris, I can't sing R&B like you, but never in your life can you sing Afrobeats like me!' (laughs) I don't see any problem with it as long as it's done right and everybody's credit is due … at least come use an African producer. AP: Has your approach to making music changed since suffering an unimaginable loss? DAVIDO: Music-wise, I don't think it changed a bit because when I get to my artist mode, nothing distracts me. … When I dropped the 'Timeless' album and everything went crazy — like, the most streamed album in the (first) week in Africa ever — we celebrated the album with the people that were with us when we were in trying times. I feel like that was the beauty of it. And apart from that, I just want people to just look at my story and know that you can overcome anything. ___ Follow Associated Press entertainment journalist Gary Gerard Hamilton at @GaryGHamilton on all his social media platforms.
Associated Press
16-04-2025
- Entertainment
- Associated Press
Davido's '5ive' welcomes the Afrobeats megastar into an era of change and growth
NEW YORK (AP) — Afrobeats may be the hot sound of the moment, but Davido remembers a very recent past when music from Africa wasn't embraced globally, amid a perception the continent was one of only destitute poverty and primitive lands. 'I remember when Africans used to lie that they were Jamaicans,' laughed the Atlanta-born 'Fall' singer, who grew up between the U.S. and Nigeria. 'The narrative has immensely changed. And thanks to the people who are behind this, because it's not governments … it's the innovators. The musicians. The entertainers. The lawyers. The doctors in America, pushing the narrative of being African.' The Grammy-nominated artist, who has multiple 100 million-streamed songs on Spotify and is often credited as playing a vital role in the global expansion of Afrobeats, drops his new album, '5ive,' on Friday. Following 2023's 'Timeless,' the 17-track project boasts an international flare with features from Grammy winners Chris Brown and Victoria Monét, as well as Becky G and Afrobeats heavyweights Omah Lay and Victony. Davido began with 80 potential songs, then crowdsourced opinions from family and friends, using a ranking system to help curate the album. Suffering heartbreak in 2022 after his three-year-old son died from a drowning accident, the 32-year-old now looks at life with new perspective. 'My life was going so fast ... now, things are clearer,' said Davido, who now has five living children. 'After the crazy loss we had, God gave us twins: a boy and a girl. So, life is just different now — the importance of family and good people around you. I feel like the energy is very, very important, and I feel like that energy is what I used to record this album.' The Associated Press spoke with the megastar about the popularity of Afrobeats, unity and inspiring through grief. The conversation has been edited for clarity and brevity. AP: What's the album title's significance? DAVIDO: It's my fifth album. But after I called it '5ive,' I went to go and do more research on the number five and what it entails, which is a symbol of hope, grace, change, growth. AP: How can Afrobeats not be looked at as a fad once the excitement dwindles? DAVIDO: Not over-loving the conception of Western validation … one song blows up, two songs blows up — only two songs — and they are running to America to do a tour. What happened to Ibado? What happened to the other places in Nigeria? The most important thing that will make us last longer is if we don't forget where we came from. AP: The women of Afrobeats seem united, but it hasn't been that way for the men. Can that change? (Competition, social media jabs and friction between camps have strained the relationship between the genre's biggest stars, Davido, Burna Boy and Wizkid.) DAVIDO: Recently, the conversation has been had … when I see Bad Bunny working with Peso (Pluma), and Peso working with Farruko, I'm like, yo, there's so much unity. Imagine if all of us came together and busted out a tour? … We're older now, we are more mature, so I feel like maybe in the greatest future, you might see that happen. AP: How do you feel about non-Africans adopting the sound? DAVIDO: They can't do it better than us! I say this to Chris (Brown) every time we play around, I'm like, 'Chris, I can't sing R&B like you, but never in your life can you sing Afrobeats like me!' (laughs) I don't see any problem with it as long as it's done right and everybody's credit is due … at least come use an African producer. AP: Has your approach to making music changed since suffering an unimaginable loss? DAVIDO: Music-wise, I don't think it changed a bit because when I get to my artist mode, nothing distracts me. … When I dropped the 'Timeless' album and everything went crazy — like, the most streamed album in the (first) week in Africa ever — we celebrated the album with the people that were with us when we were in trying times. I feel like that was the beauty of it. And apart from that, I just want people to just look at my story and know that you can overcome anything. ___ Follow Associated Press entertainment journalist Gary Gerard Hamilton at @GaryGHamilton on all his social media platforms.
