Latest news with #SouthAmerican
The Sun
3 hours ago
- The Sun
Russia intercepts $150m cocaine hidden in banana shipment
MOSCOW: Russian customs officials uncovered 820 kilograms of cocaine hidden beneath a shipment of bananas, marking the country's largest drug seizure from Latin America in 2025. The haul, valued at over 12 billion rubles ($153 million), was discovered in a concealed compartment within banana containers. The packages were disguised as briquettes bearing the label of a French luxury fashion brand. Authorities acted on intelligence from foreign counterparts, who warned of a South American criminal group attempting to establish a smuggling route into Russia. Russia's customs service, collaborating with the FSB security agency, stated that the increasing use of the country as a transit hub is partly due to the inaccessibility of Ukraine's Odesa port amid ongoing conflict. An investigation into large-scale drug trafficking has been initiated, an offense punishable by life imprisonment in Russia. The country enforces strict anti-drug laws, imposing severe penalties even for minor trafficking offenses, including those involving foreign nationals. – AFP
Reuters
5 hours ago
- Business
- Reuters
Why crypto giant Tether bought a South American farming company
NEW YORK, July 16 (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 (AGRO.N), opens new tab, 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. 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 ( opens new tab, 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. 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.
&w=3840&q=100)
Business Standard
11 hours ago
- Politics
- Business Standard
Brazilian ex-President echoes Trump, calls coup plot trial 'witch hunt'
Brazil's chief prosecutor has called for a guilty verdict in the case of far-right former President Jair Bolsonaro, who is on trial accused of leading an alleged coup plot. The evidence is clear: the defendant acted systematically, throughout his mandate and after his defeat at the polls, to incite insurrection and the destabilization of the democratic rule of law, Prosecutor-General Paulo Gonet said in a 517-long page document released late Monday. Bolsonaro is accused of seeking to overturn the 2022 election in which he was defeated by a left-wing rival. All the accusations are false. I never violated democracy or the constitution, Bolsonaro said on X hours before Gonet submitted his final report. The ex-president said that the trial was a witch hunt, echoing a term used by US President Donald Trump when he came to his South American ally's defense last week. The prosecution accuses Bolsonaro of leading an armed criminal organization, attempting to stage a coup and attempting violent abolition of the democratic rule of law, aggravated damage and deterioration of listed heritage. The defence will present its case shortly. Then the panel of Supreme Court justices that opened a trial against the former leader will vote on whether to convict or acquit him. Experts expect that to happen in the second half of the year. A coup conviction carries a sentence of up to 12 years. A conviction on that and other charges could bring decades behind bars. The former president has repeatedly denied the allegations and asserted that he's the target of political persecution. A lawyer for Bolsonaro didn't immediately respond to a request for comment. Last week, Trump imposed a 50% import tax on Brazil, directly tying the tariffs to Bolsonaro's trial. The U.S. president has hosted the former Brazilian president at his Mar-a-Lago resort when both were in power in 2020. Last week, he compared the Brazilian's situation to his own. Speaking to reporters at the White House on Tuesday, Trump repeated the claim that the trial is a witch hunt. Bolsonaro is not a dishonest man, he said. Nobody is happy with what Brazil is doing because Bolsonaro was a respected president. Trump added that Bolsonaro isn't a friend, but someone he knows. Gonet formally charged Bolsonaro and 33 others in February in connection with an alleged coup days after President Luiz Incio Lula da Silva took office. Gonet said Bolsonaro's actions were not limited to a passive stance of resistance to defeat, but were a conscious effort to create an environment conducive to violence and a coup. He added that the criminal organization documented almost all of the actions described in the indictment through recordings, handwritten notes, digital files, spreadsheets and exchanges of electronic messages. The prosecution is also seeking convictions for several close allies of Bolsonaro, including his running mate during the 2022 election and former defense minister, Walter Braga Netto, ex-Justice Minister Anderson Torres and his aide-de-camp Mauro Cid. Brazil's Supreme Court president, Justice Lus Roberto Barroso, said that the US sanctions a reference to Trump's tariffs are based on an inaccurate understanding of events. For those who didn't live through a dictatorship or don't remember one, it's worth remembering: there was a lack of freedom, torture, forced disappearances, the closure of Congress, and the persecution of judges. In today's Brazil, no one is persecuted, Barroso said. Bolsonaro, a former military officer who was known to express nostalgia for the country's past dictatorship, openly defied Brazil's judicial system during his 2019-2022 term in office. He has been banned by Brazil's top electoral court from running in elections until 2030 over abuse of power while in office and casting unfounded doubts on the country's electronic voting system. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
&w=3840&q=100)
First Post
16 hours ago
- Business
- First Post
FirstUp: India's chief negotiator joins India-US trade talks in Washington, and other news today
India's Chief Negotiator and Special Secretary in the Department of Commerce, Rajesh Agarwal, will be in Washington today to participate in the ongoing India-US trade talks. A court hearing on the release of the case of Kilmar Abrego Garcia, who was mistakenly deported to El Salvador, will take place in Tennessee's Nashville read more It is set to be a busy Wednesday with several events lined up for the day. Firstly, India's Chief Negotiator and Special Secretary in the Department of Commerce, Rajesh Agarwal will be in Washington to participate in the India-US trade talks. Meanwhile, a court hearing on the release of Kilmar Abrego Garcia will take place in Nashville, Tennessee. Suriname, a South American country, will be witnessing history being created today with the inauguration of its first female president. Foreign ministers of Poland, Lithuania and Ukraine will meet today in Poland's Lubin, marking the fifth anniversary of the 'Lubin Triangle'. STORY CONTINUES BELOW THIS AD Today marks the 60th anniversary of the inauguration of the Mont-Blanc tunnel. In India, West Bengal Chief Minister Mamata Banerjee will lead a protest in Kolkata against the targeting of migrants. Here are some events set to take place across the world today. India-US trade talks to take place in Washington Rajesh Agrawal, India's chief negotiator and Special Secretary in the Department of Commerce, is set to join the Indian commerce ministry team in Washington, DC today. This visit is part of a crucial round of negotiations for the proposed bilateral trade agreement (BTA) between India and the United States. Rajesh Agrawal, India's chief negotiator and Special Secretary in the Department of Commerce. File image/PTI The Indian team has already commenced talks in Washington on Monday (July 14) and the discussions are scheduled to continue for four days, concluding on Thursday (July 17). Agrawal's arrival signifies the heightened importance and intensity of these ongoing negotiations. The visit assumes significance as both sides have to iron out issues in sectors like agriculture and automobiles. It is also important as the US has further postponed the imposition of additional tariffs on several countries, including India, until August 1. Hearing on the release of Kilmar Abrego Garcia An important hearing on the case relating to the release of Kilmar Abrego Garcia will take place in Tennessee's Nashville today. This hearing will address a request by federal prosecutors to revoke a previous order that granted him pretrial release, allowing him to remain in custody while he awaits trial on human smuggling charges. Abrego Garcia's case has garnered significant national attention. He was in March 2025 by the Trump administration, despite a 2019 US immigration judge's order shielding him from deportation due to fears of gang violence. After intense pressure, including a Supreme Court order, he was returned to the US last month to face the smuggling charges stemming from a 2022 traffic stop. STORY CONTINUES BELOW THIS AD Inauguration of Suriname's first woman president Jennifer Geerlings-Simons is set to make history with her inauguration as Suriname's first woman president today in the capital city of Paramaribo. Geerlings-Simons' National Democratic Party (NDP) won 18 of the 51 seats in the National Assembly. A physician and veteran politician, Geerlings-Simons led the National Democratic Party (NDP) to a narrow victory in the May 2025 general election. Following the inconclusive results, she successfully hammered out a coalition agreement with five other parties, securing the necessary two-thirds supermajority (34 out of 51 seats) in parliament to ensure her election unopposed. Her vice president will be Gregory Rusland, leader of the National Party of Suriname (NPS). Foreign ministers meet of Poland, Lithuania and Ukraine The foreign ministers of Poland, Lithuania and Ukraine are set to meet in Lublin, Poland, today, marking the fifth anniversary of the 'Lublin Triangle,' a trilateral regional cooperation platform established in July 2020. The Polish Ministry of Foreign Affairs confirmed the meeting, stating that the foreign ministers Radoslaw Sikorski of Poland, Kestutis Budrys of Lithuania and Ukrainian Deputy Foreign Minister Andriy Sybiha will participate in the meeting. Sybiha will be standing in for Ukrainian Foreign Minister Dmytro Kuleba, who has been attending other engagements. The agenda for the meeting will focus on strengthening political, economic, cultural, and social ties between the three nations, with a particular emphasis on coordinating efforts to counter Russian aggression and support Ukraine's Euro-Atlantic integration aspirations. STORY CONTINUES BELOW THIS AD Inauguration of the Mont-Blanc tunnel's 60th anniversary The iconic Mont-Blanc Tunnel will mark its 60th anniversary, commemorating six decades since its official inauguration in 1965. The tunnel stretches 7.2 miles (11.6 kilometres) through the Alps and at the time of its inauguration was a marvellous genius that connected Chamonix in France with Courmayeur in Italy. The tunnel drastically shortened travel times between the two nations. An aerial view shows the French-side entrance to the Mont Blanc road tunnel which links France and Italy beneath the Alps. File image/Reuters Construction on the tunnel began in 1957, taking eight arduous years to complete under incredibly challenging conditions. Workers faced extreme cold, high altitudes, and the dangers of drilling through solid granite, often encountering unpredictable geological formations and water intrusions. The project symbolized European cooperation and ambition, as it was a joint venture between France and Italy. Mamata Banerjee to lead protest in Kolkata against targeting of migrants Responding to what the Trinamool Congress calls 'continued targeting' of migrants from West Bengal in BJP-governed states, Chief Minister Mamata Banerjee will lead a protest rally in Kolkata today. The rally is scheduled to begin at 1 pm from College Square and culminate at Dorina Crossing in central Kolkata. It is a strong assertion of ' Bengali pride" by the ruling Trinamool Congress (TMC). The protest comes amidst a series of incidents where Bengali-speaking individuals have reportedly faced discrimination, detention and even deportation attempts, with allegations of being labelled as 'Bangladeshis.' With inputs from agencies
Los Angeles Times
19 hours ago
- Politics
- Los Angeles Times
Brazilian ex-President Jair Bolsonaro echoes Trump, says coup plot trial is a ‘witch hunt'
RIO DE JANEIRO — Brazil's chief prosecutor has called for a guilty verdict in the case of far-right former President Jair Bolsonaro, who is on trial, accused of leading a coup plot. 'The evidence is clear: the defendant acted systematically, throughout his mandate and after his defeat at the polls, to incite insurrection and the destabilization of the democratic rule of law,' Prosecutor-General Paulo Gonet said in a 517-page document released late Monday. Bolsonaro is accused of seeking to overturn the 2022 election in which he was defeated by a left-wing rival. 'All the accusations are false. I never violated democracy or the constitution,' Bolsonaro said on X hours before Gonet submitted his final report. The ex-president said that the trial was a 'witch hunt,' echoing a term used by President Trump when he came to his South American ally's defense last week. The prosecution accuses Bolsonaro of leading an armed criminal organization, attempting to stage a coup and attempting violent abolition of the democratic rule of law, as well as causing aggravated damage and deterioration of listed heritage. The defense will present its case shortly. Then the panel of Supreme Court justices that opened a trial against the former leader will vote on whether to convict or acquit him. Experts expect that to happen later this year. A coup conviction carries a sentence of up to 12 years. A conviction on that and other charges could bring decades behind bars. The former president has repeatedly denied the allegations and asserted that he's the target of political persecution. A lawyer for Bolsonaro didn't immediately respond to a request for comment. Last week, Trump imposed a 50% import tax on Brazil, directly tying the tariffs to Bolsonaro's trial. The U.S. president has hosted the former Brazilian president at his Mar-a-Lago resort when both were in office in 2020. Last week, he compared the Brazilian's situation to his own. Speaking to reporters at the White House on Tuesday, Trump repeated the claim that the trial is a 'witch hunt.' 'Bolsonaro is not a dishonest man,' he said. 'Nobody is happy with what Brazil is doing because Bolsonaro was a respected president.' Trump added that Bolsonaro isn't a friend, but someone he knows. Gonet formally charged Bolsonaro and 33 others in February in connection with an alleged coup days after President Luiz Inácio Lula da Silva took office. Gonet said Bolsonaro's actions 'were not limited to a passive stance of resistance to defeat, but were a conscious effort to create an environment conducive to violence and a coup.' He added that 'the criminal organization documented almost all of the actions described in the indictment through recordings, handwritten notes, digital files, spreadsheets and exchanges of electronic messages.' The prosecution is also seeking convictions for several close allies of Bolsonaro, including his running mate during the 2022 election and former defense minister, Walter Braga Netto, ex-Justice Minister Anderson Torres and his aide-de-camp Mauro Cid. Brazil's Supreme Court president, Justice Luís Roberto Barroso, said that the U.S. 'sanctions' — a reference to Trump's tariffs — are based on 'an inaccurate understanding' of events. 'For those who didn't live through a dictatorship or don't remember one, it's worth remembering: There was a lack of freedom, torture, forced disappearances, the closure of Congress, and the persecution of judges. In today's Brazil, no one is persecuted,' Barroso said. Bolsonaro, a former military officer who was known to express nostalgia for the country's past dictatorship, openly defied Brazil's judicial system during his 2019-22 term in office. He has been banned by Brazil's top electoral court from running in elections until 2030 over abuse of power while in office and for casting unfounded doubts on the country's electronic voting system. Hughes writes for the Associated Press.
