Latest news with #LatinAmerica
Telegraph
3 hours ago
- Business
- Telegraph
How banana worker strikes over pensions triggered a state of emergency in Panama
Workers have plunged Panama into crisis after the government announced plans to phase out a popular retirement scheme. The Latin American country has declared a state of emergency in the north western Bocas del Toro province after controversial pension reforms sparked widespread protests. The government temporarily suspended constitutional rights and imposed internet blackouts following more than a month of strikes and road blocks which led to clashes with police. Local reports suggest at least one person has died, more than 300 have been arrested and dozens injured. The protesters warn they face poverty in retirement because of a new pension law signed in March. Strikes began in April, initially led by banana workers. Bananas are one of Panama's main exports along with shrimps and copper ore. The crisis escalated earlier this month after banana giant, Chiquita, laid off all of its 6,500 workers in the country. Chiquita has said the protests cost the firm at least $75m (£55m), with almost one million boxes of bananas lost, causing 'irreversible damage'. The deep social unrest exposes the perils of reforming a generous pension system in a country with limited trust in the government. For years, Panama has tried and failed to overhaul its defined benefit scheme in order to tackle a deficit now worth over $650m. As far back as 2006, the International Monetary Fund warned the scheme was facing crisis due to an ageing population and the level of benefits which it described as 'among the highest in Latin America' – and generous even by European standards. Under the scheme, the pension contributions of the working population fund the benefits of current retirees, rather than their own future pensions. Both private and public sector employees are covered by the system. Those who have made 20 years of contributions are eligible for 60pc of their average monthly earnings in retirement based on their highest paid 10 years. But this system has become unsustainable due to an ageing population. The number of over 65s in Panama has tripled in the last three decades from just over 100,000 at the end of the 20th century to more than 400,000 today. This means a growing number of retirees are dependent on the pension contributions of a shrinking pool of workers. To stop the scheme from sinking further into the red, Panama created a new mixed pension system in 2008. But without further reform, the deficit was still predicted to reach almost 4pc of GDP by 2045. In March, President Jose Raul Mulino signed into law reforms merging the two systems into a state-managed defined contribution scheme. Under the reforms, employee contributions will remain unchanged at 9.75pc of wages, employer contributions will rise gradually from 12.25pc to 15.25pc by 2029 and the government will pay almost $1bn a year to address any shortfalls. In addition, workers are promised a minimum pension of about $145 dollars a month. The government has claimed this is generous compared to the universal basic pensions available in other countries in Latin America. But workers have said the pension reforms will leave them in poverty in retirement. This is because their income will depend on investment performance as well as their own contributions. Mariano Thompson, a Latin America pensions expert, of insurance company WTW, said: 'An individual account system requires consistent contributions and reduced volatility in both national and global financial markets to ensure a decent return, as the benefit depends on the funds accumulated by retirement.' Many Panamanian workers are employed in the informal sector for at least a portion of their working career, potentially limiting the number of contributions they can make, and therefore, the size of their pension pot. Low trust in the government is another reason why the reform has triggered social unrest. Mr Thompson said: 'While the government justifies the reforms due to the growing deficit of the system, union protests are driven by a lack of trust in the government's ability to fulfil its promised contributions and minimum benefits.' He continued: 'These groups do not trust individual account schemes and would prefer a defined benefit model, which they regard as a solidarity-based system.' Workers are also suspicious about future retirement age increases, he added. The reform maintained the retirement age at 62 for men and 57 for women – but scheduled a review in six years' time. Pension reform is not the only thing motivating the protests. President Mulino has become increasingly unpopular for signing a Memorandum of Understanding, which gives US military vessels free passage and allows US soldiers to train on Panamanian soil. The government has insisted this does not impact Panama's sovereignty or the neutrality deal. But it has provoked outrage from Panamanians who accuse the president of cosying up to President Donald Trump, who has previously threatened to seize back control of the Panama Canal.
Yahoo
8 hours ago
- Business
- Yahoo
How PepsiCo Stays Ahead in Snacks and Beverages
PepsiCo, Inc. (NASDAQ:PEP) is one of the Best Wide Moat Dividend Stocks to Invest in. A close up of a glass of a refreshing carbonated beverage illustrating the company's different beverages. After years of weak growth caused by operational missteps and limited investment, PepsiCo, Inc. (NASDAQ:PEP)'s management has successfully turned things around, delivering steady gains in revenue and profits. However, the company still has more room to grow, supported by strong long-term trends in the snack industry, expansion into high-growth beverage segments like energy drinks, and increasing demand in emerging markets such as Latin America, Africa, and Asia-Pacific. Its integrated business model also helps it bring products to market more efficiently. PepsiCo, Inc. (NASDAQ:PEP) stays ahead of health and wellness trends by introducing zero-sugar and functional beverages and exploring unique flavors, including through its recent acquisition of Poppi. The company owns popular brands like Pepsi, Quaker Oats, and Aquafina, which are staples in grocery stores. Its sales generally remain steady even during economic downturns, giving it a solid advantage in navigating recessions. PepsiCo, Inc. (NASDAQ:PEP) also holds a strong dividend policy. The company has been rewarding shareholders with growing dividends for the past 53 consecutive years. Currently, it offers a quarterly dividend of $1.4225 per share and has a dividend yield of 4.34%, as of June 24. While we acknowledge the potential of PEP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and . Disclosure. None. Sign in to access your portfolio
Yahoo
9 hours ago
- Politics
- Yahoo
Venezuelan opposition member details harrowing 400-day captivity at UN
Pedro Urruchurtu spoke to the United Nations Human Rights Council on Friday about what he had endured at the hands of Nicolás Maduro's regime while being forced to shelter in place for over 400 days. Urruchurtu and four other members of Venezuela's political opposition were freed in May in a successful U.S. rescue mission. He and his colleagues were effectively trapped inside the Argentine Embassy in Caracas — where the opposition members fled to, and were sheltered due to the diplomatic status of the embassy. The opposition figures were under siege by regime forces who made their lives extremely difficult due to their control of the utilities. Urruchurtu told the council he had endured "five months without electricity, three minutes of water every ten days, rifles pointed at the windows, and dogs trained to bite; only because those in power considered it a crime to direct the campaigns of Maria Corina Machado in the opposition primaries and Edmundo González in the presidential elections. Both won." Opinion: America Needs A Venezuela Deal That Only President Trump Can Deliver "Today I am here despite the state, and not thanks to it, because if it were up to it, I would be missing or dead," Urruchurtu said. United Nations High Commissioner for Human Rights Volker Türk told the council that since May 1, 2024, the human rights situation in Venezuela has only gotten worse. The people have experienced "arbitrary detentions, violations of due process and enforced disappearances, amid continued allegations of torture and ill-treatment." Read On The Fox News App Türk revealed that his office had documented 32 people — 15 of them adolescents — who reported being tortured and ill-treated in detention. He also noted that 28 people had been subjected to enforced disappearance after the country's parliamentary elections, which took place in May 2025. He said their whereabouts remain unknown and that at least 12 of them were foreign nationals who "do not have access to consular assistance." Venezuelan Opposition Promises Reparations To Laken Riley's Family, Other Victims Of Tren De Aragua Violence "The world must no longer look away from the brutal reality of what the once-beautiful Venezuela has become. Nicolás Maduro and his enforcers are running a criminal narco-terrorist dictatorship that jails political opponents, tortures dissidents, and crushes any hope of free expression. Pedro's voice today represents the cries of thousands of Venezuelans who remain imprisoned, persecuted or forced into exile, as slaves to the regime," UN Watch Executive Director Hillel Neuer told Fox News Digital. Secretary of State Marco Rubio announced in a post on X on May 6 that the opposition members, including Urruchurtu, had been rescued in "a precise operation" and brought to the U.S. A few weeks later, Rubio met with the released opposition members. State Department spokesperson Tammy Bruce said that Rubio had commended the Venezuelan opposition members for their "bravery in the face of Maduro's relentless repression and tyranny." Neuer also expressed gratitude for the Trump administration and Rubio's actions, which led to Urruchurtu's release. "Thank you to the Trump administration and the Secretary of State, Marco Rubio, for their critical role in securing Pedro's release and the release of his comrades. Once again, proving that strong, principled diplomacy saves lives and advances the cause of freedom for the world," Neuer told Fox News article source: Venezuelan opposition member details harrowing 400-day captivity at UN
Yahoo
11 hours ago
- Business
- Yahoo
Moody's Affirms Ecopetrol's Global and Standalone Credit Ratings
BOGOTA, Colombia, June 27, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the "Company" or "Ecopetrol") announces that the credit rating agency Moody's has affirmed the Company's global credit rating at Ba1 with a stable outlook. The agency also confirmed Ecopetrol's standalone rating at b1. Moody's stated that the Ba1 global rating reflects Ecopetrol's position as Colombia's leading oil and gas producer, as well as its significant power transmission business in Colombia and other Latin American countries. The aforementioned factors support a global rating that is three notches above the Company's standalone rating, including the backing of the Colombian government through the gradual phase-out of fuel subsidies, as well as the reduction in accounts receivable related to the Fuel Price Stabilization Fund (FEPC), both of which have contributed to strengthening the Company's liquidity. Regarding the standalone rating, Moody's highlighted the strength and stability of the Company's cash flow, further supported by its power transmission subsidiary (ISA) and midstream affiliates, which together contributed 18% to EBITDA in 2024. The report issued by the rating agency on June 27, 2025, announcing the rating affirmation, can be accessed in the link below: Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital MarketsCarolina Tovar AragónEmail: investors@ Head of Corporate Communications (Colombia) Marcela Ulloa Email: View original content: SOURCE Ecopetrol S.A. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20 hours ago
- Entertainment
- Yahoo
LL Cool J to host hip-hop docuseries for Paramount+
June 27 (UPI) -- Paramount+ announced Friday that LL Cool J is soon to helm a fresh music docuseries for its platform that will provide a deep dive into everything hip-hop. LL Cool J, born James Todd Smith, is an MC and performer with two Grammy Awards under his belt. He is also a Kennedy Center honoree and a member of the Rock and Roll Hall of Fame, among other achievements. For Paramount's Hip Hop Was Born Here five-episode series, LL Cool J will take on the role of host, and chat with other hip-hop notables and icons. Intended to show how hip-hop was born, grew and continues to evolve both as a musical genre and a culture, LL Cool J is slated to chat with fellow classic rap stars such as Big Daddy Kane, Doug E. Fresh, Grandmaster Caz, Marley Marl, Rev Run, Roxanne Shante and Method Man. He'll also spend time with newer artists, such as Crystal Caines and Lady London, among others. LL Cool J is also a co-executive producer of the series, a responsibility he shares with a group that also includes NFL Hall of Fame quarterback Peyton Manning. Hip Hop Was Born Here will premiere on Paramount+ on July 22 in the United States, Canada, Brazil and across Latin America before showing up on the streaming service across Britain, France, Germany, Switzerland, Austria and Australia the next day. The program's trailer is available to view via the Paramount+ YouTube channel.
