Category: World Regions

Venezuela Objects to Guyana’s Decision to Auction Offshore Oil Blocks

On September 12th, Guyana allowed bids from several international oil companies, including Exxon and TotalEnergies, for the right to explore 14 offshore oil blocks. Negotiations with the bidders will take place next month. However, neighboring Venezuela has voiced its displeasure with the Guyanese auction, arguing that Guyana does not have sovereign rights over the area and therefore cannot grant rights to third parties for oil exploration.  

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Rwanda’s Democracy in Trouble

On Tuesday, Rwanda’s president Paul Kagame announced in an interview with Jeunea Afrique that he plans to run for another term in 2024. Despite exceeding the constitutional term limits, an amendment passed in 2015 will allow him to run for two additional five-year terms. This would extend his time in power until 2034, adding to recent trends from African leaders changing their constitutions to retain control.

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U.S. Federal Judge Rules Argentina Owes $16 Billion for Expropriation of YPF

On September 9th, a federal judge in New York ordered the nation of Argentina to pay $16 billion to minority shareholders of YPF, over the Argentine government’s 2012 seizure of a majority stake in the energy company. Following this concern, the current Peronist administration led by President Alberto Fernandez and Vice President Cristina Kirchner, who was President when YPF was expropriated, could be replaced by political outsider Javier Milei, a fierce libertarian with an economist background.  

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Rwanda Signs Deal to Obtain Small Nuclear Reactor

On September 12th Rwanda's government signed a deal to build an “experimental” civil nuclear reactor, making it the second African country to adopt civil nuclear energy. It is expected that the reactor will be operational by 2026 and will be able to produce “electricity, hydrogen and synthetic fuel." However, the reactor will not initially supply the country's energy grid, but it will serve to explore options for renewable energy.

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Taliban Thrilled to Receive Chinese Ambassador

The Taliban welcomed China’s new ambassador to Afghanistan with all the pomp and circumstance they could muster last Wednesday. The lavish ceremony was held at the presidential palace where the Taliban’s Prime Minister Mohammad Hasan Akhund shook hands with Zhao Sheng before accepting his credentials. The Chinese Ministry of Foreign Affairs played down the meeting claiming, “this is the normal rotation of China's ambassador to Afghanistan and is intended to continue advancing dialogue and cooperation between China and Afghanistan.” 

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Record High Eurozone Interest Rates

On September 14th, the European Central Bank (ECB) raised Eurozone interest rates to a record high of 4% from 3.75%. This is the tenth consecutive increase in interest rates that the ECB has implemented with the goal of lowering inflation rates. The hope is that higher interest rates will cause people to buy less, which in turn will drive down the prices for individual items.

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Defense Expo Returns to Taiwan

On September 14, the Taiwan Aerospace & Defense Technology Expo (TADTE) returned to Taipei for the first time in four years. Despite the robust international presence at the expo, Taiwan’s Ministry of National Defense drew the spotlight featuring numerous advanced weapon systems with a new attack drone taking center stage. 

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Honduras Swears in its First Ambassador to the Republic of China

Honduras broke diplomatic ties with Taiwan in March and then established diplomatic relations with the Republic of China the same month.  Dr. Moncada was appointed back in June, but he wasn't sworn in until this week. Honduras is the latest country to shift its foreign policy away from Taiwan, growing its diplomatic and economic ties with Beijing.

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