Eri Silva
Writing Portfolio (2021)
All coverage published by subscription-only newswire Brightwire
U.S. appeals court rejects Biden’s bid to end 'Remain in Mexico' policy
14 Dec 2021
A U.S. appeals court rejected the Biden administration's renewed attempt to end the Trump-era "Remain in Mexico" immigration policy, a court opinion shows.
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The court said the Department of Homeland Security (DHS) “claims the power to implement a massive policy reversal — affecting billions of dollars and countless people — simply by typing out a new Word document and posting it on the internet.”
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The statement refers to a second memo the DHS sent in October attempting to maintain its abandonment of the policy despite an order for its reinstatement by the U.S. District Court Judge Matthew Kacsmaryk.
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Kacsmaryk had stated that the DHS did not follow administrative procedure for ending the policy by failing to address the “benefits" of the policy and insufficient detention capacity.
The policy, officially called Migrant Protection Protocols (MPP), requires asylum-seekers and migrants to wait in Mexico for hearings with a U.S. immigration court.
El Salvador’s Bitcoin adoption won't affect talks with the IMF for a USD 1.3 billion loan, CenBank head says
19 Oct 2021
The Salvadoran government does not believe that its adoption of Bitcoin as legal tender will affect talks for a USD 1.3 billion loan agreement with the IMF, according to comments made by the central bank President Douglas Rodriguez.
“We’ve explained openly to the IMF: For us, Chivo and Bitcoin is simply a payment method,” Rodriguez said in an interview to Bloomberg on Monday. He expects the cryptocurrency to lose its reputation as a speculative asset and improve financial inclusion in a country where 70% of the population is unbanked.
Talks with the multilateral were announced in March by Finance Minister Alejandro Zelaya. The loan would provide the country with the needed access to the international market next year after over reliance on short-term debt dried up financing options from the local market.
Although the country doesn’t have major dollar bond payments until 2023, debt remains at about 90% of GDP with the fiscal deficit reaching 10% of GDP in 2020.
Rodriguez has been holding several interviews with local media outlets promoting the IMF’s 9% growth projection for the country’s economy since its announcement on October 12 and told Bloomberg he expects Bitcoin’s price volatility to help the economy expand past the 9% projection.
Rodriguez’s comments mirror those made by Salvadoran President Nayib Bukele in June when he called Bitcoin “so perfect that I think it's gonna be the future” and criticized skepticism from economists.
"It's not only going to be good for the monetary system, remittances and for economic inclusion and banking services like lending… but also for energy and raising income for social projects,” he said.
In September, S&P Global warned in a report that El Salvador’s adoption of bitcoin could cause exchange rate risk and disruptions in cross-border financial flows, outweighing its potential benefits. Moody’s downgraded El Salvador’s bonds to “junk” status in July, stating poor policymaking, including the adoption of Bitcoin, was partially to blame.
Bitcoin became legal tender along with USD on Sept. 7. All businesses are required to accept bitcoin unless they do not have the technology needed to process the transactions. Bank loans and taxes may be paid in bitcoin while all capital gains made from investing in the cryptocurrency will not be taxed.
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Venezuela's Monomeros seized by Colombian corporate regulator
08 Sept 2021
Colombian regulator Supersociedades imposed the highest level of oversight on fertilizer producer Monómeros, a Venzuelan state-owned company based in Colombia, due to its economic distress, the regulator said in a release.
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Monómeros has been struggling to obtain the needed credit to pay for raw materials as U.S. sanctions restrict its access to financial markets, despite being under the control of the opposition since Colombia joined the U.S. in recognizing opposition leader Juan Guaidó as Venezuela’s interim president in 2019.
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Last month, Venezuelan President Nicolas Maduro stated he would make the return of Monomeros to his administration a key point in Mexico City talks with the opposition. Maduro’s administration aims to redirect the company’s production to Venezuela to help revive the country’s economy.
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Maduro’s comment sparked concern from Colombian officials considering Monómeros' departure could risk the country’s food security. The fertilizer producer supplies about half of Colombia’s domestic market — 45% of the agricultural sector and about 70% of the coffee, potato and palm sectors.
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"In no case can Colombia allow the company to change its shareholders," Congressman César Lorduy said during a radio interview. Supersociedades said the seizure is meant to force Monómeros’ management to adopt measures aimed at remedying its critical economic position.
American Seafoods affiliates win injunction against CBP, proceeds with frozen seafood shipments
11 Oct 2021
American Seafoods affiliates Kloosterboer International Forwarding and Alaska Reefer Management were granted a preliminary injunction, impeding U.S. Customs and Border Protection (CBP) from enforcing penalties on any shipments made using the BCR Route during the parties’ legal dispute, according to a court document.
Kloosterboer International and Alaska Reefer filed a lawsuit with an Alaska District court refuting CBP’s interpretation of the Jones Act, which led the agency to issue a total of USD 350 million in penalties to the two transportation companies and others involved in the BCR shipping route.
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The American Seafoods affiliates have been using the BCR route since 2012 to ship frozen seafood, especially pollock, from a port in Dutch Harbor, Alaska, to the Canada-U.S. border near Calais, Maine, using the Bayside Canadian Rail.
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CBP had threatened to issue an additional USD 41 million in penalties to the affiliates if they proceed to use the route, suspending operations and leaving 26 million pounds of frozen seafood stranded at the Port of Bayside.
The preliminary injunction impedes the CBP from issuing any additional penalties for shipments made during the trial period regardless of which party ultimately wins the lawsuit.
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Kloosterboer International and Alaska Reefer had argued the preliminary injunction is necessary considering additional penalties would bring their “entire supply chain” to a “complete standstill” during the trial period, causing irreparable harm.
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The court agreed that the additional penalties would cause the companies and its business partners significant economic impact, impeding the right to due process, and declared that the case had standing considering "the penalty notices appears to be at odds with CBP’s rulings in other transactions that may well be substantially identical.”
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The CBP had argued that Kloosterboer International and Alaska Reefer have transportation alternatives and have simply asked for “a get-out-of-jail-free card for them and everyone they deal with in transporting seafood to Bayside.”
Chilean environmental groups accuse AES Andes of violating regulatory requirements
16 June 2021
Local environmental groups in the Quintero-Puchuncaví area of Chile are pushing for AES Andes to develop an Environmental Impact Study (EIA) for the planned conversion of one of its Ventanas coal-fired plants into a desalination plant, El Mostrador reported.
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The EIA would require AES Andes outline the desalination plant’s possible harm to marine life, considering it would dump salt into the Quintero Bay, and provide remediation measures in order to gain regulatory approval.
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The environmental groups accuse AES Andes of intentionally dividing the project into three parts within its original regulatory filing in order to avoid requirements for an EIA.
The new desalination plant would extend the useful life of AES Andes’ Ventanas complex by allowing the company to sell any fresh water not used internally.