Aug 30, 2018

Argentina raises interest rates to 60% amid currency collapse

Photo: Juan Mabromata/AFP/Getty Images

Argentina's central bank raised interest rates Thursday from 45% to 60%, as the peso continues its free fall against the dollar amid high inflation, a looming recession and news that the Argentine government has requested an early release of IMF bailout funds.

The big picture: Argentina is Latin America's third-largest economy and one of several emerging markets that have been stricken by financial turmoil in recent months, after appearing to be on the road to recovery following years of massive inflation. Already down more than 45% on the year, the peso spiraled even further on news of the central bank's interest rate hike, sending waves of panic across other emerging markets, including Turkey, Brazil and South Africa.

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O'Brien rejects intelligence report of Russia effort to re-elect Trump

National Security Adviser Robert O'Brien. Photo: Chris Usher/CBS via Getty Images

White House national security adviser Robert O'Brien repeatedly rejected on ABC's "This Week" an assessment from a congressional briefing led by the Office of the Director of National Intelligence that Russia is interfering in the 2020 election to help President Trump get re-elected.

Why it matters: The report put the Trump administration under fresh scrutiny in regard to steps it has been taking to combat the kind of interference that the U.S. encountered in 2016.

Go deeperArrowUpdated 23 mins ago - Politics & Policy

Italy becomes site of largest coronavirus outbreak outside of Asia

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus has spread to more nations as South Korea and Italy step up emergency measures in their countries amid rising case numbers on Sunday.

The big picture: COVID-19 has killed at least 2,462 people and infected almost 79,000 others, mostly in mainland China. South Korea increased the infectious disease alert to red, the highest possible, as its case numbers jumped to 602 and the death toll to five. Italy's government announced emergency measures as it confirmed a spike from three to 132 cases in matter of days, making it the largest outbreak outside of Asia.

Go deeperArrowUpdated 2 hours ago - Health

Iranian state TV: Hardliners win landslide victory in low-turnout election

Photo: Iranian Supreme Leader Press Office/Handout/Anadolu Agency via Getty Images

Iranian state TV announced Sunday that hardliners won a landslide victory in the country's parliamentary elections two days ago, including all 30 seats in Tehran, AP reports.

Why it matters: Voter turnout in the election only reached 42.57%, according to Iran's interior ministry, the first time turnout dipped below 50% since the 1979 Islamic Revolution. The low turnout may signal dissatisfaction with the Iranian government and the election system.

Go deeperArrow2 hours ago - World