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Javier Milei Sweeps Argentina’s Elections

Argentina’s Elections

Argentina has embraced the far-right without nuances. Javier Milei swept the presidential runoff election held this Sunday, securing 56% of the votes, while Sergio Massa, the Peronist coalition candidate and current Minister of the Economy in a country with 142% year-on-year inflation, garnered 44%. The difference between the two candidates was almost three million votes, an unprecedented thrashing for the center-left Peronist movement.

The turnaround was much more abrupt than expected, and Argentina is now heading towards the unknown, following in the footsteps of Donald Trump in the United States and Jair Bolsonaro in Brazil. “Today begins the reconstruction of Argentina, today begins the end of the decadence. The impoverishing model of the omnipresent state comes to an end. Today we embrace again the ideas of freedom, those of our founding fathers,” president-elect Milei said Sunday.

Javier Milei Sweeps Argentina’s Elections

Milei warned that he will be very hard on those who resist “violently” the changes he proposes and added that “there will be no gradualism or lukewarmness.” “If we do not move forward quickly with the structural changes that Argentina needs, we will be headed towards the worst crisis in history. But today, we are once again embracing the ideas of freedom to become a world power,” he promised.

Milei, a TV panelist who only became a politician two years ago when he became a congressman, promises to turn the establishment upside down. Shouting “long live freedom, dammit” and armed with a chainsaw, during his campaign he called for the extermination of “the political caste,” which he blames for the perpetual economic crisis that is devastating Argentina.

Key to Milei’s triumph was the support he received from former liberal president Mauricio Macri (2015-2019). Macri had been left out of the race after the defeat of his running mate, Patricia Bullrich, in the first round of elections held on October 22. However, it took Macri less than 24 hours to openly support the ultra candidate and thus give him a democratic veneer that, in the end, was enough to convince even the most undecided voter.

Milei campaigned on reducing the size and reach of the national government, by closing the Education and Health ministries and progressively eliminating social welfare programs. In view of Sunday’s results, it’s clear that Milei broke the reluctance of even those Argentines who, since the return to democracy in 1983, have defended the role of an entrepreneurial and welfare state, whether it be a Peronist, radical or even liberal state, such as Macri’s. In Argentina, health and education at all levels is public and free.

Milei has also said he wants to repeal abortion, which has been legal in Argentina since 2020, and revoke the rule that prevents the Armed Forces from participating in internal security tasks. To put an end to inflation, which tops 140%, Milei promotes a dollarization of the economy and the closing of the Central Bank, responsible for currency issuance.

Among the profound changes proposed by Milei, there is also a re-reading of state terrorism, arguing that the dictatorship only committed “excesses” and that the figure of 30,000 missing persons maintained by human rights organizations is “an excuse to continue stealing.” This flag of historical negationism is also carried by his running mate and vice-president-elect, Victoria Villarruel, daughter of military officers.

When she went to cast her ballot on Sunday, she was met by protestors, something she did not take well. “It is the first time that the daughter of a Malvinas veteran becomes vice president. I don’t know what bothers them when they have had children of terrorists in government positions. Those who are bothered by the arrival of freedom of expression are the violent ones,” she said.

Milei’s votes came primarily from the middle and lower classes, especially among young people. Fed up with the recurrent economic crises, voters born in democracy embraced the ideas of the ultra candidate and his promise to tear everything down and start anew.

He also managed to capture most of the 6.2 million votes that Patricia Bullrich, Macri’s former minister of security, obtained in the first round. He won 21 of the country’s 24 electoral districts, including Córdoba, Santa Fe and Mendoza, the second-largest providence after Buenos Aires.

Milei will take office on December 10, when Peronist Alberto Fernández’s term ends. On that day the far-right president-elect should have the names of his ministers, especially his pick to lead the Ministry of Economy. On top of skyrocketing inflation, four out of ten Argentines are poor and the Central Bank reserves are in the red.

The need to find immediate solutions will force Milei to negotiate with those whom during the campaign he called “shitty lefties,” “human scum” and “eyesores.” Having only 38 of the 350 deputies in the National Congress, Milei will need the help and votes of Macri’s 94 deputies. The market assumes that there will be a deep adjustment of the economy towards a zero deficit and a devaluation of the currency. The question is how Milei’s government will handle such a task.

However, the political earthquake has already taken place. This Sunday marks the beginning of the decline of Kirchnerism, the current of Peronism that has dominated Argentine politics since 2003. Cristina Kirchner did not participate in the campaign and trusted Massa, a Peronist from the most liberal sectors of the movement, to do the job. Massa already tried to become president in 2015, under the wing of the Frente Renovador party (Total Renewal Front), a dissident Peronist grouping he created to oppose Cristina Kirchner. He came in third, behind Macri and Peronist Daniel Scioli, with 21.3% of the vote.

In 2019, he returned to Kirchnerism and climbed positions to become the candidate of the party that only four years earlier he had betrayed. Defeated at the national level, Peronism will now take refuge in the province of Buenos Aires, the largest, most populous and richest in the country. The governor, Axel Kicillof, won reelection in the general elections of October and will try to rebuild from there. He has four years of work ahead of him.


Assessing Property Size: What Square Footage Can You Get With The Average UK House Price In Your Area?

Assessing Property Size In The UK

In the United Kingdom, there is a prevailing tendency to gauge the size of residences based on the number of bedrooms rather than square footage. In fact, research indicates that three out of five individuals are unaware of the square footage of their property.

However, a comprehensive analysis conducted by ‘Savills’ reveals significant variations in property sizes throughout the country. For instance, with the average property price standing at £340,837, this amount would typically afford a studio flat spanning 551 square feet in London, according to the prominent estate agency.

Conversely, in the North East region, the same sum would secure a spacious five-bedroom house measuring 1,955 square feet, nearly four times the size of a comparable property in London.

Best value: Heading to the North East of England is where buyers will get the most from their money

In Scotland, the median house price equates to a sizable investment capable of procuring a generous four-bedroom residence spanning 1,743 square feet. Conversely, in Wales, Yorkshire & The Humber, and the North West, this sum affords a slightly smaller four-bedroom dwelling of approximately 1,500 square feet, while in the East and West Midlands, it accommodates a 1,300 square foot home. In stark contrast, within the South West, £340,837 secures a modest 1,000 square foot property, and in the East, an even more confined 928 square feet.

London presents the most challenging market, where this budget offers the least purchasing power. Following closely, the South East allows for 825 square feet of space or a medium-sized two-bedroom dwelling. Lucian Cook, head of residential research at Savills, emphasizes the profound disparity in purchasing potential across Britain, ranging from compact studio flats in London to spacious four or five-bedroom residences in parts of North East England.

While square footage serves as a critical metric, with a significant portion of Britons unfamiliar with their property’s dimensions, the number of bedrooms remains a traditional indicator of size. Personal preferences, such as a preference for larger kitchens, may influence property selection. For those prioritizing ample space, Easington, County Durham, offers a substantial 2,858 square foot, five-bedroom home, while Rhondda, Wales, and Na h-Eileanan an Iar, Scotland, provide 2,625 and 2,551 square feet, respectively. Conversely, in St Albans, Hertfordshire, £340,837 secures a mere 547 square feet, equivalent to a one-bedroom flat.

The disparity continues in central London, where purchasing power diminishes considerably. In Kensington, the budget accommodates a mere 220 square feet, contrasting with the slightly more spacious 236 square feet in Westminster. Conversely, in Dagenham, the same investment translates to 770 square feet. Three properties currently listed on Rightmove exemplify the diversity within this price range across the UK market.

South of the river: This semi-detached house is located near to three different train stations

South of the river: This semi-detached house is located near to three different train stations

2. Lewisham: One-bed house, £345,000

This one-bedroom property in Lewisham, South London, is on the market for £345,000.

The semi-detached house is set over two floors, and has a private patio.

The property is located near to bus links and amenities, as well as Catford train station.

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

Edinburgh fringe: This three-bed property is located on the edge of the city, near to the town of Musselburgh

3. Edinburgh: Three-bed house, £350,000

This three-bedroom detached house in Edinburgh could be yours for £350,000.

The house, which has a two-car driveway, boasts a large kitchen diner, and is within easy reach of Newcriaghall train station.

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Top 10 Florida Cities Dominate The Business Startup Landscape In The U.S.

Top 10 Florida Cities And Business Startup Landscape In The U.S.

The Voice Of EU | Florida emerges as a hub for entrepreneurial endeavors, with its vibrant business landscape and conducive environment for startups. Renowned for its low corporate tax rates and a high concentration of investors, the Sunshine State beckons aspiring entrepreneurs seeking fertile grounds to launch and grow their businesses.

In a recent report by WalletHub, Florida cities dominate the list of the top 10 best destinations for business startups, showcasing their resilience and economic vitality amidst challenging times.

From Orlando’s thriving market to Miami’s dynamic ecosystem, each city offers unique advantages and opportunities for entrepreneurial success. Let’s delve into the chronologically listed cities that exemplify Florida’s prominence in the business startup arena.

1. Orlando Leads the Way: Orlando emerges as the most attractive market in the U.S. for business startups, with a remarkable surge in small business establishments. WalletHub’s latest report highlights Orlando’s robust ecosystem, fostering the survival and growth of startups, buoyed by a high concentration of investors per capita.

2. Tampa Takes Second Place: Securing the second spot among large cities for business startups, Tampa boasts a favorable business environment attributed to its low corporate tax rates. The city’s ample investor presence further fortifies startups, providing essential resources for navigating the initial years of business operations.

3. Charlotte’s Diverse Industries: Claiming the third position, Charlotte stands out for its diverse industrial landscape and exceptionally low corporate taxes, enticing companies to reinvest capital. This conducive environment propels entrepreneurial endeavors, contributing to sustained economic growth.

4. Jacksonville’s Rising Profile: Jacksonville emerges as a promising destination for startups, bolstered by its favorable business climate. The city’s strategic positioning fosters entrepreneurial ventures, attracting aspiring business owners seeking growth opportunities.

5. Miami’s Entrepreneurial Hub: Miami solidifies its position as a thriving entrepreneurial hub, attracting businesses with its dynamic ecosystem and strategic location. The city’s vibrant startup culture and supportive infrastructure make it an appealing destination for ventures of all sizes.

6. Atlanta’s Economic Momentum: Atlanta’s ascent in the business startup landscape underscores its economic momentum and favorable business conditions. The city’s strategic advantages and conducive policies provide a fertile ground for entrepreneurial ventures to flourish.

7. Fort Worth’s Business-Friendly Environment: Fort Worth emerges as a prime destination for startups, offering a business-friendly environment characterized by low corporate taxes. The city’s supportive ecosystem and strategic initiatives facilitate the growth and success of new ventures.

8. Austin’s Innovation Hub: Austin cements its status as an innovation hub, attracting startups with its vibrant entrepreneurial community and progressive policies. The city’s robust infrastructure and access to capital foster a conducive environment for business growth and innovation.

9. Durham’s Emerging Entrepreneurship Scene: Durham’s burgeoning entrepreneurship scene positions it as a promising destination for startups, fueled by its supportive ecosystem and strategic initiatives. The city’s collaborative culture and access to resources contribute to the success of new ventures.

10. St. Petersburg’s Thriving Business Community: St. Petersburg rounds off the top 10 with its thriving business community and supportive ecosystem for startups. The city’s strategic advantages and favorable business climate make it an attractive destination for entrepreneurial endeavors.

Despite unprecedented challenges posed by the COVID-19 pandemic, the Great Resignation, and high inflation, these top Florida cities remain resilient and well-equipped to overcome obstacles, offering promising opportunities for business owners and entrepreneurs alike.

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European Startup Ecosystems Awash With Gulf Investment – Here Are Some Of The Top Investors

European Startup Ecosystem Getting Flooded With Gulf Investments

The Voice Of EU | In recent years, European entrepreneurs seeking capital infusion have widened their horizons beyond the traditional American investors, increasingly turning their gaze towards the lucrative investment landscape of the Gulf region. With substantial capital reservoirs nestled within sovereign wealth funds and corporate venture capital entities, Gulf nations have emerged as compelling investors for European startups and scaleups.

According to comprehensive data from Dealroom, the influx of investment from Gulf countries into European startups soared to a staggering $3 billion in 2023, marking a remarkable 5x surge from the $627 million recorded in 2018.

This substantial injection of capital, accounting for approximately 5% of the total funding raised in the region, underscores the growing prominence of Gulf investors in European markets.

Particularly noteworthy is the significant support extended to growth-stage companies, with over two-thirds of Gulf investments in 2023 being directed towards funding rounds exceeding $100 million. This influx of capital provides a welcome boost to European companies grappling with the challenge of securing well-capitalized investors locally.

Delving deeper into the landscape, Sifted has identified the most active Gulf investors in European startups over the past two years.

Leading the pack is Aramco Ventures, headquartered in Dhahran, Saudi Arabia. Bolstered by a substantial commitment, Aramco Ventures boasts a $1.5 billion sustainability fund, alongside an additional $4 billion allocated to its venture capital arm, positioning it as a formidable player with a total investment capacity of $7 billion by 2027. With a notable presence in 17 funding rounds, Aramco Ventures has strategically invested in ventures such as Carbon Clean Solutions and ANYbotics, aligning with its focus on businesses that offer strategic value.

Following closely is Mubadala Capital, headquartered in Abu Dhabi, UAE, with an impressive tally of 13 investments in European startups over the past two years. Backed by the sovereign wealth fund Mubadala Investment Company, Mubadala Capital’s diverse investment portfolio spans private equity, venture capital, and alternative solutions. Notable investments include Klarna, TIER, and Juni, reflecting its global investment strategy across various sectors.

Ventura Capital, based in Dubai, UAE, secured its position as a key player with nine investments in European startups. With a presence in Dubai, London, and Tokyo, Ventura Capital boasts an international network of limited partners and a sector-agnostic investment approach, contributing to its noteworthy investments in companies such as Coursera and Spotify.

Qatar Investment Authority, headquartered in Doha, Qatar, has made significant inroads into the European startup ecosystem with six notable investments. As the sovereign wealth fund of Qatar, QIA’s diversified portfolio spans private and public equity, infrastructure, and real estate, with strategic investments in tech startups across healthcare, consumer, and industrial sectors.

MetaVision Dubai, a newcomer to the scene, has swiftly garnered attention with six investments in European startups. Focusing on seed to Series A startups in the metaverse and Web3 space, MetaVision raised an undisclosed fund in 2022, affirming its commitment to emerging technologies and innovative ventures.

Investcorp, headquartered in Manama, Bahrain, has solidified its presence with six investments in European startups. With a focus on mid-sized B2B businesses, Investcorp’s diverse investment strategies encompass private equity, real estate, infrastructure, and credit management, contributing to its notable investments in companies such as Terra Quantum and TruKKer.

Chimera Capital, based in Abu Dhabi, UAE, rounds off the list with four strategic investments in European startups. As part of a prominent business conglomerate, Chimera Capital leverages its global reach and sector-agnostic approach to drive investments in ventures such as CMR Surgical and Neat Burger.

In conclusion, the burgeoning influx of capital from Gulf investors into European startups underscores the region’s growing appeal as a vibrant hub for innovation and entrepreneurship. With key players such as Aramco Ventures, Mubadala Capital, and Ventura Capital leading the charge, European startups are poised to benefit from the strategic investments and partnerships forged with Gulf investors, propelling them towards sustained growth and success in the global market landscape.

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