¡Buenos días from BA! This is the Rorshok Argentina Update from the 26th of June twenty twenty-five. A quick summary of what's going down in Argentina.

Let’s start with an update on the conflict between Iran and Israel and how it’s affecting Argentina. After US strikes hit Iran’s nuclear sites, Argentina raised its national threat level to medium and put its embassies in the Middle East on high alert. President Milei has publicly backed the US response, reposting messages of support and echoing Argentina’s past grievances over Iranian-linked terror attacks. This marks a sharp shift from Argentina’s traditional stance on nuclear non-proliferation.

Things seem to have cooled down now, with Iran’s president announcing the end of what he called a twelve-day war. However, Rafael Grossi, an Argentine diplomat and the head of the UN’s nuclear watchdog, might still be under threat. On Saturday the 21st, Ali Larijani, a senior adviser to Iran’s Supreme Leader, warned they would deal with Grossi after the war, reflecting Tehran’s anger over recent reports from the International Atomic Energy Agency, or IAEA, on Iran’s nuclear activity.

Those reports revealed stockpiles of enriched uranium that could be weaponized if further refined, fueling international concern. Iran accuses the IAEA of siding with Israel and undermining its sovereignty, while Grossi maintains the agency’s findings are technical, not political.

Now, while tensions may have eased on the ground, the ripple effects of the conflict are still hitting home—literally. The Argentine government has begun bringing home around 400 citizens who got stuck in Israel after air traffic shut down. The first Argentines left Tel Aviv earlier this week, connecting through Rome before flying back to Buenos Aires with Aerolíneas Argentinas. Each traveler covered their own expenses, and the operation was coordinated by Argentina’s Foreign Ministry with approval from Israel.

Back home, Argentina’s economy is showing signs of recovery, but not as strongly as analysts predicted. The economy expanded just 0.8% in the first quarter of twenty twenty-five, falling short of forecasts due to a surge in imports and weaker exports and government spending.

Still, this marked the third straight quarter of growth, and inflation cooled significantly, with May seeing the lowest monthly rate in five years. A new International Monetary Fund mission is assessing progress and might greenlight another two billion dollars in funding.

Unfortunately, the shy signs of recovery haven’t reached the job market. Argentina’s unemployment rate jumped to almost 8% in early twenty twenty-five — the highest in four years — adding around 250,000 people to the unemployment rolls in just three months. The latest labor statistics paint a worrying picture: only 44% of working-age Argentines have jobs, and nearly 11% are underemployed, while over a quarter are clocking more than forty-five hours a week just to make ends meet.

Experts say the labor market has stalled, and with consumption slowing down, things could get worse before they get better.

On that note, Globant, a major Argentine software and IT services company, is facing a difficult stretch after its stock dropped over 50%, prompting closures of offices in Ushuaia in the south and Resistencia in the north. Martín Migoya, the CEO, confirmed the company cut about 1,000 jobs worldwide, roughly 3% of its workforce.

Globant lowered its twenty twenty-five revenue forecasts after demand for digital services, especially in the US, weakened, hitting investor confidence.

Speaking of investors, COC Global Enterprise, a US-based investment fund, has become the main shareholder of Argentina’s low-cost airline Flybondi, aiming to help the company recover from a rocky reputation caused by frequent delays and cancellations. COC Global plans to boost Flybondi’s growth by adding new planes and expanding its route network. The fund’s owner will take key leadership roles on Flybondi’s board, while the previous main shareholder, Cartesian Capital Group, will stay involved as a long-term partner.

Mauricio Sana, Flybondi’s CEO, sees this new partnership as a chance to improve service and reshape the airline industry in Argentina.

Since we’re on the topic of flights, the pilots’ union warned that Argentina could see widespread flight cancellations during the upcoming winter break, which takes place from the 21st of July to the 1st of August. The reason behind this is that airlines are struggling to comply with a new government rule that changes flight crew rest times and maximum flying hours. The union argues the government tried to copy US regulations but made changes that don’t fit Argentina’s current planes, which lack special rest seats required to meet the new standards.

The union plans to fight the decree in court, after recent strikes already caused major delays and financial losses for airlines like Aerolíneas Argentinas.

In terms of tourism, there’s a growing imbalance: far more Argentines are spending money abroad than foreigners are bringing in. In May alone, outbound travel by Argentines jumped nearly 46%, while foreign tourism dropped over 14%. Experts blame the artificially strong peso, which has made Argentina surprisingly expensive even for locals, who now often find it cheaper to vacation overseas.

Tension keeps escalating in Argentina, as the government also made a controversial move by lifting a thirty-year ban on civilians owning semi-automatic rifles and assault-style weapons. This change, pushed by President Milei, lets legitimate users buy and possess firearms that were previously restricted to the military. While Milei campaigned without promising full deregulation, his administration has steadily eased gun laws — lowering the minimum age to eighteen and creating a fast-track online gun license process for sport shooters. Still, only a small fraction of Argentina’s population currently holds a valid gun license, showing this shift could have wide-reaching effects.

In other news, the Supreme Court has reignited a high-profile legal battle tied to the family of the former President Mauricio Macri, rejecting an attempt to remove judges from the Correo Argentino case. This long-standing investigation looks into a controversial twenty sixteen debt deal between the state and Correo Argentino, a postal company once controlled by Mauricio Macri’s family business. The dispute centers on allegations that the debt agreement heavily favored the company at the public’s expense, with prosecutors accusing former officials and executives of fraud.

Lawyers linked to the Macris alleged judicial bias from judges handling the case, arguing the process was politically motivated against the former president, but the Supreme Court dismissed those allegations and cleared the way for the case to continue.

Shifting from political controversies to culture, Argentina’s beloved comic strip character Mafalda has finally made her debut in the US market with a fresh English translation. Created by Quino in the nineteen sixties, Mafalda is a sharp-witted, socially conscious girl whose humor and critiques captured the spirit of Argentina during turbulent times. Now published by Elsewhere Books, this release introduces English readers to Mafalda’s world, where she tackles big issues like war, politics, and social justice with childlike curiosity and wit. The character’s legacy runs deep in Argentine culture.

On the other end of the genre spectrum, nineteen seventy-eight, a twenty twenty-four Argentine horror film, is making waves and currently sits at number three on HBO Max worldwide. Set against the backdrop of the nineteen seventy-eight World Cup, during Argentina’s military dictatorship, the film follows soldiers who abduct young people during a match, only to discover too late that their captives are part of a sinister cult. As the torture begins, supernatural forces take hold, spiraling into a terrifying showdown where the line between victim and monster becomes blurred.

If you can’t watch a film without a snack, listen closely. The twenty twenty-five Argentine Alfajor Championship took place last week, featuring three days of tastings and treats from over 400 brands. Orense, a company based in the Quilmes neighborhood of Buenos Aires province, took the top prize for Best Industrial Alfajor—for the second year in a row. You can find Orense’s award-winning treats all over Buenos Aires and in other parts of the country.

Aaand that’s it for this week! Thank you for joining us!

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