Overnight reports: Argentina lifts tax barriers to lure billions from abroad

• The Argentine government has announced new measures to encourage citizens to spend undeclared savings within the country. It is estimated that Argentinians hold over $200 (€180) billion in cash and in foreign accounts. "Your dollars, your decision. What’s yours is yours, not the state’s. You can use them however you want, without having to prove where you got them from," stated presidential spokesperson Manuel Adorni. The plan includes relaxing tax control regulations, impacting the real estate market. President Javier Milei, who won the election in 2023, aims for the dollarisation of the economy and the circulation of hundreds of billions of dollars. Last year, over $22 (€19.5) billion were deposited in banks under the “blanqueo” programme. Economy Minister Luis Caputo emphasises that most Argentinians have been burdened by excessive taxes. However, there are concerns that the plan might facilitate money laundering. "It sounds like an invitation not to pay taxes," commented analyst Ignacio Labaqui.

• According to Italian media, the incident occurred on Thursday afternoon on Venice's main canal, in front of numerous onlookers gathered on the shore and passengers of other boats who recorded the event. During the cruise, the tourists decided to change places and gathered in one spot on the gondola to take a group photo. As a result, the boat lost balance, and everyone fell into the water. The gondola was swept away by the current but was successfully stopped nearby. Unfortunately, it is damaged and requires repair.

• A tragic crash involving a Cessna 550 plane occurred in San Diego. Two people died as a result of the incident, and several homes were damaged. The plane crashed in the densely populated Murphy Canyon neighbourhood, prompting the evacuation of at least 100 people. The Federal Aviation Administration reported that the plane was flying from the small Colonel James Jabara Airport in Wichita, Kansas. More on this topic can be read here.

The Court of Bosnia and Herzegovina sentenced Vojin Pavlovic, the president of the pro-Russian association "Eastern Alternative of the Republic of Srpska," to two and a half years in prison for denying the genocide in Srebrenica and glorifying war criminal Ratko Mladić. This is the first such verdict in the country's history. Judge Goran Radević emphasised that it is a turning point in Bosnia and Herzegovina's judicial practice. "The court sends a clear message that genocide and war crimes are facts established by international and domestic courts," the judge said.

• The Pentagon plans to relocate about 4,500 soldiers from South Korea to the island of Guam and other locations in the Indo-Pacific region. This is part of a policy review concerning North Korea. The decision on the number of troops has not yet been made, and the Pentagon emphasises that this is just one of the options. In April, US military commanders warned against reducing forces in Korea, stating that it would weaken US capabilities in potential conflicts with North Korea, China, or Russia. More on this topic can be read here.