CAPITAL MARKETS • CORPORATE DEBT • YPF S.A.  • SPECIAL ANALYSIS

YPF repurchased debt for almost $50,000 million: a strategic move that sends signals to the market before the July maturity

In an operation that did not go unnoticed in the local and international capital markets, YPF S.A. notified this week to the National Securities Commission (CNV) and the Securities and Exchange Commission of the United States (SEC) that it repurchased Class XXX Negotiable Notes (YMCWO) for a total of $49,798,644,352, equivalent to USD 35.5 million of nominal value. The purchase was made at an average price of 98.83% of the nominal value, practically at par, between March 3 and 9, 2026.

📋 What was repurchased: the anatomy of the operation

Class XXX Negotiable Obligations (ON XXX) are corporate debt instruments denominated in dollars but traded in pesos in the local market, under the Frequent Issuer regime enabled by the National Securities Commission for companies with recurrent access to the capital market. They were first issued in July 2024 with a face value of $185 million, and reopened in April 2025 for an additional $204 million, totaling an original issuance of $389 million.

Its expiration is set for July 2026. The repurchase of USD 35.5 million in nominal value – 9.1% of the total issuance – at a price of almost par represents a concrete signal: YPF has sufficient liquidity to reduce its short-term liabilities before the market demands repayment. The repurchased bonds will not be cancelled but will be held in the company's portfolio.

📡 What it means for the market: solvency and possible refinancing

In the Argentine financial market, the repurchase of bonds by an issuing company is almost unanimously read as a positive sign. It implies that the company has the necessary cash flow to advance debt payments, that it does not need to wait for maturity under pressure, and that it has a proactive stance in the management of its liabilities.

This reading gains strength if one considers that in February 2026 the company already launched the Class 42 Note, denominated in USD MEP, at a rate of 6.50% per year and a term of 18 months, with subscription through banks such as BBVA and Banco Nación. The pattern that emerges is clear: buy back more expensive debt and replace it with new instruments at more favorable conditions, taking advantage of the better Argentine macroeconomic context under the government of Javier Milei.

📊 Context: YPF's debt cycle in 2025–2026

🏛️ Regulatory framework: CNV, SEC and the Frequent Issuer regime

The operation was simultaneously communicated to two regulators: the National Securities Commission of Argentina, before which YPF operates as an issuer in the local market under the Frequent Issuer regime, and the Securities and Exchange Commission of the United States, before which YPF is listed as ADR (American Depositary Receipt) on the New York Stock Exchange.  with the obligation to file Forms 6-K each time a material event occurs.

The CNV's Frequent Issuer regime allows companies with a track record in the capital market to issue new instruments with simplified procedures, which gives YPF a window of operational agility to manage its debt on an ongoing basis and adapt to market conditions. This framework is what makes both successive buybacks and new issues possible in relatively short times.

📈 The buyback in perspective: YPF's financial power in 2026

To understand the relative weight of this operation, it is necessary to frame it in the company's overall results. YPF closed 2025 with a gross profit of USD 5,000 million, the highest in a decade, and a third quarter EBITDA of USD 1,357 million, 21% higher than the previous quarter. The company's total net debt remains at manageable levels relative to its projected annual EBITDA.

The investment planned for 2026 is USD 6,000 million, the largest in the company's history. In this context, a buyback of USD 35.5 million – barely 0.6% of the annual investment plan – represents a marginal financial cost with a relevant reputational and operating return: it improves the debt/EBITDA ratio, reduces the projected expenditures for the second half of the year and sends the market a message of control over liabilities.

🎯 Conclusion: Active Liability Management as a Sign of Corporate Maturity

The buyback of the Class XXX notes is not an isolated operation: it is the expression of a systematic financial policy that YPF has been applying since the arrival of Horacio Marín as president of the company. Buying back debt on favorable terms, reducing concentrated maturities, broadening the investor base with new issues at more competitive rates, and communicating each move transparently to two regulators from different jurisdictions are hallmarks of a company that learned – with the blows of its history – that market confidence cannot be improvised.

For investors who have YPF instruments in their portfolio – whether stocks, ADRs or local bonds – this week's signal is clear: the company does not expect maturities to arrive; he goes to look for them. And that, in the Argentine capital market, is worth more than any prospect.

⚡ BREAKING NEWS     LIVE COVERAGE — MARCH 10, 2026

🌍 War in the Middle East: Oil Tops $120 and Trump Threatens "20 Times Stronger" Attack

The conflict between the US and Iran escalates to critical levels: the Secretary of War announces the "most intense day of attacks" on Iranian territory, while energy markets register their biggest rise since 2008 and Mojtaba Khamenei emerges as Iran's new supreme leader.

International oil markets recorded their biggest shock in almost two decades on Monday. West Texas Intermediate (WTI) crude broke above the psychological barrier of $100 per barrel and reached as high as $120 during the weekly open, boosted by escalating military tensions in the Persian Gulf and the growing threat over the Strait of Hormuz.

North Sea Brent followed the same upward trend, accumulating an increase of more than 18% in just 72 hours. Analysts at Goldman Sachs and JPMorgan warn that, if an effective blockade of the strait is confirmed, the price of a barrel could climb to 150-180 dollars, with devastating consequences for the global economy.

The Strait of Hormuz is the most critical energy bottleneck on the planet: approximately 20% of the world's oil supply and 17% of liquefied natural gas (LNG) transit its barely 33 kilometers of navigable width daily. Its closure would mean an unprecedented modern energy shock.

The U.S. Secretary of Defense confirmed that Monday, March 10, would be the "most intense day of attacks" launched on Iranian territory since the start of hostilities. Military operations include bombing of nuclear and military infrastructure, Islamic Revolutionary Guard Corps bases and strategic logistics centers.

Pentagon sources indicated that more than 150 air missions were executed in the last 24 hours, involving B-2 Spirit bombers, F-35s and the use of Tomahawk cruise missiles launched from aircraft carriers positioned in the Arabian Sea. The operation has been dubbed "Operation Desert Shield II" internally.

Tel Aviv officially backed Washington's operations, while NATO expressed "concern" but avoided speaking out against the intervention. China and Russia convened an emergency session of the UN Security Council that was blocked by the US veto.

At the heart of Iran's political-military chaos, one figure has emerged with unusual speed: Mojtaba Khamenei, youngest son of Ayatollah Ali Khamenei, consolidated as the new Supreme Leader of the Islamic Republic of Iran in the midst of the conflict.

The 55-year-old Mojtaba has been in the shadows of Iranian power for decades, building a network of loyalties within Qom's Revolutionary Guards and angry circles. His appointment was confirmed by the Council of Experts in an extraordinary session convened as a matter of urgency, in what analysts read as a sign that Iran's traditional leadership has suffered a severe impact.

Unlike his father, who is renowned for his strategic diplomacy and calculated patience, analysts describe Mojtaba as more combative and ideologically rigid. His first public statement was lapidary: "Iran will not back down from the crusaders of the 21st century."

The international community is watching the escalating spiral with growing alarm. The European Union issued a joint statement of the 27 member countries demanding "an immediate cessation of hostilities and a return to diplomacy", although without announcing concrete measures.

Saudi Arabia and the United Arab Emirates, in a position of extremely delicate balance, declared neutrality but activated their air defence systems. Global stock markets are trading in risk-off mode: Wall Street fell 4.2%, while gold rose to $2,890 an ounce, its all-time high.

In Latin America, oil-importing countries such as Argentina, Brazil and Chile warned of the impact on their balances of payments, with fuel inflation projections that could exceed 40% in the next 90 days if the conflict drags on.

The scenarios being considered by the main international policy think tanks point to three possible paths in the short term:

1.      Scenario 1 — Negotiated de-escalation: International pressure and the economic impact on the US itself (inflation, markets) force a tactical pause and indirect diplomatic channels are opened through Qatar or Turkey.

2.     Scenario 2 — Regional escalation: Iran acts on the Strait of Hormuz partially or totally, dragging Hezbollah, Iraqi militias and Yemeni Houthis into the conflict. The price of the barrel exceeds 150 dollars.

3.     Scenario 3 — Forced containment: The U.S. achieves its military objectives without provoking a strait-closure response; Mojtaba Khamenei agrees to negotiate from a weakened position. Oil retreats to $85-90.

#GuerraIranEEUU  #PetroleoHoy  #EstrChoOrmuz  #TrumpIran  #MojtabaJamenei  #BreakingNews  #MedioOriente2026  #CrisisEnergética  #OilPrice  #GeopoliticaGlobal  #GuerraPersia  #NotiicasInternacionales 

⚠️ This is a developing story. Data can be updated at any time.

📅 Last updated: 10/03/2026 — 08:45 AM |  🌐 Source: International Desk

🌎 INTERNATIONAL POLITICS ·  SAFETY ·  GEOPOLITICS

Trump launched the "Shield of the Americas" with Milei in the front row: a military coalition against narco-terrorism and China

The U.S. president brought together 12 allied Latin American leaders in Miami to sign a regional military cooperation agreement. Argentina was the only country in Latin America to back the attacks on Iran.

Donald Trump brought together twelve Latin American leaders on Saturday at the Doral Hotel in Miami to announce the creation of the "Shield of the Americas," a regional geopolitical and military coalition aimed at combating drug trafficking, dismantling criminal cartels and containing China's commercial influence on the continent. Argentine President Javier Milei was in the front row, ratifying Buenos Aires' unconditional alignment with Washington.

The day began when after 9 a.m., local time, Trump received the twelve Latin American leaders at the Doral Hotel — which he owns — and posed together for the official photo of the summit. Milei, identified by alphabetical order, occupied a prominent place in the second row.

In his inaugural address, the U.S. president did not skimp on bellicose rhetoric. "The heart of our agreement is a commitment to use lethal military force to destroy sinister cartels and terrorist networks once and for all," he said. In addition, he announced the formation of the Anti-Cartel Coalition of the Americas, a military-oriented structure whose objective is to dismantle drug trafficking networks operating in the hemisphere.

Trump also took advantage of the stage to highlight his Argentine ally. Looking directly at Milei, he recalled his support during the October 2025 legislative elections: "He was a couple of points down, he went up like a rocket in Argentina," the Republican celebrated, in a reference to the favorable result obtained by La Libertad Avanza in the midterm elections.

The summit also formalized a larger geopolitical agenda: to curb China's expansion in Latin America. Washington sees President Xi Jinping as seeking to consolidate the region within its global supply chains, expanding its economic and political influence. However, the ongoing military conflict between the United States, Israel, and Iran shifted that axis to immediate security issues.

The alliance is made up of governments aligned with the regional right or center-right, all of them with close ties to the Trump administration:

The Argentine president arrived in Miami on Friday night and stayed at the Trump Doral hotel itself. He was accompanied by Karina Milei (Secretary General of the Presidency), Manuel Adorni (Chief of Staff) and Foreign Minister Pablo Quirno, who upon entering the summit hall held brief exchanges with Secretary of State Marco Rubio, Secretary of the Treasury Scott Bessent and Secretary of War Pete Hegseth.

Upon taking the stage, Milei and Trump greeted each other with visible affection. Both posed with their thumbs up for photographers, in an image that has already become a recurring symbol of this alliance. The Argentine president began to listen to the speech without headphones for translation, although a few minutes later he put them on with the help of Quirno.

This ideological and strategic harmony with Washington is not new. From the beginning of his administration, Milei made alignment with Trump a central axis of his foreign policy. The Miami summit marks the president's 16th trip abroad since taking office, and strengthens that bond at a time of high international tension.

Although the summit was initially convened to counter China's influence, the U.S.-Israeli war against Iran—which began a week earlier—dominated much of the agenda. Trump maintained that the Iranian conflict is not a matter alien to the American continent, and stressed that Iran maintains strategic ties with Cuba, Nicaragua and Nicolás Maduro's regime in Venezuela.

"They are a cancer," Trump said, referring to criminal cartels and terrorist networks linked to Iran. He said recent military operations — including the downing of Iranian ships and communication systems — prevented Tehran from obtaining a nuclear weapon, calling the result "a fifteen on a scale of ten."

According to reports, at the close of the summit, the Latin American leaders held bilateral meetings with Rubio and Bessent, in which trade and security issues specific to each country were discussed. Argentina negotiated aspects related to the trade agreement signed with the U.S. in November 2025.

After the summit, Milei participated in a working lunch with Trump, in which the negotiations of the bilateral agreement signed in November 2025 were discussed. He then attended the award ceremony of the Hispanic Prosperity Gala, organized by Latino Wall Street, and left for New York.

The launch of the Shield of the Americas marks a turning point in Washington's foreign policy toward the region. From the start of his second term, Trump sought to consolidate an alliance architecture centered on conservative leaders who share his vision on security, migration and free markets, while diplomatically isolating leftist governments such as Venezuela, Cuba and Nicaragua.

For Argentina, the alignment has concrete consequences: greater access to international financial markets, political support for organizations such as the IMF and a privileged position in the new hemispheric geometry that Washington is designing. But it also entails costs: isolation within the Latin American region, tensions with traditional Mercosur partners and exposure to the ups and downs of Trump's foreign policy.

Secretary of State Marco Rubio is also expected to travel to Buenos Aires in the coming days  to meet with Milei and Foreign Minister Quirno, in what would be the highest-ranking visit of the U.S. government to Argentina since Milei took office.

📌  Sources: La Nación, Infobae, Perfil, Ambito Financiero, CNN en Español, France 24, Al Jazeera and Office of the President of Argentina (@OPRArgentina).

ARGENTINA HAS NEW LABOR LAW

ARGENTINA • NATIONAL POLICY • MARCH 6, 2026

— LABOR REFORM • LAW NO. 27,802 —

⚖️ ARGENTINA HAS NEW LABOR LAW

Milei enacted Decree 137/2026 and puts into effect the most profound reform of the labor market in three decades. The CGT reacted immediately with a judicial injunction.

⏱ Reading time: approx. 8 minutes • 🗓️ March 6, 2026 • 📰 Sources: Infobae, La Nación, Ámbito , Perfil, TN

A few hours before dawn on Friday, March 6, when most Argentines were still asleep, the Official Gazette published Decree 137/2026: the enactment of Law No. 27,802, called the Labor Modernization Law. With the signatures of President Javier Milei, Cabinet Chief Manuel Adorni and Human Capital Minister Sandra Pettovello, the government consummated what it considers its biggest legislative victory since arriving at the Casa Rosada. In less than twelve hours, the trade union world responded with its own weapons: a judicial injunction.

The history of this law began months before its publication. The Executive Branch sent the bill to Congress during the extraordinary sessions convened by President Milei, within the framework of a legislative agenda of the highest priority for the Government. The Chamber of Senators granted half sanction on February 12, but the rule returned to the floor after Deputies eliminated Article 44 of the original text – referring to medical leaves – one of the most sensitive points of the debate.

On February 27, the Senate gave final approval with 42 affirmative votes, 28 negative and 2 abstentions. Exactly a week later, in the early hours of Friday morning, the Executive completed the cycle with the enactment. According to the text of the decree: "In use of the powers conferred by Article 78 of the National Constitution, Law No. 27,802 sanctioned by the Honorable Congress of the Nation in its session of February 27, 2026 is promulgated."

For the ruling party, the law represents the end of a cycle: the end of a labor model that they consider obsolete, litigious and discourages investment. For the unions and part of the opposition, on the other hand, it is a historic setback in the rights acquired by workers.

The law introduces profound modifications in several pillars of Argentine labor law. Here are the central points:

1. Severance payments

The calculation of compensation for dismissal without cause will no longer include the Christmas bonus, vacations or awards: only the monthly, normal and customary remuneration will be considered. In addition, compensation becomes the only economic compensation for the dismissal. The update of labor credits will be calculated by CPI plus 3% per year.

2. Employment Assistance Fund (FAL)

A fund financed with monthly contributions from employers is created: 1% for large companies and 2.5% for SMEs. Its purpose is to cover the costs of dismissal. It will come into force on June 1, 2026 and will only respond after receiving at least six monthly contributions. It will not apply to unregistered workers.

3. Unregistered employment: end of fines

The penalties of Law 24.013 are eliminated for cases of undeclared employment or deficient registration. Instead, an incentive scheme is implemented: employers who regularize workers will not pay fines, although they will have to pay salary and social security differences. The Program for the Promotion of Registered Employment provides for the forgiveness of up to 70% of contribution debts.

4. Right to strike: restriction on essential services

In activities declared an "essential service" – health, drinking water, telecommunications, aeronautics, port control – 75% of the personnel on active duty must be guaranteed during industrial action. In "transcendental" services, the floor is 50%. Active participation in blockades or occupations of establishments is established as grounds for dismissal with just cause.

5. Collective bargaining and trade unions

Collective agreements of a larger scope may not modify the content of agreements of a lesser scope, decentralizing negotiation and reducing the weight of national unions. Automatic ultra-activity is eliminated: expired agreements will no longer be in force indefinitely, forcing a new negotiation from scratch. Employers may no longer act as agents for withholding union dues without the express authorization of the worker.

6. Digital platforms and freelancers

The law explicitly incorporates "independent workers and their collaborators" and "independent providers of technological platforms" among those excluded from the regime of the Employment Contract Law, clarifying that this relationship does not imply subordination or labor dependence.

Just hours after the publication in the Official Gazette, the General Confederation of Labor (CGT) filed an action for judicial protection. The presentation, signed by the leadership triumvirate made up of Octavio Argüello, Jorge Solá and Cristían Jerónimo, was drawn to the Federal Administrative Court No. 7, in charge of Judge Enrique Lavié Pico.

The amparo does not attack the entire reform. In a strategic move, the labor federation concentrated its first proposal exclusively on articles 90 and 91 of the law, which regulate the transfer of the national labor jurisdiction to the orbit of the Autonomous City of Buenos Aires (CABA). The CGT requested a precautionary measure of "not innovating" that immediately suspends the operation of these articles.

According to the argument of the labor federation, the transfer of labor jurisdiction to the City violates current constitutional requirements for this type of transfer – a warning that had even been made public by Vice President Victoria Villarruel during the parliamentary debate. In addition, the transfer agreement was enabled by Decree 95/2026, which authorized the Chief of Cabinet Manuel Adorni to sign it without the intervention of the Bicameral Commission.

For the CGT, the operational background is also critical: the closure of 30 courts of first instance and Chamber VII of the National Chamber of Labor Appeals (CNAT) would affect thousands of cases in process and would generate uncertainty about the labor and pension situation of employees and judicial officials.

The first amparo is not the only front. The CGT has already announced that it will present a second precautionary measure in the labor jurisdiction and will promote individual actions by different unions. The choice of the contentious jurisdiction for the first amparo – instead of the labor one – responds to a strategic calculation: the legal team of the CGT, advised by constitutionalists such as Alberto García Lema, issues that the national labor courts can act with caution in the face of the prospect of being under the Buenos Aires orbit.

The CGT maintains that the reform violates Article 14 bis of the National Constitution in its fundamental rights: protection against arbitrary dismissal, the right to strike, collective bargaining, freedom of association and social security. The union also invokes the principle of progressivity and the principle of protection of labor law, supported by the Pact of San José de Costa Rica.

The closest precedent dates from the end of 2023, when labor judge Liliana Rodríguez Fernández declared the invalidity of six articles of DNU 70/2023. However, there is a substantial difference: in that case it was a decree of necessity and urgency; now it is a law sanctioned by Congress, which gives it greater institutional weight and complicates the judicial scenario for challengers.

Far from being surprised, the Executive was waiting for the judicial reaction. Weeks before the enactment, the Casa Rosada already had outlined a legal team to defend the law in court. The new Attorney General of the National Treasury, Sebastián Amerio – appointed on the same day of the enactment – will be in charge of representing the State in the cases.

The government plans to appeal in all possible instances and even anticipates that the dispute will reach the Supreme Court in the medium term. The new Minister of Justice, Juan Bautista Mahiques, remarked that the labor reform is "an issue of special priority for the President" and that the legal process will be defended with full institutional convocation.

Balcarce 50 argues that the CGT would not have active legitimacy to question institutional aspects of the redesign of the labor judicial system, and that the precedents of the Supreme Court endorse previous reorganizations of the labor jurisdiction in CABA. In addition, they point out that, unlike DNU 70/2023, the new rule enjoys the support of the parliamentary vote.

The reactions were not limited to the union level. The Association of Magistrates and Officials of the National Justice (AMFJN) expressed formal objections about the way in which the law was treated in Congress, especially with respect to the transfer of jurisdiction. From the government of Jorge Macri in the City, on the other hand, they expressed their intention that the transition of the labor jurisdiction be carried out in an orderly manner.

On the academic level, labor lawyer Lucas Battiston summarized the paradox of the law: the so-called Labor Modernization Law tries to regulate the work of the 21st century with conceptual categories typical of the 20th century. For specialists in the technology sector, such as SkyOnline CEO Rafael Ibáñez, the integration of artificial intelligence into the workplace will require more ambitious regulatory frameworks than those now enacted.

📋 KEYS TO THE CONFLICT

"The dispute does not end in the Official Gazette. It is just beginning in the courts. The battle for the future of Argentine work will be fought, once again, in the corridors of the Courts."

— Special wording • March 7, 2026

⚖️ LAW 27.802 — ARGENTINE LABOR REFORM • Decree 137/2026 • Sources: Infobae, La Nación, Scope, Profile, Conclusion

⚖ CABINET CHANGE • MARCH 5, 2026 • DECREE 133/2026

Mahiques asume Justicia:

Karina's man conquers the courts

Juan Bautista Mahiques, attorney general of the City, replaces Cúneo Libarona with an urgent agenda: to unblock more than 200 paralyzed judicial documents, the two vacancies in the Supreme Court and the expansion of the accusatory system. Her appointment consolidates the power of the Secretary General of the Presidency over the portfolio and resigns ground to Santiago Caputo.

⏱ Reading Time: 7–9 minutes     |     ✍ Writing: Politics and Justice     |     🗞 Sources: La Nación · Infobae · Profile · Scope · Chronicler

The resignation of Mariano Cúneo Libarona was not a surprise. The former minister had submitted his resignation on October 23, 2025, but Karina Milei asked him to remain in office until she herself chose his successor. The deadline he set: March 2026, once the extraordinary sessions of Congress have concluded. During those months, rumors about possible replacements multiplied, with names ranging from Buenos Aires Senator Guillermo Montenegro — favorite candidate of advisor Santiago Caputo — to Mahiques himself.

The outcome took place on March 4: a meeting at the Quinta de Olivos that included Cúneo Libarona, Karina Milei and, at the last minute, the chief of staff Manuel Adorni, defined the terms of the transition. Milei announced the change on his social networks that same day. At noon on March 5, Mahiques was sworn in before the President in the White Room of the Casa Rosada, in a ceremony that for him had a historic character: it was the first time he had met face to face with Javier Milei.

— Source from Karina Milei's entourage (Infobae, 4/3/2026)

Born in the Buenos Aires district of Mercedes 45 years ago, Juan Bautista Mahiques is part of what is known in the judicial corridors as a "family of courts." His father, Carlos Mahiques, is a chambermaid of Chamber I of the Federal Court of Criminal Cassation; his brother Ignacio serves as a Buenos Aires prosecutor and was deputy in the Vialidad case against Cristina Kirchner; his brother Esteban is general director of Institutional Relations of the Foreign Ministry and was a member of the Disciplinary Tribunal of the AFA.

The new minister is a lawyer graduated from the UBA and has a master's degree in Administration of Justice from the Unitelma Sapienza in Rome. He got his first job in the Judiciary when he was just 20 years old. Since 2019 he has held the head of the Public Prosecutor's Office of the City of Buenos Aires – head of all Buenos Aires prosecutors – a position he reached with the impetus of Daniel Angelici, Macrista operator and former president of Boca Juniors. At the same time, he has chaired the International Association of Prosecutors (IAP) since 2022, a position for which he was re-elected in April 2025, and since 2024 he has been rector of the University Institute of Security of the City.

His link with power has multiple layers: during the government of Mauricio Macri he was representative of the Executive Branch before the Council of the Magistracy and Undersecretary of Penitentiary Affairs and Relations with the Judiciary, two positions from which he exercised direct influence on the appointment of national and federal judges. The contact with the Milei universe began just four months before his appointment, mediated by cousins Eduardo "Lule" Menem and Martín Menem, along with Santiago Viola. Karina Milei studied it, evaluated it and concluded that it met the conditions she was looking for.

The appointment of Mahiques was not only a technical change: it was the expression of a power struggle within the libertarian government. Santiago Caputo — the president's star adviser, known in journalistic circles as "the Kremlin's magician" — had been controlling the Justice portfolio through Sebastián Amerio, the outgoing secretary who responded to his agenda. With the arrival of Mahiques and, above all, with the installation of Santiago Viola as secretary, Caputo loses a key link: the man who operated in the Council of the Magistracy and monitored sensitive cases such as those linked to the $LIBRA case and the ANDIS scandal.

In the sector close to Caputo, they interpret the movement as a defeat against the Secretary General of the Presidency. Amerio himself learned of the change in the middle of a meeting in the Council of the Magistracy and had to leave before concluding it. According to reports, until the last moment he resisted the order to leave his office. Mahiques' gestures in his first public message – explicitly thanking Karina Milei for "her permanent support" and "the dedication with which she leads the government's political team" – was read in all sectors as an unequivocal declaration of alignment.

— John Baptist Mahiques in his first message as appointed minister (X, 3/4/2026)

If there is one piece of information that defines the magnitude of the challenge that Mahiques inherits, it is this: the Executive Branch has in its possession the lists of 209 judges from shortlists that have already been sent to it by the Council of the Magistracy, and none were sent to the Senate. The paralysis in judicial appointments caused approximately 40% of the positions in the federal and national justice system to operate with subrogations or interim positions, a situation that the Supreme Court magistrates themselves describe as critical.

The strategy that Mahiques has outlined is pragmatic: start with the simplest lists to negotiate – the family privileges and those without political tension – and gradually move towards those of greater complexity. "The priority is to comply with the coverage of vacancies so that Justice begins to function. We'll start with what's easiest to negotiate. There are other courts that have a more sophisticated thread," said an unobjectionable source familiar with his plans.

As for the Supreme Court, the picture is different. The government's attempt to incorporate Ariel Lijo and Manuel García-Mansilla failed miserably: Lijo's list was rejected and García-Mansilla, who took office by presidential decree, ended up resigning after the Senate's adverse vote. This time, the Casa Rosada opts for caution: vacancies on the highest court will not be an immediate priority. "If the Court did not make any counterproductive measures against us, why wear down the negotiation when we can move forward in the thick of it?" they reason in the official environment.

Mahiques' second major priority is to extend the Federal Criminal Procedure Code – the so-called accusatory system – to the rest of the country. The model already works in Salta, Jujuy, Santa Fe, Mar del Plata and Mendoza, among other districts. On November 11, 2026, Comodoro Py, the federal jurisdiction of the City of Buenos Aires, headquarters of the most politically sensitive judicial cases in the country, is scheduled to join. Implementation requires judges, prosecutors and defenders appointed in a timely manner – which makes the plan of indictments and that of the accusatory system two sides of the same coin.

On his last day at the head of the Buenos Aires Public Prosecutor's Office, Mahiques signed the creation of seven new prosecutors' offices to investigate complex crimes, raising the number of prosecutors' offices of first instance from 40 to 46. The decision – specifically aimed at urban drug crime and the crimes of corruption of Buenos Aires officials – can be read as a letter of introduction to the management style that he intends to take to the national level.

No profile of Mahiques can avoid the episode that marked his career in 2022: the trip to Lago Escondido, the Patagonian ranch of British tycoon Joe Lewis, where Mahiques himself, his father Judge Carlos Mahiques, Federal Judge Julián Ercolini, the then Buenos Aires Minister of Security Marcelo D'Alessandro, attended – with all expenses paid –  directors of the Clarín Group and a former SIDE agent, among others.

The leak of chats from the Telegram group in which some of the attendees participated set off public alarm. According to the transcripts, it was Mahiques himself who would have proposed to manage an invoice to cover up the financing of the trip: "We could find out the issue of a little bill. I don't think it's necessary...", he was heard saying in an audio. The judicial investigation resulted in complaints of alleged gifts and breach of duties of a public official. In December 2023, the Federal Court of Bariloche dismissed all those involved on the grounds that there was no configured crime.

The episode did not stop his career, but he remains an obligatory reference for the political opposition and human rights organizations that question his independence. Cristina Kirchner linked him at the time to judicial pressure against her during Macri's administration, an accusation that Mahiques always rejected.

Rarely in recent history has the identity of the Minister of Justice had such immediate relevance. The government faces several simultaneous judicial fronts: the $LIBRA case – which investigates the cryptocurrency scandal linked to Milei – the ANDIS case, and the constant pressure of the cases inherited from previous administrations. Mahiques comes to office with the explicit mandate of being "the eyes of the Government in Courts", a function that goes far beyond the bureaucratic administration of a portfolio.

In addition, the year 2027 brings presidential elections, and the battle for the federal courts – which in the words of the libertarian environment itself are "those who decide whether one goes to prison or not" – acquires a strategic dimension that transcends the institutional. The arrival of Viola as Secretary of Justice, with his ties in the Senate and in the arc of traditional politics, seeks to oil precisely that legislative mechanism that determines who occupies each judicial office in the country.

🏛 FINAL ANALYSIS

The arrival of Mahiques to the Ministry of Justice is much more than a change of names. It is the clearest sign so far that Karina Milei not only does not retreat in her advance on the architecture of government power, but accelerates. With one man of its own in the chair of Justice and another in the secretariat, the "Karinist" wing of the government now controls the lever that moves 200 judges and prosecutors, access to the Council of the Magistracy and the pulse of the most incandescent judicial cases in the country. The question that no one in the Courts ends up answering is whether Mahiques will achieve what his predecessor could not: transform the accumulated lists into real appointments, before the 2027 electoral calendar turns everything into a bargaining chip.

📅 KEY TIMELINE

• 10/23/2025 — Cúneo Libarona presents formal resignation; Karina Milei asks him to stay until March.

• Dec. 2025 / Jan. 2026 — First contacts reserved between Mahiques and Karina Milei; nexus: cousins Menem and Santiago Viola.

• 04/03/2026 — Meeting in Olivos; Milei announces the change in X. Amerio finds out in the middle of a session of the Council of the Magistracy.

• 05/03/2026 — Decree 133/2026 in the Official Gazette. Mahiques is sworn in at noon in the White Room. Viola takes over as secretary.

• Next steps — Negotiation of lists with the Senate; expansion of the accusatory system; decision on vacancies in the Court.

📚 SOURCES

• La Nación — "Juan Bautista Mahiques is the new Minister of Justice", 4/3/2026

• Infobae — "Who is Juan Bautista Mahiques, the new Minister of Justice", 4/3/2026

• Infobae — "The background of Mahiques' arrival in government", 4/3/2026

• Profile — "Official Gazette: Mahiques was confirmed as Minister of Justice", 5/3/2026

• Profile — "His links with Mauricio Macri, Chiqui Tapia and Pablo Toviggino", 4/3/2026

• Scope — "Milei confirmed Mahiques as new Minister of Justice", 4/3/2026

• El Cronista — "Mahiques disembarks in Justice and prepares his action plan", 4/3/2026

• El Destape Web — "Judicial Family, Macrism and the Lago Escondido Plot", 4/3/2026

• elDiarioAR — "Juan Bautista Mahiques will be the new Minister of Justice", 4/3/2026

In the early hours of February 28, 2026, air raid alarms broke Tehran's silence. What for years was a war of shadows, proxies and veiled threats, transformed in a matter of hours into the most serious armed conflict that the Middle East has experienced in decades. Israel and the United States launched a coordinated offensive on Iran, leaving the world holding its breath in the face of an unprecedented escalation.

Four days later, the toll is devastating: more than 787 Iranian dead, Supreme Leader Ali Khamenei confirmed dead, the Strait of Hormuz practically closed and energy prices soaring by 45%. The world is watching with concern whether this conflict will be confined to Iran or will trigger a regional war of greater proportions.

The current conflict was not born out of nowhere. Its roots can be traced back to decades of geopolitical tension, but it was the events of 2025 that precipitated the definitive rupture.

🔹 The Twelve-Day War (June 2025): The first direct confrontation between Israel and Iran left Iranian nuclear facilities partially destroyed, but did not resolve the underlying issue: Tehran's nuclear program.

🔹 The Iranian protests of 2025–2026: The economic collapse and the fall of the rial triggered protests in more than 100 cities. The regime's brutal repression, with some 6,488 dead, consolidated international pressure on Tehran.

🔹 Diplomatic ultimatum (February 2026): Washington sent a series of messages to Tehran demanding the total dismantling of its nuclear program. Iran rejected the demands. The U.S. reinforced its naval presence in the region with additional aircraft carriers and anti-missile systems.

The operation was meticulously planned. Israeli fighter jets and U.S. B-2 Spirit bombers simultaneously attacked more than 80 targets on Iranian territory.

🎯 Targets hit:

• Nuclear facilities at Natanz, Fordow and Isfahan

• IRGC ballistic missile bases

• Naval installations in the Persian Gulf

• Military communications infrastructure in Tehran

The conflict soon spilled over Iranian borders. In the first 96 hours, the war spread to multiple fronts:

Despite the decapitation of its supreme leadership, the Iranian military apparatus demonstrated significant responsiveness. The Iranian Armed Forces and the IRGC launched counter-offensives in multiple directions:

🔸 Kuwait: Attack on U.S. troops resulted in six soldiers killed.

🔸 Riyadh: Iranian drones attacked the US embassy in Saudi Arabia.

🔸 Strait of Hormuz: The Iranian navy effectively blocked the passage of oil tankers.

🔸 UN and war crimes: The attack on a primary school in Minab (165 children killed) is being investigated by the United Nations as a possible war crime.

In an address to the nation, Trump articulated five concrete military objectives:

Geopolitical analysts contemplate three possible scenarios for the coming weeks:

📋 Report prepared with information from Reuters, AP, BBC, Al Jazeera and official sources |  Last updated: March 3, 2026, 5:00 p.m. GMT

URGENT • WAR • MIDDLE EAST • DEVELOPING NEWS — UPDATED: 1 MARCH 2026

  🔴 DEVELOPING NEWS — SUNDAY, MARCH 1, 2026 🔴 

CONFIRMED: KHAMENEI DIED

Iran launches its "fiercest offensive in history"; explosions in Dubai, Doha, Kuwait, Riyadh and Tel Aviv

118 girls killed in Minab • 7 Iranian generals killed • Burj Al Arab in flames • Trump: "Bombs will fall everywhere"

🗓️ Sunday, March 1, 2026   |   🕐 Last update: 10:13 am (Argentina time)   |   ⏱️ Reading Time: 7 minutes   |   ✍️ International Editorial Team

The conflict between the United States, Israel and Iran entered a new and more dangerous phase on Sunday, March 1. Iranian state television confirmed the death of Ayatollah Ali Khamenei, the Islamic Republic's supreme leader for 35 years, a victim of Saturday's bombardment of Tehran. With the fall of one of the most influential figures in contemporary political Islam, Iran vowed its most devastating revenge yet, as Israel and the U.S. launched a second wave of attacks and the fire spread to Dubai, Kuwait, Qatar, Saudi Arabia and Bahrain. The world is holding its breath in the face of the greatest armed conflict of the twenty-first century.

💀 Confirmed: Ayatollah Ali Khamenei died

Iranian public television broke its usual programming on Sunday to officially announce the death of Supreme Leader Ali Khamenei, 86, a victim of the US and Israeli bombings launched on Saturday on his compound in the heart of Tehran. The news was confirmed almost simultaneously by President Donald Trump on his Truth Social network — where he described Khamenei as "one of the most evil people in history" — and by Israeli Prime Minister Benjamin Netanyahu at a press conference. According to Israeli sources cited by Reuters and CNN, Israel even obtained a photograph of the ayatollah's body.

In the streets of Tehran and other Iranian cities, tens of thousands of people came out to mourn the death of the supreme leader, while in other neighborhoods — according to CNN correspondents in the area — celebratory chants could be heard from the regime's internal opposition. Iranian President Masoud Pezeshkian was confirmed as "safe and sound" by state television, although he did not make any public statements about it. The unknowns about who will lead Iran in the coming days generate deep geopolitical uncertainty at the global level.

⚔️ Second wave: new bombardments of central and western Iran

On Sunday, joint U.S.-Israeli forces launched a second battery of strikes against Iran, concentrated at key points in the west and center of the country, with missiles that again reached the heart of Tehran. The Israeli military released images of the destruction of what it described as "the headquarters of the Iranian terrorist regime" in the capital. According to an IDF statement, the operation eliminated 40 of the main leaders of the Iranian military leadership, including Defense Minister Aziz Nasirzadeh and Revolutionary Guard commander Mohamed Pakpur, although Tehran did not confirm these figures.

Trump, in a new communication through Truth Social, warned the Iranian people that "bombs will fall everywhere" and reiterated his call to take control of their government. The president also responded to a question from ABC News about who would lead Iran after the regime, noting that the U.S. has "a very good idea" about it. The Pentagon reaffirmed that Operation Epic Fury will run at least throughout the week.

🚀 "The fiercest offensive in history": the threat of the Revolutionary Guards

Following the confirmation of Khamenei's death, Iran's Islamic Revolutionary Guard Corps (IRGC) issued a statement of the utmost gravity: "The fiercest offensive operation in the history of the armed forces of the Islamic Republic of Iran will begin at any time." The body called the assassination of the supreme leader "a sign of open war against all Muslims in the world" and promised a "harsh and decisive" punishment. The speaker of Iran's parliament reinforced the message by saying that revenge is "a legitimate right" that will reach both Americans and Israelis.

Meanwhile, the sixth wave of Iranian missiles and drones confirmed on Saturday night was followed by new launches on Sunday. CNN crews in the area heard multiple explosions in Dubai, the financial capital of the United Arab Emirates, and saw plumes of smoke rising over the port of Jebel Ali, one of the world's largest. In Israel, alarms were set off in the centre and south of the country. The IRGC confirmed that its target is U.S. military bases in neighboring countries, clarifying that it does not seek to attack those nations per se: "Those bases are not the territory of those countries, they are the territory of the United States."

🌐 Fire Spreads: Dubai, Kuwait, Qatar and Saudi Arabia Under Attack

Sunday's Iranian escalation extended the war to multiple Gulf countries. In Dubai, one of the icons of modern global capitalism, the remains of an intercepted drone caused a fire on the exterior façade of the Burj Al Arab hotel, one of the most famous structures in the world. The Emirati authorities clarified that there were no injuries in that incident, although the UAE already reports a fatality in Abu Dhabi due to falling debris from an intercepted missile. The Emirati Ministry of Defence indicated that, although it intercepted 195 drones, 14 managed to hit its territory. Minister of State for International Cooperation Reem al-Hashimy warned CNN that the UAE is "prepared" to take a more combative role if Iranian attacks continue.

Dubai's airport — one of the world's busiest — reported minor damage to one area of its terminal and four injuries, and advised passengers not to go to its facilities. Kuwait's airport was attacked with a drone that caused damage to Terminal 1 and minor injuries among workers. Qatar activated a national emergency alert. An Iranian missile hit a US base in Bahrain. Jordan reported shooting down 13 missiles and 36 drones in its airspace on Saturday. Iraq reported two deaths of the Popular Mobilization Forces from bombings southwest of Baghdad.

🌍 The world facing the abyss: condemnations, alarms and divided positions

The international community reacted quickly and in different directions. The European Union called Khamenei's death "a watershed moment in Iran's history," with European diplomacy chief Kaja Kallas noting that "there is an open path to a different Iran." Russia urgently convened its Security Council and called the U.S.-Israeli attacks "a planned and unprovoked act of aggression" against a sovereign state, demanding a return to diplomacy. China joined the condemnation.

The leader of the Spanish opposition and president of the Popular Party, Alberto Núñez Feijóo, called on the West to be "united" to achieve "containment, avoid an escalation and return to negotiation". In the US, former House Speaker Nancy Pelosi and Senator Tim Kaine denounced that Trump acted unconstitutionally by not seeking authorization from Congress. The FBI raised the national anti-terrorism alert level and the Department of Homeland Security urged U.S. citizens abroad to "exercise extreme caution." The IAEA canceled technical discussions it had planned with Iran for Monday.

📈 Global economy on alert: oil at $110 and Hormuz in the crosshairs

Global markets operate in a state of maximum tension. The price of a barrel of Brent crude oil exceeded 110 dollars due to fears of a possible blockage of the Strait of Hormuz, through which 20% of the world's oil flows. The U.S. government urged commercial vessels to move away from the Persian Gulf, the Gulf of Oman, the Arabian Sea and the waters of the strait. Air France, Lufthansa, Turkish Airlines, SWISS and Air India, among other airlines, suspended their flights to Tel Aviv, Beirut, Dubai and Riyadh, with the consequent paralysis of tourism and trade throughout the region. Iran ordered the closure of all its universities until further notice.

📌 Why did we get here? The road to war

The attack did not come out of nowhere. Since the end of December 2025, Iran has been experiencing mass protests against the regime — the largest since the 1979 revolution — driven by the economic crisis and the collapse of the rial. The Iranian government responded with violent repression; The number of protesters killed is estimated at more than 6,400. Trump had warned of consequences if the regime attacked the protesters.

On February 27 — one day before the attack — the U.S.-Iran nuclear negotiations brokered by Oman collapsed in Geneva. Washington demanded the dismantling of the nuclear sites of Fordow, Isfahan and Natanz and the export of all enriched uranium. Iran refused to negotiate its missile program. Trump declared Friday that Iran was "not willing to give us what we need." The IAEA had confirmed that Iran possessed uranium enriched to 60%, a few steps away from the capacity to make a nuclear bomb. That same day, Secretary of State Marco Rubio placed Iran on a new blacklist for illegal detention of U.S. citizens.

Unlike the limited strikes of June 2025, in which the US bombed three Iranian nuclear facilities for just twelve days, Operation Epic Fury was planned for weeks of sustained operations and has as its stated goal – in Trump's and Netanyahu's own words – regime change in Tehran.

⚠️ DEVELOPING NOTE — Updated as conflict progresses

⏱️ Reading time: 7 minutes • 🗓️ 01/03/2026 — 10:13 am • International Newsroom

URGENT • ARMED CONFLICT • MIDDLE EAST • DEVELOPING NEWS

  🔴 NEWS IN DEVELOPMENT — UPDATE 17:55 p.m. 🔴 

"OPERATION EPIC FURY":

U.S. and Israel Strike Iran in Largest Joint Operation in Its History

Khamenei's whereabouts unknown — 201 killed in Iran — Missiles over Israel, Qatar, UAE, Bahrain and Kuwait

🗓️ Saturday, February 28, 2026   |   🕐 Last updated: 17.55:50 p.m. (Argentine time)   |   ⏱️ Reading Time: 6 minutes   |   ✍️ International Editorial Team

The Middle East woke up to war. In the early hours of Saturday, February 28, 2026, the United States and Israel launched the most devastating coordinated attack in their joint history against Iran: the so-called "Operation Epic Fury" — called "Lion's Roar" by Israeli forces — hit more than 500 military, nuclear, and intelligence targets across six Iranian cities with hundreds of aircraft. Iran responded with an unprecedented counterattack: successive waves of missiles and drones hit Israel and U.S. bases in Qatar, Bahrain, Kuwait and the United Arab Emirates. At press time, the situation remains in a state of maximum escalation and the fate of Iranian Supreme Leader Ali Khamenei is the subject of intense international speculation.

⚔️ "Operation Epic Fury" and "Lion's Roar": anatomy of the attack

At dawn on Saturday, Israeli fighter jets — F-35, F-15, F-16 and F-22, accompanied by electronic warfare aircraft and radar planes — crossed the region's airspace and unleashed what Netanyahu himself called "the largest offensive in the history of the State of Israel." According to the Israeli Defense Ministry statement, more than 200 fighter jets were involved in the strikes and approximately 500 targets were hit, including air defense systems, missile launchers, nuclear program facilities and intelligence centers.

The targets hit included Supreme Leader Ali Khamenei's residential and working complex in the heart of Tehran, the Supreme National Security Council, the Iranian Ministry of Intelligence and various Islamic Revolutionary Guard Corps (IRGC) facilities. The affected cities were Tehran, Isfahan, Qom, Tabriz, Karaj and Kermanshah, according to media from both countries and international news agencies.

President Donald Trump confirmed the U.S. involvement through a video posted on social media, monitoring the operation from his residence in Mar-a-Lago, Florida. He said the campaign is aimed at destroying Iran's nuclear and missile capabilities, adding that Tehran had continued to develop missiles capable of reaching the U.S. mainland. He also urged the Iranian people to "take control of their government." The Pentagon confirmed that no U.S. combat casualties were recorded during the initial phase of the operation.

🔥 Did Khamenei die? The question that paralyzes the world

The point of greatest tension and uncertainty of the day revolves around the whereabouts and state of health of Ayatollah Ali Khamenei, supreme leader of the Islamic Republic of Iran since 1989. Israeli Prime Minister Benjamin Netanyahu told the cameras that there are "many indications" that Khamenei is no longer alive, after confirming that the joint forces destroyed "the tyrant's compound in the heart of Tehran". Israeli television channels said that both Trump and Netanyahu had seen a photograph of the ayatollah's body.

However, Iranian Foreign Minister Abbas Araghchi assured in a live interview with NBC News that the supreme leader is alive: "As far as I know, the supreme leader is alive," he said from Tehran. Iranian intelligence sources quoted by France24 indicated that Khamenei was moved to a safe place before the start of the attacks. Among the deceased confirmed by Israeli sources is Ali Shamkhani, Khamenei's key adviser and a central figure in Iran's nuclear programme, although Tehran has not corroborated this either.

Netanyahu, for his part, called on the Iranian people on Saturday to "rise up and overthrow the regime", in what analysts read as confirmation that the political objective of the operation is not only military but also regime change, in line with Trump's statements.

🚀 Iran's retaliation: missiles over Israel and US bases across the region

Hours after the start of the bombings, the Islamic Revolutionary Guard Corps announced the beginning of its counteroffensive: successive waves of ballistic missiles and drones targeted Israel and US military bases in several Gulf countries. By Saturday night, the Israeli army reported the sixth wave of projectiles launched from Iranian territory, with air alert sirens activating in Jerusalem, Tel Aviv, Haifa and other cities in the north and center of the country.

The targets of the Iranian retaliation included the Al Udeid base in Qatar — the largest U.S. base in the region — the Al Salem base in Kuwait, the Al Dhafra base in the United Arab Emirates, and the headquarters of the U.S. Navy's Fifth Fleet in Bahrain. Iran announced that any base in the region that "supports Israel will be targeted." Kuwait and Qatar announced that they reserve the right to respond to Iranian attacks on their territories. Jordan reported shooting down 13 ballistic missiles and 36 drones heading for its territory.

The U.S. Central Command (CENTCOM) confirmed that the damage to its bases was slight and did not disrupt operations. The FBI raised the national anti-terrorism alert level, while the Department of Homeland Security urged U.S. citizens around the world to "exercise extreme caution."

💀 Victims: At least 201 killed in Iran, dozens of girls in school

The Iranian Red Crescent confirmed at least 201 dead and 747 wounded as a result of the Israeli and U.S. attacks on Iranian territory, although local officials warn that the real toll could be significantly higher. Foreign Minister Abbas Araghchi denounced on social networks that one of the missiles directly hit a girls' primary school in the city of Minab, Hormozgan province, in the south of the country. Later reports raised the number of minors killed in that specific attack to 51.

The U.S. CENTCOM confirmed that there were no U.S. casualties in the initial phase. Israel has so far not reported any civilians killed by Iranian missiles on its territory, attributing the results to the effectiveness of the Iron Dome defence system, although it acknowledged that the "defence is not airtight" and called on the population to maintain the instructions of the Home Front Command.

🌍 International reactions: between condemnation and support

The international community reacted quickly. UN Secretary-General António Guterres has called an emergency meeting of the Security Council and demanded an immediate cessation of hostilities. Russia described the attacks as a "planned and unprovoked act of aggression" against a sovereign state and demanded a return to diplomatic channels. Vladimir Putin urgently convened his Security Council. China also condemned the bombings.

Spain and France demanded de-escalation and respect for international humanitarian law. Turkey announced that it will not allow the use of its airspace. Saudi Arabia declared itself ready for "any measure" along with the Gulf countries. The African Union condemned Iran's missile attacks on the territories of Bahrain, Qatar, the UAE, Kuwait and Saudi Arabia, calling them a "violation of sovereignty." Former House Speaker Nancy Pelosi warned that Trump's decision to initiate military hostilities "violates the Constitution" without congressional authorization. Democratic Senator Tim Kaine called it a "colossal mistake."

Trump spoke by phone with the leaders of Saudi Arabia, Qatar, the United Arab Emirates and NATO Secretary-General Mark Rutte. The president said he could withdraw "in two or three days" if the Iranians take control of his government, although his advisers confirmed that the operation will last at least four days.

✈️ The impact on the global economy and air transport

The price of a barrel of Brent crude oil exceeded 110 dollars in the reference markets due to fears of a blockage of the Strait of Hormuz, through which approximately 20% of the world's oil circulates. The U.S. government urged commercial vessels to avoid the Persian Gulf, the Gulf of Oman, the Arabian Sea and the waters of the Strait of Hormuz. Air France, Lufthansa and other European and Asian airlines suspended flights to Tel Aviv, Beirut, Dubai and Riyadh. Iran announced the closure of all its universities until further notice.

📌 Context: Why now?

The escalation did not come out of nowhere. On February 27 — just one day before the attacks — new U.S.-Iran nuclear talks, mediated by Oman, concluded in Geneva. According to later reconstructions, Washington would have demanded the dismantling of Iran's three main nuclear sites — Fordow, Isfahan and Natanz — and the export of all enriched uranium. The IAEA had confirmed that Iran possessed uranium enriched to 60%, just steps short of the threshold needed to make a nuclear weapon. The breakdown of negotiations without an agreement would have precipitated the decision to attack.

In the history of the confrontation between Trump and Iran, it should be recalled that in January 2020 the then-president ordered the assassination of Iranian General Qasem Soleimani in Baghdad. In June 2025, during twelve days of open war between Israel and Iran, the US had already bombed three Iranian nuclear facilities. "Operation Epic Fury" represents, according to analysts, a qualitative leap of enormous magnitude compared to those previous episodes.

⚠️ DEVELOPING NOTE — Updated with each official confirmation

⏱️ Reading time: 6 minutes • 🗓️ 28/02/2026 — 17:55 hs • International Newsroom

URGENT • WORLD • ARMED CONFLICT

⚠️ DEVELOPING NEWS

U.S. and Israel Attack Iran: Explosions in Tehran, Iranian Missiles Over Israel and Region in Flames

🗓️ Saturday, February 28, 2026   |   🕐 Updated: 10:45 p.m. (Argentine time)   |   ⏱️ Reading Time: 4 minutes   |   ✍️ International Editorial Team

The Middle East is experiencing its most tense night in decades. In the last few hours, Israel launched the so-called "Operation Lion's Roar" against Iranian territory with direct support from the United States, hitting military and infrastructure targets in Tehran, Isfahan, Qom, Karaj and Kermanshah. Iran responded immediately with a massive missile and drone launch that is now in its sixth wave, as the world holds its breath at the risk of a regional war.

⚔️ The attack: "Operation Lion's Roar"

After midnight from Friday to Saturday, Israeli warplanes crossed the airspace of several countries in the region and began a series of coordinated bombardments on Iranian territory. The operation, confirmed by Prime Minister Netanyahu, was designed to target Iran's missile and nuclear infrastructure, and had logistical, intelligence, and military support from the United States.

President Donald Trump confirmed the U.S. involvement in a video released on social media, in which he declared that the campaign aims to "destroy Iranian missiles and devastate its arms industry," and warned that the operation will last "days, not hours." Satellite images released by international media showed plumes of black smoke rising from facilities near the compound of Iran's Supreme Leader, Ayatollah Ali Khamenei.

🚀 The Iranian response: waves of missiles and drones

Hours after the start of the Israeli-American bombardments, Iran's Revolutionary Guard Corps (IRGC) issued an official statement announcing the beginning of its counterattack: "The first wave of large-scale missile and drone attacks towards the occupied territories has begun." By Saturday night, the Israeli army was already warning of a sixth wave of projectiles, with warning sirens sounding in Jerusalem, Tel Aviv and other cities in the north and center of the country.

International media correspondents in the region reported that the explosions were not limited to Israeli territory: impacts were reported in the United Arab Emirates, Qatar, Saudi Arabia and Bahrain, where a missile would have hit a base with the presence of US troops. Yemen's Houthis, allies of Iran, announced for their part that they will resume their attacks on commercial sea routes and Israel in solidarity with Tehran.

💀 Casualties and Reported Damage

The Iranian authorities reported the death of civilians, including children, in different parts of the country. The most serious case reported so far is an attack on a school in the town of Minab, in Hormozgan province, near the strategic Strait of Hormuz. Iran says the number of civilian casualties continues to rise and holds Israel and the United States squarely responsible. Israel, for its part, confirmed the interception of multiple projectiles by its Iron Dome missile defense system, although it did not rule out hits in residential areas.

🌍 International reactions

The international community was quick to speak out. United Nations Secretary-General António Guterres demanded an "immediate cessation of hostilities" and called an emergency meeting of the Security Council for tonight. Spain and France demanded de-escalation and respect for international humanitarian law, while Turkey announced that it will not allow the use of its airspace for attacks.

On the operational front, Air France suspended its flights to Tel Aviv, Beirut, Dubai and Riyadh. Other European and Asian airlines announced similar measures in the face of the partial closure of regional airspace. Global oil markets operate with strong volatility: the price of a barrel of Brent crude oil exceeded 110 dollars due to fears of a blockade of the Strait of Hormuz, through which approximately 20% of the world's oil flows.

📌 Context: how did it get here?

The escalation between Israel and Iran has deep roots in decades of regional hostility, but it has accelerated dramatically in recent years. Since the outbreak of the conflict in Gaza in October 2023, tension between Tehran and Tel Aviv has increased steadily, with attacks and counterattacks of different scales through their allies and, on some occasions, directly. The Trump administration's decision to back Israel militarily in this new level of open confrontation marks a historic turning point in U.S. foreign policy for the region.

Note in development • Updated with each new official confirmation

⏱️ Estimated reading time: 4 minutes • 🗓️ 28/02/2026 • International Writing

🏛️ MARATHON SESSION IN THE SENATE

Special Coverage · February 26, 2026 · Chamber of Senators of the Argentine Nation

📅  BUENOS AIRES, FEBRUARY 26, 2026 |  NATIONAL POLICY

The Senate approves the Mercosur-EU agreement and stresses to the end with the Glacier Law on a historic day of high political voltage

With 40 senators in the chamber since 11 a.m., the ruling party consummated its penultimate extraordinary session with an explosive agenda: the ratification of the most ambitious trade agreement in the history of Mercosur and the controversial reform of the law that protects glaciers, a debate that divided blocs and revived the rift between extractive development and environmental protection.

⚡  THE QUORUM, THE BUZZER AND THE START

The session was scheduled for 11 a.m. on Thursday, February 26 and started twelve minutes later than announced, but without the nervousness that characterized other days of this administration. With La Libertad Avanza, its allies and the surprise of the Justicialist bloc – which sat on their benches while the buzzer sounded – the quorum was achieved without any surprises. At the head of the venue, Vice President Victoria Villarruel presided over the session.

The day began with the approval of the list of Fernando Iglesias, former national deputy of La Libertad Avanza, as Argentine political ambassador to Belgium and the European Union. The appointment is interpreted as a strategic move by the Executive: Iglesias will take office in Brussels at the time of greatest activity linked to the Mercosur-EU agreement, and the Senate had to formally endorse his appointment.

🌍  MERCOSUR-EU AGREEMENT: 25 YEARS OF NEGOTIATIONS REACH THE FLOOR

The treaty between Mercosur and the European Union has such a long history that it is already part of the political culture of the region. Negotiations formally began in 1999, were interrupted multiple times due to tariff differences and pressure from European agro-industrial lobbies, and finally reached their political closure in December 2019. However, the final signing only took place on January 17, 2026 in Asunción, with the presence of the presidents of Argentina, Paraguay and Uruguay – Brazil participated but President Lula da Silva did not attend in person – and the European Commission's Commissioner for Trade.

The Chamber of Deputies had already given it half sanction on February 12. The urgency of the Senate, which brought forward the debate to this Thursday from the originally scheduled Friday, had a specific reason: the Uruguayan Parliament was moving quickly in its own ratification process and the Argentine government wanted to become the first country in the bloc to endorse the agreement, ensuring a differential advantage in access to trade quotas.

The text of the agreement cannot be modified: the Senate had to approve or reject it en bloc. There are no half measures. That simplified the debate on this point: opposition to the treaty existed, but it was marginal in the face of a broad and transversal parliamentary consensus. PRO Senator Martin Goerling described it as a historic event, while the president of the UCR bloc, Eduardo Vischi, said that the agreement exceeds trade and includes long-term political commitments.

📊  WHAT ARGENTINA GAINS: THE TARIFF MAP

The projected economic impact is of great magnitude. Argentine exports to the EU could grow by 76% in the first five years of the agreement's validity, going from the current 8,600 million dollars to more than 15,000 million. In a ten-year horizon, the projection rises to 122%. The EU will eliminate tariffs for 92% of Mercosur's exports and grant preferential access to another 7.5%, leaving out only 0.5%.

Source: Argentine Foreign Ministry / INAI Foundation / Infobae, February 2026

The wine sector also obtained historic recognition: the EU endorsed 96 geographical indications and traditional Argentine expressions such as 'reserva' and 'gran reserva', a claim that national winemakers had been demanding for more than two decades in each round of negotiations. Chambers such as the UIA, the SRA and the G6 celebrated the agreement, although the manufacturing industry warned that the opening of imports from Europe – gradual over 10 and 15 years – will require competitiveness adjustments.

🏔️  THE GLACIER LAW: THE DEBATE THAT DIVIDED EVERYTHING

If the Mercosur-EU agreement was the main course of the ruling party, the reform of the Glacier Law was the minefield. The current law, Law 26,639, was sanctioned in 2010 under the presidency of Cristina Fernández de Kirchner and protects both visible glaciers and periglacial areas, that is, high mountain ecosystems with frozen or water-saturated soils that fulfill a critical water function. The reform promoted by the Government proposes a distinction that for its critics is a gap through which all Andean mining fits.

The key is in the seventh article of the majority opinion: it allows each province to determine its own enforcement authority to define which periglacial areas fulfill a water function and which do not. Only those who comply with it will continue to be protected. Those who do not, will be authorized for mining and hydrocarbon projects. For the Government and the governors of mountain provinces such as San Juan, La Rioja, Mendoza or Catamarca, this is legal predictability to attract investments. For environmentalists, it is a regression that empties the original protection of its content.

The additional complication came from the UCR, which at the last minute presented an alternative project to the majority opinion. The central difference between the two texts lies in who has the technical power to define which areas are protected: the ruling party grants it to the provinces; the UCR concentrates it in IANIGLA, the Argentine Institute of Nivology, Glaciology and Environmental Sciences, a national technical organization with decades of expertise in the field. This dispute, which at first glance seems administrative, has enormous consequences: a mining province could have incentives to declare that certain periglacial areas have no water function, facilitating extraction. IANIGLA, on the other hand, would act with exclusively scientific criteria.

⚠️ Technical warning: Environmental organizations pointed out in the last few hours that certain articles of the reform to the glacier law could collide with environmental commitments included in the text of the Mercosur-EU agreement itself, generating a legislative paradox in the same session.

🗳️  THE VOTE MAP: WHO SUPPORTED AND WHO REJECTED

The vote on the Mercosur-EU agreement was resolved with a large majority. The Glacier Law, on the other hand, showed the seams of the ruling coalition. The PRO arrived with divided positions: while Goerling announced his affirmative vote, the senator for Chubut rejected it and the representative of La Pampa arrived at the precinct without definition. The Justicialist bloc, for its part, gave freedom of action to its senators from mining provinces. Lucía Corpacci from Catamarca and Sergio Uñac from San Juan — both former governors of their districts — were identified as the most likely to accompany the ruling party.

📋  CONTEXT: THE AGENDA THAT CLOSES THE EXTRAORDINARY SESSION

This session is the penultimate of the extraordinary sessions convened by the Executive. On Friday, February 27, the Senate is scheduled to debate the labor reform and the Juvenile Criminal Regime, two issues that generate an even more heated union and social conflict: that same day there is a general strike by several unions and the United Trade Union Front (FreSU) marches to Congress.

On Sunday, March 1, President Javier Milei will formally open the ordinary session with a speech before the Legislative Assembly, where governors, deputies and senators will listen to the government's agenda for the year. In this context, this Thursday's session works as a preview of the disputes that will mark Argentine politics in the coming months: trade liberalization, federalism, the environment and extractive investments are braided into a single legislative day.

The appointment of Fernando Iglesias as ambassador to Belgium and the EU completes the strategic picture: the Executive is looking for a political interlocutor of maximum confidence in Brussels, just when the mechanisms for implementing the agreement will begin to be designed. Iglesias, who built his public profile as a combative and polemicist legislator, will assume in the Belgian capital a role that will demand other types of skills: technical negotiation, institutional representation and knowledge of the workings of the European community bureaucracy.

🏛️

One session, two destinations: the outside world and the glaciers within.

Argentina chose today to open up to global trade. The environmental cost of that opening is still being written.

Sources: Infobae · La Nación · APF Digital · InfoRegion · Textual Journal · Provincial Viewpoint · The Sun · Argentine Foreign Ministry · INAI Foundation · El Cronista · Agencia Noticias Argentinas

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