Industry News

  • 10.16.2018
    IMF to Reopen Office in Argentina

    The International Monetary Fund said it has decided to reopen an office in Argentina, 6 years after leaving. The decision came days after Buenos Aires reached a deal with the IMF on the money supply, interest rates and an exchange rate framework.

  • 10.08.2018
    140 Qatari Businessmen Visited Argentina with New Investments

    The emir of Qatar, Hamad bin Khalifa Al Thani visited Buenos Aires with a delegation of 140 officials and businessmen willing to pay an important amount of funds to invest in the country and give a hand to the Government in these moments of economic uncertainty.

  • 09.27.2018
    Argentina reach us$57.1 billion deal with the IMF

    Argentina has agreed a us$57.1 B deal with the International Monetary Fund (IMF) designed to stabilise its economy. The new IMF agreement boosts the total funding available from the fund by us$7.1 B and frontloads financing, increasing available resources by us$19 B through the end of 2019. The funding provided through the agreement would be used by Argentina for budget support. Finance Minister Nicolás Dujovne is "confident" and says that "this time the great countries of the world have decided to support us".

  • 09.20.2018
    Dollars deposits in Argentine Banks are growing back

    The exchange rate tension that accelerated in the last days of August had generated distrust in many savers, fed in chains of WhatsApp and some publications in networks that stoked a supposed return of the corralito and called to retire the deposits in dollars of the banking system.

  • 09.18.2018
    Goldman Fund Buys Turkey, Argentina Debt, Says Rout Overdone

    Goldman Sachs Asset Management is buying Turkish and Argentinian government debt as it bets on the worst-performing emerging markets to offer some of the more profitable bond trades this year.

  • 09.15.2018
    Argentina's currency crisis a boon for foreign tourists

    Buenos Aires (AFP) - Argentines may be feeling the pinch of their country's economic woes, but for tourists, the troubled peso is proving a holiday boon.

    Brazilian Pedro Perreira de Azevedo has been rubbing his hands in delight after his family holiday, with his wife and three children, turned out cheaper than expected.

    "We'd planned a budget of 7,000 reais (around $1,700) but in the end we've spent between 3,000-3,500," said Perreira de Azevedo, while his family took pictures outside the Argentine presidential palace.

    When they arrived from Belo Horizonte in the east of Brazil on September 5, the peso had just lost 20 percent of its value in the wake of President Mauricio Macri announcing Argentina would ask the International Monetary Fund to advance a $35 billion loan to help prop up an economy in crisis.

  • 09.13.2018
    Argentina: 7 airlines will invest us$ 1.5 B to expand operations with 792 new routes

    The devaluation that the Argentine peso has had so far this year reconfigured the future of the tourism industry and the higher income of foreign tourists accelerates their plans. In this scenario, Andes Airlines, Avianca, Baires Fly, Flybondi, Grupo Lasa, Jetsmart and Latam welcome the increase in international tourism, and have requested 792 new domestic routes (32%) and international routes (68%), a true record compared to the 156 required 2 years ago and 503 last year.

  • 09.07.2018
    Norwegian Announces 6 New Domestic Argentinian Routes

    Back in August of 2018, it was announced that Norwegian would be expanding into the Argentinian domestic market, launching their own subsidiary airline and planning to smash the legacy airlines located in the country to bring ultra-cheap travel to locals.

  • 09.05.2018
    Argentina confident about new deal with IMF, peso rises

    BUENOS AIRES/WASHINGTON (Reuters) - Argentina’s economy minister sounded upbeat on Wednesday about clinching a new deal with the International Monetary Fund after two days of talks in Washington, and said had sought U.S. support for securing approval from the IMF’s board.

  • 09.04.2018
    Trump offers 'strong support' to Macri during 'trying time' for Argentina

    US President Donald Trump has offered his "strong support" to Argentina, branding the Latin American country's crisis a "trying time," following a phone conversation with President Mauricio Maci this morning.

    President Macri had a 15-minute conversation with his US counterpart this morning as the Argentine leader’s economic team heads to Washington for key talks with International Monetary Fund (IMF) officials.

  • 09.03.2018
    Argentina's efforts to restore confidence: 10 ministries would be chopped in austerity push

    The government knew that it should take measures that give signals to regain confidence in its voters who asked for a change and convince the nervous investors that they can pay their debts. Argentine President Mauricio Macri plans to eliminate several ministries of the federal government as his administration seeks to reduce the budget deficit to quell a run on the peso as a sign of reducing the primary deficit. A gesture of necessary austerity. Because the government that declared austerity must now accompany its statements with facts and with a communication that proves it. The question of many: what will be the new structure of the 95 current secretariats, 127 undersecretaries, 21 general coordination units in the new ministries, including the Chief of Cabinet of Ministers.

  • 08.29.2018
    Argentina: Macri "we will not stop until we export us$30 B in gas and oil”

    Mauricio Macri gave a speech where he expressed that Vaca Muerta is a positive and energetic revolution for Argentina. The president remarked that Vaca Muerta "continues to develop" despite the economic "storms" the country faces”. “We continue to face our own problems and the world and this continues to develop. And we will not stop until we export 30 billion dollars in gas and oil”, he said.

  • 08.21.2018
    Argentina: Agro in 2019 will contribute us$ 6 Billion more than in 2018

    According to the last report of Markets and Economy of the consultant Delphos, the reason is the combination of a better harvest that will reach 118 million tons (mill / tn), against 99 of 2018, and very close to 123 of 2016 / 17. These higher exports and lower import requirements for commodities for the agricultural sector, would lead to an expansion of the supply of foreign currency compared to the previous crop of around 6,000 million dollars.

  • 08.14.2018
    Argentina pledges US$ 500 million on Tuesday to stabilize the forex market

    Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.

     Turkey's lira pulled back from a record low of 7.24 to the dollar on Monday after the country's central bank pledged to provide liquidity. Concerns about Turkey snowballed into a market panic last week.

    The biggest loser was Argentina's peso currency, which fell 2.4% to close at a record low 29.97 per dollar, pressured by a corruption scandal that could damage the country's construction sector.

    “With the evolution of the Turkey situation, the start of the week for Argentine assets has been laid out, with corruption scandals involving businessmen and political officials adding on” to the lira's slide, consultancy SBS wrote in a note to clients.

    However the Argentine central bank chairman Luis Caputo announced a battery of measures to begin operating on Tuesday to contain the run on the US dollar, including the sale of US$ 500 million.

  • 06.26.2018
    Navigating Emerging Markets: Argentina

    Mauro Roca, EM sovereign research managing director at TCW Group, and Bruno Binetti, research fellow at Inter-American Dialogue, discuss the Argentine peso, economy and government as the nation receives a $50 billion credit line from the International Monetary Fund. They speak on "Bloomberg Daybreak: Americas." (Source: Bloomberg)

  • 06.25.2018
    Cargill, Cofco, Bunge, ADM and AGD exported 58% of Argentine grains

    The top 5 agro-export companies in the country showed their credentials again in the first 4 months of the year. Both Cargill, Cofco/Nidera, Bunge, ADM and AGD ranked first in the export of grains, oils and agricultural by-products. Based on official data, they noted that exports of grains and derivatives reached 28.10 million tons, a volume that represented an interannual increase of 5.5%.

  • 06.12.2018
    Argentina: Wheat record campaign for us$ 3.6 Billion, grew by 132% vs. 2015

    Wheat is the big bet of the producers after the drought. According to the Buenos Aires Grain Exchange, this year the Wheat Gross Product (PBT) will be located in us$ 3591 million against us$ 1545 million in 2015. After the removal of the wheat retentions as soon as the current Government took office, the PBT will exhibit this year a growth of 132% versus what it represented in 2015, the last cycle with export rights and obstacles to the trade of this cereal in the Kirchner government. In addition, due to the greater movement and collection through other taxes, the State will be raising us$ 725 million, 29% more than in 2015.

  • 06.11.2018
    Argentina: Pampa Energia and TGS invest us$712 million in Vaca Muerta

    The oil company Pampa Energía announced its expansion plan in which it will invest 412 million dollars in gas exploitation in the El Mangrullo and Las Tacanas Norte fields, where it plans to develop 27 wells, 11 of them in Vaca Muerta.

  • 06.08.2018
    Argentina Peso Drops to Record After $50 Billion IMF Agreement

    Argentina’s central bank stepped back from defending the peso Friday following the country’s record deal Thursday with the International Monetary Fund.

    The peso dropped 1.3 percent to 25.31 per dollar Friday from 24.9850 per dollar Thursday. The currency paired earlier losses Friday, after being down as much as 2.2 percent.

  • 06.07.2018
    IMF, Argentina Agree on $50 Billion Bailout Deal

    he International Monetary Fund and Argentina reached an agreement for a $50 billion credit line to stem a drop in the value of the Argentine peso and shore up the government of President Mauricio Macri, as he accelerates plans to reduce fiscal deficits.

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