News of economy

France, Chile, La Moneda Presidential Palace, Santiago

Macron praises EU-Chile trade agreement on Latin America tour

Yesterday 20:53 French President Emmanuel Macron visits Chilean counterpart Gabriel Boric in Santiago on the last leg of a Latin America tour.

Italy's Prime Minister Giorgia Meloni and Argentina's President Javier Milei embrace each other after a joint statement at Casa Rosada presidential palace in Buenos Aires on November 20, 2024.

Foreign policy & diplomacy

Milei calls for ‘alliance of free nations’ as he hosts Meloni

Yesterday 15:06 Javier Milei voices his intention to create a new multilateral grouping of right-wing nations as he hosts Italian Prime Minister Giorgia Meloni; President uses press conference to criticise the “woke virus” he claims is infecting the West.

A cargo ship travels on the Paraná River during low water levels in Rosario, Argentina.

AGRICULTURE & ECONOMY

Argentina moves to deepen soy waterway to ship bigger cargoes

Yesterday 10:56 Argentina publishes terms of long-awaited tender for contractors to dredge waterway that ships billions of dollars of crops a year to global markets.

Leonora Carrington's sculpture La Grande Dame is on display during a media preview at Sotheby's in New York, on November 8, 2024.

ART & CULTURE

Costantini pays US$11.4 million for Carrington sculpture

19-11-2024 13:49 Collector behind MALBA, Eduardo Costantini, pays more than US$11 million for ‘La Grande Dame,’ which now becomes artist Leonora Carrington’s second-most expensive work.

Handout picture released by the Presidency showing Argentina's President Javier Milei shaking hands with China's President Xi Jinping during a bilateral meeting on the sidelines of the G20 summit in Rio de Janeiro, Brazil, on November 19, 2024.

BILATERAL RELATIONS

From ‘assassins’ to ally? Milei caps turnaround by meeting China's Xi

19-11-2024 13:40 Half-hour discussion with Chinese premier takes place on sidelines of G20 Leaders Summit in Rio de Janiero.

Farmers used a truck to dump used materials during a farmers protest in front of the prefecture in Agen on November 19, 2024 as part of a nationwide movement against the EU-Mercosur agreement.

EU-Mercosur Deal

French farmers threaten 'chaos' over proposed EU-Mercosur deal

19-11-2024 13:19 Farmers protest against the free-trade agreement between the European Union and the Latin American countries of Mercosur, with Paris leading the resistance against ratification of the proposed deal.

Leaders attending the launch of the Global Alliance Against Hunger and Poverty pose for a group photo after the first session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

G20 SUMMIT IN BRAZIL

Where was Biden? G20 photo shows him out of the picture

18-11-2024 20:11 Biden, Trudeau and Meloni miss ‘family photo’ at G20 summit; US said photo was taken early, organisers said Biden was late.

Argentina's President Javier MIlei looks on during the second session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

FOREIGN POLICY & DIPLOMACY

Milei voices dissent as Argentina rejects parts of G20 draft final declaration

18-11-2024 18:35 President Javier Milei issues a statement voicing harsh criticism of G20 and dissent with parts of G20 summit’s final communiqué.

Handout picture released by the Brazilian Presidency showing Brazilian President Luiz Inácio Lula da Silva and Brazil's First Lady Rosangela ‘Janja’ da Silva posing for a picture with Argentina's President Javier Milei and his sister, Argentina's Presidential Chief-of-Staff Karina Milei, before the launch of the Global Alliance against Hunger and Poverty and the first session of the G20 Leaders' Meeting in Rio de Janeiro, Brazil, on November 18, 2024.

G20 SUMMIT IN BRAZIL

‘Gesture of goodwill’ – Milei gives way to Lula on anti-hunger alliance

18-11-2024 17:36 Argentina’s government finally signs up to Lula’s global anti-hunger initiative, launched at the G20 summit in Rio. Is Milei’s gesture of goodwill to his Brazilian counterpart a first step towards rebuilding relations?

BLOOMBERG - ANALYSIS

Javier Milei is giddy about Trump and his own accomplishments

18-11-2024 17:23 Almost one year into office, Javier Milei is, to the shock of pundits, having a moment. Not only does he have an ally back in the White House but on the economic front, he’s been racking up the victories.

ENERGY & GAS

Brazil makes progress on plan to import Argentine natural gas

18-11-2024 16:55 Brazil is moving forward with plans to import natural gas from Vaca Muerta formation in a sign that bilateral business deals can overcome a complicated political relationship.

President Javier Milei arrives in Rio de Janeiro ahead of the G20 Leaders Summit.

G20 SUMMIT IN BRAZIL

Argentina snubs G20 summit launch of Brazil's global anti-hunger alliance

18-11-2024 11:05 Argentina the only G20 country not to sign up to a global anti-hunger initiative set to be launched at the opening of leaders summit in Brazil.

France's President Emmanuel Macron and Argentina's President Javier Milei hold hands on the balcony of the Casa Rosada after a meeting in Buenos Aires on November 17, 2024.

FRENCH PRESIDENT IN BUENOS AIRES

Macron defends French farmers during talks with Milei

18-11-2024 10:30 French President Emmanuel Macron defends his nation's resistance to the proposed EU-Mercosur trade deal as he visits President Javier Milei in Buenos Aires.

Foreign policy & diplomacy

Milei is gleefully playing the role of spoiler at Lula’s G20

18-11-2024 10:11 On the orders of President Javier Milei, Argentine diplomats have thrown a wrench into last-minute talks meant to reach consensus on the communiqué world leaders are set to sign at the G20 summit in Brazil.

French First Lady Brigitte Macron and French President Emmanuel Macron arrive in Buenos Aires.

BILATERAL VISIT

Macron presses Milei on climate action, multilateralism during talks

17-11-2024 09:26 French President Emmanuel Macron arrived in Argentina on Saturday for a bilateral visit with President Javier Milei that will focus on international consensus, EU-Mercosur trade deal and global issues, particularly climate change.

Foreign relations & diplomacy

Milei’s meeting with Xi signals he’s come full circle on China

17-11-2024 08:44 President Javier Milei is preparing for his first sit-down with Xi Jinping, despite once scoffing that he’d never cut deals with communists.

FRENCH PRESIDENT IN SPOTLIGHT

Macron left powerless by EU trade push with French farmers up in arms

16-11-2024 09:45 Embattled French leader Emmanuel Macron’s year from hell could get worse yet.

POLITICS – ANALYSIS

Javier Milei’s obsession with sub-aquatic flatulence

16-11-2024 06:34 Is the economy rising like scuba diver flatulence? It doesn’t really matter, as long as Milei says it does, and a substantial portion of society believes him.

by Agustino Fontevecchia

BEYOND THE HEADLINES

Juan Donaldo moving from Pink to White House?

16-11-2024 05:59 Javier Milei might be The Donald’s “favourite president” yet Trump’s campaign rhetoric would seem to be on a collision course with the Argentine’s track record after almost a year in office.

by Michael Soltys

EDITORIAL

A not so decisive decision

16-11-2024 05:52 This week’s court ruling seems to have done nothing to derail the widespread expectation of Cristina Fernández de Kirchner running in next year’s midterms as the focal opposition leader.

Analysing Argentina

Milei, in the best of all possible worlds

16-11-2024 05:00 Everywhere he looks, Javier Milei sees good news, which he takes as confirmation that he has chosen the right path.

by Marcelo J. García

MARKETS

Milei’s turnaround effort wins Argentine credit upgrade from Fitch

15-11-2024 22:05 Argentina’s credit rating was raised two notches by Fitch Ratings to 'CC.'

Supporters of Argentina's former president Cristina Fernández de Kirchner await her arrival outside the Instituto Patria in Buenos Aires on November 13, 2024.

The Week in Review

Stories that caught our eye: November 8 to 15

15-11-2024 16:56 A selection of the stories that caught our eye over the last seven days in Argentina.

Foreign policy & diplomacy

Macron to urge Milei against adopting all of Trump’s world view

15-11-2024 14:43 France’s Emmanuel Macron will make a long-shot bid this weekend to convince President Javier Milei to help preserve the international order.

A man on a bicycle rides past grafitti made by Brazilian artist Kobra at the port zone of Rio de Janeiro, Brazil, on November 6, 2024. The G20 Social Summit will take place at the port zone of Rio de Janeiro between November 14 and 16, 2024, on the eve of the G20 Leaders' Summit.

G20 SUMMIT IN BRAZIL

Leftist voices seek to be heard at Rio's G20 summit

15-11-2024 14:23 Left-wing activists hope to make their voices heard at the upcoming G20 Leaders Summit in Brazil.

A G20 Summit banner is displayed at the City Hall in Rio de Janeiro, Brazil, on November 12, 2024. rThe G20 Leaders' Summit will take place in Rio de Janeiro between November 18 and 19, 2024.

G20 SUMMIT IN BRAZIL

The G20: Tackling economic issues in a turbulent world

15-11-2024 14:14 The G20 is the main forum for economic and financial cooperation – areas increasingly tested by today's shifting geopolitics.

General view of the Modern Art Museum (MAM) where the G20 Summit will take place in November 18 and 19, in Rio de Janeiro, Brazil, on November 14, 2024.

G20 SUMMIT IN BRAZIL

Wars, looming Trump reign set to dominate G20 summit

15-11-2024 14:07 World leaders gather in Brazil on Monday for a G20 summit set to be dominated by differences over wars in the Middle East and Ukraine – and the incoming Donald Trump administration in the United States.

CATHOLIC CHURCH

New head of Catholic Church in Argentina voices poverty concerns

15-11-2024 11:50 New head of Catholic Synod in Argentina decries larger lines at food aid centres and soup kitchens, warning there are "too many people" outside the economic system.

President Javier Milei at the CPAC forum in Mar-a-Lago.

ENVIRONMENT

Argentina considering Paris climate pact exit, reports NYT

15-11-2024 10:07 Foreign Minister Gerardo Werthein says Argentina is “re-evaluating our strategy on all matters related to climate change."

Donald Trump, left, with Javier Milei at Mar-a-Lago in Palm Beach, Florida, on November 14, 2024.

MILEI IN AMERICA

President Milei praises Trump at Mar-a-Lago event

15-11-2024 09:52 President Javier Milei congratulates Donald Trump for his electoral victory, a win he says shows the world that "the winds of freedom are blowing much stronger."

President Donald Trump and President Javier Milei.

US-ARGENTINA RELATIONS

Trump: Milei’s friend in the North?

14-11-2024 15:57 Javier Milei wants to establish a close link with the US president-elect. A look at the relationship between Donald Trump, Argentina's president and the envoys working to strengthen ties.

by Juan Luis González

President Javier Milei, pictured at the Olivos presidential residence with his girlfriend, 'Yuyito' González.

FOREIGN POLICY & DIPLOMACY

Milei visits Trump’s home turf eyeing free-trade deal with US

14-11-2024 15:36 President travels to Florida to attend CPAC forum at Trump’s Mar-a-Lago resort; Milei seeks US-Argentina free-trade deal, cooperation on intelligence, introduction of “League of Conservative Nations.”

French Minister for Ecological Transition, Energy, Climate, and Risk Prevention Agnes Pannier-Runacher leaves after the weekly cabinet meeting at the presidential Elysee Palace in Paris, on October 1, 2024.

ENVIRONMENT

COP29 host tries to calm waters after diplomatic turmoil

14-11-2024 13:18 Host Azerbaijan tries to lower tensions after top French minister cancels trip to the UN climate talks and Argentina withdraws delegation.

President Lula Speaks To The Foreign Press

Trade tensions

Lula’s embrace of Xi sets up a clash over Trump’s China policy

14-11-2024 12:37 Brazil’s President Lula is advancing a strategic partnership with China, pursuing infrastructure projects to boost Brazil’s economic ties with Asia, despite the risks of upsetting their other largest trade partner: the United States.

Fast fashion

Buy now, pay later: Latin America pressured by Chinese online shops

14-11-2024 07:37 Chinese ultra-fast fashion platforms like Shein and Temu have made it Latin America. As Chinese commercial influence grows in the region, governments are implementing tax measures to protect domestic markets.

UNITED STATES POLITICS

'First Buddy': Musk takes unusual star role with Trump

13-11-2024 23:09 Elon Musk became a key ally to Donald Trump during his presidential campaign, reportedly spending over US$100 million to help the Republican win.

Michel Barnier says Mercosur trade deal will not be signed

EU-MERCOSUR TRADE DEAL

Blocking and Bargaining: France and farmers fight EU-Mercosur trade deal

13-11-2024 15:35 The EU-Mercosur trade deal, which would create the world’s largest free trade zone, is nearing potential ratification after 25 years of negotiation, despite fierce opposition from France and European farmers.

Argentine government bonds are up 151 percent since Javier Milei won last year’s presidential election.

MARKETS

Wall Street skips Argentina bond and M&A rally loved by locals

13-11-2024 14:34 Government bonds are up 151% since Javier Milei won last year’s presidential election, but the foreign share of holdings is down.

UNITED STATES POLITICS

Musk named 'government efficiency' chief as Trump appoints incoming US officials

13-11-2024 13:04 Who's who in the new Trump administration? As Republican leader draws up his team after winning the 2024 presidential election, notable figures like Elon Musk, Mike Waltz, Marco Rubio, and more are being lined up for key roles.

Flag of the Confederation Paysanne union and a puppet hanging with a placard reading "killed by European policies" during a protest against the EU-Mercosur trade deal

EU-MERCOSUR TRADE DEAL

New push for EU-South America trade deal despite French fury

13-11-2024 10:24 European Union and Mercosur blocs are reviving efforts to finalise an agreement by year’s end, aiming to create the largest free-trade zone globally. European leaders are pushing for swift progress, but France's resistance is becoming more vocal.

Image released by the Central Bank of Argentina showing the new 20,000-peso bill entering into circulation.

NEW BANKNOTES

Milei administration introduces 20,000-peso bill to Argentina

13-11-2024 00:38 A dinner in an average restaurant costs around 20,000 pesos and it can now be paid with this banknote bearing the image of liberal politician and writer Juan Bautista Alberdi.

ECONOMIC OUTLOOK

Argentina in ‘transition’ to growth, says top World Bank official

12-11-2024 22:21 Top World Bank official William Mahoney praises advances by President Javier Milei's government and says Argentina is "in transition" towards the recovery of growth.

FOOTBALL & POLITICS

Clubs or companies? Milei takes on football authorities

12-11-2024 21:18 Most football clubs In Argentina are non-profit civil associations controlled by the members, who pay a monthly fee and have voting rights. President Javier Milei, however, wants to open up the game to private capital.

ANALYSIS

Milei hints at FX policy move after inflation slows below 3%

12-11-2024 17:23 Inflation slowed more than expected last month to its lowest level in three years, buoying an already ebullient President Javier Milei.

A shopper checks prices at a supermarket in Buenos Aires.

ECONOMIC INDICATORS

Inflation slowed to 2.7% in October – lowest level in almost three years

12-11-2024 16:59 Consumer prices have increased by 107% in the first 10 months of the year and by 193% over the last year, reveals INDEC bureau.

Poor Argentines on the streets of Buenos Aires.

POVERTY IN ARGENTINA

Extreme poverty soars to affect six million, study shows

12-11-2024 14:19 Destitution rates have grown much faster than poverty in recent years in Argentina. According to a study by the University of Buenos Aires based on government data, more than six million people were not meeting daily nutritional needs in the first quarter of the year.

by Agustina Bordigoni

The 64th meeting of presidents from the Mercosur regional trade bloc takes place in Asunción, Paraguay.

EU-MERCOSUR TRADE DEAL

France: EU-Mercosur deal will not be signed at G20 in Brazil

11-11-2024 14:06 France says the EU-Mercosur free-trade deal “will not be signed” at next week’s G20 Leaders Summit in Rio de Janeiro.

Pierpaolo Barbieri, founder and chief executive officer of Ualá, speaks during a panel session on day two of the Qatar Economic Forum (QEF) in Doha, Qatar, on Wednesday, May 24, 2023.

BUSINESS & INVESTMENT

Ualá reaches US$2.75-billion valuation in new funding

11-11-2024 13:39 Fintech firm Ualá has raised US$300 million from investors at a valuation of US$2.75 billion, underlining its position as one of the most valuable start-ups in Latin America.

POLITICS – ANALYSIS

Move over Javi, the Big Boss is back

09-11-2024 06:24 The return of Donald Trump, the undisputed 'top dog' of the new right, will consolidate a global movement that, up until now, appeared to be somewhat disjointed.

by Agustino Fontevecchia

ANALYSING ARGENTINA

Welcome to the New Political Order

09-11-2024 06:01 Trump’s victory and the Brexit referendum in 2016 marked the first significant political manifestations of a change of order. Trump’s impressive comeback this week appears to solidify it further. The next question is where President Javier Milei fits into this puzzle.

by Marcelo J. García

EU-MERCOSUR TRADE DEAL

France seeks to rope in Poland to block EU-Mercosur free-trade deal

08-11-2024 19:40 France is hoping to persuade Poland into joining forces to block a sweeping trade deal between the European Union and Latin America’s Mercosur bloc.

A YPF facility in Plaza Huincul, Neuquén Province.

ypf nationalisation case

Burford open to Argentine bonds for US$16-billion judgement

08-11-2024 19:36 Burford Capital, which won a US$16-billion judgement against Argentina over its nationalisation of energy firm YPF SA more than a decade ago are open to receiving payment in bonds instead of cash.

YPF’s privatization has been cut from Milei's reform bills

ENERGY & GAS

YPF in talks with supermajors for equity in Argentina LNG plant

08-11-2024 19:02 State-run YPF is in talks with global supermajors to become equity partners in its LNG export project.

the week in review

Stories that caught our eye: November 1 to 8

08-11-2024 17:05 A selection of the stories that caught our eye over the last seven days in Argentina.

by Michael Soltys

ECONOMIC OUTLOOK

Argentina’s recession ‘is over,’ Milei tells business leaders

08-11-2024 14:49 “The recession is over. We are emerging from the desert," President Milei tells business leaders at event in Buenos Aires.

A handout photo released by Argentina's Presidency shows President Javier Milei and former US President and 2024 presidential hopeful Donald Trump shaking hands at the annual Conservative Political Action Conference (CPAC) meeting on February 24, 2024, in National Harbor, Maryland.

Foreign relations & diplomacy

Milei to travel to US next week for meeting with Trump

08-11-2024 09:14 Argentina’s President set for seventh visit to United States in a year; Milei will take part in CPAC forum, which will be hosted at Trump’s Mar-a-Lago resort in Florida.

COURT WOES

US intervenes in YPF nationalisation court case

07-11-2024 20:43 United States asks judge to reject ‘vulture fund’ lawsuit seeking to seize YPF assets; Burford and Eton Capital funds are demanding company assets to guarantee payment on ruling obliging the state to pay US$16 billion for the expropriation of state energy firm.

TELECOMMUNICATIONS

Telecentro seeks US$400 million in financing for ‘strategic transformation’

07-11-2024 15:16 Telecentro seeks US$400 million in financing to upgrade its HFC network to fibre optic and expand territorial presence.

BUSINESS & INVESTMENT

Trump and Argentina – Business leaders hope political affinity will pay off

07-11-2024 00:25 Despite uncertainty about the overhaul of the United States economy and its impact on domestic business, business leaders hope election of Republican leader will lead to commercial resurgence.

by Ariel Maciel

ECONOMIC REPERCUSSIONS

Dollars, IMF, cepo – Economy Ministry’s expectations after Trump triumph

06-11-2024 23:59 The government is betting on ideological overlap between Milei and Trump helping Argentina to obtain the financing required to face the need for dollars.

by Ezequiel Orlando

Argentine peso banknotes equivalent to 100 US dollars in Buenos Aires.

ANALYSIS – SHOCK THERAPY

Traders bet big on Milei crushing 200% inflation in Argentina

06-11-2024 19:24 President Javier Milei’s fight against inflation is showing mixed results. Investors are hopeful yet cautious as they bet on sharper declines next year.

AFP Photo Document reference000_36LN9RX SLUGUS - VOTE - POLITICS - TRUMP Creation date11/6/2024 City/CountryWest Palm Beach, United States CreditJim WATSON / AFP File size/pixels/dpi27.56 Mb / 2534 x 3801 / 300 dpi US-VOTE-POLITICS-TRUMP Former US President and Republican presidential candidate Donald Trump speaks during an election night event at the West Palm Beach

Stocks Surge

Wall Street smashes records, dollar soars as Trump wins

06-11-2024 19:04 The Dow, S&P 500, and Nasdaq all closed at record highs, boosted by a surge following Trump's election victory.

BUSINESS & INVESTMENT

BP venture eyes investment to make green jet fuel in Argentina

06-11-2024 11:40 The Pan American Energy Group is mulling an investment to make clean jet fuel at its refinery outside Buenos Aires.

CRYPTOCURRENCIES

‘A new American renaissance:’ Crypto celebrates Trump’s return

06-11-2024 11:17 Vast amounts of money crypto advocates poured into the US elections yielded huge dividends.

United States Elections 2024

Trump victory to bring unrestrained 'America First' to world

06-11-2024 09:59 Donald Trump’s return to the White House signals a shift in US foreign policy, bringing rapid changes in Ukraine, Iran, and Israel, along with revived tensions with NATO allies.

United States Elections 2024

Dollar soars, stocks rally as Trump wins US election

06-11-2024 08:36 Bitcoin struck a record high as Donald Trump defeated Kamala Harris in the 2024 US presidential election. The dollar surged and stocks rallied, analysts say Trump's presidency could rekindle inflation.

Gerardo Werthein, Javier Milei, Diana Mondino.

PROFILE: GERARDO WERTHEIN

New foreign minister has links, resources and Milei’s trust

04-11-2024 13:51 Businessman Gerardo Werthein has President Javier Milei’s confidence and provided resources for the La Libertad Avanza leader’s campaign, meetings to key figures and advice on foreign policy.

by Pablo Varela

UNITED STATES ELECTION 2024

Milei's affinity with Trump – what a Republican win would mean for Argentina

04-11-2024 07:48 President Milei does little to hide his support for the Republican candidate. Negotiations with the IMF and how protectionism would affect Argentina, among other key issues.

by Cecilia Degl'Innocenti

Revellers take part in the 33rd LGBT Pride Parade in Buenos Aires, on November 2, 2024.

HUMAN RIGHTS

Marchers at Pride criticise Milei's 'discriminatory' laws and policies

02-11-2024 18:25 Revellers voice criticism of President Javier Milei's government as they take to the streets of the capital for the the 33rd LGBT Pride March.

Analysing Argentina

Milei’s magical thinking about a Trump victory

02-11-2024 07:38 Argentina — or Latin America, for that matter — will not be an immediate priority for any incoming US administration, though Milei may leverage his ideological rapport with a potential President Trump.

by Marcelo J. García