News of economy

Handout photo released by the Presidency shows President Alberto Fernández speaking through video-call with the director of the International Monetary Fund (IMF) Kristalina Georgieva at the presidential residence in Olivos on January 21, 2021.

President Fernández holds talks with IMF chief Georgieva

Today 02:25 The government is hoping to renegotiate repayments on a US$44-billion loan granted to the Mauricio Macri administration by the Fund in 2018.

Analysis

Trump departs office, trailed by pandemic and job losses

20-01-2021 01:06 Donald Trump departs Washington on Wednesday with US citizens more politically divided and more likely to be out of work than when he arrived, while awaiting trial for his second impeachment – an ignominious end to one of the most turbulent presidencies in American history.

The headquarters of state-run energy firm YPF.

Bloomberg

Oaktree, BlackRock are among YPF creditors organising

18-01-2021 17:25 Investment firms including Oaktree Capital Management and BlackRock Inc are organising into two groups to negotiate with YPF SA after the state oil producer proposed a debt swap that would saddle them with losses.

The full story of Resolution 125 is as slippery as its sliding scale – something which has much to do with the youthful economy minister making the announcement, Martín Lousteau.

AND THAT REMINDS ME...

Grain means pain, corn meets scorn

16-01-2021 09:13 Maize in a maze would be as good a way as any of describing the government’s slapdash suspension of corn exports early in this new year.

by Michael Soltys

Daniel Pelegrina, leader of the Sociedad Rural Argentina, speaks to reporters this week.

AGRICULTURE

Export cap reversal rounds off chaotic week of agro tensions

16-01-2021 08:31 Government responds to three-day strike action with concessions to agricultural producers, removing corn-export block, then cap, before finally agreeing to ‘monitor supplies’ jointly.

What the State spent funds on (in millions of pesos).

ANALYSING BUDGET

Budget 2020: 60% used to pay pensions, social plans or subsidies

16-01-2021 08:26 Six out of every 10 pesos in last year’s Budget went to paying for pensions, social plans or business subsidies. Both government and private calculations estimate last year’s primary deficit to be around 6.5% of GDP.

by Gabriel Ziblat

A woman at a vaccination post in Buenos Aires.

THE WEEK

What we learned this week: January 9 to 16

16-01-2021 08:19 The key stories that caught our eye over the last seven days in Argentina.

OBRA SOCIALES

CGT airs concerns over CFK call for ‘integrated’ health reform

16-01-2021 07:46 Trade unionists seek greater funding for obras sociales healthcare schemes, as leaders express concern over vice-president’s call for ‘integral reform’ of public and private sectors.

Empty classrooms: we need an urgent education reform.

EDITORIAL

Too cool for school, or too hot?

16-01-2021 07:27 Education is the real orphan of the debate on systemic change.

BLOOMBERG

Crop U-turn peeves importers, lays bare Argentina's infighting

15-01-2021 17:01 Argentina’s chaotic reversal on corn exports could hurt its standing among the world’s top grain suppliers as buyers get exposed to the unpredictability of government feuding.

Coronavirus pandemic

Government set to authorise re-opening of the cinemas

14-01-2021 23:19 Culture Ministry officials agree coronavirus protocols with business chambers, unions and film industry staff to allow the re-opening of cinemas.

The INDEC national statistics bureau, pictured in Buenos Aires.

ECONOMIC INDICATORS

INDEC reveals inflation reached 36.1% in 2020

14-01-2021 19:44 Argentina registered cumulative inflation of 36.1% in 2020, with product prices rising fast in the final months of the year.

Many now are working and studying from home to limit the spread of the new coronavirus, one that's testing how productive people can be in a pandemic.

Working from home

Pandemic-driven shift to home work carries risks, UN says

13-01-2021 23:47 Issues facing home workers and their employers need greater attention, including better safeguards and more awareness of the rights and risks involved, warns United Nations.

President Donald Trump and visiting Brazilian President Jair Bolsonaro speak during a news conference in the Rose Garden of the White House, Tuesday, March 19, 2019, in Washington.

BRAZIL UNDER BOLSONARO

Brazil's Bolsonaro increasingly isolated as Trump departs

13-01-2021 23:32 When Jair Bolsonaro took office in January 2019 he nurtured relationships with other like-minded, far-right governments, but as the political tide turns he now finds himself and his country increasingly isolated.

Experts say the danger to global corn production is clear and present.

ANOTHER U-TURN

Government removes maize-export cap, says it will ‘monitor supplies’

13-01-2021 12:27 Alberto Fernández administration U-turns on decision to slap export limits on maize exports, agreeing with producers to instead set up new monitoring system.

TELECOMMUNICATIONS

Telefónica sells mobile masts in Europe, Latin America for 7.7 billion euros

13-01-2021 10:13 Spain’s Telefónica to sell its telephone masts in Europe and Latin America to US-based telecom infrastructure firm American Towers Corp for US$9.4 billion in cash.

AUTO-MANUFACTURER

Ford to close factories, end manufacturing in Brazil

11-01-2021 18:13 Carmaker Ford said Monday it would close its factories in Brazil this year as the impacts of the coronavirus epidemic hammered sales in Latin America.

The president of the Federación Agraria Argentina, Carlos Achetoni.

paro agrario

Agricultural producers begin three-day strike

11-01-2021 15:27 Agricultural producers begin three-day strike in rejection of the government’s move to suspend maize exports for the next two months, despite last-ditch tweaks to measure.

AGRO TENSIONS

Argentina eases protectionist corn curbs by lifting export ban

11-01-2021 09:23 Government ends temporary ban on grain exports and will instead set a daily sales limit to guarantee domestic supply, as producers begin three-day strike

A man walks in front of the national Congress building during the lockdown imposed by the government to tackle the spread of the new Coronavirus, Covid-19, in Buenos Aires on June 9, 2020.

Coronavirus pandemic

Decree details new nighttime restrictions

09-01-2021 16:07 Regional leaders granted power to decide on timeframe of new restrictions. Officials in Buenos Aires City and Province say businesses, food and drink establishments and venues must shut between 1am to 6am, set 10-person limit on social gatherings.

EDITORIAL

A freezing summer

09-01-2021 08:04 The government’s actions speak louder than his words – the elections above all else.

CORONAVIRUS PANDEMIC

Government restricts nighttime activities in bid to halt virus

09-01-2021 07:55 Following surge in cases, national government moves to restrict night-time activities and movement of people. Number of regions, including Córdoba, Mendoza and Buenos Aires City, push back on limits.

A farmer ploughs a field as the sun sets to prepare for corn planting in Rojas, Buenos Aires Province.

AGRO TENSIONS

Shift to protectionism riles Argentina’s farmers

09-01-2021 07:47 Farm associations call for three-day halt on trading after government slaps ban on maize exports.

Three-day stoppage next week called by three of four main agricultural groups to protest suspension of maize exports.

AGRO TENSIONS

Amid tension, Farming groups call three-day halt to grain trading

09-01-2021 07:37 Three-day stoppage next week called by three of four main agricultural groups to protest suspension of maize exports.

YPF's distinctive tower in Puerto Madero.

Bloomberg

YPF to sell flagship office tower to keep shale dream alive

07-01-2021 15:52 YPF SA plans to sell its iconic office tower in Puerto Madero, which could bring in some US$400 million.

A cargo ship remains anchored on the Paraná River in San Lorenzo, just north of Rosario, in the province of Santa Fe, on December 22, 2020, as workers at agro-export ports hold a strike.

BLOOMBERG

Port strikes keep up disruptions in Argentina

07-01-2021 13:40 Strikes by crop inspectors and maritime workers are prolonging disruptions at grain terminals in Argentina, keeping soy traders alert even as other protests from oilseed crushers have abated.

In this July 20, 2020 file photo, a man jogs during a government-ordered lockdown to curb the spread of the new coronavirus the first night after the city authorised outdoor exercise as part of rolling back restrictions in Buenos Aires

Coronavirus pandemic

Argentina to introduce night-time curfew to reduce Covid-19 infections

07-01-2021 11:43 The government will today announce an immediate national night-time curfew, lasting from 11pm to 6am, until the number of new Covid-19 infections decreases throughout the country.

BLOOMBERG

Corn up to US$5 a bushel and soybeans spike

06-01-2021 14:50 Maize climbed to US$5 a bushel and soybeans rallied for a sixth day, driving both crops to fresh six-year highs, as farmer protests and dry weather pose threat to supplies.

This general view shows low visibility due to air pollution in the urban area of the Kathmandu Valley, in Kathmandu on January 05, 2021.

CLIMATE CHANGE

Dozens of nations miss deadline to boost climate ambition

05-01-2021 11:09 More than half the world's nations failed to submit upgraded commitments by year's end to reduce their greenhouse gas emissions, straggling behind the schedule of accelerated climate ambitions set out in the Paris Agreement.

2020: THE YEAR IN REVIEW

2020: The year that was

02-01-2021 09:27 Economic crisis, rising poverty and unemployment, debt talks, creditors, the IMF, wealth tax, squatters, a police mutiny, the failed appropriation of Vicentin, alleged AFI espionage, ‘lawfare,’ corruption, legalised abortion, diplomacy, disappearances, the death of Diego Maradona… a lot happened in Argentina over the past 12 months, but it was all overshadowed by Covid-19.

by Michael Soltys

THE WEEK

What we learned this week: December 26 to January 2

02-01-2021 08:48 Our pick of the stories that caught our eye over the last seven days in Argentina.

AGRICULTURE

Argentina suspends corn-export licences until March 1

31-12-2020 11:27 Government temporarily suspends export licences for corn set to ship before March 1 to maintain adequate domestic animal-feed supply. Agricultural producers slam move.

BREXIT

British, Euro leaders sign Brexit deal as MPs approve ratification

30-12-2020 14:15 Britain and the European Union sign post-Brexit trade deal, setting their seal on a drawn-out divorce just hours before the looming deadline.

Bloomberg

Argentine soy workers reach deal on wage hike, ending strike

30-12-2020 13:43 Soybean workers reached an agreement on wage talks, ending a strike that had snarled shipments and fuelled a surge in Chicago futures.

A strike has caused a backlog of ships in the Paraná river.

ECONOMY

Ship line-up swells as soy crushers extend strike

26-12-2020 10:31 Soybean crushers at export plants agreed to extend a strike over wages during the Christmas season.

BREXIT

UK-EU agree historic post-Brexit trade deal

26-12-2020 10:20 Britain and the European Union struck a post-Brexit trade deal on Christmas Eve that they hope will cushion the economic blow of the UK’s imminent departure from the bloc after months of tortuous negotiations.

Workers return to their jobs at a Toyota factory in Buenos Aires Province, after the lockdown for the coronavirus pandemic.

ECONOMIC INDICATORS

Economic activity contracted 7.4% in October year-on-year

24-12-2020 02:47 Economic activity contracted by 11.3% in the first 10 months of 2020, compared to the previous year, the INDEC national statistics bureau reports.

BLOOMBERG

Uruguay sees ‘first wave’ threatening long-protected Covid gains

23-12-2020 00:09 Nine months after recording its first coronavirus case, Uruguay is seeing an outbreak in what President Luis Lacalle Pou has called the “first wave,” threatening to undo the hard-fought gains throughout the pandemic.

Power outage

Power cut leaves 305,000 without electricity in Buenos Aires

22-12-2020 23:42 More than 300,000 people in the centre and south of the capital were left without electricity for four hours on Tuesday.

President Alberto Fernández, pictured on a laptop during a speech.

BLOOMBERG

Argentina seeking US$5 billion from multilateral banks for 2021

22-12-2020 20:41 Argentina is seeking about US$5 billion for next year from multilateral organisations other than the International Monetary Fund, reports Bloomberg.

THE WEEK

What we learned this week: December 12 to 19

19-12-2020 10:07 Our weekly round-up of the stories that caught our eye in Argentina over the last seven days.

BUENOS AIRES CITY

Porteños flock to public hearings to oppose Costa Salguero plan

19-12-2020 09:44 More than 7,000 citizens sign up to air views on controversial sale and re-zoning of City-owned land in Costa Salguero.

by Federico Poore

Renders of the proposed site, presented by Franck-Menichetti, the winning firm.

CITY PLANNING

City officials defend coastal development project, experts divided

19-12-2020 09:37 Several architects and urban planning experts oppose attempt to sell off coastal land despite history of public use; Local authorities defend the move to ‘revitalise’ area.

by Federico Poore

MARTÍN GUZMÁN

Should he stay or should he go?

19-12-2020 08:31 The series of reversals of Martín Guzmán’s 2021 policies sends a clear message: austerity will not be tolerated, much less so in an electoral year.

by Agustino Fontevecchia

ECLAC Executive Secretary Alicia Bárcena presents the annual study of foreign direct investment in Latin America and the Caribbean 2020.

ECLAC Projection

UN slashes LatAm economic slowdown projection

16-12-2020 16:06 Executive secretary of the UN Economic Commission for Latin America and the Caribbean Alicia Bárcena predicts the region will experience growth of 3.7 percent in 2021.

In this aerial view the red dust of the BR230 highway, known as 'Transamazonica,' mixes with fires at sunset in the agriculture town of Ruropolis, Para state, northen Brazil, on September 6, 2019.

Mercosur

'Distrust' of Brazil stalls EU-Mercosur trade deal

13-12-2020 19:45 Concerns over Amazon deforestation under Bolsonaro are delaying the ratification of a two-decades long negotiated trade deal between the European Union and Mercosur.

Senators stand, prior to the opening of Thursday’s session.

REVENUE-SHARING ROW

Senate approves bill to slash Buenos Aires City's share of funding

12-12-2020 09:27 City Mayor Horacio Rodríguez Larreta vows to take fight to Supreme Court as Senate approves bill to cut Buenos Aires City’s share of federal revenue-sharing funds.

THE WEEK

What we learned this week: December 5 to 12

12-12-2020 09:23 The stories that made the headlines over the last seven days.

Sergio Bono, ex pilot for Latam Airlines.

BLOOMBERG

Lengthy Covid lay-off ban backfires, postponing job crisis

12-12-2020 08:53 Companies have been banned from firing workers since March, with the prohibition was recently extended into 2021. But many firms have resorted to suspensions, effectively postponing future job cuts.

LITHIUM

Argentina eyes lithium expansion, but hurdles may dampen ambitions

12-12-2020 08:48 Government sees lithium mining as a significant source of revenue in coming years, with officials hoping to boost production from 40,000 to more than 230,000 tons a year by 2022. Experts, however, warn that challenges lie ahead.

by Fermin Koop

President Alberto Fernández announcing the extension of the "preventative and compulsory" lockdown until May 24 at the Olivos presidential residence last night.

Covid-19 vaccine

Fernández puts faith in Russia's vaccine, says he'll be first in line

10-12-2020 17:21 Government is planning to give Russia's Sputnik vaccine to 10 million vulnerable Argentines before March, President Alberto Fernández announces, before vowing he'll be first in line to take it.

Economy Minister Martin Guzmán announces the results of Argentina's debt swap proposal.

IMF DEBT TALKS

Guzmán expects new program with IMF in March or April 2021

10-12-2020 02:11 Economy Minister Martín Guzmán says talks with the IMF will still "take a while," hinting a deal would be likely in March or April next year.

Senators approved the bill by a vote of 42 in favour and 26 against.

Congress

Senate approves one-time levy on assets for Argentina's richest

06-12-2020 17:50 Senate approves government-backed bill to introduce so-called 'wealth tax' on 12,000 of the country's richest citizens late Friday night.

Argentina’s Ualá Valued Near $1 Billion in New Financing Round

Bloomberg

Fintech firm Ualá takes mobile payments to small businesses

06-12-2020 16:59 Ualá, the mobile payments company backed by heavyweight investors, is expanding into merchant services in Argentina, launching a number of services for small businesses.

POLITICAL BREAKDOWN

A growing sense of incompetence

05-12-2020 09:58 Public perception has worsened from one where Cristina was calling the shots from the background, to one where no-one is even in control.

by Agustino Fontevecchia

Two street signs in Buenos Aires, which have been altered by residents to pay tribute to late footballing great Diego Maradona.

THE WEEK

What we learned this week: November 28 to December 5

05-12-2020 09:27 Stories that caught our eye over the last seven days in Argentina.

by Michael Soltys

EDITORIAL

Robin Hood or the politics of envy?

05-12-2020 09:10 There is a need to look beyond the eternal rivalry of Buenos Aires City and Province to the nation as a whole. This is not a simple zero-sum game of robbing Peter to pay Paul between a middle-class city and a Peronist province.

economy

Government officials to meet IMF in Washington in 'coming days'

04-12-2020 13:07 Government officials will meet with staff from the International Monetary Fund (IMF) soon to continue talks on a new aid programme, a Fund spokesman said Thursday.

People receive bags of food at a lower Manhattan church that holds a weekly food distribution on December 02, 2020 in New York City.

FOOD PRICES

UN: World food prices jump to six-year high

03-12-2020 19:26 Global food commodity prices rose sharply in November to their highest level in nearly six years, the UN food agency said Thursday, due in part to adverse weather conditions.

Tourists pictured during last summer season in Córdoba.

TRAVEL & TOURISM

Verano Certificate: Travelers need certificate for summer holidays

03-12-2020 15:06 National Tourism Ministry launches an online registration system for tourists ahead of summer vacation season. Pre-booked details obligatory in several provinces.

by Clara Fernández Escudero

The lower house debates the federal revenue-sharing proposal, which would see a sharp cut in funds for the City government.

Revenue-sharing row

City mayor rails against 'political attack' as tensions over funding soar

03-12-2020 11:20 Political tensions have surged back to the fore in Argentina after the Chamber of Deputies approved by a 129-118 vote a sharp cut in this city’s federal revenue-sharing funding on Tuesday following a marathon 20-hour session and intense debate.

The headquarters of German company Biontech is pictured in Mainz, western Germany.

HUNT FOR VACCINE

BioNTech: plucky German upstart wins Covid-19 vaccine race

02-12-2020 15:36 A small German biotech firm, started by a husband and wife team with Turkish roots, has created the first authorised vaccine for use in the Western world to help end the coronavirus pandemic.

Antonio Pedro de Souza (left), 42 – a painter who has been out of work since the beginning of the pandemic – poses for a picture next to his wife (right), Ilma da Silva Santos and their children at their home at Manuel Faustino squatter camp, near Salvador, Bahía, Brazil on October 16, 2020.

Global pandemic

Poverty-stricken Brazilians fear looming end of Covid-19 emergency cash

02-12-2020 14:58 More than 67 million low-income workers receive Covid-19 relief payments in Brazil, which are set to expire at the end of the year. Many of them are fearing what lies ahead.

LATIN AMERICA

UN: Foreign direct investment in Latin America to fall by up to 55%

02-12-2020 13:39 Foreign direct investment in Latin America will fall by up to 55% in 2020, the UN's regional economic commission said Wednesday.

Customers wait for a flight at an airport.

Bloomberg

AA2000 plans key investment as concession extended 10 years

01-12-2020 22:03 Aeropuertos Argentina 2000, the country's largest airport operator, has pledged to invest US$2.5 billion after receiving a 10-year extension for its local airport concession.

President Alberto Fernández speaks with US President-elect Joe Biden.

DIPLOMACY

Fernández, Biden agree to improve US-LatAm ties in phone call

30-11-2020 23:32 President Alberto Fernández first Latin American leader to call US president-elect and offer congratulations for election win. In 35-minute phone call, Biden says he seeks "solid relationship" with region.

DEBT RESTRUCTURING

Adherence to domestic debt swap deal rises to 99.49%

29-11-2020 23:29 Government announces that adherence to its offer to restructure US$41.7 billion in bonds issued under local jurisdiction has risen to 99.49 %.

Economy Minister Martín Guzmán delivers a press conference at Casa Rosada announcing measures during the outbreak of the new Coronavirus, Covid-19, in Buenos Aires on March 17, 2020.

Bloomberg

Guzmán plays down prospects of an early IMF deal

29-11-2020 23:08 In an interview with the Financial Times, Economy Minister Martín Guzmán plays down the chances of an early agreement with the International Monetary Fund over repayment of US$44-billion loan.

President Alberto Fernández speaks during a press conference at the presidential residence in Olivos, Buenos Aires province, on August 12, 2020. Argentina will manufacture while Mexico will pack and distribute in Latin America, except of Brazil, the vaccine against COVID-19 developed by the University of Oxford and the AstraZeneca laboratory.

Coronavirus pandemic

Fernández extends distancing measures, only two cities to remain in isolation

29-11-2020 09:09 President Alberto Fernández said Friday that only two cities in Argentina will remain under strict isolation measures to tackle the spread of Covid-19, as he extended existing social distancing measures for the rest of the country.

The last farewell to the remains of Diego Maradona.

THE WEEK IN ARGENTINA

What we learned this week: November 21 to 28

28-11-2020 09:04 Our pick of the stories from the last seven days (with the exception of just a mention of Maradona).

by Michael Soltys