News of economy

Milei’s ‘chainsaw’ cut nearly 35,000 public-sector jobs in 2024

Today 05:07 Report by the Deregulation & State Transformation Ministry, headed by Milei ally Federico Sturzenegger, details 34,280 dismissals or contract terminations between December 2023 and October 2024, shrinking the state payroll by seven percent.

Stories that caught our eye: December 13 to 20

Yesterday 17:16 A selection of the stories that caught our eye over the last seven days in Argentina.

Distressed fund wins key role in bankruptcy case of soy exporter Vicentin

19-12-2024 15:03 Esteban Nofal, who runs Cima Investments SA, has swept up almost 35% of Vicentin’s US$1.3 billion of unsecured debt from a group of global banks for just 11 cents on the dollar.

Shell signs accord with Argentina’s YPF to develop LNG plant

19-12-2024 14:57 Shell Plc has signed an agreement with Argentina’s state-run energy company YPF SA to work on a plan to export liquefied natural gas.

Geraldo Alckmin, Lula’s rival-turned-vice-president, finds himself in unwanted limelight

19-12-2024 08:17 For decades, he was President Luiz Inácio Lula da Silva’s political rival. Now his boss’s health issues have put Geraldo Alckmin at the centre of questions about Brazil’s future.

Argentina working with banks to expanding dollar lending

18-12-2024 14:37 Argentina’s government is pushing banks to expand dollar lending to more sectors, wanting loans to companies and mortgages to be offered in US currency.

Argentina exited recession as Milei eyes growth before midterms

16-12-2024 21:22 Argentina emerged from a brutal recession in the third quarter; Gross domestic product expanded 3.9% from July to September compared to the previous three-month period, better than analysts’ expectations.

Argentina weighs managed exchange rate once it lifts currency controls

16-12-2024 19:44 President Javier Milei's government is weighing whether to introduce a managed exchange rate regime — a “dirty float” — once it lifts its current foreign exchange controls in 2025.

A busy week for corruption

14-12-2024 05:37 Edgardo Kueider’s situation is explicit, bombastic. But not uncommon in Argentine politics.

by Agustino Fontevecchia

Stories that caught our eye: December 6 to 13

13-12-2024 20:05 A selection of the stories that caught our eye over the last seven days in Argentina.

Argentines no longer love the dollar, thanks to Milei

12-12-2024 16:07 Argentines have preferred the US dollar over the Argentine peso for decades – Milei may have achieved what once looked unachievable.

JPMorgan plans to hire 1,500 workers for global hub in Argentina

12-12-2024 15:27 JPMorgan Chase & Co plans to add 1,500 workers to its Buenos Aires corporate center over the next five years. Argentina’s skilled workforce, English language proficiency and alignment with US time zones help make it a strategic hub.

Inflation slowdown continues, decelerating to 2.4% in November

11-12-2024 16:08 Data from the INDEC national statistics bureau shows consumer prices increased by 2.4% last month, below the expectation of analysts and markets.

by James Grainger

Sturzenegger clarification pours cold water on Milei’s 90% tax reduction claim

11-12-2024 15:55 Argentina’s deregulation czar assures that the government’s idea is to simplify the tax structure but not to reduce the percentage of its burden – a notable difference from President Javier Milei’s first anniversary speech vow.

Copa América, Colapinto, INADI… Argentina’s most googled topics in 2024

10-12-2024 10:54 Copa América, INADI, Ley de Bases, Franco Colapinto, and ‘Gran Hermano’… the world’s leading search engine has revealed the topics that captured the attention of Argentines this year.

Key measures from Milei’s first year in office

10-12-2024 09:57 President’s first year in office was marked by drastic state cutbacks, the sharpest rise in poverty in two decades, an aggressive rhetoric and notable shift in foreign policy.

One year in, Milei yet to fulfill key economic campaign promises

09-12-2024 12:53 Dollarisation, the removal of the ‘cepo,’ and the closure of the Central Bank – though he has tamed inflation, President Javier Milei has yet to deliver on key economic promises in his first year in office.

EU-Mercosur deal will 'mainly' benefit Europe, says Paraguay president

09-12-2024 11:16 New free-trade deal between the European Union and Mercosur bloc will "mainly" benefit Europe, says Paraguay's President Santiago Peña.

No quorum, no forum

07-12-2024 05:30 Congress becomes its own worst enemy when deputies and senators refuse to do the work for which the tax-payer remunerates them.

by Michael Soltys

Milei’s self-congratulatory maiden year

07-12-2024 00:36 A year in, Milei is surfing the wave of popularity, feeling invincible as he receives the constant attention of the international media, which in turn feeds his ego even further.

by Agustino Fontevecchia

Milei admires Ireland for a statistic the Irish don’t favour

06-12-2024 12:35 President Javier Milei aspires to reform Argentina’s economy in the way Ireland turned around its fortunes over the past three decades. The Irish see more nuance to their own story. 

Milei: Mercosur has ‘ended up becoming a prison’ for members

06-12-2024 12:28 Argentina’s President slams Mercosur protectionism at summit and calls for "new formula" for regional bloc, stating it has been a “stumbling block to the progress of Argentines.”

EU nears deal with Mercosur as Von Der Leyen heads to summit

05-12-2024 09:02 European Commission President Ursula von der Leyen due in Uruguay to attend Mercosur summit.

CPAC Argentina: Milei calls for ‘cultural battle’ against left in speech

05-12-2024 01:00 President rails against leftie ‘zurdos’, attacks critical press outlets and calls for a right-wing “cultural battle” to refound the West.

Mercosur members eye sealing of 'historic' free-trade deal with EU

04-12-2024 15:09 Brazil, Argentina, Uruguay and Paraguay are hoping to announce a blockbuster trade deal with the European Union at a regional summit Friday.

Milei has amended almost 100 laws by decree in first year in office

04-12-2024 14:40 Argentina’s President, a self-proclaimed lover of the Constitution, has signed DNU emergency decrees to override Congress on a host of issues – from the budget, to pension and public debt.

Argentina to charge foreigners for use of universities, public hospitals

03-12-2024 18:15 President Javier Milei’s government says it will introduce new rules allowing public hospitals and universities to charge foreigners, while tightening restrictions for expulsion and refusal of entry.

Milei to return to Italy this month, plans second trip to Davos

03-12-2024 17:37 President will travel to the Italian capital to attend the Atreju festival organised by Italian leader's party, Fratelli d'Italia. He also plans to attend January's World Economic Forum in Davos.