News of economy

Economy expanded faster than expected in October

Yesterday 06:52 Argentina’s economy expanded more than expected in October, according to official data.

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

21-12-2024 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.

IMF NEGOTIATIONS OVER NEW DEAL

IMF: Formal talks over new deal with Argentina have begun

19-12-2024 21:09 The International Monetary Fund and Argentina have formally begun negotiations over a new loan agreement as the current programme draws to a close.

ANALYSIS: SHOCK THERAPY

Argentina takes steps to speed up Milei’s dollarisation strategy

19-12-2024 15:38 Argentina’s government is working with major banks and payment firms to advance Javier Milei’s dollarisation strategy.

AGRICULTURE & ECONOMY

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.

ENERGY & GAS

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.

NEW IMF PROGRAMME

IMF in talks with Argentina on loan to succeed US$44-billion deal

19-12-2024 14:13 International Monetary Fund confirms it has formally opened talks with President Javier Milei's government over a new loan programme to replace its existing US$44-billion deal.

ECONOMIC POLICY

Milei, Caputo increasing bullish as they outline new IMF deal timeline

19-12-2024 09:50 Argentina eyes fresh accord with the International Monetary Fund in the first third of next year, with President Milei confident of strong support, both at the Fund and on trade, from incoming US president Donald Trump.

TURBULENCE IN BRAZIL

Brazil market rout risks a crisis as Lula resists austerity push

19-12-2024 08:25 As the currency craters in Brazil, thrusting the country’s markets into the international spotlight for the first time in years, a grim reality is setting in for top economic aides to President Luiz Inácio Lula da Silva. They are, they fear, powerless to do much to stop the panic.

BUSINESS & INVESTMENT

Creditors agree to restructuring for Argentina’s Clisa

18-12-2024 14:34 Creditors agree to debt rework with Clisa, holding company behind Buenos Aires metro company operators.

BUSINESS & INVESTMENT

Argentina’s Aconcagua eyes global bond market, foray into shale

17-12-2024 15:23 Oil driller Petrolera Aconcagua Energia SA is looking to sell an international bond, swooping into an opening for Argentine energy corporates that’s materialised with President Javier Milei’s free-market reforms.

End of the recession?

Economy rebounded in Q3 but activity remains below 2023 levels

17-12-2024 10:12 Argentina’s economy grew by 3.9% in the third quarter compared to the previous months, but fell 2.1% year-on-year. Recovery marked by uneven performance across sectors.

ECONOMIC INDICATORS

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.

MONETARY POLICY

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.

Foreign policy & diplomacy

Criticism as Italy fast-tracks citizenship for President, Karina Milei

14-12-2024 08:24 President Javier Milei, in Italy on an overseas visit, and his sister Karina Milei have been granted fast-tracked citizenship by the Italian government, sparking anger among government critics.

MILEI AWAITS TRUMP

IMF moves goal-posts for Argentina – no definitions until April

13-12-2024 15:25 The International Monetary Fund has presented Javier Milei with two conditions which must be met before any further remittance beyond the US$44.5 billion loaned to Mauricio Macri – obtain Congress endorsement for taking on new debt and making structural changes.

by Carlos Burgueño

lithium mining

Rio Tinto to invest US$2.5 billion in lithium production

13-12-2024 13:24 Anglo-Australian mining giant announces US$2.5-billion investment in Rincón project in Salta Province, with chief executive praising Milei’s reforms and RIGI scheme.

HEALTH & ECONOMY

Government: Prepaid health schemes face probe for alleged ‘cartel practices’

12-12-2024 18:48 Following investigation into co-ordinated fee increases between last December and last April, Presidential Spokesperson Manuel Adorni states CNDC anti-monopoly watchdog has initiated summary proceedings against several prepaid health schemes and former chamber president Claudio Belocopitt.

ANALYSIS: SHOCK THERAPY

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.

BUSINESS & FINANCE

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.

ANALYSIS

Inflation unexpectedly cools in another Milei victory

11-12-2024 16:39 Argentina’s monthly inflation rose less than expected in November, handing President Javier Milei another victory.

ECONOMIC INDICATORS

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

Tax policies

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.

President's address

Milei vows to axe capital controls and negotiate Trump trade deal

11-12-2024 09:50 President Javier Milei promises to lift capital and currency controls next year and negotiate a free-trade agreement with the United States once Donald Trump takes office.

MILEI'S FIRST YEAR

Milei promises inflation will be a 'bad memory' in first anniversary speech

10-12-2024 23:45 President touts US trade deal with Trump, vows to remove currency controls and says “happy times” lie ahead in national broadcast marking first year in office.

ONE YEAR WITH MILEI

A year into office, Milei’s ‘shock’ therapy takes hold

10-12-2024 16:41 President Javier Milei marks his first year in office Tuesday and intends to celebrate his government's achievements in a national broadcast later this evening.

MILEI'S FIRST 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.

MILEI'S FIRST YEAR

Four takeaways from President Javier Milei's first year

10-12-2024 09:44 Four takeaways from Milei's first year in office: Slimming the state, wielding the chainsaw, domestic political battles and a shift in foreign policy.

ENERGY & GAS

Argentine oil output is poised to oust Colombia from South America’s top three

09-12-2024 16:26 A shale-drilling frenzy in Argentina has put the country on the verge of leapfrogging regional rival Colombia as a top-three crude producer in South America.

SOCIETY

Pensioners the biggest losers of Milei’s first year in office

09-12-2024 13:20 Some five million retirees in Argentina receive just a minimum pension and bonus payment amounting to some US$320, just a third of the estimated living cost for an older adult.

365 days of Javier Milei

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 TRADE DEAL

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.

POLITICS

Milei fires head of tax bureau over ‘streaming and influencers’ rules

07-12-2024 18:21 ARCA (ex-AFIP) chief Florencia dismissed from her post after less than a year in office; Order to fire official reportedly came straight from President Milei.

Analysing Argentina

Year one: Milei surpassed expectations, but now faces high ones

07-12-2024 06:51 The question of whether Milei will be an anecdote or a new force that defines an era will largely begin to be answered in 2025. First and foremost, it will depend on the economy, and second — but by no means less important — on the midterm elections in October.

by Marcelo J. García

EDITORIAL

The year of the lion

07-12-2024 06:17 Milei’s first year in office has seen much more grey than its inflamed and somewhat arbitrary crusade against the “caste” of drab democratic politics would care to admit.

EU-MERCOSUR TRADE DEAL

Mercosur and EU announce agreement on free-trade deal

06-12-2024 13:02 Almost 25 years on from the first opening of negotiations, the the EU and Mercosur reach agreement for free-trade deal that will create a market exceeding 700 million people.

EU-MERCOSUR TRADE DEAL

EU reaches long-sought Mercosur deal despite French objections

06-12-2024 12:47 European Union and Mercosur bloc clinch trade deal despite objections of France, which will try to block process; Signing and ratification process could take as long as 18 months.

ECONOMIC POLICY

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.

future of mercosur

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.”

INTEREST RATES

Central Bank lowers rate to 32% on price expectations

06-12-2024 00:10 Argentina’s Central Bank cut its benchmark interest rate by 300 basis points to 32 percent as inflation expectations fall.

EU-MERCOSUR TRADE DEAL

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

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.

POLITICS

Entre Ríos senator detained in Paraguay with US$200,000 in cash

04-12-2024 16:23 Senator for Entre Ríos Province Edgardo Kueider arrested on Paraguayan border carrying US$200,000 and 600,000 pesos in cash; Arrest of Peronist lawmaker, who has distanced himself from Kirchnerism and backed Javier Milei’s government in key votes, confirmed by Paraguayan authorities.

MERCOSUR SUMMIT IN MONTEVIDEO

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.

ANALYSIS

Why Donald Trump and Javier Milei are worlds apart on austerity

04-12-2024 12:25 Donald Trump and Javier Milei have a shared favour of theatrics, but it does not reflect their economic strategies in vastly different contexts – the Argentine enforcing radical austerity and Trump preferring tax cuts and tariffs.

CAPITAL CONTROLS

Trump adviser Laffer tells Argentina ‘get it done now’ on capital controls

03-12-2024 15:19 Arthur Laffer has a word of advice for Argentina: Scrap capital controls now.

EU-MERCOSUR TRADE DEAL

German FM says 'essential' to seal EU-Mercosur deal at Friday summit

03-12-2024 14:44 German Foreign Minister Annalena Baerbock says it is "essential" that the European Union to finalise a free-trade deal with Latin America's Mercosur this week.

Investing in Argentina

Milei touts US$50 billion from investors eyeing 30-year loopholes

02-12-2024 13:04 Argentina has abundant natural resources and legions of well-educated workers. But it struggles to attract investors because its politicians have a habit of changing the rules on a whim.

Trump BRICS

Trump weaponizing dollar seen as needless BRICS provocation

02-12-2024 12:43 Trump puts pressure on BRICS, in an attempt to have countries around the world stay anchored to the US dollar-based financial system.

Lula sparks market rout

Lula ignores aides and sparks market rout that threatens economy

02-12-2024 12:32 Brazil's president Lula da Silva ignored his economic aides warning to not ignite any economic plans that will spark a selloff, and markets plunged immediately. The plan calls for limiting hikes to the minimum wage, earnings for the highest-paid civil servants and salary bonuses to low-income workers.

News of economy

Economy expanded faster than expected in October

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

IMF: Formal talks over new deal with Argentina have begun

Argentina takes steps to speed up Milei’s dollarisation strategy

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

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

IMF in talks with Argentina on loan to succeed US$44-billion deal

Milei, Caputo increasing bullish as they outline new IMF deal timeline

Brazil market rout risks a crisis as Lula resists austerity push

Creditors agree to restructuring for Argentina’s Clisa

Argentina’s Aconcagua eyes global bond market, foray into shale

Economy rebounded in Q3 but activity remains below 2023 levels

Argentina exited recession as Milei eyes growth before midterms

Argentina weighs managed exchange rate once it lifts currency controls

Criticism as Italy fast-tracks citizenship for President, Karina Milei

IMF moves goal-posts for Argentina – no definitions until April

Rio Tinto to invest US$2.5 billion in lithium production

Government: Prepaid health schemes face probe for alleged ‘cartel practices’

Argentines no longer love the dollar, thanks to Milei

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

Inflation unexpectedly cools in another Milei victory

Inflation slowdown continues, decelerating to 2.4% in November

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

Milei vows to axe capital controls and negotiate Trump trade deal

Milei promises inflation will be a 'bad memory' in first anniversary speech

A year into office, Milei’s ‘shock’ therapy takes hold

Key measures from Milei’s first year in office

Four takeaways from President Javier Milei's first year

Argentine oil output is poised to oust Colombia from South America’s top three

Pensioners the biggest losers of Milei’s first year in office

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

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

Milei fires head of tax bureau over ‘streaming and influencers’ rules

Year one: Milei surpassed expectations, but now faces high ones

The year of the lion

Mercosur and EU announce agreement on free-trade deal

EU reaches long-sought Mercosur deal despite French objections

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

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

Central Bank lowers rate to 32% on price expectations

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

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

Entre Ríos senator detained in Paraguay with US$200,000 in cash

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

Why Donald Trump and Javier Milei are worlds apart on austerity

Trump adviser Laffer tells Argentina ‘get it done now’ on capital controls

German FM says 'essential' to seal EU-Mercosur deal at Friday summit

Milei touts US$50 billion from investors eyeing 30-year loopholes

Trump weaponizing dollar seen as needless BRICS provocation

Lula ignores aides and sparks market rout that threatens economy

Argentina’s economy expanded faster than expected in October

US deports co-founder of Pablo Escobar's Medellín Cartel to Colombia

At least one dead and 16 missing after bridge collapse in Brazil

Ecuadorean adolescents still missing as search efforts increase

Five key points about the Panama Canal, now in Trump's sights

La emoción de Milei al recibir la espada de los ThunderCats: "Se la llevo a Strurzenegger para la fase dos de la motosierra"

Javier Milei: "El imbécil de Kicillof tenía un bar en Palermo y quebró"

Boom del litio: “La demanda fue tan alta que en recursos humanos que no teníamos perfiles disponibles"

Leonardo Tornarolli, experto en pobreza: "Lo que bajó la pobreza fue la caída de la inflación, no la AUH ni los planes sociales"

Luis Juez: “En Córdoba vamos a acompañar a la Libertad Avanza sin pedir absolutamente nada”