KEY GEOPOLITICAL VISIT Seeking a reset, Brazil's Lula heads to China Today 08:30 Brazil President Luiz Inácio Lula da Silva begins a state visit to China this weekend, with the aim of reinforcing commercial relations and promoting a peace plan in Ukraine on the agenda.
UNITED NATIONS UN report criticises ‘structural discrimination’ against indigenous community in Argentina Yesterdat 17:43 United Nations Working Group on Business and Human Rights highlights repeated “evictions and violent interventions” in new report. by Api Dhadda
DEBT PILE Argentina confirms plans to force debt swap on state entities Yesterdat 17:08 State banks and ANSES social security agency must swap 100% of foreign bond holdings for peso-denominated debt, decree confirms.
OIL TAX Lula irks foreign oil companies with new tax Yesterdat 14:38 Brazil's new tax on crude exports set to run from March to July leads foreign oil companies to petition the federal government
LOCAL DEBT PILE Argentina sells US$2 billion in peso debt after ordering bond swap 22-03-2023 21:56 Argentina sells close to 417 billion pesos (US$2 billion) in peso-denominated notes and bonds via auction, latest step in managing a massive local debt pile as the government seeks to extend maturities until after October elections.
Central Bank reserves Government obliges state bodies to convert dollar bonds into pesos 22-03-2023 17:00 State entities are to sell their dollar bonds on the market in return for peso debt bonds issued by the Treasury with the aim of taming surges in the CCL and MEP parallel but legal exchange rates.
ECONOMIC INDICATORS Argentina's economy contracts by most since pandemic to end 2022 22-03-2023 16:41 Argentina's economy contracted less than expected at the end of last year, with GDP down 1.5% in the fourth quarter of 2022 compared to the previous three-month period.
BLOOMBERG Shortage of cooking oil looms as biofuels gain global appeal 22-03-2023 12:30 A global biofuel boom is set to drive a shortage of vegetable oils — used for cooking and now increasingly to power trucks and planes — intensifying a debate over food versus fuel.
BLOOMBERG - OPINION Eduardo Porter: Argentina's inflation problem stumped ChatGPT 22-03-2023 12:24 Artificial intelligence can do a mean verbal tango, channel the immortal Jorge Luis Borges, and parse Peronism. Ease 100% inflation? Not so much.
MARKETS Bonds slide after government orders public sector sale 22-03-2023 12:17 Argentina’s sovereign-risk spread over US Treasuries widened as many as 126 basis points on Wednesday to almost 2,500, its widest in four months.
Bloomberg Government wants to swap public sector local debt for 2026 bonds 21-03-2023 13:10 Officials want to sell new bonds maturing in 2026 and 2027, lengthening the sovereign debt maturity curve as a way of sending a signal to the private sector to also extend their maturities.
Agriculture Argentina soy crop forecast slashed to smallest on record 20-03-2023 10:51 Buenos Aires Grain Exchange slashes soy crop forecast to 25 million metric tons, potentially the smallest harvest since it began keeping records in 2001.
REGIONAL OUTLOOK IDB predicts 'difficult' 2023 for Latin America 20-03-2023 10:49 Latin America and the Caribbean will experience a "difficult" 2023 with barely one percent growth due to global uncertainty, Inter-American Development Bank warns.
As I see it A crack-up waiting to happen 18-03-2023 03:53 A few days ago, the official annual inflation rate topped 100%. No doubt it will continue to rise; since slowing it down would require a large amount of political will, a commodity which these days is in short supply in official circles. by James Neilson
EDITORIAL Problems amassing for Massa 18-03-2023 03:43 In contrast to 2022, this year thus far has brought in little other than bad news for Sergio Massa, while taking a distinct turn for the worse in recent days.
ANALYSIS Panic in Silicon Valley 18-03-2023 03:12 The global economy has stepped on another landmine. Increased instability will hurt Argentina, as it did after 2008. by Agustino Fontevecchia
CENTRAL BANK Argentina raises key rate to 78% for first time since September 16-03-2023 17:43 Argentina raised its benchmark rate on Thursday for the first time since September after annual inflation surpassed 100%.
100% INFLATION Government admits 'unexpected' February inflation data is 'very bad' 16-03-2023 15:13 Presidential spokeswoman Gabriela Cerruti acknowledged Thursday that the latest inflation data released on Tuesday by the INDEC national statistics bureau "is bad, very bad and was not what was expected."
CENTRAL BANK Argentina considers first rate hike since September after inflation hit 103% 16-03-2023 08:58 Argentina’s Central Bank is considering raising its benchmark rate for the first time since September, according to two people with direct knowledge.
TRAVEL & TOURISM Hotels in Buenos Aires hit decade-high occupancy rates 15-03-2023 13:48 Hotels in Argentina’s capital recorded their highest average room occupancy levels for a decade in 2022, boosted by massive concerts, events and a domestic tourism boom. by Enrique Garabetyan
POLITICS – OPINION Enemies 15-03-2023 11:55 Does Alberto Fernández really believe that he has a chance of winning a head-to-head battle with a candidate supported by Cristina, or better still, with the vice-president herself? by Carlos De Angelis
Bloomberg 100% inflation in Argentina opens the door for a presidential upset 15-03-2023 10:05 Javier Milei is known for his rage-filled rhetoric calculated to shock. With the country in economic turmoil, the radical conservative is climbing in the polls ahead of elections for the top job.
ECONOMIC INDICATORS INDEC: Prices jumped 6.6% in February, inflation 102.5% over last year 14-03-2023 16:13 Consumer prices jumped 6.6% in February, pushing Argentina’s inflation rate over the last 12 months into the dreaded three digits, according to government data.
IMF DEBT PROGRAMME IMF sees ‘policy setbacks’ in review of US$44-billion deal 13-03-2023 20:01 International Monetary Fund calls on Argentina to make stronger efforts to address foreign reserve losses, galloping inflation and other “policy setbacks” amid a severe drought that’s hitting the commodities sector.
Bloomberg Argentina wants to take its shale expertise to new oil frontier 12-03-2023 09:23 Palermo Aike fields in Santa Cruz Province could increase Argentina's shale reserves by about a third, Economy Minister Sergio Massa tells investors.
DEBT SWAP OFFER Argentina's officials, analysts disagree on results of debt swap 12-03-2023 08:56 Participation in last Thursday's debt swap may have been less than reported, with government officials and analysts disagreeing on how the results should be counted.
DEBT SWAP OFFER Government hails ‘success’ of 4.34-trillion local debt swap 10-03-2023 10:52 Argentina swaps 4.34 trillion pesos ($21.66 billion) in domestic debt, exchanging 64% of maturing notes for new ones due in 2024 and 2025.
DEBT SWAP Government swaps US$21.7 billion of debt, easing default fear 09-03-2023 23:11 Argentina exchanges 4.34 trillion pesos (US$21.7 billion) in a local debt swap, alleviating immediate concerns of a potential local debt default.
DROUGHT Argentina’s worst drought in memory lands new blow to economy 09-03-2023 13:36 Gross domestic product in South America’s second-largest economy, which desperately needs US dollars, will shrink 3 percent this year, worse than the previous forecast for a 1.5 percent contraction, as one of the worst droughts in recent memory ravages crucial farm exports.
DEBT SWAP Argentina looks to buy time on US$37 billion of maturing debt 09-03-2023 13:27 Argentina is expert at buying itself time to pay off debt that’s coming due, and on Thursday it plans to use its hard-earned skills to delay bond repayments of an estimated US $37 billion until after a presidential election.
ECONOMIC INDICATORS Argentina now has almost 2.9 million self-employed tax-payers 08-03-2023 22:52 Registered wage labour accounts for 10,187,000 people in total (including the private and public sectors and domestic service), according to the Labour Ministry.
ECONOMIC OUTLOOK Argentina to face deeper 2023 contraction on drought, Itaú says 08-03-2023 21:26 Drought will lead to a larger economic contraction in 2023 than previously anticipated, according to analysts at Itaú
Agriculture Soy climbs as USDA slashes Argentina's crop estimate by 20% 08-03-2023 21:23 Maize and soybean crops in Argentina are in even worse shape than previously thought, according to US estimates.
Oil production Shale oil exports to spur Argentina's trade surplus, official says 07-03-2023 17:07 Booming oil production out of shale patch Vaca Muerta will create surpluses in energy trade for Argentina to the tune of US$8 billion within a few years, says top official.
Lithium in Latin America Government moves to stop wetlands bill from foiling lithium boom 07-03-2023 13:07 Government in talks with firms, policy makers to prevent wetlands-protection bill from slamming brakes on lithium exploration.
Copper boom? Argentina’s copper rush lures top power generator Central Puerto 07-03-2023 11:11 One of Argentina’s biggest power producers is trying to get in on the nation’s copper boom as the rush for key metals in the global energy transition accelerates.
DEBT SWAP Argentina to swap peso debt to ease US$35-billion default fear 07-03-2023 11:04 Argentina will give investors the chance to exchange holdings of local debt into new bonds; Government wants to ease fears of a default on US$35 billion of local debt due in second quarter.
DEBT SWAP Argentina to offer local debt swap to ease default fears 06-03-2023 16:46 Government will offer investors chance to swap local debt holdings for new bonds in a bid to calm fears of a default.
POLITICS & ECONOMY Opposition slams government’s plans for peso debt swap 06-03-2023 14:41 Opposition economists slam impending peso debt swap between the government and local banks, saying it will add to the fiscal problems facing next administration in December.
Lithium in Latin America South America steps up efforts to turn lithium into batteries 06-03-2023 14:22 Argentina, Chile, Bolivia and Brazil plan to coordinate action on turning more of the region’s mined lithium into battery chemicals, as well as moving into manufacturing of batteries and EVs.
Agriculture Report: Drought to slash Argentina’s exports by US$20 billion 06-03-2023 13:50 Technical report by the CREA agricultural group projects soy harvest will fall 38% from last season, with maize down 30% and wheat down 37%.
CURRENCY CONTROLS ‘Dolár Malbec’: Argentina plans new exchange rate for wine producers 05-03-2023 08:42 New ‘wine dollar’ set to join country’s alphabet soup of parallel exchange rates, confirms Sergio Massa; Measure set to kick in April 1, with value set to be defined in next 20 days.
POLITICS – ANALYSIS Alberto and Cristina on different pages when it comes to justice system 04-03-2023 15:09 The president's rhetoric against the Supreme Court did not satisfy the vice-president, who will voice her own views in a speech against the Judiciary on March 10. In the ruling coalition, there is little agreement over and all sectors have doubts about presidential candidacies. by Rosario Ayerdi
BLOOMBERG Brazil’s faltering economy endangers Lula’s ‘barbecue and beer’ promise 03-03-2023 12:47 Luiz Inácio Lula da Silva promised to bring prosperity back — “barbecue and beer” for all — if he returned to Brazil’s top job. Two months into his presidency, the economy he inherited is cutting his honeymoon short.
CONGRESS SPEECH: LONG READ President raises stakes, reignites feud with Judiciary 03-03-2023 10:30 Alberto Fernández delivered the traditional state-of-the-nation speech to the legislative assembly on Wednesday, marking the beginning of the congressional year. Defending his administration and pretending all is well with his vice-president, the president trained his ire on the Supreme Court and the justice system, ramping up tensions in a crunch election year. by Michael Soltys
ECONOMIC INDICATORS Brazil's economy grew 2.9% in 2022 02-03-2023 12:12 Argentina's giant neighbour grew 2.9% in 2022, according to data released Thursday by the Brazilian Institute of Statistics.
CORTE DE LUZ Calls for investigation after power cut plunges millions into darkness 01-03-2023 23:49 A massive power cut caused by a fire near high-voltage power lines affected millions of people across the country for at least two hours, authorities stated; Economy Minister Sergio Massa hints at foul play, calls for in-depth investigation into events leading up to outage.
ECONOMIC OUTLOOK Analysts: Inflation rate in Q1 will overshoot government targets 28-02-2023 15:49 Private estimates agree that prices are likely to rise 20% in the first quarter of 2022, with inflation set to accelerate next month, pushing Sergio Massa’s stated 3% target for April way out of reach. by Santiago Escobar
ECONOMIC OUTLOOK JPMorgan sees economy facing prospect of hard landing 28-02-2023 09:20 Argentina’s economy is facing the prospect of a “hard landing” scenario this year as a crop drought deepens expectations of a larger downturn, according to JPMorgan.
VACA MUERTA Vaca Muerta awakes as pipelines revive shale hopes 27-02-2023 15:07 Argentina’s energy industry has seen its fair share of false dawns, but the construction of a pipeline is an irrefutable step towards cutting the country's dependency on fuel imports.