News of economy

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

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.

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.

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.

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

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.

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.

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

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. 

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.

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. 

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. 

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.

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.

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.

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.

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.

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

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 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.