EconomyLoop
where regional business news becomes global to everyone

Argentine Peso slid another 2.18% and the Central bank sold US$ 350 million in reserves

Argentina’s peso slid further on Tuesday as investors reacted with skepticism to presidente Mauricio Macri’s plans. Many worry he will not be able to push reforms through a restive Congress amid growing frustration on the streets of Buenos Aires.... read more

 Merco Press42 days ago

     
Argentina/IMF discussions continue this Wednesday; strong support from Trump

Argentina “made progress” on Tuesday in talks with the International Monetary Fund aimed at securing an accelerated disbursement of a US$50 billion loan it hopes will calm its debilitating economic crisis.... read more

 Merco Press42 days ago
Brazil's Real and Argentina's Peso slumped on Monday

The Brazilian Real slumped on Monday as mounting concerns over this year's presidential election added to global risk aversion, while the Argentine peso extended a recent sell-off that also spread into stock markets in Latin America.... read more

 Merco Press43 days ago
Macri admits the seriousness of the situation and Dujovne is off to meet with IMF

President Mauricio Macri unveiled plans on Monday to raise export taxes on grains and slash the number of government ministries in a bid to balance its budget next year, as Argentina seeks a deal with the IMF to accelerate a US$ 50 billion standby lo... read more

 Merco Press43 days ago
Falklands' competition open to students from Argentina, Brazil, Chile and Uruguay

The Government of the Falkland Islands and the British Embassies in Argentina, Brazil, Chile and Uruguay invites university students to participate. This regional competition offers winners the chance to visit the Falklands for a week with all the co... read more

 Merco Press44 days ago
Argentina's efforts to regain confidence: cutting number of ministries and taxes on farm exports

Argentina is drafting plans to cut its budget deficit to convince nervous investors it can pay its debts and this Monday Finance minister Nicolas Dujovne is scheduled to announce measures, before traveling to Washington to meet with IMF's chief Chris... read more

 Merco Press44 days ago
S&P places Argentina credit ratings under review

S&P said on Friday it may lower Argentina's long-term foreign currency rating from its current B+ grade, which is four notches below investment grade -- and on par with Turkey, Greece and Fiji. The ratings company cited the risk of worsening creditwo... read more

 Merco Press46 days ago
IMF strong support helps stabilize Argentine Peso; Macri preparing new economic package

Argentina’s beleaguered peso stabilized on Friday as the central bank said it would auction a large amount of dollar reserves, and the International Monetary Fund (IMF) issued a strong statement of support for President Mauricio Macri’s government.... read more

 Merco Press46 days ago
Bargain shopping for oil companies in Buenos Aires stock market

While the foreign exchange market in Argentina experienced a chaotic Thursday with no ceiling for the US dollar as locals dumped their Argentine pesos, the Argentine stock market witnessed another strong increase with the Merval index up 5.3% reachin... read more

 Merco Press47 days ago
Argentine peso plummets and central bank raises interest rate to 60%

The Argentine Peso plummeted 15.6% to a new record on Thursday, and ended trading at 39.87 after having reached almost 42 Pesos to the US dollar in mid afternoon. This follows on the Wednesday which also witnessed the Argentine currency slide 7% to t... read more

 Merco Press47 days ago
Argentina aims to double shale gas production in five years

Argentina re-launched a one-year-old agreement between the government, companies and workers to drive competition and spur development in the Vaca Muerta shale play, the government said in a statement.... read more

 Merco Press48 days ago
Macri addresses the nation; IMF pledges more support but Peso falls 7%, a record 34 to the US dollar

Argentina's Peso suffered its biggest one-day slide in almost three years on Wednesday after the central bank sold reserves for a second straight day and the president asked the International Monetary Fund for early release of standby funds.... read more

 Merco Press48 days ago
Argentina's beef exports expected to double this year boosted by China's purchases

Argentina's beef exports could double in 2018 for a total of US$ 1.8 billion thanks to increased Chinese demand and a sharp devaluation of the peso currency, according to analysts and industry experts.... read more

 Merco Press49 days ago
US dollar hits a new record in Argentina despite auctioning US$ 200 million

Argentina’s central bank auctioned a total of US$ 200 million of its reserves in two separate currency auctions on Tuesday after the peso hit new lows, the monetary authority said in a statement.... read more

 Merco Press49 days ago
Argentine economy expected to contract 1% this year and rebound 1.5% in 2019

Argentina’s economy is expected to contract 1% in 2018, but grow by at least 1.5% next year, Minister Nicolas Dujovne told reporters on Monday. Dujovne said the government was maintaining its fiscal deficit target of 2.7% of GDP for full-year 2018. T... read more

 Merco Press50 days ago
Ocean Infinity seabed survey company to begin looking for ARA San Juan next month

United States based seabed survey company Ocean Infinity hopes to begin searching for the missing Argentine submarine ARA San Juan (S-42) in September. The announcement was made by Argentine defense minister Oscar Aguad.... read more

 Merco Press50 days ago
US has offered to collaborate with the Argentine investigation of "K corruption notebooks"

According to Buenos Aires daily Clarin, United States authorities have offered to collaborate with Argentine President Mauricio Macri’s government in the ongoing "K notebook scandal" by providing confidential information on a number of US bank accoun... read more

 Merco Press50 days ago
Files on Judges and political enemies found at Cristina Fernandez house in El Calafate

A third day of search at ex president Cristina Fernandez' property in the Patagonian resort of El Calafate did not seem to deliver much in terms of money or valuables, despite a thorough inspection of the house, as part of the of a major corruption c... read more

 Merco Press51 days ago
Argentina and Brazil agree to merge car production regulations

Argentine and Brazilian representatives on Friday signed a memorandum of understanding to begin merging vehicle production regulations of both countries.... read more

 Merco Press51 days ago
Argentina's Peso falls 1.42% on Friday, despite a weaker dollar following Fed's Powell speech

Argentina’s peso currency fell 1.42% to a record low close of 30.92 per dollar on Friday, weighed down by an economy slipping into recession, high inflation and uncertainty driven by corruption investigations.... read more

 Merco Press52 days ago
Macri blames the lack of infrastructure to rampant corruption under the Kirchners

Argentine president Mauricio Macri linked the poor state of the country's infrastructure to the so called “K corruption notebooks”, but also praised that truth is coming to light and in just two years Argentina's standing in the Transparency rating h... read more

 Merco Press52 days ago
Latin American growth lowered to 1.5% this year, in a "complex global scenario"

Latin America's economic growth is set to come in lower than expected this year, as US protectionism and widespread wariness of emerging markets put a drag on the region, a UN panel said Thursday. The Economic Commission for Latin America and the Car... read more

 Merco Press54 days ago
Corruption scandal: Police searched homes of ex Argentine president Cristina Fernandez

Police accompanied by sniffer dogs searched the homes of Argentina's former president Cristina Kirchner on Thursday as the investigation intensified into the so-called "notebooks" corruption scandal that has rocked the country.... read more

 Merco Press54 days ago
Argentina’s economy contracts in June for the third month running

Argentina’s economy contracted 6.7% in June compared with the same month last year, and 1.3% compared with May, government statistics agency Indec said on Thursday. June was the third consecutive month of decline following 5.2% in May and 0.6% in Ap... read more

 Merco Press54 days ago
Argentine trade deficit in seven months climbs to US$ 5.9 billion

Argentina posted a trade deficit of US$789 million in July, government statistics agency Indec said on Wednesday, compared with a deficit of US$ 359 million in June and a deficit of US$ 748 million in July 2017.... read more

 Merco Press55 days ago
Argentina rolling over short term debt into longer duration Treasury notes

Argentina sold US$2.1 billion in three and six-month treasury notes, the Treasury Ministry said on Wednesday, as it seeks to direct investors away from shorter-term central bank debt and into longer duration instruments. The amount sold represented m... read more

 Merco Press55 days ago
Argentine Senate unanimously approves raids on properties from ex president Cristina Fernandez

Argentina's Senators have approved a judge's request for authorities to carry out raids on properties owned by former president Cristina Fernandez de Kirchner, as part of a case investigating widespread corruption. Cristina Fernandez is currently a s... read more

 Merco Press55 days ago
Patagonian toothfish sampling project in Argentina/Uruguay Common Fishing Zone

A genetic exploration and sampling project of the Patagonian toothfish in the Argentine-Uruguayan Common Fishing Zone (ZCPAU).has been launched. The project, developed by the company Argenova with its longliner Argenova XIV is being done with the par... read more

 Merco Press56 days ago
Cristina Fernandez anticipates a Senate vote and agrees to have her properties searched

Former Argentine President Cristina Fernandez agreed on Tuesday to allow investigators to search properties belonging to her as part of a corruption case in which construction company executives have said they paid bribes for government contracts.... read more

 Merco Press56 days ago
Argentines turnout to the streets to demand end to corruption and Cristina Fernandez immunity

A massive demonstration concentrated in front of Argentina's congress in down town Buenos Aires to demand the removal of ex president and now Senator Cristina Fernandez immunities and the approval of a "dominium extinction" which would force "corrupt... read more

 Merco Press56 days ago
Argentines begin campaigning for a Secular State

Argentines gathered in Buenos Aires last Saturday to oppose the influence of religion on Argentine politics and encourage people to quit the Catholic Church, in the wake of the recent Senate vote not to legalize some abortions.... read more

 Merco Press57 days ago
Macri to report Venezuelan government to the International Criminal Court

Argentine President Mauricio Macri plans to report Venezuela’s government to the International Criminal Court at The Hague for alleged crimes against humanity, according to an interview broadcast on CNN’s Spanish service on Sunday night. Macri said h... read more

 Merco Press57 days ago
Snowfall across central Uruguay on Sunday

A rare snowfall was seen across parts of Uruguay on Sunday while graupel resulted in an icy coating across parts of eastern Argentina.... read more

 Merco Press57 days ago
Latam announces 2Q results; currencies' turbulence has hit shares, down 25%

With this year's sell-off in emerging markets assets hasn't just dented investor returns and confidence, but also weighed heavily on global companies with exposure to developing economy currencies. One that is LATAM Airlines, by far South America's b... read more

 Merco Press57 days ago
The 97th Argentine combatant buried in the Falklands has been identified

The 97th Argentine combatant, whose remains are buried as an unknown soldier at the Argentine military cemetery, Falkland Islands, has been identified, according to the official announcement, on Friday, from the Argentine Human Rights Secretariat.... read more

 Merco Press60 days ago
Macri anticipates more Argentines will fall into poverty this year

More Argentines are likely living in poverty now compared with last year, President Mauricio Macri said on Friday, as the country's economy slides toward recession following a currency crisis and a severe drought that harmed farm output.... read more

 Merco Press60 days ago
Argentina offering reward for the recovery of assets from corruption scheme

Argentina is offering a reward for information leading to the recovery of money from a case in which former President Cristina Fernandez is accused of leading a corruption scheme involving officials and business leaders.... read more

 Merco Press61 days ago
Argentina struggling to tame markets and inflation; talks for a currency swap with China

Argentina’s central bank said on Thursday it hiked reserve requirements by 3 percentage points for the country’s largest banks, as it tries to keep its plan for reducing short-term debt from adding to already high inflation.... read more

 Merco Press61 days ago
US Defense secretary pledges closer ties with Argentina; condemns China's "predatory economics"

United States Defense Secretary Jim Mattis on Wednesday pledged closer defense cooperation with Argentina. Standing beside his Argentine counterpart, Oscar Aguad, Mattis said the military partnership can be strengthened and alluded to the help the U.... read more

 Merco Press62 days ago
Argentine Senate honors participants of the Darwin military cemetery identification process

In a solemn ceremony on Tuesday the Argentine Senate distinguished the several participants in the recent identification process of the combatants buried in the Argentine military cemetery in Darwin.... read more

 Merco Press63 days ago
Argentine Peso stabilizes, country risk falls and stock market rebounds

The Argentine peso climbed on Tuesday after the Central bank implemented a raft of measures to stabilize the volatile currency on Monday, including increasing the benchmark interest rate to 45% from 40% previously, and announcing it was offering mark... read more

 Merco Press63 days ago
Argentina: tax cuts on soy meal and soy oil exports suspended six months

Argentina has suspended for six months its program of gradually cutting taxes on exports of soymeal and soyoil, the Treasury Ministry said in a statement on Tuesday, part of the government’s fiscal tightening program. International shipments of both ... read more

 Merco Press63 days ago
Pentagon chief in Brazil and Argentina to strengthen bilateral relations

United States Defense Secretary James N. Mattis and Foreign Minister Aloysio Nunes of Brazil met on Monday at the Itamaraty Palace in Brazil to reaffirm the long-standing bilateral relationship between their nations, chief Pentagon spokesperson Dana ... read more

 Merco Press64 days ago
Argentina pledges US$ 500 million on Tuesday to stabilize the forex market

Argentina's peso hit an all-time low on Monday as Latin American currencies sank amid a broader sell-off in emerging markets that have been rattled by the Turkish lira's plunge.... read more

 Merco Press64 days ago
Argentine ex president accompanied to court by close associates of the Pope

Argentine ex president Cristina Fernandez over the weekend called on her followers not to accompany her on Monday when she attended the Court House to testify before Judge Claudio Bonadío in reference to the so called "K corruption notebooks".... read more

 Merco Press64 days ago
Cristina Fernandez in a written statement denies charges and claims they are politically motivated

Former President Cristina Fernandez on Monday denied any wrongdoing following recent accusations that she was responsible for a corruption scheme involving public works contracts that has trapped many of Argentina's former officials and business elit... read more

 Merco Press64 days ago
Cristina Fernandez testifies on the "K notebooks" corruption scheme

Argentine ex president Cristina Fernandez has called on her followers not to accompany her when, this Monday, she gives testimony at the Court House before Judge Claudio Bonadío in relation to the so called "K notebooks".... read more

 Merco Press65 days ago
Environmental organizations warn about salmon farming risks in Tierra del Fuego

A report issued by the Forum for the Conservation of the Patagonian Sea and Surrounding Areas warns of the serious impacts that salmon and trout farming would have on the Argentine coast if the initiatives being considered by the federal government a... read more

 Merco Press65 days ago
Applications for Chevening scholarships open in Argentina

The British Embassy in Argentina has announced that applications for Chevening scholarships are now open until 6 November. The scholarships are awarded to candidates with proven leadership potential and a strong professional and academic background.... read more

 Merco Press65 days ago
Pep Guardiola furious with Argentina for linking him as possible coach of the national team

Pep Guardiola has rejected stories linking him to the vacant job as Argentina coach following the country's disappointing performance at the World Cup.... read more

 Merco Press67 days ago