EconomyLoop
where regional business news becomes global to everyone

Alpargatas closes Chaco factory, lays off all workers, sells facilities

The clothing firm Alpargatas shut down its factory in the Argentine province of Chaco, it was reported Monday. The company made it clear it was not a temporary measure by laying off the entire staff and placing the facilities on sale. Further closure... read more

 Merco Press10 days ago

     
New hypothesis on the tragedy that befell Argentina's sub ARA San Juan

An “operation error” related to a ventilation valve, called 'Eco-19,' could explain the mystery of the tragedy that befell the ARA San Juan, the Argentine submarine that disappeared almost a year ago with 44-crew members on board. The new details eme... read more

 Merco Press10 days ago
Argentine Church to renounce state funding, albeit gradually

Argentina;'s Catholic Church will gradually renounce the 140-million-peso contribution from the federal government, it was announced Sunday. The funding of that specific cult is set forth in the national Constitution. That money makes for 7% of the C... read more

 Merco Press11 days ago
Soccer and the Holocaust exhibit in Argentina awarded German football tolerance prize

The German soccer federation is giving an award for tolerance for an Argentine exhibition of harrowing stories about soccer from the Holocaust era. The 11-panel exhibit — one for each soccer player on the field — tells the stories of teams and sports... read more

 Merco Press11 days ago
Argentine corruption funds emerge in New York and Miami properties

Following the arrests of four people, authorities in Argentina have uncovered how a former president may have used bribe money to buy U.S. properties, including luxury condos in New York City and South Florida.... read more

 Merco Press11 days ago
Macri and PM May scheduled to hold a bilateral meeting at the end of the month

British Prime Minister Theresa May and Argentine president Mauricio Macri are scheduled to hold a bilateral meeting in the framework of the coming G20 summit to be held in Buenos Aires at the end of the month.... read more

 Merco Press11 days ago
Buenos Aires G20 summit: US requests Uruguay authorization to station troops and aircraft

Uruguay's government asked Congress to allow United States troops and equipment to stay in country during the upcoming G20 meeting in neighboring Argentina, due to be attended by the US, Chinese, Russian and European leaders.... read more

 Merco Press11 days ago
Fuel goes up 7% in Argentina, 14th increase in 2018 to reach a total 65% this year

The retail price of fuel went up around seven percent this weekend in Argentina, for an aggregate 65 percent yearly rise that led impoverished consumers to use other transport means to make up for it.... read more

 Merco Press12 days ago
Llama antibodies good for influenza treatment, research shows

Researchers seem to be on the right path to finding a vaccine for all types of influenza by benefitting from the llama's immune system, a study published in the latest edition of the journal Science reported.... read more

 Merco Press13 days ago
Bolivia delivering smaller volumes of gas to Argentina than set forth in the contract

Bolivia's Hydrocarbons Minister Luis Alberto Sánchez Friday admitted that gas deliveries to Argentina are kept at an average of 10 million cubic metres per day (MMm3d), far below the 17.2 MMm3d agreed upon in the contract... read more

 Merco Press13 days ago
Russia and Argentina reach fisheries agreement to boost catches and trade

Russia and Argentina have approved a draft agreement on fisheries cooperation. The agreement will make seafood exports from Argentina to Russia significantly easier and boost trade volumes. Russia will also obtain a right to fish in Argentine waters,... read more

 Merco Press13 days ago
Argentina, Japan and EU supporting US drive for greater transparency at WTO

Argentina, Costa Rica, Japan and the European Union are supporting a U.S. drive to enforce greater transparency and discipline at the World Trade Organization, an updated proposal published by the WTO showed on Friday.... read more

 Merco Press13 days ago
Former Argentine health minister offers OAS' Almagro to help Venezuelan migrants

Organization of American States (OAS) Secretary General Luis Almagro met Thursday with Juan Manzur, current governor of the Argentine province of Tucumán, to assess the latter's proposal of "free health zones" for the care of Venezuelan migrants.... read more

 Merco Press14 days ago
Macri finds no other way but to further burden Argentine taxpayers to balance budget

Just one day after admitting his administration charged "the highest taxes in the world," Argentine President Mauricio Macri Thursday explained a new tax increase was necessary to balance the 2019 budget and "build solid foundations" that will allow ... read more

 Merco Press14 days ago
Strong recovery of Argentine and Brazilian markets on signs of an improved Sino-US trade scenario

Latin American stocks soared on Thursday with Brazil shares touching an all-time high and Argentina's Merval stock index jumping 6,2%, as global risk appetite recovered on strong corporate earnings and signs that the Sino-U.S. trade war could be cont... read more

 Merco Press14 days ago
Multilateral banks provide Argentina three loans totaling US$ 1.8 billion

The World Bank and the Inter-American Development Bank are providing Argentina with three loans totaling more than US$1.8 billion, aiming to help the country cope with financial difficulties and support citizens most at risk.... read more

 Merco Press14 days ago
Argentine President admits he charges "the highest taxes in the world"

Argentine President Mauricio Macri Wednesday admitted during a radio interview in the small town of Trenque Lauquen in the province of Buenos Aires that his administration charged the highest taxes in the world and that "we have to lower them."... read more

 Merco Press15 days ago
Buenos Aires and Ushuaia consider hosting the 2026 Winter Olympics

Argentina could be a late candidate to host the 2026 Winter Olympics, the country's Olympic Committee said on Wednesday, as the three current bidders face major obstacles ahead of next year's decision by the International Olympic Committee (IOC).... read more

 Merco Press15 days ago
Three seismic tremors in the Drake Passage felt in Tierra del Fuego

Three seismic tremors were felt in Ushuaia, extreme south of Argentina, on Monday, with epicenter in the Drake Passage, according to Argentina and Chile seismology services. The incidents had no major impact in the capital of the Argentine province o... read more

 Merco Press16 days ago
Argentine military cemetery in Falklands now has 102 identified gravestones

Argentina's Human Rights Secretariat announced on Tuesday that the remains of another Argentine unknown combatant, buried in the Falkland Islands have been identified making him the 102nd successful case. Corporal Mateo Antonio Sbert, was born in the... read more

 Merco Press16 days ago
Foreign Secretary tells Parliament Falklands will remain part of UK, even after Brexit

Britain's foreign secretary Jeremy Hunt told Parliament that the Falkland Islands will remain part of the UK for years to come despite Argentina's plans, after Brexit, to enhance dialogue with the Islanders and hopefully with a positive result for it... read more

 Merco Press16 days ago
Argentina resumes natural gas export to Chile after twelve years

Argentina has begun exporting natural gas to Chile after a 12 year interlude, Chilean President Sebastian Piñera said on Tuesday, as the two neighboring countries seek to increasingly integrate their energy supply and electricity grids.... read more

 Merco Press16 days ago
Kirchner family alleged front man in court on corruption charges

The man accused of being the front-man for Argentina's former presidents Néstor and Cristina Kirchner in alleged widespread corruption schemes appeared in court on Tuesday to face charges of money laundering. Lázaro Báez is accused of participating i... read more

 Merco Press16 days ago
Argentine deputies to seek foreign minister's impeachment over statement regarding Falklanders

Argentine FPV legislators filed a motion to impeach Foreign Minister Jorge Faurie for failing to fulfill his duties as a public official when he called for the Falkland Islanders to be respected and to generate a bond with them "as two peoples" who l... read more

 Merco Press17 days ago
Andean condors found dead of agrochemichal poisoning in Patagonia

Wildlife and environmental organisations Monday denounced the deaths of 23 Andean condors in Argentine Patagonia due to the use of prohibited agrochemicals. Thirteen of the birds were found in Neuquén and the other ten in Santa Cruz.... read more

 Merco Press17 days ago
YPF plans US$ 4bn annual investment in oil and gas production

Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between US$4 and US$ 5 billion per year through 2022, Chief Executive Daniel Gonzalez said. The plan is to raise production by between 5and 7% p... read more

 Merco Press17 days ago
Falklands in post-Brexit scenario triggers speculation and controversy

Britain rejected point blank the suggestion that a ‘No Deal’ Brexit will help Argentina's claim over the Falkland Islands. The Prime Minister official spokeswoman said there was no doubt Britain’s “relationships” with all of its overseas territories ... read more

 Merco Press18 days ago
Falklands relations: Argentine congress summons Faurie to explain

Argentina's foreign minister Jorge Faurie has been summoned this Monday to the Foreign Affairs commission of the Lower House to explain relations between Argentina and the United Kingdom as well as his latest statements regarding the Falkland Islands... read more

 Merco Press18 days ago
Argentina seeks extension on due Bolivian gas bills

Argentina's cooking gas company Integración Energética Argentina S.A. (formerly Enarsa) has asked Bolivia's Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) for an extension to pay up the bills for the past two months plus interests due since 2007... read more

 Merco Press19 days ago
IMF completes review of Argentina's stand-by loan; Lagarde praises performance

The Executive Board of the International Monetary Fund (IMF) completed on Friday the first review of Argentina’s economic performance under the 36-month Stand-By Arrangement (SBA) that was approved on June 20, 2018.... read more

 Merco Press20 days ago
Search for ARA San Juan deemed “useless” will go on after pressure from Argentine Navy

Ocean Infinity, the US company searching the missing Argentine submarine ARA San Juan, revised its decision to halt operations deemed “useless” until February and resumed work to comply with the minimum 60-day task agreed upon, it was reported.... read more

 Merco Press21 days ago
Higher taxes ahead for Argentine real estate owners

Argentine President Mauricio Macri has created a new body within his administration to reassess the value of land and home property in order to "reflect the reality of the real estate market" ... and recalculate taxation thereupon.... read more

 Merco Press21 days ago
Falklands: Brexit and Argentina's plan for closer links with the Islands

Brexit brings a chance to strengthen ties between Argentina and the Falkland Islands, the country's foreign minister Jorge Faurie said in London. Faurie met with Foreign Secretary Jeremy Hunt and the pair discussed increasing trade and travel links b... read more

 Merco Press21 days ago
Argentina expects final approval of 2019 budget by mid November

Lawmakers in Argentina’s lower house of Congress approved on early morning Thursday an unpopular austerity budget designed to meet the stiff requirements of a US$57.1 billion International Monetary Fund bailout.... read more

 Merco Press21 days ago
Dujovne foresees Argentina's October inflation "will be bad"

Argentina's Finance Minister Nicolás Dujovne Tuesday admitted October's inflation "will be bad" due to the September carryover. But he expected "a clear drop" for November.... read more

 Merco Press21 days ago
Faurie in London: "Argentina is building institutions"

Argentina’s Foreign Minister spoke at a conference in Chatham House about the political and economic changes happening in Latin America.... read more

 Merco Press22 days ago
Falklands' family will host an Argentine student of International Relations

Nicolás Aguiar, a 24-year International Relations student at the University of Rosario in central Argentina will be spending a week next February in the Falkland Islands, with a local family, following his successful video presentation replying to th... read more

 Merco Press22 days ago
Argentine government disappointed with Pope Francis involvement in local politics

Argentina's Security Minister Patricia Bullrich has criticized Pope Francis, the leader of the Catholic Church, saying he has not "taken the necessary distance from Argentine politics."... read more

 Merco Press22 days ago
Puerto Madryn is expecting 39 cruise calls this 2018/19 season

Puerto Madryn in the Patagonia province of Chubut, and one of three Argentine ports operating with cruise vessels is expecting to receive 39 calls this 2018/19 season, totaling some 59.000 visitors and 28.000 crew members.... read more

 Merco Press22 days ago
Riots outside, and insults inside as Argentine Congress discusses austerity budget

Protesters opposed to proposed austerity measures clashed with police outside Argentina's Congress on Wednesday as lawmakers discussed next year's budget. Dozens of people threw rocks while police in riot gear responded with rubber bullets and water ... read more

 Merco Press22 days ago
Argentina eyes reopening Norpatagónico railroad to boost Vaca Muerta

Argentina will seek 780 million US dollars to recover the Norpatagónico freight railroad to link the Vaca Muerta hydrocarbon facilities to the port of Bahía Blanca, in the province of Buenos Aires, through Neuquén, La Pampa and RioNegro, President Ma... read more

 Merco Press23 days ago
Argentina - UK: Foreign ministers meet in London

On Minister Faurie’s first official visit to the UK he held talks with his counterpart, Jeremy Hunt, on the most salient issues of the broad bilateral agenda.... read more

 Merco Press23 days ago
Dujovne foresees Argentina's October inflation "will be bad"

Argentina's Finance Minister Nicolás Dujovne Tuesday admitted October's inflation "will be bad" due to the September carryover. But he expected "a clear drop" for November.... read more

 Merco Press23 days ago
Mapuche demands freeze Chinese wind energy project for Bariloche

A Chinese renewable energy investment in Patagonia was halted after no agreement could be reached with the small mapuche community living where the wind turbines were going to be installed.... read more

 Merco Press23 days ago
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 Press72 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 Press72 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 Press73 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 Press74 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 Press74 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 Press74 days ago