EconomyLoop
where regional business news becomes global to everyone

Argentina posted a primary fiscal deficit of 3.9% of GDP during 2017

Argentina posted a primary fiscal deficit worth 3.9% of GDP in 2017, below its 4.2% goal and the 4.6% figure posted in 2016, Treasury Minister Nicolas Dujovne told reporters. He said the government’s 2018 target for a primary fiscal deficit remained ... read more

 Merco PressYesterday

     
Argentina drastically slashes docking services to lower exports' costs

Argentina has set a maximum rate paid for port docking and undocking services, the government said in its official gazette, a change the Transportation Ministry said would slash docking costs by up to 40%. The move comes as President Mauricio Macri s... read more

 Merco PressYesterday
Argentina's GDP expanded 2.9% in 2017, bouncing from a 2.2% retraction in 2016

Argentina’s gross domestic product (GDP) expanded by 2.9% in 2017, and grew 0.7% in the fourth quarter from the third quarter, a Treasury Ministry source said on Friday, bouncing back from a 2.2% contraction the prior year.... read more

 Merco PressYesterday
EU lifts anti-dumpling duties imposed on Argentine bio-diesel, as indicated by WTO

European Union ambassadors agreed on Thursday to withdraw an appeal to the European Court of Justice meaning the bloc will have to accept its verdict annulling anti-dumping duties imposed on imports of biodiesel from Argentina and Indonesia.... read more

 Merco Press2 days ago
Ex wife of Nisman claims he was killed to silence him and scare judges and prosecutors

Argentina solemnly marked the third anniversary of the murder of Alberto Nisman on Thursday, with relatives and colleagues of the late federal prosecutor — who spent more than a decade investigating Iran’s responsibility for the 1994 bombing of the A... read more

 Merco Press2 days ago
Francis calls on Mapuches to shun violence, which "turns a most just cause into a lie"

Pope Francis urged Chile’s indigenous Mapuche people on Wednesday to shun violence, saying unity was the best weapon against “the deforestation of hope,” as they struggle to defend their culture and reclaim ancestral lands.... read more

 Merco Press3 days ago
All cuts of Argentine beef and lamb have full access to the Chinese market

Argentina and China signed a "historic" agreement that opens the huge Asian market to beef and lamb with bone from the South American country, according to Senasa the Argentine agriculture and livestock sanitary office. The deal concludes fifteen yea... read more

 Merco Press3 days ago
Vatican protocol message to President Macri when Pope overflew Argentina

While overflying Argentine territory on Monday, in his trip to Chile for a three-day visit, Pope Francis sent his "warm greetings" to President Mauricio Macri and called on his fellow Argentines not to forget to pray for him, in his twenty second apo... read more

 Merco Press5 days ago
Far less Argentines than expected crossed to Chile for the Pope's visit

Argentine born pope Francis three-day visit to neighboring Chile attracted less of his countrypeople than was expected according to the preparations and border controls. The Argentine Gendarmerie at the Christ Redempteur pass, reported that on Sunday... read more

 Merco Press5 days ago
Three vessels and Russia's ROV continue search for ARA San Juan, missing since two months

Argentine navy ARA Islas Malvinas, a vessel normally assigned to patrolling duties in the southern seas and supplying Argentine scientific bases and stations in Antarctica has joined the search for the submarine ARA San Juan with a crew of 44, which ... read more

 Merco Press6 days ago
Falklands' war hero Rick Jolly, who saved hundreds of lives of British and Argentine solider, has died

A Royal Navy medical officer who saved the lives of hundreds of British and Argentine troops during the Falklands War has died, aged 71. Working amid terrible conditions in the field, Surgeon Capt Rick Jolly OBE, from Torpoint, Cornwall, saved the li... read more

 Merco Press6 days ago
Francis arrives in Chile to a divided church with threats of violence and protests over abuses allegations

Pope Francis' trip to South America is supposed to be all about peace, unity and hope. But the pontiff could also be welcomed with protests, threats of violence and controversy over allegations of abuses by the Catholic Church. Argentina born Francis... read more

 Merco Press6 days ago
Argentine union leaders warn Macri, and forecast he may not end his mandate

The Argentine government approach to the power challenge from strong unions has managed so far to have several of its leaders indicted for money laundering, fraud, racketeering and widespread corruption, including one who is jailed in neighboring Ur... read more

 Merco Press8 days ago
Argentina inflation reached 24.8% in 2017, well above central bank's target

Consumer prices in Argentina rose 24.8% in 2017 after a sharp 3.1% increase in December, government data showed on Thursday, well above the central bank's target range for annual inflation of 12-17%t. The monthly reading, which was above median expec... read more

 Merco Press9 days ago
Timerman barred from flying to US; Argentine government will appeal decision on humanitarian reasons

The United States barred former Argentine Minister of Foreign Relations Hector Timerman from entering the country because of several pending court cases. The Argentine government said it would appeal the decision, and request a new visa, since Mr. Ti... read more

 Merco Press10 days ago
Argentine central bank cuts basic rate to 28%; annual inflation target 15%

Argentina’s central bank cut its policy rate to 28% from 28.75%, two weeks after relaxing its 2018 inflation target, the bank said on Tuesday. The bank’s first rate cut in 14 months came after a December 28 news conference announcing an official infl... read more

 Merco Press11 days ago
Governor Maria Eugenia Vidal fighting corruption and graft in Buenos Aires province

Buenos Aires province governor Maria Eugenia Vidal said that the union boss arrested in Uruguay is one of “the many Balcedo and Caballo Suarez”, who before were protected, and today are behind bars”.... read more

 Merco Press12 days ago
Argentina and Chile forecasted to lead global lithium production

A new report by BMI Research states that based on project pipelines, Chile and Argentina will lead lithium production in coming years, with the bulk of new capacity coming online in 2019.... read more

 Merco Press13 days ago
Argentina dismantling the extortive power of the corrupt unions

A member of Argentina's elite of powerful union sharks has been arrested in Uruguay at his Great Chaparral ranch and is awaiting extradition to Buenos Aires to face charges of corruption, money laundering, extortion, stealing funds and links with the... read more

 Merco Press13 days ago
Argentine stock market reaches a new record, 13th session running of gains

Good and not so good news from Argentina. Merval, the main index of the Buenos Aires Stock Exchange, rose 0.79% to 32,505.59 points on Friday, a new settlement record that marked the 13th consecutive session of gains to the Argentine stock market. Me... read more

 Merco Press15 days ago
Chinese locomotives to revive Argentina's cargo train network

A new shipment of Chinese-made locomotives arrived in the Port of Buenos Aires on Wednesday to revive Argentina's key Belgrano Cargas cargo train network. The eight locomotives will form part of a strategic rail line that traverses northern Argentina... read more

 Merco Press16 days ago
Crackdown on phantom employees, "gnocchi", in the Argentine Congress

Nearly 200 phantom workers at Argentina's parliament have been caught in a crackdown on employees who only show up sporadically for their jobs, it has been reported. According to La Nacion, the Argentine Congress implemented a new attendance control ... read more

 Merco Press16 days ago
Drought in north Argentina seriously delaying plating of soy and corn

The drought in Argentina continues in several regions and has generated a delay of planting for the 2017-18 season. A report authored by the institution AgroEducación indicated that La Niña, though subtle, already impacts the region with temperatures... read more

 Merco Press16 days ago
Argentina sells US$ 9bn in bonds, "at the lowest yields in the country's history"

Argentina sold US$ 9 billion in a three-part dollar bond issuance that was oversubscribed on Thursday, covering nearly a third of its expected financing needs for 2018 early in the year. Latin America’s third largest economy sold US$1.75 billion in f... read more

 Merco Press16 days ago
Russian navy's “Yantar”, oceanographic or state of the art “spy vessel”

The Russian navy is very proud of its new spy ship, the Yantar, which is now doing Argentina a favor by helping to search for a missing submarine, ARA San Juan, which disappeared on 15 November in the South Atlantic.... read more

 Merco Press17 days ago
Russian navy's "Yantar", an oceanographic or state of the art "spy vessel"

The Russian navy is very proud of its new spy ship, the Yantar, which is now doing Argentina a favor by helping to search for a missing submarine, ARA San Juan, which disappeared on 15 November in the South Atlantic.... read more

 Merco Press17 days ago
Lack of rainfall in Buenos Aires province affecting soy planting and prices

Argentina's bread-basket province of Buenos Aires will remain mostly dry over the days ahead, meteorologists said on Tuesday, after reporting scant rains over the weekend in the country's biggest and most productive farm area.... read more

 Merco Press18 days ago
Argentina recalls when Malvinas Islands were "illegally" occupied by British forces

In advance of January 3rd, when Argentina recalls the date in 1833 in which allegedly British forces "illegally" occupied the Malvinas (Falkland) Islands, the foreign ministry, Palacio San Martín, released a statement reaffirming its imprescriptible ... read more

 Merco Press18 days ago
Icebreaker Irizar calls at Ushuaia on her 2017/18 Antarctica campaign

Argentina's flagship of Antarctica operations is back after ten long years. The refurbished icebreaker ARA Almirante Irizar, called at Ushuaia, Tierra del Fuego, on New Year before leaving for the 2017/18 summer campaign.... read more

 Merco Press19 days ago
IMF report on Argentina: good, but watch out borrowing to finance the budget deficit

The International Monetary Fund (IMF) on Friday raised its outlook for Argentina’s economic growth to 2.8% in 2017, up from 2.5% seen in October, while keeping its forecast for 2018 growth steady at 2.5%.... read more

 Merco Press21 days ago
Argentina aggressively promoting cruise tourism with lower costs for large vessels

Argentina is expecting 490.000 cruise visitors this season and is targeting a million visitors in the following years, and to promote this policy it has announced a drastic cut in port fees and costs, with special emphasis on those vessels which are ... read more

 Merco Press23 days ago
Argentina's Merval breaks the 30.000-point barrier and ends 2017 gaining 77%

Merval, the benchmark stock market index in Argentina, ended Thursday's last trading session of 2017 above the 30,000-point barrier for the first time in history. The index rose 2.84% to 30,024.24 after the local government increased the inflation ta... read more

 Merco Press23 days ago
Argentina increases inflation targets for 2018/19, closer to private estimates

Argentina changed its inflation target for 2018 to 15%, up from the central bank’s previous goal of 8-12%, Treasury Minister Nicolas Dujovne said on Thursday, raising expectations for interest rate cuts. The government will postpone by one year its g... read more

 Merco Press23 days ago
US withdraws support for the search of the ARA San Juan submarine

The United States Southern Command announced the U.S. was withdrawing support for the mission to find the Argentine submarine that went missing last month with 44 aboard in the South Atlantic.... read more

 Merco Press23 days ago
Argentine Senate approves tax reform and 2018 budget; economy expanded 0.2% in October

Argentina’s Senate on Wednesday gave final approval to the government’s tax reform and 2018 budget plan, part of President Mauricio Macri’s push to cut business costs and attract investment to Latin America’s No. 3 economy.... read more

 Merco Press24 days ago
Argentina's stock market Merval has gained around 75% in the last twelve months

Merval, the benchmark stock market index in Argentina, rose 0.25% to 29,260.33 on Wednesday, reflecting investor optimism that the Senate would pass the 2018 budget and a tax reform. It was the seventh consecutive increase of the index.... read more

 Merco Press24 days ago
Argentine Air Force base turned into an airport for low cost airlines' operations

El Palomar airport to the west of metropolitan Buenos Aires was officially incorporated to Argentina's National System of Airports and will be open for the low cost airlines to operate, beginning January.... read more

 Merco Press24 days ago
Federal Judge Griesa who presided over Argentina's dispute with hedge funds, has died

A New York federal judge who drew the ire of Argentine government officials in a long-running case over Argentina’s debts has died. Judge Thomas P. Griesa was 87, and spent 45 years on the federal bench.... read more

 Merco Press25 days ago
Moody's expects Argentine economic recovery in 2018 and 2019

Credit risk rating agency Moody's expects Argentina's economic recovery to continue in 2018 and 2019, helped by the reforms advanced by the Mauricio Macri's administration in the last two years.... read more

 Merco Press25 days ago
It's official: Nisman was murdered, and his ex secretary is charged as accessory to the crime

Alberto Nisman, the Argentine prosecutor who was found dead days after accusing former President Cristina Fernandez of covering up Iran’s role in the 1994 bombing of a Jewish community center, was murdered, a federal judge said on Tuesday... read more

 Merco Press25 days ago
Argentine demanding US$ 1.2bn compensation from Cristina Fernandez and cronies

The Argentine government is demanding compensations of over 1.2 billion US dollars from ex president Cristina Fernandez, several of her ministers and staff, as well as businessmen benefitted by the Kirchner administrations, for damages caused by acts... read more

 Merco Press25 days ago
Merry Xmas and Happy New Year !!!

MercoPress wishes a happy holiday season to all its readers.... read more

 Merco Press27 days ago
Indictment and preventive imprisonment of Cristina Fernandez confirmed by federal court

An Argentine Federal Court in Buenos Aires City confirmed the indictment and preventive imprisonment of ex president Cristina Fernandez, one of several defendants under investigation for the alleged cover up of the attack against a Jewish organizatio... read more

 Merco Press28 days ago
Macri sends message to the Venezuelan people and demands respect for human rights

Argentine president Mauricio Macri in Brasilia expressed full solidarity with the Venezuelan people, called for human rights respect and freedom for the political prisoners held by the regime of president Nicolas Maduro.... read more

 Merco Press30 days ago
Argentina: Approval of reform bills triggers markets

Merval, the main index of the Buenos Aires Stock Exchange, rose 1.51% Thursday, closing at 28,494.01 points - close to exceeding the maximum of the year, by 28,500 points. The Argentine stocks were driven by the approval of the pension and tax reform... read more

 Merco Press30 days ago
President Maduro "cries" for Argentina and pledges to work for the people

The president of Venezuela, Nicolás Maduro, condemned the repression carried out by the Argentine security forces of president Mauricio Macri during the debate in Congress of the pensions' reform system, and underlined that the television reports fro... read more

 Merco Press31 days ago
Argentina's tax reform bill passed in the Lower House by 146 to 77 votes

Argentina’s business-friendly President Mauricio Macri continued his year-end legislative winning streak on Wednesday when the lower House of Congress approved his plan for cutting corporate income and employer social security taxes.... read more

 Merco Press31 days ago
Shame on you Argentina

A heartbreaking photo of a tiny indigenous girl drinking from a filthy puddle in the blistering sun has prompted soul searching across Argentina and the wider Spanish-speaking world. The toddler, from the Mbya Guarani people who live across Brazil an... read more

 Merco Press32 days ago
EU support for Falklands at the UN in doubt, warns ex UK ambassador

The European Union will refuse to back Britain in United Nations votes over the Falkland Islands after Brexit, a former ambassador has suggested. Other countries regarded the UK’s loss of influence since the Leave vote “as a shark would regard blood ... read more

 Merco Press32 days ago
Despite the violence and protests, Argentina's pension reform bill is passed

Argentina’s president defended a pension reform bill approved by Congress in the early hours of Tuesday that has prompted violent protests and a general strike, saying it seeks only to benefit retirees. The measure passed in the lower house by a 127-... read more

 Merco Press32 days ago