News of economy

Public transport fares to increase 40% in December

Today 00:44 Transport Minister Alexis Guerrera says extent of hike is still being analysed but confirms that fares in Buenos Aires metropolitan area will rise by “an approximate average of 40%” before the end of the year.

GOVERNMENT & POLICY

Massa unveils export stimulus programme for tech sector

Yesterdat 10:36 Scheme aims to boost technology exports to US$10 billion next year, says economy minister.

BRAZIL ELECTION 2022

Lula seeks to pivot campaign to Brazil's northeast ahead of run-off

03-10-2022 15:48 Former Brazilian president seeks to pivot his campaign to Brazil's northeast and the key state of São Paulo after a narrower than expected first-round vote.

Brazil President Jair Bolsonaro, pictured on election day with members of his inner circle.

BRAZIL ELECTION 2022

Analysts react: Bolsonaro has momentum ahead of Brazil run-off

03-10-2022 10:00 Brazil is heading to a run-off election between President Jair Bolsonaro and Luiz Inácio Lula da Silva on October 30 – political experts and economists react to the results of Sunday's first-round vote.

Luiz Inácio Lula da Silva and Jair Bolsonaro.

BRAZIL ELECTION 2022

Deeply divided Brazil votes in crunch Bolsonaro-Lula showdown

02-10-2022 08:40 Brazilians head to the polls, with all eyes on whether front-runner Luiz Inácio Lula da Silva can win in a single round – and whether incumbent Jair Bolsonaro will accept the result.

A man exchanges Panini World Cup football stickers at Parque Rivadivia in Buenos Aires on September 18, 2022.

Qatar 2022 World Cup

In Latin America, World Cup stickers are a quadrennial craze

02-10-2022 08:10 Like every four years, the Panini sticker album of the World Cup, which this time will be held in Qatar from November 20 to December 18, measures the temperature of a region that goes out of its way for football.

Aerial view of an almost dry yerba mate plantation during a drought in a field of the Cooperativa Agricola de la Colonia Liebig in Corrientes, Argentina, on February 23, 2022. In Colonia Liebig, northeastern Argentina, its more than 4,000 inhabitants depend on the yerba mate farming cooperative founded a century ago by German settlers, but drought has killed their yerba mate fields and after breaking production records in 2021, a slump is looming.

Agriculture

'Soy dollar' exports boost Central Bank reserves by US$7.6 billion

01-10-2022 11:31 Sergio Massa's 'soy dollar' exchange rate prompts producers to sell more than US$7.6 billion in grains, boosting Central Bank reserves.

POLITICS

Sergio Massa: from buying time to running out of time

01-10-2022 07:00 No-one should doubt Massa’s courage in taking on the Economy Ministry at a time of extreme crisis, nor his ambition, despite claiming he’s taking his final steps in the political realm. He’s eyeing 2023 and 2027. Both Fernándezes know this, and they don’t like it.

by Agustino Fontevecchia

Workers hold a demonstration outside the Pirelli tyre factory in Merlo, Buenos Aires Province, on September 29, 2022.

Labour unrest

Union lifts strike after sealing wage deal with tyre-producing firms

30-09-2022 15:40 Workers at the main tyre-producing factories in Argentina have on strike demanding salary improvements, keeping the production of tires in the country paralyzed.

And that reminds me…

The boys from Brazil

30-09-2022 14:43 The press never tires of reminding us of Bolsonaro’s appalling record with the coronavirus pandemic and Amazon deforestation among other disasters, but the rightist runs into terminal problems even accepting his own premises.

by Michael Soltys

Protests outside the Iranian Embassy in Buenos Aires.

THE WEEK IN REVIEW

Stories that caught our eye: September 23 to 30

30-09-2022 14:34 A selection of the stories that caught our eye over the last seven days in Argentina.

A money changer counts notes at his shop in the Lebanese capital Beirut on September 22, 2022.

WORLD ECONOMY

Strong US dollar an unstoppable force endangering other currencies

30-09-2022 14:19 The dazzling rise of the US dollar, which has hit one record after another, is raising fears of a severe currency crash that could reverberate around the world.

INTERVIEW / PERIODISMO PURO

Henrique Meirelles: ‘Whether the president-elect is Lula or Bolsonaro, they face a difficult situation’

30-09-2022 09:32 Brazil's former economy minister and Central Bank governor Henrique Meirelles on the challenges facing his country, Lula’s run for office and whether Jair Bolsonaro is a threat to democracy.

by Jorge Fontevecchia

Luiz Inácio Lula da Silva, Brazil's former president, Argentina's Vice-President Cristina Fernández de Kirchner and Argentina's President Alberto Fernández.

ARGENTINA & THE IMF

Lula criticises Alberto Fernández for sticking to IMF debt deal

29-09-2022 14:11 Former Brazil president and candidate in this Sunday’s election says Argentina’s leader is “in a bind” and has disappointed voters by attempting to resolve the nation's US$44.5-billion debt deal.

Poverty in Argentina

Around 5.5 million children in Argentina living in poverty

29-09-2022 02:11 Child poverty affected 50.9% of Argentina’s population in the first half of 2022, according to the Permanent Household Survey (EPH) by the INDEC national statistics bureau.

A homeless man sleeps in a street of Buenos Aires on September 28, 2022.

ECONOMIC INDICATORS

Poverty reached 36.5% in the first half of 2022

29-09-2022 02:05 According to government data, almost four out of every 10 people in Argentina are considered poor; More than half of children aged up to 14 years old live in poverty, with 5.3 million nationwide in extreme poverty.

BLOOMBERG – ANALYSIS

Poverty remains above pre-pandemic level in early 2022

29-09-2022 02:00 Argentina's poverty rate remained above pre-pandemic levels in the first half of this year as high inflation eroded benefits of country's economic recovery.

Aerial view of a burnt are of the Amazonia rainforest in Apui, southern Amazonas State, Brazil, on September 21, 2022.

BRAZIL ELECTION 2022

High stakes for climate-change race in Brazil vote

29-09-2022 01:27 Under Bolsonaro, average annual deforestation in the Brazilian Amazon has risen by 75% compared to the previous decade, with environmental funding slashed.

Britain's Prime Minister Liz Truss and Britain's Chancellor of the Exchequer Kwasi Kwarteng chat during a visit to Berkeley Modular, in Northfleet, in south-east England on September 23, 2022. The UK's new government has unveiled multi-billion-pound measures aimed at supporting households and businesses hit by the highest inflation in decades.

BLOOMBERG – ANALYSIS

British pound collapse erodes international trust in UK

28-09-2022 23:41 The UK thought it had the trust of markets — until it didn’t. Now homeowners and businesses will likely have to pay the price.

Economy Minister Sergio Massa presents the 2023 Budget bill to Congress.

Budget 2023

Budget 2023: Massa projects 2% growth and 60% inflation

28-09-2022 23:10 Gross domestic product will grow 2% in 2023, with the government aiming for a fiscal deficit of 1.9% and annual inflation rate of 60%, according to the draft budget bill unveiled by Economy Minister Sergio Massa.

Images posted by delayed passengers at Aeroparque Jorge Newbery.

Labour unrest

Strike hits airports in Buenos Aires as labour tensions rise

27-09-2022 16:10 Flights cancelled at Ezeiza and Aeroparque Jorge Newbery due to a trade union action: Measure promoted by ATE workers union affects destinations including San Luis, Formosa, Jujuy, Rosario, Bahía Blanca and Río Grande.

'Pulla', treasurer and technical manager of a cannabis club, smokes a joint rolled with marijuana grown in the club's grow room, in Montevideo, on August 18, 2022.

CANNABIS & MARIJUANA

Uruguay curbs weed-trafficking but illegal purchases remain widespread

27-09-2022 15:32 In 2013, Uruguay made history when it became the first country in the world to legalise and regulate the production of cannabis. Nine years on, only 27% of people who acquire the drug do so legally, according to a new study.

Brazilian President Jair Bolsonaro speaks during the Brazilian Steel Conference, in Sao Paulo, Brazil, on August 23, 2022.

BRAZIL ELECTION 2022

Brazil's business sector still supports Bolsonaro, but with reservations

27-09-2022 15:12 Elected in 2018 on a promise to reduce state intervention, far-right stayed true to his word with a series of policies favouring business – but support is not unanimous.

MARKETS

Investors dodge Argentina bond pain by buying up YPF, provinces

27-09-2022 13:18 Quasi-sovereigns posting best returns in emerging markets; Meanwhile, Argentina’s sovereign bonds slumped more than 35%.

A demonstration in front of the Labour Ministry after a joint meeting of tyre workers and their union representatives in the framework of an extensive conflict over wage improvements and working conditions.

LABOUR TENSIONS

Strike paralyses tyre production, forces closure of car plants

26-09-2022 21:55 A strike by workers demanding higher wages has brought tyre production and activity at two major car factories in Argentina to a complete halt.

The headquarters of the Economy Ministry in Buenos Aires.

ECONOMIC INDICATORS

Economy stalled as inflation spiked in July

26-09-2022 17:30 Argentina’s economy plateaued in July as an inflation spike caused by political volatility paralysed some sectors.

View of an exchange house on Calle Florida in Buenos Aires, on June 23, 2022.

WORLD ECONOMY

OECD: World economy to slow, 'paying the price of war'

26-09-2022 15:33 OECD reduces Argentina's growth forecast for 2023 by 1.5 points, predicting an expansion of 0.4% next year. Outlook for this year remains unchanged, with estimated growth of 3.6%.

A Petrobras petrol station in Rio de Janeiro.

Bloomberg

Lula has big Petrobras plans that would undo privatisation push

26-09-2022 14:39 Next week’s elections in Brazil pose a challenge to Petrobras investors: Lula has vowed to use the company as a vehicle for national development, but Jair Bolsonaro is proposing the complete opposite.

Luiz Inácio Lula da Silva, Brazil's former president, speaks during a rally at the Portela Samba School in Rio de Janeiro, Brazil, on Sunday, September 25, 2022. Lula is gaining momentum in the final days of campaigning, nearing the simple majority needed to give him a first-round presidential victory on October 2, a new DataFolha poll shows.

BRAZIL ELECTION 2022

Lula nears first-round win just days before vote, poll shows

26-09-2022 14:25 Lula is gaining momentum in the final days of campaigning, nearing the simple majority needed to give him a first-round presidential victory on October 2, a new DataFolha poll shows.

President Alberto Fernández delivers a speech at the United Nations General Assembly.

And that reminds me...

Another UN (General Assembly) bites the dust

24-09-2022 07:26 President Alberto Fernández's maiden live performance at the UN General Assembly caused more of a splash here than in New York and on the basis of a domestic rather than international issue.

by Michael Soltys

Protestors hold placards calling for an 'Argentine Sea free from oil companies' at a march in Buenos Aires. Argentina's government has in recent years awarded tenders to 13 companies to explore for offshore oil.

ECONOMY & ENVIRONMENT

Climate and spills in focus as offshore oil gathers pace in Argentina

24-09-2022 06:01 Argentina's government has awarded dozens of tenders to explore for oil in the country’s waters, unleashing conflicts among companies, civil society and the state itself.

Big tech

A Holy War is raging between Google, Facebook, and the media industry

24-09-2022 06:00 The power that Google, Facebook and a few other companies hold over the information ecosystem, where they’ve become the de facto gatekeepers, is troubling. Ultimately they've taken over an editorial role that used to be controlled by media companies, in particular news publishers.

by Agustino Fontevecchia

IMF Managing Director Kristalina Georgieva and her team meet President Alberto Fernández and government officials in New York in September 2022.,

THE WEEK IN REVIEW

Stories that caught our eye: September 15 to 22

23-09-2022 13:08 A selection of stories that caught our eye over the last seven days in Argentina.

EDITORIAL

Neither magic nor realism

23-09-2022 13:00 The theatre of the absurd would seem to have found a home in Argentina. Yet amid all this surrealism there are real problems awaiting real solutions and until these arrive, there seem no limits as to what will fill the vacuum.

Inter-American Development Bank

IDB board recommends removing Trump-picked chief Claver-Carone

22-09-2022 23:39 Executive directors of the Inter-American Development Bank unanimously recommend ousting chief Mauricio Claver-Carone after a probe into an alleged romantic relationship with a top aide found he probably violated ethics rules.

Images from the fatal explosion at the refinery owned by the local firm New American Oil in the Neuquén town of Plaza Huincul.

REFINERY EXPLOSION

Oil and gas workers strike after three killed in Neuquén refinery explosion

22-09-2022 19:27 At least three killed after one of main crude oil tanks at New American Oil refinery in Plaza Huincul explodes; Local oil and gas union calls strike action while decrying lack of safety.

Unemployed individuals line up in a queue looking for work.

ECONOMIC INDICATORS

Unemployment dropped to 6.9% in second quarter, says INDEC

22-09-2022 18:38 Unemployment fell to 6.9% in the second quarter from 9.6% in the same period last year, according to official data, in large part due to the coronavirus pandemic.

Farmers in Buenos Aires Province harvest soybeans.

Bloomberg

Drought, soaring fertiliser costs push Argentine farmers to grow more soy

22-09-2022 11:13 Farmers are grappling with a third straight year of withering drought ahead of the growing season, but this year they have a new strategy to beat it: plant soybeans.

Soy producers in Buenos Aires Province harvest the fields.

AGRICULTURE

China scoops up cheaper Argentina soybeans as US harvest begins

21-09-2022 15:20 China, the world's biggest soybean importer, has greatly increased purchases from Argentina, just as US farmers begin to harvest their crop.

Porteños walk the streets near Argentina's financial district in Buenos Aires.

ECONOMIC INDICATORS

Argentina's second-quarter economic growth surpasses expectations

21-09-2022 15:07 Economy grew more than expected in the second quarter of the year as rising commodity prices boosted exports.

STICKER CRAZE

Government intervenes after country runs out of World Cup stickers

21-09-2022 15:04 Widespread shortage of World Cup stickers triggers public commotion and even forces the government to intervene.

President Alberto Fernández addresses the General Assembly at the United Nations on September 20, 2022 in New York City.

UNITED NATIONS GENERAL ASSEMBLY

President warns UN leaders of threat from political violence

20-09-2022 22:21 Alberto Fernández addresses attempted assassination of Cristina Fernández de Kirchner on world stage for first time, as he calls for greater global solidarity on efforts to tackle political violence and food insecurity.

Mauricio Macri and Cristina Fernández de Kirchner, pictured in 2011 when the former was Buenos Aires City mayor and the latter was president of the nation.

POLITICS

No approach yet but long-shot CFK-Macri summit still a possibility

20-09-2022 15:20 Argentina’s Vice-President Cristina Fernández de Kirchner recognises that were she to sit down with anybody from the opposition, it would be with the ex-president, whom she considers is the true boss of Juntos por el Cambio. Mauricio Macri would agree to the meeting but believes that Cristina must make the invitation.

Argentina's players celebrate their Copa América triumph.

Bloomberg

Broker’s model sees Argentina beating England in World Cup Final

20-09-2022 13:28 A London-based stockbroker has forecast victory for Argentina and yet more years of hurt for England football fans, according to its model predicting the winner of the upcoming FIFA World Cup.

President Alberto Fernández meets with IMF Managing Director Kristalina Georgieva.

WHEN ALBERTO MET KRISTALINA

‘Doing well’ – IMF chief backs Argentina's course in meeting with president

19-09-2022 17:05 IMF Managing Director Kristalina Georgieva briefs media on “excellent” meeting with President Alberto Fernández; Reiterates praise for Economy Minister Sergio Massa, declaring: “Three ministers, one programme.”

by Rosario Ayerdi

Sergio Massa. Argentina Appoints New Minister of Economy Amid Political Turmoil

BLOOMBERG - ANALYSIS

Inflation spike shows clock is ticking for Sergio Massa

19-09-2022 16:26 Surge in inflation last month underlines the magnitude of the challenge facing Sergio Massa.

IMF Managing Director Kristalina Georgieva delivers an address at the organization's annual meeting.

ECONOMY

IMF agrees second Argentina loan review, backs US$3.9B payment

19-09-2022 14:33 Multilateral lender reaches staff-level agreement with Argentina over second review, praises "decisive" steps taken by Economy Minister Sergio Massa; Once approved by Fund's executive board, deal paves way for release of US$3.9 billion in funds.

An Argentina prototype of the low-enriched uranium fuel assembly designed for its Carem small-modular reactor.

ENERGY & INFRASTRUCTURE

China nuclear deal held up over Argentina’s reactor fuel demand

19-09-2022 09:35 Buenos Aires insists on the right to manufacture the fuel; Outcome of negotiations could weigh on global nuclear market.

POLITICS & ECONOMY

What do the Kirchnerites think of Massa?

16-09-2022 16:13 Why is Economy Minister Sergio Massa allowed to do what Martín Guzmán wasn’t? And furthermore, is the ex-Tigre mayor doing enough?

by Agustino Fontevecchia

INTERVIEW / PERIODISMO PURO

Juan Grabois: ‘If Cristina decides to run in 2023, I’m behind her’

16-09-2022 16:00 Catholic social leader and lawyer Juan Grabois on the failed attack on the vice-president, political violence, hate speech and the gravity of the socio-economic situation in Argentina.

by Jorge Fontevecchia

Handout photo released by the Buenos Aires City Government shows actress Florencia de la V wearing the Amsterdam Rainbow Dress at Caminito street in La Boca neighbourhood in Buenos Aires, in the framework of the Equal Rights Coalition (ERC) International Congress. Buenos Aires is the first Latin American city to receive the emblematic dress for the defence of LGBTIQ+ rights.

THE WEEK IN REVIEW

Stories that caught our eye: September 10 to 16

16-09-2022 09:54 A selection of the stories that caught our eye over the last seven days in Argentina.

The offices of the Economy Ministry in Buenos Aires.

2023 Budget

Government's budget bill forecasts 60% inflation in 2023

16-09-2022 09:01 Argentina's government will forecast inflation hitting 60% in 2023 in its proposed budget, according to sources in Economy Ministry.

Fruit and vegetables, pictured for sale at a shop in Buenos Aires.

ECONOMIC INDICATORS

Inflation woes continue: prices up 7% in August

15-09-2022 23:52 Food and non-alcoholic beverages see highest spikes as purchasing-power continues to plummet; Prices have risen 56.4% since January with annual projections now nearing 100%.

economy

Central Bank hikes interest rates to 75% as inflation nears 100%

15-09-2022 23:17 Central Bank boosts benchmark Leliq rate by 5.5 percentage points to 75% in a bid to prop up its currency and curb inflation.

President Alberto Fernández meets with Economy Minister Sergio Massa at the Casa Rosada on Tuesday, September 13, 2022. Massa has recently returned from a trip to Washington and Houston.

FOREIGN POLICY & DIPLOMACY

President Fernández to attend UN General Assembly in New York

15-09-2022 16:37 Peronist leader will deliver speech before UN General Assembly in New York on Tuesday, before heading to Houston for talks with energy industry leaders. Postponed meeting with US President Joe Biden has not been rescheduled for this trip.

Sergio Massa, Argentina's economy minister, pictured during a press conference at the Economy Ministry building in Buenos Aires.

FEATURE

Cash-strapped Argentina goes all or nothing on new economy chief

15-09-2022 15:55 New ‘super’ minister has undoubted political clout and scored early wins in Washington – but Sergio Massa’s presidential ambitions depend on avoiding economic meltdown

Argentina's Central Bank, in Buenos Aires City.

BLOOMBERG - ANALYSIS

Inflation hits 79% ahead of likely rate hike

15-09-2022 15:20 Annual inflation in Argentina surged to 78.5 percent in August, almost certainly cementing another Central Bank interest rate hike as early as this week.

General view of the Brasilia Teimosa favela in Recife, Pernambuco, northeast of Brazil, on September 10, 2022.

BRAZIL ELECTION 2022

Hunger returns to haunt Brazil amid divisive vote

15-09-2022 02:52 More than 33 million Brazilians live in hunger and the figure has become the subject of a bitter political battle as Latin America's biggest economy heads for a crucial October election.

Shoppers in Brazil have seen a 52% increase in milk prices, 60% increase in coffee and 85% increase in fruits.

FEATURE

Inflation is upending politics in the most unequal region on Earth

15-09-2022 02:22 In Latin America, persistent high inflation is widening the gap between rich and poor in what is already the world’s most unequal region.

INTERNATIONAL MONETARY FUND

'Inflation tops the list' of Argentina's problem, says IMF director

14-09-2022 09:24 Inflation is the main problem afflicting Argentina's economy, International Monetary Fund (IMF) chief Kristalina Georgieva said Tuesday.

Economy Minister Sergio Massa meets with International Monetary Fund (IMF) Kristalina Georgieva in Washington.

ECONOMY MINISTER IN WASHINGTON

IMF chief praises Massa's 'stabilising plan,' talks over review continue

12-09-2022 22:03 Argentina and the IMF to continue talks over latest disbursement of funds, says multilateral lender’s chief after high-level talks with Sergio Massa.

Economy Minister Sergio Massa leads talks with International Monetary Fund (IMF) Kristalina Georgieva in Washington.

ECONOMY MINISTER IN WASHINGTON

New economy chief wins IMF praise on first trip

12-09-2022 20:59 IMF Managing Director Kristalina Georgieva praises "strong steps" Economy Minister Sergio Massa has taken to stabilise the economy following meeting in Washington.

A field, sown with soy, in Buenos Aires Province.

Agriculture

Argentine soybeans flood market just as US harvests bumper crop

11-09-2022 10:04 Farmers rush to sell stockpiled soybeans this week after Argentina's government implemented a temporary devaluation of the peso intending to spur exports.

EDITORIAL

For a fistful of dollars

10-09-2022 02:00 The shock of the assassination attempt is quite rightly uppermost in public debate, but the real trends lie elsewhere.

A woman feeds pigeons near the Congress building in Buenos Aires, on September 8, 2022.

THE WEEK IN REVIEW

Stories that caught our eye: September 2 to September 9

09-09-2022 10:41 A selection of stories that caught our eye over the last seven days in Argentina.

Economy Minister Sergio Massa meets with key advisors to US President Joseph Biden at the White House.

ECONOMY MINISTER ABROAD

In Washington, Massa secures loan boost from World Bank, IDB

09-09-2022 09:42 Argentine delegation meets with officials from the Joe Biden administration and secures vital funding from Inter-American Development Bank, World Bank in lead-up to talks with IMF.

Britain's Prime Minister Liz Truss leaves from 10 Downing Street in central London on September 7, 2022.

British politics

New UK PM Truss promises to ride out economic storm

08-09-2022 01:01 Incoming British Prime Minister Liz Truss begins to set out plan to tackle soaring energy bills, as she tries to head off intense pressure of a cost-of-living crisis.

Aerial view of combine harvesters harvesting a soy field in Lobos, some 100 kilometres southwest of Buenos Aires, on April 29, 2022.

Agriculture

Soy exporters race to exploit new ‘soy dollar’ exchange rate

07-09-2022 17:21 More than two million tons cashed in the first two days of Sergio Massa’s new scheme to boost Central Bank reserves.

The Central Bank of Argentina in Buenos Aires, Argentina, on Thursday, July 7, 2022. Argentina's parallel exchange rate, untethered from the government's strict currency controls, has fallen 17% so far this week, prompting Buenos Aires shop owners to post signs announcing a 20% mark-up on all listed prices.

BLOOMBERG

Inflation to hit 100% by end of 2022, EcoGo says

07-09-2022 16:20 Economic consultancy firm EcoGo forecasts that inflation will hit 99.6% by the end of the year.

Handout picture shows Argentina's Economy Minister Sergio Massa and INDEC national statistics bureau chief Marco Lavagna during a meeting with the president of the Inter-American Development Bank (IDB), Mauricio Claver-Carone and the vice-president of the Countries of the IDB, Richard Martinez Alvarado, in Washington DC, on September 6, 2022.

MASSA IN THE UNITED STATES

IDB agrees to loan Argentina US$5 billion over this year and next

07-09-2022 12:17 After what appears to be a resetting of the relationship, the Inter-American Development Bank on Tuesday agreed to loan some US$5 billion to Argentina in 2022 and 2023.