News of economy

Bloomberg

Brazil looks to India as trade with Argentina deteriorates

15-01-2020 23:26 Brazil sees a huge potential for its exports of food and commodities, and a chance to increase its US$7 billion in annual bilateral trade with India to US$25 billion in the next few years.

Bloomberg

Paraguay set for economic rebound after recession

14-01-2020 16:04 Central Bank chief says Paraguay's economy will expand 4.1% as a broad recovery spanning agriculture to industry takes hold.

NEW ERA IN ARGENTINA

Kicillof in the land of overkill

11-01-2020 08:41 The next 180 days will not be a honeymoon. But they will not be the instant marital hell for the new government that the opposition is imagining either.

by Martín Gambarotta

FERNÁNDEZ'S FIRST MONTH

Fernández walks tightrope as he celebrates first month in office

09-01-2020 20:00 A month into his presidency, Peronist leader has embarked on an ambitious and risky juggling act in a bid to drag Argentina out of its worst economic crisis in almost 20 years.

MIGUEL PESCE INTERVIEW

Miguel Pesce: Central Bank will try to cut rates, slow inflation

09-01-2020 12:46 New Central Bank chief refuses to make inflation forecasts, saying he wants to rebuild the institution’s credibility “with results.”

ECONOMIC INDICATORS

Industry and construction continue free fall

09-01-2020 10:17 Data indicates industrial production slumped by 4.5% in November – 19th consecutive month of decline.

ECONOMIC MEASURES

Kulfas praises businesses as government re-launches Precios Cuidados

08-01-2020 17:46 Government re-launches price-controls scheme with a list of 310 items, which includes "leading brand" products "at reasonable prices," according to officials.

SPANISH POLITICS

Spanish PM Sánchez to stay on after aligning with Podemos

07-01-2020 12:51 Spain's Parliament on Tuesday narrowly confirmed Socialist leader Pedro Sánchez as prime minister for another term, paving the way for the country's first-ever coalition government since its return to democracy in the 1970s.

ECONOMIC CRISIS

Dying becomes a luxury as economic downturn hits home

06-01-2020 23:20 The cost of buying, renting and maintaining graves and tombs is so high that many in Argentina are opting to cremate their loved ones instead.

CRISIS IN VENEZUELA

Government condemns 'unacceptable harassment' of opposition in Venezuela

06-01-2020 12:06 “To impede by force the functioning of the legislative assembly is to condemn oneself to international isolation," Foreign Minister Felipe Solá posted on Twitter.

CAPITAL CONTROLS

‘Strict’ foreign-exchange controls to stay in place, says Kulfas

05-01-2020 08:26 “In the current context, strict exchange rate regulations are inevitable,” says production minister

BUENOS AIRES PROVINCE

Kicillof secures session on BA Province tax reform

04-01-2020 06:50 Intense two-hour meeting with opposition mayors ends with agreement over January 8 session on proposals to update provincial taxation in line with last year’s inflation. Debt woes lurk in background.

SALARY NEGOTIATIONS

Fernández asks workers not to make ‘excessive demands’ in wage talks

03-01-2020 06:00 “I want to ask those who work to take the situation into account and not make undue demands because that impacts economic results,” said the president in an interview with Radio 10.

BRAZIL UNDER BOLSONARO

Brazil's Bolsonaro holds his ground but faces tough second year

01-01-2020 09:00 Heading into his second year as president, far-right Brazilian leader has held firm to his combative culture-warrior policies while feuding with critics at home and abroad.

NEW ERA IN ARGENTINA

Fernández seals first 'social agreement' with business leaders, unions

29-12-2019 22:57 First meeting of Economic and Social Council ends with signing of four-page document – the "Compromiso Argentino para el Desarrollo y la Solidaridad."

2019 IN REVIEW

How the economic crisis came to define 2019

28-12-2019 08:52 As the year draws to a close, Argentina’s economy is in “virtual default,” according to President Alberto Fernández, who has compared the current crisis to the country’s worst-ever in 2001.

2010s: Decade in review

How Instagram changed the way we shop

27-12-2019 08:51 On its way to amassing more than a billion users, Instagram has become many things: a joyful storehouse of family photos, a sledgehammer for celebrity tabloid culture, a shadowy abyss of teen bullying – and a most powerful force in shaping commerce.

ECONOMIC INDICATORS

BA stock exchange soars as economic measures kick in

26-12-2019 21:50 The Buenos Aires stock exchange rose by almost six percent on Thursday as a package of economic reforms came into effect in Argentina.

CRISIS IN VENEZUELA

Momentum behind Guaidó fades as Venezuela's Maduro holds firm

24-12-2019 08:14 Cracks have appeared in opposition leader's base of support in the National Assembly. His re-election as congressional president is no longer assured and legislators' official terms expire in a few months.

RATINGS AGENCY

Fitch lifts Argentina out of restricted default for second time

24-12-2019 07:46 The decision to delay payments on the dollar-denominated Treasury bills, known as Letes, until August 31, 2020, placed the country in a one-day technical default, Fitch said.

ECONOMIC INDICATORS

Argentina's economy shrank by 0.9% in October, says INDEC

23-12-2019 17:40 Economy contracted by 2.3% in first 10 months of 2019, data from national statistics bureau shows.

Ley de Solidaridad

Cafiero: Government will approve emergency economic measures today

23-12-2019 17:23 "The enactment will be today," says Cabinet Chief.

INTERVIEW

Argentina is in 'virtual default,' declares President Fernández

23-12-2019 08:53 "It is not the same as 2001, but it is similar," Fernández said in an interview with TV programme La Cornice. "Today we are in virtual default."

BLOOMBERG – ANALYSIS

Fernández secures sweeping powers to conduct debt talks

22-12-2019 22:29 President will now have more authority to negotiate with creditors, raise worker salaries and hike taxes. Government secured passage with concessions including lower export taxes on oil, gas and mining, and tax relief for small farmers.

NEW ERA IN ARGENTINA

In defence of Martín Guzmán

21-12-2019 09:50 The current state of Argentina’s economy is perilous. The typical metaphor is that of a ticking time-bomb, the same one that was used when Macri took over the reins from Cristina Fernández de Kirchner.

by Agustino Fontevecchia

NEW ERA IN ARGENTINA

Bitter start to wallet-draining Christmas for middle class

21-12-2019 08:58 'Tourist dollar' tax sparks indignation among some, as government pushes legislative package it says will protect “highly vulnerable” Argentines.

Bloomberg

Argentina debt restructuring may be shaped by just two words

20-12-2019 16:25 A new rule within the collective action clauses (CAC) leaves potential for a dispute with investors, which could prompt the government to opt for a second-limb vote and extend the restructuring process

Economic Crisis

Unemployment reached 9.7% in third quarter of 2019

19-12-2019 15:04 Racked by economic crisis, Argentina's joblessness rate has actually shown slight improvement.

Economic Recovery

First protest against new government, sparked by recovery package

19-12-2019 12:32 Pro-Macri demonstrators protest against pension freezes and tax hikes on exports and foreign expenditures.

Emergency Bill

Debate over government's omnibus 'emergency' bill rages on

18-12-2019 20:39 Lawmakers are set to vote on the massive piece of legislation on Thursday that would formalise the "triple" emergency and set in motion a series of economic reforms to address the crisis

ECONOMIC MEASURES

Government announces new tax hikes, sends 'emergency bill' to Congress

18-12-2019 01:00 Economy Minister Martín Guzmán confirms trailed measures designed to boost growth, including higher export levies, 30% tax on foreign currency purchases, freeze on public utility prices, and bonus for pensioners

Bloomberg

Economy grows faster than expected, technically ending 18-month recession

18-12-2019 00:23 Argentina’s economy grew faster than expected in the third quarter, technically ending an 18-month recession.

Bloomberg

New tax hike is nightmare come true for Argentina's farmers

17-12-2019 16:55 As the new government continues to roll out tax hikes, powerful agricultural producers are showing both concern and anger.

NEW ERA IN ARGENTINA

Fernández administration to send recovery package to Congress

16-12-2019 15:21 Legislative package includes, among other measures, a 30 percent surcharge on 'tourist dollar,' increased taxes on exports and plans to make healthcare more accessible and affordable, according to government.

NEW MEASURES

Government confirms 30% charge on overseas purchases coming

16-12-2019 07:05 Argentina will return to a “tourist dollar” policy, under which foreign transactions face a 30% surcharge over the official rate, Cabinet Chief Santiago Cafiero confirms.

ARGENTINA'S NEW ERA

A permanent state of emergency

14-12-2019 10:40 Guzmán’s unexpected appointment at the helm of the hot-potato ministry strikes a delicate balance between the economic views of the president and those of the vicepresident, Cristina Fernández de Kirchner.

by Marcelo J. Garcia

Bloomberg

No date set for Argentine debt talks, IMF spokesman says

12-12-2019 17:05 Argentina’s record bailout from the fund has been on hold for months, and even after President Alberto Fernández took office on Tuesday, it’s unclear when it might move forward.

NEW PRESIDENT

Alberto Fernández’s five biggest economic challenges

12-12-2019 08:16 President-elect took power on December 10 facing a challenging economic and social crisis, with a deep recession and runaway inflation.

Buenos Aires Province

New Buenos Aires Province Governor Kicillof warns of 'emergency'

11-12-2019 14:47 In his first speech to lawmakers as chief of nation's most-populous province, former economy minister denounces failures of Mauricio Macri administration and says region faces an urgent emergency.

New government

Santiago Cafiero says government may declare state of emergency

11-12-2019 13:48 New Cabinet chief describes Mauricio Macri's government as the "worst in the history of democracy" in Argentina.

Bloomberg

Argentina local law bondholders brace for painful restructuring

11-12-2019 12:53 Holders of government bonds covered by domestic laws are bracing for particularly steep losses.

PRESIDENTIAL HANDOVER

IMF chief says Fund remains committed to Argentina

10-12-2019 23:27 Kristalina Georgieva says International Monetary Fund remains committed to Argentina as President Alberto Fernández is sworn in as new leader.

ARGENTINA'S NEW LEADER

Is Alberto Fernández the man to unite Argentina?

10-12-2019 18:02 New president has long been a discreet backroom operator. But on Tuesday he announced big plans to rid the country of its political polarisation.

Bloomberg

Argentina can’t pay debt until economy grows, says Fernández

10-12-2019 17:36 In his first presidential address, Fernández read off a list of challenging economic indicators he’s inherited, including the biggest debt load as a percentage of gross domestic product since 2004, when the country was in default – and he was Cabinet chief.

INAUGURATION

Alberto Fernández inaugurated as president of Argentina

10-12-2019 17:31 Peronist leader's inauguration marks the return of the country to the ranks of left-leaning nations at a moment of right-wing resurgence in the Western Hemisphere.

New Cabinet

The chosen ones: Who's who in Alberto Fernández's Cabinet

10-12-2019 00:45 President-elect unveiled his team at press conference on Friday in Puerto Madero. Here's a guide to who's who in the incoming administration.

Transition 2019

Economic crisis looms large as Alberto Fernández assumes office

09-12-2019 17:37 Against a backdrop of near-economic disaster, president-elect's biggest challenges will be leading the country out of recession – and navigating his coalition government.

NEW CABINET

Meet Martín Guzmán, Argentina's next economy minister

09-12-2019 14:07 New economy minister, who is close to Nobel-Prize-winning economist Joseph Stiglitz, is seen as a critic of the International Monetary Fund.

BLOOMBERG

Blow for Fernández as crop windfall slips away

09-12-2019 13:42 President-elect needs all the help he can get to pull the country out of recession and make good on bond payments. But he faces a speed bump from the crop industry.

Transition of Power

Macri and Fernández embrace as Mass as Church calls for unity

09-12-2019 12:47 Church leader calls for "respect, unity and peace" as outgoing and incoming leaders attend Mass at Basilica of Our Lady of Luján,