News of economy

New Cabinet

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

Today 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

Yesterday 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

Yesterday 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

Yesterday 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

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

DEBT TALKS

Buenos Aires Province may be first test for debt talks

07-12-2019 10:37 Region owes investors US$571 million in January – and it’s unlikely to be able to come up with the cash.

TRANSITION 2019

Alberto Fernández faces challenge navigating Peronist power struggle

07-12-2019 09:47 Analysts eagerly watch on as former Cabinet chief takes office, with Cristina Fernández de Kirchner as his vice-president.

by Carly Graf

Cabinet

Fernández appoints Martin Guzmán as economy minister

06-12-2019 19:57 "I have great confidence in him. He's a young man who is very prepared, and we have worked together for weeks," says Fernández.

CADENA NACIONAL

Macri: Argentina is ‘better off than it was four years ago’

06-12-2019 00:24 In his final address to the nation as president, outgoing leader reflects on four years in office and pitches himself as the future leader of the opposition.

TRANSITION 2019

Sandleris confirms resignation as Central Bank chief

05-12-2019 06:58 Central Bank chief confirms he will resign post ahead of December 10 handover. Argentina's monetary institution has had 61 presidents in the 84 years since its founding.

Bloomberg

Jair Bolsonaro’s attempt to rewire Brazil’s economy risks short circuiting

04-12-2019 11:10 The government has presented not just one but three constitutional amendment proposals to reduce public spending. Each requires the backing of at least three-fifths of the lawmakers in both houses of Congress to pass – a tall order at the best of times.

Crisis in Venezuela

Over a dozen nations move to isolate Maduro's government

04-12-2019 11:02 The 1947 Rio Treaty signatories vowed to cooperate in pursuing economic sanctions and travel restrictions for Maduro government associates accused of corruption, drug-trafficking, money-laundering or human rights violations.

TRANSITION 2019

Influential agricultural leader: Macri 'wasn't what we expected'

03-12-2019 08:30 Carlos Iannizzotto, president of one of Argentina's largest agricultural cooperatives, Coninagro, reflects on how the industry fared under outgoing president Mauricio Macri – and ponders what lies ahead under Alberto Fernández.

BLOOMBERG - OPINION

John Authers: Trump doesn’t understand currency wars, either

02-12-2019 22:47 Any implication that Argentina is deliberately weakening its currency for competitive advantage is beyond absurdity.

Transition of Power

Talks over Cabinet down to three posts: security, transport, economy

01-12-2019 21:20 Less than five days out from Alberto Fernández's December 6 deadline for announcing his Cabinet, at least three key posts remain unfulfilled. Who will head the security, economy and transport portfolios?

by Rosario Ayerdi

Mercosur

Fernández promises 'pragmatic ties' with Brazil and Mercosur

29-11-2019 18:34 President-elect optimistic over Argentina-Brazil relations on Thursday after Brasilia says it has "no problems" with incoming leader. After a turbulent campaign, both sides have agreed to maintain "pragmatic" relations with each other.

URUGUAYAN ELECTIONS

Macri, Fernández seek 'excellent' relationship with Uruguay's next leader

29-11-2019 08:54 Alberto Fernández says relationship with conservative leader Luis Lacalle-Pou will be as good as if opponent Daniel Martínez had won election.

Transition 2019

Fernández lines up Marco Lavagna to head INDEC statistics bureau

27-11-2019 17:02 Lawmaker and son of the former economy minister Roberto Lavagna will lead the national statistics bureau, president-elect confirms.

Mercosur 'Braxit'?

Brazil's economy minister: We have 'no problem' with Alberto Fernández

27-11-2019 12:43 At a conference in Washington, Economy Minister Paulo Guedes pours cold water on renewed speculation that Brazil could leave the Mercosur trade bloc when Alberto Fernández takes office.

IMF CREDIT-LINE

Fernández says he won't seek remaining US$11 billion from IMF

26-11-2019 19:29 President-elect says he will not seek disbursement of the remaining US$11 billion of Argentina's record US$57-billion credit-line with the International Monetary Fund.

BLOOMBERG

Fernández planning simultaneous debt talk with IMF and private bondholders

26-11-2019 13:24 President-elect's team believes holding simultaneous debt negotiations with private bondholders and the IMF will smooth the way for a better deal.

Bloomberg

Argentina’s Ualá app gets US$1-billion valuation in new financing round

26-11-2019 11:47 The mobile payments startup plans to use the funds to triple its team to over 500 employees by the end of next year, expand its loans product, and develop new business units.

RECORD CREDIT-LINE

Macri administration has used 83% of IMF loan to pay off external debt, data shows

25-11-2019 17:21 Data from Treasury says 83% went towards paying off debt accrued during the first three years of his presidency, with remainder used to service payments on national debt and fuel imports.

PRESIDENTIAL RUN-OFF

Uruguay awaits final vote count, with Lacalle Pou holding a thin lead

25-11-2019 12:47 Authorities will start an official count Tuesday that may not yield final results until November 29.

RUN-OFF IN URUGUAY

Uruguayan authorities hold off declaring winner after tight run-off

24-11-2019 23:35 Luis Lacalle Pou holds thin lead over Daniel Martínez of just over 30,000 votes, with more than 97% of all votes tallied. Officials say final result will be announced likely on "Thursday or Friday," given how tight the result is.

NATIONAL STATISTICS BUREAU

Government pushes bill to protect INDEC bureau from 'political pressures'

22-11-2019 10:48 Bill sent to Congress would turn bureau into independent and autonomous unit, amid fears Kirchnerite figures may intervene in institution after December 10.

Transition 2019

Fernández says Cabinet is 'basically defined' – but doesn't name names

21-11-2019 17:00 President-elect set to fill roles with members of his inner circle. Almost all still await an official request to join the new Cabinet – but many have already begun work on the roles they’re expected to take on.

DEBT DEFAULT?

IMF waits for 'sustainable' plan as Fernández faces debt dilemma

19-11-2019 16:18 Director General Kristalina Georgieva continues to articulate optimism about working together with Argentina's incoming government, but she admits she'd "like to know more" about its plans.

PRESIDENT-ELECT

Alberto Fernández says he won't rush debt deal

18-11-2019 16:12 Frente de Todos leader says he won’t rush the debt agreement process to ensure he gets a good deal for the country.

Bloomberg

Central Bank seen seeking weak peso under Fernández

18-11-2019 12:17 Fernández has promised voters he will revive the economy from its slump. He now intends to make the Central Bank a centrepiece for that strategy.

Bloomberg

Mobile banking app offers way to invest in low-risk mutual funds

14-11-2019 18:25 As Argentines seek to maintain the value of their savings amid capital controls and 50 percent annual inflation, the Ualá app believes it may have the answer...

OIL TRADE

Oil tankers ‘go dark’ off Venezuela to evade US sanctions

14-11-2019 14:39 As Trump administration clamps down on Nicolás Maduro with sanctions set on depriving him of easy cash from Venezuela’s vast oil reserves, some ship captains and their employers are eager to help the embattled leader by “going dark” to hide tankers brimming with crude.

BRAZIL UNDER BOLSONARO

Economy in mind, Bolsonaro changes tack and cozies up to China

13-11-2019 12:38 Gone is last year’s fiery campaign trail rhetoric about China being a rapacious power intent on exploiting Brazilian resources. China is, after all, Brazil’s biggest trading partner.

BLOOMBERG

Argentina running dangerously low on dollars to pay back debt

12-11-2019 17:18 Argentina must repay US$5 billion by the end of 2019. It doesn’t have much to work with.

Bloomberg

Argentina’s shale trove risks staying buried, oil chiefs say

12-11-2019 11:21 Drillers in Argentina are scared that interventionist economic policies will foil the world’s next big shale hope.

TRANSITION 2019

Wishful thinking

09-11-2019 11:18 At some point, the cepo will need to be relaxed if Alberto’s pan-Peronist coalition dreams of attracting foreign investment. At some point, the situation will turn explosive.

by Agustino Fontevecchia

TRANSITION 2019

IMF says it's 'ready to engage' with Alberto Fernández

07-11-2019 20:06 IMF spokesman says Fund is ready to talk to president-elect and his team, but says no meeting is planned.

FOREIGN POLICY

Alberto Fernández discusses IMF debt with Trump adviser

07-11-2019 12:02 President-elect reportedly tells US official he will honour IMF debt and wants to work together with Trump, despite differences on other issues.

Bloomberg

Troubled times in Latin America fail to dull Brazil's sheen

06-11-2019 13:56 For all its political woes and still-stale economy, Brazil is standing out to investors as an unlikely island of stability as trouble brews across Latin America.

ECONOMIC INDICATORS

Central Bank alters 2019 forecasts: 3% drop in GDP, inflation at 55.6%

05-11-2019 14:15 Monthly survey carried out by Central Bank downgrades forecasts for Argentina's economy.

BLOOMBERG

Argentina’s banks cut trading desk jobs after market plunge

05-11-2019 10:17 Banks have been shrinking size of their trading desks in Argentina after the rout sparked by the August 11 PASO primary election.

BLOOMBERG

Investor warns narrow path for Argentina to avoid 'vulture' funds

04-11-2019 08:58 Alberto Fernández risks a repeat of the 2001 debt crisis that led to a messy 15-year legal battle with creditors unless he can quickly restructure US$50 billion of bonds, warns Delta Asset Management's Christian Cavanagh.

TEAM FERNÁNDEZ

Argentina’s next economic team: Who’s on Fernández’s radar for top posts

02-11-2019 11:09 Faced with a crippling economic crisis, Frente de Todos president-elect is eyeing up options for his cabinet.

WASHINGTON CALLING

Trump phones Fernández: 'Your victory has been talked of around the world'

01-11-2019 18:11 After five days of silence, the United States president congratulates his new Argentine counterpart. The IMF deal and future cooperation were discussed. “We need to do things together,” Fernandez tells Trump.

CURRENCY CONTROLS

Central Bank tightens 'cepo,' sets US$50 limit on cash advances abroad

31-10-2019 22:10 The move comes three days after the Central Bank sharply tightened currency exchange controls to stem a surge in capital flight.

DEMONSTRATION

Protesters march against IMF in downtown Buenos Aires

31-10-2019 19:44 First social protest since the election of Alberto Fernandez sees hundreds march through downtown Buenos Aires.

BLOOMBERG

Ex-BNP Paribas banker is potential bridge between Argentina, creditors

31-10-2019 15:13 Bondholders turn to Marcelo Delmar, the former head of Latin American debt capital markets at BNP Paribas SA, for guidance as they gear up for restructuring talks with President-elect Alberto Fernández’s government.

BUENOS AIRES PROVINCE

Kicilloff asks Vidal to rollback rate increases, as two talk transition

31-10-2019 13:42 Governor-elect of nation's most-populous province met with outgoing governor María Eugenia Vidal in La Plata on Thursday, as talks begin over changeover.

Bloomberg

Macri extends olive branch to Fernández over economy

28-10-2019 14:40 At a meeting Monday morning, the two discussed plans to steer the nation out of the looming economic crisis.

Election 2019

Fernández meets Macri at Casa Rosada as transition of power begins

28-10-2019 12:04 Incoming president Alberto Fernández and outgoing president Mauricio Macri met this morning in the wake of Sunday night's election to plan the handover and discuss tension in the markets.