News of market

Telefónica sells mobile masts in Europe, Latin America for 7.7 billion euros

13-01-2021 10:13 Spain’s Telefónica to sell its telephone masts in Europe and Latin America to US-based telecom infrastructure firm American Towers Corp for US$9.4 billion in cash.

Bloomberg

Argentina goes all-in to cut record gap with parallel peso

12-11-2020 16:42 Argentina is resorting to all necessary means to reduce the gap between its official and parallel exchange rates.

FINANCIAL TURMOIL

Economy Ministry to halt Central Bank advances until end of 2020

03-11-2020 12:53 Economy Ministry says it will not ask the Central Bank for temporary advances of cash in November and December and would target local capital markets for financing instead.

BLOOMBERG

Argentina can avoid a devaluation, says Domingo Cavallo

30-10-2020 14:35 Former economy minister Domingo Cavallo tells Bloomberg in an interview that it’s still possible to avoid a one-off devaluation of the peso.

IN FOCUS

Economy Ministry takes steps to relieve pressure on currency markets

21-10-2020 18:59 Economy Ministry unveils new measures designed to reduce the pressures on volatile currency markets and ward off devaluation.

BLOOMBERG

Argentina’s currency woes show no sign of easing

10-10-2020 08:31 Argentina’s hodge podge exchange rate regime is running out of steam.

THE WEEK

What we learned this week: September 26 to October 3

03-10-2020 09:40 The pick of stories that caught our eye over the last seven days.

PERIODISMO PURO | INTERVIEW

Miguel Pesce: ‘A dollar at 130 pesos would inflict unbearable levels of poverty’

26-09-2020 08:45 Following a week of difficult announcements, Central Bank chief Miguel Pesce sits down for a feature-length interview to explain the government’s logic in what he describes as “very arduous situation, aggravated by the action of speculators.” Nevertheless, Pesce remains optimistic over 2021 growth, lower inflation and export possibilities.

by Jorge Fontevecchia

Coronanomics

Zoom stock surges, market value tops Boeing, Starbucks

01-09-2020 22:26 Zoom's market value is now higher than US$129 billion. The company reported explosive growth during the second quarter as more people paid for subscriptions, giving them more control over virtual meetings.

ECONOMIC POLICY

Central Bank optimistic over post-bond swap future

25-08-2020 19:20 Central Bank Governor Miguel Ángel Pesce says closure of the debt swap deal would relieve pressures on exchange markets and improve economic expectations.

Coronavirus Pandemic

Pandemic wrecks global class of 2020's hopes for first job

11-08-2020 14:38 Around the world, young people armed with new degrees, diplomas and professional qualifications are struggling to enter the workforce as the pandemic pushes the global economy into recession.

DEBT RESTRUCTURING TALKS

Markets rally on hopes debt talks are ‘too close to fail’

25-07-2020 09:32 Three largest creditor groups join forces in negotiations, rejecting government's "final" offer and submitting their own counter proposal.

FOOTBALL IN ARGENTINA

Tevez likely to re-sign with Boca – will Centurión be joining him?

25-06-2020 23:29 There may be no date yet for a resumption of top-flight football in Argentina, but that's not stopping Boca Juniors from making moves in the transfer market.

by Dan Edwards

BEEF INDUSTRY

Beef industry surmounts coronavirus-led disruption of trade

20-06-2020 11:01 Exports overall dropped in the first third of 2020, but overseas beef sales rose more than 10% in the same period, when compared to the previous year.

EXPROPRIATION OF VICENTIN

Vicentin’s expropriation and how to break bad news

20-06-2020 09:26 A Peronist expropriation, and maybe even nationalisation, sounds like the best way to burn a lot of money straight into inefficient bureaucracy and corruption.

by Agustino Fontevecchia

BLOOMBERG

Argentina would ease currency controls if debt talks are successful

29-05-2020 14:56 Central Bank leaders implemented new controls Thursday night, restricting companies’ access to the foreign exchange market to pay for obligations overseas in dollars or other currencies.

ECONOMIC INDICATORS

Just seven properties were sold in Buenos Aires City in April

27-05-2020 15:05 Just seven properties were sold in the capital last month amid the coronavirus lockdown – a 99.7 percent drop in comparison with the same month last year.

Bloomberg

The crazy dream of US$45 oil could become reality in Argentina

07-05-2020 13:12 Brent crude has been practically soaring, touching US$30 in London. But it can’t match the 'criollo' barrel in Argentina, though - US$45 guaranteed, no matter what. That dream price doesn’t actually exist, but it could soon.

Debt restructuring

Government weighs options after rejecting bondholder debt offer

05-05-2020 13:30 Argentina will continue to negotiate with its creditors to reach a debt agreement after rejecting an offer from a group of bondholders led by BlackRock Inc.

Bloomberg

Greenback dealers on motorbikes deliver a cash lifeline in Argentina

28-04-2020 23:41 After decades of defaults, currency crises, high inflation and volatile politics, men yelling “exchange! exchange!” in downtown Buenos Aires became part of the city’s fabric. Amid the coronavirus pandemic, though, no-one is selling on the streets. Instead they’re delivering to customers’ homes.

RATE CUT

Central Bank cuts interest rate to 38%

06-03-2020 08:00 In its statement, the Central Bank’s committee said cooling prices justified the rate cut but that the economy wasn’t in the clear yet.

RATE CUT

Central Bank lowers key rate to 40%, extending cuts

19-02-2020 18:15 Central Bank chief Miguel Pesce justifies the rate cuts as a tool to help turn around Argentina’s economy, which is expected to contract for the third straight year in 2020.

RATE CUT

Central Bank cuts key interest rate for fifth time since December 10

30-01-2020 21:29 Rate floor cut to 48 percent on Thursday from 50 percent. Central bank chief Miguel Pesce has lowered it from 63 percent since taking office December 10.

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 – ANALYSIS

Leonid Bershidsky: Nazi memorabilia is selling, but who is buying?

22-11-2019 09:59 The market for Nazi memorabilia is large and apparently growing – though the authenticity of many objects in the market is highly questionable.

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.

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.

ELECTIONS 2019

Optimistic about the future of Argentina

26-10-2019 08:28 Pessimism is widespread as Argentine assets have fallen off a cliff, and the real question is how big a haircut will Argentina’s creditors have to face.

by Agustino Fontevecchia

CENTRAL BANK

Sandleris asks for 'basic consensus' to ensure Argentina grows

16-10-2019 08:29 "If we manage to build basic consensus, our economy can leave behind instability and crisis, so that we can begin to grow steadily and begin to lower inflation," declares Central Bank chief.

Bloomberg

Lithium battery dreams get rude awakening in South America

11-10-2019 09:08 Lithium refining and battery-assembling facilities could help kickstart economies. But so far, public and private initiatives in Argentina, Bolivia, Brazil and Chile have failed to deliver even a single lithium cell factory. And none are set to be built through 2025.

BLOOMBERG

US turns down Brazil’s OECD bid, despite having endorsed it

10-10-2019 12:27 US government decides not to endorse Brazil’s bid to join the Organisation for Economic Cooperation and Development, marking a reversal after months of public support from top officials. However, Washington indicates it does support membership claims from Argentina and Romania.

BUENOS AIRES

Capital controls, sky-high rates crush local housing market

01-10-2019 08:56 The world’s highest interest rates and a currency that has lost 68 percent of its value since the start of 2018 has led to paralysis in Argentina’s real estate market. Home sales with a mortgage have plunged 87 percent in the province and city of Buenos Aires so far this year.

BLOOMBERG

With controls in place, Central Bank cuts 85% rate, buys dollars

18-09-2019 14:08 Institution's move to choke off dollars hands peso some breathing room, with Central Bank buying dollars for first time in seven months.

AUTOMOBILE INDUSTRY

Government agrees new car pact with Brazil through 2029

07-09-2019 01:20 New automobile agreement will ‘consolidate Mercosur’ and improve integration, declares Production and Labour Minister Dante Sica.

BLOOMBERG

Bond investors keen to hear from Alberto Fernández's economic advisors

27-08-2019 12:24 Money managers including BlackRock, Goldman Sachs and others have made contact with advisers to Alberto Fernández, with some pleasantly surprised by what they've heard.

BLOOMBERG – OPINION

MercadoLibre & Globant: the two homegrown firms defying the gloom

22-08-2019 09:56 MercadoLibre and Globant increased their worldwide workforces 30% and 31%, respectively, to 7,239 and 8,384 in 2018 when most of the nation’s employers were either letting people go or not hiring during the recession.

CHANGE AT THE TREASURY

Peso stability a priority, declares new Finance Minister Hernán Lacunza

20-08-2019 13:46 "Guaranteeing the exchange rate is a first-order objective," says Lacunza, who also promises that Argentina would keep 2019 fiscal targets set in alignment with IMF.