Peugeot Global CEO, Jean-Philippe, Imparato confirmed the investment of $320 million in the El Palomar plant, province of Buenos Aires, for the establishment of a platform for new models. "The political changes are not going to change our support for Argentina. The only thing we ask is the opportunity to do business, especially export," he said during his visit to Buenos Aires.
After eight defaults, dollarization in Argentina is the monetary nuclear option, Bloomberg Opinion columnist Marc Margolis believes. When a nation has lost its grip, its currency tumbles, credit risk spikes, bonds fall, and conventional monetary and fiscal policy fails to stabilize the economy, better to ditch the iffy peso for the greenback, that reliable Latin American mattress-stuffer, which native authorities cannot print, game or otherwise defile, he says.
Banco Santander SA will not change plans to boost its consumer finance unit in Argentina despite the results of presidential elections. The head for South America, Sergio Rial, who oversees the Andean region, Argentina, Uruguay and Chile said that the bank would re-launch its consumer unit in Argentina, saying it might offer the highest upside for the bank in South America. In the first nine months of 2019 Argentina accounted for only 1% of the Spanish group’s total profit, but according to Banco Santander CEO Jose Antonio Alvarez said the see solid growth in South America despite political uncertainty.
Argentina is ready to increase up to 2 million tonnes the current export of 800,000 tones of wheat to Vietnam per year, replacing shipments from Russia which were suspended because of the presence of thistle seed, according to the Argentina's export company chamber which represents companies such as Cargill and Bunge.
The United States expects Argentina's new elected government to maintain the country's commitment to the terms of its $57 billion dollar IMF loan program said Secretary of the Treasury, Steven Mnuchin at a conference of investors in Riyadh.
The World Ranking of Extra Virgin Olive Oils (EVOOWR) has scored Olivícola Laur, located at Cruz de Piedra, Maipú in the province of Mendoza in the fourth place, and Establecimiento Olivum S.A. in the province of San Juan in the eighth place.
Argentina has only $10 billion in foreign currency reserves, and owes around $22 billion to the IMF in two years, then another $20 billion in three years of the IMF’s $56 billion biggest aid package ever. How Argentina pays this back under a government that was elected to give back to the public all the subsidies that Macri took away is very hard to imagine.
On November 14 expires the decree which froze the price of fuels and crude oil for the domestic market for 90 days, and an increase of around 15%, the estimated gap between domestic and international prices, is expected. However, the Government is considering granting a partial increase before that deadline, while some companies argue that the gap is in fact 20%.
The national government has approved the Loan Contract Model of the Inter-American Development Bank (IDB), through which the IDB will financially assist Argentina with $600 million for the execution of the Program for the Support of Equity and Effectivity of the Social Protection System.
The Central Bank has announced that from Friday 1st November the banks that integrate part of the reserve requirements on sight deposits with the purchase of Liquidity Letters (Leliq), will only be able to do so with 5% of the total of these placements in Treasury Bonds (BOAT) and the remaining 40% in pesos. That means eliminating the possibility of integrating 10 percentage points of 45% that applies to reserve requirements on demand deposits at 0%. With this decision, the Central Bank takes another step towards the disarmament of the snowball of the Leliq, as the market consensus had baptized that instrument of liquidity regulation, which has been growing since August 28, when they had amounted to $1.3 trillion, equivalent to 40% of foreign exchange reserves and more than 104% of the monetary base.