The clearing of cereals and oilseed exporters of 2019 exceeded $3.5 billion over the previous year, this is 17.3% more than in 2018 and 4.1% less than the historical record of 2011, according to CIARA and CEC , the two main chambers of the sector. In the year that ended they reached $ 23.7 billion with a strong rebound in the last quarter with a register of $ 2.2 billion in December.
The Argentine peso chalked up a 37% drop for 2019, closing out a tumultuous year in which the currency has plummeted 63.6% against the dollar amid rising debt default fears, rampant inflation and domestic recession. Argentina’s over-the-counter bonds, however, have recovered slightly, and rose 8.5% on average in December, though they were still down 21% for the year.
The president of Sforza Group, Carlos Wizard Martins, will make use of the option to keep the remaining 87.5% of Topper Argentina for a total of $64 million, Alpargatas SA announced on the Sao Paulo Stock Exchange. The Brazilian billionaire had acquired 22.5% of the shareholding package in September 2018. Since then, Alpargatas has been closing all their manufacturing plants and the business unit in Argentina after 139 years of operation.
Standard & Poor’s raised Argentina’s long-term foreign currency rating to “CC” from “SD” (selective default), saying the default on short-term dollar-denominated paper on Dec. 19 has effectively been “cured”. The CC rating is 10 levels below investment-grade and is characterized as near default. The global ratings agency maintained Argentina’s outlook at negative, citing further restructuring of sovereign debt in coming months.
Conviasa said that will be resuming from February 2020 the airlink between Buenos Aires and Caracas. Flights have been suspended since 2017 when airlines Aerolíneas Argentinas and Conviasa announced almost at the same time the closure of their operations.