The Federal Administration of Public Revenue (AFIP) published today in the Official Gazette the regulation of the so-called Tax for an Inclusive and Solidary Argentina (PAIS). The 30% tax will be applied to operations carried out since December 23 in the purchase of foreign currency; payment of goods and services abroad; services provided by non-resident subjects; services abroad hired by travel and tourism agents; international passenger transport; and digital services that are paid in dollars.
Automotive production fell 32.5% in 2019 compared to the previous year, according to the Automotive Factory Association (Adefa). With only 314,787 units that left factories, it was the worst year for this industry since 2004 when 299,205 vehicles were manufactured. Shipments abroad totaled 224,248 units, with a cut of 16.7% compared to 2018, and the worst figure since 2006 (218,543).
The Treasury ordered the placement of $3.244 billion in Non-Transferable Letters to the Central Bank (BCRA), thus completing the maximum $4.571 billion provided in the emergency law voted by Congress at the end of 2019. On December 27, the Treasury already had issued Non-Transferable Letters for $1.326 billion to meet debt services denominated in foreign currency that expired during that month.
The Ministry of Economy will issue today and on January 27 two new Treasury Bills in Argentine pesos (Letes), expiring on February 28, 2020 and the second on May 28, 2020. In both cases they will be tendered at the Badlar rate , plus an additional margin of interest. This month Argentina faces maturities of $ 870 million plus other ARG$ 42 billion corresponding to Lecap and other bonds in pesos.
Celulosa Argentina completed the debt swap of the remainder of its Class 10 obligations for which it had entered in default last December. The company informed the National Securities Commission (CNV), that "the remaining outstanding of the Class 10 NOs, amounting to $2 million, representing 3.40% of the nominal value of Class 10 NOs, it will be paid in full with the proceeds of the placement of class 15 negotiable obligations of the Company, which have already been auctioned and awarded. ”
Winnipeg-based agri-business BrettYoung is partnering with Argentina-based Rizobacter, one of the three largest inoculant companies in the world. BrettYoung has been appointed as a distribution partner for Rizobacter branded products in Western Canada and the U.S. Northern Plains states. This means Rizobacter inoculants will now be available to soybean and pulse growers for the first time in many of these areas.
Neogen (NASDAQ:NEOG) reported the purchase of Productos Químicos Magiar, a distributor of Neogen's food safety diagnostics for the past 20 years with businesses in Argentina and Uruguay. Neogen's Latin American operations will now take over Magiar work and provide Neogen with a physical presence in the important agricultural Southern Cone region of South America.