Day: February 14, 2020

Four companies to invest $180mn in the coming months

Telecom announced a $125mn investment to finance works that include “the deployment of the 4G mobile network and the expansion of broadband services.” Biomasa Rojas will reactivate two projects for power generation or chemical production, for a total of $45mn. German company DHL will invest $5.7mn in its new Parque Ciudad distribution centre in Buenos Aires city. The real estate developer Haras del Sur will allocate $3mn to the construction of the “Paseo Comercial Haras del Sur” shopping centre.

Inflation slowed in January to 2.3%, official data

Inflation in January slowed to 2.3%, the lowest monthly rate recorded since July 2019, the National Institute for Statistics and Census (Indec) reported. The highest item was recreation and culture (5%) followed by food and beverages (4.7%). In December 2019, prices had increased in Argentina by 3.7%. Compared with data recorded in January 2019, the cost of living has increased by 52.9 percent on average.

Central bank cuts benchmark rate to 44%

Argentina’s central bank (BCRA) lowered its benchmark interest rate to 44% from 48% on Thursday, as a result of a deceleration in inflation, it said in a statement. This is the sixth time that the BCRA has reduced the interest rate since December when it was 19 percentage points above. Earlier, the National Institute for Statistics and Census (Indec) reported that inflation slowed down in January by 2.3%.

Strike at YPF fracking sand plant threatens Vaca Muerta output

Nearly 200 workers are on strike since Wednesday, claiming better wages, at the biggest fracking sand plant in Vaca Muerta run by state-backed YPF, Argentina’s biggest oil and gas producer. While YPF has been increasing its shale oil production, the number of fracking stages in the play fell 26% to 346 in January from 467 in December, and was down from a most recent peak of 676 in August.

DHL opens $ 350 mn distribution centre in Buenos Aires

DHL Global Forwarding, the division dedicated to air and maritime transport within the German logistics company DHL, opened Parque Ciudad, a new distribution centre in Buenos Aires city with a 15,422 square meters warehouse. The project started in mid-2019 is already 60% complete and contemplates a total investment of $ 350 million over a period of three years.