Day: February 18, 2020

Real salary of formal work fell 6.1% in 2019, 19.5% accumulated since 2015

The real salary of the formal worker in Argentina fell 6.1% in 2019, according to the Average Stable Workers Compensation Rate (Ripte), published by the Ministry of Social Security. In December, it advanced 2% in monthly terms and was well below the national CPI that measured Indec in the same period at 3.7%. However, the fall is expected to be greater among informal employees, data that the National Institute of Statistics and Census (Indec) will publish on February 28.

Quilmes brewery buys Dante Robino winery

Cervecería Quilmes, the main Argentine brewery operated by Anheuser-Busch InBev, announced the acquisition of Dante Robino winery for an undisclosed figure. The winery has 11.5 million liters of medium and high quality wine and sparkling wine production capacity. The deal includes the vineyards located in Perdriel, Luján de Cuyo, province of Mendoza. To its seven beer brands, Quilmes has been adding water, soda and energy drinks to its business unit in Argentina.

Bolsonaro wants a “good relationship” with Argentina

“What we want from and with Argentina is Mercosur, a good relation, but having democracy and freedom above all”, Brazilian president Jair Bolsonaro said on Monday. He expects foreign ministers of both countries agree on a new date for a meeting with his peer Alberto Fernández after the suggested summit in Montevideo on March 1 fell through due to the Argentina Congress opening sessions on the same day.

IMF cannot offer Argentina a haircut on loan, Georgieva

The International Monetary Fund won’t offer Argentina a haircut on its $44 billion loan, according to Managing Director Kristalina Georgieva. “Our legal construct is such that we cannot do measures that may be possible for others without this big global responsibility,” she said. An IMF technical mission is in Buenos Aires through Feb. 19 to meet with Argentina officials and assess the country’s debt sustainability. Talks with the IMF will be key for an even bigger negotiation with bondholders to avoid a default.