Day: February 25, 2020

Guzmán meets in N.Y. with banks and investment funds bondholders

Argentina Minister of Economy Martín Guzmán, meets today in New York with representatives of banks and investment funds holding sovereign bonds regulated under foreign law. The meeting follows another held yesterday in Washington with the Deputy Director of the Western Hemisphere Department of the International Monetary Fund (IMF), Julie Kozack, and the head of the Argentine mission, the Venezuelan Luis Cubeddu, both members of the technical mission that visited Buenos Aires last week.

Stagnant SME production fell 0.3% in January

The production of industrial SMEs in January registered the lowest decline in the last 20 months, with a 0.3% fall compared to the same period of 2019, the Argentine Confederation of Medium Enterprises (CAME) reported. Six of the eleven surveyed items fell and only one remained unchanged. The four sectors with annual growth were Food and beverages (0.2%), footwear and leather goods (1.9%), chemical products (11.9%) and textile and clothing products (2.3%).

UK wants to be “partner” of Argentina on railway projects

UK ambassador to Buenos Aires Mark Kent said his country wants “to be a partner” of Argentina in such areas as the development of railways. His comments followed a meeting of a British trade mission with the head of the State Railway Infrastructure Administration (ADIFSE), Ricardo Lissalde, in which they presented projects for railway development, including a train to Vaca Muerta oil shale.

Genneia gets $31mn loan for the Chubut Norte II wind farm

The renewable energy company Genneia has pocketed $31 million as the first tranche of a $465 million corporate loan granted by the German Development Bank kfW. It will be destined for the Pomona II wind power plants that are already in operation and Chubut Norte II wind farm that is under construction and is estimated to be operational in September. Genneia owns 4 projects in Argentina: Rawson III, Villalonga II, Pomona II and Chubut Norte II, with an installed capacity of 66.48 MW

Beef export to China fell 30% in January, only 31,500 tonnes

Argentine beef exports to its top buyer China fell almost a third in January compared to previous month, due to buyers bargaining for lower price, and the effects of a coronavirus outbreak, according to Mario Ravettino, head of the consortium of Argentine meat exporters (ABC). The estimated January figure of 31,500 tonnes would be the lowest in nine months. Soaring demand from China last year saw sales of Argentine frozen boneless beef double to 408,500 tonnes, worth around $2 billion.