Mercado Libre loses $5.25bn in Wall Street hit by the coronavirus

Mercado Libre stock market price fell 6.45% on Tuesday in the New York Stock Exchange, affected by a wave of global sales due to fears of the spread of the coronavirus. The collapse of the $MELI paper brought the stock price to $31.3 billion, down from the $ 36.5 billion two days ago. The fall means all the accumulated profit in February and a loss of 5% in the month, while the annual advance is 10.6%.

Total invites Russia to petrochemical projects in Tierra del Fuego

French oil giant Total is interested in partnering with Russian companies to jointly develop petrochemical projects in southern Argentina, Sergey Derkach, the trade representative of Russia in Argentina said. Earlier this month he met with the management of Total Austral, an Argentina-based subsidiary in the southern Argentine province of Tierra del Fuego where local authorities are currently assessing the number of projects in the oil and gas sector, including expanding natural gas production and creating a petrochemical cluster for making fertilisers.

Textile imports fell 20.9%, exports 25.8% in 2019

Argentina imports of textile products in 2019 fell 20.9% in dollars and 10.3% in kilograms compared to the previous year, according to a report by the Pro Tejer Foundation. China concentrated 40.8% of purchases in dollars and 41% in tons, followed by Brazil (18.3% in dollars and 17.6% in tons); India (6.3% in dollars and 12.7% in tons); Indonesia (2.7% in dollars and 4.9% in tons); and Korea (1.4% in dollars and 2.6% in tons). Argentine exports of textile products decreased 40.1% in tons and 25.8% in dollars.

Guzmán holds “strategic meeting” with bondholders in New York

Economy Minister Martín Guzmán held in New York what he called "strategic meetings" with bank executives and investment funds that hold Argentine bonds under foreign law. Despite the total official secrecy, it was reported that representatives of BlackRock, Templeton, Pimco, Gramercy, Greylock, Fidelity, Morgan Stanley, Bank of American, Citibank and JP Morgan attended the meeting. Alberto Fernández' government is planning to determine next week the final structure of the sovereign debt restructuring offer.

AbraPlata intercepts gold, silver, copper in Diablillos poject, Salta

AbraPlata Resource Corp announced significant high-grade assay results from the third diamond drill hole, DDH 20-001, completed at the Oculto deposit, located on its wholly-owned Diablillos project in Salta province, Argentina. In addition to intercepting high-grade gold and silver mineralisation, DDH 20-001 intercepted high-grade copper mineralisation in the vertical continuation of a hydrothermal breccia beneath the current gold and silver resources at Oculto.