Day: July 8, 2020

Government injects $31.05 mn to slow construction decline

The national government went out yesterday to inject resources to reactivate construction after INDEC reported a 48.6% year-on-year drop in the sector. Alberto Fernandez presented a plan of infrastructure works for 2.27 billion pesos ($31.05 mn), which includes 19 municipalities of Chubut, La Pampa, Neuquen, Rio Negro, Santa Cruz and Tierra del Fuego

Albanesi obtains financing for $14.8 million

The Albanesi Group, dedicated to the commercialization of energy and gas, closed on Tuesday financing with the international bank JP Morgan for $14.8 million at 5.5 years and a rate of Libor + 1%. The credit will be guaranteed by Eximbank, the United States Export Credit Agency. It will be for the maintenance of the power plants and will allow them to have a capacity of 1,520 Mw of thermal generation in the provinces of Río Negro, Córdoba, Tucumán, Santiago del Estero, La Rioja, Santa Fe and Buenos Aires.

The industry fell 26.4% year-on-year in May

In a month in which less than 40% of the factories were able to operate normally, the industry fell 26.4% year-on-year as reported on Tuesday by the INDEC through its Industrial Production Index (IPI). The most critical falls were: in the sector of primary metal industries (-54.8%), the automotive (-73.8%) and clothing, leather and footwear (-67.9%).

ECLAC projects 8.5 million jobs losses and 2.7 million company closures in Latin America

The latest estimate by the Economic Commission for Latin America and the Caribbean (ECLAC) is that the region will lose 8.5 million formal jobs and 2.7 million legal businesses will disappear, not including job reductions by companies that will continue to operate. Although the crisis affects all enterprises, the impact will be much more significant on microenterprises and SMEs, because of their weight in the regional business structure.