The project, which would have an investment of $4 billion and could double Argentina’s pork production over the next four years, is moving forward. The signing of this diplomatic contract could trigger the construction of 25 industrial farms that would increase pork production by more than 882,000 tons, and corn by more than 3 million tons, and would generate 9,500 jobs. They could increase exports by $2.5 billion a year.
During the first half of the year, slaughter increased by 280,000 head; production grew by 4%; and exports increased by 20%. Argentina ranks sixth as a world producer of beef, fifth as an exporter and supplies 7% of global demand. China absorbs 80% of Argentina’s meat exports.
The Ministry of Economy on Wednesday obtained about 110 million pesos ($1.52 bn), 22% more than it sought to place in the bidding of Ledes, Boncer and a fixed-rate bond with maturity between 2020 and 2022.
The level of formal employment in construction fell 2% in May against April, completing a period of nine consecutive months of losses equal to or higher than that percentage, according to the monthly report of the Institute of Statistics and Registration of the Construction Industry (IERIC). The study indicated that for the first five months of the year employment accumulated a drop of 25.8% year-on-year, while about 150 thousand jobs were lost in the construction industry in 2020 until May.
Electricity distributor Edesur presented its balance sheet for the first half of the year, reflecting losses of 2.58 billion pesos ($35.85 mn) and a 50% inter-annual collapse in its investments, which the Board of Directors attributes mainly to the freezing of tariffs.
Gold, an essential component of Argentina’s reserves, rose 1.02% to $1,964.50 an ounce because of fears about the pandemic. In 2020 it has accumulated gains of 30% in dollars. The other components that make up the local reserves are the euro, the yen and the pound sterling.