Month: July 2020

Gold hit a new high from 2011 due to a weak dollar and stimulus

Gold prices climbed Tuesday, boosted by a falling dollar and expectations of further stimulus measures to revive economies impacted by the pandemic. It rose 1.5% to $1,842.52 an ounce, its most significant daily rise since early May. Gold futures in the United States, meanwhile, also closed with an increase of 1.5% to US$ 1,843.9 per ounce. Silver surpassed the threshold of $20, in cash climbed 6.4% to $21.18 an ounce.

Conflict with Edesur could add billions of dollars to the already $8.75bn in pending lawsuits

The conflict between mayors of the ruling party PJ that threatens the company’s concession could ended in another multimillion dollar lawsuit that could cost Argentina $16.5 billion.Reality shows that Argentina always pays. Despite its bad reputation as a payer, it has already paid out billions for expropriations, change of contracts into local currency, and debt in default in international courts, and has at least $8.75 billion in lawsuits pending.

SanCor seeks to recover $12 million a year in business

SanCor is negotiating with the BAF Capital investment fund, one of its biggest creditors, which aims to reincorporate the dessert and yoghurt business that would represent an injection in its monthly turnover of around $1 million. It’s a simple way to ensure that the debt will repay. At the same time, they save logistics costs and can close deals with producers to buy raw materials.

Debt: $3 separates the official offer from the creditors’ counter-proposal

In a joint statement, and for the first time, the three clubs of foreign debt creditors met to reject the last Argentine offer, make a counter-proposal. The legal aspects agreed upon between the country and the creditors. However, economic differences remain. The bondholders contemplate a coupon of 3.4% average and total debt relief of $ 35 billion in 9 years. The parity will be in the order of $56.5 for each bill of 100, taking an exit rate of 10%. The difference is about three dollars with the last Argentine offer of 53.5 dollars.

Construction: only 45% of the works are active

Businesses in the construction sector are among those most affected by the paralysis imposed by the pandemic. So far this month, only 45% of works, both public and private, have been maintained in regular activity, and in June more than 80% of construction companies received no building contracts.

Savings of $65.7 million for biosimilar drugs

The local production of biosimilar drugs has a very high strategic value for Argentina, which is a pioneer in Latin America. Since the introduction of the first biosimilar in Argentina in 2014, the national health system has had a cumulative direct saving of $65.7 million in treatment costs. Through the substitution of high-cost biological drugs for products of equal quality, with prices between 15% and 25% lower, they allow more patients access to therapies for chronic diseases, such as cancer or autoimmune diseases. More than 35,000 patients have received such treatments, and the number is growing.