Month: August 2020

Fintechs Latam reaches $8 billion investment

A total of 1,075 Fintech companies from Brazil, Mexico, Argentina, Colombia and Chile were raised with $8,092.2 million in funds by 2020, according to KoreFusion. From there, three main categories stand out: Payments, Loans and Digital Banks, which concentrate more than 95% of the financing. Brazil is the country that accounts for most of the investment, representing almost 77% ($6.2 billion) of the total. It is followed by Mexico with 16% ($1.3 billion), followed by Argentina with 3.6% ($295.9 million), Colombia with 3.5% ($284.5 million) and Chile with 0.1% ($11.8 million).

Argentine satellite Saocom will be launched this Friday after 17 years of work

Next Friday, the Argentine Microwave Observation Satellite (Saocom) 1B will be launched from the Cape Canaveral Space Center, United States. The development of the Saocom Mission demanded 17 years of work, more than 80 technological companies and about 800 specialists in different branches of engineering, physics, mathematics and computer science participated. The satellite will obtain and broadcast perfect quality images and information about the soil water levels, which is essential for agriculture, and will also provide information about the presence of ships in areas under Argentine jurisdiction.

Real estate sales in the City fell 82% in July

The number of deeds of sale of real estate registered in July a drop of 82% in the city of Buenos Aires compared to the same month last year, due to the restrictions faced by the activity of the coronavirus pandemic. In July, 573 transactions were closed, an 82% year-on-year drop, for an amount of $152.8 million, 41.9% less than the previous year.

Private sector financing grew by 5.6% in June

During the month of June, financing in pesos to the private sector increased by 1.4% in real terms and accumulated year-on-year increase of 5.6%. “This performance was partly explained by the new credit assistance focused on MSMEs. The BCRA reports that up to the third week of August, nearly 241,000 loans were granted through the particular line for MSMEs, with a nominal annual rate of 24% (below the market rate), totalling 390 billion pesos ($5.29 bn) in disbursements.

Newsan: with a $10 mn investment inaugurated a new line of washing machines

Yesterday, Newsan inaugurated a new production line exclusively for the manufacture of LG washing machines in the industrial establishment of Avellaneda, Province of Buenos Aires, where it made a $10 million investment, in addition to the $50 million that the company has invested in its production plant in Avellaneda. This new line will allow a production capacity of up to 100 thousand units per year.

Oil exports increased by 33%

Oil exports grew 33% in the first half of 2020, pushed by the unconventional resource of Vaca Muerta. More shale oil production registered from Vaca Muerta, but with fewer wells drilled. There was also a drop in gas production, a rise in gas imports and a sharp collapse in gasoline and diesel sales.

There are nine provinces affected by forest fires

In addition to the health crisis, there is now a delicate environmental situation. Nine provinces already register forest fires and fear that the outbreaks will multiply in other parts of Argentina. Among the causes that prevent the control of the flames are the intense drought resulting from the lack of rain, the high temperatures for the time of year, the wind and human action.

The trade surplus was $1.47 billion

Argentina’s trade balance returned to a favourable balance of $1.47 billion in July, although with a sharp drop in exports and especially in imports, according to the National Institute of Statistics and Censuses (INDEC) on Tuesday. In the seventh month of the year, exports totalled $4.9 billion, which represented an interannual decrease of 16.3%, while imports totalled $3.43 billion, 30.1% less than the same month last year.

E-money usage grew by 6.4%.

E-money usage grew 6.4% per month in July and set a new record with 570 million transactions. These are transactions made both through cell phones, computers or other electronic devices, as well as ATMs. Debit increased by 81% year-on-year. The survey conducted by Red Link, based on 37 million users, showed growth in almost all areas. The previous records for transactions related to the payment of taxes and services by electronic means were also surpassed.

Agro-export companies have $12.2 bn in silos waiting for tax improvement

Both the agro-export companies and representatives of the agricultural producers presented concrete proposals to the government to accelerate the sales of soy and corn that are still in the silos and valued at $12.2 billion and the liquidation of foreign currency. The government continues to be inflexible with its guidelines, and for the time being, is not willing to give in, there would be no new developments in tax and fiscal matters for the sector.