The Government informed that between October 15 and March 31 there are maturities of corporate debt for $3.3 billion. For companies with obligations over $1 million, they will only be able to buy on the dollar exchange market for 40% of the capital that matures. The rest has to refinance with new foreign debt with an average life of 2 years. The restriction points directly to the heart of companies leveraged in the capital market with negotiable obligations (ON) in dollars. It increases the risk of investing in Argentina.
Day: September 17, 2020
Bovine reproduction. An Argentinean laboratory obtained an international patent
The Argentinean laboratory ProinVet Innovations, invented an early ovulation system to increase the pregnancy of cows by 20% and obtained patents in the United States and New Zealand. It is now preparing to export the technology.
Wholesale price index rise 4.1%
The wholesale price index registered in August the most significant jump of the year, increasing by 4.1%. The variation is a consequence of the 4.1% rise in National Products and 3.9% in Imported Products, as reported by the INDEC. In year-on-year terms, the increase was 35.4%.
Opulens, with the development of its lens design technology, has a turnover of $5 million per year
Mauro Stabile, CEO of Opulens, says that it is a company that was born in the early nineties, developing its lens design technology, which today they export as a service and with which they produce around three million pairs per month worldwide. Opulens manufactures lenses only for Argentina because they make it one by one from the medical orders that arrive from the opticians, but it sells the technology with which it produces them to the whole world. The company charges for each order around 1% of the final value of glasses, and invoices around $5 million a year.
Argentina imposes 35 % tax on foreign currency purchases to stave off hoarding
Argentina on Wednesday unveiled a new 35 percent tax on foreign currency purchases to prevent the public from hoarding U.S. dollars in the face of a weak peso. The Government said it would tighten currency controls to dampen the demand for U.S. dollars. Previous restrictions remain in place, including limiting citizens to buying no more than 200 U.S. dollars a month. The new tax does not apply to spending on healthcare, medication, books in any format, online education and software for educational purposes.
Government launches Local Supplier Development Program with $33.25 mn for agricultural machinery
The Government launched the Local Supplier Development Program, with a budget of 2.5 billion pesos ($33.25 mn) and targeting strategic value chains for the national economy. In this context, global brands of agricultural machinery are added to an official plan of local suppliers to develop national parts of world quality, at competitive costs and scales of production.
