Argentina had a current account surplus of $2.824 billion in the second quarter versus a $252 million surplus in the first three months of the year and a $1.941 billion deficit in the second quarter of 2019, state statistics agency Indec said on Tuesday. The current account is the broadest measure of a country’s foreign transactions encompassing trade, services, and an array of financial flows, including interest payments.
In the midst of a fall in mass consumption that was accentuated in recent months with the Covid-19 pandemic, Coca Cola Argentina launched a program to shore up the business of small stores and kiosks, which account for 90.% of its total sales volume. In this plan, Coca Cola plans to invest $770 million ($10.1 million) that will be destined, basically, to financial and health assistance for the reopening of 25,000 stores throughout the country.
A total of 504 people stopped paying taxes in Argentina due to change of tax residence. Of this number, 229 taxpayers changed their tax residence to Uruguay, including important names in the business world such as the founder of Mercado Libre, Marcos Galperin, and the president of Puente, Federico Tomasevich.
Argentine digital banking startup Uala is expanding operations to Mexico as the Covid-19 global pandemic fuels a boom in demand for cashless payment options. The announcement comes after founder Pierpaolo Barbieri said last year the company planned to double in size after millions in new investments led by Tencent Holdings and SoftBank Group Corp, the Japanese technology investment giant. Uala will offer in Mexico a Mastercard card for physical and online purchases, cash withdrawals from ATMs, and the sending and receiving of payments, the company said.
Argentina's government is weighing a temporary reduction on some export taxes to boost dollar inflows as its foreign reserves fall to a three-year low, according to people with knowledge of the matter. Officials are still discussing which products will be considered in the measure, the percentage of the tax reduction, and how it will apply. Measures may be announced for soy soon and could apply in the month of October.