Investors are giving up on Argentina just weeks after it pulled off a $65 billion restructuring. The country’s overseas bonds have plummeted more than 20% since early September, the world’s biggest drop in that span. Morgan Stanley calls it the worst rout in the aftermath of a restructuring in at least 20 years, and it comes despite the nation winning a whopping $38 billion of debt relief from creditors.
Argentina’s President Alberto Fernández has launched a three-year promotion plan for Argentine gas production. The plan is aimed at encouraging investments, boosting domestic production from the Vaca Muerta shale play to satisfy local demand, replace imports and support employment. The government hopes an investment of $5 billion to replace 18 billion cubic meters (Bcm) of imported gas with domestic production.
In the first three-quarters of this year Argentina's wine sector boosted its exports by 40.57 percent as against the same period in 2019 with record shipments of over 20 million litres, as registered by the Instituto Nacional de Vitivinicultura.
Danone, whose turnover dropped 9.3 percent in the third quarter of the year, has announced a review of its strategy in Argentina. Company CEO Cecile Cabanis said that in order to align with the profitable growth agenda of between three percent and five percent, the group announced the launch of a complete strategic review, beginning with an immediate review of its strategic options in Argentina and for the Vega brand [in the United States], whose combined sales represent around 500 million euros ($585 million).
Gene-edited wheat is to be grown in Argentina, as the country becomes the first in the world to give the green light on the use of the drought-resistant crop. The genetically modified variety flourishes under dry conditions, providing hope for Latin America's largest wheat producer, which has struggled with on-going water stress in recent years.