Soybeans in the Chicago market reached their best value in six years yesterday to close at a record $441.5 per tonne, a price that immediately boosted the local crop by at least $4.8 billion. While the lack of rainfall complicates the progress of oilseed planting in Argentina, the rising prices on the international market more than offset the potential lower income of dollars before a very feasible cut in the 2021 harvest.
Waso Holding threatens to complicate Argentina in 2021. This investment house increased its holdings in Coupon PBI from about $150 million to $750 million and has already filed a motion in the court of the Second Southern District of New York to expand the claim against Argentina. The case led by the vulture fund Aurelius and should have a resolution principle during the next fiscal year. The lawsuit already involves claims from different funds and various investors for about $15 billion.
In 2021, the government will allocate some 995.799 million pesos ($12.04 bn) to what is called Fiscal Expenditure. These are tax benefits contained in the promotional laws and schemes provided for in the budget, both of which represent 2.64% of GDP. It is an amount that the government misses out on due to advantages for some sectors of society.
The pharmaceutical industry's sales rose by 46.3% year-on-year in the third quarter of the year, according to data provided this Thursday by the INDEC. The increase mainly explained by the Covid-19 pandemic, the high exchange rate gap and increases in the price of medicines. The data showed that the turnover of national production rose by 46.5% and represented 71.2% of the total while local sales of imports grew by 45.8% and concentrated the remaining 28.8%.
Argentina fell again in the global competitiveness ranking, a report prepared by the World Economic Forum, which measures 11 variables and placed the country in 36th place out of 41 nations. Argentina thus ranked among the worst on the list that determines a nation's readiness to face economic challenges.