Honda Motor de Argentina announced yesterday that it invested u$s5 million to produce a new motorbike model. This amount is in addition to the $15 million that the company has spent over the last two years on its production lines and parts' localisation process.
With the update of the Internal Taxes' taxable base arranged this week by the AFIP, the automakers are preparing to adjust the price lists of the 0 km that will apply from Monday. The first carmaker to change prices is Toyota. It increased the wholesale value of some models by 11% but only passed on 5% to the public. The other brands are defining their strategy.
The trade balance recorded a surplus of $1.068 billion in January due to exports of $4.91 billion and imports of $3.84 billion. The first month's data seem to indicate a general improvement in the country's foreign trade conditions. Strictly speaking, the higher export earnings were the result of the increase in the price of soybeans averaging $500/tonne. In terms of quantities, there was a fall in shipments abroad.
Economic activity in January recorded year-on-year growth of 1.3%, according to estimates by the Orlando Ferreres Centre for Economic Studies. Half of the impetus for growth in the first month of the year came from industrial activity; the manufacturing sector is the engine of economic recovery after the financial collapse of 2020 caused by the covid-19 pandemic.
As part of a strategic plan to obtain liquidity to finance new investment projects, Cresud completed the sale of 100% of the shares of Sociedad Anónima Carnes Pampeanas. For this operation, the agro-industrial firm belonging to the group led by Eduardo Elsztain obtained $10 million. The procedure will profit 620 million pesos ($6.9 mn) to its balance sheet.
Edesur told the stock exchange that it closed 2020 with a loss of 6,065 million pesos ($67.64 mn). In that period, the Italian group Enel owned the electricity distributor recorded a 5.7% drop in energy sales, mainly explained by the collapse in consumption among industries whose activity was affected by the pandemic.
The board of directors of the oil company YPF yesterday appointed Pablo González, a lawyer from Santa Cruz who has held various positions in the civil service, replacing Guillermo Nielsen.
Economic activity recorded a 2.2% drop in December compared to the same month in 2019, bringing the total slump to 10% in 2020, according to the National Institute of Statistics and Censuses (INDEC). Despite exhibiting a sharp contraction, the figure was better than expected, mainly because the construction and industry sectors recorded a strong rebound in the second half of the year.
The Treasury placed 221.96 billion pesos ($2.47 bn) amid increased investor appetite for peso funding due to the foreign exchange market's calm.
YPF placed Debt Securities for $122 million in two series, reopening the 33-month Dolar linked Class XIV issue and the 42-month UVA (Unidad de Valor Adquisitivo) denominated ON Class XIX, following the restructuring of its debt in the international markets.