The local subsidiary of the multinational Ford increased production at its Pacheco plant in Buenos Aires and hired 256 workers. The decision comes from the growing demand for its Ranger pickup truck model, both in Argentina and Latin American markets. The automaker increased the daily production volume of Ranger to 286 units, 30% higher than pre-pandemic levels.
The Government accelerates efforts to increase exports. They have outlined a strategy to enter strongly into the Brazilian methanol market. There is a potential of $350 million. Next week they will have the first rounds with importers.
Oil prices rose on Thursday to a six-week high after good growth data in the US. Brent North Sea crude oil for June delivery closed at 68.56 dollars a barrel in London, up 1.9%. Meanwhile, in New York, the WTI barrel for the same month closed 1.8% higher at 65.01 dollars, also a six-week high.
In over five months, 98,080 SMEs received financing through the line of credit for Productive Investment (LFIP) of the Central Bank (BCRA). Financial entities disbursed up to March 411,678 million pesos ($4.4 bn) in these loans, of which 19% corresponded to investment projects.
The industry recorded an increase of 17.8% in March compared to the same month of last year when the social isolation measures imposed by the pandemic began to affect production. In seasonally adjusted terms, the sector recorded an improvement of 4.1% compared to February.
Argentina completed its accession to the Asian Infrastructure Investment Bank (AIIB), becoming the sixth Latin American country to accede to the organization created in 2014. The institution, led by China, aims to provide financing for infrastructure projects.
Vista Oil & Gas announced a 56% increase in its oil production in the first quarter of the year. Also, its latest balance sheet shows that it managed to reduce its operating costs by 6% compared to the last quarter of 2020, thanks to an improvement in its performance in the Vaca Muerta formation.
The conflict in Vaca Muerta generated losses close to $500 million, the country will have to spend on imported LNG, the gas production that could not be used and taxes that will not be collected by the provincial government. Besides, it affects the image of the Neuquén formation in the eyes of future investors.
The country ranked second to last in statistical analysis by Bloomberg of 53 nations. To carry out the survey, only those economies whose GDP exceeds USD 200 billion were analyzed. They took a large amount of data and taken into account parameters to determine where the pandemic is being fought most effectively, i.e. with the least social and economic consequences.
The Government will pay next week to the International Monetary Fund (IMF) some $300 million correspondingly to the Stand-By program's interest maturity. It will be the second payment that the country will make this year, while the negotiation of the new program to refinance around $45 billion owed continues. Between the Fund and the Paris Club, the commitments total $7.6 billion in 2021, but the country is seeking to reschedule the principal maturities.