The European Union-Mercosur free trade agreement, finalized one year ago last June, faces growing opposition from European national governments, EU parliamentarians, and non-profit organizations, in addition to Latin American entities, putting its ratification at risk. At the heart of this resistance: the EU’s strong dissatisfaction over Brazil’s destructive environmental policies and rapidly rising deforestation rate under President Jair Bolsonaro. One of the biggest opponents of the trade agreement to date is the French government of Emmanuel Macron, whose party failed to triumph in municipal elections against the victorious Green Party on June 28, 2020.
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Banks are asking a New York judge to subpoena more documents from bankrupt soy-export giant Vicentin SAIC, saying they may have been the victims of “major international financial impropriety. The banks are persisting with a discovery process — started in February as Vicentin went bankrupt — because they suspect about $400 million was drained into sister companies. Vicentin said that it isn’t aware of the request for new documents but that it has collaborated fully so far with the discovery procedure.
Producers in Neuquen, the most productive oil province in Argentina, ramped up exports to 850,000 barrels in June, with some coming from the giant Vaca Muerta shale play, the provincial government said. The exports accounted for 19% of the 150,000 b/d of output in the southwestern province that month, said Governor Omar Gutierrez. Of the exports, 60% went to the US, 30% to the Bahamas and the rest to Belgium and the Netherlands.
For the first time in history, a cargo of lemons has been exported from Argentina to China, said APM Terminals. A container with 24 tons of lemons, produced in Tucumán, was shipped on the Maersk Labrea from APM Terminals Buenos Aires in Argentina to the Port of Hong Kong, on June 30, 2020. This was made possible due to the agreement and adherence to phytosanitary requirements by both countries.
Argentina’s new debt restructuring offer won a tentative thumbs up from creditors as they digested the details. Under the proposal, Argentina would start making payments in one year versus three in its original offer, made in April. Coupon payments start low but could rise to around 5%. Two prominent funds, Gramercy and FinTech, said they would back the deal. However, there was no immediate sign of whether it would gain the blessing of the biggest bloc of creditors, including BlackRock and Fidelity, which could torpedo any deal.
Echo Energy PLC has told investors it is looking positively to advance value creation opportunities, as it remains “well-positioned”. In its financial results statement for the twelve months ended December 31, 2019, the company confirmed a stronger end to the year, with net production averaging 2,505 barrels oil equivalent per day in the months of November and December. A review of reserves at the end of 2019 confirmed a reserve base of 3.8mln barrels oil equivalent.
The percentage of Argentines in poverty is expected to reach as high as 45% this year as the COVID-19 pandemic worsens an already grave economic crisis. The twin crises are presenting a grueling challenge to President Alberto Fernández. Even before the first case of coronavirus was diagnosed, Argentina was facing 50% inflation, overwhelming debt and difficulty accessing credit in what economists call its worst crisis in two decades.
Argentina’s National Electricity Regulatory Entity (Enre) has authorised the 123 MW phase of the Los Teros wind power project to supply electricity to the Wholesale Electricity Market (MEM). The Renewable Energy Act adopted in 2015 sets the goal of increasing the share of renewables to 16% by 2021, 18% by 2023 and 20% by 2025.
Scania Argentina, subsidiary of the Swedish auto manufacturer, has announced it is now powered by 100% renewable energy. The company said since April, six wind turbines located in a wind farm in Cordoba, has provided the company with the 22,400MW needed every year for its industrial and commercial operations. By switching to 100% renewable energy, Scania Argentina’s factory and its entire dealership network in the country are now avoiding the emission of some 14,600 tonnes of carbon dioxide into the atmosphere.
The Argentine oil company YPF sold $100 million in bonds, four times more than expected. The initial amount was $25 million but the demand registered allowed the company to increase the amount to $100 million. The placement of these bonds comes at a time when large companies are trying to take advantage of abundant market liquidity through instruments adjusted for the evolution of the dollar.