The province of western Argentina is moving forward with the launch of "Mendoza Activa", which aims to encourage and support the development of small and medium enterprises with a key measure: the State will take over 40% of the investments. Also, it will be an incentive for families to turn in their savings to boost the construction sector.
This week, the finance minister amended the U.S. Securities and Exchange Commission. (SEC) the original offer he had made to bondholders with eligible securities up to US$65 billion. Guzmán's proposal - the fourth - involves a sharp increase in net present value (NPV) at a discount rate of 10% (up to 53 cents on the dollar), respect the 2005 and 2016 indentures (original prospectuses), establishes a minimum floor of 50% participation, and recognizes past-due interest, among other improvements. However, the offer was rejected this afternoon by the two hardest negotiating creditors' committees (AdHoc and Exchange). The IMF called for collaboration from private creditors.
The Government's project to reactivate internal tourism in the post-pandemic period proposes: compensate with a bonus of 50% of the value, the purchase of tourist packages in 2020, to be executed in 2021. The initiative will have a public expenditure of 16.5 billion pesos ($232.5mn).
Y-TEC, YPF's technology company, yesterday presented a platform called Consortium for the Development of the Hydrogen Economy in Argentina (H2ar), which seeks to create a collaborative workspace among firms in the hydrogen value chain. Representatives of more than 40 interested companies participated in the virtual meeting. The consortium will allow the partner companies to have "access to frontier information, promote the generation of their technical capacities and make it possible to create innovative businesses.
According to the latest June tax collection data from the Federal Administration of Public Revenues (AFIP), at least 42% of the agency's revenue is explained by taxes on consumption. The AFIP recorded revenues of 2,886.771 billion pesos ($40.71 bn), of which VAT contributed 29.37%; 6.98% added Bank Debits and Credits; 2.62% fuel; 3.06% internal taxes and others related to consumption. On the other hand, those that show wealth, such as Profits, contributed 21.95%; Personal Assets 1.57%), and the PAIS Tax 1.65%.
The export of Argentine corn has had an excellent campaign that has surpassed for the first time the soybean with 50 million tons of production. To date, shipments accumulate 16.3 million tonnes, representing an increase of 11% over the same period last year. Producers have already sold 56.5% of production 2019/20, and the new season has sold 2.4 million tonnes. Corn yesterday traded at $130 in the local market, a value that maintains from mid last week and is the best price since mid-last April.
The dollar blue has accumulated a 48% increase from the beginning of the quarantine. It is due to the more significant restrictions, not only in the free market but also in the trading of the stock market dollars. The uncertainty for the future of the economy and the restructuring of the sovereign debt under foreign law, influenced, as well, the parallel quotation.
The national government went out yesterday to inject resources to reactivate construction after INDEC reported a 48.6% year-on-year drop in the sector. Alberto Fernandez presented a plan of infrastructure works for 2.27 billion pesos ($31.05 mn), which includes 19 municipalities of Chubut, La Pampa, Neuquen, Rio Negro, Santa Cruz and Tierra del Fuego
The Albanesi Group, dedicated to the commercialization of energy and gas, closed on Tuesday financing with the international bank JP Morgan for $14.8 million at 5.5 years and a rate of Libor + 1%. The credit will be guaranteed by Eximbank, the United States Export Credit Agency. It will be for the maintenance of the power plants and will allow them to have a capacity of 1,520 Mw of thermal generation in the provinces of Río Negro, Córdoba, Tucumán, Santiago del Estero, La Rioja, Santa Fe and Buenos Aires.
In a month in which less than 40% of the factories were able to operate normally, the industry fell 26.4% year-on-year as reported on Tuesday by the INDEC through its Industrial Production Index (IPI). The most critical falls were: in the sector of primary metal industries (-54.8%), the automotive (-73.8%) and clothing, leather and footwear (-67.9%).