YPF improves results and announces $2.7 bn investment

State-owned oil company YPF reported Thursday that in 2020 it had a net loss of $1.09 billion but that in the last quarter of the year, it was able to cut the loss by more than $540 million from the accumulated decline up to September. As a result of a more significant normalisation of economic activity, and after the debt swap, the company plans to invest $2.7 billion in 2021.

Cresud sold meat processing plant in La Pampa for $10 mn

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.

Toyota suspends production due to lack of workers, loses $15m in exports

Toyota suspended once again production planned for a holiday because of the impossibility of gathering the number of workers necessary to guarantee the production lines' operation at the Zárate plant. Due to the workers' resistance to work outside the hours stipulated by the agreement to avoid income tax payment for the additional income from overtime. Toyota loses $15 million in exports.

Pampa Energía’s shareholders approved the sale of 51% of Edenor for $100 mn

Pampa Energía's General Shareholders' Meeting approved the sale of 51% of the shares of Edenor, the country's leading energy distributor, to Empresa de Energía del Cono Sur S.A. (Edelcos), a company headed by the Vila-Manzano Group in partnership with Mauricio Filiberti. (Edelcos), a company controlled by the Vila-Manzano Group in partnership with Mauricio Filiberti. The amount of the transaction was 25% higher than the market value. Edenor is currently worth approximately $167 million on the stock exchange, and Pampa sold 51% for $100 million.

Due to income tax on wages, Toyota stopped exporting $1million on Tuesday’s holiday

Toyota did not work on Tuesday, a public holiday, even though it had everything in place at its factory in Zárate to produce some 600 units of its Hilux pick-up and SW4 SUV. The overtime "bonus" of its 5000 employees would have gone to the Treasury, and the Zárate factory paralysed. The factory stopped exporting $1million, just for that one truncated working day.