Four of the most important companies in Argentina announced that executives who are the number one of their structures leave their positions: Gabriel Martino (HSBC Argentina), Federico Rava (Telefónica Movistar), Carlos Moltini (Telecom), and Enrique Cristofani (Santander). In the press releases and informal talks, they ensure that the movements are not related to the arrival of Alberto Fernández to power.
None of the leaders in global finance gathering this week at the Greenwich Economic Forum in Connecticut showed disrespect for Argentina despite being on the brink of another default. “I love Argentina, actually,” says Timothy Barrett, CIO of the Texas Tech University System endowment, while Rebecca Braeu, head of international research and strategies for Nationwide Investments states “I’d hold Argentina for now”.
Banco BBVA Argentina S.A net income totaled $11.1 billion in 3Q19 according to the last consolidated results for the third quarter (3Q19), ended on September 30th 2019. This result was 63.8% higher than the $6.8 billion posted on the second quarter 2019 (2Q19) and 264.6% higher than the $3.0 billion posted on the third quarter 2018 (3Q18).
Industrial manufacturing production contracted 5.1% in September compared to the same month last year, according to the latest report from the National Institute of Statistics and Census (Indec). In the same period construction collapsed 8.5%. The industrial manufacturing production index (IPI) accumulates a contraction of 7.8% in the nine months of 2019, which means 17 consecutive months with year-on-year falls.
The Mexican magnate and the president-elect of Argentina held a one-hour meeting in Mexico City. Alberto Fernández also met with ten other business leaders closed to Andrés López Obrador.
The eighth edition of Cyber Monday, where major commercial platforms have special offers or installment financing, began today and will run until Wednesday. More than 550 companies take part of the initiative promoted by the Argentine Chamber of Electronic Commerce (Cace). Installments in electronics and tourism are a key to the event this year as they set a value to the dollar for 12 or 18 months, said the organizers.
Peugeot Global CEO, Jean-Philippe, Imparato confirmed the investment of $320 million in the El Palomar plant, province of Buenos Aires, for the establishment of a platform for new models. “The political changes are not going to change our support for Argentina. The only thing we ask is the opportunity to do business, especially export,” he said during his visit to Buenos Aires.
Banco Santander SA will not change plans to boost its consumer finance unit in Argentina despite the results of presidential elections. The head for South America, Sergio Rial, who oversees the Andean region, Argentina, Uruguay and Chile said that the bank would re-launch its consumer unit in Argentina, saying it might offer the highest upside for the bank in South America. In the first nine months of 2019 Argentina accounted for only 1% of the Spanish group’s total profit, but according to Banco Santander CEO Jose Antonio Alvarez said the see solid growth in South America despite political uncertainty.
Argentina is ready to increase up to 2 million tonnes the current export of 800,000 tones of wheat to Vietnam per year, replacing shipments from Russia which were suspended because of the presence of thistle seed, according to the Argentina’s export company chamber which represents companies such as Cargill and Bunge.
The World Ranking of Extra Virgin Olive Oils (EVOOWR) has scored Olivícola Laur, located at Cruz de Piedra, Maipú in the province of Mendoza in the fourth place, and Establecimiento Olivum S.A. in the province of San Juan in the eighth place.