The Government launched the Gas Plan to import less: YPF will invest $1.8 billion

The government presented this Thursday in Vaca Muerta the Gas Plan, in which YPF will invest $1.8 billion in the next years. The contracts will sign for four years. The modality will mean a saving of $ 5.63 billion in substitution of imports, and there will be a fiscal saving of $ 2.5 billion concerning the current scheme. YPF's share value fell by 5% after the announcement.

AgriRed, a marketplace for agricultural inputs, with monthly transactions of $1.2 million

AgriRed, a marketplace for agricultural inputs in Argentina, is now seeking to establish itself in Brazil. The electronic marketplace, which targets only wholesale buyers in the chain, already records monthly transactions of $1.2 million and generates demand for more than $7 million. The platform now operates with more than 700 companies in the sector that buy and sell agricultural inputs from this channel.

General Motors resumes its $300 million investment plan

General Motors resumed its $300 million investment plan to produce a new vehicle of its Chevrolet brand in the factory located in the town of Alvear, in Santa Fe. The decision to resume the $300 million investment and produce a new vehicle that will have as its primary destination the export market ratifies General Motors' commitment with Argentina and with domestic production.

Tiendanube online sales platform received $30 million

Tiendanube, a local platform created in 2010 by five young people, in charge of looking for user behaviours to boost the business of brands on the web has just received a new injection of funds of $30 million. Tiendanube works with more than 60,000 brands throughout the Latin American region. Numerous SMEs and entrepreneurs managed to multiply their sales through the platform.

Banco Hipotecario will pay $204 mn of debt with its funds

Yesterday, the debt swap for $279.8 million of Banco Hipotecario, the first company to carry out a restructuring since the Central Bank restricted the sale of foreign currency to only 40% of the capital owed, was completed. The institution will use its savings to face the $204.08 million it has to pay. Of the total to be paid, $56 million deposited in the country and the rest is abroad, so there will be a drop in the Central Bank's gross reserves.

Argentina’s Santista acquired by Brazilian GBPK

Less than two years after the purchase by the Mexican group Siete Leguas, now the Brazilian group GBPK Inversiones Limitada has just closed a deal to become the new owner of Santista Argentina, one of the largest textiles companies in Argentina, with a turnover in 2019 of $38.91 million. This year it launched an investment plan for more than $5 million for the incorporation of new looms.

Sancor Seguros invested $1.7 mn in three new companies

The Center for Technological, Business and Social Innovation, better known by its acronym CITES, is the business incubator of the Sancor Seguros Group. This week it made a $1.7 million investment in three new companies, two biotech startups and one urban development company. The portfolio of companies incubated by CITES reaches 15 companies. It stands on a financial trust of $24 million, whose leading investor is Grupo Sancor Seguros (50%) and includes others such as the Inter-American Development Bank (contributed $3 million), the Rosario Stock Exchange, Matba Rofex, other companies and individuals.

Intel installs its regional office in Argentina increasing 40 high-quality jobs

Intel Corporation is the world's largest integrated circuit manufacturer and valued at $218.5 billion. The firm will increase its investment in the country to convert the office into a regional headquarters. It is working in Argentina for more than 20 years, with more than 60 high-quality jobs, which it plans to increase to 100 by the end of the year. The regional office will provide support to Latin America and Canada.

TransparentBusiness reached private valuation of $1bn

Argentina's Silvina Moschini is the founder and leader of the remote work management firm TransparentBusiness, which became a "unicorn" when it reached a private valuation of $1 billion and plans to go public in the fourth quarter of 2021. TransparentBusiness, created in 2012, grew with the technology boom caused by Covid-19 pandemic and is positioned as a "unicorn," along with 488 other companies around the world.