Metallurgical industrialists want to return to exporting $7.5 billion a year, as they did a decade ago, lost due to the recurrent economic crises. Among the complications is to improve the so-called Tax Bonus Regime for Capital Goods, a benefit that most of the SMEs in the sector have to compete with the robust industry of São Paulo.
The Balanz Group announced this Friday that it would open offices in Montevideo, Uruguay, to continue growing in the offer of investment strategies, in a first stage focused on developing the Wealth Management business, later venturing into institutional trading and capital markets. With 20 years of experience in the Argentine capital markets, the Group already has offices in Panama and the United Kingdom.
The first half of the year closed with a record foreign currency inflow of $16.6 billion. The determining factor for the record liquidation of foreign currency from the countryside was the high international prices, particularly for soybean and corn, which showed increases of around 40% during the last eight months.
During the first half of the year, Argentina recorded a trade deficit with Brazil of $582 million. The data are from the Brazilian Ministry of Development, Industry and Foreign Trade. Although imports have shown greater dynamism than exports, the latter showed their highest growth in 25 years.
In May, the Central Bank recorded a foreign trade cash surplus of $2.36 billion, some $742 million more than what was reported last week by the National Institute of Statistics and Census (INDEC) based on Customs declarations. The data show the substantial improvement recorded by trade due to the increase in soybean prices and an advance in the rate of foreign currency liquidation by exporters.
In July, more than $700 million will be due between bonds and cancellations of bilateral and multilateral loans, according to data from the Ministry of Economy. Argentina will pay the 2020 swap bonds, the first instalment to the Paris Club and other international credits. Foreign currency commitments for $6.5 billion are pending this year, most of them with the IMF.
Vista Oil & Gas and Trafigura Argentina announced yesterday the signing of a $250 million joint investment agreement in Vaca Muerta to develop 20 wells in the Bajada del Palo Oeste block. This alliance allows us to strengthen our business in Argentina and integrate the supply of crude oil for our refinery and the subsequent collection of fuels for our network of service stations, wholesale customers and the export market in neighbouring countries.
Ford Motor Co said on Monday that its financial services arm, Ford Credit, will close its operations in Argentina and Brazil. Its losses include $365 million related to foreign currency and about $10 million in cash from employee layoffs.
The Argentine firm Kheiron choose by the Bill and Melinda Gates Foundation to develop bovine clones to help improve dairy production in Africa. Recombinetics' Acceligen was awarded a $3.7 million grant from the Gates Foundation to create gene-edited cattle high milk producers and withstand Africa's heat stress. Acceligen chose Kheiron as a partner for this project and started with the Holstein breed in the United States.
The board of directors of the International Monetary Fund (IMF) moved forward on Friday with the approval to increase its reserves by more than $650 billion through the extension of the concept of additional issuance of Special Drawing Rights (SDRs), for which Argentina could receive $4.35 billion in the last quarter of the year.