West Texas Intermediate (WTI) crude this morning was down 3.99% and trading at $37.99 a barrel on December delivery contracts. North Sea Brent oil was down 3.29% and was trading at $39.85 a barrel on deals for December as well.
The Investment Trade Monitor, prepared by UNCTAD, points out that Foreign Direct Investment (FDI) registered a 40% fall in Argentina in the first half of this year compared to the same period in 2019, affected by an international wave caused by the coronavirus pandemic. Globally, FDI flows fell by 49%, the paper indicates. In Latin America and the Caribbean, FDI flows fell 25% in the first half of the year to $62 billion.
Argentina has become the fifth country in the world to record one million confirmed coronavirus cases. In the past 24 hours, there were 12,982 new infections, pushing the overall number to 1,002,662, according to the country's health ministry. The ministry reported 451 new deaths, bringing the nation's toll to 26,716. With a population of about 45 million, Argentina is the smallest nation to have passed the one million mark. It follows the US, India, Brazil and Russia - all of whom have far bigger populations.
Danone, whose turnover dropped 9.3 percent in the third quarter of the year, has announced a review of its strategy in Argentina. Company CEO Cecile Cabanis said that in order to align with the profitable growth agenda of between three percent and five percent, the group announced the launch of a complete strategic review, beginning with an immediate review of its strategic options in Argentina and for the Vega brand [in the United States], whose combined sales represent around 500 million euros ($585 million).
Transparency Internacional's (TI) report is harsh on Argentina, which, although it has made progress in anti-corruption legislation, still lacks sanctions and transparency in information. Argentina, as measured by TI, contributes only 0.3% of global trade and is among the 15 countries that registered limited actions. The so-called law of corporate criminal responsibility, sanctioned in 2018, achieved a step forward in the fight against corruption and its image worldwide. However, so far, no company has been charged under this law.
The Uruguayan government persists in implementing measures that encourage the business climate and offer more tax exemptions to those who invest and generate jobs. The government signed a decree that lowers taxes and makes the requirements to take advantage of these benefits more flexible.
Google will pay publishers $1 billion over the next three years for their content, the company's latest effort to defuse tensions over its dominance of the news industry. The company said that it has signed agreements for its news partnership program with nearly 200 publications in Germany, Brazil, Argentina, Canada, the U.K. and Australia.
A total of 504 people stopped paying taxes in Argentina due to change of tax residence. Of this number, 229 taxpayers changed their tax residence to Uruguay, including important names in the business world such as the founder of Mercado Libre, Marcos Galperin, and the president of Puente, Federico Tomasevich.
Argentine digital banking startup Uala is expanding operations to Mexico as the Covid-19 global pandemic fuels a boom in demand for cashless payment options. The announcement comes after founder Pierpaolo Barbieri said last year the company planned to double in size after millions in new investments led by Tencent Holdings and SoftBank Group Corp, the Japanese technology investment giant. Uala will offer in Mexico a Mastercard card for physical and online purchases, cash withdrawals from ATMs, and the sending and receiving of payments, the company said.
Argentina has once again been among the worst places in the world to attract investment: between 2019 and 2020 it was one of the countries that dropped most in the Global Attraction Index (GAI) that The European House Ambrosetti carries out every year. According to the GAI, from 144 positions, the country fell from 73rd … Continue reading Argentina is among the worst places in the world to attract investment