Argentine beef exports to its top buyer China fell almost a third in January compared to previous month, due to buyers bargaining for lower price, and the effects of a coronavirus outbreak, according to Mario Ravettino, head of the consortium of Argentine meat exporters (ABC). The estimated January figure of 31,500 tonnes would be the lowest in nine months. Soaring demand from China last year saw sales of Argentine frozen boneless beef double to 408,500 tonnes, worth around $2 billion.
Loma Blanca 2 project, part of the total 250MW four-part Loma Blanca complex in Argentina’s Chubut province, is now running and connected to the grid, said Xinjiang Goldwind Science & Technology (HKG:2208). The Chinese wind turbine company began work on Loma Blanca and the 98MW Miramar project, Buenos Aires province, in 2018 with compatriot EPC group Power China after acquiring the wind farms under China’s ‘Belt and Road’ global infrastructure strategy.
Argentine bond prices fell 1.3% on Thursday after an IMF technical mission essentially gave the government a green light to restructure about $100 billion in bonds and loans, including $44 billion owed to the IMF. Argentine bond prices are down 4.8% so far this year. Country risk spreads 11EMJ stood 82 basis points wider at 2,117 over safe-haven U.S. Treasury paper, indicating an increase in the perceived likelihood of default.
Argentina-based e-commerce platform MercadoLibre will invest $420 million this year in Mexico, its fastest-growing market, up 46% from 2019. The company will focus its spending in Mexico on logistics, financial services and expanding its brands and products, said MercadoLibre’s Mexico chief executive, David Geisen. MercadoLibre’s net revenue in Mexico jumped 152% last year to $275 million
After giving initial approval to start producing lithium from 2021 in Argentina, Eramet has postponed the mine project citing economic and regulatory uncertainty in the debt-stricken South American country. Eramet posted a 2019 net loss of 184 million euros, against a 53 million net profit in 2018.
Economy Minister Martín Guzmán is scheduled to travel to Saudi Arabia on Thursday for a G20 meeting, where he will meet with IMF chief Kristalina Georgieva and hold a series of bilateral meetings to review Argentina’s debt restructuring plans. Georgieva will have on the table fresh data collected by the IMF mission lead by Julie Kozak and Luis Cubbedu that finishes today a week working in Buenos Aires.
“What we want from and with Argentina is Mercosur, a good relation, but having democracy and freedom above all”, Brazilian president Jair Bolsonaro said on Monday. He expects foreign ministers of both countries agree on a new date for a meeting with his peer Alberto Fernández after the suggested summit in Montevideo on March 1 fell through due to the Argentina Congress opening sessions on the same day.
DHL Global Forwarding, the division dedicated to air and maritime transport within the German logistics company DHL, opened Parque Ciudad, a new distribution centre in Buenos Aires city with a 15,422 square meters warehouse. The project started in mid-2019 is already 60% complete and contemplates a total investment of $ 350 million over a period of three years.
Auto sales in Argentina may drop as much as 15% in 2020, below 400,000 units, as the country faces a difficult debt restructuring and economic crisis, according to Fiat Chrysler's CEO for Latin America, Antonio Filosa. The automaker plans to keep its production in the country considering its long-term prospects though. Filosa predicts auto sales to grow 1.5% en the whole region and 6% in Brazil.
The presidents of Brazil, Jair Bolsonaro and Argentina, Alberto Fernández might hold their first meeting on March 1 in Montevideo, when they attend the inauguration ceremony of new Uruguay president, Luis Alberto Lacalle Pou. Bolsonaro made the suggestion of the place and date when he received in Brasilia on Wednesday, the Argentine Foreign Minister, Felipe Solá, the first sign of reducing tensions between both heads of State, of opposing ideologies