Paraná’s water level is the lowest since 1944, the result of a prolonged drought upriver, in southern Brazil. Amidst the drought, ships travelling on the Paraná have been forced to reduce their soy, corn and wheat cargo by 25%, with larger cuts looming. In July, the Argentine government announced a $10.4 million relief fund to offset these economic losses. Government officials have advised citizens to “save water,” and capture rain for home and commercial use. Within these dry conditions, officials are also urging people to stop burning waste or igniting fires to provide pasture. As the Paraná shrinks, thousands of wildfires have raged in the last two years, lighting skies with an eerie orange hue visible from rural farmlands as well as urban luxury apartments.
The Argentine government has introduced a resolution to accommodate to some extent those renewable energy developers who had been late with reaching commercial operation date (COD) of their auction awarded projects. Argentina awarded PPAs to some 4.5 GW of renewable energy projects through its RenovAr auction programme and over 200 MW via the so-called MiniRen round for small-scale schemes, but the process to get the plants up and running has been exacerbated by the country's prolonged economic crisis and the pandemic.
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 price per square meter of real estate in the Autonomous City of Buenos Aires, calculated in dollars, fell 11% between January 2020 and May 2021. The value went from $2,256 per square meter to $1,958 this year.
Wheat exports to June of the 2020/21 season fell 30% year-on-year to 7.52 million tons. Dispatches were almost 3 million tons lower than those shipped on the same date last year, which meant the lowest tonnage since the 2015/16 cycle. Despite this, the improvement in international wheat prices provided substantial support to the value of exports in recent months.
The dairy company Mastellone Hermanos S.A. informed that it successfully completed the exchange process of its Series F bonds for an amount of $200 million. The transaction involved using a combination of different financial instruments, including the issuance of a new international bond in the amount of almost $111 million.
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.
To increase the productive capacities of a sector going through a period of high demand, the Government will launch a financing plan for the naval industry. It is a new credit line at a subsidized rate of 9,000 million pesos ($93.97 mn).
In the last two months, the sneakers factory Dass incorporated 200 employees in the plant that operates in the city of Eldorado, in the province of Misiones. It also resumed the production of sports footwear for Nike. Currently, the plant produces 6,700 pairs of sneakers per day, and the aim is to double the output in the following months to increase it up to 17,000 pairs per day, among all the brands.
Tenaris announced this Tuesday the start of its hydraulic fracturing operations in Vaca Muerta. As of June, 90 fractures have already been completed in 3 wells with excellent efficiency indicators, accompanying the increase in production levels of the Fortín de Piedra unconventional gas field.