Argentina is becoming a major player in biotechnology and a place primed for startups since the Biotechnolgy Law 2018. One well-established example of a success story is Rosario-based Bioceres which hit the New York Stock Exchange recently. Amongst the ten top are Caspr, Michroma, WeBio, Cell Farm, Alytix, Bitgenia, Beeflow, algaebio, Aplife, and MZP Tecnología.
The utilisation of installed capacity in the industry fell in November last year to 60%, from 63% in the same month of 2018, reported the National Institute of Statistics and Census (Indec). The fall was related to the 4.5% year-on-year decline in manufacturing activity.
YPF Luz, a subsidiary of state oil company YPF, has received $100 million in credits from BNP Paribas Fortis and $50 million from the U.S. International Development Finance Corporation. Credits will be used for building the wind farm Cañadón León in the breezy southern steppes of Santa Cruz province, which is expected to generate 120 megawatts of power and create 400 jobs during its construction phase.
Argentina switchgear market is anticipated to grow at CAGR of 1.3% during 2019-2025 on account of increasing number of renewable power projects under the government initiative RenovAr and improvement of power transmission infrastructure, says a Research and Markets report.
In October, the decrease in jobs amounted to 52,947 jobs compared to October 2018, according to the Argentine Industrial Union (UIA). Between October 2015 and the same month of 2019, the loss of formal private jobs in the economy as a whole was 229 thousand jobs, of which 167,400 were lost in the manufacturing industry.
Argentina’s central bank (BCRA) established that Payment Service Providers (PSP) or Fintech should deposit their clients’ funds in demand accounts in pesos in financial institutions of the country, and those funds should be available immediately upon request. Customers of these virtual wallets can also apply their funds to investments in common money funds.
Argentina ratified its decision to continue the expansion of the Aña Cuá hydroelectric dam, during a meeting between the Energy Secretary, Sergio Lanziani and the executive director of the Yaciretá Binational Entity (EBY), the former President of Paraguay Nicanor Duarte Frutos. The contracts for this work were signed at the end of October with the German company Voith, which will allow a 9% expansion of Yaciretá’s electricity generation.
Argentina’s industrial output fell 4.5% in November versus the same month a year earlier, according to National Institute of Statistics and Census (Indec). In the first eleven months of the year, the indicator accumulated a decrease of 6.9%. The fall marked the 19th straight month of dwindling industrial output.
A total of 6,425 hydraulic fractures were carried out last year in the Vaca Muerta formation, a 33% increase from 4,825 in 2018, according to data provided by NCS Multistage. State-controlled YPF carried out the largest number of fractures by a huge margin with 3,034 in 2019, a 54% increase from the previous year. The 2019 level is almost double than 2016.
Automotive production fell 32.5% in 2019 compared to the previous year, according to the Automotive Factory Association (Adefa). With only 314,787 units that left factories, it was the worst year for this industry since 2004 when 299,205 vehicles were manufactured. Shipments abroad totaled 224,248 units, with a cut of 16.7% compared to 2018, and the worst figure since 2006 (218,543).