The three largest oil companies operating in Argentina (YPF, Axion and Shell) apply from today a 5% average increase in the price of gasoline. It is as a result of the end of the decree that froze fuel prices for 90 days after the primary elections to prevent the devaluation in which the dollar jumped from 45 to 57 pesos was transferred to prices.
Farmers fear that Alberto Fernández will restore interventionist policies to combat soaring inflation, service billions in foreign debt and pay for promised social programs.
Activity in the non-deliverable forwards (NDF) market, which foreign investors use to protect against fluctuations in the peso, has evaporated after capital controls were imposed in September.
Bloomberg news agency reported on Tuesday that three funds – Palladian Partners LP, HBK Master Fund LP and Hirsh Group LLC – filed a lawsuit against Argentina in August in London courts as they believe the country “altered” the GDP estimate in 2013 to avoid triggering the payment of the bond called Cupon PBI. The report indicates that the three vulture funds claim to have credits for 6.1 billion euros without specifying the amount of the claim.
The leader of the Techint Group, Paolo Rocca, criticised the Chinese actions in the world market and proposed that the steel industry be strengthened through MERCOSUR, during the inauguration of the 60th Congress of the Latin American Steel Association (ALACERO).
Argentine companies listed in New York were devalued by almost $ 30.2 billion during the election period, according to the newspaper La Nación. Between August 9 and November 1 – that is, before the primary and after the general elections – shares of Argentine companies listed on Wall Street lost up to 71% of their market capitalization.
The Appeals Court of the Second Circuit of New York dismissed a demand for $ 70 million from the speculative funds Attestor Value, Bybrook Capital, Bybrook Hazleton, Trinity Investment and White Hasthorne, in claims related to the GDP Coupon Bond.
The Federal Public Revenue Administration (AFIP) extended until November 30 the deadline for micro, medium and small businesses to avoid embargoes for their tax debts.
Four of the most important companies in Argentina announced that executives who are the number one of their structures leave their positions: Gabriel Martino (HSBC Argentina), Federico Rava (Telefónica Movistar), Carlos Moltini (Telecom), and Enrique Cristofani (Santander). In the press releases and informal talks, they ensure that the movements are not related to the arrival of Alberto Fernández to power.
The country’s GDP will record a 3% retraction in 2019, only surpassed by Venezuela, which will face a collapse of 25.5%, and Nicaragua, which will have a decrease of just over 5%, according to the latest projection of the Economic Commission for Latin America and the Caribbean (ECLAC). Together with the Bahamas, they will form the group of countries in recession on the continent next year.