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☆ Druckenmiller says he bought five Argentinian stocks, praises Javier Milei's policies
▼ + stars: | 2024-05-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

"The only free market leader in the world right now, bizarrely, is in Argentina of all places," Druckenmiller said. Milei took office in December, promising economic reforms after Argentina was hit hard by inflation. I bought all of them, we did some work on them, I increased my positions," Druckenmiller said. ARGT 1D mountain The Global X MSCI Argentina ETF rose on Tuesday morning. The Global X MSCI Argentina ETF (ARGT) , which includes many of the stocks listed above, rose more than 1% in premarket trading Tuesday.

Persons: Stanley Druckenmiller, Druckenmiller, Javier Milei, Milei, Soros, Duquesne, it's Organizations: Economic, Duquesne Family, Grupo, Arcos, Banco BBVA Argentina, Mercadolibre, Grupo Financiero Galicia, Banco Locations: Argentina, Davos, U.S, Americas

☆ Lightning Round: SoundHound is losing money, it's no good for me, says Jim Cramer
▼ + stars: | 2024-05-02 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLightning Round: SoundHound is losing money, it's no good for me, says Jim Cramer'Mad Money' host Jim Cramer weighs in on stock including: OneMain Holdings, SoundHound AI, Cracker Barrel, Grupo Financiero, General Motors, and more.

Persons: SoundHound, Jim Cramer Organizations: OneMain Holdings, Financiero, General Motors

☆ HSBC to sell Argentina business in $550 million deal
▼ + stars: | 2024-04-09 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

CNN —HSBC has agreed to sell its business in Argentina to Grupo Financiero Galicia, the largest private financial group in the country, for $550 million, the UK-based bank said on Tuesday. The sale is expected to lead to a $1 billion pre-tax loss for HSBC in the first quarter of this year, the statement added. “HSBC Argentina is largely a domestically focused business, with limited connectivity to the rest of our international network,” Quinn said, adding that the unit “generates substantial earnings volatility” for the bank. “Galicia is better placed to invest in and grow the business,” he said. The bank, Europe’s biggest by market value, reported a big drop in quarterly profit in February, partly because of its exposure to China’s troubled real estate industry.

Persons: Noel Quinn, ” Quinn, ” Organizations: CNN, HSBC, Grupo Financiero, “ HSBC Locations: Argentina, Grupo Financiero Galicia, Asia, United States, France, “ HSBC Argentina, “ Galicia, China

Milei's dollar plans, however, put pressure on the embattled peso currency, which is held in check by strict capital controls. The official exchange rate is near 350 per dollar, but dollars trade well over twice that in popular parallel markets. Milei said in the run-up to the election he wanted to ditch the peso altogether in favour of the dollar. Milei had also heavily criticised China and Brazil in the runup to the elections, two of Argentina's main trading partners. China said on Tuesday it would be a "serious mistake" if Milei opted to cut ties between the two countries.

Persons: dollarization, Javier Milei, Miel, Milei, Morgan Stanley's, Viktor Szabo, Banks, Banks Grupo Supervielle, Marc Jones, Elizabeth Howcroft, Mayur Kamdar, Karin Strohecker, Bernadette Baum, Emelia Organizations: Argentina, Abrdn, U.S ., Banks Grupo, Banco, Banco BBVA Argentina, Grupo Financiero, Thomson Locations: BUENOS AIRES, MERV, London, Argentina, U.S, Grupo Financiero Galicia, China, Brazil

☆ Argentine ETF trading surges after election, led by small investors
▼ + stars: | 2023-11-20 | by ( Suzanne Mcgee | ) www.reuters.com time to read: +2 min

The Global X MSCI Argentina ETF , which offers exposure to a basket of the country's most liquid stocks, soared more than 13% on Monday and hit its highest level since September. While the South American country's markets are closed on Monday for a local holiday, U.S.-listed shares of Argentinian companies also surged in U.S. trading. The gains for the ETF came through large amounts of small trades, Todd Sohn, an ETF analyst at Strategas in New York, said. By mid-morning, the value of trading in the ETF had topped $11 million, compared with average of about $1 million a day throughout 2023. "These small country funds are ideal vehicles for small day traders who jump on events" like Sunday's presidential election in Argentina, Sohn said.

Persons: Agustin Marcarian, Argentina's Javier Milei, Todd Sohn, Sohn, Suzanne McGee, Megan Davies, Andrew Heavens Organizations: REUTERS, Argentina ETF, Management, Inc, U.S, Banco, Grupo Financiero, Thomson Locations: Buenos Aires, Argentina, American, New York, ARGT, Grupo Financiero Galicia

☆ Argentina oil company YPF spikes 40% as investors cheer president-elect Milei's promises to revamp the economy
▼ + stars: | 2023-11-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Shares of state-oil firm YPF soared 40% on Monday after Javier Milei's presidential victory. Milei has promised to revamp the Argentine economy, and also said he would seek to privatize YPF. Milei won the Argentine presidential election Sunday against Economy Minister Sergio Massa. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementArgentine state energy company YPF saw its New York-listed shares spike more than 40% on Monday, following Javier Milei's presidential election victory on Sunday.

Persons: Javier Milei's, Milei, Sergio Massa, —, Spain's Repsol, YPF Organizations: Argentine, Economy, Service, Reuters, Grupo Financiero Galicia, Banco Locations: Argentine, YPF, York, Spain's, Argentina, New York

☆ Can Argentina really move from the peso to the dollar?
▼ + stars: | 2023-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

2 economy and ditch its peso currency in favor of the US dollar. Milei must tackle inflation above 140%, a shortfall in foreign currency reserves and the prospect of another painful recession. Argentina’s financial markets are closed Monday for a local holiday, but the peso weakened slightly in partial trade to stand at around 353.58 to the US dollar. Bruno Gennari, Argentina expert at fixed income broker dealer KNG Securities, said the peso was trading at $1,009 versus the dollar on crypto exchanges Monday, considerably weaker than the $869 and $975 rates seen on Friday. Dollarization means Argentina would give up the peso and use the US dollar as its currency, effectively wresting control of monetary policy from the country’s central bank and handing it to the US Federal Reserve.

Persons: London CNN — Javier Milei, Sergio Massa, Milei, ” —, —, ” Milei, ”, “, Bruno Gennari, Javier Milei, Natacha, dollarization, ” William Jackson, “ It’s, Thierry Larose, ” Larose, Kristalina Georgieva, Jackson, — Valentina Gonzalez, Stefano Pozzebon, Olesya Dmitracova Organizations: London CNN, Libertad Avanza, Peronist, “, ” Financial, Argentine, State, Banco, Grupo Financiero Galicia, KNG Securities, US Federal Reserve, AP, Capital Economics, Vontobel, Management, CNN, Monetary Fund, Bank, IMF, Reuters Locations: Argentina, New York, Brazil, Mexico, Dollarization, Argentina’s, Zurich, dollarization, Washington, DC, Argentine

MEXICO CITY, July 20 (Reuters) - Mexico's Grupo Financiero Banorte (GFNORTEO.MX) reported on Thursday a 14% increase in second-quarter net profit, hitting 13.09 billion pesos ($764.68 million) on better results in its insurance and annuities and trading units. Revenue for the group, which owns one of the country's largest banks and pension funds, totaled 33.06 billion pesos in the quarter, up 19% from a year earlier. The bank's performing loan book saw a 12% bump from the year-ago period, with double-digit growth in nearly all divisions. Loan-loss previsions, however, also jumped 66% from the year-ago period to 4.04 billion pesos, with cost of risk shooting up to 1.66% from 1.13%. Banorte will also grow by some 1,300 account managers in the next few months in its business and corporate sectors, Ramirez said.

Persons: Banorte, Marcos Ramirez, Ramirez, Carolina Pulice, Kylie Madry, Stephen Coates Organizations: MEXICO CITY, Financiero, Thomson Locations: MEXICO

MEXICO CITY, July 13 (Reuters) - The Mexican government is no longer interested in purchasing Citigroup's (C.N) local retail arm, known as Banamex, a government spokesperson said on Thursday, adding that the U.S. bank "chose a different path" for its unit. Deputy Finance Minister Gabriel Yorio told Reuters at the time that Mexico could pursue a total or partial acquisition of the unit. Government spokesperson Jesus Ramirez did not immediately respond when asked which path the U.S. bank is taking. Before Citi's decision to list Banamex, banking sources said mining conglomerate Grupo Mexico (GMEXICOB.MX) had been eyeing the unit for around $7 billion. Reporting by Valentine Hilaire; Editing by Brendan O'Boyle and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Andres Manuel Lopez Obrador, Gabriel Yorio, Jesus Ramirez, Lopez Obrador, Valentine Hilaire, Brendan O'Boyle, Jamie Freed Organizations: MEXICO CITY, Citi, Reuters, Government, Grupo Mexico, German, Grupo, Spain's Banco Santander, Thomson Locations: MEXICO, U.S, Mexican, Mexico

☆ BBVA, Santander, Bank of America want to back Mexico's $6 billion power deal, Bloomberg reports
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid, Spain, May 23, 2018. REUTERS/Sergio Perez/File PhotoApril 13 (Reuters) - Banco Bilbao Vizcaya Argentaria (BBVA.MC), Banco Santander SA (SAN.MC) and Bank of America Corp (BAC.N) together plan to fund Mexico's $6 billion deal to purchase power plants from Spain's Iberdrola (IBE.MC), Bloomberg News reported on Thursday citing people familiar with the talks. The three lenders are among a consortium looking to finance the deal, the report said, with local banks such as Grupo Financiero Banorte and billionaire Carlos Slim's Grupo Financiero Inbursa also interested. The Bank of America declined to comment on the report, while Banco Bilbao Vizcaya Argentaria, Banco Santander SA and Iberdrola did not immediately respond to Reuters' requests for comment. Reporting by Nilutpal Timsina in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico's Banorte to add 800 jobs to tap into nearshoring
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters) - Mexican lender Grupo Financiero Banorte (GFNORTEO.MX) is preparing to hire 800 new employees to tap into growing demand from global companies moving their manufacturing operations to Mexico, its chairman told Reuters. The bank, which is one of Mexico's largest and already employs more than 30,000 people in the country, needs to grow its workforce to tap into the so-called nearshoring opportunity, Chairman Carlos Hank Gonzalez said on Tuesday. "We're adding about 800 people to our workforce to be able to capitalize on the opportunities ... 800 people that we're going to integrate just to be able to capitalize on the opportunities for nearshoring," he said. Mexico's top banks and the government alike are increasingly bullish on the country's nearshoring opportunity, with exports expected to soar. A spokesperson for the bank clarified this would be in addition to the 800 being hired in the main unit to cater to the nearshoring trend.

☆ Mexico's Banorte targets 3 mln customers for new digital bank -chairman
▼ + stars: | 2023-03-28 | by ( Saeed Azhar | ) www.reuters.com time to read: +1 min

NEW YORK, March 28 (Reuters) - Mexican lender Grupo Financiero Banorte (GFNORTEO.MX) is preparing to launch a digital bank late this year or in early 2024, which it hopes will add about 3 million customers, its chairman said on Tuesday. "We're expecting the last phase of approvals from the authorities," chairman Carlos Hank Gonzalez told Reuters in an interview about the new digital bank. Rafael Arana, the lender's finance chief, said the digital bank already has 200 staff, which could increase to 600 and 800 after it opens. The business will compete with Brazilian digital bank Nubank, which has aggressively expanded in Mexico and signed up 3.2 million customers. Banorte's digital bank plans to add 3 million customers after learning from its experience of offering credit card applications via mobile phones, Arana said.

☆ Mexican stocks are on fire this year. Here's what's driving the gains
▼ + stars: | 2023-03-12 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Closer supply chains to the U.S. are giving Mexican stocks a big boost to start the year. The iShares MSCI Mexico ETF (EWW) , which is made up of Mexican stocks, is performing even better — up 15.2%. EWW YTD mountain EWW in 2023 One key factor driving this early outperformance is "nearshoring," which refers to companies bringing supply chains closer to their home country. In this case, many U.S.-based companies are moving their supply chains to neighboring Mexico, which could lead to even more gains in Mexican stocks. Lippmann said the firm likes stocks directly helped by nearshoring trends, such as the real-estate firm Vesta and airport operator OMA .

☆ How Ana Botín can defeat the Santander sceptics
▼ + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.

☆ Mexico's Monex launches share buyback in move toward market exit
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Dec 9 (Reuters) - Mexican brokerage Grupo Financiero Monex launched a public tender offer on Friday for its shares, priced at 668.23 million pesos ($33.85 million), as the company moves to finalize its departure from Mexico's main stock exchange. The buyback, which ends on Jan. 9, prices the 30.78 million shares held by investors at 21.71 Mexican pesos ($1.10) apiece, according to a document published by the exchange. The firm's shares, which typically have low trading volume, were up slightly to 18.50 pesos on Friday afternoon. Monex (MONEXB.MX) said that once the buyback period is over, it will cancel the purchased shares, making it the most recent in a steady exodus of companies to leave the market. ($1 = 19.7390 Mexican pesos)Reporting by Noe Torres; Writing by Kylie Madryl editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Citi Mexico suitor Mifel enlists Apollo, ADIA to fund bid -sources
▼ + stars: | 2022-11-27 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +2 min

LONDON/NEW YORK, Nov 27 (Reuters) - Mexico's Banca Mifel has lined up investors including Apollo Global Management and the Abu Dhabi Investment Authority (ADIA) to fund a bid for Citigroup Inc’s (C.N) Mexican retail bank, two sources familiar with the matter told Reuters. The debt financing could attract more investors to join in Mifel's bid to buy Citibanamex, although there is enough funding already in place to fully support Mifel's proposal, one of the sources said. The competition to buy one of Mexico’s biggest banks has narrowed to two bidders, with smaller rival Mifel, led by Daniel Becker, battling billionaire German Larrea's conglomerate Grupo Mexico (GMEXICOB.MX). The two remaining bidders are now conducting further due diligence on the business, also known as Banamex, the sources said. Representatives from Mifel and Grupo Mexico did not immediately respond to emails and phone calls requesting comment.

☆ List of bidders for Citigroup's Mexican retail arm shrinks as Inbursa drops out
▼ + stars: | 2022-11-24 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known also as Banamex. "We considered from the beginning (of the bid) that it was going to be difficult for a player in the sector to make such an acquisition. Other heavyweight names such as Grupo Financiero Banorte (GFNORTEO.MX), Spanish bank Santander (SAN.MC) and media tycoon Ricardo Salinas have previously also pulled out of the process. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony Esposito, Stephen Coates and Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ Mexico core inflation higher than expected in early Nov, rate hikes to continue
▼ + stars: | 2022-11-24 | by ( Gabriel Araujo | ) www.reuters.com time to read: +2 min

MEXICO CITY, Nov 24 (Reuters) - Mexico's annual consumer prices slowed more than expected during the first half of November, but the core inflation index - which remains a main concern in the country as it grapples with high costs - came in above market forecasts. Data from national statistics agency INEGI showed on Thursday that annual headline inflation in Mexico hit 8.14% in the period, down from 8.53% a month ago and also below consensus of 8.24% in a Reuters poll of economists. The latest inflation figures backed expectations that the local central bank, known as Banxico, would keep hiking interest rates. "Overall, headline inflation continues to edge down in Mexico, but core inflation remains sticky, which will continue to keep policymakers uneasy," said Pantheon Macroeconomics' chief Latin America economist, Andres Abadia. On a monthly basis, Mexico's headline inflation rose 0.56% while the core index was up by 0.34% in mid-November, the statistics agency said.

☆ Mexico's Inbursa drops bid for Citigroup's Mexican retail arm Citibanamex
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +1 min

MEXICO CITY, Nov 23 (Reuters) - Mexican bank Grupo Financiero Inbursa (GFINBURO.MX) said on Wednesday it had pulled out of the bidding process for U.S. bank Citigroup's Mexican retail arm Citibanamex. "Inbursa confirms that, following submission of a non-binding proposal for the businesses in question, the parties mutually agreed that Inbursa will not be continuing to the next stages of the process," it said in a filing. Mexican corporate titans Carlos Slim's Inbursa and German Larrea's Grupo Mexico (GMEXICOB.MX) were seen as the frontrunners in bidding for Citibanamex, known too as Banamex. Earlier this month, Mexican President Andres Manuel Lopez Obrador said there are at least three remaining bidders for Banamex. Reporting by Carolina Pulice and Valentine Hilaire; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.

The bid amounts for the unit, known too as Banamex, were not disclosed by the sources. The sources also cautioned that no deal was guaranteed with any party and Citigroup could ultimately decide to sell Banamex shares on the Mexican Stock Exchange instead. Inbursa and Grupo Mexico declined to comment. Backed by Slim, Mexico's richest person, Inbursa was flagged as a strong contender when Citigroup put Banamex up for sale in January. However, mining tycoon Larrea has the firepower to compete as a candidate to buy Banamex, the sources said.

☆ Mexico's Banorte reports 30% surge in Q3 net profit
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

MEXICO CITY, Oct 20 (Reuters) - Mexico's Grupo Financiero Banorte (GFNORTEO.MX) reported on Thursday that its third-quarter net profit surged 30% to 11.54 billion pesos ($573.56 million) from the year-ago period. Revenue for the group, which owns one of the country's largest banks and pension funds, totaled 29.91 billion pesos in the third quarter, up 24% from a year earlier. ($1 = 20.1271 pesos by end-September)Register now for FREE unlimited access to Reuters.com RegisterReporting by Carolina Pulice and Aida Pelaez-Fernandez; Editing by Christian PlumbOur Standards: The Thomson Reuters Trust Principles.

☆ FEMSA's fintech arm eyes 10 million users in Mexico by 2023
▼ + stars: | 2022-10-20 | by ( Valentine Hilaire | ) www.reuters.com time to read: +2 min

REUTERS/Daniel Becerril/MEXICO CITY, Oct 20 (Reuters) - Spin by Oxxo, the financial technology initiative launched by Mexican bottler and retailer Femsa, is set to reach 10 million users by 2023, up from four million currently, Spin's Director General Asensio Carrion told Reuters. Spin by Oxxo, which has been financed with internal funds, has quickly become a major player in Mexican fintech. For comparison, Latin America's largest fintech Nubank has about 2.1 million customers in the country, while local player Stori aims to hit the two million client mark by 2023. Mexico's Grupo Financiero Banorte, in its second-quarter results, said it had 6.7 million digital clients. The company has more than 20,600 Oxxo stores across Latin America, and has plans to increase the number by 50% over the next decade.

☆ Mexican inflation seen at 8.71% in first half of September
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

The median forecast of 17 analysts projected annual inflation at 8.71%, down from 8.77% in the second half of August, when it reached its highest level since late 2000. Annual core inflation, which strips out some volatile food and energy prices, is forecast to reach 8.28% in the month's first. (MXCPIC=ECI)Mexican consumer prices are estimated to have increased by 0.37% in the first half of September compared to the previous half-month period, with core inflation seen rising 0.44%, according to the Reuters poll. (MXCPIF=ECI), (MXCPIH=ECI)Mexico's national statistics agency INEGI will publish consumer price data for the first half of September on Thursday. Register now for FREE unlimited access to Reuters.com RegisterReporting by Noe Torres; Additional reporting by Gabriel Burin in Buenos Aires; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

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