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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

☆ How Argentina's inflation fight made the peso the strongest currency in the world
▼ + stars: | 2024-04-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Argentine peso has jumped 25% in three months against the dollar in one key exchange market. AdvertisementArgentina's President Javier Milei still hasn't dollarized the economy as promised, but he has managed to do something that's possibly more shocking: strengthen the peso. This currency has been one of 2023's most devalued tenders, and yet it's now become the top currency against the dollar. In the past three months, the peso has surged 25% in the blue-chip swap market, one of Argentina's key foreign exchanges. It's also ironic that Milei has come to lead the peso out of tougher times, given his loud disdain for the currency last year.

Persons: Javier Milei's, —, Javier Milei, he's, It's, Milei Organizations: Argentine, Service, Bloomberg, Financial Times Locations: It's, Argentine, greenbacks

☆ Crisis-stricken Argentina must dollarize and get rid of the central bank, veteran economist says
▼ + stars: | 2024-03-15 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +4 min

A man wearing a Diego Maradona t-shirt walks by the Argentine Central Bank on November 30, 2023 in Buenos Aires, Argentina. Data published Tuesday by the country's statistical office showed that Argentina's 12-month inflation rate through February rose to 276.2%, reaffirming Argentina's position as having the world's worst inflation. Hanke said that in 1999 he had drafted a law at the request of former President Carlos Menem that would have dollarized Argentina's economy. Advocates of dollarizing Argentina's economy say the switch could help the country tame skyrocketing inflation and bring an end to its boom-and-bust cycle. Ecuador and Panama are two notable examples of countries that have previously dollarized their economies, but no country of Argentina's size has previously shifted to the U.S. dollar.

Persons: Diego Maradona, Tomas Cuesta, Javier Milei, Steve Hanke, Milei, Hanke, CNBC's, Carlos Menem, he'd, Argentina Javier Milei, Donald Trump Organizations: Argentine Central Bank, Getty, Monday, Johns Hopkins University, Argentine Congress, International Monetary Fund, CNBC, U.S . Locations: Buenos Aires, Argentina, London, Ecuador, Panama

☆ Argentina Photo of Half Naked, Bowed Prisoners Shows Tough-On-Crime Shift
▼ + stars: | 2024-03-06 | by ( March | At P.M. | ) www.usnews.com time to read: +2 min

The governor of Santa Fe province, Maximiliano Pullaro, shared details on Tuesday of a recent police search operation in the Pinero prison complex, where several high-profile drug traffickers are housed. She has previously applauded Bukele's approach to drug-related crime and said she was "interested in adapting the Bukele model" to Argentina. "They are going to have it worse and worse," Pullaro wrote on his Instagram social media account, alongside a picture of the prisoners with naked torsos and their heads bowed surrounded by guards in military gear. "Orders come out from the prisons that make life impossible for the people of Santa Fe," the governor added. Santa Fe is home to the strategic grains port city of Rosario, which last year recorded one of the highest homicide rates in Argentina as criminal gangs fight over drug territory.

Persons: Lucinda Elliott, El, Nayib, Maximiliano Pullaro, Pinero, Patricia Bullrich, Bukele's, Pullaro, torsos, El Salvador's Bukele, Bukele, Javier Milei's, Alistair Bell Organizations: Reuters, El Salvador, Argentina's, Legal, Social Studies, Conservative Political, Conference Locations: Argentina, Santa Fe, Maximiliano, Rosario, Buenos Aires, Washington

☆ First Female Argentine Saint Brings Together Pope Francis and Milei
▼ + stars: | 2024-02-10 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Alvise ArmelliniVATICAN CITY (Reuters) - Pope Francis on Sunday will elevate to sainthood the first female saint from his native Argentina, an event that will be attended at the Vatican by his former strong critic, Argentine President Javier Milei. Milei, a maverick right-wing libertarian, in the past called Francis an "imbecile", a "son-of-a-bitch preaching communism" and the devil's man on earth - but has softened his tone since taking office in December. Francis has said he hopes to be able make his first trip back to his homeland since being pope in 2013 in the second half of this year. Francis, himself a Jesuit, described her on Friday in a meeting with pilgrims from Argentina as a "gift to the Argentine people and also to the entire Church," praising her dedication to the poor. Quoting from his past writings, the pope condemned the "radical individualism" that permeates today's society as a "virus", in words that may jar with Milei's radical free-market instincts.

Persons: Alvise, Pope Francis, Javier Milei, Francis, Maria Antonia de Paz y Figueroa, Mama Antula, Milei, Sergio Mattarella, Giorgia Meloni, Lucinda Alice Elliot, Clelia Oziel Organizations: CITY, Jesuit Locations: Argentina, Argentine, St Peter's, America, Israel, Italy, Buenos Aires

☆ Argentina's Milei Calls on Two Officials to Resign After Reform Setback
▼ + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentine President Javier Milei on Friday called for two government officials to resign, saying he needed greater commitment to his agenda after congress rejected his reform package earlier in the week. Milei, a self-defined anarcho-capitalist who took office in December, called for Mining Secretary Flavia Royon and Osvaldo Giordano, head of the country's ANSES social insurance agency, to step down. Congress' rejection of the omnibus bill on Tuesday marked a major setback for Milei, who has accused opposition lawmakers of "betrayal". "I wish the president a great administration and wherever I go I will continue to work for the good of Argentina," he said. On Friday he was in Rome, where he is scheduled to meet with his countryman Pope Francis.

Persons: Javier Milei, Flavia Royon, Osvaldo Giordano, Milei, Giordano, Royon, Pope Francis, Maximilian Heath, Sarah Morland, Cynthia Osterman Organizations: BUENOS AIRES, Reuters, Mining, Peronist Locations: BUENOS, Argentine, Argentina, Rome

☆ Trump-admiring populist Milei lashes out at Argentina's governors after major reform bill setback
▼ + stars: | 2024-02-07 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Argentina's President Javier Milei accused governors of seeking "to destroy" his sweeping economic reform bill, shortly after his ruling party abruptly withdrew the package from the floor of the country's lower house. The so-called "omnibus" bill, which had received support in general terms from opposition lawmakers last week, was rejected on Tuesday during an article-by-article approval process. The package of measures is a core tenet of Milei's push to reform Latin America's third-largest economy. Among other issues, the bill seeks to privatize state entities, increase penalties for social protests and scale back some environmental protections. Milei's Libertad Avanza party has pledged to send the bill back to committees to be debated when governors "understand that it is the people who need it, not the government."

Persons: Javier Milei, Jimena Blanco, Verisk Maplecroft Organizations: National, CNBC Locations: Argentina, Buenos Aires, Americas

☆ In Major Setback for Argentina's Milei, Sweeping Reform Bill Sent Back to Committee
▼ + stars: | 2024-02-06 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - A major economic reform package championed by Argentina's libertarian President Javier Milei will be sent back to a legislative committee for consideration, the president's party said on Tuesday, marking a major setback for the bill after lawmakers rejected many of its provisions. The rejections played out during the article-by-article approval process, after legislators voted to approve the so-called "omnibus" proposal in general terms late last week. Some opposition legislators called on those backing the reform package to compromise. "We ask the ruling party to have some flexibility. They love to keep losing," said opposition lawmaker Miguel Pichetto during the legislative session.

Persons: Javier Milei, Miguel Pichetto, Nicolas Misculin, David Alire Garcia Organizations: BUENOS AIRES, Reuters Locations: BUENOS, Libertad

☆ Argentina Lower Chamber Approves Milei's 'Omnibus' Reform Bill
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentina's lower chamber of deputies gave overall approval to libertarian President Javier Milei's sweeping "omnibus" reform bill in a vote on Friday after days of debate, paving the way for a decisive vote in the Senate. The controversial reform package was approved on a vote of 144 votes in favor, and 109 against. The mammoth bill is a key plank of Milei's reforms plans for Argentina's embattled economy, which is grappling with inflation above 200%, depleted foreign currency reserves and a time-bomb of debt repayments owned to creditors and investors. Milei's Libertad Avanza party only holds a small number of seats in the 257-seat chamber, but was still able to muster enough support from likeminded allies to advance the bill. (Reporting by Nicolas Misculin and Eliana Raszewski; Editing by Diane Craft and Sandra Maler)

Persons: Javier Milei's, Milei's, Nicolas Misculin, Diane Craft, Sandra Maler Organizations: BUENOS AIRES, Reuters, Senate Locations: BUENOS

BUENOS AIRES, Argentina (AP) — An Argentine court on Tuesday overturned labor rules proposed by President Javier Milei that would make it easier to fire workers, in a new blow to the leader's efforts to shake up regulations that he says have hampered the country's struggling economy. The appeals court already temporarily suspended the incoming president's new regulations in early January after a legal challenge brought by the main union group, the General Labor Confederation. Milei's administration did not immediately say whether it would do so. Milei in December announced a decree that would make several changes to labor rules, like increasing job probation from three to eight months, reducing severance compensation and allowing the dismissal of workers who take part in blockades during protests. Last week, the president faced a one-day general strike, organized by the biggest union, but some government officials downplayed the effects of the protest.

Persons: —, Javier Milei, Milei Organizations: General Labor Confederation, Congress Locations: BUENOS AIRES, Argentina, Argentine, Buenos Aires

☆ A nationwide strike in Argentina poses major test to Milei’s economic ‘shock therapy’
▼ + stars: | 2024-01-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina's largest labor union grouping on Wednesday is expected to hold a nationwide general strike to protest President Javier Milei's shock economic agenda. The strike represents a significant test for Milei, who has announced sweeping measures to deregulate Latin America's third-largest economy. "The general strike is more of a political test for the labour unions than for Milei," Jimena Blanco, head of Americas at risk consultancy Verisk Maplecroft, told CNBC via email. "Regardless of attendance, the strike caters to the unions' own support base and, at this stage, is not representative of wider social sentiment. However, it has the potential to grow in the future as the impacts of the economic shock plan become palpable."

Persons: Javier Milei, Javier Milei's, del Trabajo, Jimena Blanco, Verisk Maplecroft Organizations: Economic, Analysts, CNBC Locations: Davos, Switzerland, Argentina, Americas

☆ Elon Musk praises Javier Milei's World Economic Forum speech — and gets his Grok AI to make his annual dig at Davos
▼ + stars: | 2024-01-18 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Read previewThe World Economic Forum in Davos is in full swing, but one of the great and good is not in Switzerland this week: Elon Musk. Grok roasts Klaus Schwab at WEF pic.twitter.com/zzpaNTWnKm — Elon Musk (@elonmusk) January 18, 2024However, Musk was full of praise for one Davos attendee : Argentine president Javier Milei. It received plenty of legitimate criticism , but also sparked conspiracy theories that believe it is a sinister plan by elites to use the Covid-19 pandemic to control the world. Comments under his X post "roasting" Schwab also featured several posts alluding to conspiracy theories surrounding the WEF. The World Economic Forum did not immediately respond to a request for comment from Business Insider.

Persons: —, Elon, Klaus Schwab, Grok roasts Klaus Schwab, zzpaNTWnKm — Elon, Musk, Javier Milei, D254kMpgDh — Elon, Milei, who's, Schwab, chatbot, hadn't, He's, Prince, Wales Organizations: Service, Economic, Business, World Economic Locations: Davos, Switzerland, WEF, Argentine, Argentina

☆ ‘The Western world is in danger’: Argentina’s Milei, a self-described ‘anarcho-capitalist,’ urges Davos elite to reject socialism
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Argentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. "Today, I'm here to tell you that the Western world is in danger," Milei said in a special address at the World Economic Forum in Davos, Switzerland, according to a translation. "Rebuilding Trust" is the overarching theme of the annual WEF meeting. WEF founder Klaus Schwab introduced Milei to the stage in Davos by saying his "more radical methods" had "introduced a new spirit to Argentina." "The main leaders of the Western world have abandoned the model of freedom for different versions of what we call collectivism.

Persons: Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Milei, Donald Trump, WEF, Klaus Schwab Organizations: Economic, Getty, Reuters Locations: Davos, AFP, Switzerland, Swiss, Argentina

☆ Pope Says He Hopes to Visit 'Suffering' Argentina This Year
▼ + stars: | 2024-01-14 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Philip PullellaROME (Reuters) - Pope Francis said on Sunday that the people of Argentina are suffering and that he hopes to be able make his first trip back to his homeland in the second half of this year. On Thursday, Argentine President Javier Milei's office said he had invited the 87-year-old Francis to visit, appearing to extend an olive branch after attacking the Catholic leader in recent years. He said an eventual trip to Argentina would take place after August, when he is planning to visit some countries in Polynesia. "After that, the trip to Argentina, if it can be done, but I would like to go. Francis has made more than 40 trips outside Italy, including many in Latin America, since his election nearly 11 years ago as the first Latin American pontiff but has yet to visit Argentina.

Persons: Philip Pullella ROME, Pope Francis, Javier Milei's, Francis, Milei, It's, imbecile, Philip Pullella, Diane Craft Organizations: Argentine, Catholic Locations: Argentina, Italian, Polynesia, Buenos Aires, Italy, Latin America

☆ Argentina's Milei taps ex-central banker Caputo to fix economy in crisis
▼ + stars: | 2023-11-29 | by ( Jorgelina Do Rosario | Thomson Reuters | Jorgelina Do Rosario Is Emerging Markets Correspondent At Reuters Based In London | ) www.reuters.com time to read: +2 min

Former governor of Argentina's central bank, Luis Caputo, speaks alongside Economy Minister Nicolas Dujovne during a news conference in Buenos Aires, Argentina May 4, 2018. REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsBUENOS AIRES, Nov 29 (Reuters) - Argentina President-elect Javier Milei will appoint Luis Caputo as his economy minister, he said in a radio interview on Wednesday in Buenos Aires, after a two-day trip to the United States. "The minister of economy will be Luis Caputo," Milei told Radio La Red, although his office has yet to officially confirm the nomination. This will not be the first time for Caputo, a former Wall Street banker, as a government official. The economist was later appointed as central bank governor in 2018.

Persons: Luis Caputo, Nicolas Dujovne, Marcos Brindicci, Javier Milei, Caputo, Milei, elect's, Mauricio Macri's, Jorgelina, Adam Jourdan, Bernadette Baum, Mark Porter Organizations: REUTERS, Radio La, Monetary Fund, Wall Street, IMF, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, United States, dollarizing Argentina, Milei, Washington, Rosario

☆ Argentina's Milei to meet Biden aide after lunch with Bill Clinton
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 27 (Reuters) - Argentina's President-elect Javier Milei will meet with a top security aide to U.S. President Joe Biden in Washington, the White House confirmed on Monday, after the far-right libertarian lunched with former U.S. President Bill Clinton in New York. Upon arriving in the United States, Milei first visited the tomb of a well-known orthodox Jewish rabbi before having lunch with Clinton, according to a statement from the president-elect's office. On Tuesday, Milei will meet with U.S. National Security Adviser Jake Sullivan, while his economic advisers are scheduled to meet with senior U.S. finance officials to discuss the president-elect's economic priorities. Argentina is the IMF's largest debtor nation as it struggles to tame inflation approaching 150%. Milei will take office on Dec. 10 at a time when over two-fifths of Argentina's population is in poverty and a recession looms for South America's second-largest economy.

Persons: Javier Milei, Joe Biden, Bill Clinton, Milei, Luis Caputo, Karina Milei, Clinton, Jake Sullivan, Donald Trump, Jarrett Renshaw, David Lawder, Jorge Otoala, Brendan O'Boyle, David Alire Garcia, Simon Cameron, Moore Organizations: White House, U.S, Democrat, Argentine, U.S . National, International Monetary Fund, Reuters, Thomson Locations: Washington, New York, Milei, New Jersey, United States, Argentina, Buenos Aires

Argentine President-elect Javier Milei departs the Eisenhower Executive Office Building after meeting with Biden administration staff at the White House complex in Washington, U.S., November 28, 2023. His foreign policy, meanwhile, is unabashedly pro-United States and pro-Israel, with a cooler stance on top trade partners Brazil and China. 2 Gita Gopinath and other fund officials, the fund said separately. The IMF has said in the past that dollarization is not a substitute for sound macroeconomic policy. Milei and IMF officials had a first virtual meeting on Friday, which Georgieva called a "very constructive engagement".

Persons: Javier Milei, Kevin Lamarque, Milei, Jake Sullivan, Juan Gonzalez, Benjamin Gedan, Alberto Fernandez, Vladimir Putin, Kristalina Georgieva, Posse, Luis Caputo, Gita Gopinath, Georgieva, Jason Lange, Rodrigo Campos, Rosalba O'Brien, Christopher Cushing Organizations: Argentine, Biden, REUTERS, Rights, U.S, White, National Security, Western, United, Israel, America, Wilson, International Monetary Fund, IMF, Reuters, Thomson Locations: Washington , U.S, Washington, Argentina, United States, Brazil, China, U.S, Moscow, Ukraine, Beijing, Argentine, New York

WASHINGTON (AP) — Argentina's right-wing President-elect Javier Milei will meet with President Joe Biden's national security adviser on Tuesday in Washington, according to the White House. National Security Council spokesman John Kirby told reporters on Monday that Milei will meet with White House national security adviser Jake Sullivan and other administration officials. The Treasury Department said in a statement that Milei's economic policy advisers will also meet with senior Treasury Officials on Tuesday. That meeting is expected to focus on the incoming Milei administration's economic policy priorities. Argentina’s president-elect has said he wants to move Argentina’s embassy in Israel from Tel Aviv to Jerusalem, emulating a move made by Trump.

Persons: —, Javier Milei, Joe Biden's, John Kirby, Milei, Jake Sullivan, Biden, Rosalynn Carter, ” Kirby, Donald Trump, Trump, ” Milei, Menachem Mendel Schneerson, Schneerson, he’s, hasn’t, “, Israel, ” ___ Politi, Fatima Hussein, Chris Megerian Organizations: WASHINGTON, House . National Security, White House, Milei, Treasury Department, International Monetary Fund, Lubavitch, Catholic, Israel, Trump, Associated Press Locations: Washington, Georgia, Colorado, Argentina, United States, New York City, Kirby, New York, Queens, Israel, Tel Aviv, Jerusalem, Buenos Aires

☆ Argentina's Milei invites Brazil's Lula to inauguration, travels to US
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +3 min

Last week Milei, who travels to the United States on Sunday, had already softened his tone with China's communist leadership, thanking President Xi Jinping for a letter congratulating him. "I hope that our mutual time as presidents will be a stage for fruitful work and the construction of ties that consolidate the role Argentina and Brazil can and must fulfill in the concert of nations," Milei told Lula. The letter was delivered by his top foreign policy adviser, Diana Mondino, to Brazil's Foreign Relations Minister Mauro Vieira at a meeting in Brasilia. The new Argentine leader is closer politically and personally to former Brazilian President Jair Bolsonaro and has invited him to his inauguration. Milei meanwhile was set to travel to the U.S. on Sunday, a spokesperson told Reuters, noting he would attend a religious ceremony in New York and have meetings in Washington.

Persons: Javier Milei, Brazil's, Luiz Inacio Lula da Silva, Milei, Lula, Xi Jinping, Diana Mondino, Mauro Vieira, Jair Bolsonaro, Bolsonaro, Mondino, Vieira, Karina, Kristalina Georgieva, Gabriel Araujo, Lisandra, Jorge Otaola, David Gregorio, Stephen Coates Organizations: SAO PAULO, Foreign, Argentine, White, U.S . Treasury, International Monetary Fund, dollarizing, IMF, Thomson Locations: BRASILIA, BUENOS AIRES, Argentine, Brazil, United States, China, Argentina, Brasilia, Mercosur, New York, Washington, dollarizing Argentina, U.S, Sao Paulo, Buenos Aires

☆ Argentina’s market rallied sharply on a historic election. How investors can play it
▼ + stars: | 2023-11-26 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

Argentina last week held a historic election in which libertarian candidate Javier Milei came out victorious, sending the country's stock market surging. The Merval , Argentina's stock market benchmark, rallied 42% for the week. The trade Trading in Argentine stocks has historically been a volatile endeavor. That said, there are ways for investors in the U.S. to get exposure to the Argentine market if they think stocks can rise during Milei's presidency. Other U.S.-listed Argentine stocks include oil name YPF — which surged nearly 57% last week — and Banco BBVA Argentina , which is up 34% in 2023.

Persons: Javier Milei, Milei, Diego Pereira, –, Jorge Morgenstern, GlobalX Organizations: JPMorgan, Senate, HSBC, Argentine, Banco BBVA Argentina Locations: Argentina, Argentine, U.S, . U.S

[1/2] Former governor of Argentina's central bank, Luis Caputo, speaks during a news conference in Buenos Aires, Argentina May 4, 2018. In the meeting, however, Caputo declined to confirm that he would be the new economy minister, two of the sources said. The roadmap is orthodox and without crazy things," Caputo told the assembled bank representatives, according to a senior banking source who attended the meeting. Earlier on Friday, though, he said shutting the central bank was "non-negotiable". The second bank source said Caputo had discussed the need to fully attack inflation and lower the Leliq pile, though did not have details on how this would be done.

Persons: Luis Caputo, Marcos Brindicci, Javier Milei, Caputo, Milei, Mauricio Macri's, Javier Bolzico, ADEBA, Milei's, " Caputo, Jorgelina, Jorge Otaola, Adam Jourdan, Alistair Bell Organizations: REUTERS, La, Reuters, Thomson Locations: Argentina's, Buenos Aires, Argentina, BUENOS AIRES, Argentine, Rosario

☆ Argentina's Milei Says Shutting Central Bank 'Non-Negotiable'
▼ + stars: | 2023-11-24 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

BUENOS AIRES (Reuters) - Argentina's President-elect Javier Milei said on Friday that the closure of the country's central bank, a signature campaign pledge, was a "non-negotiable matter", according to a statement from his office posted on social media platform X. Argentina's social security administration ANSES, a key institution given Milei's pledge to slash state spending and subsidies, will be lead by economist Osvaldo Giordano from the key central Cordoba region, the statement added. That marks a shift from a previous plan that Milei would appoint a close ally to lead the administration. Milei faces major hurdles to implement his more radical reform plans, which include dollarizing the economy, shutting the central bank and privatizing state companies like YPF, which will take time if they can be done at all. Milei also has to juggle demands from the more mainstream conservative bloc, whose public backing was key to him winning the run-off election last week.

Persons: Javier Milei, Osvaldo Giordano, Horacio Marin, Milei, Gabriel Araujo, Adam Jourdan Organizations: BUENOS AIRES, Reuters Locations: BUENOS, Cordoba

☆ Argentina's Milei says shutting central bank 'non-negotiable'
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

BUENOS AIRES, Nov 24 (Reuters) - Argentina's President-elect Javier Milei said on Friday that the closure of the country's central bank, a signature campaign pledge, was a "non-negotiable matter", according to a statement from his office posted on social media platform X. Argentina's social security administration ANSES, a key institution given Milei's pledge to slash state spending and subsidies, will be lead by economist Osvaldo Giordano from the key central Cordoba region, the statement added. That marks a shift from a previous plan that Milei would appoint a close ally to lead the administration. Milei faces major hurdles to implement his more radical reform plans, which include dollarizing the economy, shutting the central bank and privatizing state companies like YPF, which will take time if they can be done at all. Milei also has to juggle demands from the more mainstream conservative bloc, whose public backing was key to him winning the run-off election last week.

Persons: Javier Milei, Osvaldo Giordano, Horacio Marin, Milei, Gabriel Araujo, Adam Jourdan Our Organizations: Thomson Locations: BUENOS AIRES, Cordoba

☆ Mexico's America Movil denies report it's eyeing Argentine telecoms firm Arsat
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +1 min

The logo of America Movil is pictured on the wall at a reception area in the company's corporate offices, in Mexico City, Mexico January 25, 2022. REUTERS/Gustavo Graf/File Photo Acquire Licensing RightsMEXICO CITY, Nov 23 (Reuters) - America Movil (AMXB.MX), the Mexican telecommunications company controlled by billionaire Carlos Slim, on Thursday denied a report it is in talks with Argentine President-elect Javier Milei's team to buy Argentina's state telecoms company Arsat. Citing sources close to the matter, website La Politica Online said plans to sell Arsat are very advanced, and reported that a member of Milei's transition team on Tuesday held talks with executives from America Movil's Argentine unit, Claro. La Politica Online said the value of Arsat was discussed during the talks with a figure of around $930 million mentioned. A spokesperson for Milei's transition team did not immediately respond to a request for comment.

Persons: Gustavo Graf, Carlos Slim, Javier Milei's, Arturo Elias, Slim's, Arsat, Dave Graham, Eliana, Jonathan Oatis, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Argentine, Reuters, Politica, America Movil's, Thomson Locations: Mexico City, Mexico, MEXICO, Mexican, America Movil's Argentine, Claro

☆ Exclusive: Argentina grains trade 'paralyzed' as farmers eye FX adjustment, bean shortage
▼ + stars: | 2023-11-23 | by ( Maximilian Heath | ) www.reuters.com time to read: +3 min

That hurts exporters who often have to bring most of their overseas sales back into the country at the official rate, getting fewer pesos for each dollar. While the government has rolled out exchange rate sweeteners for farmers, giving them a better rate, many producers are waiting to see what Milei does when he takes office. Idigoras said the lack of beans for the huge crushing plants that turn soybeans into oil and meal along the Parana River meant the facilities were operating at greatly reduced capacity. "Today we are at 73% average idle capacity in the crushing plants and 75% idle capacity in the grain ports," he said. He added that the crushing plants were bringing forward stoppages for technical maintenance due to the "impossibility" of being able to keep operating.

Persons: Marcos Brindicci, Javier Milei, CIARA, Gustavo Idigoras, Idigoras, Maximilian Heath, Adam Jourdan, Jonathan Oatis Organizations: REUTERS, Reuters, Cargill, Bunge, Thomson Locations: Rafaela, Argentina, BUENOS AIRES, Parana

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