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☆ El Salvador Removes Income Taxes for Money From Abroad
▼ + stars: | 2024-03-12 | by ( March | At P.M. | ) www.usnews.com time to read: 1 min

SAN SALVADOR (Reuters) - El Salvador's Congress approved on Tuesday a reform to remove income taxes previously imposed on money from abroad, in a move to attract more foreign investment. Money flows from abroad in forms such as remittances and investments in companies will now be exempt from tax, lawmakers said. Prior to the reform, incomes equal to or greater than $150,000 had to pay a rate of 30% at the time of entry into the country. "The initiative aims to stimulate domestic and foreign investment to boost the economy and generate better and more employment opportunities," said lawmaker Suecy Callejas in Congress when defending the reform. (Reporting by Nelson Renteria; Writing by Valentine Hilaire; Editing by Sarah Morland)

Persons: Suecy Callejas, Nelson Renteria, Valentine Hilaire, Sarah Morland Organizations: SALVADOR, Reuters, Salvador's

☆ Striking Truck Drivers Block Key Mexican Highways Over Lawlessness
▼ + stars: | 2024-02-15 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Striking truck drivers blocked key Mexican transport arteries on Thursday, jamming vital highways to protest lawlessness on the roads that has led to a rise in robberies and extortion. Traffic on at least nine highways was affected by the protests, according to local media reports. Rafael Ortiz, leader of transport group Amotac, told local media that more strikes could be called if the government does not meet their demands. Ortiz urged the government to boost security, noting that between one and two truck drivers are killed every month on the roads due to the lack of safety. The road blockades erected by the striking drivers are "unfounded and unjustified," Mexico's government said in a statement on Thursday, adding that Amotac representatives decided to stop negotiations on Wednesday even as progress was being made.

Persons: Rafael Ortiz, Ortiz, Amotac, Valentine Hilaire, Sandra Maler Organizations: MEXICO CITY, National Guard Locations: MEXICO

☆ Panama's Top Court Rejects Ex-President Martinelli's Appeal to Annul Prison Sentence
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

PANAMA CITY (Reuters) - Panama's top court rejected former president and current presidential candidate Ricardo Martinelli's appeal to annul a 10-year prison sentence, a court official said on Friday, casting doubt on Martinelli's ability to run in the May election. Martinelli was sentenced to a 128-month prison term last year for money laundering for his role in a case known as "New Business," which alleges public funds were used to buy a media conglomerate and give him a majority stake. Authorities have not issued a statement on his candidacy, but Panama's constitution bars from the presidency anyone condemned to a prison sentence of five years or more. Martinelli, a multimillionaire supermarket magnate, held office from 2009 to 2014. (Reporting by Elida Moreno and Valentine Hilaire; Editing by Sarah Morland)

Persons: Ricardo Martinelli's, Martinelli, Elida Moreno, Valentine Hilaire, Sarah Morland Organizations: PANAMA CITY, Authorities Locations: PANAMA

☆ Fire in Panama's Largest Landfill Blows Toxic Smoke Over Capital
▼ + stars: | 2024-01-19 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

(Reuters) - A large blaze at a garbage dump outside Panama City blew a toxic smoke in the country's capital on Friday, forcing evacuations as firefighters battled to put out the flames that authorities said were likely caused by arson the night before. "Everything points to the fire being started deliberately," firefighter chief Ernesto de Leon told a press conference. Health Minister Luis Francisco Sucre told reporters evacuations were being effected to protect residents from the flames and toxic gases. Videos on social media showed a helicopter flying above the thick gray smoke spraying down water as birds scatter overhead. Since 6 a.m. some 7,360 gallons (around 28,000 liters) of water have been sprayed over the area, authorities told reporters, saying some 60% of the blaze was controlled and this could reach 90% by Saturday.

Persons: Firefighers, Ernesto de Leon, Luis Francisco Sucre, Sucre, Angel Delgado, Laurentino Cortizo, Sarah Morland, Valentine Hilaire, Sandra Maler Organizations: Reuters, Panama City, Health, La Prensa, Saturday, La, Cerro Patacon Locations: Panama, Cerro

☆ Mexico Receives Five Proposals to Develop Passenger Transport on Railways
▼ + stars: | 2024-01-16 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

MEXICO CITY (Reuters) - Mexico's Transport Ministry said on Tuesday it received five proposals from interested parties to participate in the roll-out of a project to boost passenger transport on railways being developed across the country. The ministry said it is reviewing the proposals, without identifying the companies expressed interest. The announcement comes a day after the deadline for proposals, set out in a decree late last year that called for plans from concession holders outlining how their freight railways could be adapted for passenger use. Mexican President Andres Manuel Lopez Obrador, whose term ends this year, said last November that if companies decide not to provide passenger services the government would do so. The government has prioritized development on seven routes that span northern border cities, the Gulf and Pacific coasts, major cities in central Mexico, and the capital's secondary Felipe Angeles international airport.

Persons: Andres Manuel Lopez Obrador, Felipe, Sarah Morland, Valentine Hilaire, Leslie Adler Organizations: MEXICO CITY, Transport, Felipe Angeles Locations: MEXICO, United States, Gulf, Pacific, Mexico

☆ Exclusive: Panama may slash GDP growth view due to suspension of First Quantum mine
▼ + stars: | 2023-12-04 | by ( Elida Moreno | ) www.reuters.com time to read: +2 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Some experts calculate Panama would have to pay at least $50 billion if it loses the case, equivalent to nearly 70% of GDP. Ahead of the supreme court ruling, S&P revised Panama's outlook to negative from stable on potential risks to investor confidence and economic growth if the contract was found invalid. For First Quantum, the developments in Panama could be a repeat of its experience in the Democratic Republic Of Congo. The miner exited the African nation in 2012 after its mining contract was cancelled.

Persons: Hernan Arboleda, Laurentino Cortizo, Panamanians, Arboleda, Elida Moreno, Valentine Hilaire, Anthony Esposito, Edwina Gibbs Organizations: Minerals, REUTERS, Aris Mart, PANAMA CITY, Reuters, Gross, Panama, JPMorgan, Democratic, Thomson Locations: Panama, Donoso, PANAMA, Democratic Republic Of Congo

☆ Panama publishes ruling finding First Quantum contract unconstitutional
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] File photo: People react after Panama's top court ruled the mining contract with Canadian miner First Quantum to operate a copper mine in the country as unconstitutional following weeks of protests against the deal, in Panama City, Panama November 28, 2023. REUTERS/Aris Martinez/File photo Acquire Licensing RightsDec 2 (Reuters) - Panama published a ruling finding Canadian miner First Quantum's (FM.TO) contract for an open-pit copper mine in the Central American country unconstitutional in the official gazette on Saturday. The contract had triggered caused widespread protests in Panama, and President Laurentino Cortizo said on Tuesday the mine would close as soon as the Supreme Court's ruling was formally published in the official gazette. Reporting by Valentine Hilaire; Writing by Alexander Villegas; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Aris Martinez, Laurentino Cortizo, Valentine Hilaire, Alexander Villegas, Jonathan Oatis Organizations: REUTERS, Central American, Thomson Locations: Panama City, Panama

☆ First Quantum CEO: long-term sustainability uncertain if Panama operations end
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The company has notified buyers it will not be able to meet agreements due to force majeure, Pascall added. Panama's top court issued a ruling deeming First Quantum's contract with the government to operate a key copper mine unconstitutional. The Canadian miner said on Friday it has initiated arbitration against Panama, with Pascall noting the company still does not know the amount it will be asking from the country during the process. Reporting by Elida Moreno and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, majeure, Pascall, Laurentino Cortizo, Elida Moreno, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Panamanian, La Prensa, Panama, Thomson Locations: Panama, Donoso

☆ First Quantum CEO arrives in Panama after country orders mine shutdown
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: 1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 30 (Reuters) - The CEO of First Quantum Tristan Pascall has arrived in Panama, a company spokesperson said on Thursday after the Central American nation ordered the Canadian miner to shut down its key copper project. This is the first visit of the CEO since public protests erupted over the signing of a new contract on Oct. 20. The spokesperson did not give details of Pascall's agenda in the country. Reporting by Divya Rajagopal and Valentine Hilaire; Editing by Brendan O'BoyleOur Standards: The Thomson Reuters Trust Principles.

Persons: Tristan Pascall, Divya Rajagopal, Valentine Hilaire, Brendan O'Boyle Organizations: Minerals, REUTERS, Aris, Central American, Thomson Locations: Panama, Donoso

Cobre Panama has said it is committed to growing more new forest than is impacted by its mine. "We aren't going anywhere," Sabino Ayarza, a representative of the protesting fishermen, told Reuters on Tuesday from his boat. Their grassroots movement, nearly unheard of in business-friendly Panama, has wiped C$11 billion ($7.4 billion) off First Quantum's market value and raised global copper prices on supply worries. The protesters' victory in Panama is emblematic of the outsized and sometimes unexpected influence local communities are having on mining companies worldwide. Cobre Panama accounted for about 46% of First Quantum's overall revenue in the third quarter, according to company data.

Persons: Aris Martinez, Sabino Ayarza, Ayarza, Codelco, Valentine Hilaire, Divya Rajagopal, Fabian Cambero, Christian Plumb, Denny Thomas, Nick Zieminski Organizations: REUTERS, Aris, PANAMA CITY, Minerals, Reuters, Panamanian, Tuesday, Scotiabank, Protesters, First, Thomson Locations: Panama City, Panama, PANAMA, TORONTO, Portugal, Peru, Chile, Macquarie, Mexico City, Toronto, Santiago

"We have decided to unanimously declare unconstitutional the entire law 406 of October 20, 2023," Supreme Court President Maria Eugenia Lopez said. First Quantum acknowledged the ruling and affirmed its "unwavering commitment to regulatory compliance in all aspects of our operations within the country." Panama President Laurentino Cortizo said the country will abide by the court ruling. For First Quantum, the Panama ruling would be a repeat of its decade-old experience in the Democratic Republic Of Congo. The company exited DRC in 2012 after it filed an arbitration procedure against the African country for cancelling its mining contract.

Persons: Aris Martinez, Maria Eugenia Lopez, Quantum, Laurentino Cortizo, Morgan, Ricardo Martinelli, Leonardo Di Caprio, Elida Moreno, Valentine Hilaire, Natalia Siniawski, Denny Thomas, Chizu Nomiyama, Mark Porter Organizations: Minerals, REUTERS, PANAMA CITY, Reuters, Panama, London Metal Exchange, Central, RBC, Democratic, Natural Resources Corporation PLC, Cobre, Thomson Locations: Panama's, Panama, Panama City, PANAMA, Central American, Democratic Republic Of Congo, Hollywood, Cobre Panama

☆ Top Panama court rules First Quantum mining contract unconstitutional
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: 1 min

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsPANAMA CITY, Nov 28 (Reuters) - Canadian miner First Quantum's contract to operate a lucrative copper mine in Panama is unconstitutional, Panama's top court said in a ruling made public on Tuesday. Challenges against the company's new contract, which was approved in October, piled up in court following public protests against the deal. Reporting by Elida Moreno Additional reporting by Valentine Hilaire and Natalia SiniawskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Elida Moreno, Valentine Hilaire, Natalia Siniawski Organizations: Minerals, REUTERS, Aris, PANAMA CITY, Thomson Locations: Panama, Donoso, PANAMA

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 26 (Reuters) - Eight Panama workers of Canadian miner First Quantum were injured when protesters hurled rocks at a bus transporting them, a union leader said on Sunday, as tensions flared at the company's lucrative mine in the Central American country. Workers were injured as protesters smashed the bus' glass windows when they were leaving the mine located in Panama's Cocle province, said union leader Michael Camacho. The company's local unit Minera Panama said in a statement that one worker and some contractors were attacked in a violent incident. "The affected worker is in stable condition and currently receiving medical attention and emotional support," the company statement said.

Persons: Michael Camacho, Valentine Hilaire, Elida Moreno, Josie Kao Organizations: Minerals, REUTERS, Aris, Central American, Workers, Reuters, Thomson Locations: Panama, Donoso, Panama's Cocle, Panama's

☆ Slow Acapulco Recovery After Hurricane Fans Fears Over Livelihoods
▼ + stars: | 2023-11-25 | by ( Nov. | At P.M. | ) www.usnews.com time to read: +2 min

Lopez Obrador has launched a $3.4 billion recovery plan and pledged to get Acapulco back on its feet quickly, but local businesses say time is fast running out for this year. "Acapulco lives off just three seasons: December, which is the biggest for us, Easter, and a bit of summer. Business groups have estimated the damage at around $16 billion in Acapulco, which is the biggest city in Guerrero, one of Mexico's poorest states. The hurricane battered Acapulco's airport, and international flights are not due to resume until next year. (Reporting by Troy Merida and Raquel Cunha; Writing by Valentine Hilaire; Editing by Leslie Adler)

Persons: Troy Merida, Raquel Cunha ACAPULCO, Hurricane Otis, Otis, Andres Manuel Lopez Obrador, Lopez Obrador, we're, Jesus Zamora, Roberto Buenfil, Emiliano Zapata, Raquel Cunha, Valentine Hilaire, Leslie Adler Organizations: Security Locations: Acapulco, Guerrero

☆ Three Mexican journalists freed following kidnapping
▼ + stars: | 2023-11-25 | by ( ) www.reuters.com time to read: +1 min

Mexico is one of the world's deadliest countries for journalists, with five killed this year, the international free-speech group, Article 19, has said. Another journalist freed on Saturday was Marco Toledo, director of the weekly El Espectador de Taxco, authorities said. Toledo's wife and son had also been kidnapped by five armed men who entered their home last Sunday, Article 19 said. Although Toledo's wife has been freed, authorities are still searching for the journalist's son, the attorney-general's office said in its statement. With a tally of 13 murdered, last year was the deadliest for journalists in Mexico since Article 19 began keeping records in 2000.

Persons: general's, Silvia Arce, Alberto Sanchez, Marco Toledo, Taxco, Toledo's, Adriana Barrera, Valentine Hilaire, Daniel Wallis, Clarence Fernandez Organizations: MEXICO CITY, El, Thomson Locations: MEXICO, Guerrero, Mexico, Taxco

ACAPULCO, Nov 25 (Reuters) - One month since Hurricane Otis devastated Acapulco, fears for the local economy stalk the Mexican beach resort with businesses saying efforts to repair the damage have been too slow to save a vital part of the tourist season: December. Lopez Obrador has launched a $3.4 billion recovery plan and pledged to get Acapulco back on its feet quickly, but local businesses say time is fast running out for this year. "Acapulco lives off just three seasons: December, which is the biggest for us, Easter, and a bit of summer. "By the December season we won't even have 50% of hotels running, so even if we wanted to have more tourists, we couldn't host them," he added. Business groups have estimated the damage at around $16 billion in Acapulco, which is the biggest city in Guerrero, one of Mexico's poorest states.

Persons: Hurricane Otis, Otis, Andres Manuel Lopez Obrador, Lopez Obrador, we're, Jesus Zamora, Roberto Buenfil, Emiliano Zapata, Troy Merida, Raquel Cunha, Valentine Hilaire, Leslie Adler Organizations: Security, Thomson Locations: ACAPULCO, Acapulco, Guerrero

View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. REUTERS/Aris Martínez/File Photo Acquire Licensing RightsNov 24 (Reuters) - Panama's top court started deliberations on Friday to rule on several constitutional challenges to First Quantum Minerals' (FM.TO) contract for the Cobre Panama mine, an outcome keenly watched by the global copper market and investors. Cobre Panama is one of the world's biggest and newest copper mines, producing about 1% of global copper supply. "Over the long-term we've invested more than $10 billion in turning the Cobre Panama into a world-class asset," Pascall was quoted as saying. However, Panama's top court in 2017 deemed unconstitutional the law under which First Quantum was operating the mine.

Persons: Tristan Pascall, Pascall, Greta Thunberg, Leonardo Di Caprio, Quantum, Valentine Hilaire, Divya Rajagopal, Denny Thomas, Sonali Paul Organizations: Minerals, REUTERS, Aris, Reuters, First, Central, LatAm, Co, Thomson Locations: Panama, Donoso, Central American, Jiangxi

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Operations are set to resume once the port blockade is resolved, the spokesman added. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for the Cobre Panama concession, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "In terms of production we are talking about a temporary halt because of the illegal blockade. The company says an "illegal blockade" of small boats at the mine's Punta Rincon port has been disrupting the mine's activity.

Persons: Michael Camacho, Valentine Hilaire, Divya Rajagopal, Brendan O'Boyle, Sarah Morland Organizations: Minerals, REUTERS, Aris, Quantum Minerals, Reuters, First, Thomson Locations: Panama, Donoso, Rincon

☆ Mexico, China nod to stronger ties as leaders agree to promote trade and investment
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

China and Mexico's relationship has strengthened with time, Chinese President Xi Jinping said about the meeting, according to a post from the Asian country's embassy in Mexico, with Sino-Mexican relations becoming increasingly "mutually beneficial." The post added that China "is willing ... to strengthen the articulation of strategies, (and) explore the potential for cooperation ... to promote bilateral relations to a higher level." Mexico President Andres Manuel Lopez Obrador said the two leaders had "committed to continue maintaining good relations for the benefit of our people." Lopez Obrador is also set to meet with Canadian Prime Minister Justin Trudeau and U.S. President Joe Biden during the trip. Lopez Obrador and Xi agreed to combat illegal trafficking of precursor chemicals, Mexican Foreign Minister Alicia Barcena said in a post on social media network X.

Persons: Andres Manuel Lopez Obrador, Xi Jinping, Lopez Obrador, Justin Trudeau, Joe Biden, Biden, Xi, Alicia Barcena, Kylie Madry, Valentine Hilaire, Isabel Woodford, Josie Kao, Stephen Coates Organizations: Economic Cooperation, Reuters, MEXICO CITY, Canadian, U.S, Thomson Locations: Asia, San Francisco , California, U.S, MEXICO, Mexico, San Francisco . China, China, United States

☆ IMF approves $35 bln credit line for Mexico
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

[1/3] Employees work at a stall in an outdoor market dedicated to the sale of fruits and vegetables, in Ciudad Juarez, Mexico July 27, 2023. REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsMEXICO CITY, Nov 16 (Reuters) - The International Monetary Fund's executive board has approved a two-year, $35 billion flexible credit line for Mexico, it said in a statement on Thursday, noting the Latin American country's economy is undergoing a broad-based expansion. This is Mexico's tenth flexible credit line arrangement since 2009, and the country has reduced amounts of the lines granted in recent years, the IMF said. In 2017, the IMF granted Mexico a credit line worth around $88 billion, which by 2021 was reduced to $50 billion. Authorities will reassess the external risk outlook and their implications on access under the agreement in November 2024, the IMF added.

Persons: Jose Luis Gonzalez, Gita Gopinath, Gopinath, Kylie Madry, Valentine Hilaire, Nick Zieminski Organizations: REUTERS, MEXICO CITY, Monetary Fund's, IMF, Thomson Locations: Ciudad Juarez, Mexico, MEXICO

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. Two Panamanian prosecutors have deemed the contract unconstitutional after examining legal challenges submitted to the court. First Quantum did not reply to a request for comment on the future of the contract pending court proceedings. Panama's mining chamber has urged against canceling the contract, saying First Quantum could sue Panama for at least $50 billion. Another lawyer said the court could also move to declare parts of the contract unconstitutional, which would not annul it completely.

Persons: Maritza Cedeno, Ariel Corbetti, Corbetti, Juan Carlos Arauz, Arauz, Victor Baker, Valentine Hilaire, Divya Rajagopal, Elida Moreno, Denny Thomas, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Jiangxi Copper Co, Reuters, Panama, Thomson Locations: Panama, Donoso, Jiangxi, China

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The disruption was caused by an "illegal blockade" of small boats at the mine's Punta Rincon port, the company said in a statement. The protests began after the Panamanian government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. The demonstrators say the new terms are too generous to First Quantum and allege corrupt practices in its approval. A reduction of ore processing could potentially impact about 2% of Panama's national workforce, the company said, adding that two ore processing trains remain operational.

Persons: Sourasis Bose, Valentine Hilaire, Sriraj Kalluvila, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Cobre, Reuters, Thomson Locations: Panama, Donoso, Rincon, Panamanian, Cobre Panama, Bengaluru, Mexico City

☆ Apple co-founder Wozniak suffers possible stroke in Mexico -local media
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

Steve Wozniak, co-founder of Apple, talks to people during a launch event in Cupertino, California, U.S., September 12, 2017. REUTERS/Stephen Lam/File Photo Acquire Licensing RightsMEXICO CITY, Nov 8 (Reuters) - Apple co-founder Steve Wozniak was hospitalized in Mexico City on Wednesday due to a possible stroke, Mexican media outlets reported, but a TMZ report citing sources suggested the illness was potentially a less serious bout of vertigo. Event organizers did not immediately respond to a request for comment. U.S. media outlet TMZ, citing sources with direct knowledge, reported that Wozniak finished his speech but then told his wife he was "feeling strange". Individuals affiliated with Wozniak's website woz.org did not immediately respond to a request for comment.

Persons: Steve Wozniak, Stephen Lam, Wozniak, Steve Jobs, woz.org, Anthony Esposito, Valentine Hilaire, Daniel Trotta, David Alire Garcia, Shri Navaratnam Organizations: Apple, REUTERS, MEXICO CITY, Reuters, TMZ, Apple Computer, Thomson Locations: Cupertino , California, U.S, MEXICO, Mexico City, Mexican, Santa Fe, California

☆ Argentine oil company YPF swings to loss amid dampened fuel prices
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] The headquarters of Argentina's state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto Acquire Licensing RightsCompanies Ypf Sa FollowNov 8 (Reuters) - Argentine national oil company YPF swung to a loss in the third quarter, hurt by lower local fuel prices and higher operating costs, the company said on Wednesday,The result was significantly behind analyst expectations. The state-run producer's revenue fell about 16% to $4.5 billion during the July-to-September period, due in part to a drop in local fuel prices in dollars, YPF said in a statement. In August, Argentina froze fuel prices in a bid to tame surging triple-digit inflation. YPF said total oil and gas production increased 3% in the third quarter, with crude output up 5.4%.

Persons: Matias Baglietto, YPF, Isabel Woodford, Aida Pelaez, Fernandez, Valentine Hilaire, Leslie Adler Organizations: REUTERS, Thomson Locations: Buenos Aires, Argentina, Argentine, Vaca, U.S

☆ Argentina's YPF swings to net loss amid dampened local oil prices
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] The headquarters of Argentina's state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto Acquire Licensing RightsCompanies Ypf Sa FollowNov 8 (Reuters) - Argentina's national oil company YPF swung to a loss in the third-quarter, amid lower local oil prices and higher operating costs, the company said in a statement on Wednesday. Net loss in the period hit $137 million, from a $693 million profit the previous year. The state-run producer's revenue decreased 15.9% to $4.5 billion during the July-to-September period, it said, citing "a drop in local fuel prices in dollars." The results come despite the steady uptick in oil and gas production in recent years from western Argentina's massive Vaca Muerta shale formation, one of the biggest in the world.

Persons: Matias Baglietto, YPF, Isabel Woodford, Valentine Hilaire Organizations: REUTERS, Thomson Locations: Buenos Aires, Argentina

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