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BUENOS AIRES (Reuters) - Argentina's lower house on Tuesday passed a government-backed bill to cut taxes on high-income earners, a move that would erase about one trillion pesos ($2.8 billion) from state coffers in 2023, according to official estimates. The bill, which must now go through the Senate, passed with 135 votes in favor and 103 against. "Salaries are not profit," Economy Minister and presidential candidate Sergio Massa wrote on social media platform X following the vote. Opposition lawmakers blasted the move, saying the proposed tax cut aims to benefit Massa's presidential run for the October election. The South American nation is grappling with triple-digit annual inflation, with analysts polled by the central bank setting it at 169.3% at the end of the year.
Persons: Sergio Massa, Javier Milei, Milei, Eliana Raszewski, Juan Bustamante, Walter Bianchi, Valentine Hilaire, Sonali Paul Organizations: BUENOS AIRES, Reuters Locations: BUENOS
Each day things costs a little more, it's like always racing against the clock, searching and searching," said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. "You buy whatever is cheaper in one place and go to the next place and buy something else." "In this way we try to beat inflation or at least compete with it a little," he added. "While the rest of the Latin American countries have single-digit inflation, Argentina is already in triple-digits." "People are angry and have every right to be because they can't afford to buy a kilo of meat."
Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damian Di Pace, Massa, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Nomiyama, Sandra Maler Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, IMF, Business, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos
Each day things costs a little more, it's like always racing against the clock, searching and searching," said Laura Celiz as she shopped for groceries in Tapiales on the outskirts of Buenos Aires. "You buy whatever is cheaper in one place and go to the next place and buy something else." "In this way we try to beat inflation or at least compete with it a little," he added. "While the rest of the Latin American countries have single-digit inflation, Argentina is already in triple-digits." "People are angry and have every right to be because they can't afford to buy a kilo of meat."
Persons: Matias Baglietto, Laura Celiz, Fernando Cabrera, Javier Milei, Sergio Massa, Patricia Bullrich, Damián Di Pace, Butcher Marcelo Capobianco, Capobianco, Miguel Lo Bianco, Jorge Otaola, Claudia Martini, Walter Bianchi, Hernan Nessi, Lucila Sigal, Nicolás Misculin, Adam Jourdan, Chizu Organizations: Mercado Central, REUTERS, International Monetary Fund, Reuters Graphics Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Tapiales, Olivos
Roberto Colaninno attends the celebrations for the 50th anniversary of the Vespa Primavera scooter at the Piaggio Museum in Pontedera, Italy, April 19, 2018. REUTERS/ Alessandro Bianchi/File Photo Acquire Licensing RightsROME, Aug 19 (Reuters) - Entrepreneur Roberto Colaninno, chairman and CEO of scooter maker Piaggio and one of Italy's best-known dealmakers, has died, his investment company IMMSI said on Saturday. He is most famous for his surprise $58 billion leveraged buyout of Telecom Italia (TLIT.MI) in 1999, at the time the world's largest hostile takeover. In 2003, after his efforts to take over carmaker Fiat were rebuffed, he turned his attention to Piaggio, maker of the Vespa scooter, which had fallen on hard times. Colaninno ditched the firm's loss-making computer unit and focused on the telephone business - which he subsequently used as a vehicle to launch the Telecom Italia bid.
Persons: Roberto Colaninno, Alessandro Bianchi, IMMSI, Colaninno, Carlo De Benedetti, De Benedetti, Olivetti, Matteo, Michele, Oretta, Crispian Balmer, David Holmes Organizations: Primavera, Piaggio Museum, REUTERS, Rights, Piaggio, Telecom Italia, Pirelli, Fiat, Alitalia, Thomson Locations: Pontedera, Italy, Asia, India, China, Vietnam, Fiamm, Europe
A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. The Sunday primary vote saw outsider candidate Javier Milei, who has pledged to dollarize the economy and eventually scrap the central bank, win the largest share of the vote. Analyst Salvador Vitelli, however, said that despite the new measures a further devaluation was expected, even after the central bank pegged the official exchange rate at 350 pesos per dollar until the election. "The market does not seem to believe that they will be able to maintain the exchange rate until October," he said. Reporting by Walter Bianchi, Jorge Otaola and Lucinda Elliott; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.
Persons: Agustin Marcarian, Gustavo Ber, Javier Milei, Salvador Vitelli, Milei, Patricia Bullrich, Sergio Massa, Milei's dollarization, Peter West, Walter Bianchi, Jorge Otaola, Lucinda Elliott, Jamie Freed Organizations: Argentine, REUTERS, Reuters Graphics Reuters, Peronist, Economy, Monetary Fund, Sovereign, Thomson Locations: BUENOS AIRES, MERV
A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. REUTERS/Agustin Marcarian/Illustration/File PhotoBUENOS AIRES, Aug 14 (Reuters) - Argentina's central bank will raise the benchmark interest rate to 118% from 97% previously, an official source said Monday, adding the country's currency will be devalued to 350 pesos per dollar in the aftermath of a shock primary election. The official peso plunged nearly 18% on Monday morning to just over 350 pesos per dollar and the source said the exchange would be fixed at this rate until the October presidential vote. Latin America's third-biggest economy is battling a severe economic crisis with sky-high inflation and dwindling central bank reserves. Reporting by Walter Bianchi, Jorge Otaola and Adam Jourdan; Editing by Anthony EspositoOur Standards: The Thomson Reuters Trust Principles.
Persons: Agustin Marcarian, Sunday's, Javier Milei, Walter Bianchi, Jorge Otaola, Adam Jourdan, Anthony Esposito Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES
A man wearing a face mask as a protective measure against the coronavirus disease (COVID-19) walks past the entrance of the Buenos Aires Stock Exchange, a day after midterm primary elections, in Buenos Aires, Argentina September 13, 2021. The primary, which unusually is an obligatory nationwide vote, defines internal leadership battles and acts as a dry run for the general election. The primary vote four years ago delivered a shock landslide defeat to the government of conservative then-President Mauricio Macri, sparking a crash in bonds, equities and the peso currency that Argentina has yet to fully recover from. Ex-security tsar Patricia Bullrich and Buenos Aires city Mayor Horacio Larreta are vying to lead the opposition, and Economy Minister Sergio Massa is a unity candidate for the Peronists. The country's S&P Merval (.MERV) stock market index, meanwhile, has been soaring, seen as a safe haven for local investors and a refuge from the damaging impact of inflation.
Persons: Agustin Marcarian, Mauricio Macri, it's, Mauro Natalucci, Rava Bursátil, Patricia Bullrich, Horacio Larreta, Sergio Massa, Javier Milei, Jorge Otaola, Walter Bianchi, Adam Jourdan, Cynthia Osterman Organizations: Buenos Aires Stock Exchange, REUTERS, Peronist, Reuters Graphics Reuters, Argentine, SBS Group, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, MERV
[1/2] Italy's biggest container port Gioia Tauro is seen from a helicopter in the southern Italian region of Calabria, November 8, 2012. REUTERS/Alessandro BianchiROME, July 30 (Reuters) - Italy made an "improvised and atrocious" decision when it joined China's Belt and Road Initiative (BRI) four years ago as it did little to boost exports, Italian Defence Minister Guido Crosetto said in an interview published on Sunday. The BRI scheme envisions rebuilding the old Silk Road to connect China with Asia, Europe and beyond with large infrastructure spending. "The decision to join the (new) Silk Road was an improvised and atrocious act" that multiplied China's exports to Italy but did not have the same effect on Italian exports to China, Crosetto told the Corriere della Sera newspaper. Because it is true that China is a competitor, but it is also a partner," the defence minister added.
Persons: Gioia Tauro, Alessandro Bianchi ROME, Guido Crosetto, Crosetto, Joe Biden, Giorgia Meloni, Meloni, Alvise Armellini, David Evans Organizations: Gioia, REUTERS, Initiative, Italian, della Sera, TG5, Thomson Locations: Italian, Calabria, Italy, China, Asia, Europe, Beijing, TG5 Italian
In “The Bride and the Goodnight Cinderella” (“A Noiva e o Boa Noite Cinderela”), her new stage production at the Avignon Festival in France, she doesn’t merely open up about that experience. She relives part of it, night after night. This all-too-real performance single-handedly jolted Avignon alive over the first week of the festival, turning Bianchi — an unknown, Amsterdam-based artist — into a sensation at the event. I felt nauseated at several points, as if “The Bride and the Goodnight Cinderella” had tapped into my own fight-or-flight instinct. Bianchi enters in a stylish white ensemble, and proceeds to deliver a lecture from a heavy stack of notes.
Persons: Carolina Bianchi, doesn’t, Bianchi, , jolted, , Pippa Bacca Organizations: Avignon Locations: France, jolted Avignon, Amsterdam, sobs, Turkey
Italy's top insurers, banks strike Eurovita rescue deal
  + stars: | 2023-07-01 | by ( Valentina Za | ) www.reuters.com   time to read: +2 min
MILAN, June 30 (Reuters) - Italy's top four insurers and Germany's Allianz (ALVG.DE) have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into trouble due to higher interest rates. Insurers Generali (GASI.MI), Intesa Sanpaolo Vita (PST.MI), Poste Vita (PST.MI), UnipolSAI (US.MI) and Allianz will set up a new company that will take on Eurovita life insurance policies. To prevent the five insurers from being hit by redemptions once the ban is lifted, banks that sold Eurovita the products are participating in the rescue. The lenders will provide financing to repay Eurovita customers who redeem their policies, while holding the underlying bonds to maturity and neutralising any losses.
Persons: IVASS, Eurovita, redemptions, Intesa, Vitale &, Gatti Pavesi Bianchi, Valentina Za, Alvise Armellini, Alexander Smith Organizations: MILAN, Germany's Allianz, Allianz, Banco, Credit Agricole, Thomson Locations: Eurovita
BUENOS AIRES, June 21 (Reuters) - Argentina will make scheduled payments totaling some $1.9 billion to the International Monetary Fund (IMF) on Wednesday, an economy ministry source said. Argentina has $2.7 billion due to the fund this month alone. The government hopes to bring forward over $10 billion in IMF disbursements this year, though has been reluctant to agree to tough austerity measures as the next general elections scheduled for October approach. Economy Minister Sergio Massa is set to travel to Washington once an agreement to ease economic targets is drafted with IMF officials. Reporting by Jorge Otaola and Walter Bianchi; Editing by Conor HumphriesOur Standards: The Thomson Reuters Trust Principles.
Persons: Sergio Massa, Jorge Otaola, Walter Bianchi, Conor Humphries Organizations: International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES, Argentina, Washington
BUENOS AIRES/NEW YORK, June 18 (Reuters) - Argentina and the International Monetary Fund (IMF) have a $44 billion dilemma, with the two sides set to meet for crunch talks to revamp the country's huge, wobbling debt deal, key to avoiding default on billions in looming debt payments. Economy Minister Sergio Massa is expected in Washington as early as this week to try to unlock talks to accelerate IMF disbursements and ease economic targets attached to the deal, with investors and traders watching closely. "The fund knows that Argentina is a problem, it is its main debtor, but it seems to me that the negotiation has stagnated. Reuters Graphics'DAMAGE CONTROL'The government is hoping to bring forward over $10 billion in IMF disbursements scheduled for this year, though is reluctant to agree to tough austerity measures with an eye on October general elections where it faces likely defeat. "Investors are paying real attention to signs from the IMF negotiations," said economist Gustavo Ber.
Persons: Sergio Massa, Ricardo Delgado, Massa, Hugo Godoy, Gustavo Ber, Walter Bianchi, Rodrigo Campos, Adam Jourdan, Daniel Wallis Organizations: BUENOS AIRES, International Monetary Fund, Economy, IMF, Reuters Graphics, Reuters, Institute of International Finance, Reuters Graphics Reuters, Thomson Locations: BUENOS, Argentina, Washington, Argentine, Buenos Aires, China
Taiwan, U.S. to sign first deal under new trade framework
  + stars: | 2023-06-01 | by ( ) www.reuters.com   time to read: +2 min
TAIPEI, June 1 (Reuters) - Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island. Taiwan and the United States started talks under what is called the U.S.-Taiwan Initiative on 21st Century Trade last August, after Washington excluded Taiwan from its larger pan-Asian trade initiative, the Indo-Pacific Economic Framework. The U.S. Trade Representative's office said Deputy United States Trade Representative Sarah Bianchi would attend the event, but also did not elaborate. Last month, the two sides reached agreement on the first part of their trade initiative, covering customs and border procedures, regulatory practices, and small business. Beijing has denounced the trade talks as it does with all forms of high level engagement between Taiwan, which it claims as its own territory, and the United States.
Persons: Sarah Bianchi, Ben Blanchard, Jacqueline Wong, Michael Perry Organizations: U.S ., Taiwan Initiative, Century Trade, Trade Negotiations, U.S . Trade, United States Trade, Thomson Locations: TAIPEI, Taiwan, United States, China, U.S, Washington, Beijing, Taipei
Guardia Civil/Handout via REUTERSMADRID, June 1 (Reuters) - Spanish police raided three clandestine tobacco factories early this year, seizing nearly 40 million euros ($44 million) worth of tobacco leaf and illicit cigarettes. This operation is one of dozens across the EU that regional policing and anti-fraud agencies say have driven seizures of illicit cigarettes to record levels. It may have been further accelerated by the war in Ukraine, which for years has been a production hub and transit route for illicit tobacco, OLAF added. TOBACCO INVESTIGATORSThe industry has responded by hiring investigators to research illicit operations and share intelligence with European authorities, executives at Japan Tobacco, BAT and Imperial Brands told Reuters. "A good many workers from Ukraine have been found in these illegal factories," Japan Tobacco's Byrne said about counterfeiting operations across the EU.
Persons: who'd, OLAF, Cyrille Olive, Philip Morris, Olive, Europol, Vincent Byrne, Byrne, Japan Tobacco's Winston, Alex McDonald, Ernesto Bianchi, McDonald, Japan Tobacco's Byrne, They're, they're, Richa Naidu, Emma Pinedo, Emilio Parodi, Matt Scuffham Organizations: Guardia Civil, REUTERS, Spanish, EU, BAT, Imperial Brands, Japan Tobacco, Philip Morris International, Reuters, Marlboro, America's Dunhill, Supplies, Investigators, Mobile, Thomson Locations: Seville, Spain, Guardia, REUTERS MADRID, Alfaro, Europe, Ukraine, British American, France, Netherlands, Portugal, Slovenia, Denmark, Czech Republic, Ireland, Japan, China, Asia, EU, Russia, Belarus, Roda de Ter, Barcelona, Spanish, Italy, Pomezia, Russian, Moldovan, London, Madrid, Milan
We’re not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review. U.S. Treasury Secretary Janet Yellen that eliminating "non-strategic" tariffs would reduce costs for specific goods, while Trade Representative Katherine Tai argued that the duties represent "significant leverage" over China. "On trade right now, there aren’t many similar perspectives," she said of the U.S. and China.
A Chinese and US national flag hang on a fence at an international school in Beijing on December 6, 2018. We're not base-casing any breakthrough in the trade relationship" with China as part of the review, Bianchi said. Among the major categories that escaped tariffs were cellphones, laptop computers and videogame consoles. Bianchi declined to say when the review would be completed, but added that this was "reasonable" by the end of 2023. Some trade experts in Washington view that date as a possible decision point in the tariff review.
BUENOS AIRES, May 16 (Reuters) - Argentine Vice President Cristina Fernandez de Kirchner said on Tuesday she will not run for president in the elections scheduled for October, claiming that the country's judicial system would disqualify her after her high-profile corruption case. In a post on her blog, Fernandez de Kirchner, who served as president for two terms between 2007 and 2015, said she would not enter into a "perverse game" or a "democratic facade" that would result in the judicial system disqualifying her. Late last year, Fernandez de Kirchner - who commands rock-star crowds of supporters - was sentenced to six years in jail on corruption charges, disqualifying her from holding public office. The ruling Peronist government of President Alberto Fernandez is facing a tough battle to fend off a challenge from the conservative opposition in the 2023 election. In her blog, Fernandez de Kirchner also harshly criticized the International Monetary Fund, with which the country has a $44 billion loan deal, blaming it of "accelerating" Argentina's inflation, which topped 109% in April.
BUENOS AIRES, May 15 (Reuters) - Argentina's government is bolstering its economic defenses as it battles runaway inflation that hit 109% in April, fast draining central bank foreign currency reserves, a weakening peso and simmering market fears of a sharp-shock devaluation. The economy ministry announced a package of measures on Sunday including new interest rate hikes, more central bank intervention in currency markets and fast-tracked deals with creditors after inflation overshot all forecasts last week. Investment bank J.P. Morgan said an "onslaught of inflation" had forced the government to take "emergency measures". That's created a dilemma for the government: how to tame inflation and avoid a crash in the currency, while protecting the scarce foreign currency reserves in the bank. "If the BCRA (central bank) speeds up a devaluation, it will be adding more gasoline to the fire.
BUENOS AIRES, April 26 (Reuters) - Argentina will start to pay for Chinese imports in yuan rather than dollars, the government announced Wednesday, a measure that aims to relieve the country's dwindling dollar reserves. In April, it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million of monthly imports will be paid in yuan, a government statement said. The decision aims to ease the outflow of dollars, Argentina's Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador, Zou Xiaoli, as well as with companies from various sectors. In November last year, Argentina expanded a currency swap with China by $5 billion, seeking to strengthen Argentina's international reserves. The agreement will allow Argentina "to work on the possibility" of advancing the rate of imports, Massa added, with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days.
BUENOS AIRES, April 21 (Reuters) - Argentine President Alberto Fernandez will not run in the country's October general election, the center-left leader announced on Friday, throwing open a race to lead the Peronist coalition at the ballot amid swirling economic crisis. Pressure had been building for a decision from the leftist wing commanded by powerful Vice President Cristina Fernandez de Kirchner, who served as president from 2007-2015 and has at times been at loggerheads with Fernandez, no relation. "On the negative side, with him becoming an outgoing president so early, it could make it difficult to manage until the end of the mandate." Mauricio Macri, the leader of the main center-right opposition party and president from 2015 to 2019, said last month he would not run for presidency either. Vice President Fernandez de Kirchner has also ruled herself out.
BUENOS AIRES, April 20 (Reuters) - Argentina's central bank hiked the benchmark interest rate a sharper-than-expected 300 basis points on Thursday after inflation soared past expectations in March to hit 104% on an annual basis, the monetary authority said in a statement. The bank hiked the benchmark rate 300 basis points in March, the first raise since September at the end of a vicious tightening cycle through most of 2022. The bank had wanted to cut rates this year on hopes inflation would cool. Reuters reported earlier this month that central bank board members were discussing another interest rate hike to rein in one of the world's highest inflation rates. A central bank poll forecasts inflation will end this year at 110%, while J.P. Morgan estimates it could hit 130%.
German specialised property lenders such as Aareal Bank (ARLG.DE), Deutsche Pfandbriefbank (PBBG.DE) and Berlin Hyp, have a bigger concentration of real estate exposure, analysts added. Blackstone (BX.N) recently blocked withdrawals from its $70 billion real estate income trust after facing a flurry of redemption requests. Open-ended real estate funds in Britain have also battled to meet strong demand for redemptions. In Europe, CRE exposure for smaller banks, more at risk of deposit flight, is estimated at under 30% of all loans, Capital Economics said. "On the other, real estate owners themselves are going to face quite material increase in costs."
BUENOS AIRES, April 20 (Reuters) - Argentina's peso currency sank in widely used parallel markets on Thursday, hitting a record low against the U.S. dollar as concerns grew about the Latin American country's economy, with 104% inflation, reserves dwindling and drought hitting exports. The black market peso , one of several unofficial rates that have flourished as tight capital controls have limited access to official forex markets, weakened almost 4% to 438 per dollar, roughly double the official rate of 218 pesos. The blue-chip swap or CCL rate was at 433 pesos per dollar and the MEP was at 421.3 per dollar, traders said. That has further pressured already weak central bank reserves, forcing it to sell dollars. "The stock (of BCRA reserves) is so small that it cannot withstand negative flows of this magnitude for many more days.
MEXICO CITY, April 15 (Reuters) - Argentina is considering how to persuade the International Monetary Fund to further ease the economic targets embedded in the country's $44 billion IMF loan program, a source said, as a severe drought hits exports and threatens to push the economy into recession. Work will be done on the program," said a source familiar with the IMF program and discussions between Argentina and the IMF. IMF Deputy Managing Director Gita Gopinath said on Saturday she held a "good meeting" with Argentina's Economy Minister Sergio Massa to discuss the program. Some analysts say that the economic targets baked into the program look overly optimistic, especially in light of Argentina's deteriorating macroeconomic outlook. In March, retail prices increased by 7.7%, above analyst expectations, as Argentina's annual inflation rate soared to 104.3%.
BUENOS AIRES, April 10 (Reuters) - Argentina has patched up its wobbly economy with a so-called "soy dollar" preferential exchange rate to boost grains exports and bring in much-needed foreign currency, which analysts said would give the government breathing room, at least temporarily. "The 'farm dollar' will not create extra foreign currency, but at least will accelerate it coming in and so provide temporary relief," said economist Gustavo Ber, adding that foreign currency reserves had hit "critical levels." Reuters Graphics Reuters GraphicsThe so-called "soy dollar" was used twice last year and did help create a boost in exports, at least in the short-term helping ease availability of foreign currency. "This new measure aims to buy two months, which in the current context is not insignificant," Geretto told Reuters. Reporting by Walter Bianchi and Anna-Catherine Brigida; Editing by Adam Jourdan and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.
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