DIRS.INFO The most relevant business & tech news

☆ Argentina set for primary vote with ruling Peronists fighting for survival
▼ + stars: | 2023-08-13 | by ( Nicolás Misculin | ) www.reuters.com time to read: +3 min

"I am thinking of leaving my vote blank," said Micaela Panzera, a 22-year-old employee of a food company in Buenos Aires. We have seen warning signs of this in the provincial elections held up to now," said political analyst Carlos Fara. Pollsters see the combined Together for Change opposition candidates just ahead of the ruling Peronist bloc, with Milei pulling close to 20%. In the 2019 primary the polls were proved badly wrong. Reporting by Nicolás Misculin; Additional reporting by Candelaria Grimberg; Editing by Adam Jourdan and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Horacio Larreta, Sergio Massa, Micaela Panzera, Patricia Bullrich, Javier Milei, Goldman Sachs, Carlos Fara, Nicolás Misculin, Candelaria Grimberg, Adam Jourdan, Jonathan Oatis Organizations: Peronist, International Monetary Fund, Buenos Aires, Reuters Graphics Reuters, Change, Thomson Locations: BUENOS AIRES, Buenos Aires

[1/5] Cattle run in front of Juan Carlos Ardohain, 49, on a farm he rents in San Vicente, on the outskirts of Buenos Aires, Argentina August 10, 2023. REUTERS/Tomas CuestaSAN VICENTE, Argentina, Aug 12 (Reuters) - In Argentina's grains fields and cattle ranches, farmers are hoping upcoming elections will bring political change and an end to years of economic uncertainty, ushering in freer markets with fewer currency controls and export limits. "I think Larreta could be a good candidate for what he's promising," said Juan Carlos Ardohain in a field he rents in San Vicente for cattle. Argentina's currency controls, which tightly limit access to dollars, have stoked a flourishing black market for foreign currency where greenbacks command over twice the official price, distorting import and export markets. Reporting by Maximilian Heath and Miguel Lo Bianco; Editing by Adam Jourdan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Juan Carlos Ardohain, Tomas Cuesta, It's, Horacio Deciancio, Horacio Larreta, Patricia Bullrich, Sergio Massa, Mauricio Macri, Ricardo Firpo, Massa, Deciancio, Maximilian Heath, Miguel Lo Bianco, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, VICENTE, Peronist, Reuters, Argentine Rural Society, Thomson Locations: San Vicente, Buenos Aires, Argentina, breadbasket, Santa Fe, Ukraine

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

☆ Argentina inflation likely sped back up ahead of primary vote, analysts say
▼ + stars: | 2023-08-11 | by ( Hernan Nessi | ) www.reuters.com time to read: +3 min

A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, Aug 11 (Reuters) - Argentina's monthly inflation rate likely sped back up to 7.1% in July, a Reuters poll of analysts showed, a blow for the ruling Peronist coalition, which is battling to avoid defeat by the conservative opposition in primary elections on Sunday. The projections from 19 local and foreign analysts ranged from a minimum 5.9% rise to a maximum 7.9% jump in the month. Many analysts saw a tough outlook for prices in the months ahead due to economic uncertainty, fiscal imbalances, and volatility ahead of the general election in October. Argentina's INDEC statistics agency is expected to publish inflation data next week after the primaries.

Persons: Agustin Marcarian, That's, Alejandro Giacoia, Eugenio Marí, Hernán Nessi, Gabriel Burin, Adam Jourdan, Jonathan Oatis Organizations: REUTERS, Peronist, Sunday, Index, Reuters Graphics Reuters Graphics, Libertad, Thomson Locations: Buenos Aires, Argentina, Agustin Marcarian BUENOS AIRES, Progreso

☆ Voter anger, apathy hang over Argentina primary elections
▼ + stars: | 2023-08-11 | by ( Nicolás Misculin | ) www.reuters.com time to read: +4 min

Pollsters, however, said voter apathy could mean big shifts late in the race, with many people still undecided. The primary election will give the clearest indication yet of what the October general election result is likely to be. "I still don't know who I'm going to vote for and I think we're all in the same position. "I'm going to vote because I don't want to pay the fine, but I still don't know who. Despite voting being obligatory by law, voter turnout is also expected to be down and could affect the result.

Persons: Sergio Massa, Kristalina Georgieva, Evelyn Hockstein, Javier Milei, Pablo Vairo, Facundo Nejamkis, Horacio Larreta, Patricia Bullrich, Cristian Guardo, Maximiliano Herrera, Karina, Nicolas Misculin, Juan Bustamante, Adam Jourdan, Diane Craft Organizations: Monetary Fund, IMF, REUTERS, Peronist coalition's, Economy, Peronist, Reuters, Primaries, pollster Opina, Milei, Reuters Graphics Reuters, la Patria, Thomson Locations: Washington , U.S, BUENOS AIRES, Argentina, Buenos Aires, pollster, pollster Opina Argentina, Peronist, Candelaria

[1/5] A priest blesses Argentine faithfuls during San Cayetano's (Saint Cajetan) feast day, the patron saint of labour and bread, at San Cayetano church in Buenos Aires, Argentina August 7, 2023. "Walking around this neighborhood, there are many people who have come from other parts of the country to ask for work. People are asking a saint because they can't ask the politicians," said retiree Juan Mura, 58. "I would like the politicians to come here and see the reality of the people." He said he had come to pray to St. Cayetano for years and he hadn't been let down so far, despite the country's long-running economic woes.

Persons: Mariana Nedelcu, Cayetano, Juan Mura, Sergio Massa, Massa, Betina Basanta, Armando Villar, hadn't, I've, Claudia Martini, Miguel Lo Bianco, Horacio Soria, Adam Jourdan, Conor Humphries Organizations: San, REUTERS, Peronist, Thomson Locations: Argentine, Cayetano's, San Cayetano, Buenos Aires, Argentina, Mariana Nedelcu BUENOS AIRES

The income Luis earns from his Airbnb rental is paid in dollars into a digital account on US payment platform Payoneer, he said. Argentine hosts on Airbnb can receive payments to a local or overseas bank account as well as Payoneer and Paypal, options on one host's account reviewed by Reuters showed and Airbnb confirmed. Airbnb told Reuters in a statement that guidance published on its website advised hosts to register their short-term rental properties with Argentine authorities. Argentine tax authority AFIP said that it "always encourages people to declare" income. The Buenos Aires tourism department told Reuters, however, that just 570 properties were listed on the city's register of short-term rentals in June.

Persons: Luis, Airbnb, Payoneer, AFIP, Ramiro Raposo, AIRBNB, Ariel Yeger, Gaston Levy, Gustavo, Ana Maria Ianni, Ianni, Anna, Catherine Brigida, Adam Jourdan, Suzanne Goldenberg Organizations: Reuters, Argentine, Paypal, Internal Revenue Service, PayPal, AirDNA, Airbnb, Peronist, Thomson Locations: BUENOS AIRES, Airbnb, Buenos Aires, Argentina, Argentine, United States, Senate's

☆ How Chile's progressive new plan to mine lithium faces Indigenous hurdles
▼ + stars: | 2023-07-20 | by ( Alexander Villegas | ) www.reuters.com time to read: +8 min

In interviews with Reuters, some community leaders said they would demand more profits be channeled their way, while others said they would resist any new lithium mining at all. Boric's plan envisions expanding mining with public-private partnerships controlled by a new state lithium company. Both Espindola and Mondaca said a majority of community members oppose expanded lithium mining in the region. It said it takes relationships with Indigenous communities seriously and that is why Boric met with them in person. Yermin Basques, president of Toconao, said he was pushing for the community to receive a greater share of the profits and be a "strategic partner" in the state lithium company.

Persons: Alexander Villegas, Ivan Alvarado, Gabriel Boric, Boric, Francisco Mondaca, SQM, it's, Mondaca, Cristian Espindola, Espindola, Toconao, Albemarle, Alonso Barros, Rolando Humire, Humire, Mauricio Lorca, Adam Jourdan, Rosalba O'Brien Organizations: Reuters, National Reserve, REUTERS, Atacama Indigenous Council, BMW, NASA, National, University of Atacama, Thomson Locations: Antofagasta region, Chile, Santiago, Atacama, Albemarle, Los, Chilean, Basques

☆ Analysis: Peru copper miners say red tape snarling red metal production ramp-up
▼ + stars: | 2023-07-07 | by ( Marco Aquino | ) www.reuters.com time to read: +4 min

[1/5] Trucks from the Las Bambas mine circulate along the mining corridor between Sayhua and Ccapacmarca, near Ccapacmarca, Peru, January 19, 2022. REUTERS/Sebastian Castaneda/File PhotoLIMA, July 7 (Reuters) - Copper miners in Peru, already battling political uncertainty and regular protests, say they have another hurdle to revving up stalled production of the red metal: too much red tape. 2 copper producer, has seen output plateau in the last five years as political instability, revolving governments and flagging investment has let rival producer Congo almost overtake it. 1 producer Chile has also seen production slide, dented by political uncertainty around taxes and regulation. Until that happens, mining executives said Peru's $53 billion mining investment pipeline, largely copper, would only move forward slowly, despite government hopes that some $7 billion of that being unlocked in 2023 and 2024.

Persons: Sebastian Castaneda, LIMA, Raul Jacob, Jorge Soto, it's, Víctor Gobitz, Tia Maria, Marco Aquino, Adam Jourdan, Sandra Maler Organizations: REUTERS, Congo, Reuters, World Bank, BHP, Newmont Corp, Thomson Locations: Sayhua, Ccapacmarca, Peru, Lima, Chile, Canada, Mexico

☆ Bolivia seals $1.4 billion lithium deals with Russia's Rosatom, China's Guoan
▼ + stars: | 2023-06-29 | by ( Daniel Ramos | ) www.reuters.com time to read: +2 min

LA PAZ, June 29 (Reuters) - Bolivia has signed lithium agreements with Russian state nuclear firm Rosatom and China's Citic Guoan Group, the South American country's government said on Thursday, as it looks to develop its huge but largely untapped resources of the battery metal. Bolivia's iconic salt flats are home to the world's largest lithium resources at 21 million tons, according to the U.S. Geological Survey, but the country has long struggled to ramp up industrial production or develop commercially viable reserves. Russia's Rosatom, which bid via its Uranium One Group unit, confirmed the news, saying it would invest $600 million in the project, its first large-scale lithium venture overseas, with planned annual capacity of 25,000 tons of lithium carbonate. The deal with Uranium One Group was for feasibility and pre-investment studies, he said, adding multiple tests with Russian technology on the salt flats had shown a lithium recovery rate over 80%, with a purity of around 99.5%. Reporting by Daniel Ramos; Additional reporting by Maxim Rodionov; Writing by Adam Jourdan; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Franklin Molina, Molina, Russia's, Rosatom's, Kirill Komarov, Citic, Daniel Ramos, Maxim Rodionov, Adam Jourdan, Richard Chang Organizations: LA, Guoan, American, Energy, . Geological Survey, Tesla, BMW, Uranium, Thomson Locations: LA PAZ, Bolivia, United States, America, La Paz, Pasto Grande, Uyuni Norte

☆ Farm boom, fires make Bolivia No. 3 in world for forest loss
▼ + stars: | 2023-06-28 | by ( Lucinda Elliott | ) www.reuters.com time to read: +3 min

[1/2] A burnt forest is pictured at the Guarani Nation Ecological Conservation Area Nembi Guasu in the Charagua region, an area where wildfires have destroyed hectares of forest, Charagua, Bolivia, August 23, 2019. REUTERS/David Mercado/FILE PHOTOMONTEVIDEO, June 28 (Reuters) - Forest loss in Bolivia accelerated by about a third last year with clearances in the country trailing only giant neighbor Brazil and the Democratic Republic of Congo, a forest monitoring project report shows, blaming farm expansion and fires. The South American country lost nearly around 3,860 square kilometers (1,490 square miles) of primary forest in 2022, according to Global Forest Watch, an area nearly the size of Rhode Island. Fires, some linked to land clearances, have also played a big part in forest loss in recent years, the Global Forest Watch report said. In a report on Monday Global Forest Watch, backed by the nonprofit World Resources Institute and drawing on forest data collected by the University of Maryland, said the world lost an area of old-growth tropical rainforest the size of Switzerland last year.

Persons: David Mercado, Marlene Quintanilla, Daniel Larrea, Lucinda Elliott, Adam Jourdan, David Gregorio Our Organizations: Ecological Conservation, REUTERS, Democratic, Global Forest Watch, Nature Foundation, Global, Watch, Monday Global Forest Watch, World Resources Institute, University of Maryland, Thomson Locations: Guarani, Charagua, Bolivia, MONTEVIDEO, Brazil, Democratic Republic of Congo, Rhode Island, Santa Cruz, Beni, Bolivian, Switzerland

The drain in hard currency sparked panic earlier in the year, with Bolivians forming lines outside banks to withdraw dollars. Bond yields spiked sharply and in May the government was forced to sell half of its $2.6 billion gold reserves to raise cash. A major drought in Argentina has hammered grains output and reserves, imperiling a $44 billion debt deal with the International Monetary Fund. "The model is now shifting towards a very big state, a tax-and-spend approach," he said. "It has calmed people a bit... but that amount (gained from the gold reserves sale), $1.3 billion, is not enough for Bolivia," said local financial analyst Jaime Dunn.

Persons: Read, LA, Evo Morales, Jose Gabriel Espinoza, Marcelo Montenegro, Alberto Ramos, Goldman Sachs, spender, Jaime Dunn, Reuters Graphics Espinoza, Morales, Raúl Cortés Fernández, Daniel Ramos, Adam Jourdan, Rosalba O'Brien Organizations: Departmental Association of Coca Producers, LA PAZ, Reuters, International Monetary Fund, Bolivian, Graphics, Banco, Reuters Graphics, MAS, Thomson Locations: La Paz, Bolivia, Bolivian, America, Argentina, Peru, Brazil, Chile, Colombia

☆ Argentina political drama heats as election battle lines drawn
▼ + stars: | 2023-06-24 | by ( Anna-Catherine Brigida | ) www.reuters.com time to read: +3 min

BUENOS AIRES, June 24 (Reuters) - Argentina's presidential election battle lines have hardened after economy minister Sergio Massa entered the race in a dramatic late twist to take on front runners including a conservative city mayor, ex-security czar and libertarian economist. The most notable late confirmation has been Economy Minister Sergio Massa, whose candidacy was announced somewhat unexpectedly Friday night. "This completely changes the political scene," said Alejandro Corbacho, director of political science program at Argentine University UCEMA. Larreta, Bullrich, and Massa are roughly even in the polls, with Milei polling slightly ahead. With no candidate or party polling over 50%, the likelihood is the October election will lead to a run-off, with all still to play for.

Persons: Sergio Massa, Alejandro Corbacho, Massa, Agustin Rossi, Eduardo, Wado, de Pedro, Brazil Daniel Scioli, Horacio Larreta, Patricia Bullrich, Facundo Manes, Bullrich, Javier Milei, Carlos Fara, Anna, Catherine Brigida, Adam Jourdan, Jacqueline Wong Organizations: Argentine University UCEMA, Thomson Locations: BUENOS AIRES, American, Brazil, Buenos Aires, Argentina, Argentine

☆ Chile's Codelco must kick-start lithium industry while reviving copper output
▼ + stars: | 2023-06-19 | by ( Fabian Cambero | ) www.reuters.com time to read: +4 min

At the same time, Codelco wants to boost its output of copper which has slumped to its lowest in a quarter-century. Some analysts have questioned whether the copper company with no experience as a lithium miner can tackle both challenges at once. But industry insiders told Reuters Codelco will probably focus its own resources on copper while negotiating contracts for lithium operations and letting other miners do the work. The sources said the lithium strategy was being led by executives including Jaime San Martin, manager of new business development, known by some within Codelco as "lithium man". "But I think lithium is an excellent opportunity for Codelco to help them navigate their very difficult copper situation."

Persons: Ivan Alvarado, SANTIAGO, Gabriel Boric, Codelco, Reuters Codelco, Albemarle, Jaime San Martin, Alejandro Rivera, Maximo Pacheco, Minera, SQM, Pacheco, Juan Carlos Guajardo, Plusmining, Guajardo, Andre Sougarret, Fabian Andrés Cambero, Alexander Villegas, Adam Jourdan, David Gregorio Our Organizations: REUTERS, Reuters, Tesla, BMW, Finance, Salares, Thomson Locations: Chile, Australia, Albemarle, Indonesia, Freeport, McMoRan, Chile's, Berlin, Beijing, Codelco, Santiago

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

☆ At a Buenos Aires soup kitchen, lines grow longer as inflation soars
▼ + stars: | 2023-06-14 | by ( Miguel Lo Bianco | ) www.reuters.com time to read: +2 min

BUENOS AIRES, June 14 (Reuters) - Anahí Robledo feeds 50 families each day at the community kitchen she runs in a poor neighborhood on the outskirts of Buenos Aires, struggling with the chronic inflation that has thrown four in every ten people in the country into poverty. Robledo said the soup kitchen she works at can't keep up: it went from feeding 10 or 15 families to around 50 today. I would like each family to have a plate of food on their table to eat with their children and not have to come to a soup kitchen," she said. To get the growing amount of food they need, Robledo goes to a large market on the outskirts of Buenos Aires to rummage through discarded fruit and vegetables and salvage what she can. As in other soup kitchens in the country of 46 million people, many children come to get fed.

Persons: Robledo, Miguel Lo Bianco, Lucila Sigal, Adam Jourdan, Alexandra Hudson Organizations: Reuters Graphics, Alexandra Hudson Our, Thomson Locations: BUENOS AIRES, Buenos Aires, Argentina, Ukraine

BEJUCAL, Cuba, June 14 (Reuters) - Just outside the sleepy Cuban village of Bejucal, a winding track, rutted with potholes and losing ground to the jungle, ends at a barbed wire fence. The question of Chinese spying from Cuba was renewed last week following a Wall Street Journal report. China, Washington’s top geopolitical rival, on Monday denied it was using Cuba as a spy base. [1/5] A truck passes by a sign at the entrance of Bejucal, Cuba, June 12, 2023. Onelvis Despaigne, 36, a farm worker who lives just outside the base, told Reuters on Monday he had not heard the recent foreign media reports on Chinese spying.

Persons: Biden, Bejucal, Arnaldo Perez, Dave Sherwood, Perez, motioning, Marco Rubio, Havana “, Fulton Armstrong, ”, Armstrong, Vladimir Putin, Onelvis Despaigne, Matt Spetalnick, Adam Jourdan, Don Durfee, Bill Berkrot Organizations: Reuters, Federal Communications Commission, Communist Party, FCC, Security, Commission, ARCOS, U.S . Department of Homeland Security, Justice Department ., Guantanamo, Base, White House National Security Council, REUTERS, Cuban Missile, Soviet Union, U.S, Cuban, CIA, Thomson Locations: BEJUCAL, Cuba, Cuban, Bejucal, China, Beijing, States, Key West , Florida, U.S, United States, Justice Department . China, Havana, Soviet, Moscow, Marco Rubio of Florida, Caribbean, Taiwan Strait, South China, Russia, Ukraine, Lourdes, Washington

☆ Argentina's new top banknote is worth as little as $4
▼ + stars: | 2023-05-22 | by ( Eliana Raszewski | ) www.reuters.com time to read: +1 min

Most Argentines buy dollars in unofficial markets where they trade at over 480 pesos versus the official rate of 235. The South American nation is also battling inflation at 109%, one of the highest in the world, which a central bank poll estimates could hit nearly 130% by the end of the year. "This higher denomination bill will improve the operation of ATMs and at the same time optimize the movement of cash," the central bank said in a statement on Monday. The largest bank note previously had been the 1,000 peso bill. The new 2,000 banknote has a design commemorating the development of science and medicine in Argentina, the central bank said.

☆ Argentine shoemakers and tailors buckle under 109% inflation
▼ + stars: | 2023-05-17 | by ( Horacio Soria | ) www.reuters.com time to read: +3 min

Argentina is battling one of the highest inflation rates in the world, with prices growing faster at any time since 1991, raising the specter of hyperinflation and full-blown economic crisis. What it meant for small businesses like his, he said, was supplier prices changing almost daily. The clothing and footwear sector experienced the highest monthly inflation of all categories in April at 10.8%, data from statistics agency INDEC show. In a clothing market in the capital, traders pointed to higher import prices, given volatile exchange rates. "I never used to fix clothes, but people fix clothes now because they cannot afford to buy them."

☆ As US debates abortion pill ban, Argentina expands its use
▼ + stars: | 2023-05-16 | by ( Anna-Catherine Brigida | ) www.reuters.com time to read: +5 min

[1/3] Benjamin Castro, a 26-year-old non-binary Argentine musician and teacher, poses for pictures during an interview in Buenos Aires, Argentina May 4, 2023. Argentina is the latest country in Latin America to green light the drug, part of a two-pill abortion regimen, which now faces the threat of a ban in the United States. "Having mifepristone available is key for ensuring abortions that are safe and high quality," she said. For Benjamin Castro, a 26-year-old non-binary Argentine musician and teacher, mifepristone access came too late. Castro, who was assigned female at birth and uses male pronouns, sought an abortion in 2020 during the pandemic, before mifepristone was available, receiving only misoprostol pills.

☆ Argentina raises economic defenses against inflation 'onslaught'
▼ + stars: | 2023-05-15 | by ( Walter Bianchi | ) www.reuters.com time to read: +3 min

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.

The measures include an interest rate hike by the central bank, the economy ministry said in a statement. The ministry did not elaborate, but an official source told Reuters the hike would be 600 basis points, bringing the rate up to 97%. The rate hike will take effect Monday, the source added. The South American nation is battling to bring down inflation that hit 109% on an annual basis in April. The central bank will also increase its intervention in the foreign-exchange market and double down on its currency devaluation plan, the ministry said.

[1/4] A costumer counts money before buying tangerines in a green grocery store, as Argentines struggle amid rising inflation, in Buenos Aires, Argentina May 11, 2023. REUTERS/Agustin MarcarianBUENOS AIRES, May 12 (Reuters) - Argentina's annual inflation rate soared to 109% in April, the country's statistics agency said on Friday, smashing past analyst forecasts and stoking anger among hard-hit consumers who are increasingly having to skimp and save to get by. 2 economy, posted 8.4% monthly inflation in April, well above analyst forecasts of 7.5% and the highest in decades. The highest analyst estimate in a Reuters poll for April's monthly inflation rate had been 8.3%. Reuters Graphics Reuters GraphicsReporting by Miguel Lo Bianco; Writing by Nicolás Misculin; Editing by Adam JourdanOur Standards: The Thomson Reuters Trust Principles.

☆ Red metal rising: Argentina sets lofty sights on global copper top 10
▼ + stars: | 2023-05-08 | by ( Lucila Sigal | ) www.reuters.com time to read: +4 min

The South American country has a pipeline of copper projects that could produce 793,000 tonnes a year by the end of the decade, government forecasts show, well below neighboring No. Reuters GraphicsBRIDGING THE DEMAND GAPSan Juan is home to five of Argentina's eight main copper projects that have a total capex of $22 billion, a recent government report shows. Argentina has an estimated 65 million tonnes of copper reserves, according to a 2022 government report, some 3% of the global total. "The projects we have are of global importance and relevance because it's estimated that demand for copper between now and 2050 could be multiplied," he said. Copper demand is forecast to double to 50 million tonnes by 2050 from 2020 levels.

BRASILIA/BUENOS AIRES, May 4 (Reuters) - Argentina is seeking new easing of targets in its $44 billion deal with the International Monetary Fund and faster payouts, and is pushing to get key IMF members the United States and Brazil to support it, government officials said. It has ramped up pressure on Argentina and the IMF to revamp the debt program, the largest extended to any country worldwide. The ministry official said backing from the United States and Brazil was key for the IMF talks, and was "positive" about it given the countries' broader support for Argentina's economy. The U.S. Treasury and White House did not comment on record about potential support for Argentina's talks with the IMF. Argentina would need to reach a technical deal with IMF staff before any agreement went to the board for approval.

Search resuls for: "Adam Jourdan"

25 mentions found