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☆ China activates $6.5 bln swap line with Argentina
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

The agreement with China has helped Argentina increase its depleted foreign currency reserves as it undergoes a major economic crisis, with annual inflation above 130% and central bank dollar reserves hitting negative levels. The Wednesday move in practice increases the amount Argentina can access as part of the swap line formalized in early 2023. This is the second swap line with China activated during Fernandez's presidency. According to an official bank source, the total amount of the swap line stood at 47 billion yuans . Libertarian Javier Milei, who has vowed to dollarize the economy and shut down the central bank, is seen as the front-runner.

Persons: Alberto Fernandez, Xi Jinping's, Fernandez, Javier Milei, Jorge Otaola, Steven Grattan Organizations: Argentine, Radio, Fernandez's, Thomson Locations: BUENOS AIRES, China, Argentina

☆ China boosts Argentina's access to the yuan under currency deal as peso plummets
▼ + stars: | 2023-10-18 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

China boosted Argentina's access to the yuan under a currency swap deal. Argentina's president said the country can now tap $6.5 billion worth of yuan, up from $5 billion. AdvertisementAdvertisementArgentina will have more access to Chinese yuan under a currency exchange deal to help prop up a plunging peso. AdvertisementAdvertisementArgentina's swap deal with China will enable it to replenish foreign exchange reserves, which have all but vanished amid economic crisis. Russia has also been using the Chinese yuan to settle a growing number of trade transactions with other countries.

Persons: —, Alberto Fernandez, Xi Jinping's, Javier Milei Organizations: Service, Argentine, Radio, Reuters, greenback Locations: China, Argentina, Egypt, Russia

☆ Sergio Massa: can Argentine political wheeler-dealer save Peronism?
▼ + stars: | 2023-10-18 | by ( Nicolás Misculin | ) www.reuters.com time to read: +5 min

Argentina's Economic Minister Sergio Massa and Brazil's Finance Minister Fernando Haddad (not pictured) hold a news conference, at the Casa Rosada presidential palace in Buenos Aires, Argentina, January 23, 2023. Massa has his own political structures," a spokesman for the ruling party told Reuters. He studied at a Catholic school in the suburbs of Buenos Aires, joined a conservative political party and then shifted to Peronism. He rose to chief of staff under Fernandez de Kirchner(2007-15), though later left her government under a cloud and set up his own political party. He finished third in the first round of voting when he ran for president in 2015, before he returned to the Peronist coalition as a congressman in 2019.

Persons: Sergio Massa, Fernando Haddad, Agustin Marcarian, Javier Milei, Massa, Julio Burdman, Agustin Rossi, Patricia Bullrich, Alberto Fernandez, grandee Cristina Fernandez de Kirchner, Kirchner, Fernandez de Kirchner, Nicolás Misculin, Adam Jourdan, Marguerita Choy Organizations: Argentina's Economic, Brazil's Finance, Casa, REUTERS, Peronist, Observatory, Reuters, International Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, U.S, Peronism, Tigre

[1/3] Simon Rubinstein, 17, casts his first vote ever, in the presidential primary election, in Buenos Aires, Argentina August 13, 2023. Argentina is one of a handful of Latin American countries that allows 16 and 17-year-olds the right to vote. Kremenchuzky, nicknamed "Toto," 17, is part of that teenage electorate. In an August open primary vote, Toto voted for conservative Patricia Bullrich - which he puts down to influence from his parents - but says he could shift his vote in October to Milei if the libertarian convinces him in election debates. However, Milei's conservative social views and promise of sharp cuts to government spending are off-putting to some young voters.

Persons: Simon Rubinstein, Magali, Tomas Kremenchuzky, Kremenchuzky, Toto, Javier Milei, thieving, He's, Patricia Bullrich, Milei, Rocio Pozzetti, Sergio Massa, Massa, Pozzetti, Noelle Chab, Rubinstein, Magali Druscovich, Lucila Sigal, Adam Jourdan, Rosalba O'Brien Organizations: REUTERS, Peronist, Milei, Bullrich, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Argentine, Milei

"You have to have a backbone to govern this country," Bullrich, the candidate for the Together for Change coalition, told Reuters at a recent press event. Bullrich is facing front-runner libertarian economist Javier Milei, who is promising more extreme policies, and economy minister Sergio Massa. She also cited the strong political machinery of the conservative coalition. Bullrich, replying to Reuters, said that the coalition - win or lose - would be a strong political force with around 10-11 governors and large presence in Congress. Another voter, 61-year-old retiree Patricia Amalia Rojas, said she backed Bullrich for her tough line on gangs and crime.

Persons: Patricia Bullrich, Bullrich, Javier Milei, Sergio Massa, Fernando de la Rua, Mauricio Macri, Cristian Ritondo, Maria Alejandra Ferreyra, Milei, Horacio Larreta, Ana Balcarce, Lomas de Zamora, Macri, Facundo Martinez Maino, Patricia Amalia Rojas, Eliana Raszewski, Adam Jourdan, Marguerita Choy Organizations: Peronist, Change, Reuters, Milei, Massa, Buenos Aires, University of Avellaneda, Lomas, Monetary Fund, Thomson Locations: BUENOS AIRES, Argentine, Argentina, Buenos Aires, Bullrich, Buenos

☆ Argentina election 2023: what you need to know
▼ + stars: | 2023-10-13 | by ( Maximilian Heath | ) www.reuters.com time to read: +5 min

The election comes as Argentine voters have been hard-hit by 124% yearly inflation that has pummeled their purchasing power. Voting centers for the Oct. 22 election open at 8 a.m. local time (1100 GMT) and close at 6 p.m. Argentina's tight election races come at a time of uncertainty for the South American country facing its worst economic crisis in decades. PROJECTIONSFar-right libertarian Javier Milei is leading the polls ahead of Argentina's Oct. 22 presidential vote, but it remains a tight race between the top three candidates, three surveys showed. All three surveys had Economy Minister Sergio Massa in second place and conservative opposition candidate Patricia Bullrich in third.

Persons: Sergio Massa, Patricia Bullrich, Javier Milei, Alberto Fernandez, Dissident Peronist Juan Schiaretti, País, Myriam Bregman, Milei, Massa, Cristina Fernandez de Kirchner, Argentina's pollsters, Maximilian Heath, Rod Nickel Organizations: por la Patria, el Cambio, La Libertad Avanza, Argentine, WHO, Libertad, la Patria, el, Dissident Peronist, Frente de Izquierda, South, International Monetary Fund, Peronist, Thomson Locations: BUENOS AIRES, Argentina, Hacemos, South American

☆ Argentina central bank hikes key rate to 133% as inflation worsens
▼ + stars: | 2023-10-12 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The facade of Argentina's Central Bank is pictured in the financial district of Buenos Aires, Argentina December 7, 2021. Argentina's central bank is struggling to keep the benchmark interest rate in line with inflation expectations, with a central bank poll of analysts later in the day forecasting inflation to end the year at more than 180%. Reuters Graphics Reuters GraphicsThe impacts of inflation has been worsened by the government's near-18% devaluation of the peso in mid-August, which coincided with the prior central bank hike, where it increased the interest rate from 97% to 118%. Milei, who is seeking to shut the central bank and dollarize the economy to tame inflation, recently recommended depositors avoid renewing bank holdings in pesos, arguing that the peso does not even serve as "excrement." The central bank's rate change on Thursday came after a last-minute decision not to raise the rate to 145% "following a leak," after Reuters reported the higher figure, citing a source close to the bank.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Jorge Otaola, Brendan O'Boyle, Isabel Woodford, Anthony Esposito, Richard Chang, Jamie Freed Organizations: Central, REUTERS, Graphics Reuters, Reuters, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES

☆ Argentine executives pitch fiscal discipline as election hits home stretch
▼ + stars: | 2023-10-11 | by ( Jorge Otaola | ) www.reuters.com time to read: +2 min

The candidates mostly agree, however, on reducing the government's large fiscal deficit, like many business leaders. "We Argentines must stop arguing about obvious things like public spending," said Javier Goni, CEO of agribusiness company Ledesma. The election is playing out as the government struggles to service its $44 billion loan with the International Monetary Fund. The IMF forecasts that Argentina's economy will shrink 2.3% this year, with central bank reserves in the red after a historic drought trimmed $20 billion from key agricultural exports. Reporting by Jorge Otaola; Writing by Brendan O'Boyle; Editing by David Alire Garcia and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Massa, Patricia Bullrich, Javier Milei, Javier Milei's dollarization, Sergio Massa's, Javier Goni, Oscar Andreani, Jorge Otaola, Brendan O'Boyle, David Alire Garcia, Leslie Adler Organizations: por la Patria, el Cambio, La Libertad Avanza, Reuters, Ledesma, International Monetary Fund, IMF, Thomson Locations: BUENOS AIRES

☆ Argentine peso descent quickens, hits new record low
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

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. Since the primary vote, the currency has shed 44% of its value. "Everything is working against the peso because basically nobody wants to deal with them," a capital bank manager with business in Argentina said on condition on anonymity. "So it doesn't matter what you pay for a dollar, the objective is to dollarize before the elections and wait to see who becomes president." Reporting by Jorge Otaola and Walter Bianchi; Editing by David Alire Garcia and Richard ChangOur Standards: The Thomson Reuters Trust Principles.

Persons: Agustin Marcarian, Alberto Fernandez, Javier Milei, Salvador Vitelli, Jorge Otaola, Walter Bianchi, David Alire Garcia, Richard Chang Organizations: Argentine, REUTERS, Thomson Locations: BUENOS AIRES, Argentina

BUENOS AIRES, Argentina (AP) — Argentina’s firebrand populist presidential candidate Javier Milei, the front-runner to win the election later this month, is coming under fire from his rivals who blame him for a sharp depreciation of the local currency in the parallel market. Milei has continued to tout his controversial plan for dollarization of the South American country’s economy. With a little less than two weeks to go before the Oct. 22 presidential election, the Argentine peso has sharply depreciated over the past week. Milei, an anti-establishment candidate who admires former U.S. President Donald Trump, has said he wants to replace the peso with the dollar and says Argentina’s Central Bank should be abolished. Milei’s opponents in the presidential race sharply criticized his words, saying he’s fomenting a run on the peso.

Persons: —, Javier Milei, Milei, Donald Trump, ”, ” Ramiro Marra, Milei’s, Sergio Massa, ” Patricia Bullrich, “, ” Milei Organizations: Argentine, U.S, Bank, Buenos, “, Union, Homeland, United Locations: BUENOS AIRES, Argentina, Argentine, Buenos Aires, Milei’s, Massa

While most traders are waiting on the sidelines, anxious about the election and unsure of libertarian frontrunner Javier Milei, some daring bond investors are moving in. "There has been a lot of pain from being invested in Argentina over the past decade," Reed said. Rob Citrone, founder of U.S.-based hedge fund Discovery Capital Management, said Argentina presented one of the best opportunities in emerging markets. The depressed values offer another reason to be bullish on Argentina's debt, said Thomas Haugaard, a portfolio manager on the emerging markets debt hard currency team at Janus Henderson Investments in Copenhagen. Armando Armenta, an analyst for Latin American fixed-income and currency markets at AllianceBernstein in New York, said it was a mixed picture.

Persons: Javier Milei, Cristina Sille, Milei, Patricia Bullrich, Sergio Massa, Christine Reed, Reed, Bullrich, Mauricio Macri's, Massa, Rob Citrone, Cristina Fernandez de Kirchner, Fernandez de Kirchner, Thomas Haugaard, Janus Henderson, Haugaard, Morgan Stanley, Armando Armenta, Milei's, Rodrigo Campos, Carolina Mandl, Adam Jourdan, Paul Simao Organizations: Argentine, REUTERS, Peronist, International Monetary Fund, U.S, Discovery Capital Management, Reuters Graphics Reuters, BancTrust, Reuters, Janus, Janus Henderson Investments, Thomson Locations: Buenos Aires, Argentina, New York, Ghana, Sri Lanka, Copenhagen, Congress, AllianceBernstein

☆ The Buenos Aires barber's books: a history of 19,900% inflation
▼ + stars: | 2023-10-07 | by ( Adam Jourdan | Thomson Reuters | Regional Bureau Chief In South Latin America With Previous Experience Leading Corporate News Coverage In China | ) www.reuters.com time to read: +8 min

REUTERS/Agustin Marcarian Acquire Licensing RightsBUENOS AIRES, Oct 7 (Reuters) - The hand-written entries in the two dozen notebooks - date, haircut, price - chronicle decades of a Buenos Aires barber's working life. A price of 15 pesos equaled $15 with the currency peg. In her first term the haircut price rose 117%, speeding to 200% in her second term. Haircut prices rose 133% in his four years. The earliest health insurance bill he has was 798 pesos in 2007, since when it has hit 142,636 pesos, outstripping his haircut prices.

Persons: Barber Ruben Galante, Luciano Munoz, Agustin Marcarian, Ruben Galante, Alberto Fernandez, it's, Galante, Javier Milei, he's, Carlos Menem, Raul Alfonsin, Fernando de la Rua, de la Rua, Nestor Kirchner, Cristina Fernandez de Kirchner, Nestor's, Mauricio Macri, That's, Milei, Patricia Bullrich, Sergio Massa, Luciano Muñoz, Diego Maradona, Lionel Messi, Adam Jourdan, Eliana Raszewski, Prinz, Claudia Parsons Organizations: REUTERS, Reuters, Reuters Graphics Reuters Graphics, Currency, Reuters Graphics, Monetary Fund, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Belgrano, United States

☆ A new Chile? Argentina is at the epicenter of a new ‘white gold’ rush
▼ + stars: | 2023-10-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +8 min

Ricardo Ceppi | Getty Images News | Getty ImagesMomentum behind Argentina's lithium mining boom is picking up fast. The region is estimated to hold more than half of global lithium reserves, mainly located in Argentina (21%) and Chile (11%). Leftist President Gabriel Boric announced in April that the state was taking a majority stake in the country's lithium industry, dismaying some business leaders. Tomas Cuesta | Getty Images News | Getty Images"Everyone thinks in Latin America, when it comes to mining and lithium, Chile comes to mind. The protests took place shortly after a controversial change in legislation gave lithium mining companies greater access to indigenous lands.

Persons: Ricardo Ceppi, Jujuy Gerardo Morales, Mariano Machado, Gabriel Boric, Javier Milei, Argentinians, Tomas Cuesta, Verisk Maplecroft's Machado, Machado Organizations: Salinas Grandes, Getty, Eurasia Group, International Energy Agency, Americas, Verisk Maplecroft, Group, Verisk, CNBC, La Libertad Locations: Salinas, Jujuy, Argentina, Chile, America, Buenos Aires, Catamarca, Salta, Verisk, China, Chile Chile, Australia, Santiago del Estero, Argentina's

☆ Argentina Inc doesn't want dollarization, business leaders say
▼ + stars: | 2023-10-06 | by ( Jorge Otaola | ) www.reuters.com time to read: +3 min

[1/3] Supporters of Argentine presidential candidate Javier Milei hold dollar bills with his face on them, during a campaign rally, in Buenos Aires, Argentina September 25, 2023. REUTERS/Cristina Sille/File Photo Acquire Licensing RightsMAR DEL PLATA, Argentina, Oct 6 (Reuters) - Corporate Argentina is strongly against full dollarization of the economy, one of the key proposals of presidential election frontrunner Javier Milei, according to 125 business people Reuters spoke to. The survey gives the clearest and most in-depth view yet on how corporate Argentina sees the dollarization debate, which is at the heart of the election race towards the Oct. 22 vote. Some two-thirds of those Reuters spoke to supported a bi-monetary system proposed by conservative candidate Patricia Bullrich, who is popular with business leaders but lagging in wider opinion polls. Most business people surveyed at the IDEA business summit said it was important to keep the peso to be able to adjust monetary variables and maintain competitiveness.

Persons: Javier Milei, Cristina Sille, Patricia Bullrich, Milei, Sergio Massa, Jorge Otaola, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, REUTERS, DEL PLATA, Reuters, IDEA, Massa, Milei, Thomson Locations: Buenos Aires, Argentina, Mar del Plata, Ecuador, El Salvador

REUTERS/Cristina Sille Acquire Licensing RightsBUENOS AIRES, Oct 4 (Reuters) - Argentina's presidential election race is putting abortion access and women's rights in the spotlight, sparking fierce debate in a country that has been a pioneer in expanding reproductive rights in Latin America. The election frontrunner, economist Javier Milei, opposes abortion and wants to hold a referendum on whether the 2020 legalization of abortion before the 14th week of pregnancy should be repealed. He also wants to shut the ministry of women, gender and diversity, which he has called a type of "affirmative action" that is degrading towards women. She would leave abortion laws unchanged, though also close the women's ministry. Repealing the abortion law is not on their agenda, because "Argentina already had that debate," she told Reuters.

Persons: Javier Milei, Cristina Sille, Sergio Massa, Patricia Bullrich, Myriam Bregman, Eugenia Rolon, influencer, Nelly Borquez, Karina, Victoria Villarruel, Javier doesn't, Valentina Brites, Ayelen, Milei, Massa, Silvia Lospennato, Bullrich, Anna, Catherine Brigida, Candelaria Grimberg, Lucinda Elliott, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, La Libertad, REUTERS, Reuters, Milei, Taquion Research, PRO, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, Latin America, American

☆ Argentina presidential candidates trade barbs in first debate
▼ + stars: | 2023-10-02 | by ( Walter Bianchi | ) www.reuters.com time to read: +2 min

[1/3] Argentina Presidential candidate Sergio Massa of Union por la Patria party attends the presidential debate ahead of the October 22 general elections, at the National University of Santiago del Estero, in Santiago del Estero, Argentina October 1, 2023. Under Argentine law, two mandatory debates have to be held before the 22 October presidential election, where Argentine voters will be presented with radically different visions for the future. With growing skepticism among voters, the debate on economy, education, human rights and "democratic coexistence" took place with a pre-established format and strict rules that allowed little time for candidates to elaborate their points. On education, all candidates supported public education and on human rights they maintained their differences on the recent history of Argentina. The second debate addressing security, work and "human development, housing and environmental protection" will be held next Sunday in Buenos Aires.

Persons: Sergio Massa, Tomas Cuesta, Javier Milei, Milei, Massa, Patricia Bullrich, Drazen Jorgic Organizations: Argentina Presidential, por la Patria, National University of Santiago, REUTERS Acquire, Argentine, Thomson Locations: National University of Santiago del Estero, Santiago del Estero, Argentina, BUENOS AIRES, Italy, France, Germany, United States, Buenos Aires, Lincoln

This was not a WWE wrestling show, but the 2023 presidential race in Argentina where political outsider Javier Milei is the leading candidate. Argentine presidential candidate Javier Milei for La Libertad Avanza coalition gestures next to Carolina Piparo, candidate for Governor of the Province of Buenos Aires, during a campaign rally in La Plata, Buenos Aires on September 12. Milei is presenting himself as the candidate of renewal – an offer that clearly struck a chord with people in the primary vote. “I’ll vote for Milei because I think he’ll change things,” says Eduardo Murchio, a taxi driver in Argentina’s capital Buenos Aires. A worker receives Argentine peso banknotes in a shop in Buenos Aires on Sept. 26, 2023.

Persons: “, Javier Milei, –, ”, Donald Trump, Jair Bolsonaro, Carolina Piparo, Agustin Marcarian, Trump, Milei, Milei’s, Eduardo Murchio, “ I’m, it’s, Erica Canepa, Milton Friedman –, Javier Marcus, Marcus, dollarizing, Bolsonaro, Teresa Fria, Pope Francis, Pope, Satan ”, “ Pope Francis, Emiliano Lasalvia, Patricia Bullrich, Sergio Massa, Massa, Cristina Fernandez de Kirchner, Bullrich, Anita Pouchard Serra, Claudio Jacquelin, Facundo Nejamkis Organizations: CNN, WWE, Argentine, La Libertad, National Institute of Statistics, Reuters, Bloomberg, Getty, Rosario National University, Trump, Catholic, CIA, Milei, Unity, Homeland, La, Español Locations: Argentina, Mar del Plata, Argentine, Carolina, Province of Buenos Aires, La Plata, Buenos Aires, Latin America, Ecuador, El Salvador, Panama, AFP, Argentina's

Bullrich, a conservative former lawmaker and security minister, is running against center-left candidate Sergio Massa and Javier Milei, a radical libertarian. The advisor claimed that IMF officials would likely support Bullrich's approach. They told us, 'If you win and put this program on the table and it begins to advance, we will be giving it the necessary support,'" said Martinez Maino. Former President Mauricio Macri, a member of Bullrich's party, renegotiated a previous IMF loan deal for $44 billion in 2018. Bullrich aims to grow foreign investment, said Martinez Maino, adding that he and the candidate's would-be pick for economy minister, Carlos Melconian, will travel this week to New York to meet with banks and investors.

Persons: Patricia Bullrich, Facundo Martinez Maino, Sergio Massa, Javier Milei, Milei, Martinez Maino, Mauricio Macri, Bullrich, Carlos Melconian, Lucila Sigal, David Alire Garcia Organizations: International Monetary Fund, Thomson Locations: BUENOS AIRES, August's, South, New York

☆ Buenos Aires central square becomes nighttime soup kitchen as poverty hits 40%
▼ + stars: | 2023-09-27 | by ( Miguel Lo Bianco | ) www.reuters.com time to read: +2 min

Demonstrators camp outside the Casa Rosada Presidential Palace, as unemployed and informal workers protest to demand more subsidies from the national government, at Plaza de Mayo in Buenos Aires, Argentina April 19, 2023. Standing in a long line for food in the central square that is flanked by the Casa Rosada presidential palace, Erica Maya, 45, told Reuters she could earn just 3,000-4,000 pesos working all day collecting cardboard, worth $4 at real exchange rates. "We estimate the level of poverty in Argentina at 40% of the population," said Eduardo Donza, from the Social Debt Observatory of the Catholic University. "I have resorted to selling tortillas to find a way for my family and my daughter to survive," said Diego Ortiz, 30, as he cooked flour tortillas over hot coals in a Buenos Aires suburb. Reporting by Miguel Lo Bianco; Writing by Nicolas Misculin; Editing by Adam Jourdan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

Persons: Mariana Nedelcu, Erica Maya, Sergio Massa, Javier Milei, Conservative Patricia Bullrich, Eduardo Donza, Donza, Diego Ortiz, Miguel Lo Bianco, Nicolas Misculin, Adam Jourdan, Rosalba O'Brien Organizations: Casa, Plaza de Mayo, REUTERS, Reuters, Peronist, Economy, Conservative, Social, Catholic University, Thomson Locations: Buenos Aires, Argentina, BUENOS AIRES, de Mayo

☆ The US dollar and Argentine peso could exist side by side, says rival to presidential frontrunner Milei
▼ + stars: | 2023-09-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Argentine presidential candidate Patricia Bullrich wants both the dollar and peso to be official currencies. This represents a different take versus full dollarization, a policy advocated by frontrunner Javier Milei. "The peso and the dollar will coexist," Carlos Melconian, her chief economic advisor, said at the Bloomberg Economic Summit in Buenos Aires. "There will be a complementary exchange rate regime that will be step by step, and will take inflation into account." "There is going to be very severe and prudent macroeconomic policy in Argentina," Melconian said, according to Bloomberg.

Persons: Patricia Bullrich, Javier Milei, Bullrich, —, Milei, Carlos Melconian, Melconian Organizations: Argentine, Service, US greenback, Bloomberg Economic Summit, Bloomberg Locations: Buenos Aires, Argentina

☆ Argentina wheat sales stall as farmers wait for election, rains
▼ + stars: | 2023-09-22 | by ( Maximilian Heath | ) www.reuters.com time to read: +3 min

This figure compares with 5.28 million tons recorded at almost the same date 2022/23, according to the farming secretariat. The Buenos Aires grains exchange forecasts a 2023/24 wheat harvest of 16.5 million tons, up from the previous drought-hit harvest but lower than a peak of 22.4 million tons in 2021/22. Reuters GraphicsWEATHER AT PLAYThe other factor that is holding wheat sales in the weather, after a historic drought hammered crops over the last year. Cane agreed that, along with a drop in international wheat prices compared with last season, climate uncertainty is weighing farmers as they wait for heavier rainfall. A report on Wednesday by the Rosario grains exchange said heavier rain may only arrive "in the last days of September or the first days of October."

Persons: Nina, Agustin Marcarian, Miguel Cane, Cane, Patricia Bullrich, Javier Milei, Sergio Massa, Roberto Frigo, Rosario de Tala, Frigo, Maximilian Heath, Nicolás Misculin, Adam Jourdan, Marguerita Choy Organizations: REUTERS, Reuters, Entre, Tala, Thomson Locations: Navarro, Buenos Aires, Argentina, BUENOS AIRES, El, Rosario de, Entre Rios, Rosario

☆ Dollarization would eliminate Argentina's future inflation risk, former IMF board member says
▼ + stars: | 2023-09-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Dollarization would end inflation risks in Argentina, said former IMF board member Mark Rosen. It wouldn't necessarily deal with the spending issue, but it would anchor monetary policy, and be a big positive change." But critics of Argentina's dollarization idea have previously pointed out that it would be handicapped by the shortage. But not every IMF official shares his take. Though the lender has not officially weighed in on dollarization, Argentina's economic situation does matter to it.

Persons: Mark Rosen, Javier Milei, Francisco Zalles, Argentina's, Rosen, Alejandro Werner Organizations: IMF, Bloomberg, Argentine, Service, International Monetary Fund, Ecuador dollarize, Advection Growth Locations: Argentina, Wall, Silicon, Buenos Aires, Ecuador, America, dollarization

☆ TikTok, memes and Musk: Argentina election goes viral
▼ + stars: | 2023-09-21 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsTikTok, memes and Musk: Argentina election goes viralPostedJavier Milei has shot to the top of the polls in Argentina's presidential election race with the help of social media, influencers, and maybe even Elon Musk. Rachel Faber produced this report.

Persons: Javier Milei, Elon Musk, Rachel Faber Locations: Argentina

"Social media is the new way of doing politics," said Eugenia Rolon, an 21-year-old influencer who describes herself as anti-feminist and fighter of a "cultural battle" against progressive ideas. Cerimedo said social media support for Milei was organic, and played down previous comments he made to local media that he had used AI-powered trolls. "Many people said Javier was going to do poorly because what happened on social media was my trolls," Cerimedo said. Agustin Romo, 27, a legislative candidate for Buenos Aires province with Milei's Libertad Avanza party, informally coordinates the social media team. "These are people who are contributing their grain of sand where they can, so that Argentina changes and Javier Milei becomes president," Romo said.

Persons: Javier Milei, Karina Milei, Agustin Marcarian, Elon Musk, Eugenia Rolon, Donald Trump, Jair, Milei, That's, Sergio Massa, Patricia Bullrich, Tucker Carlson, Bolsonaro, Diego Corbalan, Bullrich, Jeremias Madrazo, Madrazo, Massa, Inaki Gutierrez, Argentine, Fernando Cerimedo, Cerimedo, Javier, Carlson, Musk, overspending, Agustin Romo, Romo, Anna, Catherine Brigida, Adam Jourdan, Rosalba O'Brien Organizations: Argentine, La Libertad, REUTERS, Elon, YouTube, Reuters, Peronist, Buenos, Milei's Libertad, Thomson Locations: La Plata, Buenos Aires, Argentina, BUENOS AIRES, Massa, Milei's Libertad Avanza, Candelaria

☆ Argentina's Lower House Passes Bill to Reduce Taxes on Wealthy
▼ + stars: | 2023-09-19 | by ( Sept. | At P.M. | ) www.usnews.com time to read: +1 min

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

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