Argentina

Argentina
Thursday, October 9th 2014 - 10:36 UTC

YPF goes overseas: signs agreement with Ecuador to recover mature fields

CEO Galuccio said the Petroamazonas project is part of YPF's strategy to diversify overseas and become a top league player in the region's oil industry

Argentina's state-run energy company YPF closed on Wednesday an agreement with Ecuador's state-owned company Petroamazonas for the enhanced recovery of the mature field of El Campo Yuralpa which will demand an investment in the range of 170 million dollars.

Thursday, October 9th 2014 - 08:23 UTC

“Holdouts” reveal alleged money laundering operations of business people close to Cristina Fernandez

Lazaro Baez is a public works contractor in the southern province of Santa Cruz, political turf of the Kirchner couple

The American Task Force (AFTA) sponsored by 'holdouts' NML in litigation with Argentina over sovereign bonds payment, revealed on Wednesday foreign accounts of Argentine public works contractor, believed to be involved with the Kirchner family businesses, Lazaro Baez, and showed a map with the money movement, allegedly committing the crime of money laundering.

Thursday, October 9th 2014 - 06:38 UTC

YPF admits contacts with Russia's Gazprom but no accord or MOU has been reached

Ms Giorgi  met in Russia with Gazprom head Alexey Miller, who told her a “confidential” deal had been reached with Argentine state-run YPF

Argentina's state-run energy company YPF admitted on Wednesday having held promising meetings with Russia's Gazpron to consider different collaboration and business opportunities, “but so far has not signed any Memorandum of Understanding, MOU or agreement”.

Thursday, October 9th 2014 - 06:08 UTC

Mercosur finally agrees: unified number plates for new cars beginning 2016

Timerman and other officials hold the enlarged prototype of the Mercosur cars' number plate

The five full members of the Mercosur trade bloc will use unified number plates for their 0km vehicles starting in 2016, Argentine Foreign Minister Hector Timerman announced on Wednesday from San Martín Palace in Buenos Aires city.

Wednesday, October 8th 2014 - 20:40 UTC

IMF forecasts two years of recession for Argentina

“Increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts

The International Monetary Fund anticipates two years of recession for Argentina in a context of “increasing economic misbalances” and “uncertainty” because of the ongoing litigation with the holdouts or 'vulture funds', as well as inflationary tensions.

Wednesday, October 8th 2014 - 07:51 UTC

Argentina needs an “urgent change of course” and better relations with financial markets

“Humbly speaking if I was in Argentina's shoes, that would be my priority”, said economist De la Torre .

The Argentine economy needs an urgent change of course which would have the effect of reestablishing normal relations with the financial market, a crucial step to open a maneuvering space in an ever more complex environment, suggested Augusto de la Torre, World Bank chief economist for Latin America.

Wednesday, October 8th 2014 - 03:50 UTC

Brazilian and Chinese banks support for Argentina in bonds litigation confirmed

The Dilma Rousseff administration seeks “maximum discretion” for this operation while keeping the Argentine government informed, Garcia admitted

Brazil’s PTG Pactual Bank and the China Construction Bank are at the forefront of the initiative to buy up the 1.6 billion dollars of debt which Argentina owes “holdouts” NML-Elliott and Aurelius, according to a report from Buenos Aires Ambito Financiero, the country's leading financial newspaper.

Wednesday, October 8th 2014 - 03:46 UTC

World Bank supports Argentina, favors institutional frame for 'holdouts'

“I welcome Argentina’s initiative in the UN and every way in which these problems can be solved”, said economist Augusto De la Torre

World Bank Chief Economist for Latin America and the Caribbean Augusto De la Torre has said the ongoing conflict between Argentina and holdout creditors is due to the “lack of international debt regulation frames”, and favored Argentina's initiative in the UN to “solve the situation.”

Tuesday, October 7th 2014 - 22:19 UTC

Despite record shrimp season, Argentine seafood landings drop 7.3%

Shrimp landing reached 80.362.9, which is 27.6% higher compared to the same 2013 period: 62,937.2 tons.

Seafood landings in Argentine sea ports between January first and 30 September totaled 584,835.1 tons of seafood resources, 7.3% less that the same period a year ago, 630,393 tons.

Tuesday, October 7th 2014 - 06:16 UTC

Ambassador Castro criticizes 'holdouts' and thanks UK unions' support for Argentina

“Trade unions the world over condemn this ruthless profiteering strategy led by the vulture funds that aim to undermine our economy”, said Ms Castro

Argentine ambassador in the United Kingdom, Alicia Castro has fiercely criticized the conduct of holdout investors and thanked UK unions for their support in the dispute with 'vulture funds', during an address to the British umbrella trade union UNITE.

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