Argentina

Argentina
Sunday, November 9th 2014 - 10:46 UTC

Argentina's car production, domestic sales and exports in free-fall

Exports were down 22.9% in the ten months of the year

Registrations for new vehicles in Argentina fell 40% in October compared to the same month in 2013, according to the latest study by commercial sellers' group ACARA. The chamber revealed that 52,983 cars were registered over the past month, against 59,099 in September and 88,948 last October.

Sunday, November 9th 2014 - 10:35 UTC

Argentine bondholders file for 'me too' at Judge Griesa's court: claims reach 6.5bn

Carmine Boccuzzi told Griesa that holders of Argentina’s defaulted debt will seek to have his 2012 order applied in their cases

Argentina told New York district judge Thomas Griesa that bondholders filed 25 lawsuits since June, when the judge ordered blocking the country's from paying its restructured debt without also paying a group of holdouts, Bloomberg news has reported.

Saturday, November 8th 2014 - 10:12 UTC

Brazilian central bank concerned about 'persistent inflation' reveal minute

Reinforcing the upward trend in the cost of living is a hike in utility and fuel prices amid a severe drought that is reducing output from hydroelectric plants.

Brazil's Central Bank is concerned about inflation, now running at 6.75%, according to the minutes of last week meeting of the policy committee, released on Thursday.

Saturday, November 8th 2014 - 09:52 UTC

Cristina Fernandez on control of government 'through e-mails and messages'

According to Industry minister Giorgi, the president is “keeping us all on the short leash”

While she waits to be discharged from the Otamendi private medical clinic, Argentine President Cristina Fernández continues to monitor all government decisions and actions. “She sends us indications through e-mails and messages,” Industry Minister Débora Giorgi revealed on Thursday.

Friday, November 7th 2014 - 23:08 UTC

English court involved in Argentine bonds dispute with hedge funds

The lawsuit involves 226m Euros interest payments on Euro-denominated Argentine bonds issued under English law. One of the litigants is George Soros

A London court gave Argentine “holdout creditors” in New York a two-week window on Thursday to challenge declarations sought by a powerful group of investors in a dispute over interest payments worth about 226 million Euros. The payments involve Euro-denominated Argentine bonds which were issued under English law.

Friday, November 7th 2014 - 22:51 UTC

Argentina targets yet another US company on alleged tax fraud

Allegedly GE carried out illegal operations that cost Argentina an unnecessarily large number of dollar reserves and a reduced taxation income

US corporation firm General Electric has “over-invoiced” imports in a financial maneuver designed to access additional dollars in the official foreign exchange market, claimed Argentine Cabinet Chief Jorge Capitanich. GE thus becomes the second large US company in less than a week to face accusations of financial trickery in order to obtain economic benefits.

Thursday, November 6th 2014 - 21:50 UTC

Falklands oil industry regulated by UK North Sea standards, one of the highest in the world

MLA Roger Edwards in a letter to The Guardian said that Filmus statement is 'yet another futile example of the Argentine Government’s futile efforts to damage the Falklands economy'

The elected government of the Falkland Islands has strongly refuted remarks by Argentine official 'Malvinas Secretary' Daniel Filmus, published in The Guardian, in which he states that hydrocarbons activities in the Falklands are environmentally reckless, and describes Filmus words as “yet another example of the Argentine's government futile efforts to damage the Falklands economy”

Thursday, November 6th 2014 - 07:52 UTC

YPF manages significant increases in output and profits in the third quarter

“We are meeting our goals and continue to show results that line up with our plan for the next five years,” said YPF CEO Miguel Galuccio.

Argentina's state-controlled oil firm YPF hydrocarbons' production in the third quarter increased by 15.4% from a year earlier to 573,000 b/d of oil equivalent (boe/d). The rise in production translates into a 13.9% increase from a year earlier for the first nine months of the year to 553,000 boe/d.

Thursday, November 6th 2014 - 07:37 UTC

US soybean crushers claim Argentine export taxes distort the market

Argentina’s DET's system creates economic incentive for processing the beans in the country and exporting the value-added products rather than the raw beans

The American Soybean Association, the National Oilseed Processors Association and the North American Export Grain Association sent comments last week to the U.S. Trade Representative identifying significant barriers to U.S. exports, particularly on the trade distorting impact of Argentine Differential Export Taxes, or DETs, and the artificial advantage provided to soybean products exported from that country.

Thursday, November 6th 2014 - 07:22 UTC

Argentina and hedge fund NML Capital ratify their commitment to keep fighting

“If someone thinks that on January first Argentina will go on its knees to negotiate with vulture funds, he is getting it all wrong” said Vanoli, central bank chief

Argentine Central bank chief Alejandro Vanoli, said the country will be not getting down on its knees in a negotiation with 'vulture funds' (hedge funds), once the January first date comes and the controversial RUFO clause, (preventing Argentina from voluntarily offering holdout creditors better terms than those of its 2005 and 2010 restructurings), falls.

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