Argentina has much in common with yesterday's emerging markets, but little in common with today's
Falkland Islands fishing companies may have attended the Brussels Seafood Show intermittently for over a decade, but the looming specter of Brexit lent this year’s attendance unprecedented significance. For James Bates, Falkland Islands Fishing Companies Association (FIFCA) Executive Secretary, Brexit gave the industry’s stand at the show a clear mandate this year, “it was about being visible at a time when we need to be.”
Earlier this week Mercopress announced that a delegation from the Falkland Islands will be joining the UK Foreign and Commonwealth Office in Argentina next week to discuss fisheries data exchange. This announcement comes shortly after a successful visit to the Brussels Seafood Show, where the important access of continued market access post-Brexit was discussed with partners by Falkland Islands fishing companies.
Oil firms, including Norway’s Statoil, U.S.’ Anadarko Petroleum Corp, China’s CNOOC and Malaysia’s Petronas, have shown interest in Argentina’s auction this year of offshore blocks for exploration and production, the country’s energy minister said.
Argentina’s central bank sold US$1.1 billion in the foreign exchange market on Friday and the peso weakened 2.74% to an all-time closing low of 23.35 per U.S. dollar despite talks aimed at securing an International Monetary Fund financing deal.
South America, including the Falkland Islands, has the highest number of planned and announced floating production, storage, and offloading units (FPSOs) to be commissioned by 2025, according to a report by GlobalData. World wide 74 planned and announced FPSOs are set to become operational for the outlook period between 2018 and 2025.
Brazil's inflation rate unexpectedly slowed in April and kept far below the official target, suggesting a recent period of currency weakness is unlikely to keep the central bank from cutting interest rates next week.
Argentine equities rallied on Thursday, while the country's peso currency was stable, as the central bank sold foreign currency reserves in the spot market for the first time since the country announced it was seeking financing from the IMF.
The Bank of England has backed off from raising interest rates as it slashed 2018 growth forecasts, but said the economy would bounce back from a weather-hit “soft patch”. Policymakers kept the prospect of rate hikes firmly on the cards, although it sparked confusion over when the next increase may come.
International Monetary Fund chief Christine Lagarde said on Thursday she is ready to aid Argentina and wants talks on a financing package to be finalized quickly. Lagarde said she instructed the IMF team to continue discussions on a loan program with the goal to “reach a rapid conclusion.”