The head of the Argentine Industrial Union, José Ignacio de Mendiguren, admitted that it's clear that the activity level has dropped, and warned that the construction-related sectors delay the new projects.
After two months of waiting, Brazil authorized the entry of apples from Argentina’s Alto Valle of Rio Negro and Neuquen. The news, which brings relief to local exporters, came after Argentina reopened its market to pork from Brazil.
Morgan Stanley has cut its 2012-13 growth forecasts for Argentina and forecasts a sharp devaluation of the Argentine peso next year as the economy starts to unravel amid high inflation and policy missteps.
Chilean Foreign Minister Alfredo Moreno regretted Argentina’s decision to end a double taxing agreement which was running since 1976 and exempts Chileans and Argentines making business in the neighbouring country from paying taxes as long as they are already contributors at home.
The Argentine central bank will affect 4.165 billion dollars from the bank’s freely available reserves to honour government debt maturing in the third quarter, it was officially announced.
Following the official new curbs on US dollar purchasing for savers, the head of the Argentine Central Bank Mercedes Marcó del Pont came on stage to defend the measure and anticipate that operations in the real estate market will have to be done in Argentine Pesos.
The European Commission has said it will continue negotiations on an association agreement with Mercosur even if Venezuela finally becomes a full member of the group and will address the issue on a “region to region” basis.
Twenty nine British MPs have called for Britain to vote against Argentina receiving any more money from the World Bank. The group signed an early day motion in Parliament that was put forward by Conservative MP for Romford, Andrew Rosindell, who had previously visited the Falklands.
Mexico has withdrawn a zero-tariff agreement with Argentina on autos in a tit-for-tat trade dispute after the Argentine government's decision to pull out of an auto trade pact between the two countries.
Argentine automobile production fell 12% in June from the previous month and plunged 34.4% from a year earlier, according to an industry trade group. The auto industry produced 52,983 vehicles in June compared with 60,206 units in the previous month and 80,795 a year earlier.