Minimum wage increases approved by the Minimum Vital and Mobile Salary Council last week were published in the Official Bulletin today. Paid in three monthly increases, the minimum salary will rise by 26.6% by June 1 compared with current levels, but economists say it is falling far behind Argentina’s racing inflation, which hit 102.5% in February. On April 1, the minimum wage will rise to AR$80,342 (US$386.59 at the official exchange rate or US$213.45 at the MEP rate) and AR$401.71 per hour for day laborers. He added that the minimum wage had shrunk in proportion to the basic basket of goods compared with 2015. The payments for social programs such as Potenciar Trabajo are a percentage of the minimum wage, so increasing the minimum wage leads to increased state spending.
March 29, 2023 03:43 UTC
According to the study, more than two-thirds of spending for films or series made in Argentina are reinvested in other sectors, such as hotel accommodation and transport. Netflix also emphasized that every AR$ 10 million invested directly in the audiovisual result in an additional 19 million. “Telling local stories is very important for Netflix, and few countries have an audiovisual industry like Argentina,” said Ramos. As for films, Netflix will co-produce Descansar en paz with Ricardo Darin’s production company, Kenya Films. Also coming to the platform are most of the Argentine filmmaker Pablo Trapero’s films as remastered versions, including El Bonaerense, White Elephant, Carancho, Lion’s Den, Born and Bred, Rolling Family, and Crane World.
March 29, 2023 03:40 UTC
Patricia Bullrich, head of right-wing opposition party PRO, has instructed PRO deputies to file a protective action against the decrees requiring public sector bondholders to shed debt in dollars and switch it to pesos. The writ describes the debt swap as “objectively and factually ruinous”, calling it “new borrowing disguised as a swap” on the grounds that the decrees establishing the swap do not specify whether the foreign law bonds that enter the treasury will be reabsorbed. On that basis, the writ argues that under Argentine law debt cannot be issued by decree and requires the prior approval of congress. The blue-chip swap rate, also known as contado con liqui or CCL, is used in the financial world as a way to get dollars. According to the writ, the debt swap puts state pensions at risk by failing to safeguard the funding of the Sustainability Guarantee Fund (FGS), a sovereign investment fund that is part of Argentina’s social security system.
March 28, 2023 09:47 UTC
With just 90 days before the deadline to confirm his candidacy, former president Mauricio Macri announced that he will not run for president in a 5-minute video this morning. In his video, he also praised his 2015-2019 administration, criticizing President Alberto Fernández’s administration. “’Never again’ will we be represented by a puppet,’ he said in referene to Fernández, who was selected by Vice President Cristina Kirchner to run for president in May 2019. “Never Again” or “Nunca Más” is a motto used by Argentina’s human rights movement calling for the horrors of the last military dictatorship to never be repeated. Macri stepping down from the presidential race without explicitly supporting any of the Juntos por el Cambio presidential candidates specifically, he leaves the game open for them to run against each other in the August primaries.
March 27, 2023 03:19 UTC
The blue-chip dollar swap rate peaked at a record AR$408 on Friday, its highest nominal value ever, before closing at AR403.57, up by more than 10 pesos (3%) in the last three days of the week. The blue-chip swap rate, also known as contado con liqui or CCL, is used exclusively in the financial world. It is obtained by investors buying shares and financial instruments in pesos and selling them in dollars on the international market. In this context, the report’s authors predict that the Central Bank will have to tighten capital controls “over the next months”. The Central Bank participates in a committee that makes such analyses but does not make its conclusions public.
March 18, 2023 22:23 UTC
The Brazilian government is studying whether to regulate Internet platforms with content that earns revenue such as advertising, its secretary for digital policies, Joao Brant, said on Friday. The idea would be for a regulator to hold such platforms, not consumers, accountable for monetized content, Brant told Reuters. Platforms would not be held responsible for content individually, but for how diligent they are in protecting the “digital environment,” he said in an interview. Brant did not detail what the regulatory body would look like, but said the government wants to regulate monetized content and prevent the platforms from spreading misinformation. Meta questioned its responsibility for removing content without a court decision in a case involving a fake Facebook profile.
March 18, 2023 21:34 UTC
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March 18, 2023 19:24 UTC
Argentine Ambassador to Ecuador Gabriel Fuks has left the country amid a diplomatic furore caused by former Ecuadorian minister María de los Ángeles Duarte fleeing from the Argentine embassy in Quito. She had been living as a guest in the Argentine embassy in Quito since 2020 and was granted diplomatic asylum there in 2022, along with her son, whose father is Argentine. On Monday, she fled to the Argentine embassy in Caracas, Venezuela — Ecuador considers her a fugitive. “And not on one, but multiple occasions.”The Argentine government denies Fuks’ involvement in Duarte’s escape and contends that her surveillance was under the Ecuadorian security force’s jurisdiction. Both countries expelled their ambassadors as a result of the diplomatic row, although bilateral ties have not been cut.
March 18, 2023 06:45 UTC
The INDEC considers that a family is “destitute” when their monthly income is less than the basic food basket. A family is considered to be in poverty if they earn less than the basic food basket plus services, known as the total basic basket. The INDEC reported that the poverty threshold for February was AR$177,063 – an 8.3% increase compared to January. The year-on-year increase for the basic food basket and the total basic basket were 111.3% and 115.1% respectively. That means that products that were part of the total basic basket and the basic food basket soared more than the general prices of the economy.
March 18, 2023 06:45 UTC
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March 14, 2023 07:42 UTC
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March 13, 2023 20:15 UTC
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March 01, 2023 08:50 UTC
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March 01, 2023 07:08 UTC
Argentina’s central bank is set to hold its benchmark interest nominal rate steady at 75% this week despite inflation gaining pace once more, but hopes of a potential rate cut early this year are fading as prices heat up, bank sources (BCRA) told Reuters and The Herald. It put the breaks on monetary tightening in October, and has since left the benchmark rate unchanged on hopes that inflation, running near 100% annually, was cooling. Although monthly inflation has ticked up since December, the central bank is not expected to make a new hike. An official central bank source said a rate hike debate was not expected to be “on the agenda” ahead of the board’s weekly meeting on Thursday. A central bank adviser told Reuters on condition of anonymity that the rate was unlikely to be raised or lowered this month.
February 16, 2023 01:30 UTC
Argentina’s drought-stricken crops could bring in 23% fewer export dollars this season versus a year earlier, the Buenos Aires grains exchange said in a report on Tuesday. For much of the last year, Argentina’s worst drought in sixty years has delayed planting and withered crop outlooks, making life ever harder for farmers in a country where inflation nears 100%. The agriculture sector’s export revenues from the 2022/2023 harvest are expected to fall to $33.39 billion, the exchange said. The grains exchange forecasts 2022/23 soybean and corn production, crops whose harvest begins in April, at 38 million tonnes and 44.5 million tonnes respectively. As recently as September, the exchange had forecast the soybean crop at 48 million tonnes and corn at 50 million tonnes, a sign of the drought’s toll.
February 15, 2023 20:25 UTC