Argentina’s trade balance: analysts expect deficit for 2023 but surplus in 2024
June’s trade deficit reached a record US$1.7 billion, meaning Argentina was US$4.4 billion in the red over the first half of the year. Against a backdrop of the potent impact of this year’s drought, private consultancies expect a trade deficit of around US$7 billion for this year. “The deterioration of the trade balance won’t be any larger than that thanks to the significant reduction of the energy trade deficit, which will go from -US$4.4 billion in 2022 to a slight deficit of around US$1 billion in 2023, and even a virtual equilibrium can’t be ruled out.”The improvement in the energy trade balance will be consolidated from next year onwards. “We’re seeing climate change”“For next year, we expect a trade surplus, which would be driven by a recovery in harvest levels,” Santiago Manoukian, head of research at consulting firm Ecolatina, told the Herald’s sister title, Ámbito. “In line with the ‘Productive Argentina 2030’ plan, the remaining exports of goods will grow from US$37.7 billion to US$54.5 billion between 2024 and 2030.
Source:Bueno Aires Herald
July 22, 2023 01:35 UTC
Publishers' Fair 2023: longer hours and over 300 publishing houses
Pulitzer prize winner Anne Boyer once called Buenos Aires “the city for people who love books” — and who loves books more than the people who actually make them? The Publishers’ Fair (FED, for its Spanish initials), a major event in the Buenos Aires literary agenda, has officially announced its 2023 line-up. The FED will also feature the second edition of the Fellowship program, which brings foreign editors to Buenos Aires to get first hand knowledge of local publishing and bookselling. This year’s finalists are Céspedes Libros, Vuelvo al sur and Mandolina Libros (all from Buenos Aires City), Notanpuan (San Isidro), Portaculturas (Córdoba), Ludditas (Mendoza), Delibooks (Lomas de Zamora), and Mal de archivo (Rosario). Together with the Buenos Aires Blood Center, Céspedes Libros is also organizing a blood donation stand at the FED, with prior registration required.
Source:Bueno Aires Herald
July 21, 2023 18:35 UTC
Economy Ministry secures financing for the North Gas Pipeline
The Reversal of the North Gas Pipeline is the next step, as it will allow natural gas to be distributed to the center and northern provinces, saving US$3.5 billion by not importing energy from Bolivia, which costs four times as much. Energy self-sufficiency and dollar savingsGovernment sources explain energy self-sufficiency is the key of the first stage of the work. ASources from the Economy Ministry led by Sergio Massa also added that this energy will cost 70% less than Bolivia’s. The price for locally-injected gas is US$ 3.79 MM/Btu against the US$11.32 of imported natural gas, and much cheaper than the US$18.24 of liquified natural gas (GNL), according to the latest May data from the energy subsidies monitoring agency of the Congressional Budget Office (OPC). The works consist in: an interconnection gas pipeline of 36″ nominal diameter and 123 km long, from the “La Carlota” compression plant of the Center West gas pipeline, to the “Tío Pujio” compression plant on the North Gas Pipeline, 62 kilometers of 30″ loops on the North Gas Pipeline, between the towns of Tío Pujio and Ferreyra, and injection reversal works at the plants.
Source:Bueno Aires Herald
July 21, 2023 14:36 UTC
IMF-Argentina negotiations continue amid intense speculation
Negotiations between Argentina and the International Monetary Fund (IMF) regarding the country’s economic program are taking place in Washington, D.C., amid official secrecy and strong media speculation. The IMF staff’s upcoming fifth review of the program will evaluate Argentina’s performance until March which, if favorable, would lead to a US$4.1 billion disbursement. Amid the negotiations and the reserve scarcity crisis — net international reserves are estimated at negative US$7.4 billion — the government further restricted access to US dollars in the official market for imports. Four worst-case scenariosIn a report published on Thursday, economic consulting firm 1816 listed four possible outcomes of the current negotiations with the IMF. The final (and less likely) scenario is an agreement with the Fund that includes a devaluation of the peso.
Source:Bueno Aires Herald
July 21, 2023 06:24 UTC
South Africa says over 40 nations interested in joining BRICS
More than 40 countries have expressed interested in joining the BRICS group of nations, South Africa’s top diplomat in charge of relations with the bloc said on Thursday. South Africa had faced a dilemma in hosting the summit. South Africa maintains it has a neutral stance on the Ukraine war, which it wants to end through negotiation. Diplomats addressing the press on Thursday said that position had been vindicated by South Africa’s acceptance by both sides as a mediator in the conflict, in contrast to sabre-rattling by Western powers. No,” Zaheer Laher, South Africa’s acting director general for global governance said.
Source:Bueno Aires Herald
July 21, 2023 00:06 UTC
As ‘blue dollar’ reaches AR$527, government raids informal exchange houses
As the informal “blue dollar” exchange rate reached a record-high value of AR$527, the government raided Buenos Aires city’s cuevas —Spanish for “caves,” as informal currency exchange houses are popularly known. According to a survey made by Ámbito Financiero, the informal exchange rate saw a AR$5 in one day and ended at AR$525, meaning that the gap with the official exchange rate hit 95.24%. Conversely, the MEP exchange rate — a market in which the government strongly intervenes — is at AR$494.5. As US dollars at the official exchange rate are increasingly less available for local companies due to the international reserve crisis, surges in parallel exchange rates have a greater impact on the inflation rate and feed devaluation expectations. The companies allegedly engaged in arbitrage by charging for inexistent imports at the official foreign exchange rate which, according to Customs, lead to an estimated loss of “at least” US$5.5 million.
Source:Bueno Aires Herald
July 20, 2023 03:00 UTC
200 years of bilateral relations with the US: looking to the future
And, on that path, the United States must be a strategic partner. The importance of the relationship between Argentina and the United States far exceeds bilateral issues: it touches on questions of regional integration. But 2022’s figures highlight a challenge: Argentina had a US$3.7 billion deficit, mainly due to a decline in industrial exports. All this raises the question of what the bilateral relationship between Argentina and the US should look like to achieve this inclusive development. There is, additionally, a key aspect of the bilateral relationship, and that is cultural exchange.
Source:Bueno Aires Herald
July 19, 2023 13:13 UTC
Subway lines on a three-hour strike starting at 10 a.m.
The Subway and Premetro Workers Union Association (AGTSyP-Metrodelegadxs) will hold a three-hour strike this Wednesday across all subway lines and the Premetro, from 10 a.m. to 1 p.m., demanding a reduction in working hours to reduce exposure to asbestos, a carcinogenic mineral present in subway cars. The union is demanding its work day be reduced from 36 to 30 hours a week to reduce the exposure to asbestos. According to a press release by AGTSyP, asbestos exposure has already caused the death of 3 subway workers, while 87 others have suffered health issues since 2018. The union also said that one passenger has been affected, and 2150 workers have to undergo medical checkups every year because of asbestos exposure. Emova, the company in charge of providing the subway service, has admitted the presence of asbestos, but said “conditions were adequate” to work.
Source:Bueno Aires Herald
July 19, 2023 13:06 UTC
Economy Ministry team makes long-awaited trip to IMF headquarters
After weeks of rumors and cancellations, a team from the Economy Ministry arrived in Washington on Tuesday morning to close ongoing negotiations with International Monetary Fund (IMF). The IMF staff’s upcoming fifth review of the program will evaluate Argentina’s performance between January and March of this year. However, the lender and the Economy Ministry are holding talks about the review and renegotiating changes in the program. Economy Minister Sergio Massa is currently campaigning as presidential candidate for the ruling coalition Unión por la Patria (UxP). The Economy Ministry does not rule out that he could postpone campaign engagements to close the deal in person in Washington on Thursday or Friday.
Source:Bueno Aires Herald
July 19, 2023 04:57 UTC
Argentina and Ecuador renew relations following escaped ex-minister row
President Alberto Fernández met Ecuadorian President Guillermo Lasso in their first bilateral meeting following a diplomatic incident in March over a former Ecuadorian minister convicted of corruption. According to official reports, the presidents agreed to “preserve the brotherly relationship that has historically united both countries.”“I met with the president of Ecuador. The brotherhood that unites our peoples is historic and we must continue to strengthen it.”Me reuní con el presidente de Ecuador, @LassoGuillermo. She had been living as a guest in the Argentine embassy since 2020 and was granted diplomatic asylum there in 2022, along with her son, whose father is Argentine. “It is worth mentioning that despite the period without ambassadors, relations between Argentina and Ecuador continued at a consular level,” they said.
Source:Bueno Aires Herald
July 19, 2023 00:11 UTC
29 years after the AMIA bombing, a law looks to turn July 18 into a national mourning day
Twenty nine years after the bombing that killed 85 people and left 300 wounded, Congress is now looking to pass a law to make July 18 a national mourning day. Ahead of the 30-year anniversary next year, deputies have passed a bill to honor the victims. People gathered to help the victims moments after the attack (July 18 1994). Source: TélamThe deadliest terrorist attack in Argentine historyThe main building of AMIA, a Jewish community center located near downtown Buenos Aires city, was destroyed by a car bomb on July 18, 1994. Two years before that, the Israel embassy in Buenos Aires had also suffered a bombing attack that killed 22 people.
Source:Bueno Aires Herald
July 18, 2023 18:52 UTC
CFK and Massa defend national airline together at simulator launch
In speeches with a distinct electoral slant, Vice President Cristina Fernández de Kirchner and Economy Minister Sergio Massa appeared together at the launch of a pilot-training simulator by the national airline Aerolíneas Argentinas in Ezeiza. “I want to go back to what we defend when we defend Aerolíneas. The simulator in question is for Boeing 737 Max aircraft training and according to Aerolíneas will save the state USD$7 million a year. He highlighted its contribution to the National Treasury, saying that the airline saw its lowest level of losses last year, USD$246 million. “Someone should urgently invent a presidential simulator and input Argentina’s numbers and problems, not those of Switzerland or Sweden or Norway,” she said.
Source:Bueno Aires Herald
July 17, 2023 23:58 UTC
Argentina and EU sign energy memorandum
President Alberto Fernández and European Commission President Ursula von der Leyen have signed a memorandum of understanding (MoU) on energy co-operation that seeks to boost energy trade between Argentina and the European Union. Inked just before the start of the EU-CELAC (Community of Latin American and Caribbean States) summit, the memorandum states that both parties will support investment to increase energy trade between Argentina and the EU. The possibility of an energy memorandum between Argentina and the EU first emerged during bilateral talks on energy in Buenos Aires in June 2022. While the European bloc was facing an energy crisis because of the war in Ukraine, Argentina was seeking to develop its reputation as a sustainable and trustworthy energy provider, the Presidency source said. This MoU comes a month after Fernández and von der Leyen signed a memorandum to expand cooperation on sustainable value chains of critical raw materials.
Source:Bueno Aires Herald
July 17, 2023 13:40 UTC
At CELAC summit, EU promises to invest EUR45 billion in LatAm
Over 50 leaders from the three regions gathered in Brussels for the two-day EU-CELAC (Community of Latin American and Caribbean States) summit, which is taking place on Monday and Tuesday. He will also meet with Xiomara Castro, President of Honduras; Ralph Gonsalves, Prime Minister of Saint Vincent and the Grenadines; and Kyriakos Mitsotaki, Prime Minister of Greece. During the event, Von der Leyen told a business forum that Latin America, the Caribbean and Europe needed each other more than ever. But discussions over the summit communique highlighted differences over how to address the war in Ukraine and Europe’s role in the slave trade. Trade dealsThe EU has acknowledged it has sometimes neglected its Latin American partners as China’s role in the region has risen.
Source:Bueno Aires Herald
July 17, 2023 12:13 UTC
Translation troubles: wrinkled interventions
Every Sunday, I try to group our translation troubles under a theme, but sometimes — most of the time — the news cycle and indeed life doesn’t work that way. This week it came up in the context of presidential hopeful Patricia Bullrich’s research institute being intervenido or “intervened by” the government. The Herald has consistently used the word travesti in articles despite the fact that its direct English translation is a slur — the thing is, it was a slur in Spanish too. Obviously, “you didn’t wrinkle” was not an option and we went with “didn’t waver.” However, two textile-related alternatives come to mind. Share your thoughts and translation hang-ups with us on Facebook, Twitter or Instagram!
Source:Bueno Aires Herald
July 16, 2023 18:09 UTC