Argentina’s bonds and shares are collapsing. Why doesn’t the market believe the government?
Economy Minister Luis Caputo and Central Bank (BCRA) President Santiago Bausili’s economic announcements on Friday were not what the market expected. Stock market dollars soared: the CCL dollar climbed 4.6% to AR$1,412 per dollar, while the MEP climbed 3.7% to AR$1,413. The gap between these rates and the official dollar rate is now 55%. The “blend” dollar allows exporters to sell 80% of their dollars in the official market and 20% at the blue-chip swap rate. While seasonality comes into play, the loss in competitiveness and pressure due to the exchange rate are also contributing factors.
Source:Bueno Aires Herald
July 03, 2024 07:31 UTC
Wimbledon 2024: Etcheverry claims first Argentine win after three defeats
After a dreadful day one for Argentine tennis stars, Tomás Etcheverry put an end to the Argentine plight at Wimbledon, beating Italian Luca Nardi by 6-1, 6-4, 6-2 in almost two hours of play on Tuesday. The tournament opener on Monday proved tough for Argentine tennis as all three debutants were eliminated, losing all eight sets played. Top ranked Argentine Sebastián Báez (18th ATP singles) had a manageable debut on paper, taking on U.S. player Brandon Nakashima (65). However, the Italian’s impressive serving record proved too much for the Argentine, who eventually lost 6-4, 7-6 (2), 6-4 in two hours and 26 minutes. Nadia Podoroska (65th WTA singles), one of only three Argentine representatives in the women’s singles draw, was the last to fall.
Source:Bueno Aires Herald
July 02, 2024 14:48 UTC
Argentine boy, 10, becomes youngest-ever chess International Master
Argentine phenomenon Faustino Oro keeps shocking the chess world. The 10-year-old won the Masters Tournament at the Club d’Escacs in Barcelona, making him the youngest player ever to achieve the rank of International Master. International Master is one of four open titles granted by FIDE (International Chess Federation by its French acronym), and is second only to Grandmaster. Oro had also become the second youngest player to reach a 2400 ELO rating, the system by which FIDE ranks chess players. Former world champion and world number one Garry Kasparov congratulated the Argentine online.
Source:Bueno Aires Herald
July 02, 2024 02:01 UTC
Thousands of new state layoffs pull hundreds from gender, memory and welfare programs
Thousands of state employees were fired on Friday in a new wave of layoffs further cutting policies centered around memory and reparation for dictatorship victims, the fight against gender-based violence, and welfare programs. In a report published on Sunday afternoon, the national State Workers Association (ATE, by its Spanish initials) recorded 2,300 total layoffs on Friday. On Monday, ATE representatives from those areas will meet with Justice Ministry authorities to monitor the working conditions of the remaining employees. Workers from memory sites, the National Memory Archive, the Unified State Terrorism Victims Register, and the Reparation Policies Directorate have also been laid off. All of those areas belong to the Human Rights Secretariat.
Source:Bueno Aires Herald
July 01, 2024 08:27 UTC
Understanding Argentina’s new large investment regime
But its detractors argue that the legislation, in its anxiety to attract international investment, doesn’t do enough to help Argentina build reserves or develop local industry. The RIGI offers tax, customs, legal, and foreign exchange benefits for investments exceeding US$200 million. Corporate tax breaksInvestors with projects in the RIGI will pay 25% corporate income tax, instead of the current 35%, for thirty years. Under the RIGI, projects will be exempt from import duty on capital assets, machinery, and spare parts, and exempt from paying export duties for three years. In May, presidential spokesman Manuel Adorni said it was essential to clinch key investment after a decade of flat exports for Argentina.
Source:Bueno Aires Herald
June 29, 2024 11:29 UTC
Human Capital Ministry instates, quickly backtracks mandatory registration for journalists
The Argentine government tried to bring back mandatory registration for journalists but quickly backtracked following heavy criticism of Thursday’s announcement. “If you are a professional journalist you can obtain the National Registry of Journalists from the Secretariat of Labor, Employment and Social Security,” read an X post published Thursday morning by the Human Capital Ministry. The post included a link to the government website stating that the registration was mandatory and detailing the cumbersome procedure allegedly required for all professional journalists, cartoonists, translators, and proofreaders, among others. “Entire generations of journalists are not even aware of the rule and have never registered,” FOPEA said in a post on X. The X post was also deleted.
Source:Bueno Aires Herald
June 28, 2024 11:27 UTC
Tianli Education has achieved remarkable honors in academic competitions
AdvertisementCHENGDU, China, June 27, 2024 /PRNewswire/ — Recently, the list of candidates for 2024 Sichuan Province university admissions with guaranteed enrollment is being publicly announced. Among them is Chen Zhouyuanhang, a student from Luzhou Tianli School, who won a gold medal in the 32nd National High School Biology Olympiad and was selected for the national biology training team. In recent years, nearly 60 Tianli students have won first prizes in provincial and higher-level competitions, with many selected for national training teams. Through continuous breakthroughs in competitions and direct admissions to top universities like Tsinghua and Peking, Tianli Education is steadily transforming the landscape of basic education in its locality. This approach revolves around five major academic competitions and direct admissions to top universities, achieving sustained breakthroughs in fostering talent for the Party and the nation.
Source:The Bubble
June 28, 2024 09:31 UTC
BA Publishers’ Fair 2024 announces participants and activities
The Publishers’ Fair (FED) has announced its line-up of activities, guests and participants, including more than 330 publishing houses from Latin America and Spain. The event will run from August 8-11 with free admission at the C Complejo Art Media center, in Buenos Aires, from 2 p.m. to 9 p.m. Since its creation in 2013, the continuously-expanding Publishers’ Fair has fostered exchange between readers and book publishers, offering book debates, presentations and other activities. The main international guests at the fair include Marie-Pier Lafontaine (Canada), Thomas Reinertsen Berg (Norway), Seynabou Sonko (France-Senegal), Luna Miguel (Spain) and Deborah Eisenberg (US). The finalists this year are La Sede (Bariloche), Libro de Oro (Tucumán), Los Confines (Villa Ballester), and Buenos Aires bookshops Céspedes Libros, Magia and Mandolina.
Source:Bueno Aires Herald
June 28, 2024 07:50 UTC
CNOOC Limited Announces Enping 21-4 Oilfield Development Project Commences Production
AdvertisementHONG KONG, June 27, 2024 /PRNewswire/ — CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that Enping 21-4 Oilfield Development Project has commenced production. The project is located in eastern South China Sea, with an average water depth of approximately 89 meters. It will be developed by leveraging the existing production facilities and is expected to achieve a peak production of approximately 5,300 barrels of oil equivalent per day in 2025. Enping 21-4 oilfield was developed with 2 extra extended reach wells drilled from the existing production platform. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements.
Source:The Bubble
June 27, 2024 21:08 UTC
CCTV+: DREAM CHASERS–TEN STORIES IN ONE CITY (episode 1)
AdvertisementBEIJING, June 26, 2024 /PRNewswire/ — Episode 1: Heart of the Homeland: The Dream Journey of Li Yuefeng, CEO of Beijing Anding Homecoming Agricultural Science and Technology Co., LTD.From the center of Beijing, a journey southward less than 40 kilometers brings you to the ancient town of Anding in Daxing District. Here lies the largest ancient mulberry garden in north China and also a unique site exclusive to Beijing, earning it the name “hometown of mulberry”. Now, this venerable mulberry garden welcomes a new neighbor—the Taiwan Oneheart science and technology farm. Li Yuefeng, hailing from China’s Taiwan region, is building a smart farm on this land alongside his partners. View original content to download multimedia:https://www.prnewswire.com/news-releases/cctv-dream-chasersten-stories-in-one-city-episode-1-302183922.htmlSOURCE CCTV+Disclaimer: The above press release comes to you under an arrangement with PR Newswire.
Source:The Bubble
June 27, 2024 03:12 UTC
Brazil's Lula wants apology from Argentina's Milei
Brazilian President Luiz Inacio Lula da Silva said on Wednesday he believes his Argentine counterpart Javier Milei owes him and Brazilians an apology for having said “a lot of stupid things” about Brazil. The leftist Brazilian leader said in an interview with news outlet UOL that he has still not met Milei, a right-wing libertarian who took office in December, because he wants an apology first. Milei, an ally of far-right former Brazilian President Jair Bolsonaro, attacked Lula several times during the Argentine politician’s successful presidential campaign last year, dubbing him an “angry communist” and “corrupt.”“I just want him to apologize,” Lula said. “Everything that President Lula intends, that’s fine, it’s among his wishes and we respect that, but the president [Milei] hasn’t done anything he should feel sorry for, at least so far,” Adorni said. Milei suggested during his campaign that he would balk at doing business with Brazil, which is Argentina’s top trade partner and the largest economy in Latin America.
Source:Bueno Aires Herald
June 26, 2024 15:04 UTC
Copa América: Argentina on to quarterfinals after hard-fought 1-0 win against Chile
Argentina made it into the quarterfinals of the 2024 Copa América after a hard-fought 1-0 win against Chile on Tuesday. Chile played them fiercely, trying to interrupt their ball movement and keep them far away from their goal. Defender Nahuel Molina came in front of the goal after a Messi pass, but Bravo managed to save his kick. Argentina’s final group stage match will be on Saturday against Peru at the Hard Rock Stadium in Miami at 8 p.m. local time, 9 p.m., Argentina time. Chile will play Canada at the same time, and the results will determine what position Scaloni’s team ends up in.
Source:Bueno Aires Herald
June 26, 2024 14:59 UTC
Urban music star Cazzu back on stage at Buenos Aires Trap Festival
After a year-long hiatus, she will perform at the Buenos Aires Trap Festival, which will take place on December 7 and 8 at the Parque de la Ciudad venue. Since then, she has released hit songs regularly, including collaborations with top artists from the urban music scene like Bizarrap, Duki, Neo Pistea, and YSY A. Cazzu surprised fans in April 2023 when she took off her puffer jacket on stage during a show in Buenos Aires and revealed her full pregnant belly. Buenos Aires Trap Festival: the home of urban music starsThe Buenos Aires Trap Festival will take place on December 7 and 8 in Parque de la Ciudad in Buenos Aires City. After being canceled in 2020 due to the COVID-19 pandemic, this will be the return of the Buenos Aires Trap festival, with many headliners now global music stars.
Source:Bueno Aires Herald
June 26, 2024 02:16 UTC
Argentina's GDP drops 5.1% and unemployment climbs to 7.7%
Argentina’s gross domestic product shrank by 5.1% compared to the same period last year, while unemployment climbed to 7.7% in the first quarter of 2024, according to reports by the National Institute for Statistics and Census (INDEC) released on Monday. In terms of interannual comparisons, construction (–19.7%) and industrial manufacturing (–13.7%) sectors were the most affected, according to the study. Meanwhile, the 7.7% unemployment rate is higher than in the first quarter of 2023 (6.9%). A May report from the statistics bureau INDEC indicated that March economic activity fell by 8.4% year-on-year and 1.4% from February. You may also be interested in: Argentina’s dollar rates, EMBI index surge while bonds, shares plummet
Source:Bueno Aires Herald
June 26, 2024 01:44 UTC
Biden takes fresh immigration moves into debate with Trump
U.S. President Joe Biden heads into a crucial debate with rival Donald Trump this week armed with new immigration and border policies that his backers hope will boost his standing among skeptical voters. Record numbers of migrants have been caught illegally crossing the U.S.-Mexico border during Biden’s presidency and immigration has emerged as a top voter concern ahead of the November 5 election. 17-point voter gap on immigrationOn immigration policy, registered voters prefer Trump over Biden by a 17 percentage point margin, according to a Reuters/Ipsos poll in mid-May. Earlier this year, Biden pushed Congress to pass a bipartisan Senate border security bill, but Republicans rejected the effort in February after Trump came out in opposition. “They love them.”Trump campaign spokesperson Karoline Leavitt last week criticized the new Biden program and pointed to voter support for deportations.
Source:Bueno Aires Herald
June 24, 2024 14:32 UTC