Argentina

Wall Street's major indexes closed at record highs on Monday for the second consecutive day as investors were optimistic about the prospects of a U.S. China trade deal. They also looked forward to an exciting week that will include high-profile earnings from the technology sector and the widely anticipated U.S. rate cut. U.S. president Donald Trump and his Chinese equivalent Xi Jinping will meet on Thursday in order to decide on a plan that could pause the tougher U.S. duties and China's export restrictions on rare earths. This would ease market jitters about a possible trade war, and send Wall...

Wall Street's major indexes hit new record highs Monday, as the excitement surrounding a possible U.S. China trade deal set a tone for a busy week of high-profile earnings from technology companies and a widely anticipated interest rate reduction. On Thursday, Donald Trump and Xi Jinping (the Chinese counterpart) will meet to discuss the future of the U.S.-China relationship. A framework This could stop the tougher U.S. Tariffs and China's export restrictions on rare earths. It would also ease market anxiety about a possible trade war, and send Wall Street's VIX "fear gauge", to a month-low. During his weekend TV...

Argentine farmers renew their confidence in Javier Milei, ahead of the midterm elections on Sunday. This is a vital sector for the government to generate foreign currency. The radical libertarian President, who hopes that his minorities will have a significant increase in representation in Congress, needs the support of farmers in Argentina. Since Milei took office nearly two years ago, he has received broad support from the agricultural sector. This sector shares his vision for unrestricted, deregulated markets. The government of Milei has taken steps to lower unpopular export taxes. In July, the government lowered the export tax for soybeans...

The peso of Argentina weakened slightly on Monday, while the stock market edged upwards and bond prices rose. This was in anticipation of the news that the U.S. Treasury would be providing financial assistance to Argentina. Political tensions are also increasing in Argentina ahead of the midterm elections scheduled for later this month. The price of international dollar bonds increased between 0.7 cents and 2.5 cents across all maturities. This continues the volatile trend that has been seen in the last few weeks. However, they are still far below the historic highs reached in January, which were revisited late in...

Argentina's bonds and stocks soared on Tuesday, extending gains from the previous session. The expected meeting between U.S. president Donald Trump and Argentinean leader Javier Milei is expected to take place. Dollar bonds, the stock market, and the peso all rose on Monday, after U.S. Treasury secretary Scott Bessent stated that "all options" were available to Argentina. This included swap lines and direct currency purchase from Washington. MarketAxess data showed that Tuesday's bond moves lifted them up by as much as 2.3c before they began to retrace some of their gains. They were still more than one cent higher on...

The U.S. Court of Appeals granted Argentina's request on Friday to temporarily suspend a judge’s order that the country turn over its 51 percent stake in oil company YPF as partial satisfaction for a $16.1 billion verdict won by two investors. The 2nd U.S. The 2nd U.S. Circuit Court of Appeals, Manhattan, stayed U.S. district judge Loretta Preska’s June 30, 2010 turnover order until Argentina appeals. Argentina warned it could suffer irreparable damage and destabilize its economy if it sold its stake in YPF - the country's biggest energy company. The court of appeal did not give any reasons for...

The U.S. Government sided with Argentina in its effort to temporarily suspend a court order requiring it to turn over its 51 percent stake in the oil and gas company YPF as part of a $16.1-billion judgment won by two investors. In a late-night filing, the U.S. government informed the 2nd U.S. The 2nd U.S. Circuit Court of Appeals stated that it is in the public's interest to resolve the dispute on its merits "free of the rushed compulsion of a non-stayed turnover order, and any negative impact on U.S. Foreign Relations with Argentina." Petersen Energia Inversora, Eton Park Capital...

A U.S. court judge ordered Argentina on Monday to give up 51% of its stake in the oil and gas company YPF to satisfy a $16.1-billion judgment against it. U.S. District Court Judge Loretta Preska, in Manhattan, said Argentina had to transfer its YPF share within 14 days into a BNY Mellon account and instruct this bank to transfer those shares to the plaintiffs within one business day. Argentina appealed Preska's decision of September 2023 to award $16.1 billion to Petersen Energia Inversora, Eton Park Capital Management and litigation funder Burford Capital. Preska's ruling came the same day Argentina requested...

Argentina's mergers and acquisitions market could grow significantly in the coming years if President Javier Milei's economic reforms continue, Juan Tripier, director of M&A and corporate finance at PricewaterhouseCoopers (PwC) Argentina, told . Investors are showing renewed interest in Argentina after Milei's actions, which include a sharp reduction in inflation and government spending, a restored surplus fiscal, and loosened foreign exchange controls. "Two or three years ago, you would have contacted a multinational company, an investor from abroad, and Argentina was considered a bad name. This has changed since Milei was elected president," Tripier stated in an interview in Buenos...

YPF, the state-owned oil company in Argentina, reported on Friday a 15% increase in its adjusted earnings for the full year before interest, tax, depreciation, and amortization (EBITDA), which reached $4.65 billion. The company attributed this increase to a recovery in local fuel prices, an increase in oil exports, and the expansion of shale production. The company reported that oil production from Vaca Muerta - one of the world's largest shale gas and oil formations - would increase by 26% in 2024 to 122,000 barrels of oil per day on average, with 138,000 bpd during the last months of 2018....

Brazilian companies are looking for acquisition targets in Argentina while strengthening their staff and stores as a precautionary bet on the aggressive economic reforms of President Javier Milei that are starting to stabilize Argentina's crisis-ridden economy. Brazilian companies, such as consumer goods, services and oil, have said they plan to expand or launch new ventures in Argentina. The country is recovering from a decade of economic turmoil that has discouraged investment. Milei's strict austerity has helped to bring down triple-digit inflation and a large deficit, while also boosting investor confidence. The nation is still in recession and capital controls are...

Canada's McEwen Copper is hunting for financiers to raise $2.5 billion to move on with building of Los Azules copper mine in Argentina, company Vice President Michael Meding stated in an interview. McEwen Copper, part of McEwen Mining, is among numerous international companies seeking to draw out copper in the mountains of northern Argentina, an area mostly untapped for the product due to the nation's hard capital controls and volatile economy. A reward program under President Javier Milei is now spurring activity, including from significant gamers such as miner BHP, after the nation's only copper mine closed in 2018. Los...

Eramet fell on the Paris Stock Exchange on Monday after the sudden firing of its CEO, just months into his term, caught investors off guard and raised concerns about governance at the nickel-manganese-lithium miner owned in part by the French state. Eramet announced on Sunday that it had fired Paulo Castellari because of disagreements over "operating methods". It temporarily reappointed Christel Bories as Chairwoman, a role she had handed to Castellari in May last year. Analysts were stunned by the decision, and credited Castellari for his early efforts in restructuring the group. The group had?faced declining profits and rising debt...

According to a BBVA Research study released on Friday, lithium and copper could drive Argentina's mining sector to more than 25 billion dollars by 2033. The report stated that mining represents less than 1 percent of Argentina's gross domestic product (GDP) and only 6% of its exports. However, Argentina has one of the most important project portfolios of critical minerals in the world. Key Context The report stated that Argentina, Bolivia, and Chile, which are all part of the "Lithium Triangle", could provide up to 20% global supply by 2033. In 2024, lithium will surpass silver in terms of exports...

Nippon Steel is Japan's largest steelmaker. It expects to report an annual profit drop of 14% before one-offs in the current fiscal year. However, it did not include its outlook for U.S. Steel due to the significant challenges on the U.S. Market. The Japanese steelmaker is expecting a underlying business gain, or profit adjusted to remove one-offs of 680 billion dollars for the fiscal year ending March. This is down from last year's 793.7 billion dollars. Nippon Steel acquired U.S. Steel for $15 billion in June. The company said that it had excluded the U.S. Steel business from its fiscal...

The main mining industry group in Argentina warned on Thursday that political uncertainty and unclear policy signals are holding back project development. No one will make any decisions today. It's very clear," Roberto Cacciola said, President of the Argentine Chamber of Mining Companies. Argentina is set to hold midterm elections on October 26, a crucial test for President Javier Milei as he enters the second half of his term amid falling approval ratings and stalled legislation in an opposition-controlled Congress. Cacciola said that the national government should resume dialogue with provincial governors – who, under Argentine laws, control mineral resources...

The Argentine Treasury is quickly depleting its dollars reserves to defend the Peso. This has strained financial markets Wednesday, as funds from an agricultural exporters' special agreement are running low just weeks before midterm election. According to traders, the Treasury (under the Economy Ministry) has sold about $2 billion over the past few sessions in order to stabilize the peso. The ministry doesn't report publicly its market activities. The Treasury's holdings of hard currency have been rapidly depleted by the interventions. Portfolio Personal Inversiones reported that dollar deposits at the central banks have fallen from $1.44 billion on Friday to...

Lithium Argentina’s Cauchari-Olaroz Project in northern Argentina aims to produce 85,000 tons of battery metal per year by 2029. This is more than triple the output last year, according to Executive Vice President Ignacio Celorrio. This is one of six projects in Argentina that produce lithium, which is used to make batteries for electric cars. Lithium Argentina (listed in Canada and the U.S.) and Ganfeng Lithium, a Chinese company, are developing Cauchari-Olaroz in the Lithium Triangle, which spans Argentina and Chile, as well as Bolivia. Celorrio, speaking on the sidelines a lithium-related conference in Buenos Aires on Tuesday, said that...

The Argentine government has approved McEwen Copper’s $2.7 billion Los Azules Copper Project in the country under a tax incentive program called the Large Investment Incentive Regime. McEwen Copper, a subsidiary company of McEwen Mining, is a McEwen Copper subsidiary. Economy Minister Luis Caputo stated in a blog post on X that the project will contribute to $1.1 billion worth of exports each year. Argentina hasn't produced copper since the Alumbrera Mine closed in 2018. But developers and analysts are hopeful that projects like Los Azules will make Argentina a major supplier to the world. Caputo stated that the approval...

Javier Robeto, the country manager of Aldebaran Resources Canada, said that at least $1.5 billion will be needed to develop the Altar copper project located in northern Argentina. Robeto stated that the company will include this figure in its preliminary assessment of September. This will show Altar has about 32 billion pounds copper resources and approximately 6.7 million ounces gold resources. Aldebaran does not know if it will be able to spend the money in time to qualify under RIGI (the government's incentive program), which provides long-term tax breaks as well as access to international dispute tribunals for investments above...

BHP and Lundin intend to apply soon for a new Argentine incentive scheme for their Vicuna Copper Project, but executives at a mining convention this week expressed concern that they might be left out by the program's deadline of a year. The Large Investment Incentive Program, or RIGI in Argentina, was implemented by President Javier Milei on October 1, 2018. It offers long-term tax breaks as well as access to international dispute tribunals for investments above $200 million. The program will last until July 2026, with the possibility of an additional year. The mining companies welcomed the measure, which they...

The Argentine government approved the $217 million project by Australian miner Galan Lithium in Catamarca for a new incentive program called RIGI. However, it rejected a bid from China's Ganfeng to build its Mariana lithium project. Why it's important Last year, the Incentive Regime for Large Investments (RIGI) was implemented as part of President Javier Milei’s efforts to encourage investments in the troubled economy. The RIGI offers benefits such as tax breaks and access international dispute courts for eligible projects. Global mining companies have been watching closely to see if the scheme will encourage investment in the copper industry that...

The president of the Argentine Chamber of Mining Companies, CAEM, predicted that Argentina's mining exports would exceed $5 billion by 2025. This is up from $4.6 in 2024. Roberto Cacciola, in an interview with he said that the main mining exports of Argentina, gold and silver, would remain the same or even decline slightly by 2025, due to the maturation process for mining projects. However, the rising prices would make up the volume decrease. Cacciola stated that the mining exports could reach $5 or $5.2 billion this year. He said that he expected the opposite for lithium. He expects a...

Ternium, an American steelmaker with a large business in Mexico, demanded on Wednesday that the terms of a trade agreement for the region be strengthened ahead of a review. This was despite the current challenges posed by steel tariffs levied by President Donald Trump's government. Why it's important Steel products are subject to a 50% tariff on all shipments from Mexico into the U.S., but shipments from Mexico under the U.S. Mexico-Canada (USMCA), trade agreement, are exempted from tariffs. Last week, it was reported that the U.S. is negotiating with Mexico to reduce or remove steel tariffs for imports of...