Argentina

Argentina likely had actually a. trade surplus for the tenth straight month in September under. libertarian President Javier Milei, helping to collect an internet. $ 16 billion in hard currency considering that he took office, analysts said. in a Reuters survey on Wednesday. The South American country, which is facing triple-digit. inflation, an unpleasant recession and depleted foreign currency. reserves, had a trade surplus of $1.28 billion in September, the. average expert price quote showed. That would add up to a net surplus of around $16.5 billion. since December, when Milei took workplace vowing a significant shake-up. of the economy....

Argentina's state oil company YPF said on Monday it will lower gas and gasoil prices starting on Tuesday. The firm's cost decrease will be 4% on fuel and 5% on diesel, however the influence on pump prices will be restricted to reductions of 1% and 2%, respectively, YPF said in a statement. The reduction will not be straight shown at the pump, because there is a 3% boost in the price of gas as a. outcome of the Argentine peso's decline and the tax boost,. YPF stated. The company likewise kept in mind that its choice to cut fuel prices....

India and the United States are most likely to sign an initial pact for cooperation on vital minerals this week, two federal government sources said, as the 2 countries attempt to reinforce trade ties despite diplomatic hiccups. They are expected to sign an agreement to partner and work together in the location of important minerals during Indian trade minister Piyush Goyal's see to Washington, the sources said. Goyal is set up to be in the U.S. today to go over methods to deepen total bilateral trade ties, according to among the sources, weeks before the White Home's preparation for a....

The U.S. federal government said on Monday it might get associated with a disagreement over whether Argentina should quit its 51% stake in oil and gas business YPF to assist satisfy a $16.1 billion court judgment. In a letter filed with the U.S. District Court in Manhattan, the U.S. Department of Justice said it is actively thinking about whether to submit a so-called declaration of interest, which it can file when a case touches on its sovereign interests. Argentina is appealing U.S. District Judge Loretta Preska's. decision last September to award 2 financiers, represented by. litigation funder Burford Capital, the...

Argentina's mining exports will more than double to around $10 billion in 2027 from some $4 billion this year, the nation's Mining Secretary Luis Lucero told Reuters, driven by a wave of lithium jobs coming online and a nascent push into copper. In his very first comments to worldwide media since taking office in April, Lucero stated electrical battery metal lithium would be the key driver of the mining export boom, with a batch of tasks set to go into production later on this year. The South American nation is making an aggressive push to cement itself as an essential...

A possible upgrade for Argentina to emerging market status from index provider MSCI could see nearly $1 billion in financier money put into the nation's stocks, JPMorgan said on Tuesday. MSCI classifies Argentina as a Standalone Market instead of as part of its commonly followed suite of emerging market indexes. The index supplier relegated Argentina in November 2021 in the middle of market accessibility concerns, consisting of hard capital controls that limited investors' ability to replicate the index. Argentina's federal government under President Javier Milei has actually been on a significant reform push and has actually vowed to move into...

Argentina's state oil firm YPF reported on Thursday its net earnings climbed up almost 41% in the second quarter, beating analyst expectations as domestic need for diesel grew and oil exports increased. YPF, one of Argentina's top fuel suppliers, published a $535. million earnings, above the typical analyst estimate of $309. million assembled by LSEG. The firm mentioned greater seasonal sales of gas and. farming items, along with local demand for diesel,. better fuel prices and higher petroleum exports as essential to the. revenue boost. Earnings, on the other hand, rose nearly 13% compared to the year-ago. quarter to $4.94...

Rains in the coming days in northern Argentina will enable wheat sowing for 2024/25 to make headway, the Buenos Aires Grains Exchange said on Wednesday. The exchange stated that dryness in the north and eastern areas, as well as postponed harvesting of the corn and soy crops, had actually disrupted planting. Regardless of that, the exchange bumped up its projection for the sowing of this season's wheat crop, citing higher wheat costs and lower input expenses pushing more farmers to plant. The exchange pegged the planting area at 6.3 million hectares (15.6 million acres), just up from 6.2 million hectares...

Bolivian state oil firm YPFB on Tuesday stated it will have the ability to transfer 3 million cubic meters of Argentine gas to Brazil each day beginning in October, as the 2 South American neighbors go over alternatives for suppling the region's most significant powerhouse. The deal has actually not yet been sealed, however energy companies from Brazil, Latin America's biggest economy, and Argentina are looking for to reverse the southerly circulation of a natural gas pipeline network linking the three countries amid a local gas deficit. Brazil had currently said it will require materials from Argentina, which has the...

Argentina's biggest oil union stated on Saturday it will strike for two days beginning Tuesday to require greater wages, a relocation that will impact production at the huge Vaca Muerta shale development. The Vaca Muerta hydrocarbon formation is the world's. second-largest shale gas reserve and the 4th largest for. shale oil, and plays a central role in Argentina's strategy to. reverse a substantial deficit in its energy trade balance and. end up being a net energy exporter. The Union of Private Oil and Gas Workers in Rio Negro,. Neuquen and La Pampa - the provinces where Vaca Muerta is. situated-...

Argentina's oil production in the key province of Neuquen reached a record high in April, driven by increased activity in the huge Vaca Muerta shale development, the city government stated on Tuesday, edging up to around 390,326 barrels daily. The embattled South American country is making a significant push on energy output in Vaca Muerta, the world's second-largest shale gas reserve and fourth biggest for shale oil, where state energy company YPF leads development along with local and international firms. Petroleum production rose around 19% compared to April 2023 and has notched a similar boost so far this year, the...

A severe cold snap in Argentina has actually required gas providers to hit the breaks on fuel distribution to filling station and markets around the nation, companies stated, restricting supply to those on contracts which allow them to be cut in such situations. Half of the clients of Camuzzi Gas Pampeana, which supplies 269 gas stations in the provinces of Buenos Aires and La Pampa, has been impacted, spokesperson Rodrigo Espinosa informed . The primary goal is to provide concern to the gas available in the main pipelines to the top priority demand: homes, services, healthcare facilities, federal government firms,...

From northern Quebec's tundra to Argentina's Andes Mountains and the plateaus of Western Australia, Arcadium's lithium portfolio, brought together over nearly 40 years, has actually lured Rio Tinto as it bids to be a top manufacturer of the EV battery metal at an advantageous point in the market cycle. Arcadium's mix of active mines, lithium deposits filled with decades of supply, and some of the industry's most advanced processing centers would complement Rio's output of copper, iron ore and other important minerals and assist the Anglo-American mining giant expand its footprint in the worldwide energy shift. So far the market...

V enezuela opposition leader Maria Corina Machado stated on Monday that the nation's opposition has 73.2% of the voting tallies from Sunday's election, allowing it to show election results it states provide it a victory. Individually, an opposition advisor, among 6 living in the Argentine embassy because warrants were released for their arrests, stated on social networks that security forces were trying to go into the structure. Right now, DAET authorities are attempting to storm the residence of Argentina's embassy in Caracas where the six asylum candidates from Maria Corina Machado and Edmundo Gonzalez's. campaign are, Pedro Urruchurtu said in...

Argentina has big aspirations for the untapped copper riches in its Andean north. It wishes to be a top 10 global manufacturer and has actually attracted investors such as Glencore, Lundin Mining and First Quantum Minerals. However unlocking its prospective won't be easy. The nation, and new libertarian President Javier Milei, need to fix the economy first, with the majority of huge copper tasks being stalled by strict capital controls, near 300% inflation and high tax rates. Even as copper costs struck record highs, that has actually taken some of the shine off optimism a year earlier, when regional officials...

Dubaibased United Mining Projects Corporation (UMPC) prepares to start producing batterygrade lithium in Argentina next year, intending to provide 5,000 metric tons in 2027 and double that in 2028, CEO Bradley Pielsticker stated in an interview. Argentina is the world's fourth-largest lithium producer, with a pipeline of jobs led by international business set to increase in the coming months. UMPC will run in Argentina's Catamarca province through its subsidiary Marhen Lithium, and is presently evaluating its first production samples, Pielsticker stated in the interview on Friday, after last month revealing a $550 million financial investment in the job. The business...

Eramine Sudamerica is set to inaugurate its first lithium carbonate plant in the northern Argentine province of Salta this July, setting it on track to become the South American country's 4th manufacturer of the key battery metal. The group, owned by French miner Eramet and Chinese steelmaker Tsingshan, anticipates to produce some 3,000 heaps this year and ramp up to some 24,000 lots by 2025, the business's. sustainability director Constanza Cintioni told in an. interview. Lithium, which is utilized for batteries in cellphones and. electric vehicles (EV), saw its price skyrocket over current. years, before plunging in 2023 mainly due...

Argentina's mining exports grew 4.3% in 2023 throughout the years, driven by lithium, an industry group stated on Friday, expressing confidence that the nation's ample metals and minerals deposits can assist raise the economy from a prolonged crisis. Exports reached $4.032 billion last year, Roberto Cacciola, president of the Argentine Chamber of Mining Business Owners ( CAEM), said in a conference with journalists late on Thursday. Lithium exports grew 20% over 2022 despite the collapse of worldwide standard rates, while production increased 31%,. CAEM said. Argentina is the world's fourth-largest producer of the. white metal, a vital component in electric...

Steelmaker Ternium on Wednesday published a. first-quarter net earnings that edged up 2%, moved by bigger. shipments of steel even as it forecasted that margins could. shrink in the coming months. Ternium, which produces flat steel products for. industrial use, published a net earnings of $491 million while its. net sales increased by about a third to reach $4.8 billion throughout the. quarter. The company's steel shipments during the. January-to-March period, meanwhile, leapt 27% year-on-year to. struck 3.9 million metric loads. Both metrics landed above projections of analysts polled. by LSEG, who had actually estimated profits of $325 million and...

Brazil's. government on Tuesday decided to establish import quotas for 11. steel items and to impose higher taxes on them when those. volumes are exceeded, after steelmakers complained about inexpensive. foreign steel flooding the regional market. The relocate to hike import tariffs to 25% will be requested. 12 months on products such as types of rolled steel and pipes,. which currently have import costs of 9% to 12.6%, according to. the decision from state foreign trade body Gecex/Camex. Vice President Geraldo Alckmin informed press reporters the 25% tax. will be imposed when imports of each of these 11 steel products....

India will send 2 delegations next month to Chile to search for lithium and copper resources, a federal government source stated, as quick economic growth and New Delhi's efforts to accelerate the energy shift stoke demand for vital minerals. Chile is an essential target as it is the world's most significant provider of copper and the second-biggest manufacturer of lithium, which are essential for electric lorry batteries and renewable resource systems in the push away from fossil fuels. As part of India's drive to check out overseas for mineral assets, state companies National Aluminium Company, Hindustan Copper and unlisted Mineral...

Steelmaker Ternium reported fourthquarter earnings of $414 million, a. more than significantly leap compared with the exact same period in 2022, as. volumes leapt thanks to the addition of shipments from. Brazil's Usiminas, the business stated on Tuesday. Steel deliveries grew 34% year-over-year to 4.04 million. metric heaps, Ternium said, backed by the debt consolidation of. Brazilian steelmaker Usiminas, which included an. additional 1.0 million lots to the overall. Ternium and a subsidiary of affiliate Tenaris. enhanced their stake in Usiminas to 51.5% in 2015. Deliveries in Mexico likewise remained strong in a seasonally. weaker period, Ternium stated, backed by...