Hugh's Feed
May 7, 2015

Hedge funds freeze bank accounts in push for Argentina debt deal

BUENOS AIRES (Reuters) – Hedge funds suing Argentina over its defaulted debt have had two government bank accounts frozen in a bid to pressure the country to improve the terms offered in its previous bond restructurings, a source familiar with the situation said on Thursday.

The accounts are in Belgium and the freeze was imposed by that country’s court system, marking the latest twist in a legal feud going back to Argentina’s record-smashing default on about $100 billion in sovereign bonds in 2002.

May 5, 2015

Argentine soyoil exports slowed by strike as labor strife grows

BUENOS AIRES, May 5 (Reuters) – Argentina soyoil shipments
were slowed on Tuesday by the start of a wage strike by a union
representing 20 percent of the country’s crushing workers, while
the powerful CGT dock-workers union debated whether to join work
stoppage.

Argentina is being racked by wage negotiations driven by
inflation estimated by private economists at 25 to 30 percent.

Apr 30, 2015

Key Argentine grains ports paralyzed for 2nd day by wage strike

BUENOS AIRES, April 30 (Reuters) – Argentina’s grains hub of
Rosario was paralyzed on Thursday by the second day of pay
strikes by unions representing stevedores and other workers
needed to dock and load recently-harvested soy and corn, union
and management spokesmen said.

The work stoppages threaten to slow supply from grains
powerhouse Argentina, putting upward pressure on world food
prices. The country is the world’s top exporter of soymeal
livestock feed and its No. 3 supplier of raw soybeans.

Apr 29, 2015

Argentine port strike may cut soy flow, raise world food prices

BUENOS AIRES, April 29 (Reuters) – Argentina’s main grains
port of Rosario was paralyzed at midday on Wednesday by an
open-ended wage strike by boat captains needed to help dock
incoming cargo ships, the country’s port management chamber
said.

At a busy time of the year for exporters, smack in the
middle of Southern Hemisphere soy and corn harvest season, the
country’s dock workers also threatened a work stoppage if their
own pay demands are not met.

Apr 16, 2015

Argentina’s YPF sees cost of Vaca Muerta drilling falling 10 pct

EZEIZA, Argentina, April 16 (Reuters) – The cost of drilling
in Argentina’s vast but barely tapped Vaca Muerta shale
formation will fall at least 10 percent by the end of 2016,
state energy company YPF said on Thursday, part of an efficiency
effort aimed at attracting much-needed investment.

The cost drop is expected to start in August when Argentina
starts using its own sand in fracking, the process by which
shale oil is extracted, rather than more expensive imported
sand, YPF’s Chief Executive Officer Miguel Galuccio said.

Apr 9, 2015

Argentina shale a ‘good play,’ but state controls deter

PUNTA DEL ESTE, Uruguay, April 9 (Reuters) – Argentina’s
Vaca Muerta shale formation is “a good play,” but government
economic controls must be lifted and costs slashed if
investments are to flow into the barely tapped field, said an
executive at a subsidiary of France’s Total.

President Cristina Fernandez’s interventionist policies have
scared the most risk-hungry companies out of making anything but
foothold investments in what is viewed as one of the biggest
shale reserves in the Western Hemisphere.

Apr 9, 2015

Argentina shale a ‘good play,’ but state controls deter

PUNTA DEL ESTE, Uruguay, April 9 (Reuters) – Argentina’s
Vaca Muerta shale formation is “a good play,” but government
economic controls must be lifted and costs slashed if
investments are to flow into the barely tapped field, said an
executive at a subsidiary of France’s Total.

President Cristina Fernandez’s interventionist policies have
scared the most risk-hungry companies out of making anything but
foothold investments in what is viewed as one of the biggest
shale reserves in the Western Hemisphere.

Apr 9, 2015

Argentina’s Vaca Muerta shale output rises to 45,000 bpd

PUNTA DEL ESTE, Uruguay, April 9 (Reuters) – Argentina’s
shale oil output from the vast but barely tapped Vaca Muerta
formation has increased, but low world oil prices and high
drilling costs threaten profitability, the chief executive of
state-run YPF said on Thursday.

YPF has said the slump in international oil prices over the
last year has had no impact on the company’s exploration plans,
defying the industry trend of multinational giants announcing
multibillion-dollar spending cuts.

Apr 7, 2015

Dry weather seen keeping Argentina on track to record soy crop

BUENOS AIRES, April 7 (Reuters) – Dry weather in Argentina’s
main soy-growing area is forecast to last another two to three
weeks, keeping the grains powerhouse on track toward an expected
record crop likely to weigh on already sagging world food
prices.

In the heart of the farm belt – including parts of Entre
Rios, Santa Fe, Cordoba, La Pampa and Buenos Aires provinces -
ample yields have formed and are ready to be harvested. The area
produces about 80 percent of Argentina’s soy and corn crop.

Apr 6, 2015

Regulators enter Citibank Argentina building as debt feud heats up

BUENOS AIRES, April 6 (Reuters) – Argentine central bank
regulators entered Citibank Argentina’s headquarters on Monday,
as the battle intensified between the government and a group of
U.S. hedge funds who refuse to accept discounted payment terms
on the country’s defaulted debt.

Argentina’s securities regulator says Citibank Argentina
violated local laws by striking a deal with the hedge funds. It
has suspended the bank from conducting capital market operations
and stripped authority from its chief executive.