Hugh's Feed
Dec 12, 2014

Argentine state bank to cut off farmers who hoard soy -official

BUENOS AIRES, Dec 12 (Reuters) – Argentina’s main state bank
will deny credit to farmers who are holding onto soybeans as a
hedge against inflation, a top official said on Friday, as the
government cracks down on crop hoarding as part of a campaign to
build up its dollar reserves.

The grains-rich but cash-poor South American country has
seen its economy grind to a standstill this year while farmers,
hit by high inflation, use soy as a unit of savings preferable
to the local peso.

Dec 4, 2014

Argentina clamps down on credit to farms accused of hoarding soy

BUENOS AIRES, Dec 4 (Reuters) – Argentina’s state bank has
moved to bolster the country’s reserves by reducing credit to
soy farmers holding onto an estimated 8 million tonnes of last
year’s beans as a hedge against one of the world’s highest
inflation rates.

Government-controlled Banco Nacion has told its branches in
the Pampas farm belt to stop financing growers who are denting
tax revenue by hoarding soybeans. Argentina is the No. 3
exporter of beans and the top supplier soymeal feed used to
fatten up cattle and other livestock around the world.

Nov 3, 2014

Argentina sees “better possibility” of holdout debt deal in 2015

BUENOS AIRES, Nov 3 (Reuters) – Chances of a deal to end
Argentina’s feud with holdout bond investors will improve in
January when current restructuring rules expire, the economy
minister said in comments published on Monday, raising some
hopes for the country’s stagnant economy.

The government is in a legal tussle with holders of
defaulted debt who spurned two debt swaps and sued for full
repayment. The dispute, along with heavy trade controls and high
inflation, has hammered business confidence in Latin America’s
No. 3 economy as it staggers toward recession.

Nov 3, 2014

Argentina accuses Procter & Gamble of tax fraud, says suspends operations

Nov 2 (Reuters) – Argentina has accused Procter & Gamble
, the world’s No. 1 household products maker, of tax fraud
and said it suspended its operations in the South American
country, according to a statement issued on Sunday by the
country’s AFIP tax authority.

It was unclear what the government meant by suspended, and
the company declined to comment on whether its operations had
been halted.

Oct 30, 2014

Argentine adopts new rules to attract oil investment

BUENOS AIRES, Oct 30 (Reuters) – Argentina has a new energy
investment framework aimed at attracting foreign oil companies
to the country’s vast shale deposits after Congress gave final
approval on Thursday to reform measures.

Geologists say Argentina has more natural gas trapped in
shale rock than all of Europe, a 774-trillion-cubic-feet bounty
that could transform the outlook for Western Hemisphere supply.

Oct 8, 2014

Argentina says, then denies, gas deal reached with Gazprom

BUENOS AIRES, Oct 8 (Reuters) – Argentina’s state-run energy
company YPF said on Wednesday it had not struck a confidential
natural gas production deal with Russia’s Gazprom
despite a statement earlier in the day from the industry
ministry saying that it had.

The ministry had said Cabinet Minister Debora Giorgi
received assurances from Gazprom head Alexey Miller in a meeting
this week that a “confidential” $1 billion agreement had been
reached with YPF SA to explore for and produce gas in
Argentina.

Oct 3, 2014

Boom year for Argentine stocks reflects fear more than confidence

BUENOS AIRES, Oct 3 (Reuters) – Argentina has defaulted on
its debt, the economy is stagnant, inflation is soaring and its
market-friendly central bank chief has just been forced out. But
its stock market is up over 100 percent this year, making it one
of the world’s top performers.

Investors are not buying up shares because they trust the
country’s economy or government policies but instead as a way of
getting scarce dollars to hedge against the tumbling peso
currency.

Oct 2, 2014

Argentina’s new central bank chief a loyal government ally

BUENOS AIRES, Oct 2 (Reuters) – Career civil servant
Alejandro Vanoli’s banking CV is thin and his staunch defense of
reforms to ramp up state controls in the Argentine economy
suggest he will be an unquestioning government ally in his new
job as central bank chief.

The former markets watchdog chief, 53, brands himself as a
“people’s economist” though he is far from a household name in
Argentina and barely known in financial circles outside.

Sep 29, 2014

Argentina says U.S. contempt sanctions over debt would be illegal

NEW YORK/BUENOS AIRES (Reuters) – Argentina said on Monday that any sanctions for contempt of court, levelled against it for refusing to pay U.S. hedge funds suing over defaulted debt, would be illegal under international law.

The hedge funds have asked a U.S. judge to order the country to pay $50,000 a day after the government enacted a new law to skirt a court ruling saying it must pay more than $1.3 billion in interest to U.S. investment funds known as “holdouts” after they rejected Argentina’s 2005 and 2010 bond restructurings.

Sep 24, 2014

Argentina calls holdout funds “terrorists,” says Germany “hostile”

BUENOS AIRES, Sept 24 (Reuters) – Argentine President
Cristina Fernandez accused hedge funds suing the country for
full repayment of defaulted debt of practicing “economic and
financial terrorism”, heightening the rhetoric in the country’s
years-long legal battle with the investors.

Speaking before the United Nations General Assembly on
Wednesday, Fernandez said “terrorists are not only those who set
off bombs, but also those who destabilize economies, causing
hunger, misery and poverty.”