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Nov 4, 2014

Procter & Gamble will not lay off staff in Argentina due to tax probe – source

BUENOS AIRES (Reuters) – Procter & Gamble Co (PG.N: Quote, Profile, Research), the world’s No. 1 household products maker, has no plans to lay off staff in Argentina despite having to suspend commercial operations in the country while it grapples with a tax fraud probe, a source familiar with the matter said on Tuesday.

P&G employees are showing up for work and carrying out tasks not related to the sale and purchase of goods, while the company continues talks with the Argentine tax authority, AFIP, in an attempt to defuse the situation, the source told Reuters.

Nov 4, 2014

P&G will not lay off staff in Argentina due to tax probe -source

BUENOS AIRES, Nov 4 (Reuters) – Procter & Gamble Co,
the world’s No. 1 household products maker, has no plans to lay
off staff in Argentina despite having to suspend commercial
operations in the country while it grapples with a tax fraud
probe, a source familiar with the matter said on Tuesday.

P&G employees are showing up for work and carrying out tasks
not related to the sale and purchase of goods, while the company
continues talks with the Argentine tax authority, AFIP, in an
attempt to defuse the situation, the source told Reuters.

Oct 31, 2014

Argentina default spreads to Par bonds, risking payment demands

BUENOS AIRES/NEW YORK, Oct 31 (Reuters) – Argentina’s debt
default spread to its Par bonds on Friday after the country
failed to complete an interest payment, raising the risk that
creditors could demand that the country’s cash-strapped
government immediately repay all of its debt.

Argentina deposited a $161 million payment with a newly
appointed local trustee last month to try to circumvent U.S.
court orders for it to settle with “holdout” investors. The
holdouts are suing to get full repayment of bonds from a 2002
default before holders that accepted the terms of a debt
restructuring get paid by the government.

Oct 31, 2014

Argentina default spreads to Par bonds, raising acceleration risk

BUENOS AIRES/NEW YORK, Oct 31 (Reuters) – Argentina’s debt
default spread to its Par bonds on Friday after the country
failed to complete an interest payment, raising the risk that
creditors could demand that its cash-strapped government
immediately repay all of its debt.

The country last month deposited a $161 million payment with
a newly appointed local trustee to try to circumvent U.S. court
orders for it to settle with “holdout” investors suing for full
repayment of bonds from a 2002 default before paying debtholders
who accepted a restructuring.

Oct 8, 2014

Argentina’s president seeks to dispel fears of ‘peso-fication’

BUENOS AIRES, Oct 7 (Reuters) – Argentine President Cristina
Fernandez on Tuesday dismissed fears the country’s new civil
code would allow debtors to repay foreign currency obligations
in pesos, but confusion remained over the likely impact of a
disputed clause.

Fernandez signed into law a new civil and commercial code
that will go into effect in 2016 and contains thousands of
articles covering issues as diverse as same sex marriage and
bank transactions.

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 17, 2014

Argentina drafts energy bill to lure investors to shale deposits

BUENOS AIRES, Sept 17 (Reuters) – Argentina’s federal
government said on Wednesday it had reached a preliminary
agreement with provinces on reforms to overhaul energy
regulations and improve incentives to lure the foreign investors
needed to develop its vast shale oil and gas reserves.

The cash-strapped South American country needs investment in
its southern Patagonian Vaca Muerta fields to reverse a costly
energy deficit that is pressuring low foreign reserves.

Sep 17, 2014

Argentina agrees draft energy law to boost foreign investment

BUENOS AIRES, Sept 17 (Reuters) – Argentina’s federal
government said on Wednesday it had reached a preliminary
agreement with provinces to reform energy regulations and
improve incentives to lure the foreign investors needed to
develop its vast shale oil and gas reserves.

The cash-strapped South American country needs investment in
its southern Patagonian Vaca Muerta fields to reverse a costly
energy deficit, meaning imports exceed exports, that is
pressuring low foreign reserves.

Sep 11, 2014

Argentina passes new debt bill with eye on next payment

BUENOS AIRES, Sept 11 (Reuters) – Argentina’s Congress on
Thursday passed a new debt bill designed to enable the
government to resume debt payments to bondholders in defiance of
a U.S. court ruling which tipped the country back into default.

President Cristina Fernandez’s leftist government is in a
race against the clock to make a $200 million coupon payment due
on Sept. 30 to prevent the default spreading across bond series,
which could raise the risk of investors calling for immediate
payment on the principal value of their bonds.

Sep 11, 2014

After default, Argentina economy falling into deeper hole

BUENOS AIRES (Reuters) – Argentina’s government is ramping up state intervention in the economy to try to prevent a new debt default from triggering a balance of payments crisis but its policies are also battering business confidence and may deepen a recession.

In the six weeks since Argentina failed to complete a debt coupon payment and defaulted for the second time in 12 years, the government has restricted the amount of dollars available to importers, boosted subsidies and drawn up proposals to interfere in private companies’ output plans.

    • About Sarah

      "Sarah covers economic and political news from Argentina as part of the Reuters Latin America reporting team. The focus this year is on a shift in policy ahead of key elections in late 2015 and signs of a slowdown in an economy marked by one of the world’s highest inflation rates. Sarah moved to Buenos Aires in 2014 from Berlin, where she reported on Europe’s largest economy for five years during the euro zone debt crisis. She joined Reuters as a graduate trainee in the London HQ in 2007 and has also done assignments in Frankfurt and Vienna. ..."
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