First lithium battery plant in Argentina to open in September
State company Y-TEC, the tech arm of YPF, will open the first lithium battery cell factory in September, in La Plata, the capital of Buenos Aires province. Battery factoriesThe lithium batteries’ cell manufacturing plant in Berisso, La Plata, will open in September, an event top government officials are expected to attend. The plant will generate 15 megawatts per year, which means it will produce lithium batteries capable of powering 2500 households. Lithium batteries would thus be a way to store energy until it’s ready for distribution. Chile has lithium, but not an automotive industry, while Brazil has a [car] industry but hasn’t exploited its lithium yet.
Source:Bueno Aires Herald
August 05, 2023 15:39 UTC
The China miracle explained
China has also been helping countries to develop in a few ways, including:Providing financial assistance: China has provided billions of dollars in financial assistance to developing countries, in the form of loans, grants, and debt relief. This has been used to support projects including infrastructure development, education, and healthcare. Infrastructure investment: China has invested heavily in infrastructure projects in developing countries, such as roads, railways, and ports. Transferring technology: China has transferred technology to developing countries, helping them improve their manufacturing and production capabilities. Today, China is looking for markets with the huge growth potential that comes from lifting the majority out of poverty and bringing them into the marketplace as consumers.
Source:Bueno Aires Herald
August 05, 2023 05:15 UTC
Amazon nations to set up rainforest science panel
Amazon countries meeting next week for a summit on cooperation to save the rainforest aim to set up a scientific body like the U.N.’s Intergovernmental Panel on Climate Change (IPCC) to share research, Brazil’s environment minister said. “The idea is to have a scientific panel for the Amazon with scientists from different countries, along the lines of the IPCC,” Marina Silva said in an interview on Thursday. The panel would help produce sustainable development policies for the countries of the region while remaining independent of governments, and monitor the impact of climate change on the Amazon rainforest and ecosystem, she said. Lula has overhauled Brazil’s environment policies since taking office in January, succeeding far-right president Jair Bolsonaro, who relaxed protection of the environment and encouraged development of the Amazon, where deforestation soared. Preliminary government figures showed on Thursday that deforestation in Brazil’s Amazon fell in July to its lowest level since 2017, boosting Lula’s credibility on environmental policy ahead of the summit.
Source:Bueno Aires Herald
August 05, 2023 02:25 UTC
Government further restricts access to USD bond market
This meant earning up to 2% more in US dollars since government intervention led to the same bond having different prices. Consulting firm Ecolatina calculated that, during the first semester, the government used US$1.2 billion to intervene in the MEP dollar market. The MEP dollar is the exchange rate implicit when investors buy shares or bonds in pesos and sell them in dollars in the local market. “Today, a new exchange rate gap between the immediate settlement MEP [exchange rate] and the 2-day settlement MEP was opened,” he told the Herald. The MEP dollar jumped by 0.3% and ended at AR$514 while the blue-chip swap rate was AR$576.7.
Source:Bueno Aires Herald
August 04, 2023 16:33 UTC
Brazil's Central Bank cuts interest rate for first time in three years
Brazil’s Central Bank decided on Wednesday to lower its benchmark interest rate, SELIC, by 50 basis points to 13.25%. Lula accused Campos Neto of defending economic interests outside of Brazil by keeping up high interest rates despite inflation slowing down. Lula’s dispute with Campos Neto has been fueled by the Central Bank maintaining a 13.75% interest rate — from September 2022 until now — in order to comply with the entity’s 2023 objective of 3.25% inflation. Brazil has an interannual rate of 3.26% and suffered an 0.08% deflation in June. The country’s real interest rates are considered the highest in the world in relation to its inflation rate.
Source:Bueno Aires Herald
August 04, 2023 11:41 UTC
Government orders shutdown of British radar in Tierra del Fuego
The Defense Ministry has issued a technical report and decided to shut down the operations of a radar in Tierra del Fuego province owned by the U.S. and British company LeoLabs. The radar is referred to by LeoLabs as the Argentina Space Radar, or AGSR. Alongside International Affairs secretary Francisco Cafiero, Taiana had found evidence that the LeoLabs company was of British origin. “I fully share Minister Jorge Taiana’s decision to definitively cancel it,” said Pablo Blanco, a senator for Tierra del Fuego with opposition coalition Juntos por el Cambio. “The Tierra del Fuego government owes the country an explanation.
Source:Bueno Aires Herald
August 03, 2023 19:33 UTC
Lula says he prays Argentina elects president who defends social inclusion
Brazilian President Luiz Inácio Lula da Silva said he prays that in the upcoming elections Argentina elects a president that will “defend social inclusion and development.”He added that the International Monetary Fund (IMF) needs to have “patience” in its renegotiations with the country regarding the US$44 billion debt former President Mauricio Macri acquired in 2018. That [they] elect a candidate that favors social inclusion and development, and not someone who believes that all public policies are useless spending, or that Argentina’s problems can be solved through privatization,” Lula said during a breakfast with foreign correspondents in the Presidential Palace in Brasilia. Regarding the IMF, Lula da Silva said that it needs to be reformed, proposing the aim should be to create institutions that are more “flexible and generous” with countries that receive loans. The IMF should be patient,” Lula said, adding that the drought has impeded the country from obtaining the foreign currency it usually obtains from agricultural exports. He even mentioned that he has discussed the matter with Chinese President Xi Jinping.
Source:Bueno Aires Herald
August 03, 2023 18:56 UTC
Néstor Kirchner gas pipeline filling completed, is now operational
The Néstor Kirchner gas pipeline successfully completed its filling and trial period and is now fully operational and ready to transport gas from Vaca Muerta to Buenos Aires city. The 573 kilometer-long pipeline is full with 25 million cubic meters of gas from Vaca Muerta. History of the Néstor Kirchner gas pipelineThe NK gas pipeline was launched July 9 in an event with President Alberto Fernández, Vice President Cristina Fernández de Kirchner and Economy Minister Sergio Massa. The pipeline’s path starts at the gas treatment plant in Tratayén, Neuquén, which is located at the heart of the Vaca Muerta shale oil and shale gas deposit. The government is also preparing to work on the reversal of the gas flow of a tranche of the North Gas Pipeline.
Source:Bueno Aires Herald
August 03, 2023 02:15 UTC
FIFA Women’s World Cup: Argentina knocked out by Sweden
Argentina’s dream of making into the second round of the FIFA Women’s World Cup was cut short Wednesday with its 2-0 loss to Sweden, spelling the end of the tournament for the team. They’ve sacrificed so much, qualifying twice to a World Cup and having a great Copa América. If Portanova’s squad could manage a win in the second half and the other game remained a draw, Argentina would be on to the knockout round. However, Sweden showed its superiority after halftime, and scored twice in the second half to finish the first round unbeaten and as group winner. The Albiceleste will now probably undergo a transition period as one of its stars, Estefanía Banini, had already announced that this World Cup would be her last participation in international football.
Source:Bueno Aires Herald
August 02, 2023 21:21 UTC
‘Blue’ informal dollar jumps 10 pesos, reaches record-high AR$560
The informal exchange rate, popularly known as the “blue dollar,” jumped by AR$10 on Tuesday and reached a record high value of AR$560 to the dollar. Agricultural exporters liquidated US$144 million with the new AR$340 preferential exchange rate, the “agricultural dollar” implemented by the government. Low international reserves and IMF tensionsLast Monday, amid tough negotiations with the IMF and a sharp drop in international reserves, the Argentine government implemented new taxes for imports of goods and services. The administration also granted a higher exchange rate — AR$340, against the AR$276.1 official “A3500” exchange rate — for some agricultural exports. After the payment, net international reserves are calculated at negative US$10 billion.
Source:Bueno Aires Herald
August 01, 2023 23:21 UTC
Four Nigerians, rescued in Brazil, survived 14 days on a ship's rudder
They survived another four days, according to their account, by drinking the sea water crashing just meters below them, before being rescued by Brazilian federal police in the southeastern port of Vitoria. “It was a terrible experience for me,” said 38-year-old Thankgod Opemipo Matthew Yeye, one of the four Nigerians, in an interview at a Sao Paulo church shelter. The four men said they had hoped to reach Europe and were shocked to learn they had in fact landed on the other side of the Atlantic, in Brazil. Both men said economic hardship, political instability and crime had left them with little option but to abandon their native Nigeria. “So we taught ourselves never to make a noise.”Spending two weeks within spitting distance of the Atlantic Ocean was perilous.
Source:Bueno Aires Herald
August 01, 2023 13:21 UTC
Argentina to pay IMF with China swap extension, CAF loan
Economy minister Sergio Massa announced Monday morning that Argentina will meet its July dues to the International Monetary Fund (IMF) by extending its currency swap with China and using a loan from the Development Bank of Latin America. Earlier on Friday, the IMF and Argentina reached a staff-level agreement granting the country access to a US$7.5 billion disbursement in the second half of August. The country has to pay the IMF US$2.7 billion after postponing all three of its July payments to the last day of the month. “The loan from the IMF is probably the worst inheritance from the previous government. According to the minister, that loan “ended up being a program that just financed capital flight in 2018, but Argentina must pay it to be a sovereign country again.”
Source:Bueno Aires Herald
August 01, 2023 02:49 UTC
Argentina to take US$1 billion loan to pay the IMF
The Development Bank of Latin America (CAF, its Spanish acronym) approved a short-term US$1 billion loan for Argentina Friday night, which the country will use to pay part of its upcoming maturities with the International Monetary Fund (IMF). Earlier that day, the IMF and Argentina reached a staff-level agreement granting the country access to a US$7.5 billion disbursement in the second half of August. Consulting firms chime in on the IMF-Argentina dealOn Friday, the IMF announced that the fifth and the sixth reviews of the program implementation were approved simultaneously. According to consulting firms in Argentina, the approval means that the IMF supported some of the policies implemented by the country. The blue-chip swap rate is the implicit exchange rate obtained by investors who buy shares or bonds in pesos and sell them in dollars on the international market.
Source:Bueno Aires Herald
July 30, 2023 01:45 UTC
Colombia President Petro's son arrested in money laundering probe
Nicolas Petro, son of Colombian President Gustavo Petro, has been arrested as part of an investigation into money laundering and illicit enrichment, the attorney general’s office said early on Saturday. Also arrested on money laundering and personal data violation accusations was Nicolas’ ex-wife Daysuris del Carmen Vasquez, who earlier this year told local media two people accused of involvement with drug trafficking had given Nicolas money for his father’s campaign. May these occurrences forge his character and may he reflect about his own errors,” the president said. The attorney general’s office will request a judge that the younger Petro and Vasquez be held on the charges, it said. “Charges will be formulated for the aforementioned crimes and liberty restriction measures will be requested,” the attorney general’s office said in a statement, adding the arrests took place at 6 a.m. local time (1100 GMT).
Source:Bueno Aires Herald
July 29, 2023 14:18 UTC
Argentina signs NASA’s Artemis Accords
Argentina signed the Artemis Accords on Thursday evening following a meeting between President Alberto Fernández and Administrator Bill Nelson from the U.S. National Aeronautics and Space Administration (NASA) at the Casa Rosada. NASA has collaborated with Argentina on previous projects, including a satellite project to study how ocean water with more salt sinks and creates currents. “Argentina certainly has the technological base and scientific know-how for this to be a cooperative adventure in the future,” Nelson said. I’m not going to say.”He is on a trip to Argentina, Brazil, and Colombia to meet with the countries’ presidents. The trip also seeks to further NASA’s satellite projects aimed at tackling climate change and the challenges it causes.
Source:Bueno Aires Herald
July 28, 2023 09:59 UTC