Edition:
India

Adam Jourdan

Virus shatters Latin America's middle class dreams

07 Oct 2020

By Adam Jourdan, Aislinn Laing, Maria Cervantes and Diego Oré

UPDATE 2-Argentina farm body slams 'insufficient' grains tax cuts as tension rises

02 Oct 2020

(Adds details on levies, table) By Nicolás Misculin and Adam Jourdan BUENOS AIRES, Oct 2 Argentina's main farm association said on Friday that government measures to temporarily cut export taxes on grains were inadequate and failed to address issues facing local farmers amid a grave economic crisis and strict capital controls. The center-left government said on Thursday it would cut the export levy on soybeans by 3 percentage points to 30% to stimulate sales and bring in much-needed foreign currency. The levy would rise again to 33% by January. Soymeal and soy oil levies would be cut further to various levels, also rising again incrementally in coming months. Farmers in Argentina, the world's top exporter of processed soy, have held back on selling their soy harvests, a concern for the government as foreign currency reserves dwindle amid the coronavirus pandemic. There is also low confidence in the peso as the country heads for its third straight year of recession. Argentina is also just emerging from a sovereign default after restructuring over $100 billion in foreign-currency debt. The Liaison Commission of Agricultural Entities, which incorporates the four main farming bodies, called the government's plans "insufficient" and "isolated measures, which look like patches" rather than a comprehensive strategy. "The lack of dollars is a consequence of the terrible export policies that have been taken, looking only at tax collection and discouraging growth of exportable production," it said in a statement, adding it had not been consulted on the measures. Argentina's powerful farm sector has clashed with various governments before over taxes. Current President Alberto Fernández resigned from his position as then chief-of-staff in 2008 amid a fierce dispute with the industry over tax hikes. The farm body said the temporary reduction of some taxes was of little help to farmers themselves, who have said many of the benefits will be soaked up by grain processors rather than growers. Argentina is the world's largest exporter of soybean meal and oil, the third-largest of unprocessed soybeans and one of the most important sellers of beef, corn and wheat. ARGENTINA SOY TAX RATE SCHEDULE: Product Current Oct Nov Dec Jan Soybeans 33% 30% 31.5% 32% 33% Soy meal 33% 28% 29.5% 30% 31% Soy oil crude 33% 28% 29.5% 30% 31% (Reporting by Adam Jourdan, Nicolas Misculin and Hugh Bronstein in Buenos Aires Editing by John Stonestreet and Matthew Lewis)

Argentina unveils ambitious post-crisis budget with 5.5% economic rebound in 2021

16 Sep 2020

BUENOS AIRES Argentina's government is working towards a fiscal deficit of 4.5% of gross domestic product in 2021 and an economic rebound of 5.5%, according to a draft budget sent to Congress on Tuesday, ambitious goals as the country battles recession.

Argentina defuses default crisis with 'massive' debt deal

01 Sep 2020

BUENOS AIRES Argentina has defused fears of a messy default after it gained backing from creditors, allowing it to exchange 99% of the bonds involved in a $65 billion restructuring, a deal that could set a precedent for future sovereign crises.

Argentina steps toward next debt tango, with the IMF

27 Aug 2020

BUENOS AIRES Argentina, set to wrap up a $65 billion debt deal with creditors this week, has formally initiated talks to negotiate a new deal to replace its record standby agreement with the International Monetary Fund as it looks to escape from recession and default.

Exclusive: Argentina to submit debt revamp offer to SEC within days, formalizing agreement, sources say

12 Aug 2020

BUENOS AIRES Argentina will formally submit its amended debt restructuring offer to the U.S. securities regulator as early as Thursday, two sources said, a key step to sealing a deal after an initial agreement was reached with creditors earlier this month.

Argentina strikes $65 billion debt deal to avert hard default

05 Aug 2020

LONDON/BUENOS AIRES Argentina has reached an agreement with creditors to restructure around $65 billion in sovereign debt, breaking a deadlock in talks that will help the country climb out of default and banish fears of a damaging and protracted legal standoff.

EXPLAINER-Argentina's $323 billion debt conundrum

04 Aug 2020

BUENOS AIRES, Aug 4 Argentina is battling to escape from a messy ninth sovereign default as it firefights recession, stubborn inflation and increasingly wary investors.

Argentina's $65 billion debt deal draws near on eve of deadline

04 Aug 2020

BUENOS AIRES Argentina and its creditors are nearing a breakthrough $65 billion debt restructuring deal, a lawmaker and two sources told Reuters on Monday, the eve of a deadline for a deal that would help avert a damaging legal standoff.

World News

In final Trump-Biden showdown, less chaos but plenty of clashes

U.S. President Donald Trump and Democratic challenger Joe Biden offered sharply contrasting views on the still-raging coronavirus pandemic at Thursday's final presidential debate, seeking to persuade the few remaining undecided voters 12 days before their Nov. 3 contest.