Adam Jourdan

U.S. charges former Bolivian officials, Americans in alleged bribery scheme

May 27 2021

WASHINGTON Two former Bolivian government officials and three Americans have been charged in an alleged scheme in which the Americans paid bribes to secure a Bolivian government contract for tear gas, U.S. authorities said on Wednesday. | Video

Latin America's vaccine shortage threatens fragile revival as pandemic rages

Apr 26 2021

BUENOS AIRES/LA PAZ/BOGOTA Latin Americans, hard-hit by the coronavirus pandemic, are struggling to get vaccinated, a threat to the region's fragile economic recovery as lockdowns tighten amid a dangerous surge of infections and rising death tolls.

UPDATE 1-Argentina creditors slam government's 'erratic' policies, IMF delays

Feb 17 2021

BUENOS AIRES, Feb 17 A group of major Argentine creditors has criticized the South American country for "erratic" economic policies that it says are preventing it from getting back on its feet after last year's $65 billion foreign debt restructuring.

UPDATE 3-Argentina hikes rates as inflation speeds to fastest level this year

Nov 12 2020

BUENOS AIRES, Nov 12 Argentina hiked interest rates on Thursday after monthly inflation accelerated to the highest level this year, a move aimed at bolstering peso savings and reining in prices amid a wider economic crisis.

Walmart to sell operations in recession-hit Argentina, taking $1 billion hit

Nov 06 2020

BUENOS AIRES Walmart Inc, the world's largest retailer, said on Friday it was selling its retail operations in Argentina to South American supermarket chain owner Grupo de Narváez, pulling back as the country grapples with an economic crisis.

Virus shatters Latin America's middle class dreams

Oct 07 2020

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

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

Oct 02 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

Sep 15 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.

UPDATE 7-Argentina defuses default crisis with 'massive' debt deal

Sep 01 2020

BUENOS AIRES, Aug 31 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

Aug 26 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.

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