——————- The Narwal, a spy ship. The drought, which began in November, has caused big losses, reduced expectations of economic growth and raised concerns among farmers, government officials and experts in the world’s third-largest exporter of soybean and corn. This story has been shared 177,200 times. Power has been restored to more than 80% of customers in Argentina, officials say. “You’ll have less beef and a problem with (a rise) in prices,” Ezequiel de Freijo, chief economist at the Argentine Rural Society, said about the outlook for next year. Stock quotes by finanzen.net. This story has been shared 338,161 times. We've received your submission.

Months after Argentina's stock market suffered the second-largest crash in history, a hedge fund said its largest loss in the third quarter was its bet on the nation.

And about a million fewer trucks will be used to transport grain in 2018 compared to last year because of the drought. That translates into an estimated $1.1 billion in losses.

Even if he was not, the fund said, the country's economics and challenger Alberto Fernández's "background suggested that the draconian restructuring the market feared was unlikely.". Made In NYC | .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Thai PM declares emergency decree over protests. The combined population of Argentina and Uruguay is about 48 million people. Badly needed rains that had been expected in recent days never came. While Macri struggles to reduce the country’s high fiscal deficit and tame inflation, Argentines continue to lose purchasing power and many are growing increasingly frustrated with rises in fuel and transportation costs. Post was not sent - check your email addresses!

Citing official sources, Argentine media reported that the outage was linked to a failure in the transmission of electricity from the Yacycretá hydroelectric dam.

", The fund explained that it had invested in Argentine sovereign bonds because it believed that incumbent president Mauricio Macri had a good chance of being reelected in October. Furthermore, a major change in Brazil’s exchange rate policy had a great impact on the Argentine economy, as Brazil was one of the country’s main trading partners. Privacy Notice This story has been shared 662,655 times. Read about our approach to external linking. .css-8h1dth-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-8h1dth-Link:hover,.css-8h1dth-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking.

Argentine media said the power cut occurred shortly after 07:00 (10:00GMT) on Sunday, causing trains to be halted and failures with traffic signalling. NOW WATCH: Nxivm leader Keith Raniere has been convicted. Alejandra Martinez, a spokeswoman for the company, described the power cut as unprecedented.

© 2020 NYP Holdings, Inc. All Rights Reserved Thanks for contacting us. Months after Argentina's stock market suffered the second-largest crash in history, a hedge fund said its largest loss in the third quarter was its bet on the nation. If it had gone on for longer it would have been a whole different story." Prayuth Chan-ocha has invoked a state of emergency decree in Bangkok to combat pro-democracy protests. So far, the estimate for the soy harvest has dropped to 39.5 million metric tons, a 31 percent plunge from the 2016-17 season. “We have a business that is out in the open air and we depend on weather,” Josifovich said. “Not only is there the physical loss of grain yield, but there’s also the loss of quality, which lowers the product’s final price.”.
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Would you like to receive desktop browser notifications about breaking news and other major stories? One of Argentina's biggest water companies, Agua y Saneamientos Argentinos, warned those without power to conserve water, as the distribution of drinking water had been affected by the outage. There was the ARA Belgrano. he said. Among the affected provinces in Argentina were Santa Fe, San Luis, Formosa, La Rioja, Chubut, Cordoba and Mendoza, reports said. The blackout was prompted by a failure in an electrical grid that serves both Argentina and Uruguay. A dead soy plant in a drought-affected field. Drought-affected corn near Pergamino, Argentina. But the impact could be even more bruising if related industries are taken into account. Residents posted pictures of dark towns and cities and long lines of cars queuing at petrol stations. Loss of competitiveness The outbreak of currency crises in Asia, Russia and Brazil increases the borrowing costs for emerging markets, including Argentina.

Subscribe on Apple Podcasts, Spotify, Stitcher and Google Podcasts. The outage occurred as people in Argentina were preparing to go to the polls for local elections, delaying voting in several regional provinces. This time around, Macri has announced that his government would provide debt relief to drought-hit farmers, including delaying maturities on agricultural loans and extending new credit lines with longer grace periods so growers can continue buying tools and other equipment. VideoDramatic footage shows flood destruction in India, World reacts to long queues of voters in US, How to spot US election disinformation. The S&P Merval’s fall was the second-largest drop of any major stock index tracked by Bloomberg since 1950. Third Point isn't the first hedge fund to note losses from bets on Argentina. Your California Privacy Rights Here's what happened inside his sex-slave ring that recruited actresses and two billionaire heiresses. One of Argentina's biggest water companies, Agua y Saneamientos Argentinos, warned those without power to conserve water, as the distribution of drinking water had … The S&P Merval Index plummeted 48% Monday, the second-largest single-day drop for any stock market since 1950. Shattering Korea’s cement ceiling. Jorge Josifovich, a farmer and agricultural engineer who provides advice to growers, looks at drought-affected soy near Pergamino, Argentina. All rights reserved. Nxivm leader Keith Raniere has been convicted. Social media reports of the power outage were widespread - from the capital Buenos Aires in the north, to Mendoza in the west and Comodoro Rivadavia in the south, among many other cities. France orders curfew in nine cities to battle virus. Video. Many farmers are demanding insurance that can once and for all protect them from inclement weather.

Instead, what is expected to be the poorest harvest in at least a decade has already cut growth forecasts by up to a percentage point. Argentina maintains the second largest economy in South America, the third-largest in Latin America, and is a member of G-15 and G20.

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