Argentina Industrial Output Rises 7.3 Percent in May

Industrial production in Argentina rose 7.3 percent in May compared with the same month a year earlier. In the first five months of the year industrial output is 7.1 percent higher. The growth was led by automobile production and construction materials.

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More Millionaires for Latin America

The number of millionaires in Latin America grew 9.7% last year, above the world average rate of 6.5%, according to the 10th annual World Wealth Report, just published by Merrill Lynch and consultancy firm Cap Gemini. The increase of millionaires – defined as people with more than $1 million in assets – in the region is attributed to the high price of crude oil and other commodities. The 350,000 millionaires in the region control around $4.2 billion of assets.

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Argentine GDP Up 8.6% in Q1

The Argentine economy grew 8.6 percent in the first quarter of the year, driven by a continuing recovery in manufacturing and construction. The economy has grown 37.5 percent from the trough it fell into in 2002 when the government defaulted on its debt. Meanwhile prices rose 2.6 percent in the first quarter, signaling runaway inflation remains a threat.

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IGAF Worldwide - Newsletter

Click AQUI para ver la newsletter de IGAF Worldwide, The Exchange (Mayo-Junio 2006).


Click HERE to view the IGAF Worldwide newsletter, The Exchange (May-June 2006).

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Edenor Shareholders Approve Proposals

Shareholders of Argentine electricity distributor Edenor have approved plans to sell its shares in New York and Buenos Aires. A proposal to increase the company’s share capital was also approved as was a scheme to amend Edenor’s statutes to allow the company to enter other markets, such as the telecoms market. The public offering of shares will be used to finance the company’s investment plans to improve services and meet increasing demand over the next five years.

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Lavagna Likely Candidate

Argentina’s former economy minister Roberto Lavagna has announced he may run in next year’s presidential elections. If he does decide to stand, Lavagna would be the most serious threat to date to declare against President Néstor Kirchner. However, he is a candidate without a party and will need to build an alliance before launching a bid. Lavagna served as economy minister overseeing Argentina’s economic recovery following the country’s financial meltdown in 2001-2002.

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Argentina Reserves Up $5.6 Billion

Argentina’s Central Bank has added $5.7 billion of reserves since January, when the government repaid its entire $9.8 billion debt to the International Monetary Fund (IMF). Reserves rose from $18.58 billion, as at January 3, to $24.26 billion as at June 3. The Central Bank claims its policy of accumulating reserves serves to protect the economy against external shocks and aims to reduce exchange rate volatility.

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