Saturday, 24 August, 2019

Argentina markets, currency plunge as President Mauricio Macri's re-election chances dip

Argentina's President and presidential hopeful for the Juntos por el Cambio party Mauricio Macri speaks to the press after voting during the primary elections in Buenos Aires Argentina’s Alberto Fernandez & Cristina Kirchner crush President Macri in ‘preliminary elections’
Patty Aguilar | 14 August, 2019, 08:42

Macri succeeded her in office with pledges to boost the economy with liberal policies, but was forced to seek a record US$56-billion bailout from the International Monetary Fund and raise interest rates to more than 60 percent following a currency crisis previous year. Trading of the United States dollar opened in Buenos Aires markets at 59 Pesos to the dollar, but rapidly climbed to 65 Pesos and closed at 58 Pesos.

Official results showed that in the primary elections that featured 10 presidential candidates, Macri and his vice presidential running mate, Miguel Angel Pichetto, of the ruling party received just 32.08 percent of the votes, with 98.67 percent of the ballots counted, while Alberto Fernandez and his vice presidential running mate, ex-president and current Senator Cristina Fernandez, of the opposition party Frente de Todos - Front of All - garnered 47.65 percent.

A poor showing for Argentina's President Mauricio Macri and a surge for his leftist opponent sparked fears of a possible default on the country's International Monetary Fund loans, sending the peso to its lowest level in almost two decades and causing a massive sell-off in the country's stock market.

"Yes, Argentina is a small economy".

Sunday's results and some fifteen percentage points difference, which even surprised the opposition and wasn't anticipated by any public opinion poll, prompted analysts on late Sunday to warn of widespread panic in financial markets. An IMF spokeswoman declined to comment on the Argentine primary result, citing a policy of not commenting on political developments. A particular shock since last Friday, given the forecasts of the main pollsters anticipating a close run of Sunday, had seen shares and bonds rise strongly. The business-friendly president had promised to continue with the same austerity-driven approach if reelected later this year. He has proposed an economic and social pact to combat inflation, which is running at 55 per cent.

Ronaldo Throws Jab At Lionel Messi
Ryan Giggs correctly predicted that Cristiano Ronaldo would take a swipe at Lionel Messi playing his entire senior career at Barcelona .

175+ killed, almost a MILLION left homeless by landslides & floods in India
Upper Krishna catchment area received light to moderate rains and isolated places heavy rains, rainfall has significantly reduced. Of the 14 flood-battered districts in Kerala, Malappuram is the worst hit with the highest death toll of 29.

Schumer says border wall money should be used to fight gun violence
President Trump is calling for "meaningful background checks" to keep firearms out of the hands of unsafe individuals. Patrick Crusius, 21, accused of the El Paso shootings, has told authorities he was targeting Mexicans.

Fernandez who served as the Chief of the Cabinet of Ministers during Nestor Kirchner's presidency vowed to create a "new" Argentina.

Sunday's defeat to opposition candidate Alberto Fernandez is a result of the economic hardship South America's second-largest country has endured recently, Macri told reporters at the Casa Rosada presidential palace in Buenos Aires. "Argentinians realized we are the change not them", Fernandez said during his victory speech in Buenos Aires, promising "to end this time of lies and give a new horizon".

The Fernandez ticket, whose two members are not related, contends Macri must be defeated so they can fight the poverty and homelessness that they blame on his policies. He is also advocating subsidies to support the people.

Argentine stocks were among the top losers on the Nasdaq index, and the local Merval stock index closed 31% weaker.

Recommended

Alejandro Giammattei Is Declared President Of Guatemala Following A Disillusioning Race Alejandro Giammattei Is Declared President Of Guatemala Following A Disillusioning Race But US President Donald Trump had threatened Guatemala with a travel ban, tariffs and a tax on remittances if it did not yield. About eight million Guatemalans are registered to vote in the Central American country.

Palace wants death of Chinese national probed - Bernadette D. Nicolas Palace wants death of Chinese national probed - Bernadette D. Nicolas Last week, the Bureau of Internal Revenue (BIR) said it continues efforts to increase tax collections. It said China would take action to prevent cross-border gambling.

Drake Celebrates Surpassing The Beatles' Longstanding Records With 'Abbey Road'-Inspired Tattoo Drake Celebrates Surpassing The Beatles' Longstanding Records With 'Abbey Road'-Inspired Tattoo In the original album cover in which Drizzy derived his tatt is one of the most iconic album arts in music history. Drake has sold more than 150 million records worldwide and has picked up four Grammy Awards for his work.

JD Salinger's books are finally going digital JD Salinger's books are finally going digital Then in the fall, with Matt Salinger's help, the New York Public Library will host the first public exhibition from J.D. This week, in the first step of a broader revival that could reshape the world's understanding of J.D.

Man City avoid transfer ban, get £315K fine Man City avoid transfer ban, get £315K fine Chelsea disputed the verdict and the ban was upheld by Federation Internationale de Football Association on appeal. UEFA is focusing on another area and investigating whether City has breached Financial Fair Play rules.

Colts quarterback Andrew Luck suffering from more than just calf injury Colts quarterback Andrew Luck suffering from more than just calf injury This comes on the heels of Colts owner Jim Irsay saying luck is battling a "small little bone" injury earlier this week. Indy's starting quarterback has been dealing with lower leg pain since straining his left calf in March.

Serena powers past Osaka to reach Toronto semis Serena powers past Osaka to reach Toronto semis And I was just - know how to - I know what I need to do to hopefully try to get a win (on Friday), and it helped a little bit". The 37-year-old is looking to shore up her hardcourt game for the August 26-to-Sept. "But, yeah, I'm not really mad at this.

Fears of Argentine default loom large Fears of Argentine default loom large Argentina's President Mauricio Macri speaks from the government house in Buenos Aires, Argentina Thursday, Sept. 27, 2018. Argentina last defaulted on its debt in 2001, an event which sparked years of recessions and economic crises.

Tarantino Responds to Criticism Bruce Lee Depiction in OUATIH Tarantino Responds to Criticism Bruce Lee Depiction in OUATIH The biography Tarantino references is titled " Bruce Lee: The Man Only I Knew", which Lee's widow, Linda Lee , published in 1978. For reasons entirely unknown at this time, the social justice warriors have had the daggers out for Quentin Tarantino lately.

Acura Type S Concept is the soul reboot we’ve been waiting for Acura Type S Concept is the soul reboot we’ve been waiting for Acura shods them in a 285-series summer tyre setup, and then throws on drilled Brembo high-performance brakes. That uses nano pigments and a color-infused clear coat, the automaker says, for more luster and brilliance.

Golden Tate's appeal denied, Giants wide receiver will serve four-game suspension Golden Tate's appeal denied, Giants wide receiver will serve four-game suspension He is entering his first season with NY , which will now be without its key acquisition as it works through its offense. The exemptions include fertility issues since some fertility drugs are known to serve as masking agents.

Galaxy Note 10+ 5G camera is the new leader in DxOMark rankings Galaxy Note 10+ 5G camera is the new leader in DxOMark rankings The ideal calibration and display accuracy have earned the Galaxy Note 10 + the highest-ever Display Performance Grade of A+. However, Samsung also launched a third Note 10 Plus 5G handset, which seemed even more impressive than the two 4G variants.

CBS and Viacom agree to sign $30 billion merger deal CBS and Viacom agree to sign $30 billion merger deal The companies have sought a merger several times in recent years, but their management teams' differences were never bridged. The deal represents a victory for Shari Redstone, president of National Amusement, after three attempts since 2016.

Partnership Between NFL and Jay-Z Reportedly in the Works Partnership Between NFL and Jay-Z Reportedly in the Works After refusing to perform during halftime of Super Bowl LII, JAY-Z and his Roc Nation imprint are collaborating with the NFL. The NFL is poised to announce a sweeping business partnership with Jay-Z's Roc Nation, sources tell Front Office Sports .

'Little Women' trailer: Greta Gerwig takes on a big classic 'Little Women' trailer: Greta Gerwig takes on a big classic Emma Watson plays eldest sister Meg, a romantic who dreams of finding both the limelight and love. But it's really about these characters and these relationships that have meant so much to me.