August 24, 2019
Latest News

Argentine peso, stock market sink after primary election shocker

Buenos Aires, Aug 12 (efe-epa).- The Argentine peso sank against the US dollar on Monday following the governing party's defeat in the presidential primaries over the weekend and the strong showing by the opposition Peronists.

The Buenos Aires Stock Exchange's benchmark S&P Merval index plunged on Monday in the wake of the primaries, which dealt a blow to President Mauricio Macri's re-election chances.

Peronist presidential candidate Alberto Fernandez, according to provisional election results, finished 15 percentage points ahead of Macri in Sunday's primaries.

Fernandez and vice presidential running mate Sen. Cristina Fernandez, who governed Argentina from 2007 to 2015, got 47.65 percent of the vote on the ticket of the Peronist Frente de Todos.

The 60-year-old Macri, who headed the ticket of the Juntos por el Cambio party, received just 32.08 percent of the vote.

The turnout was 75.78 percent for Sunday's primary elections, which were open to all citizens regardless of party affiliation.

Candidates competing in the primaries, in which voting was mandatory for citizens between the ages of 18 and 70, had to garner at least 1.5 percent of the vote to make it onto the ballot for the Oct. 27 general elections.

The only areas where Macri's party won were Cordoba province and the city of Buenos Aires.

Frente de Todos also finished first in the primaries for candidates vying for seats in the lower house of Congress, garnering 48.8 percent of the vote in Buenos Aires province to the 30.98 percent won by Juntos por el Cambio.

Macri's party did better in the Senate primaries, getting 45.52 percent of the vote in the city of Buenos Aires to the 31.69 percent of the vote won by Frente de Todos candidates.

Fernandez's strong performance sent a chill through currency and financial markets.

On Monday, the US dollar, according to Banco Nacion figures, opened for trading at 61 pesos, up 32 percent from last Friday's close of 46.20 pesos per dollar.

After acknowledging his defeat in the primaries, Macri warned that investors, who had been betting that he would perform well, would have a negative reaction.

On Friday, the benchmark S&P Merval index had closed up 7.94 percent.

The Office of the President said Macri would meet with his Cabinet on Monday afternoon at the Casa Rosada, the seat of the government in Buenos Aires, to discuss the situation.

The administration, which usually holds Cabinet meetings in the mornings, appears to be waiting for the close of financial markets to comment.

Central Bank chairman Guido Sandleris and other members of the economic team arrived at the Casa Rosada on Monday morning for meetings with the president and his advisers.

Some 33.8 million people were eligible to vote in the primaries, choosing from among 10 different lists of candidates.

In 2015, Macri, running on a reform platform, defeated Peronist Party candidate Daniel Scioli in a runoff.

Argentina's next president will be sworn in on Dec. 10 for a four-year term. EFE

rgm/hv

News history
Russia launches world's only floating nuclear power plant

By Ignacio Ortega

Brazil must abide by EU-Mercosur deal's climate commitments, ambassador says

By Isadora Camargo

Australia vs US basketball match comes under probe scanner

Sydney, Australia, Aug 23 (efe-epa).- Australian authorities said Friday they would probe allegations that some basketball fans were duped into buying...

Bangkok backpackers' mecca to be revamped by Thai authorities

By Gaspar Ruiz-Canela.

US, Vietnam censure China for interfering in Hanoi’s territorial waters

Washington, Aug 22 (efe-epa).- The United States on Thursday accused China of interfering with Vietnam’s exclusive economic zone in the South China Sea and...

Brexit, US trade deal on Abe's agenda ahead of G7 summit

By Antonio Hermosín Gandul.

Mexican president: Legal sabotage being mounted against new airport

Mexico City, Aug 22 (efe-epa).- Mexican President Andres Manuel Lopez Obrador on Thursday complained that the political opposition has been engaging in...

Russia launches humanoid robot on a mission to Space Station

Moscow, Aug 21 (efe-epa).- Russia launched Thursday its first humanoid robot astronaut to the International Space Station in a critical test flight before...

Qantas to test 19-hour non-stop flight toll on passengers, crew

Sydney, Australia, Aug 22 (efe-epa).- Qantas is to test three approximately 19-hour ultra long-haul flights to see what toll they would take on passengers...

Qantas posts 17-percent drop in earnings

Sydney, Australia, Aug 22 (efe-epa).- Australian flag carrier Qantas posted a 17 percent drop in profit before tax owing to an increase in fuel costs and...

Air New Zealand reports earnings fell by 31 percent

Sydney, Australia, Aug 22 (efe-epa).- National airline Air New Zealand's annual earnings for the financial year 2019 fell by 31 percent due to rising fuel...

Nur-Sultan, Aug 21 (EFE).- The foreign ministers of the five Central Asian countries met here Wednesday with US Under Secretary of State David Hale to...

Bilateral deal reached on Mexican tomato exports to US

Mexico City, Aug 21 (efe-epa).- A bilateral agreement has been reached on Mexican tomato exports that will bring a halt to a United States anti-dumping...

Samsung at risk of losing its semiconductor leadership, says report

Seoul, Aug 21 (efe-epa).- Samsung is on its way to losing its leadership in semiconductor global sales to Intel, according to a leading semiconductor market...

Breathtaking spots offer tourists birdseye views of Uruguay's capital

By Sarah Yañez-Richards

Stabilizing peso is priority, Argentina's new finance minister says

Buenos Aires, Aug 20 (efe-epa).- New Finance Minister Hernan Lacunza said Tuesday that his main goal would be shoring up the Argentine peso, which has...

Butterfly wings could hold key to fighting forgery

By Snezana Stanojevic

Focus is on Macri's goals, Argentina's incoming finance minister says

Buenos Aires, Aug 19 (efe-epa).- Incoming Argentine Finance Minister Hernan Lacunza said Monday that he could not discuss the details of his meeting with...

US gives China's Huawei another 90-day reprieve on sanctions

Washington, Aug 19 (efe-epa).- Chinese tech giant Huawei Technologies on Monday criticized the sanctions imposed by the Donald Trump administration as being...

Iran faces the scourge of fuel smuggling

By Artemis Razmipour

China urges Trump to keep his word, allow business with Huawei in US

Beijing, Aug 19 (efe-epa).- Beijing on Monday urged Donald Trump to keep his word and allow companies in the United States to do business with Chinese tech...

Japan's trade deficit widened by 9.8 percent in July

Tokyo, Jul 19 (efe-epa).- Japan had a trade deficit of 249.6 billion yen ($2.35 billion) in July, a 9.8-percent increase compared to the same month last...

Trump acknowledges US' interest in buying Greenland from Denmark

Washington DC, Aug 18 (efe-epa).- The president of the United States on Sunday said that Greenland was strategically interesting for his country, although...

Trump defends China policy, says US economy is world's best

Washington, Aug 18 (efe-epa).- President Donald Trump on Sunday defended his strategy versus China, on whose goods Washington has imposed heavy tariffs as...

I agree Welcome to news4europe.eu. We use cookies to improve your online experience. Find out more.