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IRSA sells US$360 million in bonds

The IRSA real estate company sold US$360 million seven-year bonds with an 8.75-percent coupon and a nine-percent yield, the company told market regulators on Friday. The bond was issued by IRSA Commercial Properties, a unit of IRSA. In a letter to the Buenos Aires stock exchange, the company said the bond matures in March, 2023. Earlier this month IRSA said proceeds from the deal would finance the buyback of existing debt and could accelerate financing plans for shopping mall developments.

Campari buys Grand Marnier

Italian distiller Davide Campari-Milano agreed to buy Grand Marnier Group in a deal valuing the French cognac maker at 658 million euros (US$759 million), adding more high-end spirits to its portfolio. The acquisition is the first for Campari since 2014, and the biggest since Kunze-Concewitz took the helm in 2007. Grand Marnier produces cognac, Armagnac and wines and gets more than half of its 140 million euros in sales from the US.

Ba province tax revenue

Buenos Aires province collected 11.8 billion pesos in taxes in February, 31.5 percent more when compared to the same period last year. In terms of gross income, the province collected 8.15 billion pesos, a 35.6 percent rise. 1.9 billion came from real estate taxes, and half a billion came from car license taxes.

Accenture to hire 600

Accenture announced a “high technology” investment plan in Argentina for the next four years, anticipating they would add 600 new employees to their workforce. The global professional services company informed President Mauricio Macri of their investment plan last week. The project aims to create an eco-system of high technology for professionals that will have international certification for a staff of 4,000.

Misiones’ tobacco

Tobacco producers in Misiones province reached a deal to raise raw tobacco prices by 30 percent with purchasing companies, a move that will be put into effect this week. The price of raw tobacco will now be 25 pesos per kilogram, allowing producers to end up receiving about 51 pesos per kilo of Burley tobacco. The agreement was reached after five meetings were held between producers and tobacco processing plant owners.

Pluspetrol’s new general manager

Pluspetrol Argentina changed its general manager last week. Germán Macchi will replace Natalio Battaglia, who will now be the new vice-president of the new business development department. Macchi is a mechanical engineer, and has a masters in Economy and Business Administration. Between 2009 and 2012, he was the General Executive of Pluspetrol Norte in Peru.

New AACOP Coaching director

Héctor Chaskielberg was elected as the new president of the Argentine Association of Ontological Professional Coaching (AACOP) last week. Chaskielberg and 21 members of the General Board’s positions were renewed for another two-year term. He has a Masters in Advanced Organizational Studies from San Andrés University and a PhD from the University of Buenos Aires (UBA).

Puente expects better rates

Puente investment fund director Emilio Ilac predicted that Argentina will in the near future be able to issue debt at “more reasonable” interest rates, once the government has a serious plan to lower inflation and the economy grows. Although he acknowledged that the bonds issued to pay the holdout bondholders will have a financial cost, he highlighted that the cost of not paying would be “infinitely” much higher in the long term.

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