2026-01-21 19:43

BUENOS AIRES, Jan 21 (Reuters) - Argentina's economic activity shrunk 0.3% in November compared with the same month last year, marking the first monthly contraction of 2025, data from Argentina's national statistics agency showed on Wednesday. The figure for Latin America's third-largest economy was below the 1.7% figure predicted by analysts polled by Reuters, and well below the 3.2% recorded in October. Sign up here. Five of the sectors that make up the monthly economic activity indicator (EMAE) posted annual declines, led by fishing which fell 25%, while manufacturing slid 8.2%, wholesale and retail commerce declined 6.4% and construction fell 2.3%. "Despite November's disappointing data, the outlook for 2026 is positive," said consulting firm Orlando Ferreres and Associates, which had estimated 1.6% growth for the month. Since taking office in late 2023, libertarian President Javier Milei looked to fix the South American's No. 2 economy by boosting exports and slashing public spending. His policies have helped bring down inflation from a peak of nearly 290%. The data came hours after Milei spoke at the World Economic Forum in Davos, where he blasted socialist governments and spoke in favor of cutting down market regulation. Last month, Argentina posted a 3.3% expansion in its third quarter gross domestic product. Analysts have predicted 3.5% growth for the last quarter of 2025. https://www.reuters.com/world/americas/argentinas-economic-activity-shrinks-november-first-decline-2025-2026-01-21/

2026-01-21 19:39

Seven tankers departed Venezuela since January 12 under deal Crude is being stored in Caribbean terminals Many offers to final customers not leading to sales yet Jan 21 (Reuters) - Venezuelan oil exports under a flagship $2 billion supply deal with the U.S. reached about 7.8 million barrels on Wednesday, vessel-tracking data and documents from state-run PDVSA showed, with shipments accelerating after the U.S. eased its blockade but not enough for PDVSA to fully reverse output cuts. Following the U.S. capture of President Nicolas Maduro in early January, Caracas and Washington agreed to a deal to sell up to 50 million barrels of Venezuelan crude stored in tanks and vessels. Trading houses Vitol and Trafigura obtained the first U.S. licenses to load and export cargoes from the OPEC country. Sign up here. But the supply has yet to significantly ease PDVSA's swollen inventories, which grew during a U.S. blockade on exports that lasted nearly a month and left Venezuela with tens of millions of barrels of oil in storage on land, and on loaded tankers stranded in Venezuela's waters. Energy giant PDVSA, which in early January cut production because it had nowhere left to store the oil, has yet to fully reverse those cuts as it waits for storage levels to fall, according to the documents and company sources. Sales have been slow because refiners have refused to pay prices the trading companies want for the oil, sources familiar with negotiations said. Difficulties in transferring and storing the stranded oil elsewhere have also slowed the flow of oil, they said. Offers of Venezuelan flagship Merey heavy crude to U.S. refiners began last week at a discount of between $6 and $7.50 per barrel below Brent. That was above Canadian crude prices, which is a similar quality oil and readily available, giving refiners no incentive to switch to Venezuelan oil. Vitol and Trafigura also made offers to Indian refiners at $8-8.50 per barrel below Brent. This also elicited little interest. The traders have recently deepened discounts to around $9 per barrel, but have yet to see much interest from buyers, trading sources said. The U.S. has continued seizing Venezuela-linked tankers in the Caribbean, so shipowners have been reluctant to get involved in the trade, the trading sources added. Vitol and Trafigura declined to comment. PDVSA did not immediately reply to requests for comment. Curacao's government last week confirmed Venezuelan oil was being stored there. Last week, U.S. officials said some $500 million in proceeds from the first oil sales would be deposited in a fund controlled by the U.S. government. U.S. Secretary of Energy Chris Wright told Reuters on Friday those initial sales had been negotiated at a "fair price" of around $45 per barrel for Venezuela, which represents some 11 million to 12 million barrels to be allocated through the trading firms. It was unclear which mechanism Washington will use for future sales to reach the announced 50-million-barrel supply, but many PDVSA partners and customers are waiting for U.S. licenses to resume or expand exports. SLOW DEPARTURES Since the first two tankers departed from Venezuelan waters on January 12 heading to storage terminals in the Bahamas and St. Lucia in the Caribbean, five other vessels have followed, carrying Venezuelan crude to those ports and to the Bullen Bay terminal in Curacao, the shipping data showed. Besides cargoes chartered by the trading houses, the only other company currently exporting Venezuelan crude is Chevron (CVX.N) , opens new tab, PDVSA's main joint venture partner, which has accelerated shipments to some 221,000 barrels per day (bpd) so far this month from 100,000 bpd in December, according to the data. Export volumes from traders have reached around 780,000 bpd since January 12, when they started moving cargoes under U.S. licenses. That has taken exports to around 1 million bpd, close to normal levels but far from decongesting accumulated stocks. Oil prices rose on Wednesday on optimism around tighter supply after a temporary shutdown at two large fields in Kazakhstan and as Venezuelan oil export volumes highlighted slow progress in reversing PDVSA's output cuts. Venezuela's crude output fell to some 880,000 bpd in early January from 1.16 million bpd in late November following PDVSA's production cuts, which were mostly in the country's main oil region, the Orinoco Belt. Some oilfields have begun restoring production in recent days, but most areas remain below capacity, company sources said. https://www.reuters.com/business/energy/venezuelan-oil-exports-under-supply-deal-with-us-progressing-slowly-documents-2026-01-21/

2026-01-21 18:48

SANTIAGO, Jan 21 (Reuters) - Chile's mining industry expressed concerns on Wednesday after President-elect Jose Antonio Kast named one minister to oversee both mining and the economy, warning that the economically critical sector needs dedicated oversight. Kast on Tuesday appointed businessman Daniel Mas to lead the Ministry of Mining and the Ministry of Economy, Development and Tourism. Mas is vice president of the powerful Confederation of Production and Commerce and brings private-sector experience in construction, real estate and financial services, but lacks a mining background. Sign up here. The mining sector is the backbone of Chile's economy and a major driver of fiscal revenue and exports. Kast had been expected to appoint Santiago Montt, the CEO of Los Andes Copper and a former senior executive at global miner BHP, to the mining post. Mining groups in Chile, the world's largest copper producer and second-largest lithium producer, questioned the decision to combine the two ministries' leadership. Chile's National Mining Society, known as SONAMI, said it "did not agree" with the move given the scale of the sector's unresolved challenges, though it expressed hope the incoming administration would ensure effective management of the portfolio. Manuel Viera, president of the Chilean Mining Chamber, said the appointment signaled a lack of prioritization. "This was an opportunity to appoint a professional linked to mining to lead the portfolio," Viera said. "Today mining, despite being our national emblem and the activity that contributes the most resources to the public purse, is treated as second‑rate." Previous administrations have combined ministerial roles, including under former President Sebastian Pinera, who paired the mining and energy posts. The surprise appointment of Mas followed a statement by Los Andes Copper earlier on Tuesday welcoming what it said was Montt's imminent nomination, a move observers said may have triggered a last‑minute change. Arturo Squella, president of Kast's Republican Party, told a local radio station that the company's statement was "imprudent" and likely influenced events. Chile's copper industry faces declining ore grades and investment delays driven by a complex permitting process, while debate continues over private investment in lithium and the future of state‑owned mining firms. Andres Gonzalez, an analyst at consultancy Plusmining, said Mas was likely to focus on accelerating permits and improving investment conditions. "Mas has no direct mining experience," Gonzalez said. "But given his business background and his dual role, his priority will likely be speeding up project approvals, which the new government sees as critical." https://www.reuters.com/world/americas/chiles-miners-flag-risks-dual-oversight-mining-economy-ministries-2026-01-21/

2026-01-21 18:46

CARACAS, Jan 21 (Reuters) - Venezuelan state oil company PDVSA's consolidated financial debt rose slightly to $34.58 billion last year from $34.46 billion in 2024, the company said in a release published on Wednesday in a local newspaper. Venezuela and its state companies including PDVSA have been blocked from the international financial system in the last decade since the U.S. began imposing sanctions on the country. Sign up here. The U.S. measures and Venezuela's payment delays also have triggered debt defaults that remain unresolved, with many creditors resorting to U.S. courts to try to enforce their claims. The outstanding balance of PDVSA's bonds, investment certificates, notes and loans showed little change at $29.47 billion last year from $29.33 billion the previous year, while its joint ventures' debt fell to $1.22 billion versus $1.24 billion in 2024. Debt by the company subsidiaries was unchanged. https://www.reuters.com/business/energy/venezuelan-pdvsas-consolidated-debt-slightly-rose-3458-billion-2025-company-says-2026-01-21/

2026-01-21 18:30

Jan 21 (Reuters) - Archer Aviation (ACHR.N) , opens new tab said on Wednesday it had partnered with Serbia as the country's preferred electric vertical take-off and landing aircraft partner, in a move to expand into global markets. As per the agreement, signed at the World Economic Forum in Davos, Switzerland, Serbia has the option to purchase an initial fleet of Archer's Midnight aircraft and will buy up to 25 aircraft. Sign up here. "It's a positive for Archer to add to its aircraft order book with an option order, but a more meaningful positive would be them demonstrating the full flight envelope for their Midnight aircraft," said Needham analyst Chris Pierce. Electric air taxi makers are ramping up their expansion efforts amid growing demand for a faster, more sustainable urban transportation method. Archer's move comes as it builds on public-private partnerships to launch its aircraft in international markets, including the United Arab Emirates, Saudi Arabia, India, Japan and South Korea. The company will be the official air taxi partner for EXPO 2027 Belgrade. The event, scheduled to take place from May through August 2027, is expected to showcase next-generation transportation and the benefits of advanced air mobility. Last year, Archer was named official air-taxi provider of Los Angeles 2028 Games. Archer also added that it had entered into a dialogue with the Serbian government to explore further development work on industrialization, including rare-earth magnets and critical minerals for batteries. https://www.reuters.com/business/davos/electric-air-taxi-maker-archer-partners-with-serbia-global-markets-push-2026-01-21/

2026-01-21 18:25

Photographed part lies outside cordoned investigation area Iryo, Adif, and Transport Ministry silent on part's identity Investigators had been searching for missing bogie ADAMUZ, Spain, Jan 21 (Reuters) - A large piece of metal found near the site of a high-speed train crash in Spain may be the missing chunk of undercarriage that investigators have been searching for to find the cause of the accident, a source and experts said on Wednesday. The crash, one of Europe's biggest, happened on Sunday night near the southern town of Adamuz in a remote hilly area, killing at least 42 people. Sign up here. Inaki Barron, the head of Spain's railway accident investigating body CIAF, said on Monday that the investigation would focus on a missing part, known as a bogie, due to its importance as the key point of contact between the speeding train and the tracks and that it could shed light on the cause of the derailment. Reuters photographs from Tuesday showed the piece lying partly submerged in a small stream to the side of a railway bridge some 15 metres (49 ft) below the train tracks and some 300 m from the crash site. Transport Minister Oscar Puente told state broadcaster TVE on Wednesday that the bogie was "one of hundreds of pieces of evidence" being collected and had already been located on Monday by the Civil Guard, but left in place due to its weight. He did not specify to which of the two trains involved in the accident the piece belonged. BOGIE FLEW OUT LIKE BULLET, SOURCE SAYS A source briefed on the probe said the component was believed to be a so-called bogie - the train's wheeled undercarriage - that belonged to the first train that derailed, operated by private consortium Iryo. Given the very high speed at which the two trains were travelling and the impact of the two trains, the bogie - though very heavy - flew out "like a bullet", the source, who declined to be named due to the sensitivity of the matter, said. Investigators have combed the area around the crash site over the past three days, cordoning it off, marking and photographing every piece of evidence on the track. This piece had no markings and it was not within the cordoned area when it was photographed by Reuters on Tuesday afternoon. "(The part) is currently under investigation by railway accident investigating body CIAF and we cannot add any information or comments outside the scope of that investigation," state rail company Renfe said in an emailed statement to Reuters on Wednesday, the day after the piece was photographed. The Spanish Transport Ministry, Iryo and Adif did not immediately reply to requests for confirmation that the part photographed by Reuters was the missing bogie. Italy's Ferrovie dello Stato, the majority owner of Iryo, declined to comment due to the ongoing investigation. EXPERTS SAY PHOTOGRAPH APPEARS TO BE A BOGIE "Bogies - the element holding the wheels and suspension to the train - are often thrown loose during high-energy derailments," Scottish railway engineer and writer Gareth Dennis said. "The location of this bogie and the section of the train it departed from will help investigators establish the precise trajectories of the derailed vehicles and the energies involved," Dennis added. https://www.reuters.com/world/europe/part-found-near-spain-train-crash-site-may-be-missing-undercarriage-experts-say-2026-01-21/