Telefonica's $1.25 Billion Argentina Sale Draws Milei's Scrutiny
The Spanish mobile carrier signed and closed the deal on Monday, according to a regulatory filing. Shortly after, Milei's administration published a statement announcing it will evaluate the sale, arguing that it stands to put 70% of the country's telecommunications industry under control of one group.
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Chicago Tribune
2 hours ago
- Chicago Tribune
ICE grabs 7-year-old NYC public school student amid Trump immigration crackdown
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Yahoo
7 hours ago
- Yahoo
US appeals court sides with Argentina, keeps YPF share turnover on hold
By Jonathan Stempel NEW YORK (Reuters) -A U.S. appeals court on Friday granted Argentina's request to put on temporary hold a judge's order that it turn over its 51% stake in oil and gas company YPF to partially satisfy a $16.1 billion judgment won by two investors. In a brief order, the 2nd U.S. Circuit Court of Appeals in Manhattan stayed U.S. District Judge Loretta Preska's June 30 turnover order while Argentina appeals. Friday's order provides a reprieve for Argentine President Javier Milei's government, which warned of irreparable harm and economic instability if it gave up its stake in YPF, the country's largest energy company. Argentina is separately appealing the $16.1 billion judgment, which Preska awarded in September 2023 to Petersen Energia Inversora and Eton Park Capital Management. The investors are represented by litigation funder Burford Capital, which would share in their damages. Lawyers for Petersen and Eton Park did not immediately respond to requests for comment. Friday's order did not provide reasons for the stay, which should last at least a few months. Argentina's next legal filing related to YPF is due on September 25, court records show. The dispute stemmed from Argentina's 2012 decision to seize the YPF stake from Spain's Repsol without making a tender offer to minority shareholders. Argentina had argued that the YPF shares were immune from turnover under the federal Foreign Sovereign Immunities Act. The U.S. government sided with Argentina, saying a resolution of the dispute should not be rushed and potentially interfere with relations between the countries. Lawyers for the investors countered that a commercial activity exception to immunity, together with Argentina's "many years" of evasion, justified a turnover. In her June 30 order, Preska said Argentina's control over the YPF shares triggered the exception, and the country could not simply invoke its own laws to prevent a turnover. A spokesperson for the Argentine government said the country welcomed Friday's order, and confident the $16.1 billion damages award would also be overturned. Solve the daily Crossword
Bloomberg
7 hours ago
- Bloomberg
Argentina Wins Reprieve in US Court Fight Over YPF Shares
An appeals court ruled that Argentina doesn't need to turn over its controlling stake in YPF SA to holders of a $16 billion judgment while the South American nation tries to overturn a US judge's order requiring it to do so. The New York-based appeals court in a brief ruling on Friday granted Argentina's request to put US District Judge Loretta Preska's June 30 order on hold during the appeals process, which is likely to take months. The decision by the 2nd US Circuit Court of Appeals relieves some of the pressure on Argentine President Javier Milei's government as the nation moves toward October legislative elections.
