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NZ Herald
27-07-2025
- Business
- NZ Herald
A boom in homes, cars, and flights contrasts with empty shops and restaurants
On one hand, wealthy and well-educated Argentines are enjoying Milei's economic policies that translated into greater buying power, which in turn led to more trips abroad and big-ticket purchases at home. For others, the story is quite different: spending on food, clothing and dining out is declining and 60% of Argentines anticipate making fewer purchases in the coming months, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. Those concerns come as unemployment for salaried, formal jobs has hit a four-year high, while wages adjusted for inflation have declined in recent months. A 'For Sale' sign stands outside a house in Buenos Aires. Photo / Erica Canepa, Bloomberg via the Washington Post 'I'm barely making it to the end of the month,' says Valeria Ruiz, a 44-year old single mother-of-two who cleans homes and recently added a travel agency gig to boost her monthly income to 600,000 pesos (US$465), less than what she previously earned in retail with just one salary. In the past year, Ruiz has cut out restaurants. She now hunts for the cheapest brands of milk, pasta and yogurt at the supermarket. 'Things are harder now because the job market isn't like it was before: I always used have a lot of work, but everything has absolutely halted.' Ruiz isn't alone: 84% of the Argentines say they've changed their consumption habits due to the economy, including cutting back on clothing purchases and dining out, according to a survey by pollster Management & Fit. Meanwhile, 67% of them have a negative outlook on the economy, according to AtlasIntel. A survey by Argentina's statistics agency of supermarkets and wholesalers found 27% of store owners have a negative view on the state of business, versus only 7% who say it's positive. So far, voters' economic pessimism hasn't dented Milei's high approval ratings. He's managed to bring down inflation, revive mortgage lending and lift currency controls for individuals - all popular moves across society. But to tame inflation, the President has leaned on a stronger exchange rate that fuels demand for durable goods and favours wealthier Argentines, while making restaurants, local vacations and weekend shopping increasingly expensive for many others. The numbers are impacting Argentina's outlook: Economists in June trimmed forecasts for this year to 5% growth after steadily increasing projections in the five prior months - a solid rebound after two years of contractions. Economic activity in May sputtered though, posting the third negative monthly print of the year, albeit mild. A restaurant prepares for its dinner service in Buenos Aires, Argentina. Photo / Erica Canepa, Bloomberg via the Washington Post Auto sales rose 78% in the first six months of the year compared to the same period in 2024, as purchases of Porsche, Audi and BMW more than doubled, with Toyota and Volkswagen selling the most units. Home sales both in the city and province of Buenos Aires were up about 50% through May, and the number of Argentines travelling abroad rose 64%, according to industry reports and government statistics. Delta, American, Latam Airlines and Aerolineas Argentinas have added or plan to launch Argentina flights to meet rising demand later this year. Meanwhile, spending at restaurants in the city of Buenos Aires dropped in five of the past six months, and supermarkets haven't seen activity bounce back to pre-Milei levels yet. The number of vacant shops in the city rose in the first four months this year to the highest level, 896, since at least 2022. On average, only 43% of hotel rooms nationwide were occupied this year through May, consistently down from the same time span in past years and even lower than pre-pandemic levels. 'This is what happens with fixed exchange rate regimes - they boost durable goods consumption, appreciate the currency, and bring inflation down quickly,' said Marcos Buscaglia, co-founder of Buenos Aires-based consultancy Alberdi Partners. The parallel market peso has appreciated by 57% in real terms since Milei took office 18 months ago. 'On top of that, you have trade liberalisation pushing dollar prices even lower.' The opening of Argentina's economy allowed Flavio Ortega, a car dealership salesman in the elite Puerto Madero neighbourhood, to fill his showroom with imported cars and start selling volumes he hadn't moved since 2018. Purchases of BMWs more than doubled in the first six months of the year. Photo / Erica Canepa, Bloomberg via the Washington Post For the past five years, tight import restrictions meant the 45-year-old Ortega could barely display two cars at a time - a set-up that discouraged buyers. But auto imports in June alone were up almost 250% from a year ago. 'In 2025, with imports back, we're able to showcase up to 13 vehicles worth as much as $80,000 each - and we've already doubled last year's sales,' he said. Gaston Aybar closed 40% more real estate transactions in the first half of the year compared to same time in 2024. A stronger peso, lower interest rates that made mortgages more accessible and Milei's tax amnesty programme that convinced Argentines to declare dollar-denominated assets late last year are driving sales. The realtor says mortgages are making it possible for middle-class Argentines to buy or upgrade their homes, even though it comes with tighter monthly budgets. 'Today is a moment when people are trying to invest in something that's lasting,' says Aybar, 49. 'People with some basic savings are asking themselves, 'Do I spend it on a car, vacation or do I cut back spending and take out a mortgage?' There's a shift in people's thinking to bet on housing.'
Bloomberg
28-04-2025
- Business
- Bloomberg
Improving Brazil Outlook Halts Long Slide in Lula's Popularity
Brazilian President Luiz Inacio Lula da Silva's approval rating rose in April, halting a prolonged slide caused largely by soaring food prices that are angering voters. The number of Brazilians who approve of the president rose to 46.1% this month, from 44.9% in March, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News. Slightly more than half of Brazilians — 50.1% — disapprove of him, the poll found, from 53.6% the previous month.
Bloomberg
28-04-2025
- Business
- Bloomberg
Sheinbaum's Popularity Passes AMLO's, Feeding Mexican Economic Optimism
President Claudia Sheinbaum is more admired by Mexicans than even her popular predecessor Andres Manuel Lopez Obrador, a status that is fueling economic optimism despite risks of a recession and the perils of a US trade war. Two-thirds of Mexicans, 67%, hold a positive image of Sheinbaum, putting her three points ahead of Lopez Obrador, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News and released Monday. AMLO, as the former president is known, left office last year as one of Latin America's most popular leaders, handing the reins of the region's second-largest economy to his political protege.
Yahoo
07-03-2025
- Politics
- Yahoo
Crime Fears Offer Opening to Latin American Conservative Leaders
(Bloomberg) -- Across Latin America, crime and insecurity fears are providing a boost to conservative politicians, who are seen by many residents as better suited to making their countries safer. Trump Administration Plans to Eliminate Dozens of Housing Offices NJ College to Merge With State School After Financial Stress Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low Roughly 54% of Brazilians said crime and drug trafficking are the top issues facing their country, surpassing both corruption and the economy, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News and published Friday. Half of the respondents there said the political right had better plans to combat illegal activities, while only about one-quarter said the left is better prepared. Crime also ranked as the top issue in Chile — with almost 55% of respondents choosing it — and over 44% of them said right-wing politicians had the best plans to fight it. Nearly 48% of Colombians picked crime as their country's top problem, while half of those polled said they preferred proposals from conservatives to make their country safer. The growing concern over drug traffickers and robberies represents a vulnerability for the region's progressive leaders, many of whom are already under fire for their economic records. Brazil's Luiz Inacio Lula da Silva's popularity has sank in recent months over frustration with rising food prices, while Colombia's Gustavo Petro and Chile's Gabriel Boric are suffering with their electorates due to paltry growth. Crime is likely to be on the top of Latin American voters' minds as leftist presidents, or their successors, gear up for tough election fights in coming months. The streets in Santiago de Chile remain comparatively safer than many Latin American capitals, but the growing presence of the Venezuelan gang Tren de Aragua has fed the perception that Boric is weak on crime. In Colombia, Petro's efforts to negotiate with illegal armed groups have so far failed to yield significant security gains as rival groups battle for control of cocaine-producing regions. Murders have dropped significantly in Brazil in recent years. But the entrenched presence of gangs in urban slums and rural outposts along with surging street crime, such as the theft of smartphones, has Brazilians worried: Nearly three quarters of respondents there — 73.2% — said crime is currently getting worse. In Mexico, which has long grappled with scourge of drug cartels, nearly half or respondents ranked crime as the country's top issue — second only to corruption. Still, Mexicans are holding faith in President Claudia Sheinbaum's abilities to curb the violence: 41% of the respondents said the political left had the best proposals to combat criminality. AtlasIntel surveyed 2,164 people in Argentina, 2,181 in Chile, 1,807 in Colombia and 2,125 in Mexico, all an with a margin of error plus or minus 2 percentage points. In Brazil, it surveyed 5,710 people with a margin of error of plus or minus 1 percentage point. --With assistance from Beatriz Amat. Snack Makers Are Removing Fake Colors From Processed Foods An All-American Finance Empire Drew Billions—and a Regulator's Attention The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P.
Yahoo
07-03-2025
- Business
- Yahoo
Petro Approval Rating Drops as Guerrilla Violence Roils Colombia
(Bloomberg) -- Colombian President Gustavo Petro's approval rating sunk to a new low last month following a guerrilla offensive, cabinet infighting, and a spat with US leader Donald Trump. Trump Administration Plans to Eliminate Dozens of Housing Offices NJ College to Merge With State School After Financial Stress Republican Mayor Braces for Tariffs: 'We Didn't Budget for This' How Upzoning in Cambridge Broke the YIMBY Mold NYC's Finances Are Sinking With Gauge Falling to 11-Year Low In February, 64% of Colombians disapproved of the way Petro is running the government, from 55% in January, according to LatAm Pulse, a survey conducted by AtlasIntel for Bloomberg News, which was published Friday. Of those polled, 33% said they approved, from 35% the previous month. As Petro prepares to leave office in August 2026, his attempts to strengthen the welfare state have stalled, while his plan to achieve 'total peace' through talks with illegal armed groups has failed to quell the violence roiling the countryside. Colombia's stock market is the best performer in the Americas this year, as investors calculate that voters will back a more pro-business candidate in next year's vote. Fear of crime and disorder jumped, the poll found. The number of Colombians who rank by 'insecurity' among the top problems facing the nation rose to 48%, from 32% in January. An offensive by guerrillas of the National Liberation Army, or ELN, in January began the most intense bout of violence in more than a decade and displaced tens of thousands of people. Tearful Recriminations The most recent survey was conducted after Colombia's first ever televised cabinet meeting, which was marred by tearful recriminations and bickering, leading to widespread mockery. Petro reshuffled his cabinet in recent weeks in a bid to get his government back on track in the time that remains to it. Federico 'Fico' Gutierrez, the conservative mayor of Medellin, had the most positive image among the nation's main political leaders, with 54%, the poll found. Gutierrez came third in the 2022 presidential election race which Petro won. In January, a dispute with Petro on social media over deported Colombian migrants led Trump to threaten a 25% tariff on all Colombian goods. The two countries managed to reach a deal to avoid that, averting economic catastrophe for the Andean nation. AtlasIntel surveyed 1,807 people in Colombia between Feb. 24-27. The poll has a confidence level of 95% and a margin of error of plus or minus two percentage points. Snack Makers Are Removing Fake Colors From Processed Foods An All-American Finance Empire Drew Billions—and a Regulator's Attention The Mysterious Billionaire Behind the World's Most Popular Vapes Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Greenland Voters Weigh Their Election's Most Important Issue: Trump ©2025 Bloomberg L.P.
