Sep 3, 2018

Argentina announces emergency spending cuts as financial crisis looms

Currency exchange in Buenos Aires, Argentina. Photo: Eitan Abramovich/AFP via Getty Images

Argentine President Mauricio Macri announced steep spending cuts and new taxes on exports Monday in an effort to restore investor confidence, following a disastrous week that saw the peso lose 20% of its value against the dollar, reports the Financial Times.

The big picture: The Argentine government is taking drastic steps, including raising interest rates to 60%, with the hope of fending off another crisis in a country that has experienced decades of financial turmoil. Macri's aggressive plan to balance the budget comes as Argentina seeks an acceleration of bailout funds from the IMF.

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Dion Rabouin

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Scoop: Top CEOs urge Congress to help small businesses

Illustration: Eniola Odetunde/Axios

With a new coronavirus relief measure stalled in Congress, CEOs of some of the world's biggest companies have banded together to send a message to Washington: Get money to small businesses now!

Why it matters: "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," warns the letter, organized by Howard Schultz and signed by more than 100 CEOs.

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Kyle Daly

2 hours ago - Technology

What a President Biden would mean for tech

Illustration: Eniola Odetunde/Axios

A Biden presidency would put the tech industry on stabler ground than it's had with President Trump. Although Biden is unlikely to rein in those Democrats who are itching to regulate the big platforms, he'll almost certainly have other, bigger priorities.

The big picture: Liberal Silicon Valley remains one of Democrats' most reliable sources for big-money donations. But a Biden win offers no guarantee that tech will be able to renew the cozy relationship it had with the Obama White House.

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Courtenay Brown

2 hours ago - Economy & Business

Virtual school is another setback for struggling retail industry

Illustration: Annelise Capossela/Axios

A virtual school year will likely push retailers even closer to the brink.

Why it matters: Back-to-school season is the second-biggest revenue generating period for the retail sector, after the holidays. But retailers say typical shopping sprees will be smaller with students learning at home — another setback for their industry, which has seen a slew of store closures and bankruptcy filings since the pandemic hit.