Argentine business leaders agree to freeze layoffs until March
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Argentine President Mauricio Macri speaks during news conference at the Olivos presidential residence in Buenos Aires, Argentina, September 28, 2016. REUTERS/Marcos Brindicci/File Photo
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
BUENOS AIRES (Reuters) - Argentine business leaders agreed on Wednesday not to lay off workers without justifiable cause until March 2017, after unemployment rose amid a prolonged recession.
They signed an agreement with Argentina's largest umbrella union after a meeting that was mediated by the federal government, which has been betting on the arrival of foreign investment to jump-start economic growth.
The agreement, seen by Reuters, said the measure was meant to provide workers with job security. The first official unemployment data under center-right President Mauricio Macri showed unemployment in Argentina was 9.3 percent in the second quarter of 2016.
Macri's leftist predecessor was widely accused of manipulating data and the new government said it did not trust prior unemployment numbers.
Third-quarter labor market data is expected on Friday.
Since taking office in December, Macri has been pushing market-friendly reforms after more than a decade of interventionist policy had caused investors to flee from Latin America's No. 3 economy.
But investment has not arrived as fast as expected and Argentina's economy is expected to contract 1.5 percent this year. Workers have also suffered from high inflation, seen around 40 percent.
Tens of thousands of protesters marched in the Argentine capital on Friday to pressure the government into increasing subsidies to the poor.
(Reporting by Maximiliano Rizzi; Writing by Caroline Stauffer; Editing by Chizu Nomiyama)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trump calls corporate tax border adjustment 'too complicated': WSJ
- Poroshenko says Ukrainians at risk of losing faith in EU path
- General Motors to announce $1 billion in U.S. investment
Create E-mail Alert Related CategoriesReuters
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!