Reuters ahead as Argentine president loses battle with farm leaders

Reuters was ahead of competitors as Argentine President Cristina Fernandez suffered a humilating political defeat in a long battle with farmers over export taxes. Argentina’s Senate, controlled by Fernandez’s own party, rebelled and rejected the tax that had sparked four months of farm protests and interrupted exports. Reuters beat Bloomberg by 90 seconds and Dow Jones by more than an hour with news of the Senate vote on July 17. International soy prices fell, and Argentine stocks, bonds and peso currency all gained on the news. Reuters had faster and more comprehensive coverage than its competitors, including an analysis on how the defeat could force the president to change her style and policies. The following day, Fernandez backed down and revoked the tax on soy exports, which account for 25 percent of all Argentine exports. Soybeans hit an intraday low after the announcement, and corn prices also fell. Argentine stocks turned positive from negative, and bonds and the peso rallied.