Tuesday, September 13, 2016 argentina in numbers. GDP growth: +2.1 percent in 2015, -0.7 percent in first quarter of 2016 (INDEC statistics bureau)12-month inflation rate: 39.9 percent (Elypsis consultancy agency)Investment-to-GDP ratio: 18 percent (Ferreres consultancy agency)Unemployment rate: 9.3 percent (INDEC statistics bureau)Poverty: 34.5 percent (UCA Argentine Catholic University)
Tuesday, September 13, 2016 Weather set to give CEOs a windy welcome. While the government is pulling out all the stops for the business community, who arrive in town today for the Argentina Business and Investment Forum, it seems the weather has decided to not to play ball. After yesterday’s downpour and gusty winds — the National Weather Service even issued a warning for hail, strong winds and storms — it seems today will be a drier but perhaps even slightly more blustery. Temperatures in the capital are expected to hover at around 14 degrees Celsius all day, but winds will reach up to 47 kilometres/hour — even stronger than yesterday.
Yet investment decisions require a long-term perspective, which makes news of the day, week or even month of relative importance. While a forum on this scale offers the perfect venue for the big picture, potential investors would be wise to be wary of generalizations and concentrate strictly on their sector. Potential investors should also keep an eye on the evolution of tax reform in the near future — the current system overburdens companies while exempting the financial sector and dividends, an imbalance which might well be corrected before too long. Returning to legal security, in its quest for productive investments, the Macri government might try being a little less understanding towards tax evaders and capitalists attracted by tax havens. Legal security also requires governments with firm principles against such toxic capitalism.
tax incentives for companies suggested Tuesday, September 13, 2016 Macri launches ‘patronage bill’ to privately fund cultural projectsPresident Mauricio Macri and Culture Minister Pablo Avelluto announced yesterday that the government had sent a new “Federal Commitment to Culture” bill to Congress for approval that will offer tax incentives to private companies that invest in cultural and artistic projects in Argentina“Imagine entrepreneurs that have incentives such as a reduction in tax expenses to finance projects. So the role of the state will be to tell employers that they can directly transfer the money to those who create these projects, without needing to go through the state itself,” Avelluto said, unveiling the details of the so-called “Patronage Bill”. He was speaking at the Usina Del Arte centre in La Boca, Buenos Aires City, yesterday. The bill promotes a “direct and transparent way of financing cultural projects of social interest through contributions from private companies,” the government said in a statement, with proposed tax incentives for participating companies. Macri meanwhile claimed that the bill would also help his much-criticized a central promise from his successful presidential campaign last year — deliver “Zero Poverty”.
As peace accord with gov’t approaches Tuesday, September 13, 2016 Colombia’s FARC apologizes for kidnapping during warBOGOTA — Colombia’s Marxist FARC rebels apologized for the “great pain” they caused by kidnapping thousands of people to fund half a century of conflict as the insurgent group prepared to sign a peace accord with the government. The Revolutionary Armed Forces of Colombia (FARC) said in a video recording late on Sunday that it had taken captives over the years but would not do so again. The rebels and government are gearing up to sign the accord after reaching agreement on August 24 to end a war that has killed more than 220,000 people and displaced millions. Some 7,000 FARC fighters will be incorporated into society and permitted to form a political party. Colombia’s President Juan Manuel Santos said in an interview last week that the deal has to pass the plebiscite otherwise, he said, “more war would be a disaster.”Herald with Reuters
Macri is betting that such moves will improve the stuttering economy, which shrank by 0.7 percent in the first quarter. The president believes that an economic revival will trickle down to those worse-off, as poverty levels are rising in Argentina. In it, the government’s strategies to revive key sectors of the economy, promote private enterprise and encourage inclusive long-term growth will be presented,” a statement released by the Foreign Ministry said. Today’s eventsFollowing his opening remarks this morning, Macri will open a panel discussion called “Investing in Argentina: A Global Perspective,” in which leaders of global companies assess the possibilities for private investment in Argentina. “Business leaders were confident from day one, but we had some prior problems to resolve, that have (now) been resolved,” she said ahead of today’s event.
The percentage of total internet users (both mobile and fixed) compared to the total population of Latin America and the Caribbean grew 10.6 percent annually between 2000 and 2015. However, the ECLAC report showed that the expanding access has concentrated itself “in the richest percentiles, widening the gap with the poorest percentiles,” pointing towards a greater inequality in internet access. At the same time, access to broadband connections outside of the cities increased sharply, particularly in the mobile market, which rose to 58 percent in 2015 from just seven percent five years before. Although some countries in the region have an urban-rural disparity of around 41 percentage points. Argentine Internet PlanIn May this year, the Argentine government launched its Federal Plan for Internet which aims to “promote access to quality internet in every corner of the country, narrowing the development gap and opportunities between large urban centres and villages.”The plan aims to install fibre optic connections in 1100 settlements through the government’s ARSAT satellite communication programme, raising the equality across the country in the populations access to broadband internet.
September 13, 2016 03:33 UTC
It is quite an experience to see the paintings that have impacted modern art so greatly in real life: and the famous Black Square is here. Blazing his own trail, Malevich went through a period in which he was influenced by Impressionism, and subsequently by Symbolism. With Suprematism, Malevich did not intend to merely make an artistic statement; it went beyond art. The Black Square has become the icon of his Suprematism. The black square became an icon in itself.
September 13, 2016 03:33 UTC
Sources close to ex-head of state call move ‘demented’ Tuesday, September 13, 2016 CFK called for questioning as part of public works probeSupporters of former President Cristina Fernández de Kirchner have repeatedly joined her whenever she’s come back to Buenos Aires to face court cases against her. Ercolini also called former Federal Planning minister Julio De Vido, former Public Works secretary José López, former government official Carlos Santiago Kirchner — a cousin of the late former president Néstor Kirchner — and Báez himself, among others, while also freezing assets worth millions of pesos. Speaking to the Herald yesterday, sources close to CFK said that “accusing a group of people of winning the elections just to create a criminal conspiracy dedicated to public works overpricing is insane. “We did public works, a lot of it, all over the country. Rallies have been organized to defend CFK when she was called for questioning over the dollar futures case by Judge Claudio Bonadio in the past.
September 13, 2016 03:11 UTC
Tuesday, September 13, 2016 Investment-starved government asks firms to take another lookBy Charlie DevereuxBloomberg NewsBusiness forum is key to Macri’s presidential ambitionsPresident Mauricio Macri sees foreign investment as key to Argentina’s economic prosperity. He chose to do this in one of Buenos Aires’ architectural marvels, an icon of early 20th century prosperity, which ironically the Kirchners renamed after themselves. “The forum is another signal of the confidence the world has that Argentina is in a new stage,” Macri wrote. “The why you shouldn’t go to Argentina has disappeared,” Marx said the client told him. “But the thing is that no one has explained to us the reasons why you should invest in Argentina.”@charliedevereux
September 13, 2016 03:11 UTC
Monday, September 12, 2016 Overloaded with overtimeBy Liliana PalermoFor the HeraldStop touting (1) the crazy hours you work. Americans' weekly work hours, on average, actually fall somewhere in the middle of the pack (6) among developed nations. The other meanings are clearly related to something opposite to good; when you speak of “ungodly hours” or ungodly time,” the meaning is “insufferable, shocking, outrageous;” simply, “very bad” or unacceptable. “slogs” (15)A slog is a long session of hard work, long exhausting work. The old proverb counsels: Never trouble trouble till trouble troubles you.
September 12, 2016 05:38 UTC
Monday, September 12, 2016 15 years on, US remembers 9/11 terrorist attacksThe US marked the 15th anniversary of 9/11 yesterday, with victims’ relatives reading their names and reflecting on a loss that still felt as immediate to them as it was indelible for the nation. Over 1,000 victims’ family members, survivors and dignitaries gathered at ground zero in New York City under an overcast sky. You don’t move forward — it always stays with you,” said Tom Acquaviva, who lost his son, Paul Acquaviva. Nearly 3,000 people died when hijacked planes slammed into the World Trade Center, the Pentagon and a field near Shanksville on September 11, 2001. It was the deadliest terror attack on US soil.
Clinton “became overheated and dehydrated” at the ground zero event, her doctor said. The billionaire businessman, who also attended yesterday’s memorial, said, “I don’t know anything,” when asked about Clinton. Trump has repeatedly questioned Clinton’s health, telling supporters last month she “lacks the mental and physical stamina” to serve as president and fight Islamic State militants. Hours after her stumble, Clinton’s campaign provided an explanation, releasing a statement from her doctor, Lisa Bardack, that said Clinton was diagnosed with pneumonia on Friday. Trump turned 70 in June, while Clinton will have just turned 69 if she wins the White House.
Monday, September 12, 2016 Uruguay expects record-breaking number of Argentine tourists this summerUruguay’s Minister of Tourism Liliam Kechichián said yesterday that the country is expecting “two million Argentines” to arrive at the end of the year, which would be a “record in the history Uruguayan tourism.”The minister, who met this afternoon with the governor of the province of Buenos Aires province Maria Eugenia Vidal, said that numbers of Argentine tourists increased 40 percent over the months of July and August, while the numbers of Brazilians, improved by 17 percent. Although she admitted that “making predictions in tourism, which is highly affected by things that may happen tomorrow, is a bit reckless,” she acknowledged that the figures show a “positive upward trend” that allows them to be “optimistic.” Additionally, Kechichián said that the first quarter of 2016 was “the best in the last five years,” bolstered by the news that the first half of the year saw the country’s best tourism figures in the last 15 years, according to a report by the Centre for Economic Research (Cinve), which was published in August.
Debate starts in congress this week Monday, September 12, 2016 Budget bill to forecast 3.5 percent growth for 2016The government will forecast a sharply lower inflation rate and strong economic recovery in 2017’s budget, which is expected to start making its way through Congress this week, according to Let’s Change’s leader in the Senate. Data on Wednesday showed industrial production contracted 7.9 percent in July from a year earlier, marking the sixth straight month of shrinking output. The government statistics agency said gross domestic product shrank 0.7 percent in the first quarter of the year from the last quarter of 2015, confirming a third consecutive quarter of negative growth. “It is basically a mechanism to distribute risks between the state and the private sector,” Pinedo said. Macri’s Cabinet Chief Marcos Peña said last week that gross domestic product will likely contract by one percent in 2016.