MercoPress. South Atlantic News Agency
Oil company pledges US$ 1.4bn in investments in Argentine Patagonia
Pan American Energy PAE, announced on Thursday investments of 1.4bn dollars in exploration and exploitation of conventional and non conventional hydrocarbons in the Argentine Patagonia provinces of Neuquen, Chubut and Tierra del Fuego. Read full article
Comments
Disclaimer & comment rulesIs this the first drop of president Macri's so-much announced “rain of dollars?”
Jul 15th, 2016 - 04:02 pm - Link - Report abuse 0I doubt that the pledged capital will ever be deposited.
Jul 16th, 2016 - 07:23 am - Link - Report abuse 0Remember what you wrote, Reeeeeeeeeekie.
I suppose many countries invested under the Kirchner dictatorship ?
Jul 16th, 2016 - 02:49 pm - Link - Report abuse 0The Canadian known as Quique seemingly expects 15 years of decay to be turned over in 6 months.
Jul 16th, 2016 - 03:50 pm - Link - Report abuse 0What a fool.....stick to being Tobi....better yet......bring back the Pirate Hunter, at least you were funny then.
I am not Enrique Massot since I am not a Peronist or Cristinist. I am a non-disaffiliated ex-member of undecided Partisan Independents.
Jul 17th, 2016 - 05:08 pm - Link - Report abuse 0#2 chronic
Jul 17th, 2016 - 08:48 pm - Link - Report abuse 0“I doubt that the pledged capital will ever be deposited...Remember what you wrote, Reeeeeeeeeekie.”
I could've never imagined, but chronic and I agree on something!
I too doubt this investment will go beyond a press release, my dear fella. That is why I wrote my sentence with a question mark at the end.
It's prudent to take a minute to read a post before jumping to answer to avoid looking silly.
#5 CapiTrollism
I confirm I'm not this poster. I sign all my posts with my real name.
Why Reeeeeeeeeeeeeekie, are you inferring that Macaroni isn't a lyin' rg like you?
Jul 17th, 2016 - 10:34 pm - Link - Report abuse 0lol.
@1 and 6
Jul 18th, 2016 - 03:15 pm - Link - Report abuse 0Since the beginning of the current year the argentine farmers exported an additional 60% compared to year 2015. Thank's to that the argentine peso is almost the very same as the last days of year 2015.
I know that you always avoid answering me..but at least I can inform other forum participants about your lack of up dated news...
#1 (and thanks to #8)
Jul 18th, 2016 - 06:22 pm - Link - Report abuse 0Apart from boosting spending for state universities by 500 million pesos, growing the economy by 0.5%, helping Siemens announce the intention to provide us with 6,000 jobs, releasing the dollar clamp, starting the process of paying off our international debts which was a hole dug ever deeper for him by the previous administration's refusal to comply with their contractual obligations, stopping INDEC from lying about how bad we were doing, paying the pensioners, reducing inflation, reducing the number of power cuts, announcing a US$1.4bn investment in Patagonia and allowing Argentine farmers to expert an extra 60%, what did Macri ever do for us?
#8 pgerman
Jul 18th, 2016 - 07:16 pm - Link - Report abuse 0You are right! I celebrate positive information about Argentina's economy having no stake on a failure that would impact the country--including my close friends and relatives.
“On the external side of the economy, in Q1, exports rebounded sharply to a 13.1% expansion supported by a weak currency,” reported Focus Economics. Good.
However, other indicators send mixed signals about Macri's first seven months in government.
For example, as reported by Focus Economics, “confidence among consumers has been negatively affected by the reforms that the Macri administration is undertaking, which have led to massive job cuts and the high rate of inflation.”
http://www.focus-economics.com/countries/argentina/news/consumer-confidence/consumer-sentiment-hits-lowest-level-in-nearly-two
Finding supermarket shelves stocked with imported foods such as tea from the U.K., Swiss chocolate, French cheese and jam as well as snacks, mustard and tomato sauce from the U.S., olive oil and cold cuts (cold meats) from Italy is not a good signal.
Increasing amounts of fish, chicken and pork meats are now competing with products locally offered.
Washing machines and refrigerators from Brazil and SE Asia, clothing from China, India and Vietnam are also increasingly replacing local products.
Macri said in December he would use imports if needed to lower prices.
However, local companies worry about the impact of such strategy on their activity levels--with a direct impact on employment.
http://www.focus-economics.com/countries/argentina/news/consumer-confidence/consumer-sentiment-hits-lowest-level-in-nearly-two
What about the much-touted rain of capitals? Nothing. Apparently investors want an even lower peso--20 per dollar.
I guess it makes sense exactly why you cannot return, both sides will tear your balls off via your mouth.
Jul 18th, 2016 - 07:17 pm - Link - Report abuse 0“Massot is accused of colluding with military personnel to eradicate a press workers' union and is implicated in the homicide of union members Enrique Heinrich and Miguel Angel Loyola. Massot allegedly instigated the crime, collaborated in it and covered up the truth about the kidnapping, torture and murder of the other 35 members of that group.”
Enrique Heinrich and Alejandro Massot.....mmmm, is Nicolas Massot of Let's Change a disappointment?
#11 Captain Poppy
Jul 19th, 2016 - 04:32 am - Link - Report abuse 0Come here fast! Captain Poppy has finally learned how to Google people!
Look, dear: If you expect going online and finding what you believe is embarrassing information making me go away, think again. It's too much fun come here and challenge your backward, reactionary opinions.
So, if you cannot bear having to read opinions shaking your Flat Earth ideology, then you need to work a little harder. And I can't guarantee success.
Go home Reeeeeeeeeeekie.
Jul 19th, 2016 - 09:18 am - Link - Report abuse 0Is that what you call an insult? Go back to Argentina if you love it so much you coward.
Jul 19th, 2016 - 10:41 am - Link - Report abuse 0I second that emotion..........Go home Reeeeeeeeeeekie.
Stop being a leech to Canada. Argentina wants you Tio Quique.
Either way..........you turned your head.
@10
Jul 19th, 2016 - 01:16 pm - Link - Report abuse 0Enrique
It is wonderful to see how the argentine national socialists like to do figures now and even talk about the increased poverty when CFK officially refused to gauge it saying that doing this was a “discrimination act against the poor”. How do you know that poverty has increased during 2016 if Argentina did not gauge the number of poor during year 2015?
The issue is that the current government was obliged to tidy up the macroeconomic disaster left by CFK
The monetary base was U$D 63,000 million with a nominal reserves of U$D 25,000 million the very last week of CFK government. So the dilemma was simple: devaluation or hyperinflation.
An arrangement was reached with the bondholders and the debt was paid taking the country out of 15 years default.
Service fees were behind several years. Take for instance, the underground that had its fares frozen more than three years when the actual inflation rate was 25/30% per year. The fare is going to be increased only a 50%.
The costs of public services had to be increased but , despite this, are still the cheapest in the region increased.
http://www.infobae.com/economia/2016/07/12/aun-con-tarifazo-argentina-tiene-el-gas-de-red-mas-barato-de-la-region/
The disaster left by CFK is such a mess that during decades Argentina exported gas (the last gas exportation was done during year 2003) but now the country needs to import gas but had no money to pay the importations.
There is no unrestricted entry of imported goods: Something done in a capitalist Canada (a true democratic country in which you live comfortably while envy Venezuelan “paradise”).
All these changes to regularize the economy obviously have an impact on a very uncompetitive country, with capital flight, legal uncertainty and Peronist corruption Peronist, with little investment and no competitive industries.
It is obvious that taking the country out of cheap populism and normalize it won’t be easy but the path is properly taken.
#15 pgerman
Jul 19th, 2016 - 06:25 pm - Link - Report abuse 0“It's wonderful to see” the increasing desperation of those who hoped for a deep neo liberal transformation of Argentina as the dream begins to show its first cracks.
Contrary to the neocon oft-repeated message, Argentine citizens did not expect huge positive results in just seven months. They did, however, expect steps in the right direction--which is not happening.
Instead, the current government appears clumsy and uncoordinated, responding with denial to citizens' concerns, such as the recent “ruidazo” or “cacerolazo.”
And what our ineffable German responds? In perfect sync with the government, he assures us:
“...taking the country out of cheap populism and normalize it won’t be easy.”
And here's the pearl: “...but the path is properly taken.”
Wow.
#10.
Jul 19th, 2016 - 06:55 pm - Link - Report abuse 0”Finding supermarket shelves stocked with imported foods such as tea from the U.K., Swiss chocolate, French cheese and jam as well as snacks, mustard and tomato sauce from the U.S., olive oil and cold cuts (cold meats) from Italy is not a good signal.”
I disagree. If those products are being stocked then they are obviously being sold to someone and it shows that people are sufficiently confident to buy products that have been imported from across the world. Surely it is good to have affordable choice? The same is true in the USA and Europe.
However, if you are suggesting that Argentina's home produce cannot compete with imports, even with the current value of the peso, then you are simply indicating how inefficient and uncompetitive the Argentine economy has become and I don't think you can blame 6 months of Macri for that (although I am sure that you will).
In practice, I don't think having choice is generally a problem since your average person in a supermarket will buy locally produced products alongside imported products. Some of the things you list probably aren't even produced in Argentina! If you want Swiss chocolate, French cheese or Italian cold cuts then there isn't really any substitute.
If you go into a wine shop in the US or Europe you will find Argentine wines alongside French, Italian, US, Chilean, German, South African, Australian wines etc. The price will vary depending on origin and quality and the consumer makes their choice accordingly. Irrespective of which country you are in, why is that a bad thing?
@16
Jul 19th, 2016 - 07:31 pm - Link - Report abuse 0Analyze the economy from a professional, and rational, point of view leaving aside the ideology and myths is always a positive thing. Taking steps in the direction of orthodoxy and being professional out of heterodoxy and populism is something good too.
Reducing the fiscal deficit, increasing international reserves, controlling public spending, devaluating the Argentine peso to a value close to real, raising the fare of services to foster a more rational use of non-renewable resource, reducing the tax burden to encourage investment, honoring international commitments, restoring trade and diplomatic ties with developed nations, promoting foreign trade and fighting against corruption are all correct measures that only one person with extreme ideology can refer to them as “steps in the wrong direction”
So far the government has shown no sign of neo-liberal policies and has protected many industries to combat unemployment (such as oil and energy industry in Patagonia) even at a cost much higher than international ones.
The government has only trying to fix the legacy. Something that is not easy in a country with great populist/fascit influence where many of the citizens believe in strong, and long, leaderships and in a patronizing Government that must settle and intervenie up in any personal problems of each citizen.
Much has been made in the right direction but thay have also made mistakes and I am the first to point out what disgusts me. As corresponds to a democratic republcan.
17. It's a bad deal because generally rg can't compete. Savy?
Jul 19th, 2016 - 07:57 pm - Link - Report abuse 0And yet another subsidy removed here in Argenzuela, this time the price supports for formerly artificially cheap cooking oil (soy and sunflower oils). If we are to believe the local media, we should expect to see the price of cooking oil triple at the shops. Just another product to buy in the Chilean zona franca in Punta Arenas on the next trip.
Jul 20th, 2016 - 02:30 pm - Link - Report abuse 0Oh, and the present government is now saying “don't pay your natural gas bill.” So, unlimited consumption of largely imported natural gas, at no apparent cost to the consumer. What perfectly enlightened economic policy. So very Argentine.
#18 pgerman
Jul 20th, 2016 - 04:41 pm - Link - Report abuse 0Analyzing the economy from a “professional, and rational, point of view leaving aside the ideology and myths...” is good, says German.
Excellent!
So let's hear the experts. UK's The Economist, highly critical of the CFK government, welcomed Macri's coming to office last December. On July 7 it published an article headlined “Argentina’s economy: The cost of truth.”
It praises Macri for printing a 500-peso bill recognizing the real value of the money--in contrast with CFK who used to deny the extent of inflation.
However, the magazine changes tone referring to recent moves.
”Some of (Macri's) efforts to normalise the economy—such as easing currency controls and removing subsidies on electricity, water, gas and transport—have exacerbated the inflation he inherited.“
The article points to INDEC changes making it more reliable.
”Worryingly, the picture emerging in the freshly polished mirror is of an economy going the wrong way,“ it notes.
”New numbers show that growth, private employment, manufacturing and investment have all fallen since Mr Macri came to office. His country is officially in recession.“
Well summarized...and I do not believe having written something that blunt.
#17 Zaphod
”Surely it is good to have affordable choice?...If you want Swiss chocolate, French cheese or Italian cold cuts then there isn't really any substitute.“
Ah, the magic of being able to ”choose.“
You may believe--or try to make others believe--that things will improve with ”choice.”
Others, including some close friends with the current government, worry that dollars used to pay for imports, less buying power and fewer sales will put the country in a downward spiral.
Amazing how a few months can change optics!
Some who saw the glass half empty during CFK now see it half full.
@21
Jul 20th, 2016 - 05:03 pm - Link - Report abuse 0The fact that you can hold your breath one, or two, minutes under water does not mean that you can live underwater without breathing like a fish.
It is clear that updating the cost of dollar and increasing the service fees to real values aiming the reduction of the fiscal deficit and money supply (trying get control of the inflation in the medium term) bring, in the short term, an increase in prices.
What you seem to ignore is the magnitude of the delay of the dollar and service rates.
Take for instance the gas: as a result of an artificially cheap rate overconsumption was fueled and the results were obvious. In a ten years time Argentina went from being an exporter of gas to desperately needing gas importations (without money to pay it). Do you need a better proof of the failure of CFK energy policy?
Another examle is the Bs As underground one trip fee. It cost now the very same as three in a half year time but inflation remained around 25/30% during the mentioned time. Is it wrong to update the subway fare? Or do you intend to travel for free?
The current recession (actually Argentina has been in recession during the last four years) is a consequence of having artificially and irresponsibly “anchored” the services and dollar prices. Something you seem (or prefer) to ignore.
#19 It's a bad deal because generally rg can't compete. Savy?
Jul 20th, 2016 - 05:56 pm - Link - Report abuse 0Yes, I understand the logic, but it is short-sighted.
If you try to prevent imports because Argentina can't compete, then Argentina will never be competitive. However, if imports (along with tarriffs and transport costs) are still cheaper than the the home grown equivalents* then it should be a driver for the home producers to get their act together and, guess what, if and when they do, their products will become easier to export increasing their market. Why is that a bad thing? The reality of a competitive market may be unpleasant but you can either adapt and improve or try to hide from it. The problem is, Argentina has been hidden from reality for the last 12 years.
*- As I tried to point out to Reeky, if there is no home grown equivalent then you have no option but to import. Most countries import foods that they are unable to grow themselves without any problems. Are tea, cocoa and olives significant crops in Argentina?
Remember, that once an imported product enters a country it is subject to that country's distribution system and everyone in that chain will take their cut and be better off for it. Also, if a home-grown crop becomes uncompetitive farmers a free to grow something more profitable for themselves. They do that all the time, even in Argentina.
Rg is entrepreneurially impotent.
Jul 20th, 2016 - 10:26 pm - Link - Report abuse 0This is a phenomena of cultural DNA.
It's not a choice.
Argentina slowly grows, Britain? slowly growing into Britisthan
Jul 20th, 2016 - 11:12 pm - Link - Report abuse 0Lukie,
Jul 21st, 2016 - 12:17 am - Link - Report abuse 0Argentina is in recession. Do you understand the meaning of “recession”? ¿ “Crisis económica”? ¿ “una economía hundida” ? ¿Que tal “la estanflación” ? ¿Que te parece “una situación fiscal deficitaria” ?
UK, fifth-largest economy in the world.
Argentina? Once we untangle the lies of the CFK INDEC, it might come in at economy number 62 if you're lucky. But Argentina's economy is in decline, and nowhere near as good as Cristina wanted you to think it was.
26 Marti
Jul 22nd, 2016 - 06:48 pm - Link - Report abuse 0“Argentina's economy is in decline, and nowhere near as good as Cristina wanted you to think it was.”
Marti: Just in case you haven't notice, Argentina has been for seven months under a new government.
Not only that: the new government headed by Mauricio Macri could be accused of many things--not of being static. In fact, this government has been busy introducing new measures, and has enjoyed a divided opposition that has allowed to pass most laws it proposed.
This seven-month period is starting to produce results.
These results have already produced a massive citizen protest supported by the courts that have suspended massive utility bill increases. Inflation has increased, and recession is deepening.
Facing that, you can try to keep focus on the previous government--which is exactly what the Macri team is doing in an effort to earn time.
Sad task indeed.
Reekie, as previously observed, so long as Argentina is managed by Argentines, it will be a disaster. Your observations have reminded us of this once again. And it will take many years to undo the damage, the neglect, the malfeasance, the theft, the corruption, the refusal to honour contracts, the suppression of dissent and the free press, and the lies of the Kirchner governments. Of course, you, reekie, will remain blind to all of that.
Jul 22nd, 2016 - 11:21 pm - Link - Report abuse 0Just in case you haven't noticed, the crimes of the previous government are being prosecuted. Some of the hundreds of the guilty have already been sentenced. There are more to come. Over 1000 criminal charges already in the works. The prosecution of the KuKKarachas will provide wonderful entertainment for years to come
Remember when Kirchner made it a crime to publish the real data that revealed just how badly the economy was doing during the CFK reign? Now there is another relic of the Argentine neo-Stalinist era, now consigned to the dustbin of history.
#28 Marti
Jul 23rd, 2016 - 02:06 am - Link - Report abuse 0Marti, you try to blow smokescreens, but your friend Macri is deeper in manure each day and you know it.
Even Clarin is alarmed by dissension and erratic movements of a dysfunctional government team, where Central Bank president Sturzenegger disagrees with Economy minister Prat-Gay, Carlos Melconian of Banco Nación disagrees with both, and everybody is mad at minister Aranguren because of the social unrest caused by the utility bills increases.
In spite of that, “Everybody agrees that unearthing the 'corruption' Kirchnerist helps conceal the serious errors the government has committed,” writes Marcelo Bonelli in Clarín.
Smokescreens galore.
http://www.clarin.com/opinion/Reproches-pujas-internas-gabinete-economico_0_1617438406.html
So there has been a change from one dysfunctional, thieving, mendacious, and flagrantly corrupt government, to one that is merely stumbling and dysfunctional?
Jul 23rd, 2016 - 03:21 pm - Link - Report abuse 0For Argentina, that represents progress.
#30Marti
Jul 24th, 2016 - 03:34 am - Link - Report abuse 0No Marti. It means with each day the lies Macri told in order to get elected are surfacing, and his measures transferring massive resources from the poor and middle class to the wealthy are becoming more and more visible.
In spite of Clarin's daily smokescreen of stories about Lopez and the nuns, the sad reality of billions given to agro exporters and tax reductions for the wealthy while people face horrendous utility bill increases becomes more and more difficult to hide.
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