The Argentine judge overseeing an investigation into the so-called notebook scandal has indicted billionaire Paolo Rocca as part of a graft case. Shares of steel pipe-maker Tenaris SA, in which he is the majority shareholder, plunged in Italy.
One of Argentina’ leading international corporations, Techint, made public a 200 pages report sent to the Buenos Aires stock exchange with a devastating picture of the country’s economy which “continues in a state of fragility”.
The Techint Group agreed to pay 5.03 billion Reais (2.7 billion dollars) for a 27.7% voting stake in Brazil’s Usinas Siderurgicas de Minas Gerais to boost access to the largest market for steel in Latin America.
Argentina’s most influential businessman warned about the “inflationary escalade” which, if not contained can lead to an unfavourable climate for investments. Paolo Rocca, Techint group CEO made the statements during an entrepreneurs’ forum where he called for “business responsibility”, “clear rules of the game”, “transparency” and questioned the landing of Chinese oil corporations in Argentina.