Chief Executive

Arcelor has lately had to face various difficulties such as strikes affecting its steel production in Mexico. The company lost 564,8 million euros in the second quarter of the year in the same period of 2008 when had achieved a profit of 5,840 million. In the first half of the year, the company accumulated losses by 1,392 million euros, that relate to extraordinary expenses depreciation of inventories and the generation of supplies product to reduce template. Despite the sharp fall in benefits, the Chief Executive of the group, Lakshmi Mittal is optimistic about the evolution of the benefits of the company: if and when there is an unexpected economic decline, should attend an improvement gradually and continuously in the second half of the year, although full recovery remains slow and progressive. I think that too many doubts about the real strength of the main global steelmaker, there are as well as nor prospects of recovery as the global economy to continue its recovery process that translates in a greater demand for steel and the continuity of the improvement in commodity prices. The improvement in results for the coming quarters makes the market according to FactSet wait a loss for all the year of 353 million euros. In the case of Acciona, the company is one of the largest national and international corporations in the promotion, development and management of renewable energy, infrastructure, real estate, services, logistic and transport, and urban and environmental services.

The company is present in 20 countries on five continents and has a staff of more than 30,000 professionals. The company has five main divisions which are oriented to guided functions. The global diversification of its operations and activities without any doubt is an element of value to think that the company can properly balance its risks, and since it works in great development sectors, although they have been affected by the crisis, no doubt they are activities that can provide an interesting return to the company. Repsol, whose book value of each share is in 16,42 euros, newly in yesterday’s achieved its market value exceed the book value reach 16,57 EUR, although the ratio between market value and book value, is logically located almost at 1 (the ratio to yesterday was 1,00914). Not have Repsol, a company that last month announced two important discoveries in other Latin America good for Repsol, capacity enough of benefits for which the value of their shares is located at least a few pounds above? I understand that Yes, especially considering the perspectives of evolution of the price of the oil barrel in the medium term.

They are the actions of these companies market values reflecting what they are truly worth, or we face opportunity offerings? Personally I am inclined for the second alternative. Probably has to do a detailed analysis of the companies but the immediate impression is that their market values should be well above their current quotes. In fact, these shares currently listed between 35% and 65% below values that observed towards the 2007. Original author and source of the article.

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Summer Vacation

Not only since American Pie, the youth of today know that you can have fun at summer camp. Finally, the best time of year has nothing to do with the local Posausenchor, but really offers a lot of fun and action. Those who have no desire to finally experience what many peers together? Be it on the pony castle in Boitzenburg on which Rupertushof in Abtenau (Austria) or on the beach in Italy or Spain. Together, the holiday but just much more fun. But what can a Supervised youth holiday offer rather more, than go with Papa and Mama in the House of Grandpa and Grandma? One question that seems to answer even for the novice quite simple: more fun! Instead of building a sand castle with the parents, there's ne beach Olympics.

And the extra flown in DJ sets to the right sounds. Several youth hotels play the local Volleyball Cup, and the karaoke evening you can before you laugh hardly stand up. Time you will meet new friends and your supervisor are also very cool on it. So what can happen, of course, not only on the beach, but also in the riding or the adventure camp. Not everyone wants to just fry the whole day in the sun, but either has a lot more fun on a horseback or abseil is just better off on a mountain wall. Or have you ever tried in canyoning. Actually, only one walking in the river bed of a river filled with water, but depending on the strength and depth already a pretty hefty challenge in a summer camp. If one has overcome his inner pig dog, but first, we understand not what one has discouraged, not long before so much fun.

Argentine Government

In addition, if the Government manages to access the directory of companies, you will have access to strategic information of them. Going to an extreme situation, this would make espionage within companies to identify strategies not desired by the Government. This what I mention recalling those months (not very far), in which eager to Government by controlling prices, had tried to obtain information about the structure of costs of certain companies in order to identify whether they were applying an excessive margin. I believe that the influence of the Government in firms that could access through the nationalization of the AFJP system, is negative to them when seeking to attract capital to finance their investments. The prospects for evolution in the value of its shares will also be affected. These companies lost attraction to the threat posed to its growth, the presence of a myopic State. Perhaps also, the decision of the Argentine Government to assert its stock holdings and search enter directories of companies, may affect the volume of foreign direct investment (FDI) that leads toward the Argentina (which by the way, is very low in relation to other countries of the region). This possibility is specific whereas the foreign investor can feel the fear that Argentina is imitating Chavez and is following a similar estatizadora strategy.

Beyond speculation about the possible consequences of the accession of the Argentine State on the boards of several companies, the Anses received the AFJP control agency shares of 40 companies and 10 of them owns more than 20% of the equity capital. The Government has already appointed their representatives in Natural Gas as well as Gas Cuyana (MERV: GBAN), conveyor gas South (MERV:TGSU2, NYSE:TGS) and Endesa Costanera (MERV:ele). Not satisfied with this, the Government continues with this strategy and the next goal was yesterday, Siderar (MERV: once upon). In the steel company Siderar Group Techint, the Argentine Government would reach a 25,97% of equity stake. The company wants to avoid that the Argentine Government to make use of cumulative voting (which could not be exercised by the AFJP among them) to appoint a representative within the company’s Board. Although this situation is causing resistance in several of the companies, not all come with bad eyes and to a representative of the Government one of the armchairs of the directory.

Such is the case of the firm Consultatio, company dedicated to real estate and main shareholder of Nordelta (the first urban complex built in Argentina under the concept of city people) and financial activities. It is that having the Government as a partner in the business can be more than beneficial. Of course that this is not the case for the majority of companies. The nationalization of the AFJP has given the Argentine Government not only fresh funds to address this adverse international context, but also the possibility of forming part of decision-making in companies that considered strategic. As all decisions that the Argentine Government has been taking, it is true that this represent short-term benefits, but it is also true that entails large costs difficult to repair. Latinforme. com is the main source of financial information and independent opinion about the Latin American markets and worldwide from a Latin American perspective. From our offices in Buenos Aires, Argentina, we bring you the latest news and alerts to help you to get profits no matter the direction taken by the market.