Friday, July 21, 2006

Argentina’s Growth Trends Up Again




After a slight slowdown in April, Argentina’s economic growth rate is accelerating once more, up 8% - year on year - in May, according to official figures. In April, the economy registered year-on-year growth of 6.3% after GDP expanded by 8.6% between January and March, compared with the same period in 2005.

Thursday, July 20, 2006

Mercosur And Cuba To Sign Agreement

Almost a quarter of all products traded between Mercosur countries and Cuba will soon be free of all duty, following an agreement between the trading bloc and the Caribbean country. The accord, due to be signed today, July 20, at the Mercosur meeting in Córdoba, Argentina, doubles the number of goods currently exchanged, tariff free, between the trading partners. This week, Argentina will be handing the Mercosur chair for the next six months to Brazil.

Wednesday, July 19, 2006

Argentina’s June Output Exceeds Expectations




Argentina’s industrial output in June was higher than expected at 8.9%, compared with the same month the previous year. Overall output was driven by automotive production and cement sales, the latter reflecting a booming construction sector.

Tuesday, July 18, 2006

Argentina Doubles Chile’s Gas Price




Argentina has effectively doubled the price of gas it exports to Chile, a result –its says – of the increase in cost it has to pay to Bolivia for the natural resource. At the end of June, Bolivia and Argentina agreed to a price rise of $1.65 per one million British thermal units (BTUs). Argentina says it must pass on this higher cost in the gas it then sells to Chile, which will now have to pay around $2 more for every one million BTUs it buys from its neighbor. Meanwhile, Chile’s president, Michelle Bachelet, has announced that her government is planning to make the country “energy independent” within two years, as a matter of national security.

Friday, July 14, 2006

Kirchner Wins Over Senate




Argentina’s Senate voted early Thursday morning in favor of granting the government “superpowers” over budgetary allocation. The bill proposed by the government allows permanently the executive to reallocate part of the budget without Congressional approval and is necessary, says President Nestor Kirchner, to allow him to govern effectively. In the past, budgetary flexibility was approved on a year-by-year basis. The legislation must now be debated by the lower house. Critics of the president and the government’s proposed legislation say that the move is anti-Constitutional and an attack against the rule of law.

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Thursday, July 13, 2006

Argentina Debates Presidential Superpowers




Argentina’s Senate was due to vote yesterday, Wednesday, whether to approve the proposal by president Nestór Kirchner to be granted the power to allocate around $4.5 billion of budgetary funds without approval from the nation’s lawmakers. Greater flexibility in budgetary allocation is not a new concept for Argentina’s governments but Kirchner’s critics are worried about the increasing control being exerted by the president over the country’s institutions and his tendency to govern“by decree”. The president has countered that greater control is needed if anything is to be done and has accused some lawmakers of holding him to ransom and stopping him from governing effectively.

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Tuesday, July 11, 2006

Sykes Buys Apex




US technology company Sykes has bought Argentine call center operator Apex for $27.4 million. The acquisition will be funded 80% by cash and 20% by stock. Apex is headquartered in the city of Córdoba and has two other call centers in Argentina, serving clients in Argentina, Mexico and the US. Sykes plans to manage its Spanish business from its new base in Argentina.

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Monday, July 10, 2006

More Boden For Venezuela




Venezuela is to buy imminently a further $245 million of Argentina’s Boden 2012 US dollar-denominated debt, ahead of the “bono sur” joint bond to be launched by both nations. In the past 18 months, Argentina has sold a total of $3.5 billion of its dollar debt to Venezuela.

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Friday, July 07, 2006

Argentine Investors Continue To Favor Trust Securities




Domestic investors in Argentina continue to favor financial trusts (fideicomisos financieros) as their instrument of choice. According to financial services company Gainvest, during the first half of the year, $1 billion of the instruments were traded, a year-on-year increase of 100%. Of the total transacted, $712 million corresponded to securitizations with underlying private risk, with most growth seen yet again in the securitization of consumer loans.

Thursday, July 06, 2006

June Inflation Round-up

Argentina’s inflation for June is expected to be up at around 0.7%, putting the rate for the first half of the year just above 5%. Prices were driven by a rise in the cost of services, such as rents, education and medical cover. Consumer prices in Chile meantime rose 0.6% last month, more than expected, and took annual inflation to 3.9%. Peru’s inflation headed downwards for a second consecutive month, dropping 0.13% on the back of falling food prices. And prices fell too in Uruguay, declining from 0.63% in May to 0.32% in June. Inflation for the year is now running at 3.88%.

Wednesday, July 05, 2006

Aluar Joins Merval




Local aluminum producer Aluar was incorporated Monday into Argentina’s Merval Index, with a weighting of 2.49%. Merval is the stock index of Argentina’s leading companies. The index will comprise 12 companies now until the end of September. Steel producer Tenaris continues to hold the greatest weighting, with 31.19%, followed by Petrobras with 12.65% and then Siderar with 11.15%.

Monday, July 03, 2006

Banco Hipotecario To Buy Back Bonds In Default




Argentine Banco Hipotecario has made a tender offer to buy back 10 of its Series Notes of US dollar and euro-denominated debt that remained unrestructured after its debt swap program of two years ago. The Bank will pay 108% of the principal amount of the notes tendered but will not pay any additional accrued but unpaid interest or past due interest on the notes. The tender offer expires on July 31. Citigroup Global Markets is acting as the dealer manager for the offer.

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Saturday, July 01, 2006

Argentina to Pay 47% More for Bolivian Gas




Argentina agreed to a 47 percent increase in the cost of its Bolivian natural gas imports, easing tensions between the two countries. Bolivia’s President Evo Morales insisted on the increase that now puts pressure on Brazil to do the same. Brazil buys 70 percent of Bolivia’s gas and depends heavily on the Andean nation. Argentina will now pay $5 per million British thermal units of gas. Petrobras, the Brazilian oil company, will pay between $3.80 and $4.65 starting in July.

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Tuesday, June 27, 2006

Argentina Industrial Output Rises 7.3 Percent in May




Industrial production in Argentina rose 7.3 percent in May compared with the same month a year earlier. In the first five months of the year industrial output is 7.1 percent higher. The growth was led by automobile production and construction materials.

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Thursday, June 22, 2006

More Millionaires for Latin America

The number of millionaires in Latin America grew 9.7% last year, above the world average rate of 6.5%, according to the 10th annual World Wealth Report, just published by Merrill Lynch and consultancy firm Cap Gemini. The increase of millionaires – defined as people with more than $1 million in assets – in the region is attributed to the high price of crude oil and other commodities. The 350,000 millionaires in the region control around $4.2 billion of assets.

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Monday, June 19, 2006

Argentine GDP Up 8.6% in Q1




The Argentine economy grew 8.6 percent in the first quarter of the year, driven by a continuing recovery in manufacturing and construction. The economy has grown 37.5 percent from the trough it fell into in 2002 when the government defaulted on its debt. Meanwhile prices rose 2.6 percent in the first quarter, signaling runaway inflation remains a threat.

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Thursday, June 15, 2006

IGAF Worldwide - Newsletter



Click AQUI para ver la newsletter de IGAF Worldwide, The Exchange (Mayo-Junio 2006).


Click HERE to view the IGAF Worldwide newsletter, The Exchange (May-June 2006).

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Monday, June 12, 2006

Edenor Shareholders Approve Proposals




Shareholders of Argentine electricity distributor Edenor have approved plans to sell its shares in New York and Buenos Aires. A proposal to increase the company’s share capital was also approved as was a scheme to amend Edenor’s statutes to allow the company to enter other markets, such as the telecoms market. The public offering of shares will be used to finance the company’s investment plans to improve services and meet increasing demand over the next five years.

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Friday, June 09, 2006

Lavagna Likely Candidate




Argentina’s former economy minister Roberto Lavagna has announced he may run in next year’s presidential elections. If he does decide to stand, Lavagna would be the most serious threat to date to declare against President Néstor Kirchner. However, he is a candidate without a party and will need to build an alliance before launching a bid. Lavagna served as economy minister overseeing Argentina’s economic recovery following the country’s financial meltdown in 2001-2002.

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Wednesday, June 07, 2006

Argentina Reserves Up $5.6 Billion




Argentina’s Central Bank has added $5.7 billion of reserves since January, when the government repaid its entire $9.8 billion debt to the International Monetary Fund (IMF). Reserves rose from $18.58 billion, as at January 3, to $24.26 billion as at June 3. The Central Bank claims its policy of accumulating reserves serves to protect the economy against external shocks and aims to reduce exchange rate volatility.

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Tuesday, May 30, 2006

China Names Latin America Advisor




Argentine industrial magnate Franco Macri is to be appointed senior advisor to China for investments in Latin America, according to the Chinese Association of Promotion for Industrial Development. Macri’s role will be to facilitate investment by Chinese companies into Latin America. Macri owns one of the country’s largest family-owned group and has a background in the construction and automotive industries.

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Friday, May 19, 2006

Argentina Growth Continues




Argentina continues its remarkable run of growth, recording economic expansion of 8.6% for the first quarter of the year, compared with the same period in 2005, according to the national institution of statistics (INDEC). GDP expanded 7.7% in March compared with the previous year, driven by construction, automotive industryand durable goods. The economy has now grown for 40 consecutive months.

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Monday, May 01, 2006

IGAF Worldwide - Newsletter



Click AQUI para ver la newsletter de IGAF Worldwide, The Exchange (Marzo-Abril 2006).


Click HERE to view the IGAF Worldwide newsletter, The Exchange (March-April 2006).

Los Jueces y el Impuesto a las Ganancias

Acceda al documento completo de doctrina

Deseamos conocer su opinión, por favor deje su comentario.

Thursday, April 27, 2006

IGAF Welcomes New Member in Colombia

IGAF Worldwide da la bienvenida a su nueva firma miembro en Colombia, con oficinas en Cali y Bogotá.

View Press Release - Vea Comunicado de Prensa

Saturday, April 08, 2006

Technorati Top 6 - Thank You!

Who's Blogging about ACCOUNTANTS?



3 of the Top 6 blogs, by Eduardo Bravo Losada!


Bravo +


Bravo +


IGAF Latin America & Caribbean




About Technorati

Currently tracking 33.6 million sites and 2.2 billion links.

Technorati is the authority on what's going on in the world of weblogs.

What is a weblog? A weblog, or blog, is a personal journal on the web. Weblogs express as many different subjects and opinions as there are people writing them. Some blogs are highly influential and have enormous readership while others are primarily intended for a close circle of family and friends.

The power of weblogs is that they allow millions of people to easily publish their ideas, and millions more to comment on them. Blogs are a fluid, dynamic medium, more akin to a 'conversation' than to a library — which is how the Web has often been described in the past. With an increasing number of people reading, writing, and commenting on blogs, the way we use the Web is shifting in a fundamental way. Instead of being passive consumers of information, more and more Internet users are becoming active participants. Weblogs let everyone have a voice.

Technorati is a real-time search engine that keeps track of what is going on in the blogosphere — the world of weblogs.

A few years ago, Web search was revolutionized by a simple but profound idea — that the relevance of a site can be determined by the number of other sites that link to it, and thus consider it 'important.' In the world of blogs, hyperlinks are even more significant, since bloggers frequently link to and comment on other blogs, which creates the sense of timeliness and connectedness one would have in a conversation. So Technorati tracks the number of links, and the perceived relevance of blogs, as well as the real-time nature of blogging.

Because Technorati automatically receives notification from weblogs as soon as they are updated, it can track the thousands of updates per hour that occur in the blogosphere, and monitor the communities (who's linking to whom) underlying these conversations.

The Pew Internet study estimates that about 11%, or about 50 million, of Internet users are regular blog readers. According to Technorati data, there are about 70,000 new blogs a day. Bloggers — people who write weblogs — update their weblogs regularly; there are about 700,000 posts daily, or about 29,100 blog updates an hour.

Technorati displays what's important in the blogosphere — which bloggers are commanding attention, what ideas are rising in prominence, and the speed at which these conversations are taking place. Technorati makes it possible for you to find out what people on the Internet are saying about you, your company, your products, your competitors, your politics, or other areas of interest — all in real-time. All this activity is monitored and indexed within minutes of posting. Technorati provides a live view of the global conversation of the web.

Speaking Engagements

Bravo & Bravo Losada / IGAF Worldwide’s Country Managing Partner, Eduardo Bravo Losada, is passionate about business consulting, and loves talking about the process, methods, and tools he uses every day.

Eduardo is more than happy to accept speaking engagements covering accounting, auditing, taxation, management consulting, corporate finance, and a related range of topics.

For all engagements, he requests at least a month notice (if possible), travel expenses, and a reasonable, negotiable fee.

To make an invitation or check availablity, please email him at:

information@bravocpas.com

IGAF Worldwide - Regional Offices

North American Region & World Headquarters
3235 Satellite Boulevard
Building 400, Suite 300
Duluth, GA 30096 USA

Phone: 678-417-7730
Fax: 678-999-3959
E-mail: kmead@igafworldwide.org
Kevin Mead
President & Executive Director



European Region
Laapersweg 3
P.O. Box 51
1200 AB Hilversum
Netherlands

Phone: (+) 31-35-588 88 66
Fax: (+) 31-35-621 85 07
E-mail: jcaarup@igafnl.com
Jens Aarup, Statsaut. Rev.
Executive Director



Asia Pacific Region
190 Middle Road #17-05
Fortune Centre
Singapore 188979

Phone: (+) 65-6338 3922
Fax: (+) 65-6336 1652
E-mail: tktan@angnco.com
Tan Tong Kai
Executive Director



Latin American & Caribbean Region
Av. Córdoba 1255
(C1055AAC) Buenos Aires
Argentina

Phone: (+) 54-11-4816-1221
Fax: (+) 54-11-4815-7878
E-mail: ebravo@igafla.com
Eduardo Bravo Losada, CPA
President & Executive Director

IGAF Worldwide - Board of Directors

Chairman of the Board & IGAF Worldwide President
Anthony deLacey
Buzzacott
London, United Kingdom



Treasurer
G. Gregory Colson, CPA
Moore Colson
Atlanta, GA, USA



Secretary
Robert Lissauer
Sothertons
Melbourne, Australia



Director
Eduardo Bravo Losada, CPA
Bravo & Bravo Losada
Buenos Aires, Argentina



Director
Jeremy Bowler, FCA
Cooper Parry
Derby, United Kingdom



Director
David Krajanowski, CPA
Singer Lewak Greenbaum & Goldstein, LLP
Santa Ana, CA, USA

Wednesday, April 05, 2006

IGAF Worldwide

IGAF Worldwide is one of the oldest, largest, and most well respected accounting networks in the world. The network was founded for the purpose of providing member firms with the tools and resources they need to furnish a broad spectrum of efficient, cost-effective accounting, auditing, and management services to clients around the globe.

IGAF Worldwide’s members are typically regional, full-service public accounting and management consulting firms. These highly successful independent firms, with multiple offices in major metropolitan areas, provide technical assistance in traditional accounting and auditing, tax services, and specialized services such as privatization support, fiscal management support, streamlining accounting systems, litigation, strategic planning, business valuations, information technology consulting, system planning, and law firm services.

Because IGAF Worldwide is one of the largest associations of its kind in the world, it provides member firms with the strength and capabilities of a large, worldwide organization with diverse technical skills and geographic representation not possible for a local firm alone. Members exchange technical advice and assistance in every service performed by the profession.

IGAF Worldwide members are selected based on exacting requirements for size, reputation, quality of practice, diverse technical capabilities, and geographic location. These requirements must be met not only to gain admission but also to retain membership. Periodic inspections ensure that member firms continue to meet these membership requirements.

IGAF Worldwide was founded in 1977 by ten firms in the United States and Canada. Since that time the network has grown to over 140 firms with over 250 offices in 61 countries around the globe. In 2005, member firms had over 945 partners and over 8,500 personnel generating approximately US$788,801,452 in annual revenues.