DOCSLIB.ORG

Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD of DIRECTORS

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD of DIRECTORS 2016 Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD OF DIRECTORS Chairman Marcos Marcelo Mindlin Vice-Chairman Gustavo Mariani Director Ricardo Alejandro Torres Damián Miguel Mindlin Diego Martín Salaverri Clarisa Lifsic Santiago Alberdi Carlos Tovagliari Javier Campos Malbrán Julio Suaya de María Alternate Director José María Tenaillon Juan Francisco Gómez Mariano González Álzaga Mariano Batistella Pablo Díaz Index Alejandro Mindlin Brian Henderson Gabriel Cohen Annual Report 4 Carlos Pérez Bello Glossary of Terms 8 Gerardo Carlos Paz Consolidated Financial Statements 166 SUPERVISORY COMMITTEE Glossary of Terms 168 President José Daniel Abelovich Consolidated Statement of Financial Position 172 Statutory Auditor Jorge Roberto Pardo Consolidated Statement of Comprehensive Income (Loss) 174 Germán Wetzler Malbrán Consolidated Statement of Changes In Equity 176 Alternate Statutory Auditor Marcelo Héctor Fuxman Consolidated Statement of Cash Flows 180 Silvia Alejandra Rodríguez Tomás Arnaude Notes to the Consolidated Financial Statements 183 AUDIT COMMITTEE Report of Independent Auditors 344 President Carlos Tovagliari Contact 348 Regular Member Clarisa Lifsic Santiago Alberdi Annual Report Contents Glossary of Terms 8 1. 2016 Results and Future Outlook 12 2. Corporate Governance 19 3. Our Shareholders / Stock Performance 25 4. The Macroeconomic Context 28 5. The Argentine Electricity Market 30 6. The Argentine Oil and Gas Market 53 7. Relevant Events for the Fiscal Year 67 8. Description of Our Assets 80 9. Human Resources 110 10. Corporate Responsibility 113 11. Information Technology 118 12. Quality, Safety, Environment & Labor Health 119 13. Results for the Fiscal Year 122 2016 Annual Report 14. Dividend Policy 148 To the shareholders of Pampa Energía S.A. (‘Pampa’, the ‘Company’ or the ‘Group’): 15. Board of Directors’ Proposal 149 Pursuant to the statutory rules and Bylaws currently in force, we submit to your APPENDIX I: Corporate Governance Report 152 consideration the Annual Report and Financial Statements for the 73rd fiscal year ended December 31, 2016. ANNUAL REPORT Glossary of Term Definition Terms D Dam3 Cubic decameter E&P Exploration and production EASA Electricidad Argentina S.A. Term Definition EcoEnergía EcoEnergía Co-Generation Power Plant E Edenor Empresa Distribuidora y Comercializadora Norte S.A. EMES Emes Energía Argentina LLC ENARGAS Ente Nacional Regulador del Gas (National Gas Regulatory Entity) ABOL Argentine Business Organizations Law No. 19,550 ENARSA Energía Argentina S.A. ADRs/ADSs American Depositary Receipts Energía Plus Energía Plus Program – SE Res. No. 1,281/06 AFIP Administración Federal de Ingresos Públicos (Federal Administration of Public Revenue) ENRE Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity) A Albares Albares Renovables Argentina S.A. ANSES Administración Nacional de la Seguridad Social (National Social Security Administration) FO Fuel Oil AR$ Argentine Pesos FOB Free on Board FOCEDE Fondo de Obras de Consolidación y Expansión de Distribución Eléctrica (Fund bbl Barrel F for Electricity Distribution Expansion and Consolidation Works) BCBA Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange) FONINVEMEM Fondo para Inversiones Necesarias que permitan incrementar la oferta de BCRA Banco Central de la República Argentina (Central Bank of the Republic of Argentina) energía eléctrica en el Mercado Eléctrico Mayorista (Fund for Investments B BNA Banco de la Nación Argentina (Argentine National Bank) required to increase the Power Supply in the Electricity Wholesale Market) BO Boletín Oficial (Public Gazzette) Foundation Fundación Pampa Energía Board of Directors Pampa Energía’s Board of Directors FSs Financial Statements boe Barrels of oil equivalent FX Foreign exchange BONAR 2020 Argentine bonds denominated in US$ at an annual rate of 8% and maturing in 2020 BOPS Bi-orientated polystyrene Gas Plan Gas Plan I and Gas Plan II BTU British Thermal Unit Gas Plan I Natural Gas Surplus Injection Promotion Program SE Res. No. 1/13 Bylaws Pampa Energía’s Bylaws Gas Plan II Natural Gas Injection Promotion Program for Companies with Reduced Injection, G SE Res. No. 60/13 CAMMESA Compañía Administradora del Mercado Eléctrico Mayorista S.A. (Argentine Gas Plus Natural Gas Production Promotion Program - SE Res. No. 24/08 Wholesale Electricity Market Clearing Company) GCBA Government of the City of Buenos Aires CAU Cargo de Acceso Único (Access and Use Charge) GDP Gross Domestic Product C CBs Corporate Bonds GE General Electric CC Combined Cycle GIP Grupo Inversor Petroquímica S.L. CEO Chief Executive Office GO Gas Oil (Diesel Oil) CH Hydroelectric power plant Government/National National Government of the Republic of Argentina CIESA Compañía de Inversiones de Energía S.A. Government CIF Cost, Insurance and Freight GUDI Large Distribution Company Users Citelec Compañía Inversora en Transmisión Eléctrica Citelec S.A. GUMA Major Large Users CMA Capital Market Act No. 26,831 GUME Minor Large Users CN Nuclear power plant GyP Gas y Petróleo de Neuquén S.A.P.E.M. CNG Compressed Natural Gas GWh Gigawatt-hour CNV Comisión Nacional de Valores (National Securities and Exchange Commission) Code Pampa’s Code of Corporate Governance HA Historical Availability CPB Central Piedra Buena S.A. HI Hydroelectric plants CPI Consumer Price Index HIDISA Hidroeléctrica Diamante S.A. CT Thermal power plant H HINISA Hidroeléctrica Los Nihuiles S.A. CTG Central Térmica Güemes S.A. HPPL Hidroeléctrica Pichi Picún Leufú CTGEBA Central Térmica Genelba IFRS International Financial Reporting Standards CTLL Central Térmica Loma La Lata S.A. INDEC Instituto Nacional de Estadística y Censos de Argentina (National Institute CTP Central Térmica Piquirenda of Statistics and Censuses) CSJN Supreme Court of Justice of the Republic of Argentina I IT Information Techonoly IVC Cost Variation Index 8 PAMPA ENERGÍA | ANNUAL REPORT AND FINANCIAL STATEMENTS 2016 9 ANNUAL REPORT Term Definition Term Definition kCal Kilocalories QSELH Quality, Safety, Environment & Labor Health K kWh Kilowatt-hour Q LNG Liquefied natural gas LPG Liquefied petroleum gas RA Recorded Availability LU300 Large users with demands in excess of 300 kW RBB Bahía Blanca Ricardo Eliçabe Refinery L LVFVDs Sales Settlements with Maturity Date to be Defined RCD Campo Durán Refinery Refinor Refinería del Norte S.A. 3 R m Cubic meters Renewal Agreements Agreements for the Renewal of the Instrumental Agreement MAN Engines MAN Diesel B&W engines, model 18V32/40PGI Res. Resolution MAT Term Market RIPTE Remuneración Imponible Promedio de los Trabajadores Estables (Stable M MBTU Million of BTU Workers’ Average Taxable Remuneration) MECON Ministry of Economy R&D Refining and Distribution segment MerVal Mercado de Valores de Buenos Aires (Buenos Aires Securities Market) RTI Integral Tariff Review MEyM Ministry of Energy and Mining RTOP Public Offering Transparency Regime - Executive Order No. 677/01 MMC Cost Monitoring Mechanism RTP Plant’s thermal reduction MW Mega watt MWh Mega watt-hour SADI Sistema Argentino de Interconexión (Argentine Electricity Grid) SBR Styrene Butadiene Rubber n.a. Not applicable. SE Former Secretariat of Energy N/A Not available S SEE Secretariat of Electric Energy NAFISA Nación Fideicomiso S.A. SEC Security and Exchange Commission N NGL Natural Gas Liquids SOX Sarbanes-Oxley Act NYSE New York Stock Exchange SRH Secretariat of Hydrocarbon Resources OldelVal Oleoductos del Valle S.A. TA Target Availability TAM Annual Rolling Rate Telcosur Telcosur S.A. O T TG Gas turbine Pampa / the Company Pampa Energía S.A. and its subsidiaries TGS Transportadora de Gas del Sur S.A. / the Group Transba Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Pampetrol Pampetrol SAPEM Provincia de Buenos Aires Transba S.A. PEASA Parques Eólicos Argentinos S.A. Transener Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. P TV Steam turbine PEFMSA Parques Eólicos del Fin del Mundo S.A. PEISA Petrobras Energía Internacional S.A. UNIREN Public Utility Contract Renegotiation and Analysis Unit PELSA Petrolera Entre Lomas S.A. US$ United States Dollars PEN Poder Ejecutivo Nacional (National Executive Branch) UTE Joint Venture PEPASA / Petrolera Pampa S.A. Petrolera Pampa U PEPCA PEPCA S.A. VAD Distribution Added Value Petrobras Argentina Petrobras Argentina S.A. VAT Value-added tax Petrobras Brazil Petrobras Brasileiro S.A. VCPs Short-Term Debt Securities Petrobras Holland Petróleo Internacional Braspetro B.V. V VNR Net Replacement Value PGSM Puerto General San Martín port PHA Petrobras Hispano Argentina S.A. WEM Wholesale Electricity Market PISA Pampa Inversiones S.A. WEMSP Patagonia Grid Wholesale Electricity Market PIST Transportation System Entry Point Polisur PBB Polisur S.A. W PPSL Petrobras Participaciones S.L. YPF Yacimientos Petrolíferos Fiscales S.A. PTQ Petrochemicals segment PUREE Program for the Rational Use of Electric Power Y 10 PAMPA ENERGÍA | ANNUAL REPORT AND FINANCIAL STATEMENTS 2016 11 ANNUAL REPORT Pampa’s Business Segments Power Electricity Oil and Gas Generation Distribution Hydroelectric 938 MW Edenor 2.9 million Argentina(3) 16 productive blocks Thermal 2,481 MW + 8 exploratory blocks 1. (1) + Expansions 220 MW Venezuela 4 productive blocks Co-Generation 14 MW Oil 25.5 k bbl/d of production New plants(2) 100 MW Gas 7.8 million m3/d of Wind energy 100 MW 2016 Results and production Thermal OIdelVal 1,706 km of oil pipeline Total
Load more

Recommended publications
  • CARTERAS MERVAL Y M.AR 2011
    COMPOSICIÓN DE LA CARTERA DEL INDICE MERVAL MERVAL INDEX PORTFOLIO AND WEIGHTS PRIMER TRIMESTRE DE 2011 TERCER TRIMESTRE DE 2011 - First Quarter 2011 - - Third Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 18.32% Banco Hipotecario 3.98% Grupo Financiero Galicia 15.65% Petrobras Energía 3.30% Tenaris 15.53% Edenor 3.61% Petroleo Brasileiro 10.26% Edenor 3.02% Petroleo Brasileiro 11.48% Transener 3.13% Telecom Argentina 9.81% Molinos 2.61% Pampa Energía 7.82% Banco Macro 3.07% Tenaris 9.07% Banco Patagonia 2.57% Telecom Argentina 7.18% Petrobras Energía 2.82% Pampa Energía 7.75% Mirgor 2.52% Siderar 5.79% YPF 1.81% Banco Francés 6.10% Ledesma 2.36% Banco Francés 4.90% Molinos 1.31% YPF 5.60% Transener 2.22% Aluar 4.01% Ledesma 1.25% Siderar 4.96% Banco Hipoetecario 2.06% Banco Patagonia 3.98% Banco Macro 4.66% Comercial del Plata 1.85% Aluar 3.64% SEGUNDO TRIMESTRE DE 2011 CUARTO TRIMESTRE DE 2011 - Second Quarter 2011 - - Fourth Quarter 2011 - Especie % Especie % Especie % Especie % -Stock- -Stock- -Stock- -Stock- Grupo Financiero Galicia 15.85% Banco Hipotecario 3.72% Grupo Financiero Galicia 18.45% Edenor 2.94% Petroleo Brasileiro 12.29% Edenor 3.67% Tenaris 14.56% Aluar 2.79% Tenaris 9.82% YPF 3.49% Telecom Argentina 8.85% Petrobrás Argentina S:A. 2.75% Pampa Energía 8.85% Petrobras Energía 3.18% Banco Macro 7.32% Molinos 2.07% Telecom Argentina 8.03% Transener 3.16% Pampa Energía 7.13% Comercial del Plata 1.81% Siderar 5.80% Banco Macro 3.15% Petroleo Brasileiro 6.87%
    [Show full text]
  • Beneath the Surface: Argentine-United States Relations As Perón Assumed the Presidency
    Beneath the Surface: Argentine-United States Relations as Perón Assumed the Presidency Vivian Reed June 5, 2009 HST 600 Latin American Seminar Dr. John Rector 1 Juan Domingo Perón was elected President of Argentina on February 24, 1946,1 just as the world was beginning to recover from World War II and experiencing the first traces of the Cold War. The relationship between Argentina and the United States was both strained and uncertain at this time. The newly elected Perón and his controversial wife, Eva, represented Argentina. The United States’ presence in Argentina for the preceding year was primarily presented through Ambassador Spruille Braden.2 These men had vastly differing perspectives and visions for Argentina. The contest between them was indicative of the relationship between the two nations. Beneath the public and well-documented contest between Perón and United States under the leadership of Braden and his successors, there was another player whose presence was almost unnoticed. The impact of this player was subtlety effective in normalizing relations between Argentina and the United States. The player in question was former United States President Herbert Hoover, who paid a visit to Argentina and Perón in June of 1946. This paper will attempt to describe the nature of Argentine-United States relations in mid-1946. Hoover’s mission and insights will be examined. In addition, the impact of his visit will be assessed in light of unfolding events and the subsequent historiography. The most interesting aspect of the historiography is the marked absence of this episode in studies of Perón and Argentina3 even though it involved a former United States President and the relations with 1 Alexander, 53.
    [Show full text]
  • The Costs of Sovereign Default: Evidence from Argentina, Online Appendix
    The Costs of Sovereign Default: Evidence from Argentina, Online Appendix Benjamin Hebert´ and Jesse Schreger May 2017 1 Contents A Data Construction Details 4 A.1 Data Sources . .4 A.2 Firm Classifications . .5 A.3 Exchange Rate Construction . .9 A.4 Construction of Risk-Neutral Default Probabilities . 12 B Additional Figures 16 C Standard Errors and Confidence Intervals 18 D Event Studies 19 D.1 IV-Style Event Study . 19 D.2 Standard Event Studies . 20 E Alternative Specifications 25 E.1 Alternative Event Windows for the CDS-IV Estimator . 25 E.2 Alternate Measures of Default Probability . 27 F Issues Regarding Weak/Irrelevant Instruments 31 F.1 Tests of Differences in Variances . 31 F.2 Irrelevant Instruments . 32 G Additional Results 33 G.1 Mexico, Brazil, and Other Countries . 33 G.2 Multinational Firms . 34 G.3 Delevered Portfolios . 35 G.4 Local Stock Results . 36 G.5 Individual Bond Prices . 37 G.6 GDP Warrants . 39 H Holdings and Liquidity Data 42 H.1 ADR Holdings Data . 42 H.2 ADR and Equity Liquidity Data . 43 H.3 CDS Liquidity . 43 I Econometric Model 44 2 J Event and Excluded Dates 46 K Appendix References 55 3 A Data Construction Details In this section, we provide additional details about our data construction. A.1 Data Sources In the table below, we list the data sources used in the paper. The data source for the credit default swap prices is Markit, a financial information services company. We use Markit’s composite end- of-day spread, which we refer to as the “close.” The composite end-of-day spread is gathered over a period of several hours from various market makers, and is the spread used by those market makers to value their own trading books.
    [Show full text]
  • International Conference on Education 47Th Session
    ED/MD/103 Final report International Conference on Education 47th session Geneva 8 – 11 September 2004 UNESCO International Bureau of Education (i) TABLE OF CONTENTS Page AGENDA ................................................................................................................................. (iii) PART I - PROCEEDINGS OF THE CONFERENCE A. Opening ceremony ................................................................................................. 1 B. Organization of work – Methodology .................................................................... 2 C. Celebration of International Literacy Day ............................................................. 3 D. Closing ceremony .................................................................................................. 4 E. Award of the Comenius Medal .............................................................................. 5 F. Side-meetings.......................................................................................................... 5 PART II - DOCUMENTS ISSUED BY THE CONFERENCE A. General report ......................................................................................................... 7 B. Message from the 47th session of ICE and proposed priorities for action ........................................................................... 11 ANNEXES I. Opening address by H.E. Mr Fabian Osuji, Minister of Education of Nigeria II. Opening address by Mr Koïchiro Matsuura, Director-General of UNESCO III. Opening address by H.E.
    [Show full text]
  • REPUBLIC of ARGENTINA Form 18-K Filed 2017-06-19
    SECURITIES AND EXCHANGE COMMISSION FORM 18-K Annual report for foreign governments and political subdivisions Filing Date: 2017-06-19 | Period of Report: 2016-12-31 SEC Accession No. 0001193125-17-206386 (HTML Version on secdatabase.com) FILER REPUBLIC OF ARGENTINA Mailing Address Business Address 1800 K STREET NW SUITE 1800 K STREET NW SUITE CIK:914021| IRS No.: 000000000 | Fiscal Year End: 1231 924 924 Type: 18-K | Act: 34 | File No.: 033-70734 | Film No.: 17917424 OFFICE OF FINANCIAL REP OFFICE OF FINANCIAL REP SIC: 8888 Foreign governments OF ARGENTINA OF ARGENTINA WASHINGTON DC 20006 WASHINGTON DC 20006 202-466-3021 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 18-K For Foreign Governments and Political Subdivisions Thereof ANNUAL REPORT OF THE REPUBLIC OF ARGENTINA (Name of Registrant) Date of end of last fiscal year: December 31, 2016 SECURITIES REGISTERED* (As of the close of the fiscal year) Amounts as to Names of which registration exchanges on Title of Issue is effective which registered N/A N/A N/A Name and address of person authorized to receive notices and communications from the Securities and Exchange Commission: Andrés de la Cruz Cleary Gottlieb Steen & Hamilton LLP One Liberty Plaza New York, NY 10006 * The Registrant is filing this annual report on a voluntary basis. Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents The information set forth below is to be furnished: 1.
    [Show full text]
  • The Costs of Sovereign Default: Evidence from Argentina
    NBER WORKING PAPER SERIES THE COSTS OF SOVEREIGN DEFAULT: EVIDENCE FROM ARGENTINA Benjamin Hébert Jesse Schreger Working Paper 22270 http://www.nber.org/papers/w22270 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 May 2016 We thank Laura Alfaro, Joaquin Blaum, Luigi Bocola, John Campbell, John Cochrane, Jeff Frieden, Gita Gopinath, Ed Glaeser, Paul Goldsmith-Pinkham, Réka Juhász, Eduardo Levy Yeyati, Matteo Maggiori, Mikkel Plagborg-Møller, Monika Piazzesi, Ken Rogoff, Martin Schneider, Alex Roth, Mary Bryce Millet Steinberg, Chris Tonetti, Christoph Trebesch, and Victoria Vanasco for helpful conversations. We thank John Leahy and three anonymous referees for comments that helped improve the paper. We thank Vivian Yue, Andreas Stathopoulos, and Graciela Kaminsky for excellent discussions. We thank Brent Neiman for feedback and for generously sharing data. We thank various seminar and conference audiences. We thank Stephen King, Vivek Anand, and Tom Adney of Markit for useful discussions about the data. Christine Rivera provided excellent research assistance. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w22270.ack NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Benjamin Hébert and Jesse Schreger. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
    [Show full text]
  • Informe De Oportunidades En Renta Variable Para Argentina & Latam
    Informe de Oportunidades en Renta Variable para Argentina & Latam Una síntesis seleccionada de la visión de Bancos de Inversión Cuadro de Recomendaciones en base a informes de Bancos de Inversión (Datos al 10‐Nov‐2017) Cotización Cotización 30 7 días 2017 1 año P/E EV / EBITDA Recomendaciones Local ADR días Nombre Indicación Mone último Mon último # de Variación en dólares 2017* 2018* 2017* 2018* % Compra % Venta da dato eda dato Analistas Argentina Bancos Banco Galicia Mantener ARS 93,1 USD 53,2 0,0% 0,1% 98,3% 84,3% 17,0 14,0 n.d n.d 25% 17% 12 Supervielle Comprar ARS 88,5 USD 25,1 ‐3,9% 5,3% 97,0% 71,1% 15,2 11,1 n.d n.d 50% 13% 8 Banco Macro Comprar ARS 206,6 USD 118,9 ‐1,3% ‐3,9% 83,9% 63,6% 15,0 13,4 n.d n.d 36% 14% 14 Banco Francés Mantener ARS 123,0 USD 21,1 ‐1,1% ‐1,2% 21,9% 14,5% 16,7 13,5 n.d n.d 56% 0% 9 Energía TGS Comprar ARS 71,5 USD 20,4 ‐3,6% ‐5,1% 119,1% 188,2% 23,0 13,0 10,9 5,8 83% 0% 6 Transener Comprar ARS 42,9 ‐‐6,6% 1,4% 158,2% 262,5% 11,5 8,6 6,8 5,7 33% 33% 6 Edenor Comprar ARS 37,7 USD 42,8 ‐4,9% 1,8% 65,0% 65,8% 29,2 10,7 13,5 5,2 50% 0% 6 Pampa Comprar ARS 45,9 USD 65,5 ‐3,6% ‐2,7% 88,4% 95,7% 29,7 14,6 7,4 5,1 50% 0% 6 YPF Comprar ARS 407,0 USD 23,5 ‐7,6% 0,8% 40,1% 42,8% 39,7 17,6 4,3 3,6 88% 0% 17 Central Puerto Comprar ARS 31,0 ‐‐3,3% ‐1,1% 27,9% 34,8% 18,0 15,2 14,3 11,0 100% 0% 3 Alimentos San Miguel Comprar ARS 122,3 ARS 122,3 ‐3,7% ‐6,3% ‐5,9% 0,0% 126,7 32,5 16,3 9,4 75% 0% 4 Telefonía & Cable Telecom Comprar USD 117,2 USD 33,5 ‐1,1% 6,4% 81,1% 83,0% 11,4 10,0 6,2 5,6 40% 10% 10 Latam Arcos Dorados Comprar ‐‐USD 10,5 2,7% 7,4% 94,9% 86,3% 25,7 25,9 9,4 8,6 75% 0% 4 Brasil Petrobras Comprar BRL 16,7 USD 10,8 0,7% 2,8% 6,4% 4,1% 15,5 10,9 5,7 5,2 47% 12% 17 Braskem Comprar BRL 49,7 USD 30,5 ‐0,6% 6,7% 45,5% 71,1% 8,9 11,5 4,3 4,9 73% 0% 11 Netshoes Comprar ‐‐USD 9,6 ‐5,4% ‐28,7% n.d.
    [Show full text]
  • The Petrobras Zero Hunger Program Invests R$ 303 Million to Fight Social
    www.petrobras.com.br 2003 reportsocial responsibility HIGHLIGHTS Partnership with society The Petrobras Zero Hunger With its strong economic and social involvement in the regions where the company is Program invests R$ 303 million to located, Petrobras supports and participates in the preparation, execution and refinement of fight social exclusion and bring comprehensive public policies. Much of this work is a result of partnerships with universities, NGOs and public bodies. about development with citizenship Suppliers are encouraged Petrobras is widely recognized for its strong to do their bit commitment towards social values and the Petrobras encourages its company, since 2003, has been aligning its suppliers to strive for standards activities in the social area with public of operational safety, envi- policies to fight social exclusion and misery. ronmental protection and This is the spirit underlying the Petrobras attention to health similar to Zero Hunger Program, which is helping to those prevailing in its own transform the situation of the country’s activities. poorest communities. Between now and Ombudsperson ensures 2006, a total of R$ 303 million will be transparent relations invested in projects that will have a positive The corporate ombudsperson impact in the areas of education, pro- is the principal means of fessional training, the generation of income ensuring transparency in and employment for adolescents and adults, Petrobras’ relations with its protecting children and teenagers’ rights, workers, customers, suppliers social undertakings and voluntary work. and society in general. With the Petrobras Zero Hunger Program, Petrobras upholds the company has redirected its social policy biodiversity and and focused its activities towards achieving environmental protection development with citizenship, which should The company has developed benefit some 4 million people throughout programs for the protection Brazil.
    [Show full text]
  • The Constitutionality of Bank Deposits Pesification, the Massa Case
    Law and Business Review of the Americas Volume 14 Number 1 Article 4 2008 Bank Crisis in Argentina: The Constitutionality of Bank Deposits Pesification, the Massa Case Ignacio Hirigoyen Follow this and additional works at: https://scholar.smu.edu/lbra Recommended Citation Ignacio Hirigoyen, Bank Crisis in Argentina: The Constitutionality of Bank Deposits Pesification, the Massa Case, 14 LAW & BUS. REV. AM. 53 (2008) https://scholar.smu.edu/lbra/vol14/iss1/4 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in Law and Business Review of the Americas by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. BANK CRISIS IN ARGENTINA: THE CONSTITUTIONALITY OF BANK DEPOSITS PESIFICATION, THE MASSA CASE Ignacio Hirigoyen* I. INTRODUCTION RGENTINA experienced its biggest bank crisis in history from 2000 to 2002. The financial crisis was so severe that it is re- garded as one of the most severe to ever occur during a peace- time period. At one point during such economic turmoil, Argentina went through five presidents in eight days. The fifth President, Eduardo Duhalde,1 declared a state of economic emergency 2 and made executive decisions, taking economic measures that were the source of much con- troversy and litigation. This paper will address the Massa case,3 which arose out of a challenge to the constitutionality of such executive deci- sions and went all the way through to Argentina's Corte Suprema de Jus- ticia de la Naci6n (Supreme Court).
    [Show full text]
  • Xtera® Selected As the Supplier for the ARBR Subsea Cable System
    1/23/2018 Xtera® Selected as the Supplier for the ARBR Subsea Cable System Xtera® Selected as the Supplier for the ARBR Subsea Cable System January 23, 2018 09:00 ET | Source: Xtera HONOLULU and ALLEN, Texas, Jan. 23, 2018 (GLOBE NEWSWIRE) ­­ Xtera®, a provider of innovative subsea fibre optic solutions, today announces it has been selected as the supplier of the ARBR submarine fibre optic cable system developed jointly by Seaborn Networks and the Werthein Group. The 2,700 km open system, 4­fibre pair, 48Tbps, direct PoP­to­PoP subsea cable will connect Argentina and Brazil. The ARBR subsea cable system will allow for direct onward connectivity to New York, via the Seabras­1 system, thereby providing a lower latency route between the commercial and financial centers of Buenos Aires, São Paulo, Rio de Janeiro and New York. The ARBR cable is fully funded and on an accelerated implementation schedule to bring valuable new capacity on an underserved route, providing important new connectivity to this region. “This award further consolidates Xtera’s position as a strong player in the regional submarine market segment and is a significant endorsement of Xtera’s differentiated product offering,” says Stuart Barnes, Chairman and Chief Strategy Officer, Xtera. “Our four pillars of product and service offerings encompass subsea systems technologies, wet and dry upgrades, IP licensing, and OEM / specialist units to selected markets. Xtera is further defined by its flexible approach to system­ partnering and contracting structures that ensure the best value for investment and a solution aligned to each customer’s need.” The ARBR subsea cable system will utilize Xtera’s field­proven submarine repeaters with hybrid EDFA­Raman design, enabling a robust optimized transmission system.
    [Show full text]
  • Presidential Systems in Stress: Emergency Powers in Argentina and the United States
    Michigan Journal of International Law Volume 15 Issue 1 1993 Presidential Systems in Stress: Emergency Powers in Argentina and the United States William C. Banks Syracuse University Alejandro D. Carrió Syracuse University Follow this and additional works at: https://repository.law.umich.edu/mjil Part of the Comparative and Foreign Law Commons, Constitutional Law Commons, National Security Law Commons, and the President/Executive Department Commons Recommended Citation William C. Banks & Alejandro D. Carrió, Presidential Systems in Stress: Emergency Powers in Argentina and the United States, 15 MICH. J. INT'L L. 1 (1993). Available at: https://repository.law.umich.edu/mjil/vol15/iss1/1 This Article is brought to you for free and open access by the Michigan Journal of International Law at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Journal of International Law by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. PRESIDENTIAL SYSTEMS IN STRESS: EMERGENCY POWERS IN ARGENTINA AND THE UNITED STATES William C. Banks* Alejandro D. Carri6** INTROD UCTION ............................................... 2 I. PRECONSTITUTIONAL AND FRAMING HISTORY ............. 7 A. PreconstitutionalInfluence .......................... 7 1. A rgentina ....................................... 7 2. U nited States .................................... 10 3. C onclusions ..................................... 11 B. The Framing Periods and the Constitutions .......... 11 1. A rgentina ....................................... 11 2. U nited States .................................... 14 II. THE DECLINE OF THE TETHERED PRESIDENCY .............. 16 A. Argentina, 1853-1930 ............................... 16 B. United States, 1787-1890 ............................ 19 III. THE TRANSFORMATION OF EMERGENCY POWERS IN THE M ODERN ERA ....................................... 24 A. Argentina, 1930-Present............................. 25 1.
    [Show full text]
  • 519 NYSE, NYSE Arca and NYSE Amex-Listed Non-US Issuers from 47
    519 NYSE, NYSE Arca and NYSE Amex-listed non-U.S. Issuers from 47 Countries (as of December 31, 2010) As of January 2009, Amex-listed non-U.S. Issuers have been included in this document Share Country Issuer † Symbol Market Industry Listed Type IPO ARGENTINA (10 DR Issuers ) Banco Macro S.A. BMA NYSE Banks 3/24/06 A IPO BBVA Banco Francés S.A. BFR NYSE Banks 11/24/93 A IPO Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) EDN NYSE Electricity 4/26/07 A IPO IRSA-Inversiones y Representaciones, S.A. IRS NYSE Real Estate Investment & Services 12/20/94 G IPO Nortel Inversora S.A. NTL NYSE Fixed Line Telecommunications 6/17/97 A IPO Pampa Energia S.A. PAM NYSE Electricity 10/9/09 A Petrobras Argentina S.A. PZE NYSE Oil & Gas Producers 1/26/00 A Telecom Argentina S.A. TEO NYSE Fixed Line Telecommunications 12/9/94 A Transportadora de Gas del Sur, S.A. TGS NYSE Oil Equipment, Services & Distribution 11/17/94 A YPF Sociedad Anónima YPF NYSE Oil & Gas Producers 6/29/93 A IPO AUSTRALIA (6 ADR Issuers ) Alumina Limited AWC NYSE Industrial Metals & Mining 1/2/90 A BHP Billiton Limited BHP NYSE Mining 5/28/87 A IPO James Hardie Industries N.V. JHX NYSE Construction & Materials 10/22/01 A Samson Oil & Gas Limited K SSN NYSE Amex Oil & Gas Producers 1/7/08 A Sims Group Limited SMS NYSE Support Services 3/17/08 A Westpac Banking Corporation WBK NYSE Banks 3/17/89 A IPO BAHAMAS (4 non-ADR Issuers ) Teekay LNG Partners L.P.
    [Show full text]