2020 Year-End Fcpa Update
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Market Insights · Business Development · Networking · Industry Leadership
www.BondsLoansArgentina.com MARKET INSIGHTS · BUSINESS DEVELOPMENT · NETWORKING · INDUSTRY LEADERSHIP Gold Sponsor: Cocktail Sponsor: Silver Sponsors: Bronze Sponsors: Great event, full of interesting people for networking and a high level of speakers in each panel. I look forward to the next edition. Esteban Pérez Andrich, National Director of Renewable Energy, Ministry of Energy and Mining of Argentina Senior speakers and access to behind the scene market insights Issuers and Borrowers 10% • Matías Salerno, Chief Financial Officer, Law Firms Grupo CAPSA / CAPEX • Jorge Diehl, Corporate Treasurer, Aluar 10% • Daniel Hanna, Corporate Finance Manager, Government 30% Pampa Energia Corporates • Federico Barroetaveña, Chief Financial Officer, Techint Engineering & Construction Speaker • Doris Capurro, President, CEO & Founder, 10% Luft Energía S.A. Advisors Breakdown • Ramiro Molina, Chief Financial Officer, Plaza Logistica • Juan Francisco Mihanovich, Capital Markets and Finance Manager, Grupo Newsan • Patricio Aguirre, Chief Financial Officer, San Miguel • Tomás Darmandrail, National Director of Public 20% 20% Investors and Economists Private Partnership Projects, Ministry of the Treasury Banks Investors • Esteban Pérez Andrich, National Director Of • Ricardo Daud, Chief Executive Officer, Renewable Energy, Santander Río Asset Management Ministry of Energy and Mining, Argentina • Carlos Planas, President and Head Portfolio, Axis Sociedad Gerente de Fondos Comunes de Inversion • Leandro Fisanotti, Advisor to the Board, The event was great, and very useful to Fondos Pellegrini • Juan Ignacio Ruth, Chief Investment Officer, participate, and to be updated, with the Swiss Médical opinions of experts from different sectors, • Miguel Zielonka, Associate Director, EconViews • Roger Horn, Executive Director, Senior Emerging in this complex moment of financing in Markets Desk Analyst, Fixed Income Sales & Trading, SMBC Nikko Securities America the country. -
Middle East Oil Pricing Systems in Flux Introduction
May 2021: ISSUE 128 MIDDLE EAST OIL PRICING SYSTEMS IN FLUX INTRODUCTION ........................................................................................................................................................................ 2 THE GULF/ASIA BENCHMARKS: SETTING THE SCENE...................................................................................................... 5 Adi Imsirovic THE SHIFT IN CRUDE AND PRODUCT FLOWS ..................................................................................................................... 8 Reid l'Anson and Kevin Wright THE DUBAI BENCHMARK: EVOLUTION AND RESILIENCE ............................................................................................... 12 Dave Ernsberger MIDDLE EAST AND ASIA OIL PRICING—BENCHMARKS AND TRADING OPPORTUNITIES......................................... 15 Paul Young THE PROSPECTS OF MURBAN AS A BENCHMARK .......................................................................................................... 18 Michael Wittner IFAD: A LURCHING START IN A SANDY ROAD .................................................................................................................. 22 Jorge Montepeque THE SECOND SPLIT: BASRAH MEDIUM AND THE CHALLENGE OF IRAQI CRUDE QUALITY...................................... 29 Ahmed Mehdi CHINA’S SHANGHAI INE CRUDE FUTURES: HAPPY ACCIDENT VERSUS OVERDESIGN ............................................. 33 Tom Reed FUJAIRAH’S RISE TO PROMINENCE .................................................................................................................................. -
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. -
THE PERUVIAN MINING SECTOR: EXPLORING ISSUES RELATED to SOCIAL LICENSE, CORRUPTION and the TRANS-PACIFIC PARTNERSHIP TREATY SIPA Capstone Report 2016
THE PERUVIAN MINING SECTOR: EXPLORING ISSUES RELATED TO SOCIAL LICENSE, CORRUPTION AND THE TRANS-PACIFIC PARTNERSHIP TREATY SIPA Capstone Report 2016 Prof. Jenik Radon Jonathan Avila Yohan John Balan Ana De La Cruz Muhammad Affan Javed Suzhe Jia Mubarik Khan Jenny Lee Joseph Maberry Abhinaya Natarajan Vatsala Sahay Naoko Takahashi 1 The Peruvian Mining Sector Spring 2016 OTHER REPORTS Mining in Peru: Benefiting from Natural Resources and Preventing the Resource Curse is published by the School of International and Public Affairs (SIPA) at Columbia University as part of a series on natural resource management and development in Africa, Asia, and Latin America. Other publications include: Oil: Uganda’s Opportunity for Prosperity (2012) Politics and Economics of Rare Earths (2012) China, Natural Resources and the World: What Needs to be Disclosed (2013) Mozambique: Mobilizing Extractive Resources for Development (2013) Colombia: Extractives for Prosperity (2014) Tanzania: Harnessing Resource Wealth for Sustainable Development (2014) Mining in Peru (2015) 2 The Peruvian Mining Sector Spring 2016 ACKNOWLEDGEMENTS AND THANKS The Peru Capstone team acknowledges the individuals and organizations that provided invaluable assistance in the preparation of this Report. In Peru, the team thanks Mario Huapaya Nava, Fatima Retamoso, and Mayu Velasquez at the Ministry of Culture, Government of Peru, for their support and guidance. The team would also like to thank the professors and students affiliated with the Communications and Corporate Image program at the Peruvian University of Applied Sciences (Universidad Peruana de Ciencias Aplicadas)—Claudia Guillen Arruda, Paloma Valqui Andrade, Manuel Rumiche, Alexandra Vassallo Bedoya, Pia Fernandez Roig, and Sergio Hoyos—for their time and great contributions to a successful and insightful research experience. -
Corruption and Anti-Corruption Agencies: Assessing Peruvian Agencies' Effectiveness
University of Central Florida STARS Honors Undergraduate Theses UCF Theses and Dissertations 2020 Corruption and Anti-corruption Agencies: Assessing Peruvian Agencies' Effectiveness Kia R. Del Solar University of Central Florida Part of the Political Science Commons Find similar works at: https://stars.library.ucf.edu/honorstheses University of Central Florida Libraries http://library.ucf.edu This Open Access is brought to you for free and open access by the UCF Theses and Dissertations at STARS. It has been accepted for inclusion in Honors Undergraduate Theses by an authorized administrator of STARS. For more information, please contact [email protected]. Recommended Citation Del Solar, Kia R., "Corruption and Anti-corruption Agencies: Assessing Peruvian Agencies' Effectiveness" (2020). Honors Undergraduate Theses. 698. https://stars.library.ucf.edu/honorstheses/698 CORRUPTION AND ANTI-CORRUPTION AGENCIES: ASSESSING PERUVIAN AGENCIES’ EFFECTIVENESS by KIA DEL SOLAR PATIÑO A thesis submitted in partial fulfillment of the requirements for the Honors in the Majors Program in Political Science in the School of Politics, Security, and International Affairs and in the Burnett Honors College at the University of Central Florida Orlando, Florida Spring Term, 2020 Thesis Chair: Bruce Wilson, Ph.D. Abstract Corruption has gained attention around the world as a prominent issue. This is because corruption has greatly affected several countries. Following the exploration of various definitions and types of corruption, this thesis focuses on two efforts to rein in “grand corruption”, also known as executive corruption. The thesis is informed by existing theories of corruption as well as anti- corruption agencies and then situates Peru’s experience with corruption in its theoretical context and its broader Latin American context. -
Redstone Commodity Update Q3
Welcome to the Redstone Commodity Update 2020: Q3 Welcome to the Redstone Commodity Moves Update Q3 2020, another quarter in a year that has been strongly defined by the pandemic. Overall recruitment levels across the board are still down, although we have seen some pockets of hiring intent. There appears to be a general acknowledgement across all market segments that growth must still be encouraged and planned for, this has taken the form in some quite senior / structural moves. The types of hires witnessed tend to pre-empt more mid-junior levels hires within the same companies in following quarters, which leaves us predicting a stronger than expected finish to Q4 2020 and start to Q1 2021 than we had previously planned for coming out of Q2. The highest volume of moves tracked fell to the energy markets, notably, within power and gas and not within the traditional oil focused roles, overall, we are starting to see greater progress towards carbon neutrality targets. Banks such as ABN, BNP and SocGen have all reduced / pulled out providing commodity trade finance, we can expect competition for the acquiring of finance lines to heat up in the coming months until either new lenders step into the market or more traditional lenders swallow up much of the market. We must also be aware of the potential impact of the US elections on global trade as countries such as Great Britain and China (amongst others) await the outcome of the impending election. Many national trade strategies and corporate investment strategies will hinge on this result in a way that no previous election has. -
The Mineral Industry of Argentina in 2011
2011 Minerals Yearbook ARGENTINA U.S. Department of the Interior September 2013 U.S. Geological Survey THE MINERAL INDUSTRY OF ARGENTINA By Susan Wacaster Argentina is a mineral-rich country that produces and Government Policies and Programs exports mineral commodities and raw materials. Argentina has deposits of metals, including copper, gold, lead, silver, Argentina’s Mining Code [El Codigo de Mineria] was and zinc; energy minerals, including natural gas, crude enacted by the Argentine Congress on November 25, 1886. The petroleum, and uranium; a wide variety of industrial minerals; Mining Code underwent significant revisions in 1993 with the and minerals that are important for numerous industrial and enactment of law No. 22,224 (Mining Reorganization Law) manufacturing applications, such as cadmium and lithium. The and law No. 24,228 (Federal Mining Covenant); in 1995 with value of production of goods (including those from agriculture, the enactment of law No. 24,498 (Mining Modernization Law), forestry, and livestock; construction; electricity, gas, and water; law No. 24,523 (creation of the National Mining Trade System fishing; manufacturing; and mining and quarrying industries) of the Mining Secretariat), and law No. 24,585 (Environmental accounted for 37.6% of the country’s nominal gross domestic Protection Mining Law); and in 1997 with the passage of law product (GDP) in 2011 compared with 37.9% in 2010. In No. 25,225 (modifications) (Secretaría de Minería de la Nación, 2011, Argentina was estimated to be the world’s second ranked 2011). producer of boron and the fourth ranked producer of lithium and Argentina’s Secretaría de Minería de la Nación [Mining strontium (from celestite) (Angulo, 2012a, b; Instituto Nacional Secretariat] is responsible for the administration, development, de Estadística y Censos, 2012a; Jaskula, 2012). -
Financing Options in the Oil and Gas Industry, Practical Law UK Practice Note
Financing options in the oil and gas industry, Practical Law UK Practice Note... Financing options in the oil and gas industry by Suzanne Szczetnikowicz and John Dewar, Milbank, Tweed, Hadley & McCloy LLP and Practical Law Finance. Practice notes | Maintained | United Kingdom Scope of this note Industry overview Upstream What is an upstream oil and gas project? Typical equity structure Relationship with the state Key commercial contracts in an upstream project Specific risks in financing an upstream project Sources of financing in the upstream sector Midstream, downstream and integrated projects Typical equity structures What is a midstream oil and gas project? Specific risks in financing a midstream project What is a downstream oil and gas project? Specific risks in financing a downstream project Integrated projects Sources of financing in midstream, downstream and integrated projects Multi-sourced project finance Shareholder funding Equity bridge financing Additional sources of financing Other financing considerations for the oil and gas sectors Expansion financings Hedging Refinancing Current market trends A note on the structures and financing options and risks typically associated with the oil and gas industry. © 2018 Thomson Reuters. All rights reserved. 1 Financing options in the oil and gas industry, Practical Law UK Practice Note... Scope of this note This note considers the structures, financing options and risks typically associated with the oil and gas industry. It is written from the perspective of a lawyer seeking to structure a project that is capable of being financed and also addresses the aspects of funding various components of the industry from exploration and extraction to refining, processing, storage and transportation. -
Key 2017 Developments in Latin American Anti-Corruption Enforcement
March 15, 2018 KEY 2017 DEVELOPMENTS IN LATIN AMERICAN ANTI-CORRUPTION ENFORCEMENT To Our Clients and Friends: In 2017, several Latin American countries stepped up enforcement and legislative efforts to address corruption in the region. Enforcement activity regarding alleged bribery schemes involving construction conglomerate Odebrecht rippled across Latin America's business and political environments during the year, with allegations stemming from Brazil's ongoing Operation Car Wash investigation leading to prosecutions in neighboring countries. Simultaneously, governments in Latin America have made efforts to strengthen legislative regimes to combat corruption, including expanding liability provisions targeting foreign companies and private individuals. This update focuses on five Latin American countries (Mexico, Brazil, Argentina, Colombia, and Peru) that have ramped up anti-corruption enforcement or passed legislation expanding anti-corruption legal regimes.[1] New laws in the region, coupled with potentially renewed prosecutorial vigor to enforce them, make it imperative for companies operating in Latin America to have robust compliance programs, as well as vigilance regarding enforcement trends impacting their industries. 1. Mexico Notable Enforcement Actions and Investigations In 2017, Petróleos Mexicanos ("Pemex") disclosed that Mexico's Ministry of the Public Function (SFP) initiated eight administrative sanctions proceedings in connection with contract irregularities involving Odebrecht affiliates.[2] The inquiries stem from a 2016 Odebrecht deferred prosecution agreement ("DPA") with the U.S. Department of Justice ("DOJ").[3] According to the DPA, Odebrecht made corrupt payments totaling $10.5 million USD to Mexican government officials between 2010 and 2014 to secure public contracts.[4] In September 2017, Mexico's SFP released a statement noting the agency had identified $119 million pesos (approx. -
Amici Brief File Stamped 020718(Pdf)
Case 17-2233, Document 173-2, 02/07/2018, 2231672, Page1 of 39 17-2233 IN THE United States Court of Appeals FOR THE SECOND CIRCUIT >> >> PRIME INTERNATIONAL TRADING LTD., ON BEHALF OF ITSELF AND ALL OTHERS SIMILARLY SITUATED, WHITE OAKS FUND LP, ON BEHALF OF ITSELF AND ALL OTHERS SIMILARLY SITUATED, KEVIN MCDONNELL, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED,ANTHONY INSINGA, AND ALL OTHERS SIMILARLY SITUATED, ROBERT MICHIELS, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, JOHN DEVIVO, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, NEIL TAYLOR, AARON SCHINDLER, PORT 22, LLC, ATLANTIC TRADING USA LLC, XAVIER LAURENS, ON BEHALF OF THEMSELVES AND ALL OTHERS SIMILARLY SITUATED, Plaintiffs-Appellants, (caption continued on inside cover) On Appeal from the United States District Court for the Southern District of New York BRIEF FOR THE CHAMBER OF COMMERCE OF THE UNITED STATES OF AMERICA, THE SECURITIES INDUSTRY AND FINANCIAL MARKETS ASSOCIATION, THE INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, AND THE FUTURES INDUSTRY ASSOCIATION AS AMICI CURIAE IN SUPPORT OF DEFENDANTS-APPELLEES AND AFFIRMANCE GEORGE T. CONWAY III WACHTELL, LIPTON, ROSEN & KATZ 51 West 52nd Street New York, New York 10019 (212) 403–1000 Attorneys for Amici Curiae Case 17-2233, Document 173-2, 02/07/2018, 2231672, Page2 of 39 MICHAEL SEVY, ON BEHALF OF HIMSELF AND ALL OTHERS SIMILARLY SITUATED, GREGORY H. SMITH, INDIVIDUALLY AND ON BEHALF OF ALL OTHERS SIMILARLY SITUATED, PATRICIA BENVENUTO, ON BEHALF OF HERSELF AND ALL OTHERS SIMI- -
Peru's Next President Should Continue Political and Free Market Reforms
No. 2544 April 8, 2011 Peru’s Next President Should Continue Political and Free Market Reforms James M. Roberts and Edwar Enrique Escalante Abstract: The United States and Peru have a strong and positive relationship that is helping to strengthen Peru’s democratic institutions and speed its integration into Talking Points the globalized economy. This April, Peruvian voters will • The United States and Peru have a strong and choose a new president, who will hopefully continue efforts positive relationship that is strengthening to curb corruption, strengthen property rights, and effec- Peru’s democratic institutions and speeding tively combat narco-terrorism. Alternatively, if a leftist its integration into the globalized economy. government is elected, it could slow reform or even return • The United States enjoys trade surpluses with Peru to populist statism, stunting Peru’s economic growth Peru and is Peru’s largest foreign investor. and development. In the run-up to the election, the Obama • This April, Peruvian voters will choose a new Administration should reaffirm by statements and actions president who will either expand economic that the United States wants Peru to stay the course on and democratic reforms or who could lead free market reforms, decentralize government power, and the country back into populist statism. reject any attempt to return the country to failed statist • The next president of Peru needs to continue policies. reforms to curb corruption, strengthen prop- erty rights, decentralize Peru’s governing institutions and make them more effective, The election of Susana Villaran as mayor of Lima and combat narco-terrorism. in October 2010 portends a possible resurgence • President Obama should make it clear that of the left in Peru. -
Why Are Some Public Officials More Corrupt Than Others?
THE WILLIAM DAVIDSON INSTITUTE AT THE UNIVERSITY OF MICHIGAN Why Are Some Public Officials More Corrupt Than Others? By: Jennifer Hunt William Davidson Institute Working Paper Number 790 September 2005 Why Are Some Public Officials More Corrupt Than Others? Jennifer Hunt* McGill University and NBER Abstract Using detailed Peruvian data measuring bribery, I assess which types of public official are most corrupt and why. I distinguish between the bribery rate and the size of bribes received, and seek to explain the variation in each across public institutions. The characteristics of officials’ clients explain most of the variation for bribery rates, but none for bribe amounts. A measure of the speed of honest service at the institution explains much of the remaining variation for both bribery rates and amounts. The results indicate that the bribery rate is higher at institutions with bribe-prone clients, and that bribery rates and bribe amounts are higher where clients are frustrated at slow service. Faster and better service would reduce corruption. Overall, the judiciary and the police are by far the most corrupt institutions. Keywords: Corruption, bribery, institutions, governance. JEL codes : H4, K4, O1 * Department of Economics, Leacock Building, Room 443, 855 Sherbrooke Street West, Montreal, Quebec, H3A 2T7 Canada This paper has been prepared for the Handbook of Economic Corruption , edited by Susan Rose-Ackerman and forthcoming in the Edward Elgar Press. I thank Vincent Chandler for excellent research assistance, and the Social Science and Humanities Research Council of Canada for financial support. I am grateful to Susan Rose-Ackerman, Sonia Laszlo and participants in the McGill summer seminar series for comments, to Miguel Jaramillo Baanante for enlightening conversations about Peru and to the Instituto Nacional de Estadística e Información for providing the data.