A couple of weeks ago Bloomberg News disclosed an interesting document titled “The Fed´s Secret Liquidity Lifelines” that crudely shows how almost all the biggest participating firms in the US investment and commercial banking system, along with some important European banks, were rescued by the Fed in 2008 – 2009, no matter how these institutions […]
Shale gas has always been under the soil, but the technology to economically exploit it was non-existent. Not any more. A decade ago American technology in the Barnett Shale in North Central Texas started what appears to be an energy revolution that could have tremendous effects on world energy prices out of spatially diversified multiple […]
Algunas declaraciones: ¿Qué se está fraguando, tácita o explícitamente? 1. 16 de mayo de 2011, El Mercurio: El Vice Presidente de aerolínea Pluna, aerolínea de origen uruguayo, declara que ésta tiene actualmente un acuerdo de código compartido con TAM para hacer conexiones a distintos destinos de la región y que está confiado en expandir este convenio […]
El caso de La Polar se va a seguir investigando para intentar ver qué ocurrió realmente y desde cuándo, a juzgar por las declaraciones de quienes están involucrados en este lamentable capítulo financiero. Sin embargo, este objetivo se ha centrado básicamente en la falta de transparencia con que habría actuado la compañía en la información […]
El rechazo a la fusión LAN TAM radica en que los precios que enfrentarían los consumidores, particularmente chilenos, serían superiores a los que observarían en mercados competitivos como el doméstico americano. Si al día de hoy esto ya ocurre, aún antes de la fusión, con mayor razón y en mayor grado ocurriría después de ésta, […]
Se inició definitivamente un proceso no contencioso en el Tribunal de Defensa de la Libre Competencia (TDLC) para evaluar la propuesta de fusión entre LAN y TAM. Algunos antecedentes adicionales que permiten reafirmar la improcedencia de dicha fusión son los siguientes: 1. El problema está esencialmente radicado en la red que nacería de la fusión entre […]
As it is often said, population projections for future decades are now already written. And ours are not good. The best estimate coming from the Statistical Government Agency [1] is that Chile will converge to a 20 million population figure around 2040, with life expectancies at birth of 79 and 85 years for men and […]
LAN Airlines, a US$ 9 billion market value Chilean firm which annually transports 17 million passengers in both domestic and foreign markets, plus air freight – 25% of revenues -, intends to merge with TAM, a US$ 3 billion market value Brazilian airline which moves 33 million passengers per year. Both firms are dominant actors […]
Estimado Señor Director, A propósito de la propuesta de fusión de LAN con TAM, llama la atención que hasta ahora el proceso no esté radicado en una consulta abierta en el Tribunal de Defensa de la Libre Competencia (TDLC) sino en una aparente negociación con la Fiscalía Nacional Económica (FNE). Al respecto, vale la pena […]
And here we go again, this time in the Chilean food industry: a proposal to merge the Chilean productive operations of Nestle, the Swiss food giant and Fonterra, a world dairy producer, following a worldwide agreement between both companies. It so happens that in Chile they are too big and determinant even under individual terms, […]
El problema de los bancos no está sólo en las ventas atadas o conjuntas que restringen al consumidor y desalientan la competencia en cada uno de los servicios ofrecidos, en las sociedades de apoyo que actúan como barreras para-arancelarias, en la asimetría de información crediticia entre diferentes oferentes de crédito, en la carencia de información […]
Con una capacidad de generación eléctrica cercana a los 15.000 MW en todo el país y un crecimiento en el consumo de unos 1.000 MW anuales en los próximos años, a unos precios de venta de energía que hasta duplican aquellos que enfrentan nuestros competidores externos, el negocio eléctrico ciertamente pasa por un buen momento […]
There have been some visible shortages of patience as of late. Fiscal, exchange rate, monetary and current account policies plus political tensions have all mixed up under a pessimistic scenario. It need not be the case. The solutions are already in place and their aggregate impact will come sooner or later, but they certainly will. […]
A real estate bubble continues to be the consensus reason for the financial crisis the US recently endured and which was later exported to other countries via globalized financial markets. Was there a bubble to justify an incoming depression supposedly comparable only to that one of 1929? Definitely not. If that was the case, how […]
CAP, a Chilean steel and iron company with a US$ 6 billion market value at present time, has finally completed a strategic financial transaction with Mitsubishi, one of its owners, that has allowed the Japanese group to get a preponderant controlling position in the company. The big question is who gets benefited from it and […]
Documento PDF – Presentación TDLC / Cuotas Pesca Documento PDF – TDLC Téngase Presente / Cuotas Pesca
Señor Director, Cada cierto tiempo el país vecino de Bolivia vuelve a insistir en un acceso soberano al Pacífico por territorio chileno. Simultáneamente reaparece la posición del otro país vecino del Perú que por el Tratado de 1929 le asiste el derecho a aprobar cualquier cambio soberano en la antigua provincia de Arica, así como […]
A recent vote from urban residents within a community in Santiago rejected the proposal to have a commercial mall in its backyard. It was a yes or no vote with no proposed compensations whatsoever. Considering the net benefits residents could receive – compensations over congestion costs-, it might be a mistaken decision from their point […]
Per capita income in Chile is close to US$ 15.000, measured under PPP US$. That means we have an income almost one third of that of developed countries. The only way to catch up with them is via consistently improving public policies more than they do in order to make the allocation of resources more […]
Last January Chileans elected a center right government, primarily out of tiredness with left coalition governments that tried to solve too many things on people´s behalf. The winning idea was to empower people and help those that could not afford for a decent standard of living for themselves. After the February quake, it has sometimes […]
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