Colombia April Industrial Output Expands 9.8% On Year

billyb says on Jun 18, 2008, 06:37:

Yup, things sure are getting worse.

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billyb says on Jun 18, 2008, 06:43:

Errr, more bad news.


Colombia sets '09 surplus target at 1.9 pct of GDP
Reuters - Tuesday, June 17As part of those plans, Zuluaga said the government plans to carry out the privatization of the majority share it holds in energy generator ISAGEN , for which it expects at least $1.4 billion in payment. (Reporting by Javier Mozzo in Bogota; writing by Patrick Markey; Editing by Leslie Adler, Leslie Gevirtz) - BOGOTA, June 16 - Colombia set a target for the primary fiscal surplus for the non-finance public sector of 1.9 percent of gross domestic product for 2009 compared with 2.6 percent surplus for this year, the government said on Monday.

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Finance Minister Oscar Ivan Zuluaga told reporters the government was maintaining its fiscal targets for 2008 and said in 2009, Colombia would consolidate its planned reduction of debt in proportion with its gross domestic product.

The minister confirmed details released earlier in a National Planning Department document.

The government has projected economic growth of 5 percent for 2009 and Zuluaga said he expected planned foreign credits of $2.4 billion for 2009 with $1 billion corresponding to international bonds.

He said the government expects to sell local TES bond operations for 24.5 trillion pesos in 2009. The peso closed Monday trading at 1,676 pesos to the dollar.

Colombia has successfully moved to clean up its fiscal balance in recent years after an economic crisis in 1999 when the GDP shrank 4.3 percent and the current account balance of payments deficit reached historic levels.

Colombia lost its investment grade because of fears over the ability of the country to pay its debt.

Under President Alvaro Uribe, Colombia is growing at its strongest rate in three decades -- 7.52 percent last year -- as improved security reduces violence. Foreign investment and domestic consumption are rising.

As a result of matching its fiscal targets, the net debt against GDP of the central government should reach 36.3 percent in 2009 and 23.6 percent of the non-financial public sector, according to the planning department report.

In 2008, net debt against the active finances of the central government is expected to be 37.4 percent.

According to the document, the government expects privatizations to reach the equivalent of 0.8 percent of GDP next year, while the primary surplus target will be the equivalent of a consolidated fiscal deficit of 1.4 percent.

As part of those plans, Zuluaga said the government plans to carry out the privatization of the majority share it holds in energy generator ISAGEN , for which it expects at least $1.4 billion in payment. (Reporting by Javier Mozzo in Bogota; writing by Patrick Markey; Editing by Leslie Adler, Leslie Gevirtz)

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billyb says on Jun 18, 2008, 06:49:

Here's the flipside, now this is an economic model that works.


Venezuela Manufacturing Declines Most in Two Years (Update1)

By Daniel Cancel

June 17 (Bloomberg) -- Venezuelan industrial production fell 7.9 percent in March from a year earlier, the biggest decline since April 2006, as labor stoppages and import delays slowed output.

Manufacturing fell 4.4 percent from the previous month, the central bank said today on its Web site. Production has grown 2 percent in the first three months of the year.

``This shows the supply response of the economy is suffering,'' said Boris Segura, an economist at Morgan Stanley in New York. ``There are a whole host of factors that are causing this unwelcome development.''

Venezuela's economy grew 4.8 percent in the first quarter, the slowest in four years, as the government curbed consumption by raising interest rates in a bid to cool inflation. Demand fueled by government spending has outpaced supply in recent years as government controls hinder production and stimulate a surge of imports.

On June 11, Planning and Development Minister Haiman El- Troudi said that work stoppages at the country's biggest steelmaker, Siderurgica del Orinoco had hurt economic growth in the first quarter. Delays in the allotment of foreign currency to importers for raw materials and machinery maintenance also put a drag on manufacturing, Segura said.

Industrial production trailed the median forecast of three analysts surveyed by Bloomberg, who expected an expansion of 11.2 percent.

To contact the reporter on this story: Daniel Cancel in Caracas at dcancel at bloomberg.net.

Last Updated: June 17, 2008 11:03 EDT

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tasco66 says on Jun 18, 2008, 07:12:

Thank you Sr. Presidente for having made Colombia the most robust economy in the world

Bravo, Presidente Uribe for the perfect operation!

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BillBigD says on Jun 18, 2008, 10:04:

Colombian stock market once again liked the news, down another 1%

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billyb says on Jun 18, 2008, 10:14:

For those that don't hang their hat on one day swings, do you happen to have a 5 year chart?

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tasco66 says on Jun 18, 2008, 10:43:

Here is Bancolombia S.A. (CIB) vs the S&P 500:

http://finance.yahoo.com/echarts?s=CIB#chart3:symbol=cib;range=5y;comp...

Thank you Sr. Presidente for making Colombian investors and myself rich and for the creation of thousands of jobs in Colombia

Bravo, Presidente Uribe for the perfect operation!

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tasco66 says on Jun 18, 2008, 10:47:

Here is the US$ vs the Colombian Peso

http://finance.yahoo.com/echarts?s=USDCOP=X#chart1:symbol=usdcop=x;ran...

Another Uribe miracle

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 18, 2008, 10:47:

"Thank you Sr. Presidente for making Colombian investors and myself rich" no other Uribista could have said it any better... good job. The selfishness is what disgusts me from the Uribe camp.

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tasco66 says on Jun 18, 2008, 10:51:

"Thank you Sr. Presidente for making Colombian investors and myself rich" no other Uribista could have said it any better... good job. The selfishness is what disgusts me from the Uribe camp."

There’s your typical left wing free market criticism. They hate wealth creation, but want a social state. Now guess who pays for the social state?

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 18, 2008, 10:52:

who said I was left wing? oh yeah the ignorant... I actually believe in the liberal ideology.

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tasco66 says on Jun 18, 2008, 10:54:

Funny how romy running out of arguments is now resorting to name calling. No surprise here again.

You are now a proud member of the buggy club

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 18, 2008, 10:56:

you name called me first... calling me a left winger (I actually play center ice ahaha a little hockey analogy)

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tasco66 says on Jun 18, 2008, 11:04:

I did not call you left wing, I said you made a typical left wing comment, and went on to explain why. In any case, I don’t think being called left wing or right wing can qualify as name calling.

Bravo, Presidente Uribe for the perfect operation!

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robi666 says on Jun 18, 2008, 11:04:

I remember reading and interesting article about economy growth in Colombia.
It basically reported that there are suspects of figures inflating to cover money laundering. I.e. less production (in weight) and bigger income.
Was it on El Tiempo?

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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romy says on Jun 18, 2008, 11:09:

well I took it as an insult... and thought it was ignorant from your part.
I do not HATE wealth creation...
what's the buggy club???
you have to define a 'social state' I guess...
but that's some more ignorance, at least from my perspective

let alone defining what 'left wing' means...

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tasco66 says on Jun 18, 2008, 11:11:

Robi you may be a bit naïve, but all governments resort to fudging the numbers a little bit.

The US government says that there is no recession presently in America and that the inflation rate is one of the lowest in the world.

Now who believes that?

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 18, 2008, 11:11:

robi... with the amount of disinformation I would not be surprised

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robi666 says on Jun 18, 2008, 11:17:

Tasco, this was not about the government.

It is about companies inflating their figures, i.e. the same numbers of clothes sold at a much higher price, as an example, to the Venezuelan market, than last year. Again for money laundering.
You get a bigger GDP but the same quantity produced.

Let's see if I can find the article...

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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tasco66 says on Jun 18, 2008, 11:20:

Robi OK I see what you mean, that can well be possible

But if you included the underground economy to the official figures, the numbers would be much higher

Bravo, Presidente Uribe for the perfect operation!

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tasco66 says on Jun 18, 2008, 12:11:

“you have to define a 'social state' I guess...
but that's some more ignorance, at least from my perspective"

OK, so according to Romy I made an ignorant remark, because I did not define a social state for him.

I guess you want me to define all the words I say, so that you can understand my posts.

In any case, If you don’t know what a social state is, I think that ignorant accusation you threw at me has just exploded in your face.

I suggest you google it if you want to learn something today (apart from reading my posts of course).

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 18, 2008, 12:29:

different people attribute different meaning to different words, that's a fact of language... I'm sorry, I can help but if you don't want to be helped that's up to you, and honestly a waste of my time

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tasco66 says on Jun 18, 2008, 12:30:

"Thank you Sr. Presidente for making Colombian investors and myself rich" no other Uribista could have said it any better... good job. The selfishness is what disgusts me from the Uribe camp."

Romy, why is it selfish for Colombians, Uribistas or anybody else to make money in the stock market?

Ever heard of Warren Buffet? I guess not. Time for you to go to google and learn something else.

By the way if I am an Uribista you are a Farc apologist

Bravo, Presidente Uribe for the perfect operation!

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miamimike says on Jun 19, 2008, 00:48:

Colombia, Feb 20, 2004 (Portafolio/SABI via COMTEX)



2004
For the first time, Colombian clothing manufacturers are present at the Cotton's Sourcing Summit in Miami, one of the clothing industry's major events, in which a group of US clothing importers meet with cotton clothing manufacturers from various regions of the world. Amongst the Colombian participants are Antonella-Prointimo, ARC Internacional, Billy Colombia, El Globo, Encoltex Ltda., Expofaro, Iblue, Index, Nicol,Valle Trade, Confecol Ltda., Dismoda, Grupo Concalidad , Hilacol, Industrias Integradas, Industrias St.Even, Leonisa ...
++++++++++++++++++++++++++++++++++++++++++++++++++++++++


BillyB, seems like Colombia has several clothing makers(mostly cotton of course)In what countries are they selling/marketing their products in? You would think Miami would be a big market yet you seldom see Col Clothing products in the stores, be it stores like Target or upscale Malls like the Shoppes of Bal Harbor. Occasionaly you see Colombian women's under garments in some small Kendall speciality storesor someone selling from their home or the trunk of their Car but not much else...Where are the current major markets?

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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miamimike says on Jun 19, 2008, 00:55:

Now we here a lot about this Bogota Clothing maker and no doubt his business is booming worldwide although it may not be the trendsetting publicity Colombia desires:

Call in Miguel Caballero, the self-described "Armani of bulletproof clothing," who produces "high-security fashion" in an unassuming shop tucked almost anonymously into a middle-class suburb of Bogotá, Colombia.

The 38-year-old Caballero is only too happy to help. He recently stitched together a wine-red guayabera for Chavez, lined with a layer of woven aramid fibers strong enough to stop a .9 mm slug. The fancy tropical shirt was just like the white one Caballero produced for Colombian President Alvaro Uribe, another leader with good reason to watch his back: The Revolutionary Armed Forces of Colombia tried to assassinate him three times in 2002 alone.

Those aramid fibers -- weaves of specially treated synthetic thread -- are the new industry standard. The fibers are in vogue now that protective material like Kevlar has fallen out of favor because of its weight and performance under fire. And Caballero has emerged as a specialist in a crowded protective-gear field for his imaginative use of the lightweight materials.

But technical details and somber reflections on dangerous times in Latin America are not what has Caballero engaged,,,


http://dir.salon.com/story/news/feature/2005/09/22/bulletproof/

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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billyb says on Jun 19, 2008, 05:55:

Mike, a good friend in Cali who is a clothing mfg and exporter told last week that they are getting killed by the strong peso and will have to start letting people go soon. They used to also do contract mfg for Walmart, but declined to renew because they couldn't compete with those chinese companies using near slave labor and still make a profiton the contract. I am proud to say that I have never set foot in WM store.

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miamimike says on Jun 19, 2008, 07:55:

BillyB--you are spot on about the Chinese! Many times in the recent past I have posted here that eventually the Chinese, due the fact that Col has a floating Peso and esentially the Chinese have a fixed currency(very low at the moment) so how can a country like Col or the USA compete fairly when the Table is so tilted in one country's favpr? Look in any Dept store in Col and see how little "Hecha en Colombia" products are on the shelves. The Chinese imports into Col will kill their Textile Industry as it did here in the USA. Here in Miami its just not Walmart by a long shot that only stock Chinese goods,,,

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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romy says on Jun 19, 2008, 08:46:

billyb- tell your friend that Uribe takes care of HIS people, so not to worry

Colombia destina otros 121 mln dlr para subsidios a exportadores
http://lta.reuters.com/article/businessNews/idLTAN1943916420080619

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billyb says on Jun 19, 2008, 08:48:

Smug remark romy, but don't worry about him, he'll not suffer as much as his employees will. But as long as the rich get hit, who cares if the poor suffer more, is that it? If his exporting business goes under, he will still be rich, but his emplyees will be out of a job, will that make you happy?

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romy says on Jun 19, 2008, 08:56:

good on him that he took full advantage of the system... rich=good, eh? don't worry about the poor, they'll continue to starve. while we travel the world and party like rockstars because we basically are...

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billyb says on Jun 19, 2008, 09:00:

Are you drinking this early in the day? He is giving dozens of jobs to people in Colombia that need them (how many people in Colombia are you benifiting?), while you are just wishing people like him suffer, never mind that in doing so, the poor will suffer even more. Do you ever re-read some of your comments? Sometimes they are just too ludicrous not to laugh at.

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billyb says on Jun 19, 2008, 09:02:

"good on him that he took full advantage of the system... rich=good"

Yes good on him that he worked hard and risked his capital to start a business that employs dozens of people and pays hella taxes. Again, what have you done to help the cause? I mean besides playing mother teresa on PBH?

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tasco66 says on Jun 19, 2008, 09:03:

“Are you drinking this early in the day? He is giving dozens of jobs to people in Colombia that need them (how many people in Colombia are you benifiting?), while you are just wishing people like him suffer, never mind that in doing so, the poor will suffer even more. Do you ever re-read some of your comments? Sometimes they are just too ludicrous not to laugh at.�

I could not agree more with this post. Typical left wing hypocrisy.

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 19, 2008, 09:11:

are you sure he "pays hella taxes"... re-distribution of wealth would be nice. I just don't believe everyone gets the same opportunities to thrive in this world and it's a little ignorant that it was mere "hard work" that got him where he is. I know I haven't made major impact yet on Colombia (here in Canada I have), when I do I'll let you know... you forget how old I am. I guess some of my properties (ran by others) employ people... does that go in your good books?

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billyb says on Jun 19, 2008, 09:18:

So everything you don't agree with "is a little ignorant'?, you are over using it that word as well as missusing its context, but that is a discussion for another day. Romy, since you are so rich, why wait to make an impact, donate some of those properties you "own" and start sharing the wealth. You don't have to wait for the governament to force you to share, that is what I did when my mom died. BTW, how did your people obtain those properties? By oppressing the people? Or are they the only ones in Colombia that acquired them by being "pure"? Take a look at the word hypocracy in the dictionary, too funny.

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romy says on Jun 19, 2008, 09:27:

There needs to be a change in the system... private enterprise (and in colombia's case Narcotrafico) can't be the driving force of a society. Once this happens and more equal opportunity is assured, then we'll talk

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billyb says on Jun 19, 2008, 09:31:

But Romy, you can start re-distributing your wealth right now, you don't have to wait for the system to change.

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romy says on Jun 19, 2008, 09:34:

no, it doesn't work... did you solve anything by re-distributing your mother's wealth?
I'm as linked to the acquisition of those properties as Uribe is linked to Pablo Escobar... probably less

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billyb says on Jun 19, 2008, 09:43:

But that doesn't stop you from re-distributing your wealth and it will help you feel like you are living up to your alleged principles. Sharing some of my mom's wealth when she died didn't solve world hunger, but it did make the life of some people in Cali a lot better, you should try it.

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tasco66 says on Jun 19, 2008, 09:50:

Romy wants others to give away their wealth, not him.

That reminds me of Buggy’s main concern about moving to Colombia, would he have to pay taxes on his French pension payments.

Taxes are good, as long as you don't have to pay them

All PBH left wingers are alike…

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 19, 2008, 09:59:

right now all I can afford to give is myself... in the system that we live in right now I need the security, but if the system changes for the better then I'll have no problem in giving in.

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Joel y Luza says on Jun 19, 2008, 11:10:

Miamimike-I agree.. I think the only way we are going to compete with the chinese is to regionalize our economy and tarriff the shit out of china, just to get their currency on par with the rest of the world..

I think they are set on global economic domination.. There is no peaceful coexistence with them.. Its not in their genes. I would love to see the Americas stable enough politically to form some sort of cooperative agreement, a lot like Europe; create some sort of economic parity in this hemisphere, and in the world...

Thankfully they are needing to slow their fuel subsidies so it will help some with stablizing the oil markets...

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tasco66 says on Jun 19, 2008, 11:15:

What do you mean by:

“just to get their currency on par with the rest of the world.."

No other country (except Zimbabwe) has depreciated more their currency than the good old USA in the past few years

The world should not accept these unfair trade practices from America

Bravo, Presidente Uribe for the perfect operation!

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tasco66 says on Jun 19, 2008, 11:26:

" the Chinese have a fixed currency(very low at the moment)"

The only thing low and going down is the US$, even against the Chinese Yuan:

http://finance.yahoo.com/currency/convert?from=USD&to=CNY&amt=1&t=2y

The PBH Chinese bashers have obviously no idea what they are talking about

Bravo, Presidente Uribe for the perfect operation!

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billyb says on Jun 19, 2008, 11:37:

Tasco, tell me you are not defending their labor practices, which is what I bashed them about.

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tasco66 says on Jun 19, 2008, 11:37:

"I think they are set on global economic domination.."

Now that's not something the USA would ever do..

Jajaja

"There is no peaceful coexistence with them.. Its not in their genes."

OK how many countries has China invaded in the last 100 years? How about the same question for the good old USA?

Please don’t keep me waiting too long…

Bravo, Presidente Uribe for the perfect operation!

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tasco66 says on Jun 19, 2008, 12:05:

Billy, I only responded above to what I beleive are some false statements made about China (comments made by Joel y Luza and Miamimike).

The Chinese labor practices are no model for anyone to follow, but I know some Latinos in Europe and the USA who work in agriculture (especially fruit and vegetables pickers), that don’t fare much better than your average Chinese worker. The Chinese labor practices are basically the same ones the West used during their industrial revolution.

Bravo, Presidente Uribe for the perfect operation!

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billyb says on Jun 19, 2008, 12:13:

"The Chinese labor practices are basically the same ones the West used during their industrial revolution."

I agree, and while there was no excuse then, there is even less now.

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tasco66 says on Jun 19, 2008, 12:19:

"there was no excuse then, there is even less now"

That is true, but it is a bit difficult to tell the Chinese not to do what we did. Not much credibility there. The best pressure we can put on the Chinese as consumers is demand fair treatment for the workers who produce the goods we purchase and accept that this may come at a price (more expensive goods).

Bravo, Presidente Uribe for the perfect operation!

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romy says on Jun 19, 2008, 12:19:

The Chinese empire fell apart after the Opium wars... 100 years is not a reasonable comparison... Arguably the US has not invaded anyone in the purest sense, like the Chinese have done with Tibet.
Having said that labor conditions for a lot of people in the US (mostly imigrants) are not anything to brag about. Anyways back to euro 2-0 Germany who is shocking the world

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tasco66 says on Jun 19, 2008, 12:25:

The Opium wars had their origin in the British smuggling of opium from India into China. What, the British drug smuggler? Shocking!

Go Mannschaft!

ooops just took a goal

Bravo, Presidente Uribe for the perfect operation!

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billyb says on Jun 19, 2008, 12:33:

"The best pressure we can put on the Chinese as consumers is demand fair treatment for the workers who produce the goods we purchase and accept that this may come at a price (more expensive goods)."

Although it's hard to do since most small apps and so many other goods are only made in China, I try to do just that, and last week I purposely paid way more for a sofa made in NC in the good ole USA than pay for a cheaper one made in China.

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romy says on Jun 19, 2008, 12:37:

how about Colombia FTA... labor unions...?

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billyb says on Jun 19, 2008, 12:42:

Doesn't the FTA require Colombia to provide its workers with greater protections and better working conditions?

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tasco66 says on Jun 19, 2008, 12:47:

"I purposely paid way more for a sofa made in NC in the good ole USA"

Did you buy from Ethan Allen? They're one of my favourite furniture store in the US

Bravo, Presidente Uribe for the perfect operation!

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billyb says on Jun 19, 2008, 12:50:

No, although they are good, I got it at Bassett.

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Joel y Luza says on Jun 19, 2008, 12:54:

There has been plenty of Chinese hegonomy over the last 5000 years.. it has just come in different forms.. Ask all of Pacific Asia-Korea, Vietnam, etc. India and China, has had plenty of border skirmishes for hundreds of years.. THE only difference now, is it is being fueled by very cheap labor and the ability to project themselves globally. That is the ONE difference in the last 5000 years.

the other issue is cheap/slave labor. Yes, the back bone of our industrialization was founded on it. BUT we had a political system to change it. Also, just because we did it, doesn't make it right for them.. That is the beauty about learning.. realize from the mistakes around you, and find a better way..In china, bitch and your butt will be put in front of a firing squad, Absolutely no habeas corpus..

Actually, to be quite honest, Personally, I am not all that hard on the Chinese, its the ethnocentricity that defines nations, countries, and people. What makes me mad is the Ilk of Wal Mart type companies that enable China to grow boundless, by buying horrible products just because they meet a price point...the only part of high oil prices I love is that it makes it more expensive for China to ship their chit here... sorry but the whole nexxus between Wal Mart, the destruction of small town USA and the Chinese economy hits a sore spot.

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podborski says on Jun 19, 2008, 13:04:

hey I like romy's logic for the first time ever: describing someone as being on the left end of the political spectrum is the same as calling someone ignorant,

ok, I'll buy that : ) (sorry CK, just kidding, aimed at romy only!)

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podborski says on Jun 19, 2008, 13:05:

anyway, people call me right wing all the time, even though I am a classic liberal. You know, one who actually believes in liberty.

But I don't take that as an excuse to call others ignorant.

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miamimike says on Jun 19, 2008, 22:06:

tasco66 says on Jun 19, 2008, 12:05: flag

Billy, I only responded above to what I beleive are some false statements made about China (comments made by Joel y Luza and Miamimike).
------------------------------------------------------------------------------------------------------------------------------------

So Tasco, show me part of the Chinese currency that actually is a true floating Currency, reletive to the rest of the world's floating currencies? When did they unlock it(their currency) and in actuality, has many % points has it actually risen the last 5-10 years? Show me where my statement on the Chinese currency is false?

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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