What happens

Companies and markets

The press Ciccone Calcográfica, that has to its position the contract to make the passports, appeared in call of creditors. The company/signature requested the opening of its aid in the court N° 8, after declaring in cessation of payments the 15 of last December. The press belongs to the brothers Héctor and Nicholas Ciccone, and at his moment it was mentioned by ex- minister Domingo Cavallo like one of the tie companies with the Yabrán group. Nevertheless, Cavallo reconciled publicly with the Ciccone brothers and participated in the celebration of the 50 years of the company, in December of 2000. Ciccone also has to its position the impression of the passports in China and paper money in Argentina, the Congo, Angola, Paraguay and Uruguay.

Black hill informed that it arrived at a principle in agreement with a group from AFJP for the reconstruction from negotiable obligations (ON) by $ 100 million. The proposal includes the owed conversion to dollars of the capital and interests and their replacement by a new emission of ON.

The Hewlett-Packard company (HP) closed exercise 2002 with a invoicing of USS 140 million and announced that it waits for an increase of 25% in his income in 2003. Of the total of their income, 30% corresponded to the division of printers and 25% to the area of computers and hogareños equipment. According to a relevamiento of consultant IDC, HP leads the businesses of servants, laser printers and printers to spurt.

The oil company Repsol YPF will invest to east year 5.2 million dollars in a plan of seismic exploration in Commodore Rivadavia, province of Chubut, initiative that will demand about 200 jobs. One is a knowledge program of the subsoil underneath the same city, that will be applied, by means of sound waves, to advance in the petroleum extraction in the river basin of the gulf San Jorge, one of oldest of the country. In the company they affirmed to the NATION which the proceedings were being fulfilled to obtain the authorization of the municipal authorities, and that to the investment would have to add to it him, within a year, a new payment for the perforation process, that will depend on the results of the search.

Telephone of Spain it glides to start up a plan of dismissals that, of here to 2005, would affect 4500 employees, a 11% of a group of more than 40,000 workers, according to union sources mentioned by Spanish newspapers. The company has undergone a fall in the telephone traffic, minutes and income, and at the same time it supports to stops fixed costs, which caused a fort deterioration in the results. Spokesmen of Teléfonica in Argentina said that the cut will not affect the local employees.

The president of the Association of Argentine Banks (ABA), Mario Vicens (photo), defended the necessity to preserve the "institution of the hypothecating guarantee" like condition for the return of the credit. In a critic to the new prorogation to the suspension of hypothecating executions, the ABA holder maintained that "it is difficult that they become to offer hypothecating credits when the granted ones in the past cannot be received".

The ABA holder was invited to expose before the Commission of Legislation of the Senate, where he said that the guarantees constitute a key instrument to lower the price of the credit and that the banks only execute them when they exhausted all the previous instances of negotiation. "No bank wants to become a real estate one, in fact always look for to preserve the essence of its business that is to give credits with the deposits that can catch", it said.

The industrial index that elaborates the Argentina University of the Company (UADE) registered in May one raises of 2.9% in relation to last April and 7.7% as opposed to the same month of 2002. The report indicates that the rises are explained basically by seasonal factors and that tendency is observed the deceleration in the rates of growth. It raises it accumulated in the industrial activity in the first five months of the year ascends to the 10.1 percent.