PPCC: Pisitófilos Creditófagos. Verano 2024

[Derby]

https://www.bloomberg.com/news/articles/2024-07-17/ypf-in-talks-with-energy-transfer-to-fund-argentina-pipeline

YPF in Talks With Energy Transfer to Fund Argentina Pipeline

State-run driller YPF spearheads conduit to unlock oil exports
US pipe operator Energy Transfer looks into financing project

Argentine crude driller YPF SA has held talks with US pipeline company Energy Transfer LP to finance a cross-country conduit that’s key to the South American nation’s ambitions of ramping up shale oil exports.

State-run YPF, the biggest oil producer in Argentina’s Vaca Muerta shale patch, is spearheading development of the pipeline, which is estimated to cost $2.5 billion. It’s been in conversations with Energy Transfer to fund the project, according to two people familiar with the matter who asked not to be named as the talks are private.

A spokeswoman for Energy Transfer declined to comment on the matter, adding that the company is looking at opportunities inside and outside the US. A spokesman for YPF declined to comment.

YPF needs outside backing to pay for the pipeline, called Vaca Muerta Sur. It is negotiating with other oil drillers in Argentina, who require extra transportation capacity to unlock production, and would bring in additional partners once that consortium is in place, said one of the people.
Economic Boost

The pipeline would give a significant boost to Argentina’s share of global oil exports and help stoke the country’s economy. The nation desperately needs new sources of export dollars beyond its traditional crop shipments to increase central bank reserves, where shortages of hard currency have driven recurring crises.

The conduit is key to reaching a goal of exporting some half a million barrels a day of shale oil by the end of the decade. Vaca Muerta’s exports are currently just north of 100,000 barrels a day. Shipments from the shale patch have been severely constrained by pipeline bottlenecks, and some production still has to leave the fields in trucks.

YPF is already building a 128-kilometer (80-mile) duct to take oil from shale fields to the town of Allen in Rio Negro province. The larger project that Energy Transfer may partner would involve laying down 437 kilometers of pipe from Allen to the Atlantic coast, where a port will be built at Punta Colorada, an old iron-shipping outpost.

The project may qualify for a series of tax, currency and customs benefits included in a sweeping reforms law drafted by libertarian President Javier Milei, who has been in power for seven months.
Incentives Program

The benefits package — known as RIGI, the Spanish acronym for the “incentives program for big investments” — is designed to lure international investors who have avoided Argentina because of years of volatile policies, especially controls on taking money out of the country.

RIGI establishes investors’ rights to freely use proceeds from exports, including keeping them abroad. That will reduce borrowing rates to finance infrastructure projects in Argentina, said Marcelo Etchebarne, a managing partner at law firm DLA Piper’s Buenos Aires offices.

Dallas-based Energy Transfer operates more than 125,000 miles of pipelines for energy products and several export terminals in the US, and has offices overseas in China and Panama, according to its website.

[Nixon]

https://x.com/EstefMolina_/status/1813512951095251198

"Os informo de algo MUY interesante:

Hay un runrún en el Parlamento europeo sobre que Von der Leyen podría impulsar, durante este mandato, una agenda para que bajen los precios de la vivienda en los Estados UE.

Quizás un comisario de Vivienda, quizás una batería de medidas X..

2- La idea de impulsar una agenda de Vivienda desde la UE parte del grupo socialdemócrata (S&D).

Son algunas de las condiciones que le han planteado a Von der Leyen para darle su apoyo como presidenta de la Comisión.

Estaremos atentos mañana a su discurso."

https://elpais.com/internacional/elecciones-europeas/2024-07-18/von-der-leyen-promete-un-nuevo-plan-europeo-de-vivienda-asequible-con-una-estrategia-de-inversion.html

Von der Leyen lanzará un nuevo plan europeo de vivienda “asequible” con una estrategia de inversión

 
La alemana, que enfrenta este jueves una votación clave para repetir al frente de la Comisión Europea, se compromete a nuevas medidas para que la UE pueda competir con Estados Unidos y China

 

 
Una Europa blindada en defensa, en sus fronteras y en economía, pero también más social. La conservadora Ursula von der Leyen, que aspira a repetir al frente de la Comision Europea y enfrenta un voto clave este jueves en el Parlamento Europeo, ha prometido un nuevo “plan europeo de vivienda asequible”, con una estrategia para la construcción, inversión y en el que el Ejecutivo comunitario abrirá la mano para que los Estados miembros puedan duplicar las inversiones de la política de cohesión en ese capítulo. La alemana, de la familia del Partido Popular Europeo, recoge así el guante de los Socialistas y Demócratas, que habían exigido medidas sobre vivienda, un gran problema europeo trasversal, para apoyarla.

 
En un momento cada vez más turbulento a nivel global, en el que Europa busca un shock inversor para no quedarse atrás, Von der Leyen se ha comprometido también a lanzar un plan de inversión público europeo, un fondo de competitividad, para competir contra China y Estados Unidos. Un fondo que se dirigirá, fundamentalmente, a apoyar la industria limpia. “Nuestra competitividad requiere un impulso”, ha dicho la democristiana en un discurso en el Parlamento Europeo, ante los legisladores que deben votar sobre su reelección. La alemana, que ha cosechado aplausos de casi todas las bancadas, busca llegar a todos. “Este mandato tiene que ser el mandato de las inversiones”, ha remarcado. Von der Leyen ha prometido una “unión de ahorro, de inversiones”, para que las empresas, y las startups, no se marchen de Europa

 
En plena crisis entre la Unión Europea y Hungría, por las visitas y reuniones del nacionalpopulista húngaro Viktor Orbán a Moscú, para reunirse con Vladímir Putin en Moscú, el chino Xi Jinping, en Pekín, y el candidato republicano Donald Trump, que aspira a volver a la presidencia de Estados Unidos, Von der Leyen ha cargado también contra el líder húngaro, que ostenta la presidencia semestral del Consejo de la UE y asegura que las visitas son parte de una “misión de paz” para Ucrania. “Hay alguno que baila solo”, ha dicho. “No fue una misión de paz, fue una misión de apaciguamiento, sin más”, ha incidido Von der Leyen, entre una marea de aplausos. “Solo dos días después [de la visita de Orbán], Putin dirigió sus misiles a un hospital infantil en Kiev”, ha recordado.

 
“Nadie quiere más la paz que el pueblo ucranio, una paz duradera, un país independiente libre. Europa va a apoyar a Ucrania el tiempo que haga falta; ese es nuestro mensaje”, ha dicho. Por primera vez, desde hace decenios, se ve amenazada nuestra libertad; tenemos la responsabilidad de hacer todo lo necesario para defender a nuestros ciudadanos europeos, proteger a Europa. Ha llegado el momento de construir la unión europea de la defensa autentica”, ha dicho.

[asustadísimos]

[Después del espectáculo del chacho Thomas Matthew Crooks con el Colt AR-15 ($500) de su papá, ahora toca que el viejo chocho Biden tenga covid. Ciertamente, en las Américas estricta y exterior, es época de chachos y chochos. Pero, entre el centeno ucraniano, no hay guardianes, a pesar de los cientos, incluso miles de muertos diarios. Y, sin compasión, la Rus de Kiev sigue achatarrando armas obsoletas poniéndolas en manos de carne de cañón, para mayor gloria del 'bonus' de los trabajadores-directivos de las empresas privadas productoras, que también fabrican los rifles con los que los chachos juegan a justicieros en sus escuelas. La UE, meada. Aquí no hay chachos en armas, pero para millones de ellos talludos y de chochos viejos, tampoco hay guarida, salvo estafando. Habrá un día en el que la UE, hoy en vías de subdesarrollo pedirá perdón a los 'brics'. Entonces, habrá planes quinquenales de construcción estajanovista de viviendas en los cinturones metropolitanos bien comunicados. Y en el sur del norte, nos aliviaremos: «Los 'pigs', por fin, de 'bricks', a 'brics'». América, para los americanos. Estamos a tiempo. Solo es tarde para que el proceso no sea brutal.]

O Mao o meao

[senslev]

Parece que las autoridades se empiezan a mover. Un par de ideas para ellos:
 
Decir algo parecido a lo de "...y créanme será suficiente" con el tema de la vivienda y darle a "enter" unas cuantas veces creando moneda para la provisión de vivienda--> fondos "save generations".

https://elpais.com/internacional/elecciones-europeas/2024-07-18/von-der-leyen-promete-un-nuevo-plan-europeo-de-vivienda-asequible-con-una-estrategia-de-inversion.html

[neutron_mortgages]

FICHA || EL SECTOR PRIVADO HA FRACASADO EN LA PROVISIÓN DE VIVIENDA.—

Ningún sistema económico puede permitirse fallar en la provisión de un bien o servicio de primera necesidad y consumo obligatorio, encima, siendo su producción:
• fácil
• barata

Si queremos vivienda, su provisión solo puede hacerse por el Estado, en particular, por la administración pública central.


El sector privado, subsidiario para la vivienda de lujo o especial.

Que provea la vivienda el Estado es la única medida de la única política de vivienda razonable. Es la más:
• prosistema
• neutral

Pues que bien, cuanto me alegro. Ahora solo falta que empiecen, ¿no?

A ver si por tener que decirlo miles de veces antes al final se nos va a pasar hacerlo.

[senslev]

https://ctxt.es/es/20240701/Politica/46983/yanis-varoufakis-tecnofeudalismo-capitalismo-capital-nube-entrevista.htm

"Todos los capitalistas, y he conocido a bastantes, han dejado de ser capitalistas; se han convertido en rentistas"

[CHOSEN]

No.
Las "autoridades" no se van a mover.
El entrecomillado es porque no son autoridad de nada.

Vivimos tiempos históricos y nadie está a la altura.
Solo veo traidores y funcionarios mediocres; el que no es pederasta se define como trisexual, vegano o ludópata. En poco tiempo se definirán nazis para ganar votos.
¿Que va a hacer España cuando EEUU/Israel invoque a la OTAN para atacar a Irán?
La historia la escriben los ganadores y hace como 20 años que hemos perdido.
Disfrutad el verano.
Quizás sea el primero de los últimos como primer mundo.

[Derby]

https://www.ft.com/content/c97ce66b-20f9-4289-8eda-4adba833ffa9

ECB keeps interest rate at 3.75%

Christine Lagarde says September rate cut decision is ‘wide open’


The ECB has said it wants more evidence that inflation, which peaked at 10.6% in 2022, is on track to drop to around its 2% target by the end of next year © Kirill Kudryavtsev/AFP/Getty Images

The European Central Bank has kept its main interest rate at 3.75 per cent, as its chief Christine Lagarde said the decision on a possible cut in September was “wide open” but downplayed fears of sticky price pressures.

The ECB governing council’s decision to leave its benchmark deposit rate on hold was in line with market expectations, amid concerns that geopolitical uncertainty and rapid wage rises will keep pushing up prices.

“What we do in September is wide open and will be determined on the basis of all the data that we will be receiving,” Lagarde said at a press conference after Thursday’s decision.

She added that the governing council, which cut rates in June from a record high of 4 per cent, had agreed it would not provide guidance on future rate decisions.

The euro fell against the dollar afterwards, and was down 0.3 per cent at $1.0905 by mid-afternoon.

The ECB has said it wants more evidence that inflation, which slowed to 2.5 per cent in June after peaking at 10.6 per cent in 2022, is still on track to fall to its 2 per cent target by the end of next year.

It said on Thursday that recent data “broadly supports” such a scenario, playing down signs that services inflation could remain high.

“While some measures of underlying inflation ticked up in May owing to one-off factors, most measures were either stable or edged down in June,” the governing council said.

The Eurozone is contending with wage growth of 5 per cent, as workers demand to be compensated for the worst bout of inflation for a generation.

But Lagarde said recent pay increases “did not come as a surprise”, and that wages were still expected to rise less quickly over the course of 2025 and 2026. “That is the direction that it is heading,” she said.

While Eurozone inflation was on a “disinflationary track”, the ECB would still need to keep rates high. “We will stay in restrictive territory for as long as it takes to get to target and we are not at target,” Lagarde said.

She added that the Eurozone economy was expected to have grown “at a slower pace” in the second quarter than the 0.3 per cent expansion in the first three months of this year. Risks to growth were “tilted to the downside”.

Traders in swaps markets put the chances of a September rate cut at 65 per cent, down from 73 per cent immediately before the decision.

Dirk Schumacher, a former ECB economist now at French bank Natixis, said Lagarde’s reluctance to clearly signal its next move was “the prudent thing to do, given the uncertainty and the too early commitment in June”.

Several council members had been uncomfortable at how clearly it pointed to the rate cut in June, leaving them little choice but to go ahead despite some unwelcome signals from economic data.

Rate-setters are also worried about political turmoil, especially after this month’s inconclusive election result in France raised doubts over whether a high-spending new government in the region’s second-largest economy would push up inflation.

Lagarde stressed that all Eurozone countries would need to adhere to the EU’s new fiscal rules. The provisions require countries with high debt levels such as France and Italy to bring them down by lowering their budget deficits to 3 per cent over time.

“This is the set of rules that has to be implemented and respected,” she said.

The ECB president said it would start an assessment “reasonably soon” of the new strategy it put in place two years ago and present the results next year. She added that it would not consider changes to its 2 per cent goal or the idea of publishing the rate expectations of individual policymakers in a US Federal Reserve-style “dot plot”.

[Cadavre Exquis]

https://www.diariovasco.com/sociedad/hoja-ruta-euskadi-7000-vpo-alquiler-pacto-20240718000724-nt.html

Saludos.

[Cadavre Exquis]

https://www.diariovasco.com/gipuzkoa/metro-cuadrado-caro-necesidad-30000-pisos-cubrir-20240718000150-nt.html

Saludos.

[Cadavre Exquis]

https://www.diariovasco.com/sociedad/salud/30000-pacientes-lista-espera-dias-ver-medico-20240718000739-nt.html

Saludos.

[Cadavre Exquis]

https://www.diariovasco.com/san-sebastian/obras-aldamar-arrancan-ano-pisos-lujo-millon-20240718000459-nt.html

Saludos.

[Cadavre Exquis]

https://www.diariovasco.com/opinion/asier-pereda-equilibrio-sostenible-usos-turisticos-residenciales-20240718000104-nt.html

Saludos.

[Derby]

https://unherd.com/newsroom/has-private-equity-become-a-ponzi-scheme/

Has private equity become a Ponzi scheme?

The economist Hyman Minsky’s name can once more be heard in ominous whispers around Wall Street. Private equity firms have recently been undertaking such funny financial manoeuvres that those who invest in the funds have had to put a stop to it. With private equity markets depressed, fund managers have been taking on so-called net asset value (NAV) loans to pay their investors’ dividends. Far from being happy to get their money, investors realised that the funds they had invested in were borrowing from Peter to pay Paul, and told them to cut it out.

In his stellar 1992 paper “The Financial Instability Hypothesis”, Minsky argued that there were three types of borrowing which corporate entities engaged in. He called these: hedge, speculative, and Ponzi. Hedge financing involves loans which are taken on, typically for business operations, and can then be paid back using a company’s cash flows. Speculative financing describes loans usually taken on to invest in the company, which can then ideally be paid off by the future cash flows generated by the new investment. Meanwhile, Ponzi financing refers to loans taken out by desperate companies which use them to simply pay interest on previous loans.

Minsky argued that when Ponzi financing units became predominant in an economy — or in part of the economy — this indicated that a financial crisis was brewing. The clue is in the name: a Ponzi scheme is upheld only through finding more and more people to pay up in the promise of money that is itself a result of convincing more and more people to pay up. It is hard not to see in private equity’s use of NAV loans to pay off dividends a classic Ponzi-financing regime.

Private equity’s entire model is based on Minsky’s concept of speculative financing. Fund managers buy up companies and then load them up with debt. This debt is typically used to drastically increase investment in the companies — and in doing so grow them and produce returns for investors. This carries risks. If too many of the investments go bad, the fund might go bankrupt and investors might pull out. There is more than a little speculation that the NAV loans signal that much of the sector has already gone bad and is engaged in increasingly funny tricks to try to cover it up.

If these were simply private investors, the damage would be limited. A few rich people losing money on their speculative investments is nothing to get upset about. But it is by no means clear this is the case. Private equity has become an asset class, meaning that those working in asset management — the more conservative side of the investment industry that typically manages pension funds and other low-risk investments — have started to allocate capital into this space. This has become notorious in Australia with the rise of the so-called “Supers”, and Britain’s new Labour government is reportedly interested in exploring this as an option.

There are also questions surrounding the links between private equity investing and the property markets. After the 2008 crisis, the central banks and regulators said: “Never again”, and imposed strict regulations on bank lending. When we look at mortgage-lending data, we see that banks are not providing the credit for the current rise in house prices — leading to suggestions that it might be the so-called “shadow-banking” sector of private equity and hedge funds which is driving the market.

If the current murmurs proves correct, this could all collapse in a Minsky moment reminiscent of 2008, but with private equity and hedge funds responsible rather than the banks. Pension funds would be affected, but so would banks allocating capital to the private equity sector. If this scenario were to play out, expect there to be bailouts just as there were in 2008. The central banks and the regulators may have said “Never again”, but speculative credit, like life, tends to find a way.

[sudden and sharp]