Skip to main content

Tenaris Falls Most Since 2003 as Commodities Decline

By Nathan Gill
     Aug. 11, 2008 (Bloomberg) -- Tenaris SA fell the most since April 2003 in Buenos Aires on speculation a stronger U.S. dollar will hurt commodity prices and curb demand for its products.
     The world's biggest supplier of seamless pipes used by oil and gas producers retreated 8.2 percent to 78 pesos. Luxembourg-based Tenaris dropped to the lowest level since March 25.
     Commodities slumped as signs of slowing global growth sent crude oil, gold and silver tumbling and an index of 24 raw materials into a bear market, or a decline of 20 percent from its recent high. The decline was fueled by the dollar's sixth consecutive advance. The U.S. Dollar Index added 0.4 percent to the highest since February.
     ``Tenaris is falling because of the gain in the U.S. dollar,'' Cristian Reos, head of research at Allaria Ledesma y Cia., said in a telephone interview from Buenos Aires. ``All commodities are experiencing strong falls.''
     Socotherm Americas SA, a producer of steel pipe coatings, fell 9.6 percent to 12.20 pesos, the steepest decline since the shares began trading in November 2006. Socotherm had a net loss of 29.8 million pesos ($9.81 million) for the first half, the Buenos Aires-based company said in statement posted on the stock exchange today. It didn't give the year-ago result.


Popular posts from this blog

Moving to the Suburbs: Reducciones in Recent Latin American Historiography

In 1503, the Spanish monarchy issued its first decree for the resettlement of indigenous groups in the Caribbean so that they would “live together” and “not remain or wander separated from each other in the backcountry.”[1]

As the European conquest spread to North, Central, and South America, these new settlements – known as reducciones and congregaciones in Spanish and descimentos in Portuguese – became sites of forced labor, evangelism, experimental agricultural, and refuge. Through a series of imperial policies decreed over the next decades and centuries of colonial rule, Spanish and Portuguese officials attempted to reshape the New World, including its human and natural landscapes. How colonial historians explain this process and indigenous peoples’ reactions to it is the focus of this essay.

In a review of the recent historiography of reducciones, several trends emerge that signal a shift in our understanding of the practice. As this paper will show, one common element is that …

"Open" and "Closed" Regionalism Theories

(Apr. 3, 2008) The terms "Open" and "closed" regionalism refer to the degree in which regional blocks allow nonmember nations to access their markets. In this sense, an "open region" is one with few, if any, external trade restrictions while a "closed region" can be defined as one whose external trade policies seek to restrict commerce with nations outside the region.Closed regionalism as practiced in Latin America grew out of the policy suggestions made by UN ECLAC/CEPAL school of dependency theory in the early 1960s. As discussed earlier, proponents of this policy argued that states should form regional alliances with a series of trade barriers against foreign products to foment regional industrialization and assure captive local markets for these manufactured goods. The failure of this system of integration to meet Latin America's economic goals became apparent during the 1980s and was further highlighted by the strong economic performanc…

Greetings From Gringolandia

Bloomberg Businessweek, March 28 — April 3, 2016
Susan Lamy and her husband, Jean Pierre, owned a successful interior design business in Westport, Conn., but they still worried about how they would make ends meet in retirement. “Just paying for the basic necessities was killing us, and we could see that there was no way that we would ever be able to stop working,” says Lamy. 
The search for an affordable retirement spot led the couple to Cuenca, a Unesco World Heritage site in Ecuador’s southern Andes. They settled there in 2013 and now live in a spacious apartment with a terrace overlooking the Yanuncay River. Lamy says she and her husband enjoy a high standard of living in Cuenca for around $2,500 a month, paid for by their Social Security checks: “This seemed to be the best possibility for having a really terrific life on a fixed income.” 
The combination of a subtropical climate, well-preserved colonial architecture, and low cost of living has made Cuenca a magnet for North Ameri…