Skip to main content

Chile’s Pinera Transfers Assets, Seeks Advice on Lan Airlines

By Nathan Gill and James Attwood
April 27 (Bloomberg) -- Sebastian Pinera, the presidential candidate for the Alliance for Chile coalition, said he’s taking advice on how to sell his stake in Lan Airlines SA and placed shares of other companies he owns in a blind trust.

Pinera, who lost the last presidential election in 2005 to Michelle Bachelet, transferred control of his other stock holdings to brokerages Banco BICE, Celfin Capital, Larrain Vial and Moneda, according to a speech posted today on his Web site. Pinera also commissioned studies into unloading his Lan stake before Chile’s next president is scheduled to take office.

The billionaire politician handed over management of stocks and resigned as a director on company boards as Chile’s congress continues to debate a bill that would establish rules for politicians putting investments into blind trusts to prevent conflicts of interest.

“I got tired of waiting,” Pinera said. The ruling coalition parties “have been saying they would announce this bill for 10 years,” he said.

The world’s 701st-richest person, according to Forbes magazine, is trying to avoid repeating a perceived conflict between his financial interests and those of the country that hurt his 2005 candidacy, Guillermo Holzmann, a University of Chile political science professor, said in an April 23 interview.

Pinera controls Lan via an agreement with Chile’s Cueto family. He was fined almost $700,000 in July 2007 for buying Lan shares prior to the release of quarterly earnings. He said today that he will retain a stake and his position on the board of football team owner Blanco y Negro SA. Rules for blind trusts still are required, Andres Velasco, Chile’s finance minister, told reporters in Santiago today, adding that establishing trusts unilaterally isn’t enough. 

“Business and politics don’t go hand in hand,” Velasco said.

Comments

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 …

77-Year-Old Wall Street Favorite to Face Fujimori in Peru Runoff

By Nathan Gill and John Quigley April 12, 2016 (Bloomberg) -- The victory by Pedro Pablo Kuczynski, a former finance minister, for second place in Sunday’s Peruvian president elections sets up a showdown between two business-friendly candidates, part of a regional backlash against left-wing politicians.
Kuczynski, a 77-year-old Oxford-trained political economist who’s spent more than 50 years championing debt control and free trade, won 21 percent of vote with 96 percent of the ballots counted, according to the electoral office. He will face Keiko Fujimori, who won 39.8 percent, in a second-round vote on June 5.
Click here to read the full story on Bloomberg News.

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…