La situación humana a la luz del Evangelio (Ciclo A) (Spanish Edition)

Growth rates soar as people move from the land and into factories to sew T-shirts or assemble toys. Wages in manufacturing tend to catch up faster and more completely than in other sectors. But in the 21st-century digital economy, basic manufacturing is becoming less important. The assembly of goods adds less value than the design and engineering work at which rich countries excel. Technology has made manufacturing less labour-intensive, giving firms less incentive to seek out cheap labour in poor countries.

If catch-up is harder than a decade ago, it is not impossible. The basic laws of economics—that poorer countries with less capital ought to grow faster than rich ones—still hold. But prospering in a knowledge-based, increasingly digital, global economy will demand a broader reform agenda. Freeing trade is as important as ever, but barriers must now be lowered in services as well as goods. Education becomes even more vital if emerging economies cannot count on moving barely literate workers from fields to factories.

The roads, railways and ports that were essential to fast growth in the manufacturing era will remain essential, but adequate infrastructure will have to include reliable broadband and mobile coverage too. Because both services and knowledge industries are concentrated in cities, urban policy will matter more. In some places that is already happening.

Others, from Turkey to Indonesia, are still complacent. Regaining momentum will not be easy, but countries that are not prepared to change do not stand a chance. Apetito por las reformas Algunas de las debilidades actuales son temporales. Sin embargo China no puede volver a industrializarse desde cero otra vez. Porque tanto la industria de los servicios como la del conocimiento se concentran en las ciudades: En algunas partes ello ocurre ya. The rise and rise of Xi Jinping General field: This has sometimes been ignored: Deng himself acted the despot in times of crisis. He has become the most powerful Chinese ruler certainly since Deng, and possibly since Mao.

Whether this is good or bad for China depends on how Mr Xi uses his power. Mao pushed China to the brink of social and economic collapse, and Deng steered it on the right economic path but squandered a chance to reform it politically. If Mr Xi used his power to reform the way power works in China, he could do his country great good.

So far, the signs are mixed. Taking on the party It may well be that the decision to promote Mr Xi as a single personality at the expense of the group was itself a collective one. Some in China have been hankering for a strongman; a politician who would stamp out corruption, reverse growing inequalities and make the country stand tall abroad a task Mr Xi has been taking up with relish—seearticle. So have many foreign businessfolk, who want a leader who would smash the monopolies of a bloated state sector and end years of dithering over economic reforms.

However the decision came about, Mr Xi has grabbed it and run with it. He has taken charge of secretive committees responsible for reforming government, overhauling the armed forces, finance and cyber-security. His campaign against corruption is the most sweeping in decades. The generals, wisely, bow to him: He is the first leader to employ a big team to build his public profile.

But he also has a flair for it—thanks to his stature in a height-obsessed country he would tower over all his predecessors except Mao , his toughness and his common touch. One moment he is dumpling-eating with the masses, the next riding in a minibus instead of the presidential limousine. He is now more popular than any leader since Mao see article.

All of this helps Mr Xi in his twofold mission. His first aim is to keep the economy growing fast enough to stave off unrest, while weaning it off an over-dependence on investment in property and infrastructure that threatens to mire it in debt. Mr Xi made a promising start last November, when he declared that market forces would play a decisive role not even Deng had the courage to say that.

There have since been encouraging moves, such as giving private companies bigger stakes in sectors that were once the exclusive preserve of state-owned enterprises, and selling shares in firms owned by local governments to private investors. Mr Xi has also started to overhaul the household-registration system, a legacy of the Mao era that makes it difficult for migrants from the countryside to settle permanently in cities.

He has relaxed the one-child-per-couple policy, a Deng-era legacy that has led to widespread abuses. The latest data suggest the economy is cooling more rapidly than the government had hoped see article. Much will depend on how far he gets with the second, harder, part of his mission: The question is whether Mr Xi is prepared for the law to apply to everyone, without fear or favour.

His drive against corruption suggests that the answer is a qualified no. The campaign is characterised by a Maoist neglect of institutions. It has succeeded in instilling fear among officials, but has done little to deal with the causes of graft: Mr Xi needs to set up an independent body to fight corruption, instead of leaving the job to party investigators and the feuding factions they serve. He should also require officials to declare all sources of income, property and other assets.

Instead, he has been rounding up activists calling for such changes almost as vigorously as he has been confronting corruption. In the absence of legal reform, he risks becoming a leader of the old stripe, who pursues vendettas in the name of fighting wrongdoers.

That will have two consequences: Mr Xi is making some of the right noises. Reforms are being tinkered with to make local courts less beholden to local governments. The party should stop meddling in the appointment of judges and, indeed, of legislators. The effect of such reforms would be huge.

They would signal a willingness by the party to begin loosening its monopoly of power and accepting checks and balances. Deng once said that economic reform would fail without political reform. He should use his enormous power for the greatest good, and change the system. Algunas veces esto ha sido ignorado: Todo lo cual le apoya a Xi en sus dos misiones. Xi igualmente ha comenzado a actualizar el sistema de registro de hogares, que es una reliquia de la era de Mao que pone trabas a quienes desean mudarse del campo a la ciudad. Xi suena bien algunas veces.

Dice que desea que los tribunales le ayuden a "enjaular al poder. Venezuela's economy General field: The government insists it has the means and the will to pay foreign bondholders. Few observers expect it to miss the deadline. Even if it stays current on its financial dues, Venezuela is behind on other bills.

Using an overvalued official rate means that the country is not making as much money as it could: Even worse than inflation is scarcity. The central bank stopped publishing monthly scarcity figures earlier this year, but independent estimates suggest that more than a third of basic goods are missing from the shelves. According to Freddy Ceballos, president of the federation of pharmacies Fefarven , six out of every ten medicines are unavailable. The list runs from basic painkillers, such as paracetamol, to treatments for cancer and HIV.

One unexpected side-effect has been a sharp increase in demand for coconut water, which Venezuelans normally buy to mix with whisky. Nowadays it is sought out more for its supposed anti-viral and anti-bacterial properties. Unable to obtain what they need through normal channels, people are having to improvise. Those lucky enough to have friends or relatives abroad arrange for emergency relief.

The mess is a reflection not just of import-dependence and a shortage of dollars, but also the mismanagement of domestic industry. Some food producers have been nationalised; price controls often leave manufacturers operating at a loss. Some price rises have recently been authorised, but manufacturers say it is impossible to maintain normal output with such stop-go policies. The prospects for a change of course are gloomy. Bondholders may well keep getting paid. Al cierre del segundo trimestre las cuentas por pagar comerciales de Venezuela sobrepasan los El gobierno insiste en que tiene los medios y la voluntad de pagarle a los tenedores de bonos internacionales.

Pocos observadores esperan que ocurra lo contrario. Aun cuando Venezuela siga solvente con sus obligaciones financieras, ya se encuentra en mora con otras deudas. Un efecto colateral inesperado ha sido el fuerte incremento en la demanda de agua de coco, que los venezolanos normalmente mezclan con el whisky. Los sortarios que tienen amigos o familiares en el extranjero les piden ayuda de emergencia. Ya ha instituido el cierre nocturno de la frontera con Colombia, y planea tomar las huellas digitales de la gente para evitar las compras "excesivas".

America and Islamic State. On September 23rd America led air strikes in Syria against both the warriors of Islamic State IS and a little-known al-Qaeda cell, called the Khorasan group, which it claimed was about to attack the West. A president who has always seen his main mission as nation-building at home is now using military force in six countries—Syria, Iraq, Afghanistan, Pakistan, Yemen and Somalia. Preventing the group from carving out a caliphate means, at the very least, ensuring that neither of these two countries affords it a haven see article.

But more than the future of IS is at stake in the streets of Raqqa and Mosul. It is a test that he has been failing until now. IS et al The sense that America is locked in relative decline has been growing in recent years, as it has languished under the shadow of the financial crisis and two long, difficult wars. Why should a newly rich country like China take lectures about how to run its affairs from a president who struggles even to get his own budget through?

America, meanwhile, seems swamped by the forces of disorder, either unable or unwilling to steady a world that is spinning out of control. IS embodies this frightening trend. It is, in the jargon, a non-state actor, and it thrives on chaos. With each new humiliation of the governments in Iraq and Syria, it has accumulated more wealth, territory and recruits. Its rise has also reflected American policy. First, the poorly thought-out intervention of George W. When Syrians rose up against the regime of Bashar Assad, the president stood back in the hope that things would sort themselves out—leaving Mr Assad free to commit atrocities against his own people.

About , Syrians have died and 10m have been driven from their homes. Denied early American support, the moderate Syrian opposition has fragmented, leaving the field to the ruthless and well-organised IS. Standing back has not worked well elsewhere in the world, either. He wanted the United States to be seen less as a unilateral bully, more as the leader of world opinion. Yet when America stepped back, its allies stepped back, too.

The countries that most eagerly came forward were its rivals, such as Russia and China. IS has induced a change of heart among the American people. Before vicious extremists seized the city of Mosul and began to cut off Western heads on social media, Americans doubted the merit of further military action in the Middle East. When they realised that IS threatened them directly, they began to demand protection.

Mr Obama therefore has a chance not just to strike a blow for order in the Middle East, but also to give the declinists pause. From axis of evil to network of death He has brute force on his side. The disastrous mismanagement of post-invasion Iraq has tended to eclipse the overwhelming potency of American firepower at the beginning. In six short weeks in the spring of America and its allies defeated the , troops of Saddam Hussein with the loss of only American lives.

Never in history has a single country had such military dominance. It has not suddenly evaporated. The bigger question is whether Mr Obama can carry off delicate diplomacy. The lesson from Iraq and Afghanistan is that firepower alone will not prevail. Indeed, if America comes to be seen by Sunni Arabs as nothing more than a Shia air force, strikes will only bind IS to the local people.

If he is to win the argument in Iraq and Syria, Mr Obama needs coalitions and partnerships. For that he must get the diplomacy right. So far he has done well. He insisted on the replacement of Nuri al-Maliki, the Shia-chauvinist former prime minister of Iraq, with Haider al-Abadi, who is making efforts to bring Sunnis into government. He sent John Kerry, his secretary of state, to recruit regional Sunni powers such as Saudi Arabia and Jordan, to try to persuade Sunnis in Iraq and Syria that he is not taking sides against their branch of Islam. There is much more for Mr Obama to do.

The coalition-building is not complete. Holding the alliance together will require patience, flexibility and a judicious mix of bullying and seduction. Mr Obama will have to put in many more long hours on the telephone with world leaders than he has done so far. And even if he succeeds in substantially destroying IS, new horrors may emerge from the ensuing vacuum if he does not help benign local forces to fill it. Although the mission to stop IS will be long and hard, it is one that no other nation could even contemplate. Mr Obama is right to relaunch it. Now he must see it through.

Por lo pronto, los EEUU lucen empantanados ante las fuerzas del desorden; sin capacidad o voluntad de enderezarle el rumbo a un mundo que gira sin control. El EI pone de manifiesto esta tendencia preocupante. En la jerga, se trata de un "actor no estatal" que prospera con el caos. Por lo tanto Obama no solo tiene la oportunidad de atacar para restaurar el orden en el medio oriente, sino de detener el declive.

Del eje del mal a la red de la muerte Tiene la fuerza bruta a su favor. En tan solo seis semanas durante la primavera de , los EEUU y sus aliados derrotaron a los Y no se ha evaporado de repente. Si Obama quiere ganar en Siria y en Iraq, debe buscar coaliciones y alianzas. Para lo cual debe conducir bien su diplomacia. Hasta ahora lo ha hecho lo correcto. Los norteamericanos van a quejarse de su papel de superpotencia. Ahora tiene que llevarla hasta el final. Wealth without workers, workers without wealth Economist Oct 4th, General field: The great inventions of the 19th century, from electric power to the internal-combustion engine, transformed the human condition.

Yet for workers who lived through the upheaval, the experience of industrialisation was harsh: The modern digital revolution—with its hallmarks of computer power, connectivity and data ubiquity—has brought iPhones and the internet, not crowded tenements and cholera. But, as our special report explains, it is disrupting and dividing the world of work on a scale not seen for more than a century. Vast wealth is being created without many workers; and for all but an elite few, work no longer guarantees a rising income.

Computers that can do your job and eat your lunch So far, the upheaval has been felt most by low- and mid-skilled workers in rich countries. The incomes of the highly educated—those with the skills to complement computers—have soared, while pay for others lower down the skill ladder has been squeezed. In half of all OECD countries real median wages have stagnated since Countries where employment is growing at a decent clip, such as Germany or Britain, are among those where wages have been squeezed most. In the coming years the disruption will be felt by more people in more places, for three reasons.

First, the rise of machine intelligence means more workers will see their jobs threatened. The effects will be felt further up the skill ladder, as auditors, radiologists and researchers of all sorts begin competing with machines. Technology will enable some doctors or professors to be much more productive, leaving others redundant. Second, wealth creation in the digital era has so far generated little employment. Entrepreneurs can turn their ideas into firms with huge valuations and hardly any staff. Third, these shifts are now evident in emerging economies.

Now, as the costs of labour rise and those of automated manufacturing fall, Foxconn is swapping workers for robots. Moving the barely literate masses from fields to factories has become harder. But, thanks to technological change, its educated elite is now earning high salaries selling IT services to foreigners. The digital revolution has made an industrial one uneconomic.

Bridging the gap None of this means that the digital revolution is bad for humanity. This newspaper believes firmly that technology is, by and large, an engine of progress. IT has transformed the lives of billions for the better, often in ways that standard income measures do not capture. Communication, knowledge and entertainment have become all but free.

Few workers would want to go back to a world without the internet, the smartphone or Facebook, even for a pay increase. Technology also offers new ways to earn a living. Etsy, an online marketplace for arts and crafts, enables hobbyists to sell their wares around the world. Uber, the company that is disrupting the taxi business, allows tens of thousands of drivers to work as and when they want.

Nonetheless, the growing wedge between a skilled elite and ordinary workers is worrying. Angry voters whose wages are stagnant will seek scapegoats: In poor countries dashed expectations and armies of underemployed people are a recipe for extremism and unrest. Governments across the globe therefore have a huge interest in helping remove the obstacles that keep workers from wealth. The answer is not regulation or a larger state. High minimum wages will simply accelerate the replacement of workers by machines. Punitive tax rates will deter entrepreneurship and scare off the skilled on whom prosperity in the digital era depends.

The best thing governments can do is to raise the productivity and employability of less-skilled workers. That means getting rid of daft rules that discourage hiring, like protections which make it difficult to sack poor performers. It means better housing policy and more investment in transport, to help people work in productive cities such as London and Mumbai. It means revamping education. Not every worker can or should complete an advanced degree, but too many people in poor countries still cannot read and too many in rich ones fail to complete secondary school.

In future, education should not be just for the young: Yet although governments can mitigate the problem, they cannot solve it. As technology progresses and disrupts more jobs, more workers will be employable only at lower wages.

Mexico en Girona

The modest earnings of the generation that technology leaves behind will need to be topped up with tax credits or wage subsidies. That need not mean imposing higher tax rates on the affluent, but it does mean closing the loopholes and cutting the giveaways from which they benefit. In the 19th century, it took the best part of years for governments to make the investment in education that enabled workers to benefit from the industrial revolution.

The digital revolution demands a similarly bold, but swifter, response. Hay innovadores que pueden convertir sus ideas en empresas, con valuaciones enormes, y casi sin personal. Con menos de Ahora, a medida que se elevan los costos laborales y caen los de la manufactura automatizada, Foxconn cambia trabajadores por robots. Los gobiernos del mundo entero tienen por lo tanto grandes incentivos para eliminar las trabas que mantienen a sus trabajadores en la pobreza. Lo mejor que los gobiernos pueden hacer es elevar la productividad y la empleabilidad de trabajadores poco cualificados: Aun cuando los gobiernos son capaces de atenuar el problema, no pueden solucionarlo.

Currencies Buck to the future Economist Oct 11 General field: Economics Source text - English Currencies Buck to the future Is the dollar starting another long-term rally? The greenback has risen 6. It recently hit a six-year high against the yen and a two-year high against the euro. The trend reflects confidence in the prospects for the American economy, combined with worries about the health of the rest of the world. On October 7th the IMF lowered its forecast for global growth in to 3. Some of the biggest reductions were in Europe: In contrast, the latest American data showed a , jump in jobs in September and a fall in the unemployment rate to 5.

This relatively strong economic performance has reinforced expectations that the Federal Reserve will start to push up interest rates next year while the European Central Bank and the Bank of Japan will keep them low. The carry trade has been difficult in recent years because nearly all countries in the rich world have held rates close to zero. But there is now a significant carry in the bond markets, where ten-year Treasury bonds yield one-and-a-half percentage points more than German bonds of the same maturity—a very wide gap by historical standards.

A stronger economy also makes American companies more appealing to international investors. That increases the demand for dollars. The big question, however, is how long this trend will last. As the chart shows, the latest rebound is small by the standards of the huge rallies in the early s and the late s.

A strengthening dollar has its advantages for Americans. Foreign investors will be keener to hold Treasury bonds, making it easier for the government to fund its deficit. American tourists will find their money goes further on foreign trips. Imports will fall in price, keeping inflation down despite the healthy economy. But there are downsides too. A stronger dollar will have the opposite effect on the European and Japanese economies, making their exports cheaper and pushing up import prices. Policymakers in both areas may welcome that, since they are struggling to generate growth and avoid deflation.

Investors were also pouring money into emerging markets, enticed by their better growth prospects, leading some countries including Brazil to impose capital controls. A stronger dollar may now prompt capital to flow out of such countries just as fast. That will be a particular problem in places where governments or firms have borrowed significantly in dollars, since their revenues are denominated in local currency but their liabilities in dollars.

A prolonged dollar rally may also have political ramifications. A paper by Douglas Campbell of the University of California, Davis, found that the previous two big dollar surges led to a decline in manufacturing jobs. That provoked complaints from American politicians that first Japan and then China were unfairly suppressing their currencies to take American jobs. It is easy to imagine the same arguments resurfacing this time, with the obvious target being Germany. It already has a current-account surplus of 7. Governments resisted calls for protectionism in the past, but their economies were stronger then.

It may be harder to ward off in future, given that voters have already been angered by years of austerity and declines in inflation-adjusted wages. Algunas de las mayores reducciones se situaron en Europa: Sin embargo existen desventajas. Call centres at the end of the line General field: IT Information Technology Source text - English Call centres The end of the line Call centres have created millions of good jobs in the emerging world. These can be department stores, cinemas or bookshops—anything that will fill a large space and lure customers past smaller boutiques.

The idea is that a cinema-goer might pause to buy a leather jacket; and, in a lovely symbiosis, the monied youngsters who shop for clothes and sunglasses might decide to catch a film. Take a lift to the top floor of the new SM Aura shopping centre in Manila, and you will find not a cinema or a Neiman Marcus but an enormous call centre. In the Philippines, the arrangement makes perfect sense. Like shops, call centres need young, middle-class people—but as workers, not customers. This one, run by Teleperformance, a multinational based in France, expects to get about walk-in job applicants a day.

They also produce them, in huge quantities. Were there no call centres in the Philippines, there would be many fewer middle-class people, and hence fewer shopping centres. This loosely defined industry now employs some 1. The country is especially strong in call centres: Advertisement Yet the Philippines is also, probably, the end of the line.

New technologies are poised to abolish many call-centre jobs and transform others. At best, jobs will be created more slowly in the Philippines and India; at worst they will vanish. And it is likely that nowhere else will be able to talk its way out of poverty as they have done. There might never be another Manila. Companies put call centres in the Philippines for three reasons, says Alfredo Ayala of the Ayala Corporation, a conglomerate, who set up one of the first ones. And firms wanted to diversify beyond India.

Americans, in particular, simply prefer talking to Filipinos than to Indians. This is mostly the charming human delusion that everybody except oneself talks funny; yet there is something to it, says David Rizzo of Teleperformance. When American callers hear Indian accents, they know they are talking to a call centre in India. But they cannot quite place the Filipino accent. To add to the confusion, Filipinos are experts on American culture, a legacy of military occupation in the early 20th century.

American football and basketball fill the sports pages of Manila newspapers. Yet it creates a problem. Late morning in New York is midnight in the Philippines. The night shift has become so common that some karaoke bars in Manila stay open around the clock. Jobs with more civilised hours tout the fact as though it were a novelty. Night work is tough, say a dozen call-centre workers who have come off their shift at 7. They find it hard to sleep by day see article and see too little of their families.

For all that Americans prefer Filipino accents to Indian ones—which these Filipinos can impersonate, amusingly if not accurately—they still suspect they are talking to foreigners, and may be angry and rude. What do Americans say? Some officials and politicians claim that call-centre workers are behind a rise in HIV infections albeit from a low base.

Workers often cram into shared flats, and their odd hours unmoor them from ordinary life. A report by the University of the Philippines in found that call-centre workers in Manila were slightly more likely than other young people to take drugs, and were much more sexually active.

More than half of the men reported having had casual sex—a quarter of those with other men. Women said the share was even lower. Overall, though, the call-centre explosion has been a colossal boon for Filipinos who speak good English.

La aventura del invierno en Austria

Experienced workers can often find managerial jobs. And though the night shift is hard, it is far better than being a maid in Saudi Arabia. The Philippines has long exported workers: But business-process outsourcing is catching up fast. Many of the 1. Outsourcing firms are already building call centres in provincial cities in the Philippines, where employees are less picky. And other countries, some of them in better time zones, are trying to grab a share of the business. South Africa is especially keen. But they are likely to be disappointed, because the call-centre industry is on the verge of profound change.

Much of the call-handling and data-processing work sent overseas is basic and repetitive, says Pat Geary of Blue Prism, a British technology firm. When somebody challenges a gas-meter reading or asks to move an old phone number to a new SIM card, many databases must be updated, often by tediously cutting and pasting from one to another. Such routine tasks can often be done better by a machine. The firm has contracts with more than outfits.

Increasingly, Western companies prod customers to get in touch via e-mail or online chat.

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Software robots can often handle these inquiries. The cleverest systems, such as the one Celaton, another British firm, has built for Virgin Trains, refer the most complex questions to human operators and learn from the responses. The longer they run, the better they get. Software is also making call-centre workers more efficient. Software robots are only going to become faster, cleverer and cheaper. Sarah Burnett of Everest, a research firm, predicts that the most basic jobs will vanish as a result.

Call-centre workers will still be needed, not for repetitive tasks, but to coax customers into buying other products and services. That is a harder job, demanding better language skills. So automation might mean fewer jobs, or at least less growth, in India and the Philippines, but more jobs in America and Europe. This might already be happening. Outsourcing contracts that move work overseas have become rarer.

Western banks are especially keen on repatriating work, says Arie Lewin of Duke University, an expert on outsourcing. This might work well or badly for the Philippines. Perhaps software robots will wipe out the dullest jobs, freeing Filipinos for more interesting conversations. Lately, for example, qualified nurses have been in demand to advise American patients on whether their sneezes and rashes might be serious—one result of cost-cutting inspired by Obamacare.

Or it is possible that computers will learn to handle almost all simple inquiries, leaving humans to deal with the most incoherent, irate customers. If that happens, Filipinos will widen their repertoire of Anglo-Saxon insults. Puede que nunca haya otra Manila. Los norteamericanos en particular, simplemente prefieren hablar con los filipinos antes que con los indios.

Pero no pueden detectar el origen del acento filipino. Sin embargo ello crea un problema. El trabajo nocturno es duro, comenta una docena de trabajadores de centros de llamadas que han salido de su turno a las 7. Los trabajadores experimentados pueden encontrar a menudo oportunidades gerenciales. Y aunque el turno de noche es duro, es mucho mejor que ser una criada Arabia Saudita.

Filipinas ha sido por mucho tiempo un exportador de trabajadores: Los robots de software pueden frecuentemente manejar estas interacciones. Eso se debe en parte a la Ley norteamericana Dodd-Frank, que los han hecho paranoicos sobre actividades de sus suplidores.

Puede que ello impacte a Filipinas para bien o para mal. A full-scale Venezuelan default could push up oil prices General field: His arrest was not publicly acknowledged in Vienna. His replacement, Manuel Quevedo, a general in the national guard, attended OPEC and was received with the usual deference. In recent weeks the disarray has become farcical. The Maduro administration arrested more than 60 oil executives, accusing them of corruption, and replacing them with soldiers such as Mr Quevedo, who have no clue how to produce oil.

He might as well have asked people to believe in Santa Claus. The threat to Venezuelan oil production is real enough, though. Vortexa, a firm that tracks flows of crude in real time, says shipments to America, where Venezuela provides heavy crude feedstock for its own and other refineries, plunged in the three months to November 30th.

But it is losing patience. So far, the company is considered to be in default on some interest payments, though it continues to repay principal, according to rating agencies. Lee Buchheit, a debt-restructuring expert at Cleary Gottlieb, a law firm, says that so long as some cash continues to flow to bondholders, they are reluctant to use legal means to seize Venezuelan assets, as they did in Argentina. If that calculation changes, oil firms could be loth to buy Venezuelan oil. American sanctions make things harder.

As a result, production from fields it operates directly has fallen sharply. He says fields where it is in partnership with international oil companies have provided almost two-thirds of recent production, but are also starting to suffer. Las sanciones norteamericanas se endurecen. Como preludio de un golpe. Crypto through the tulips Putting a price on Bitcoin General field: A pet shop with a bored looking proprietor. How about this one? How much is it?

Look at the news headlines. My rent, heat and light are all payable in dollars. So you say, sir. But at least it's a reliable means of exchange. Like this parrot If ever Bitcoin were widely adopted as a trading currency, this scene would be played out in pet shops and department stores around the land. It seems that every day, Bitcoin seems to hit a new high. This might have made it a great investment for those who got in at the right price and are nimble enough to get out in time.

But it doesn't make it a useful means of exchange. When the price is rising fast, those who use bitcoin will be reluctant to part with it; when the price falls, those who sell goods will be reluctant to accept it. This blogger remains convinced it is a bubble. Indeed its exponential rise only reinforces the argument. The beauty of bitcoin is that its intrinsic value is impossible to determine and that makes any value plausible to true believers. This is not the same as saying there is no merit in electronic currencies or blockchain technology; of course there is.

But the range of prices which can be found on cryptocompare shows this is a narrow, illiquid market. The arrival of bitcoin futures on the CBOE and the CME might have been expected to bring maturity to the market, and to establish a reliable price. But the FT reports that some of the biggest banks including JP Morgan and Citigroup are unwilling to act as market-makers. That is not too surprising. Any market-maker has to hedge its own positions and that looks very hard when the underlying market has such wild swings. And this is good news really. Bitcoin is moving around so much because it is small and illiquid.

And because it is small and illiquid, it is not yet a systemic risk as Sir John Cunliffe of the Bank of England recently pointed out. As such it is an entertaining sideshow at a time when many world headlines are gloomy. The recent weakness of gold suggests that some of the fervent bullion believers have jumped on the bitcoin bandwagon instead. No one can tell when the peak will be reached any more than they could with tulips or dotcom stocks. People always believe that the latest revolutionary thing is unprecedented and unstoppable. But such rapid price gains always end unhappily.

To quote Monty Python again Tell that to the young folk these days and they won't believe you. Una tienda de mascotas con un encargado que parece aburrido. Quisiera comprar un loro. Es un Azul de Noruega. Pero por lo menos es un medio de pago confiable. Este bloguero sigue convencido de que se trata de una burbuja. De hecho su subida exponencial refuerza el argumento. N del T y el CME mercado de futuros. Pero el FT Financial Times.

Lo cual no es sorprendente. En verdad que son buenas noticias. La reciente debilidad del oro sugiere que algunos de los adoradores de los lingotes se cambiaron al tren del Bitcoin. Y para citar a Monty Python otra vez: Intangible assets are changing investments General field: Achieve this and your clients will be happy and your bonus cheque will have many digits. But is all this effort worthwhile? They made their investment two months before the end of a quarterly reporting period and got out of their positions one month after the quarter ended by which time the earnings have been reported.

But these abnormal returns have dropped: A similar effect appeared when examining the returns that would have been achieved by perfectly predicting those companies that achieved annual earnings growth. That suggests the number-crunching performed by fallible analysts and investors produces much lower returns. The intriguing question is why those returns have been falling. The authors argue that the decline is because of the rising importance of intangible investments in recent decades in areas such as software or trademark development.

Such investment may be a big driver of value growth. Accountants have struggled to adapt. If a company buys an intangible asset, such as a patent, from another business, it is classed as an asset on the balance-sheet. But if they develop an intangible within the business, that is classed as an expense, and thus deducted from profits.

As the authors note: To test this proposition, they divided companies into five quintiles based on their intangible investment. Sure enough, the more companies spent on intangibles, the lower the excess return available to those who correctly forecast the earnings. The book finds a link between the poor productivity record of many leading economies since the crisis of , and the sluggish rate of investment in intangible assets since then.

Archivo de noticias de 2002

The problem is that intangibles have spillovers. A company may undertake expensive research and development, but the gains may be realised by other businesses. Only a few companies the likes of Google can achieve the scale needed to take reliable advantage of their intangible investments. Toda esta creatividad original es siempre campo fecundo para el mundo de la imagen. Llimargas conoce bien la obra del arquitecto. Madrid, 12 de octubre de No estamos ante una serie de estampas en las que se habla de historia sino de drama.

El Prado —con el patrocinio de Wintertur- ha dividido el ciclo en dos parte. Un trabajo de orfebre. Una torre igual, pero oscura, a su lado, para recordar el pasado. Festival de Cine Austriaco Marzo Vivir la Cultura Los nuevos proyectos para espacios de vida. Entre ellos hay varias obras para la juventud: Por otra parte, la ciudad prepara un nuevo Encuentro Mundial de las Artes. Valencia 21 de septiembre de Kapoor nos ofrece con su obra visiones de lo inexpresable, lo indescriptible y lo desconocido.

Una cultura sumamente refinada. Johannesburgo, a 4 de septiembre de , por Artemio Artigas. Las primeras reacciones ante los resultados de la Cumbre de Johannesburgo no parecen muy optimistas. Esta frase, con distintas palabras, fue repetida por los portavoces de muchas de las delegaciones. Estados Unidos, en el papel habitual. Por Artemio Artigas Johanneburgo. La cumbre de Johannesburgo se inicia con un panorama poco positivo.

Greenpeace ha hablado de la necesidad de que los estados controlen a las multinacionales. Greenpeace pide a los gobiernos que adopten los principios de Bhopal sobre Responsabilidad Corporativa. El desarrollo sostenible abarca muchos retos. Algunas cifras para pensar. Contaba Pilar que ya entonces, aunque Eduardo ni lo supiera, su novio nunca llevaba dinero en el bolsillo: El matrimonio tiene ocho hijos: En junio de Bilbao homenajeaba al artista vasco dando su nombre a una plaza en la que se ha instalado su obra "Lugar de encuentros IV".

Mientras, el artista vasco continuaba divulgando su obra. Pensamiento y obra del artista. Petrarca era uno de los que esperaba el nuevo amanecer: Uno de esos hombres-clave del saber medieval fue Isidoro de Sevilla. Abarca los temas de Dios, el hombre, las artes liberales, medicina, apicultura, etc.

En torno a San Isidoro y su magisterio se ha organizado una muestra en la que se rememora la cultura y el arte de aquel periodo del medievo. Los lugares donde se presenta son precisos: La muestra ha sido estructurada en tres partes: Arte Povera " 9 junio- 6 de octubre. Quito, Ecuador, junio de Hijo de indio y madre mestiza, fue el primero de diez hijos y su nombre en quechua significa "Ave blanca volando".

En , ingresa en la Escuela de Bellas Artes de Quito. Recorre varios Museos y estudia las obras de los maestros de la pintura universal, entre ellos El Greco, Goya y Picasso. En conoce al poeta chileno Pablo Neruda, con el que entabla una fuerte amistad.

Este trabajo lo expuso en En realiza dos grandes murales. Esta nueva serie, dedicada en su totalidad a la ternura, constituye un hecho sin precedentes en la obra del pintor. El 25 por ciento de las 4. Son algunos de los problemas acuciantes para el planeta. Por Artemio Artigas Rio de Janeiro, 2 de julio de Los amantes de la naturaleza, los que respetan la vida, los que son conscientes de las desigualdades y del deterioro de los ecosistemas Millones de personas tienen puestas sus esperanzas en que la Cumbre de Johannesburgo sirva para algo. El Guggenheim ha organizado una excelente muestra, ahora en Bilbao, para conocer globalmente al autor y su entorno.

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• Tierra y Cielo (Nubes y Lluvia nº 2) (Spanish Edition)?

Fundado por Solomon R. Segovia, 21 de junio de Los problemas pulmonares y el aprendizaje le llevaron por numerosos puntos de Italia, entre ellos Florencia y Venecia. Editada su obra completa. Una vida dedicada al arte. En definitiva, toda una obra trascendente, ambiciosa y variada, de esas que el tiempo va consolidando, …aunque sin prisas. Cantor de la naturaleza. Produce el mismo efecto que las olas cuando navegas; te excita, te arrastra.

Sus nubes se alargan, adoptan a veces la forma de estelas, de remolinos que parecen inmovilizados en medio del aire, y poco a poco se disuelven, absorbidos por el sol poniente" Sisley vio las nubes y el agua, y la escarcha. Las atenuadas formas italianizantes de las sensuales figuras de Modigliani son buen ejemplo de ello. Muchos artistas abandonaron la ciudad: Algunas, aparentemente sencillas y de bajo presupuesto, aportan arte y creatividad. Algunas, aparentemente sencillas y de bajo presupuesto, aportan originalidad, arte y creatividad.

El arquitecto crea casas, templos, sepulcros, palacios, moradas donde el hombre vive y muere. Los buenos arquitectos se han preocupado siempre de la firmeza de sus edificios, pues el hombre busca la seguridad de su cobijo cotidiano. Los textos son de Fernando Huerta Alcalde, doctor en Historia de Arte, docente y escritor en esta materia. En Adela Calatayud vuelve a salir el Sorolla que buena parte de los pintores valencianos llevan dentro.

Muchos de ellos son catalanes o mallorquines, pero junto a ellos destacaron los valencianos. Ibercaja, presenta una muestra excelente en Zaragoza. Zaragoza, 20 de mayo de Y el siglo XVII fue espectacular. El propio Picasso hace en Mora de Ebro su primera escultura cubista: El renacimiento se produjo desde distintos focos. El reconocimiento internacional a estos artistas es permanente. Decenas de pendones marcaron el contrapunto vertical de la llanura.

Ellos son quienes deciden el momento en que se inicia la ceremonia, que se le comunica al obispado. El 10 de mayo, los campesinos llevaron hasta el cerro de Castrotierra sus pendones, los mismos que han presidido a lo largo de la historia fiestas y batallas. Esos grandes pendones son orgullo de los concejos. Notablemente elevados, son paseados con lentitud. El trasfondo del rito.