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Economy

Valmar agrees to buy all the shares of its Canadian partner in Marina del Sol – La Discusión 2024-04-25 09:50:34

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

The Penquista group Valmar, from the Imschenetzky family, announced this Tuesday that it agreed to buy the Canadian group Clairvest its entire stake in Marina del Sol (MDS), which operates the casinos in Talcahuano, Chillán, Calama and Osorno, reported La Tercera.

Clairvest, according to its 2022 annual report, controls 50% of the casino in Talcahuano and Chillán, while in Osorno and Calama it has 74% of the shares.

Marina del Sol is the third most relevant player in the casino industry, following Dreams and Enjoy. Last year, its four rooms received 1,133,000 visits and gross gaming revenues totaled US$98 million, almost 15% of the industry total.

In 2023 the chain reported profits of $8,840 million in Talcahuano, $2,040 million in Osorno, and $1,538 million in Calama. In Chillán, meanwhile, it had losses of $305 million.

The purchase was “subject to certain suspensive conditions usual for this type of operations, including regulatory approvals, as well as obtaining financing associated with the sale, which must be met within a period not exceeding November 15, 2024,” detailed the companies to the Commission for the Financial Market. The parties require authorization from the Casino Superintendency.

With the end of the alliance, all the litigation that the partners have been dragging on for almost two years will be closed. Both have a series of disputes over differences over the administration, which led to arbitration trials and criminal complaints. The differences led to the dismissal of senior executives, who initiated labor lawsuits and revealed an investigation by the National Economic Prosecutor’s Office for alleged collusion in the casino market, involving Marina del Sol, Dreams and Enjoy and which led to the search of their homes. of the main executives of the three networks.

#Valmar #agrees #buy #shares #Canadian #partner #Marina #del #Sol #Discusión

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Economy

The market doesn’t judge it – 2024-04-25 09:38:35

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

Fuel prices

Written by Rainer Ackermann

The Minister of Economic Affairs wants to propose new interventions in the gas station market to the government.

Márton Nagy said this when asked by the news portal index.hu. But even if the government decides on new regulations on Wednesday, he doesn’t fear any supply bottlenecks. Falling profit margins do not mean that the fuel cannot be sold at a profit.

The KSH statistics office had presented a series of figures “as ordered by the government” that show a price disadvantage for Hungarian drivers of around 20 forints for petrol and 30 forints for diesel fuel. The trade association MÁSZ objects to the fact that a fair regional comparison should be made with the prices in neighboring countries; The inclusion of Bulgaria in particular is absurd. If one only takes into account the gas station prices in neighboring countries, the Hungarian gasoline price would be roughly at the average level – as calculated by the business portal portfolio.hu. Prices are currently slightly higher in Slovakia, Austria and Serbia (around 15-30 forints), but lower in Croatia, Slovenia and Romania (around 10-50 forints).

#market #doesnt #judge

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Economy

Israel’s Iran War Raises Risk of Domestic Economic Weakening – 2024-04-25 09:35:50

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief
Information screen on the movement of the Composite Stock Price Index (IHSG) on the Indonesian Stock Exchange (BEI)(MI / Adam Dwi)

INCREASING tensions in the Middle East between Iran and Israel have sparked conflict, including missile attacks and airstrikes.

This geopolitical instability poses risks to markets in Indonesia, which are exacerbated by the potential impact of oil price increases of up to US$100 per barrel, capital outflows, and Rupiah depreciation.

Aryo Perbongso, Head of Fixed Income Research PT Sinarmas Sekuritas (SimInvest) views that the Government and Bank Indonesia face a dilemma in choosing between Pro-Growth policies and stabilizing fiscal costs to manage the value of the Rupiah.

Maintaining the BI rate amidst these challenges might signal support for economic growth but might result in increased fiscal costs.

So comprehensive coordination between BI and the government is very important to stabilize the Rupiah exchange rate and implement preemptive growth-oriented policies.

“Our assessment is that, looking at the current exchange rate, it is likely that the BI rate can still be maintained in April 2024, considering that the dividend payment cycle is still ongoing,” said Aryo, Tuesday (23/4).

Also read: What is the purpose of Israel’s limited attack on Iran?

Therefore, there is concern that the current increase in the BI rate may not provide significant effectiveness.

A possible scenario for BI and the government to stabilize the value of the Rupiah is to maintain the BI rate and increase the yield on Government Debt Securities (SBN).

Maintaining the BI rate means supporting Indonesia’s economic growth compared to increasing interest rates.

Also read: Iran-Israel Conflict Has Minor Impact on Indonesia’s International Trade

“Even though this might cause an increase in APBN fiscal costs due to higher SBN yields,” said Aryo.

Sinarmas Sekuritas analyst Isfhan Helmy predicts that the impact of the escalation of the Middle East conflict will not have a direct influence on the Indonesian stock market.

The decline in the JCI that occurred at the opening of trading on the first day following the Eid holiday was solely a factor in the decline in the US stock market during the Eid holiday week.

Sinarmas Sekuritas advises investors to remain calm and take advantage of the current decline in share prices as an entry point at a discounted price.

“We see that this is only a temporary bearish trend for the JCI, and in fact it should be an opportunity to enter issuers with good fundamentals,” said Isfhan. (Z-8)

#Israels #Iran #War #Raises #Risk #Domestic #Economic #Weakening

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Economy

Massive installation of solar panels: Govt set to drop net metering rates – Business & Economy

by Alexandra Hartman Editor-in-Chief
written by Alexandra Hartman Editor-in-Chief

To avoid high electricity bills, household consumers have installed solar panels on a large scale. If there are no buyers of electricity, the problem has increased for the government and the authorities have prepared to reduce the electricity rates received by consumers in net metering.

According to a report by Daily Business Recorder, customers are currently getting 21 rupees per unit in net metering, but this rate is being considered to be reduced to 11 rupees per unit.

This huge reduction in rates will result in a loss of Rs 10 per unit to consumers.

The problem for the government is that it has to pay a certain amount of capacity charges to the power generation companies whether it buys power from them or not.

Sources told the Business Recorder that due to large-scale installation of solar panels, the government’s plan for payment of capacity charges has become unbalanced. The burden of paying the charges is shifting to the poor consumers.

These sources say that the government does not want to discourage solar power but the rate of 21, 22 rupees per unit is unacceptable.

Sources say that at this rate, solar panel installers are recovering their entire cost in just one and a half years, while the government wants the recovery period for solar panel installation to be increased to 10 years.

The Power Division argues that consumers have installed solar systems for their own needs, so the buy-back rates for the excess power being generated should be in line with the purchasing power of power distribution companies.

These sources also said that currently solar panels capable of generating 6,000 megawatts of electricity have been imported in Pakistan, while the production of electricity from solar energy has reached 3,000 megawatts.