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A Week Away, The World Cup is Already Over

On June 4, 2010, In arts & entertainment, technology, us companies, by InvestBA
EA Sports FIFA 2010

EA Sports' World Cup simulation has Uruguay out in Group Play and Argentina losing in the Semis.

While the 2010 World Cup doesn’t officially start until June 11th, U.S. video game giant EA SPORTS is already declaring Spain the winner. In a clever PR campaign, not likely to sit well with local fans of Argentina and Uruguay, EA ran a simulation of the world’s largest sporting event using its popular 2010 FIFA World Cup South Africa video game. The simulation had Uruguay eliminated in Group Play after a 1-1 tie with France and back-to-back losses to South Africa and Mexico. Argentina fared much better in the simulation by winning Group B with three consecutive victories over Nigeria, Korea and Greece. However, convincing wins over Mexico and Germany were followed by a 2-1 loss to Spain in the Semifinal round. The simulation had Spain advancing to and winning the Final over Brazil by a score of 3-1. We can only hope this EA prediction is a curse akin to the kiss of death for college football teams featured on the cover of Sports Illustrated or NCAA basketball teams getting the net-cutting nod from Dick Vitale. For Argentina’s fans, the only bright side of losing the World Cup—either in a video game or the actual event—is being spared the sight of Diego Maradona running down 9 de Julio Avenue in his birthday suit. Video game or not, that’s one visual we can all do without. (Full story)

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SIMA 2010: The Party’s Over for Spain

On May 24, 2010, In foreign investment, lifestyle, real estate, by InvestBA
SIMA 2010

The Bull Also Rises: Argentine developers avoided Spain's real estate expo like the plague this year. ¡Olé!

Saturday’s throat goring of a bullfighter in Madrid was more than a victory for animal lovers, it was a fitting sports analogy for the state of the Spanish economy. High unemployment, a housing collapse and a tumbling Euro have many analysts referring to Spain in the same breath with Portugal, Italy and Greece, or our new favorite acronym for European countries drowning in sovereign debt, the PIGS. Another Spanish acronym, SIMA, used to symbolize the glitz and glamor of the luxury real estate market in Spain. Hundreds of developers and thousands of buyers would descend upon Madrid each May in a second-home orgy of overpriced properties, over-eager agents and over-leveraged buyers. And while there was always a large delegation of Argentine developers at SIMA in years past, Reporte Inmobiliario says this year you can count them on one hand. The story notes that the term “real estate bubble” was frowned upon a couple of years ago in Spain (As in, “If you don’t say it, maybe it will never happen.”), but now it’s part of the daily vernacular, Spanish developers are being squeezed by their lenders, and the speculative throng that once roamed the halls of SIMA signing multiple contracts for overseas condos has been reduced to a few bargain hunters. Evidently the Argentine developers could see the writing on the wall and cancelled their Madrid reservations well in advance of this year’s Expo. Brazilian developers were also a no-show at this year’s SIMA, says RI, but for some strange reason the Uruguayan government chose to erect a huge booth. It’s the empty one on the attached article. (Full Story in Spanish)

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Dakar Rally Inspires Major Coke Deal

On April 20, 2010, In buenos aires events, entrepreneurs, by InvestBA
And you thought Red Bull gave you wings. Spaniards smuggled 800 kilos in this vehicle.

And you thought Red Bull gave you wings. Spanish drug dealers smuggled 800 kilos in this vehicle.

While some stories hit on one or two of InvestBA’s main content categories, sometimes we unearth a gem that covers all the bases: Trade, Foreign Investment, Buenos Aires Events, Entrepreneurs, oh and Narcotrafficking (Still not an official Category). The Argentina/Chile Dakar Rally kicked off in BA back in January, and the event was a major success for the second consecutive year. What has come to light recently is a massive drug deal that some Spanish traffickers had been plotting for over a year, according to INTERPOL. The cartel used the Rally as a front for shipping a Mercedes-Benz truck emblazoned with fake Dakar and Red Bull logos to BA, driving it to a private residence in a high-end neighborhood, hiding 814 kilos of cocaine in a sub-floor of the vehicle and shipping the truck back to Spain. While traveling in Argentina, the drug runners donned Dakar t-shirts and even posed for pictures with locals on the highway. When the truck arrived in Spain, it was driven through a high-tech scanner in the Port of Bilbao and the drugs were discovered. Local authorities say the dealers (7 in custody, one in exile in Chile) invested over US$500,000 in the elaborate scheme, but they stood to reap US$32 million selling the drugs in Europe or possibly 2-3x that amount if the product was moved successfully to Asia. According to Havocscope, the black market online database, the kilos could have fetched upwards of $88,000 in Japan or $146,000 in Australia. Here in Argentina, the bust is being referred to as Operation White Dakar. While Dakar returns to BA in 2011, still no confirmation if the Spaniards will be back next year for another try. (YouTube video)

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Uruguay: “A Good Place to Visit Your Money”

On March 8, 2010, In entrepreneurs, foreign investment, uruguay, by InvestBA
Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

Foreign investment in Uruguay rose over 400% from 2004 to 2008. Much of it came from the U.S.

That’s how Josh Spero describes Uruguay for readers of Spear’s Wealth Management Survey. In the current Tax & Trust section, Spero offers one of the most sophisticated and accurate depictions of  the “Switzerland of South America” and “Argentina’s kid brother.” The narrative begins with a description of Uruguay and Switzerland’s shared advantages for foreign investors: Banking secrecy laws? Check. Favorable tax regime? Check. But the present-day similarities end there considering that Switzerland is knee-deep in recession while Uruguay emerged relatively unscathed having already beefed up its banking system and capital ratios almost a decade ago. Proof of confidence is evident in the country’s direct foreign investment numbers: From $397 million in 2004 to $2.2 billion in 2008 with Spain, Argentina and the United States accounting for the bulk of the funds flowing in. “Part of what has been driving this foreign investment,” Spero says, “is Uruguay’s seductive taxation rules, both for individuals and corporations.” And after spending time in the capital city of Montevideo, the financial reporter is left with one undeniable takeaway: “There are opportunities for entrepreneurs everywhere you turn in Uruguay.” Spero lists commercial real estate development, telecoms and land for “property, pleasure and space” as three of the most attractive investment opportunities. For more information about Uruguay and investment opportunities along this portion of The Tango Coast, visit our archives or download the latest edition of InvestBA Privada.

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