Icbc = Standard

[El Cipayo]

Another great macro economic move by Cristina, makes everybody happy other then the workers she claims to protect

Standard = got a decent price to hit the exit button
ICBC = Nice step-up for Latin America
China = Conect with their Chinese expat-population and internationally expand there (semi) state run bank
Cristina = Another couple of million dollars in a account in Liechtenstein
Lorenzenetti = A couple of hunderd thousand of dollars in a account in Uruguay
Chinese population in Argentina = A way to transfer money out of the country, more job oportunities for their kids and their own bank in Argentina
Workers = get kicked out of there jobs(especially if they have some kind of job with importance) and get replaced by Chinese immigrants who come from China, Chinese with residentpapers or citizenship, Argentines from Chinese descent.

Great move Cristina

 

[ajoknoblauch]

Another great macro economic move by Cristina, makes everybody happy other then the workers she claims to protect

Standard = Get a decent price to hit the exit button
ICBC = Nice step-up for Latin America
China = Conect with there Chinese expat-population
Cristina = Another couple of million dollars in a account in Liechtenstein
Lorenzenetti = A couple of hunderd thousand of dollars in a account in Uruguay
Chinese population in Argentina = A way to transfer money out of the country, more job oportunities for there kids and there own bank in Argentina
Workers = get kicked out of there jobs(especially if they have some kind of job with importance) and get replaced by Chinese immigrants who come from China, Chinese with residentpapers or citizenship, Argentines from Chinese descent.

Great move Cristina

Please rewrite, and expand, after learning the difference between "there" and "their."

 

[mariposa]

Apart from the fact that I don't understand this post, is this just some kind of anti-immigrant rant? Great move, for an "expat"!

 

[El Cipayo]

Its not anti-immigrant, chinese just have a different way of running there business then us or European companies

 

[trennod]

Not sure it will creat many job opportunities for Chinese/Argentines living here. In my experience with Chinese clients, executive & upper management will generally be Chinese and they may bring in various middle/lower level management and staff from China to mix with the current local workforce. However that is not always the case.

You could argue that if ICBC is expanding it may create more jobs for locals.

 

[El Cipayo]

The local chinese community Will offcourse benefit from a Chinese bank, the way to do business in argentina now is getting your dollars out and have local debt, this will à lot easier now

Right now iCBC just bought most of standard bank assets, wait and see if they expand and how the locals react

I dont know if you have spend Some time in puerto madero in the last 6 months, but there have been a explosion of chinese residents, this might not be related but I doubt it is

I doubt that in 3/4 years from now most of the (senior) staff will not be related to China in one way. US and European companies just dont run there business this way

 

[Dublin2BuenosAires]

Yeah, I am just gonna come out and say it. Nonsense.

Probably xenophobic, possibly racist but yeah, definitely nonsense...in as much as I can actually fathom what it is you are trying to say.

 

[El Cipayo]

Maybe you can try to actually use arguments instead of actacking me?

Thanks

 

[Dublin2BuenosAires]

Maybe you can try to actually use arguments instead of actacking me?

Thanks

I would argue that there is nothing in your statement other than xenophobic paranioa. I think you have had a request already, but in much clearer terms tell us why international buyouts of local firms are bad?

The chinese owners will correctly implement their methodology via a local workforce but they cannot circumvent local regulations re: expatriation of funds or local labour laws.

My experience with multinationals of many countries is that above country manager level the executive group is dominated by locals. I dont expect the chinese to be much different, on the ground the majority of the workers will remain Argentine.

Happy?

 

[Inferno.]

Another great macro economic move by Cristina, makes everybody happy other then the workers she claims to protect

Standard = got a decent price to hit the exit button
ICBC = Nice step-up for Latin America
China = Conect with their Chinese expat-population and internationally expand there (semi) state run bank
Cristina = Another couple of million dollars in a account in Liechtenstein
Lorenzenetti = A couple of hunderd thousand of dollars in a account in Uruguay
Chinese population in Argentina = A way to transfer money out of the country, more job oportunities for their kids and their own bank in Argentina
Workers = get kicked out of there jobs(especially if they have some kind of job with importance) and get replaced by Chinese immigrants who come from China, Chinese with residentpapers or citizenship, Argentines from Chinese descent.

Great move Cristina

ICBC bought 80% of the stocks of Standard Bank (South Africa), Cristina didn't force them to do it (unless you think she can convince the chinese to buy a bank owned by other people). As far as everyone knowns, this was a private purchase without the government being involved in the initial transaction as they don't own Standard Bank, the south african investors do.

Having a Bank here wont change much things. They don't have special immigrations benefits. HSBC (Hongkong and Shanghai Banking Corporation) are not bringing people here nor replacing the workforce because they want to, nor Citibank (USA) are able to bring people from their country because they want to. Besides, as many people here know, coming to argentina is not exactly a problem. Even if you overstay by a couple of years, they won't make you a problem coming back.

Furthermore, even if the new owners are from China, Germany, or Russia, this wont allow them to avoid the restrictions imposed by the Central Bank because the owners don't create the law, they need to abide to the country they are in. Period. They are not going to be sending money "back home" even if they want to unless the BCRA lifts the restrictions and even then, this is heavily regulated..

Besides, this was done back in 2011, is not news. They just changed the name now because the whole process takes a lot of time.