El Financiero - 29.07.2019

(C. Jardin) #1

+BMJTDPSFHJTUSBVOB


UFOEFODJBBMDJTUBFO


FTUPTEFMJUPTFTUF


B®PWBODBTPT


&/*/5&3/&5


XXXJOGPSNBEPSNY


'VOEBEPSFT


$BSMPT~MWBSF[EFM$BTUJMMP(


&EJUPS%JSFDUPS


(6"%"-"+"3"
+"-
-6/&4%&+6-*0%& "Ž0$**


+FT·T~MWBSF[EFM$BTUJMMP7


+PSHF~MWBSF[EFM$BTUJMMP;


-BNBOJGFTUBDJÂOQPSFMBM[BEFMUSBOTQPSUF



QFSPTPCSFUPEPMBSFTQVFTUBEFM(PCJFSOPEFM


&TUBEPMBBVTFODJBEF5MBRVFQBRVFFOMBGJS


NBEFMBQPMJD½BNFUSPQPMJUBOBMBGPSNBEF


QSPDFTBSQPM½UJDBNFOUFFMUFNBEFMBQSFTBEFM


;BQPUJMMPBDVTBVOEFTHBTUF
QFSPTPCSFUPEP



VOQ¹SEJEBEFCSÈKVMBEFM(PCJFSOPBMGBSJTUB


{1FSEJÂ"MGBSPTVUPRVFN²HJDP {-MFHÂBTV


M½NJUFFMNPEFMPUMBKPNVMDBEFHPCFSOBS 6OQP


DPEFMBTEPT"MGBSPEFKÂEFTFSFMQPM½UJDPSPDLT


UBSBMRVFOPTUFO½B
QFSPTPCSFUPEPBMRVF¹MTF


IBC½BBDPTUVNCSBEPCBTUBCBVOUVJUEFMM½EFS


PQPTJUPSQBSBJODFOEJBSMBTSFEFTZQPOFSBM(P


CJFSOPDPOUSBMBTDVFSEBT4VUPOPEVSP
JNQMB


DBCMF
TJODPODFTJPOFTQBSBTVTBEWFSTBSJPTMFHB


OÂB"MGBSPGBNBMPDBMZOBDJPOBMEFVOQPM½UJDP


GSPOUBM
TJOEPCMFDFT1FSPFTPRVFDPNPPQPTJ


UPSFTVOBWJSUVEDPNPHPCFSOBOUFTFSFWJFSUFMP


GSPOUBMQBSFDFBIPSBEJTQMJDFODJBZMPJNQMBDBCMF


TFGVOEFFOMBPCTUJOBDJÂOZMBTPSEFSBQPM½UJDB


&MNPEFMPUMBKPNVMDBEFHPCFSOBS
FTFRVF


MMFOPTEFTPCFSCJBBMHVOPTDPMBCPSBEPSFTEF


"MGBSPEFD½BORVFFSBNFKPSRVFFMEF#PHPU²


P.FEFMM½O
FODPOUSÂNVZS²QJEPTVTM½NJUFT


6OHSVQPEFKÂWFOFTUSBCBKBEPSFTZCJFOQSF


QBSBEPTMFEJPMBWVFMUBFONBUFSJBEFHFTUJÂO


"MGBSPMPT


M½NJUFTEFMFTUJMP


UMBKPNVMDB


&/53&41"5"%"4


EJFHPQFUFSTFO!JOGPSNBEPSDPNNY

%JFHP1FUFSTFO'BSBI


QÈCMJDBBVONVOJDJQJPEFNFEJPNJMMÂOEFIB


CJUBOUFT&TPTNJTNPTBDVTBSPOUFSSJCMFTGBMMBT


EFPQFSBDJÂODVBOEPTFUSBUÂEFHPCFSOBSMBDB


QJUBM(VBEBMBKBSBMFRVFEÂHSBOEFBMNPEFMP


EFMPTDVBUSPGBOU²TUJDPT
QBSUJDVMBSNFOUFFO


NBUFSJBEFTFHVSJEBEZFGJDJFODJBBENJOJTUSB


UJWB
QFSPTFOPUÂQPDPQPSRVFMBDBNQBÁBFT


UBCBFODJNBZFMWJFOUPTPQMBCBBGBWPS:BFO


FM(PCJFSOPEFM&TUBEP
DPOVOBBENJOJTUSB


DJÂONVDIPN²TDPNQMFKBZWJFOUPFODPOUSBFM


NPEFMPBDVTBJOPQFSBODJBQPSUPEPTMBEPT


-BQPM½UJDBFTU²IBDJFOEPBHVB"QFTBSEF


UFOFSVOTFDSFUBSJPEF(PCJFSOPEFHSBOFYQF


SJFODJBZDBQBDJEBEQPM½UJDBDPNP&OSJRVF*CB


SSB
MBTDPTBTOPGVODJPOBOZVOBEFMBTSB[POFT


FTMBDPOGVTJÂOEFSPMFTFOFM(PCJFSOP"MGBSPFT


VOHPCFSOBEPSRVFTBCFZMFHVTUBIBDFSQPM½UJ


DB
QFSPFTPHFOFSBDIJTQBTJOOFDFTBSJBT1FSP


BEFN²TEFMQSPQJPHPCFSOBEPSIBZPUSBTEPTQFS


TPOBTRVFIBDFOQPM½UJDBQPSGVFSBEFMB4FDSFUB


S½BEF(PCJFSOPFMDPPSEJOBEPSEFHBCJOFUF
)V


HP-VOB
ZFMBMDBMEFEF(VBEBMBKBSB
*TNBFMEFM


5PSPBMRVFFMHPCFSOBEPSMFTJHVFFODBSHBOEP


BMHVOBTUBSFBT FOUSFFMMBTMBQPMJD½BNFUSPQPMJ


UBOB
&SBPCWJPRVFIBCS½BSFBDDJPOFTQPSFMBM


[BEFUBSJGBBMUSBOTQPSUFZ
TJOFNCBSHP
BDUVB


SPODPNPTJMPTIVCJFTFUPNBEPQPSTPSQSFTB


-BDPNVOJDBDJÂO
RVFTPM½BTFSFM²SFBEF


QSFTVNJSEFMPT"MGBSPCPZTIPZIBDFBHVB&MNB


OFKPEFSFEFTZBOPFTTVGJDJFOUFZMPTIJQFSNP


EFSOPTKÂWFOFTPQFSBEPSFTOPIBOFODPOUSBEP


NFKPSFTRVFNBRVFSFHSFTBSBMNBOFKPDPSQPSB


UJWPEFNFEJBEPTEFMTJHMPQBTBEPMPTEFTQMFHB


EPTEFBQPZPBMHPCFSOBEPSQBSBMBDPOTUSVDDJÂO


EFMBQSFTBEF&M;BQPUJMMPTPOFMFKFNQMPN²TBDB


CBEPEFMBQ¹SEJEBEFMBCSÈKVMB


&MFTUJMPUMBKPNVMDBEFHPCFSOBSQBSFDFIBCFS


FODPOUSBEPTVTM½NJUFT-PTCVFOPTQPM½UJDPTTPO


MPTRVFMPHSBOFOUFOEFSTVTFSSPSFTZDPOWFSUJSMPT


FOWJSUVEFTFTFFTIPZFMHSBOSFUPEF"MGBSP


,
, Ê


 Ê,Ê


º*,
,»Ê


 +1

/-Ê


&M "ZVOUBNJFOUP EF (VBEBMBKBSB


BDUVBMJ[ÂFMEJBHOÂTUJDPEFMBTCBO


RVFUBTEFM$FOUSP)JTUÂSJDPZEF


UFDUÂRVFEFCFOTFSSFQBSBEPTNJM


NFUSPTDVBESBEPTEFFMMBT


&MQSJNFSDVBESPTFFYUJFOEF


FOIFDU²SFBT


-B EJSFDUPSB EF .PWJMJEBE EFM


NVOJDJQJP
-JCFSUBE;BWBMB
SFDPOP


DJÂRVFMBTQSJODJQBMFTBGFDUBDJPOFT


FTU²O FO MPT FTQBDJPT RVF DVFOUBO


DPONPTBJDPTiUJQP(VBEBMBKBSBw SP


TBDPOHSJT


RVFGVFSPODPMPDBEPT


QPSBOUFSJPSFTBENJOJTUSBDJPOFT


-B GVODJPOBSJB BOUJDJQÂ RVF


MBTCBMEPTBTSPUBTTFS²OSFUJSBEBTZ


DBNCJBEBTQPSNBUFSJBMFTN²TSF


TJTUFOUFT&MNVOJDJQJPQSFTVQVFT


UÂBMSFEFEPSEFNJMMPOFTEFQF


TPTQBSBMBJOUFSWFODJÂOEFDBMMFT



Ê ", ",ÊUÊ°Ê/ "


-iÊ`Õ«ˆV>˜ÊœÃÊ


ÀœLœÃÊ`iʓœÌœÃÊ


-"4


$-"7&4


£°



/",
-°ÊÊ >š>˜Ê>ÃÊ



ViÀ>Ãʏ>ÃÊÀ>‰ViÃÊ`iʏœÃÊ



?ÀLœiÃ]ʏœÃÊÀi}ˆÃÌÀœÃʜÊÌ>«>ÃÊÞÊ


œÃÊi؈ÛiiÃÊiÊÀ>“«>ÃÊ«>À>Ê


ˆ˜}ÀiÃ>ÀÊ>ÊVœV…iÀ>ðÊ


Ó°


*"9"°Ê-iÊ>ViÀV>À?˜ÊVœ˜Ê


ÛiVˆ˜œÃÊÞÊVœ“iÀVˆ>˜ÌiÃÊ


«>À>ÊμÕiÊÃiÊÃՓi˜Ê>Ê“>˜Ìi˜ˆ‡


“ˆi˜ÌœÊ`iÊiÃ̜ÃÊië>VˆœÃ°


ΰ


-/,/
°Ê-iÊVœ˜Ìi“‡


«>ÊVœ“œÊ«>ÀÌiÊ`iʏ>ÃÊ>V‡


Vˆœ˜iÃÊ`iÊÀiVÕ«iÀ>Vˆ˜Êi˜Ê>ÃÊV>‡


iÃÊ>viVÌ>>ÃÊ«œÀʏ>ÃʜLÀ>ÃÊiʏ>Ê


‰˜i>ÊÎÊ`iÊ/Ài˜Êˆ}iÀœ°


" 1-Ê"*
, 


6OBEFMBTGPSNBTEFPQFSBSEFMBTCBOEBTEFMJODVFO


DJBMFTFTDJSDVMBSFOVOBDBNJPOFUBQBSBEFUFDUBSMBT


NPUPTRVFTFEFKBOTPMBTQPSFKFNQMP
QBSBJOHSFTBS


BVOFTUBCMFDJNJFOUP"MQFSDBUBSTFEFFTUP
TFCBKBO


DVBUSPQFSTPOBT
iMBUSFQBOS²QJEBNFOUFBMBVOJEBE


ZTFMBMMFWBOw
TFÁBMÂ*HOBDJP1BSUJEB3VFMBT
QSFTJ


EFOUFEF.PUPDMVCFT6OJEPTEF+BMJTDP


-BPUSBFTRVFMBRVJUBODPOiQJTUPMBFONB


OPw
ZTÂMPMBVUJMJ[BOQBSBDPNFUFSEFMJUPTZMVF


HPMBTBCBOEPOBO


&OE½BTQBTBEPT
FM"ZVOUBNJFOUPEF(VBEB


MBKBSBQVTPFONBSDIBVOPQFSBUJWPFTQFDJBMFOMBT


[POBTTFÁBMBEBTDPONBZPSFTQSPCMFNBTEFEFMJ


UPTDPNFUJEPTBCPSEPEFVOBNPUP


1PSTVQBSUF
;BQPQBOEFTUBDBRVFUJFOFOVO


PQFSBUJWPQFSNBOFOUFRVFIBEBEPSFTVMUBEPT


-PIBDFOQBSB


FTUBSSPCBOEP


MBTCPMTBTBMBT


TF®PSBT
MPT


DFMVMBSFTÎZ


QBSBJSBNBUBS


HFOUF
QPSRVF


UBNCJ¦OMP


IBDFODPOMB


NPUPDIJDB


Â


*HOBDJP1BSUJEB



QSFTJEFOUFEF


.PUPDMVCFT6OJEPT


EF+BMJTDP


)BDFEPTTFNBOBT
-VJTDJSDVMBCBFO


TV NPUPDJDMFUB EF  DFOU½NFUSPT


DÈCJDPTTPCSF"WFOJEB"MDBMEFDVBO


EP VO WFI½DVMP TF MF BUSBWFTÂ -PT


PDVQBOUFTEF¹TUFMPCBKBSPOEFMB


NPUPBNBOPBSNBEB
MFEJFSPOVOPT


HPMQFTZIVZFSPO%FTQV¹TTFFOUFSÂ


RVFFMWFI½DVMPMPVUJMJ[BCBOQBSBSP


CPTFOUJFOEBTEFDPOWFOJFODJB


&OMPRVFWBEFMBÁP
QFSTP


OBTIBOTJEPW½DUJNBTEFSPCPEFTV


NPUPDJDMFUBFOFM&TUBEP%FBDVFS


EPDPOEBUPTEFM4FDSFUBSJBEP&KFDV


UJWPEFM4JTUFNB/BDJPOBMEF4FHVSJ


EBE1ÈCMJDB
FTUFEFMJUPTFEVQMJDÂ


FOUSFZQBTÂEFB


SPCPT
SFTQFDUJWBNFOUF:MBUFOEFO


DJBBMDJTUBQFSTJTUFDPOWJPMFODJB


%FNBOFSBHFOFSBM
FOMPTÈMUJ


NPTDJODPBÁPT
FO+BMJTDPTFIBOSF


HJTUSBEPNJMSPCPTEFNPUPDJ


DMFUBTDPOZTJOWJPMFODJB
FTEFDJS
VO


QSPNFEJPEFTJFUFEJBSJPT%F¹TUPT



EPTNJMIBOTJEPDPOWJPMFODJB


*HOBDJP1BSUJEB3VFMBT
QSFTJ


EFOUFEF.PUPDMVCFT6OJEPTEF+B


MJTDP
EFDMBSBRVFMBTNPUPTDIJDBT


TPOMBTRVFTFSPCBON²TQBSBVTBS


MBTQSJODJQBMNFOUFFOMPTSPCPTiDP


OFKFSPTw

Free download pdf