Category: Business

Information regarding the business sector.

Oscar Veizaga is appointed manager of SABSA

The board of directors of Servicio de Aeropuertos Bolivianos Sociedad Anónima (Sabsa), which is part of the Ministry of Public Works, has appointed Óscar Veizaga Siles as the new general manager, replacing Roberto Cortez. The company manages the operations of the international airports of El Alto in La Paz, Jorge Wilstermann in Cochabamba and Viru Viru in Santa Cruz.

Kempff re-elected president of the CNC

Rolando Kempff Bacigalupo was re-elected yesterday as president of the National Chamber of Commerce (CNC). He will be accompanied on the board with Mario Paredes Vargas as first vice president, Marcos Córdova Achá as second vice president, Lukas Abendroth Spies as treasurer and Douglas Ascarrunz Aramayo as pro-treasurer of the institution. Kempff will preside over the institution for a second term 2020-2021.

Banco Mercantil Santa Cruz (BMSC) among LA’s top 100

Banco Mercantil Santa Cruz (BMSC) leapt forward and positioned 93 among the 100 largest banks in Latin America, according to the 2020 Bank Ranking, published by América Economía magazine. Currently, BMSC has more than $5.4 billion in assets, has more than 440 ATMs throughout the country, deposits from the public exceed $4.5 billion, the loan portfolio is more than $3.7 billion, has more than 776,000 active clients and a net worth of more than $296 million.

Sinosteel requests payment of $45 mn, ESM could break the contract

Tensions arise between Empresa Siderúrgica Mutún (ESM) and Sinosteel. The Chinese company asked for $45 million to deliver the report to the final design of the project, paralyzed since January, arguing that the state has not cancelled debt for equipment orders for six months. The ESM is preparing a contingency plan if the contract break. The state-owned company paid $104 million, and the steel plant has an advance of 3%.

Newspaper La Razon fires 140 workers

With “La Razón”, Carlos Gill recognized in 2019 that his annual earnings were between 9 and 93 million Bolivians ($1.3mn and $13.6 mn). He owns the newspaper for more than a decade. If we take an average, we add in the end a probable accumulated of 500 million Bolivians ($71 million). One hundred forty ex-employees fired from “La Razón” are preparing to fight for their severance pay. Director Claudia Benavente decided to throw them out on the first day of July without severance pay. She used the perfect excuse: the COVID-19.

Accidental Tunari Association (AAT) denounces government debt of $42.56 mn

The Asociación Accidental Tunari (AAT), which is executing the Cochabamba Metropolitan Train project, reported that the government owes it nearly 297 million bolivianos ($42.67 mn) in payroll and almost eight million ($1.15 mn) in interest. Additionally to this amount, Bs 330.6 million ($47.5 mn) have not yet invoiced for the progress of work as of December 2019. The debt caused the contract of the consortium formed by the companies JOCA from Spain, Molinari from Switzerland and the Bolivian State to be suspended due to default.

Vinto looks for partner to pay off $80 mn debt

Empresa Metalúrgica Vinto could partner with an international mining company to pay off its debts for the Huanuni and Colquiri mines. The amount Vinto needs to meet obligations is $80 million, but initially the future partner will have to contribute $40 million.

BoA lost $28 million in 2019

The airline’s financial statements as of December 31, 2019, reflect a loss of $28 million, another $10 million was charged directly to the Accrual Account, with a combined effect of $40 million of decrease in the company’s equity. With the pandemic, the situation is more critical; the company has stopped receiving $60 million.