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20260806 070000 UTC
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[00:00:08] more and more and with
[00:00:27] How are you? Welcome to Economic Impact. and Paul, it's time to
[00:00:30] review our headlines, this
[00:00:32] is how we start
[00:00:37] in Latin America, let's talk about Argentina that has denounced labor
[00:00:40] reforms promoted by the current government of Javier
[00:00:43] Milei.
[00:00:47] In context, we are going to review the natural gas business,
[00:00:50] how it impacts the global
[00:00:52] economy.
[00:00:58] And in 360 degrees, the cost of housing increases,
[00:01:01] this in Spain.
[00:01:35] 2026, compared to the
[00:01:40] Organizations that are part of the United Unions Front are
[00:01:43] denouncing before the Inter-American Commission on Human Rights, the labor reforms that
[00:01:47] the government of Argentina, led by Javier Milei, is promoting, considering
[00:01:51] that they represent a setback in the guarantees conquered by the
[00:01:55] working class. The unions maintain that the measures make
[00:01:58] employment conditions more flexible, restrict the right to strike and weaken the
[00:02:03] story: Unlike capacity for union organization,
[00:02:06] are helping to in a context, moreover, of growing social conflict. The union delegation
[00:02:08] in Argentina has also denounced alleged cases of persecution against
[00:02:13] and talent of our athletes in search of its leaders, questioning the intervention of union organizations, pointing out that these
[00:02:17] actions seek to limit the representation of the working
[00:02:20] class. In addition, they warn that the deregulation of essential
[00:02:23] services, the increase in
[00:02:25] areas of national production and with tariffs, have been deteriorating the purchasing power of wages with
[00:02:29] an impact, especially severe towards women. Union
[00:02:32] representatives have also requested the action of international
[00:02:36] organizations, considering that labor and economic
[00:02:39] policies are affecting fundamental rights and further deepening
[00:02:43] social inequality in that
[00:02:44] country.
[00:02:50] On another topic, in Colombia, the export of electrical energy to
[00:02:54] Ecuador has been resumed, with a scheduled supply of approximately
[00:02:57] 8.6 gigawatts per day, a
[00:03:00] volume that will allow covering more than
[00:03:03] 8%. This is a statistical data of the demand
[00:03:07] that the neighboring country is requesting, a measure that also seeks to contribute
[00:03:11] to the stability of the Ecuadorian electrical system while continuing
[00:03:14] to strengthen the mechanisms of cooperation and energy integration
[00:03:17] between both nations. The Minister of Mines and Energy of Colombia,
[00:03:21] Edwin Palma, already assured that the decision has been adopted preserving national
[00:03:25] energy security and prioritizing the protection of the
[00:03:28] considered reservoirs. Also strategic to guarantee the
[00:03:31] internal supply of Colombia, he reported that mechanisms
[00:03:35] are activated to facilitate the signing of export contracts between
[00:03:39] companies in the energy sector between Colombia and
[00:03:42] Ecuador, expanding the possibility
[00:03:44] factors and internal of binational exchange. The authorities in Colombia have also
[00:03:47] highlighted that this initiative responds to a regional
[00:03:51] and business solidarity approach, also expressing their expectation
[00:03:55] of the world that Ecuador will maintain this relationship based on reciprocity with
[00:03:59] energy, as a tool to continue strengthening shared development and
[00:04:02] well-being between both
[00:04:04] peoples.
[00:04:08] And
[00:04:11] we return, in context, we will in Rio de Janeiro, Brazil, an office belonging to the
[00:04:14] Russian Export Center has already opened, a country that, let's remember, has
[00:04:18] expanded its presence in our region of Latin America and the Caribbean, with
[00:04:21] this initiative also aimed at strengthening economic ties with the
[00:04:25] South American giant and boosting exports of non-
[00:04:29] raw material-related goods. We will also
[00:04:32] tell you that this new presentation will provide support to
[00:04:36] Russian companies interested in entering the Brazilian
[00:04:39] market by identifying commercial partners, organizing
[00:04:43] business meetings and providing support especially in the development of international
[00:04:46] fairs. All of this adds up, says the Prensa
[00:04:50] Latina news body, to advice on certification processes, cooperation
[00:04:54] that will prioritize sectors such as industry, construction,
[00:04:58] agribusiness. All of them are strategic for both
[00:05:01] countries. With this opening, Moscow continues to expand its international
[00:05:05] network of commercial promotion, also present in 18
[00:05:08] countries. The initiative reflects the interest in diversifying markets,
[00:05:12] establishing cooperation with emerging economies and consolidating new
[00:05:16] spaces for exchange within the framework of growing economic articulation
[00:05:19] between Russia and
[00:05:20] Brazil.
[00:05:27] And in Guatemala, the approval of the General Law of the National
[00:05:30] Port System by the Congress of that country has received support from
[00:05:34] various business sectors that consider this regulation an important
[00:05:37] step to modernize logistics
[00:05:40] infrastructure, but also to strengthen competitiveness within this nation. This
[00:05:44] legislation seeks to create a framework that facilitates the expansion and management of the
[00:05:48] port system, also considered strategic for foreign trade
[00:05:52] and investment attraction. Representatives of industry,
[00:05:55] trade, cargo transport and the agro-export sector, as well as
[00:05:59] exporter associations agree that this new law will
[00:06:02] contribute to reducing logistical costs, improving legal certainty, generating
[00:06:06] more favorable conditions for economic growth and the creation of
[00:06:10] sources of employment, a legislative initiative that responds to the structural
[00:06:14] problems faced by ports in Guatemala, characterized by
[00:06:18] operational delays, capacity limitations and efficiency in infrastructure
[00:06:21] planning. Now,
[00:06:24] with this regulation, the country is seeking to strengthen its commercial
[00:06:28] connectivity and further enhance its efficiency in regional and international
[00:06:31] markets.
[00:06:36] In Nicaragua, if we talk about maritime trade, we have to point to the
[00:06:39] port of Corinto, which strengthens its role as a main maritime
[00:06:43] platform by concentrating more than 80% of national
[00:06:47] cargo movement but also international cargo. All of this is the
[00:06:50] result of a modernization process that has also been strengthening its operational
[00:06:54] and logistical capacity. In recent years, the
[00:06:57] infrastructure of this terminal has been significantly expanded,
[00:07:00] allowing to increase the tension of vessels and the volume
[00:07:04] of mobilized goods. Investments also include new
[00:07:08] berths, a specialized terminal
[00:07:11] for vessels, equipment for container handling, improvements
[00:07:15] in customs processes with the aim of reducing dispatch
[00:07:19] times and thus increasing the efficiency of foreign trade.
[00:07:23] Nicaragua also plans to incorporate new technological
[00:07:25] tools to digitize port management. The authorities have highlighted
[00:07:29] that this development responds to the growth of exports,
[00:07:32] the increase also in different
[00:07:37] this the commitment to strengthen strategic infrastructure. The
[00:07:41] port of Corinto is thus consolidated as a key axis for commercial
[00:07:45] integration and the economic dynamism of that
[00:07:48] country.
[00:07:57] And in the Dominican Republic, figures are being
[00:07:59] registered, but the downside has a lot to do with the
[00:08:03] ability to manage internal capital, which is being
[00:08:07] negatively affected by the rise in inflation. At the end of
[00:08:11] 2026, a target range established by the
[00:08:15] Central Bank is expected, driven mainly by the increase in the price of
[00:08:18] fuels and their effect on different sectors of the economy
[00:08:22] there in that nation. Economists, for example, Héctor Sánchez,
[00:08:25] estimate that annual inflation could be between 6.65% and
[00:08:29] 7.10%, exceeding the official target. According to the
[00:08:33] analysis of this expert economy, it refers to the increase in
[00:08:36] energy costs, which has also increased transportation,
[00:08:39] logistics, and production costs, transferring
[00:08:42] price pressures to goods and services. The persistence of
[00:08:46] underlying inflation above 4% for
[00:08:50] 19 consecutive months is already reflecting that inflationary
[00:08:53] tensions respond to both international
[00:08:56] dynamics. In summary, the specialist
[00:09:00] considers that this scenario represents a challenge for economic
[00:09:03] policy, which must now combine measures to contain price
[00:09:07] increases without affecting growth, employment, and the
[00:09:10] stability of productive activity in this
[00:09:13] nation.
[00:09:19] Let's take a break in economic impact. When
[00:09:23] review how the natural gas market is doing and its
[00:09:27] impact, especially on the global economy. The details will be shown soon.
[00:12:07] Let's talk about natural gas, which has been consolidating itself as one of the most important
[00:12:11] energy resources of the 21st century. Its increasing
[00:12:15] participation in electricity generation, industry and
[00:12:18] transportation is making it a strategic component
[00:12:21] for the energy security of numerous countries around the world.
[00:12:25] We tell you more through the following
[00:12:28] oil, whose commercialization mainly depends
[00:12:32] on maritime transport, natural gas combines two
[00:12:36] large distribution systems, extensive gas pipeline networks
[00:12:39] and the liquefied natural gas market, known as
[00:12:42] LNG, which allows transporting the resource by
[00:12:46] sea to any region of the world. According to the
[00:12:49] International Energy Agency, global LNG
[00:12:52] trade continues to expand thanks to new
[00:12:56] liquefaction plants built in North America, Africa and
[00:13:00] Oceania. This modality represents a
[00:13:03] growing proportion of international gas trade and has
[00:13:06] diversified markets, allowing countries without gas
[00:13:09] pipeline connections to access the fuel. However,
[00:13:13] geopolitical events of 2026
[00:13:16] demonstrated the vulnerability of these supply chains,
[00:13:20] especially after the interruptions recorded in West
[00:13:23] Asia, specifically in the Strait of Hormuz, a
[00:13:27] region through which nearly 20% of global
[00:13:30] LNG trade transits. Currently, the United States, Qatar and
[00:13:34] Australia lead global LNG exports, while
[00:13:37] Norway, Russia and Algeria maintain a prominent
[00:13:40] position in supplying Europe and other
[00:13:44] regions through pipelines. On the demand side, China continues to be one
[00:13:47] of the largest consumers of natural gas, followed by Europe,
[00:13:51] Japan, South Korea, and India. The international gas
[00:13:55] market moves hundreds of billions of dollars annually and
[00:13:58] constitutes one of the pillars of the global energy economy. Beyond
[00:14:02] its role as fuel, natural gas influences industrial
[00:14:06] production costs, electricity generation, fertilizer
[00:14:09] prices, and the competitiveness of numerous productive
[00:14:13] sectors. Therefore, understanding its operation is
[00:14:16] fundamental to understanding the dynamics
[00:14:20] economy.
[00:14:21] The dizzying increase in the prices of liquefied
[00:14:25] petroleum gas due to the crisis in the
[00:14:28] Strait of Hormuz, which also affects global energy markets, is reflected
[00:14:32] in direct consequences in various parts of the world, such as
[00:14:35] Bangladesh. Watch this.
[00:14:38] The economy of
[00:14:42] Bangladesh has been affected by the increase in hydrocarbon
[00:14:45] prices and driven by the conflict in West
[00:14:49] Asia and the volatility of the global energy
[00:14:52] market. In various areas, households
[00:14:55] face a widespread shortage of liquefied
[00:14:59] petroleum gas via pipeline and frequent
[00:15:02] power outages. In turn, the available
[00:15:06] gas in the market is offered at unaffordable prices for
[00:15:10] the common population.
[00:15:13] Due to the crisis, companies have
[00:15:15] raised prices, we, the merchants, have not
[00:15:19] increased them, we are simply following government guidelines. and that's
[00:15:23] all, besides we don't receive supplies, if a
[00:15:26] vehicle takes a day to arrive, it is held for three, that is the
[00:15:30] situation, do you hear us?
[00:15:33] Merchants have been the most affected,
[00:15:37] given the energy disruptions in the country
[00:15:40] and the increase in prices that reduces their profits
[00:15:46] it, stable income that allows them to support their
[00:15:50] families. The problems have increased
[00:15:53] considerably, for example, there is no gas, but we
[00:15:56] still have to pay the bill. In addition, the electricity
[00:16:00] supply for the work we do here is irregular, there are constant
[00:16:03] power outages, as this depends on electricity,
[00:16:07] cooking is interrupted halfway, so we go
[00:16:10] hungry, we have to buy food outside and the electricity bill
[00:16:14] is also rising, expenses have more than doubled,
[00:16:18] but in reality the problem is not being
[00:16:21] solved from any point of view.
[00:16:24] For the moment, the supply of liquefied
[00:16:28] petroleum gas in the country continues to be irregular,
[00:16:31] with price increases and greater complications for the
[00:16:35] operation of businesses throughout the
[00:16:39] national territory, a scenario that, if it does not show prompt
[00:16:42] improvement, would further affect the well-being
[00:16:46] of the
[00:16:47] population.
[00:16:51] International natural gas trade is also generating significant revenues for
[00:16:55] producing countries, although profits vary depending on their position within
[00:16:58] this supply chain. The greatest benefits correspond to
[00:17:02] nations that combine abundant reserves with infrastructure to
[00:17:05] process, transport and export
[00:17:07] this energy source. The United States has become the world's leading
[00:17:11] LNG exporter thanks to the development of shale gas and a network of
[00:17:15] liquefaction terminals located mainly in the Gulf of
[00:17:18] Mexico. Qatar also maintains a strategic position due to its enormous
[00:17:22] reserves in the Northfields field, while Australia
[00:17:25] continues to be one of the main suppliers to the Asian
[00:17:27] market. The trade of this energy source also
[00:17:30] highlights countries such as Norway, which has consolidated itself as one of the largest
[00:17:34] suppliers for Europe. And for
[00:17:38] Russia, it must be said that Russia withdrew
[00:17:41] this saying because we maintain it as one of the
[00:17:44] main also, uh, exporting countries of
[00:17:48] energy to Asian markets, especially to China through new
[00:17:52] energy corridors. Algeria, this African country that also
[00:17:55] plays a relevant role as a supplier to the south
[00:17:59] of the European continent. Let's add another
[00:18:01] fact, the energy infrastructure that represents a decisive economic
[00:18:05] advantage, the countries that have... liquefaction plants,
[00:18:08] regasification terminals, extensive gas pipeline networks are
[00:18:12] achieving reduced logistical costs, expanding their markets
[00:18:15] and even obtaining higher revenues through long-term
[00:18:19] contracts with industrial consumers and electricity generation
[00:18:22] companies.
[00:18:28] And pipelines continue to be the most efficient and economical way to
[00:18:31] transport large volumes of natural gas between neighboring
[00:18:34] countries. Europe, Central Asia and...
[00:18:38] North America have extensive connectivity networks, this
[00:18:41] also adds to the industry and power plants that consolidate
[00:18:45] this objective. The infrastructure represents
[00:18:48] investments of billions of dollars and allows establishing
[00:18:52] long-term supply contracts, providing greater stability to producers and
[00:18:56] consumers. This also reduces logistical costs compared to maritime
[00:18:59] transport when there is a viable land connection. In recent
[00:19:03] years, the development of new energy corridors towards the Asian
[00:19:06] continent has been partially modifying the current world map
[00:19:10] of gas trade, while the European continent continues to expand
[00:19:14] its infrastructure to try to diversify its
[00:19:17] suppliers, this is also added, of course, to the fact of
[00:19:21] stopping buying gas from Russia, which has increased the
[00:19:24] acquisition of the same, that is, today it pays three times
[00:19:28] more for gas and oil than it used
[00:19:32] to for
[00:19:33] Russia.
[00:19:39] And liquefied natural gas (LNG) is also transforming international
[00:19:43] energy trade through a cooling process of approximately
[00:19:46] -162°C. The gas is reduced
[00:19:50] in volume by about 600 times,
[00:19:54] facilitating its transport in specialized ships to markets
[00:19:57] far from large deposits. This is another
[00:20:00] technology that has allowed importing countries to diversify their
[00:20:04] supply sources and reduce their dependence on traditional
[00:20:08] gas pipelines. Japan, South Korea, China, and several European
[00:20:11] economies now largely depend on LNG to
[00:20:14] meet their energy demand. The International
[00:20:18] Agency predicts that the new export capacity
[00:20:21] installed in the United States, Canada, and Africa will continue to drive
[00:20:25] this market in the coming years, although geopolitical
[00:20:28] tensions and price volatility will continue to
[00:20:32] condition international trade of this
[00:20:34] energy source.
[00:20:46] And in Spain, the price of housing rose by 15.5%
[00:20:50] for the month of July and exceeded the maximums of this real estate
[00:20:54] bubble by 2%, as reported by the latest index
[00:20:57] generated by the markets. With this
[00:21:00] evolution, the value of housing is 2% above the
[00:21:03] maximums reached during this real estate bubble of
[00:21:07] 2007 in nominal terms, regarding areas
[00:21:10] that recorded increases of more than 10% year-on-year last
[00:21:14] July, the Mediterranean coast showed the largest
[00:21:17] advance with a rise of 17.9%, while the
[00:21:20] capitals and large cities also registered the most intense monthly
[00:21:24] increase, we are talking about
[00:21:26] 1.6%.
[00:21:29] And in the islands, the signs of a slowdown
[00:21:32] observed in recent months were also consolidated,
[00:21:35] and if we talk about prices, the islands are the territory
[00:21:38] where prices are exceeding the maximums reached in
[00:21:42] 2007 and 2008, currently being
[00:21:45] 26% above nominal terms,
[00:21:49] while capitals and large cities registered prices
[00:21:53] 4% higher than those maximums and metropolitan
[00:21:56] areas already exceed them by
[00:21:59] 3%.
[00:22:04] And Russia is increasing exports of agri-food
[00:22:08] products to the African continent. The Federal
[00:22:11] Center for Agro-export reports that revenues from
[00:22:14] exports to the African continent of products from the
[00:22:17] Russian agro-industrial complex have increased by
[00:22:20] 35% between January and May of this
[00:22:25] same period last year. They also highlight that
[00:22:28] in terms of volume, shipments have grown by 40% in the same
[00:22:32] period, adding that Russian companies exported
[00:22:36] agri-food products to more than 40 African
[00:22:40] countries worth close to 2.9 billion
[00:22:43] US dollars. The main
[00:22:46] export product has been wheat, followed by barley,
[00:22:50] soybean oil, and flour, among
[00:22:52] other products that
[00:22:56] record these statistics, and if we talk about
[00:22:59] Egypt, this nation also remains the main destination for Russian
[00:23:02] agri-food exports, with Sudan in second
[00:23:06] place and Kenya
[00:23:08] in third.
[00:23:17] On another topic, let's talk about the heat points that are registered
[00:23:20] in the European continent, causing estimated losses of 3.1
[00:23:24] billion euros, the media in the old
[00:23:27] continent report that most of these forest fires
[00:23:30] that occur in countries such as France, Spain, Greece,
[00:23:34] are being controlled thanks to continuous
[00:23:37] efforts, although it has been highlighted that the damage
[00:23:41] is considerable. If we talk about France, according to the
[00:23:44] Ministry of Interior in that country, the total area that has been
[00:23:48] devastated by these total fires amounts to
[00:23:51] 119 hectares since the beginning of this 2026,
[00:23:55] highlighting that the southeast of the country has been the most
[00:23:58] affected area. In Spain, according to preliminary statistics from the Union of
[00:24:02] Small Farmers and Ranchers, approximately
[00:24:04] 18,500 hectares
[00:24:07] have also been devastated by the flames. And in Greece,
[00:24:11] another piece of data that comes to light, where 12
[00:24:14] hectares of forests and agricultural land are mentioned. The
[00:24:17] insurance company is still evaluating
[00:24:21] losses in properties and crops that also impact the tourism sector,
[00:24:24] while hidden costs such as increased insurance
[00:24:28] premiums and decreased tourist numbers
[00:24:31] will come to light as time
[00:24:34] passes.
[00:24:43] It's time to review the oil indicators at the close of today's
[00:24:46] session, check this out: the intermediate Texas oil barrel
[00:24:50] is at $75.5 with
[00:24:53] a one-cent drop. The
[00:24:56] Brent barrel on your screens in Europe is at
[00:25:00] $79.42 with a six-cent rise.
[00:25:04] And finally, the crude oil averaged by
[00:25:07] OPEC is at $80.42
[00:25:10] with a 92-cent rise.
[00:25:12] Economic impact ends,
[00:25:16] we leave you with our usual invitation to update
[00:25:20] your information in this area through our multiplatform. I'm
[00:25:24] Paula Pérez, stay with us.
[00:30:54] Hello, welcome to the world from the south, Francisco Blandón.