The suspension of the construction of the third Argentine satellite Arsat III damaged the State in $38 million since it left with the obligation to face payments of pending contracts in dollars and euros. Irregularities are reported, such as direct hiring and benefits to related companies. Many provinces left without the expected connectivity.
Telecom Argentina accelerated its digital transformation plan with the implementation of several programs that involve both the company's operation and the necessary experience of its 29 million customers. To date, the company has invested 515 million dollars in technological platforms: Cloudification, Big Data, and open digital architecture are the enablers of this transformation.
The provinces are preparing to give up their participation in the distribution of resources with Nación: they will go from receiving 49.6% in 2019 to 48.3% in 2020 (1.3% less) and 47.3% (2.3% less) in 2021. The provinces will lose more than 200,000 million pesos ($2.6 bn) due to the lack of co-participation of the PAIS tax to the dollar. Since this tax was created, the resigned amount will accumulate until the end of next year 306,809 million pesos ($4.05 bn). The one that lost the most was Buenos Aires, with 64.075 million pesos ($845.4 mn) less.
In the last fiscal year closed in June for the wine industry, the total turnover was 18% lower than in 2015 and had similar levels to those of more than a decade ago (2007 and 2008). Forecasts agree that recovery to pre-pandemic levels will take between 18 and 24 months. There is a drop in the industry's profitability and the average investment of the sector in the last five years was 4.9% of the turnover, which is not even at the maintenance level. Grape prices are 30/40% below their equilibrium price, leading to the eradication of vineyards, which totalled 7,500 hectares in recent years. We are going to an industry of no more than 170 to 180,000 hectares of the current 200,000 and more concentrated.
With no income and with the planes on the ground, the expense account of this conglomerate of five state-owned companies with 12,000 employees is an enigma: their managers assure that they still do not have a concrete dimension of how much their losses will be during this year, although they are sure that they will be more than 700 million dollars. In 12 years, the accumulated loss is $7.3 billion.