Skip to main content

Revista Coztazul Abril 2017

Page 1

SFF HSBUJT &GOHMJTI M &TQB×P

$*" 9$&-&/ & 3 0 1 *0/"S "- 3&( JPOFT Z )VNP 6 4 / & Y . F UÏNPD " ø 5 I F 4 V * 3 B 7 T V & P -" 3 JFOU BMB $ 1FOTBN MP F[ $PN

M F «MWBS ÈO .BO[BOJ E B M M J 7 5FDPN $PMJNB 5POJMB 5,/ 3 $ %5,/ $

/$ 5(9,67$ '( ,17(51(7 ( ,035(6$ 48( *867$ $ 75(6 *(1(5$&,21(6 ZZZ FRVWD]XO P[ ZZZ WZLWWHU FRP UHYLVWDFRVWD]XO ZZZ IDFHERRN FRP UHYLVWDFRVWD]XO ZZZ LQVWDJUDP FRP UHYLVWDFRVWD]XO LQIR#FRVWD]XO P[

7HO &HO

(67$ 5(9,67$ (6 *5$78,7$


6LQ WROHUDQFLD 1DGD IXQFLRQD

-RVH 7 /HSH 3UHFLDGR

,1',&(

6HFFLRQHV

&ROLPD

&RPDOD &XDXKWpPRF 7RQLOD 7HFRPiQ

0DQ]DQLOOR

$1Ã’1&,(6( (1 &267$=8/

(67$ 5(9,67$ (6 *5$78,7$


5XWDV WXUtVWLFDV 7RXULVW URXWHV 5XWD WXUtVWLFD &ROLPD

5XWD WXUtVWLFD -DOLVFR


1XHVWUD SRUWDGD

GH $EULO GtD GHO QLxR

y y y y y y y y


7HOpIRQRV GH LPSRUWDQFLD ,PSRUWDQW SKRQH QXPEHUV

5HIUiQ


&ROLPD 6HUYLFLRV

9,6$&(17(5 0; 75$0,7(6 '( 9,6$

*5$7,6

9,6,7$126 (1 &8$/48,(5$ '( 18(675$6 68&856$/(6 ',26$ $Y 0DUtD $KXPDGD (VT FRQ 1DUDQMDO 9LOOD GH $OYDUH] $ HVSDOGDV GH ORV ERPEHURV /XQ 6DE DP SP 'RP DP SP

',26$ 9,3 $Y 9HQXVWLDQR &DUUDQ]D 6DQWD %DUEDUD &ROLPD $ XQ FRVWDGR GHO $UFH /XQ 6DE DP SP 'RP DP SP

',26$ $Y 3DEOR 6LOYD /RV 2OLYRV 9LOOD GH $OYDUH] $ XQD FXDGUD GH VHFXQGDULD ³(7,´ /XQ 6DE DP DP 0DGUXJDGD

'RP DP SP

',26$ $Y 0DUtD $KXPDGD 6HQGHURV GHO &DUPHQ 9 GH $OY $ XQ FRVWDGR GHO R[[R /XQ 6DE DP DP PDGUXJDGD

'RP DP SP

1RWDUtD 3~EOLFD 1R /LF 5RJHOLR $ *DLWiQ \ *DLWiQ /LF /DXUD * *DLWiQ &UX] /LF (QULTXH 3ODVFHQFLD *DUFtD 7(/()2126 \

-RVHSK -RXEHUW


&ROLPD 6HUYLFLRV

%XIHWH \ 1RWDUžD 3©EOLFD

/LF 0DQXHO %UXVW &DUPRQD 1RWDU\ SXEOLF OHJDO VHUYLFHV (QJOLVK VSRNHQ

/LF 5DXO =DUD]~D 0RQWHUURVD

&KLVWHV


&ROLPD 6HUYLFLRV

-HDQHWWH &HUQDV

HVWLOLVWD FRVPHWyORJD

&LWDV

´/D H[SHULHQFLD KDFH OD GLIHUHQFLDµ &LWDV DO /XQHV D 6iEDGR \ 3DOPD .HUSLV &RORQLD /D 3DOPDV &ROLPD &RO

5HÀH[LyQ

/RV QLxRV DSUHQGHQ OR TXH YLYHQ


&ROLPD 6HUYLFLRV

)$%5,&$&,21 '( 38(57$6 < 9(17$1$6 $57,67,&$6 < &20(5&,$/(6 7XEHURV &RO 3RUYHQLU D OD YXHOWD GH OD GLUHFFLyQ GH 7UDQVLWR \ 9LDOLGDG

7HO &HO

*5832 6 $ '( & 9

7HO

&XOWXUD

/D 6HPDQD 6DQWD

FRQWLQ~D HQ OD SiJLQD


&ROLPD 6HUYLFLRV

0XOWLVHUYLFLRV

0DQWHQLPLHQWR HPSUHVDULDO \ SDUD HO KRJDU (Q WRGR HO HVWDGR GH &ROLPD 3UHVXSXHVWRV VLQ FRPSURPLVR

3LQWXUD +HUUHUtD 7DEOD URFD )RQWDQHUtD (OHFWULFLGDG 3XOLGR GH SLVRV /LPSLH]D SURIXQGD $LUHV DFRQGLFLRQDGRV &iPDUDV GH VHJXULGDG 5HPRGHODFLyQ \ FRQVWUXFFLyQ 5HGHV \ PiV

1H[WHO \

',6(f2 &216758&&,21 < 0$17(1,0,(172

&21 12627526 (1&2175$5Ã&#x2C6;6 62/2 /$6 0(-25(6 0$5&$6 9(1 < &20358(%$/2 78 0,602

4XtPLFRV H +LJLpQLFRV

4&37*-*. TFSWJDJPT QSPGFTJPOBMFT EF MJNQJF[B 6HUYLFLRV

/LPSLH]D HQ R¿FLQDV H LQVWLWXFLRQHV /DYDGR \ SXOLGR GH SLVRV /DYDGR GH WLQDFRV \ DOMLEHV /LPSLH]D SHUPDQHQWH \ HYHQWXDO /DYDGR GH DOIRPEUDV WDSHWHV PXHEOHV \ WDSLFHUtD HQ JHQHUDO

&ULVWDOHUtD \ 0HODPLQD +LJLpQLFRV LQWHUGREODGRV 7RDOODV HQ UROOR 6KDPSRR FORUR SLQRO $URPDWL]DQWH 'HVHQJUDVDQWH 'HWHUJHQWHV 'HVHFKDEOHV SODWRV YDVRV EROVDV FXFKDUDV

=DUDJR]D &HQWUR &ROLPD &RO 7HOV

Â&#x2021; ,PSUHVLyQ HQ JUDQ IRUPDWR Â&#x2021; $QXQFLRV OXPLQRVRV Â&#x2021;

%OYG &DPLQR 5HDO 1R % *ORULHWD FXDUWHO PLOLWDU 7HO )D[

$Q~QFLHVH HQ

7HO

+LVWRULD

FRQWDFWR#FRVWD]XO P[


&ROLPD 3HULyGLFRV \ 0HGLRV

)iEXOD

(O 3iMDUR \ HO 1LxR

0RUDOHMD 1R KD\ SHRU HVFODYLWXG TXH XQD HQ OD TXH VH FUHD TXH VH HV OLEUH FXDQGR QR OR HV


&ROLPD 3HULyGLFRV \ 0HGLRV

&KLVWHV


&ROLPD &RPHUFLRV


&ROLPD &RPHUFLRV

*DOHUĬD

(O PDUFR SHUIHFWR &XDGURV (QPDUFDGRV &UHDFLRQHV

3RHPD

¢(UHV 7~"

/LSR /HSH


&ROLPD &RPHUFLRV

0iV GH $xRV GH 6HUYLFLR FRQ &DOLGDG \ ([SHULHQFLD QRV 5HVSDOGDQ

)$%5,&$026 Â&#x2021; &RUWLQDV GH WHODV GHFRUDWLYDV Â&#x2021; &RUWLQHURV 0DGHUD +RWHOHURV \ 'HFRUDWLYRV Â&#x2021; &RUWLQDV $QWLEDFWHULDQDV Â&#x2021; 3HUVLDQDV 9HUWLFDOHV 3 9 & 7HOD \ $OXPLQLR Â&#x2021; 3HUVLDQDV +RUL]RQWDOHV $OXPLQLR \ 3 9 & Â&#x2021; 3HUVLDQDV URPDQDV \ HQUUROODEOHV Â&#x2021; 3DQHO -DSRQpV Â&#x2021; 3HUVLDQDV SOLVDGDV \ FHOXODUHV Â&#x2021; 3HUVLDQDV GH PDGHUD Â&#x2021; 7ROGRV GH ORQD SOiVWLFD \ WHOD DFUtOLFD Â&#x2021; 3XHUWDV SOHJDEOHV Â&#x2021; 0DOOD VRPEUD Â&#x2021; (GUHGRQHV

',675,%8,026 Â&#x2021; 3DVWR VLQWpWLFR Â&#x2021; $OIRPEUD Â&#x2021; 3LVRV GH PDGHUD ODPLQDGR Â&#x2021; /LQROHXP 3 9 & Â&#x2021; 3LVRV SDUD JLPQDVLR Â&#x2021; /RVHWD YLQtOLFD Â&#x2021; 7DSLFHUtD HQ JHQHUDO Â&#x2021; 3DSHO WDSL] Â&#x2021; )RWRPXUDOHV /DYDGR GH SHUVLDQDV \ FRUWLQDV

ZZZ FRUWLQDVUDPRV FRP YHQWDV#FRUWLQDVUDPRV FRP

$Y ,QVXUJHQWHV HVT %OYG &DPLQR 5HDO HQ SHUVLDQDV

'(6&

URPDQDV HQUUROODEOHV

7HOV &HO

6XSHUDFLyQ

(O 3HQVDPLHQWR /DWHUDO

FRQWLQ~D HQ OD SiJLQD


&ROLPD &RPHUFLRV

Â&#x2021; 0HFiQLFD HQ JHQHUDO Â&#x2021; (VSHFLDOLVWD IXHO LQMHFWLRQ Â&#x2021; )UHQRV $PRUWLJXDGRUHV Â&#x2021; 6XVSHQVLyQ OODQWDV &OXWFK Â&#x2021; %RRVWHU +\GURYDF (PHUJHQFLDV \ &HO 6HUYLFLR D 'RPLFLOLR $Y GH 1RYLHPEUH &RO 9LYHURV &ROLPD &RO 3HFKXJD GH SROOR IUHVFD SUHSDUDGD WRGRV ORV G¯DV D ODV ILQDV KLHUEDV D OD PRVWD]D HPSDQL]DGD DV¯ FRPR ODV IDPRVDV UHOOHQDV GH HVSLQDFDV SKLODGHOSKLD IUXWRV VHFRV \ P£V

5HÃ&#x20AC;H[LyQ


&ROLPD &RPHUFLRV

/26 35(&,26 0$6 %$-26 '(/ 0(5&$'2

6L QR OR WHQHPRV 6H OR FRQVHJXLPRV

0$75,= 68&856$/ 7(&20$1 68&856$/ 0$1=$1,//2

3HFHV SHFHUDV DOLPHQWRV \ DFFHVRULRV 7RUWXJDV MDSRQHVDV

7HO

)/25(5,$

3, $ 'RQGH ORV VHQWLPLHQWRV IORUHFHQ

0RUHORV &ROLPD 7HO 6DQ )HUQDQGR &ROLPD 7HO 0 $ GH *yPH] % 9 GH $OY 7HO


&ROLPD &RPHUFLRV £68 0(-25 (/(&&,21 6HUYLFLR ([SUHVV D GRPLFLOLR

Â&#x2021; )$-,//$6 Â&#x2021; 32/,1(6 Â&#x2021; '8(/$6Â&#x2021; 75,3/$<Â&#x2021; &,0%5$3/$<Â&#x2021; Â&#x2021; &$2%,//$ Â&#x2021; /,6721$'2 '( &$2%,//$ Â&#x2021; Â&#x2021; $*/20(5$'2 Â&#x2021; 0') Â&#x2021; &('5,//2 0DGHUD GH 3LQR SDUD OD FRQVWUXFFLyQ \ FDUSLQWHUtD HQ WRGDV ODV PHGLGDV

YLHQH GH OD SiJLQD

&XOWXUD


&ROLPD *DVWURQRPtD &ROLPD *DVWURQRPLD

35(),(52 <2 )HOLSH 6HYLOOD GHO 5tR

7HO $QDVWDVLR %UL]XHOD

7HO

5HÃ&#x20AC;H[LRQHV


&ROLPD *DVWURQRPtD

(IHPpULGHV

$EULO


&ROLPD *DVWURQRPtD

&RQWDPRV FRQ VDOyQ SDUD HYHQWRV 7HO $Y &RQVWLWXFLyQ &ROLPD &RO ¢6DEtD XVWHG TXH"

3RU 'U -XVWLQR 0 /HSH +

0D\RUHV DOWXUDV GH 0p[LFR


&ROLPD *DVWURQRPtD

0~VLFD YLYD GH D GH OD WDUGH \

£621 /2 0(-25

%HQLWR -XiUH] $ 9LOOD GH $OYDUH]

$Y 3DEOR 6LOYD 9LOOD GH $OYDUH] 6HUYLFLR D GRPLFLOLR $Y 1LxRV +HURHV ,QIRQDYLW /D (VWDQFLD 'HVFDQVDPRV ORV MXHYHV 6HUYLFLR D GRPLFLOLR


&ROLPD *DVWURQRPtD

5HÃ&#x20AC;H[LRQHV


&ROLPD *DVWURQRPtD

%8))(7 '( *8,6$'26 0(;,&$126 3$5$ '(6$<8126 < 0(18'2

'LDULDPHQWH GH D P D S P $Y 7HFQROyJLFR 9LOOD GH Ã&#x2C6;OYDUH] &RO 7HO )UHQWH D OD &RPHUFLDO 0H[LFDQD

8Q QXHYR FRQFHSWR HQ 0HQXGHULD 0

(18

' (5

,$

Â&#x2021; /HQJXD HQ VDOVD YHUGH Â&#x2021;

&ROLPD

68&856$/ $Y 1LxRV +pURHV 1Â&#x17E; &ROLPD &RO D XQ ODGR GH &21$/(3 7HO 'H DP D SP '(6&$16$026 /26 0$57(6 /( 2)5(&(026 ',$5,$0(17( 5,&2 0(18'2 &21 7257,//$6 '(/ &20$/ $ 68 0(6$

$GHPiV SUHSDUDPRV XQD JUDQ YDULHGDG GH GHOLFLRVRV JXLVDGRV PH[LFDQRV SDUD TXH XVWHG PLVPR VH VLUYD WHQHPRV &$51(6 $6$'$6 6,1&521,=$'$6 48(6$',//$6 &RQWDPRV FRQ DEVROXWD OLPSLH]D VHULHGDG \ SUHFLRV HFRQyPLFRV

(O 0HMRU 3R]ROH GH &ROLPD

£3$5$ ),(67$6 < 5(81,21(6 +$= 786 3(','26 &21 $17,&,3$&,21

3$5$ 2&$6,21(6 (63(&,$/(6

$Y -DYLHU 0LQD &ROLPD &RO 7HO \


&ROLPD *DVWURQRPtD 3URPRFLyQ 0HJD 3URPRFLyQ &KLFRV

$Y 6DQ )HUQDQGR $

PDULVFRV

UHVWDXUDQW

([FHOHQWH FRPLGD GHO PDU SDUD GHOHLWDU ORV SDODGDUHV PiV H[LJHQWHV &DUQHV 7DFRV $QWRMLWRV PH[LFDQRV

7 U D E D M D P R V O R V G t D V G H O D x R +RUDULR GH DP D SP 0DFORYLR +HUUHUD \ 7HOV \

'HOHLWDQGR GLDULDPHQWH DO SDODGDU PiV H[LJHQWH GH ODV KUV $ OD D P KUV 0Ã&#x2019;6,&$ 9,9$ ',$5,$0(17(

7HO

&KLVWHV


&ROLPD *DVWURQRPtD

+$0%85*8(6$6 $/ &$5%21 $Y 7HFQROyJLFR % 6HUYLFLR D GRPLFLOLR 7HO %OYG &DPLQR 5HDO 6HUYLFLR D GRPLFLOLR 7HO $Y 3DEOR 6LOYD 6HUYLFLR D GRPLFLOLR 7HO

Â&#x2021; 3DVWDV Â&#x2021; &DO]RQL Â&#x2021; &DUQHV Â&#x2021; 3L]]DV Â&#x2021; (QVDODGDV Â&#x2021; 0DULVFRV

+RUDULR /XQHV D -XHYHV SP D SP 9LHUQHV \ 6iEDGRV SP D SP 'HVFDQVDPRV ORV 'RPLQJRV

%OYG &DPLQR 5HDO $ HO 'LH]PR 7HO

5HVWDXUDQW %DU

$OLFLD

4XLQWD

/D PHMRU ERWDQD GH &ROLPD

*UHJRULR 7RUUHV 4XLQWHUR &RORQLD )iWLPD &ROLPD &RO 7HO


&ROLPD *DVWURQRPtD

&DUQH DVDGD SRU NLOR UHV FHUGR QDWXUDO DGREDGD FKRUL]R FDUQLWDV VDOFKLFKD DUUDFKHUD 25'(1(6 < 7$&26 &$51,7$6 /(1*8$ 3$1=$ &8(52 &$51(

$Y 7HFQROyJLFR IUHQWH D OD &RPHUFLDO 0H[LFDQD

7HO

£621 /2 0(-25

7HO

<DNLPHVKL ,QJUHGLHQWHV

3UHSDUDFLyQ


&ROLPD *DVWURQRPtD

$EULPRV ORV VLHWH GtDV GH OD VHPDQD GH D P D S P 6(59,&,2 $ '20,&,/,2

$Y &RQVWLWXFLyQ 7HOV \

*XÂ&#x17E;D GHO %DUPDQ Q DO HVWLOR &RVWD]XO XOO &RFWHO 7HTXLOD &LWUXV ,QJUHGLHQWHV

3UHSDUDFLyQ y y y y


&ROLPD *DVWURQRPtD

/$6 0(-25(6 &$51(6 $6$'$6

'(6'( (/ 6,*/2 3$6$'2

&21 6(59,&,2 $ '20,&,/,2

(Q &ROLPD GRQGH VLHPSUH *XHUUHUR 1R FHUFD GHO 0HUFDGLWR 2EUHJyQ

7HOV

&HO

+RUDULR GH DP D SP

(Q OD 9LOOD OD PHMRU WUDGLFLyQ 'HVGH (/$%25$'2 325 -8/,2 &(6$5 &$67,//2 *7=

$9 0$18(/ $/9$5(= 1R $ 9,//$ '( $/9$5(= &2/,0$

7(/ /D*UDQ)LHVWD3DVWHOHULD ODJUDQILHVWDSDVWHOHULD#OLYH FRP P[ ZZZ SDVWHOHULDODJUDQILHVWD FRP

7HO

$Q~QFLHVH DTXt +LVWRULD

7HO

FRQWDFWR#FRVWD]XO P[


&ROLPD 7XULVPR

&RQWDPRV FRQ KDELWDFLRQHV \ VXLWHV

'DWRV FXULRVRV y y y

y y y

y y y y y y


&ROLPD 7XULVPR

+27(/ 5,2 £ 1 2 % 8 6 4 8 ( / $ 6 ( 6 7 5 ( / / $ 6

Â&#x2021; FyPRGDV KDELWDFLRQHV Â&#x2021; $LUH DFRQGLFLRQDGR 9HQWLODGRU GH WHFKR Â&#x2021; ,QWHUQHW LQDOiPEULFR Â&#x2021; $OEHUFD FRQ FKDSRWHDGHUR Â&#x2021; (VWDFLRQDPLHQWR WHFKDGR Â&#x2021; $FHSWDPRV WDUMHWDV GH FUpGLWR ZZZ KRWHOKRVSHGDMHVGHOUH\ FRP $Y 5H\ &ROLPiQ D PHGLD FXDGUD GHO -DUGtQ 1~xH] 7HO \

&$55(7(5$ /,%5( &2/,0$ -,48,/3$1 .0 7(/6 &KLVWHV


&ROLPD 0pGLFRV 3$72/2*2

'5 -8$1 /Ï3(= %/$1&2

/XQHV D 9LHUQHV D P D S P \ S P D S P 6iEDGR D P D S P 7HO )D[

'U -DLPH (GXDUGR 6LOYD 6 $1*,2/2*2

&LWDV DO 7HO 8UJHQFLDV DO &HO

'HQWLVWDV

££&XLGDPRV 0DUtD GH ORV ÉQJHOHV %ODQFR %DUDMDV OD 6215,6$ (VWHU 1RUD 3UHFLDGR &KiYH] GH WRGD OD )DPLOLD 7HO 0DUFR $QWRQLR *XHGHD /ySH]

7HO

$FHSWDPRV 72'$6 ODV WDUMHWDV GH FUpGLWR

9LFWRULD 1R &ROLPD &HQWUR

.DUHQW $OHMDQGUD 2VRUQR +HUQiQGH]

7HO


5HÀH[LyQ

/D &KLFD GH ORV &'¶V

(0%27(//$'25

786 5()5(6&2

5$',2 3(','26

&2/,0$ &21087$'25


5HÃ&#x20AC;H[LyQ

5$ $*$ 6 $ '( & 9

26 )$925,726

0$1=$1,//2

&$6,0,52 &$67,//2

7(&20$1 0(/$48(

&' *8=0$1 -$/

7$0$=8/$ -$/


2WRUULQRODULQJyORJR

&ROLPD 0pGLFRV

'5 (15,48( 725,6 3(f$ 85*(1&,$6 &2168/7$ 35(9,$ &,7$

&OtQLFD &yUGRED 7HOV \ 8UJHQFLDV &HO

'U (SLIDQLR 0DUWtQH] 9i]TXH]

0pGLFR &LUXMDQR 3DUWHUR \ +RPHySDWD

5HÃ&#x20AC;H[LyQHV


&ROLPD 0pGLFRV

'(50$72/2*2

'5 58%(1 6$+$*81 217,9(526 (1)(50('$'(6 '( /$ 3,(/ $*8'$6 < &521,&$6 (1 $'8/726 < 1,f26

',$*1267,&2 35(9(1&,21 < 75$7$0,(172 '( &$1&(5 '( /$ 3,(/ < 78025(6 %(1,*126 &,58*,$ &5,2&,58*,$ < (/(&752&,58*,$ 75$16725126 '( /$ 3,(/ 8f$6 < 3(/2

&260(72/2*,$ 0(',&$

3((/,1* 48,0,&2 0,&523,(/ %,20(',& /,03,(=$6 )$&,$/(6 $6(625,$ (1 &260(7,&26 $&1( &,&5$7,&(6 0$1&+$6 < (19(-(&,0,(172 35(0$7852

&/Ã&#x2039;1,&$ '( /$ 3,(/

7(/6 \

$9 9(1867,$12 &$55$1=$ (64 &$//( D '( /$ 3$/$3$ )5$&& /$6 3$/0$6 &2/,0$ &2/

&/,1,&$ &25'2%$ 85*(1&,$6 /$6 +25$6

DPSOLR HVWDFLRQDPLHQWR

&KLVWHV


&ROLPD 9HWHULQDULRV

&RPHUFLDOL]DGRUD 9HWHULQDULD

(/ *5$1(52

$*529(7(5,1$5,$³(/ *$1$'(52´

7HO

&XHQWR &KLVWH


&ROLPD 9HWHULQDULRV

=DUDJR]D 1R &RO &HQWUR &ROLPD &RO

+263,7$/ 9(7(5,1$5,2 < 9(7(5,1$5,$ 9,'$ $1,0$/ Â&#x2021; 3RVJUDGXDGR HQ ERYLQRV Â&#x2021; 'LSORPDGR HQ FOtQLFD GH HTXLQRV Â&#x2021; 'LSORPDGR HQ PHGLFLQD \ FLUXJtD GH SHTXHxDV HVSHFLHV Â&#x2021; 'LSORPDGR HQ FDOLGDG WRWDO

7HO Â&#x2021; 3RHPD

7X 9R]

/LSR /HSH


&ROLPD 6RFLDO %,(19(1,'26 $ &$6$ +2*$5 6$1 -26e '( /26 +8e5)$126 0DQHUDV GH D\XGDU

&8(17$ %$1$0(; $VRFLDFLyQ GH $\XGD $ & &XHQWD 1R 6XF &ODEH LQWHUEDQFDULD

85*(17(

$1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[


&RPDOD

7KH &RPDOD V WRS %UHDG 6WRUH ´< eO FRQ XQD VROD PLUDGD PXOWLSOLFy ORV SDQHV \ ORV EHQGLMR´ ,JQDFLR $OOHQGH &HQWUR &RPDOD &ROLPD 7HO 5D]DV GH SHUURV

5RWWZHLOHU

+ L V W R U L D G H O URWWZHLOHU

FRQWLQ~D HQ OD SiJLQD


&RPDOD /$ 0(-25 23&,Ï1 3$5$ 68 3$/$'$5 (/ 5(*$/2 ,'($/ 3$5$ 5(*5(62 '( 9,$-(

7HO

3L]] PD[L IDPD LO LQJUHG

LDU

LHQWHV

(Q VDERU \ SUHFLR QDGLH QRV LJXDOD 5D]DV GH SHUURV

3URJ 3U RJUH UHVR VR 3URJUHVR &RPDOD &RO &RO O &R 7HO &HO %LFKLWRV 3L]]D YLHQH GH OD SiJLQD

&DUDFWHUtVWLFDV ItVLFDV GHO URWWZHLOHU

FRQWLQ~D HQ OD SiJLQD


&XDXKWpPRF (/ /8*$5 '21'( (/ 7,(032 6( '(7892 /RV 3LQRV &XDXKWpPRF &ROLPD &DUUHWHUD OLEUH D &XDXKWpPRF SULPHUD FDOOH D OD L]TXLHUGD PWV

7HO Â&#x2021; Â&#x2021;

-XHYHV D 'RPLQJR SP D SP &DPSHVWUH &DUQHV $VDGDV '20,1*26 0Ã&#x2019;6,&$ 9,9$ YLHQH GH OD SiJLQD

6XSHUDFLyQ


7RQLOD

(O 3LORWR 'RPLQJRV ERUUHJR D OD JULHJD

+27(/ 5(67$85$17

7HO

5D]DV GH SHUURV

YLHQH GH OD SiJLQD


5D]DV GH SHUURV 5D]DV GH SHUURV

&DUiFWHU GHO URWWZHLOHU

&XLGDGRV GHO URWWZHLOHU


7HFRPiQ 6HUYLFLRV

$QD &ULVWLQD *DUFtD GH 0RQUR\ 7HO &HO (QWUHWHQLPLHQWR

$',9,1$1=$6


7HFRPiQ &RPHUFLRV 5(6

&(5'2

(VSDOGLOOD %XFKH 7ULSD &XHUR /DELR /HQJXD 6HVRV 0DQLWDV 3DWD GH UHV (VSDOGLOOD +tJDGR 7RFLQLOOD 3XQWDV 27526 3LHUQD V K 0pGXOD 3DSDV IULWDV ERUUHJR FDQDO &KDPRUUR /HQJXD HVSDOGD GH ERUUHJR SROOR HPSDQL]DGR 7RFLQR &RUWHV ¿QRV 5LE H\H 7 %RQH 1HZ <RUN 3ULPH 5LE )LOHWH GH UHV $UUDFKHUD PDULQDGD

2FDPSR 7HO

+$&(026 (175(*$6 $ 72'2 (/ (67$'2

/$6 9$&$&,21(6 <$ (67Ã&#x2C6;1 $48Ã&#x2039;

+DVWD OD SUy[LPD


7HFRPiQ *DVWURQRPtD

3DUD QLxRV

¢&XiO HV HO FROPR"


7HFRPiQ *DVWURQRPtD

3DVW

HOHUt

D \ 5

HSRV

W H U t D

)LQD

GH 1RYLHPEUH GH 1RYLHPEUH 6(59,&,2 $ '20,&,/,2 6,1 &2672 $',&,21$/ 7(/6 < &HO

5HÃ&#x20AC;H[LyQ


0DQ]DQLOOR 6HUYLFLRV


0DQ]DQLOOR 6HUYLFLRV

5HÃ&#x20AC;H[LyQ

YDV /D YLGD QR HV XQD FDUUHUD VLQR XQD MRUQDGD SDUD VHU VDERUHDGD D FDGD SDVR TXH GHV


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

ZZZ JXLD FRVWD]XO FRP

0$1=$1,//2 &(1752 'RZQWRZQ 0DQ]DQLOOR

&(175$/ &$0,21(5$ &58&(52 '(/ 7$-2 6$1 3('5,72

%$+Ë$ '( 0$1=$1,//2

$ 0$1=$1,//2 &(1752

*/25,(7$

$ &2/,0$ &2/

)DUPDFLD +RPHRSiWLFD 6DQWD &ODUD +RWHO &RORQLDO +RWHO 6WDU +RWHO /DV %ULVDV +RWHOLWR (VFRQGLGR &ROHJLR 7HUUDQRYD

&58&(52 /$6 %5,6$6 &(175$/ &$0,21(5$

127$ 3DUD OOHJDU D 9LOODV /RV $QJHOHV

HQWUDU SRU OD HQWUDGD GH /DV +DGDV GHVGH HO %OYG 3DUD OOHJDU DO 5HVWDXUDQW /D %RTXLWD \ 3DOPD 5HDO HQWUDU SRU HO 1DUDQMR OHWUHUR D 5HVW /¶5HFLI DYDQ]DU NPV SRU FXUYDV R ELHQ HQWUDU SRU &OXE 6DQWLDJR \ FUX]DU HO HVWHUR D SLp R HQ ERWH HVWi EDMLWR

$/ $181&,$56( (1

68 $181&,2 6( 38%/,&$ 7$0%,e1 0(6 $ 0(6 (1 18(675$ 5(9,67$ (/(&75Ï1,&$ (1 ,17(51(7 6,1 &2672 (;75$ 9,6,7( ZZZ FRVWD]XO P[ 7DPELpQ HVWDPRV HQ ZZZ )DFHERRN FRP 5HYLVWD&RVWD]XO


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV $ $(5238(572 3/$<$ '( 252 7R ´3OD\D GH 2URµ ,QWO $LUSRUW 9,'$ '(/ 0$5

(/ 1$5$1-2 0,5$0$5

&/8% 6$17,$*2

%$+,$ '( 6$17,$*2 6DQWLDJR %D\

6$17,$*2

6$17,$*2

/$ 3817$

/$6 +$'$6

,17(56(&&,Ï1 /$6 +$'$6

6$/$+8$

3OD]D 0DQ]DQLOOR &RPHUFLDO 0H[LFDQD

6RULDQD 9LOODV /RV $QJHOHV +RWHO 3OD\D GH 6DQWLDJR 'ROSKLQ &RYH ,QQ 3OD\DVRO +RWHO +DZDLL &HQWUR $UWHVDQDO 3ULPDYHUDV 5HVWDXUDQW -XDQLWRV 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO 0LQLVXSHU /RV 1DUDQMRV 7DFRV GH &DUQLWDV ³(O 7RULWR´ <RQDWXUDO 6XSHUPHUFDGR /D 9LDQGD 7DSLFHUtD &KDSXOD 3HSHV +LGHDZD\ %RVWRQ 5HVWDXUDQW :LQZ %DU +RWHO &RVWD %UDYD

127( 7R JHW WR 9LOODV /RV $QJHOHV

HQWHU WKURXJK /DV +DGDV IURP WKH %RXOHYDUG 7R JHW WR 5HVWDXUDQW /D %RTXLWD 3DOPD 5HDO HQWHU E\ (O 1DUDQMR E\ WKH 5HVW /¶5HFLI VLJQ JR WKURXJK NPV RI FXUYHV RU HQWHU WKURXJK &OXE 6DQWLDJR DQG FURVV WKH VWUHWFK E\ IRRW RU ERDW VKDOORZ ZDWHU


0DQ]DQLOOR 3HULyGLFRV \ PHGLRV

&XOWXUD

5HWUDWRV GHO GRFWRU *DFKHW GH 9DQ *RJK


0DQ]DQLOOR &RPHUFLRV

/$ 9,$1'$

8Q FRQFHSWR HQ 6XSHUPHUFDGR IUHQWH D OD HQWUDGD GHO &OXE 6DQWLDJR 9LQRV /LFRUHV FHUYH]D UHIUHVFRV ODWHUtD OiFWHRV IUXWDV \ YHUGXUDV FDUQHV IUtDV TXHVRV IDUPDFLD HWF $ QHZ FRQFHSW LQ VXSHUPDUNHW 5LJWK DFFURVV WKH HQWUDQFH WR &OXE 6DQWLDJR :LQHV DQG OLFTXRUV GDLU\ SURGXFWV FDQQHU\ FROG PHDWV YHJHWDEOHV IUXLWV DQG SKDUPDF\ &DUU 0DQ]DQLOOR %DUUD GH 1DYLGDG .P

$ELHUWR GH /XQHV D 6iEDGR DP D SP 'RPLQJRV GH DP D SP 7HOpIRQR 3KRQH

5()5,*(5$&,21

0$1=$1,//2

9(17$ '( (48,32 ( ,167$/$&,21 '( $,5(6 $&21',&,21$'26 ,1'8675,$/ &20(5&,$/ '20(67,&2 $8720275,=

:H VHUYH LQVWDOO DQG UHSDLU DLU FRQGLWLRQLQJ IRU FDUV LQGXVWULDO FRPHUFLDO DQG GRPHVWLF UHIULJHUDWLRQ

&XOWXUD

FRQWLQ~D HQ OD SiJLQD


0DQ]DQLOOR &RPHUFLRV

$%$5527(6 IUXWDV \ YHUGXUDV OiFWHRV VDOFKLFKRQHUtD KLHOR FHUYH]D UHIUHVFRV PHGLFLQDV SRSXODUHV PHUFHUtD SDSHOHUtD UHJDORV 6DOHSHOR ,JDUWHxR \ GH WRGR XQ SRFR 9,126 < /,&25(6

)UXLWV YHJHWDEOHV GDLU\ SURGXFWV GHOLFDWHVVHQ LFH FROG EHHU VRGD SRS DQDOJHVLFV SDSHU VWRUH JLIWV DQG D OLWWOH RI HYHU\WKLQJ /RQJ 'LVWDQFH 3KRQH 6HUYLFH DYDLODEOH 7HQHPRV VHUYLFLR GH LQWHUQHW WHOpIRQR ORFDO \ ODUJD GLVWDQFLD

/RV 0HMRUHV 7DFRV GH &DUQLWDV FRQ 7RUWLOOLWDV DO &RPDO &DUQLFHUtD

³(/ 725,72´ FDUQH GH UHV FHUGR \ GHULYDGRV +LGDOJR \ 5HIRUPD HQ 6DQWLDJR D XQD FXDGUD GHO PHUFDGR GH 6DQWLDJR 7HO 7KRXJKWV


0DQ]DQLOOR *DVWURQRPtD +$0%85*8(6,$

'HVD\XQRV &RPLGDV &HQDV 0DFKDFD %%4 &KLFNHQ 5LEH KDPEXUJXHVDV -XDQLWRV

5HVWDXUDQW 0DOWHDGDV ([SUHVVR $%,(572 ',$5,$0(17( &DSXFKLPR '( $ +56

%OYG &RVWHUR 0LJXHO GH /D 0DGULG .P 0DQ]DQLOOR &ROLPD 7HO ID[

(QJOLVK WLSV

7KRXJKWV


0DQ]DQLOOR 7XULVPR

7KH EHVW 3DQRUDPLF YLHZ RI WKH WZLQ ED\V RI 6DQWLDJR DQG 0DQ]DQLOOR DQG WKH /DV +DGDV *ROI &RXUVH

$Y GH OD &LPD D PWV GH OD HQWUDGD VXSHULRU GHO +RWHO 3OD]D ODV *ORULDV

3HQtQVXOD GH 6DQWLDJR 7HOV 3KRQHV \ )D[ ZZZ YLOODVORVDQJHOHV FRP $1Ã&#x2019;1&,(6( (1

OOiPHQRV \ FRQ JXVWR OR DQWHQGHUHPRV FRQWDFWR#FRVWD]XO P[ ZZZ FRVWD]XO P[


0DQ]DQLOOR 7XULVPR

(O +RWHO &RORQLDO

HVWi VLWXDGR IUHQWH DO 3XHUWR GH 0DQ]DQLOOR \ HO PRQXPHQWR GHO 3H] 9HOD R SOD]D SULQFLSDO 1RV UHVSDOGD DxRV GH H[SHULHQFLD RWRUJDQGROH XQ SUHVWLJLR UHFRQRFLGR SRU OD HODERUDFLyQ GH XQD SHOtFXOD GHQWUR GHO KRWHO 5HVWDXUDQW EDU /RV &DQGLOHV &RQ FDSDFLGDG SDUD SHUVRQDV VH SXHGHQ UHDOL]DU HYHQWRV FRPR 4XLQFH DxRV &RPLGDV HPSUHVDULDOHV 0HQX GLDULR GHVGH SHVRV FRQ 6RSD JXLVDGRV D HVFRMHU 3RVWUH 9LHUQHV SDHOOD YDOHQFLDQD $GHPiV FRQWDPRV FRQ XQD H[WHQVD FDUWD GH DOLPHQWRV EHELGDV QDFLRQDOHV ,17(51(7 ,1$/$0%5,&2 *5$78,72 7HOpIRQRV 7HOpIRQRV &RQWDFWR 061 'LUHFFLyQ )FR * KRWHOFRORQLDOPDQ]#KRWPDLO FRP %RFDQHJUD 1R 5HUVHUYDFLRQHV (VT FRQ $Y 0p[LFR UHVHUYDFLRQHV#KRWHFRORQLDOPDQ]DQLOOR FRP &3 *HUHQFLD 0DQ]DQLOOR &ROLPD JHUHQFLD#KRWHOFRORQLDOPDQ]DQLOOR FRP

à¸&#x20AC;

+XPRU LQ HQJOLVK

à¸&#x20AC;

à¸&#x20AC;


0DQ]DQLOOR 7XULVPR

7HO

6SDQLVK (QJOLVK 86$ &DQDGD


&XHQWR &XHQWR

/D 0DULSRVD 1HJUD

&RQWLQ~D HQ OD SiJLQD


0DQ]DQLOOR 7XULVPR

&XOWXUD

YLHQH GH OD SiJLQD


0DQ]DQLOOR 7XULVPR /2 0(-25 72'26 /26 6(59,&,26

&(5&$ '(/ 0$5 &(5&$ '( 72'2

+27(/

+DELWDFLRQHV 6HQFLOODV F FDPD .LQJ 6L]H \ 'REOHV $LUH DFRQGLFLRQDGR $JXD &DOLHQWH $OEHUFDV 5HVWDXUDQWH 79 SRU &DEOH 6HUYLEDU 3URPRFLyQ 7DULIDV HVSHFLDOHV D *UXSRV KDELWDFLyQ VHQFLOOD

+$:$,,

.P %OYG &RVWHUR 0LJXHO GH OD 0DGULG IUHQWH DO EDQFR +6%& 6DQWLDJR ( PDLO UHVHUYDFLRQHV#KRWHOKDZDLL FRP P[ ZZZ KRWHOKDZDLL FRP P[

YLHQH GH OD SiJLQD

&XHQWR

&RQWLQ~D HQ OD SiJLQD


0DQ]DQLOOR 0pGLFRV )$50$&,$ +20(23$7,&$

´6$17$ &/$5$µ

)$50$&,$ +20(23$7,&$

0HGLFDPHQWRV +RPHRSiWLFRV GH 3UHVWLJLR 3URGXFWRV 1DWXUDOHV (;3(5,(1&,$ &$/,'$' < 6(59,&,2 0$6 '( $f26 126 5(63$/'$1

+20(23$7+,& 3+$50$&<

+RPHRSDWKLF 3URGXFWV RI 3UHVWLJH $OO 1DWXUDO 3URGXFWV 3(50$1(17 0(',&$/ +20(23$7+,& $77(1'$1&(

&(1752 &DUULOOR 3XHUWR 0DQ]DQLOOR &RO WHO &XHQWR

YLHQH GH OD SiJLQD


0DQ]DQLOOR %LHQHV 5DLFHV

&XHQWR

/LSR /HSH


+RUyVFRSR +RURVFRSH

5HÃ&#x20AC;HFW RQ WKH GLI¿FXOW VLWXDWLRQV SUHVHQWHG LQ UHFHQW GD\V DQG DVN \RXUVHOI KRZ PXFK \RX DUH UHVSRQVLEOH IRU WKH SUREOHPV 1XPEHU

*HW DZD\ IURP \RXU VLGH WKRVH QHJDWLYH SHRSOH WKDW DOZD\V FRPH ZLWK EDG YLEHV FRPPHQWV DQG JRVVLS DERXW \RXU SDUWQHU IULHQGV RU DFTXDLQWDQFHV 1XPEHU

,I \RX QRWLFH WKDW WKH SUR¿WV REWDLQHG GR QRW VDWLVI\ \RX \RX PXVW PDNH RWKHU LQYHVWPHQWV WKLQN RI GLIIHUHQW EXVLQHVVHV DQG ULVN LQ GDULQJ FRPSDQLHV 1XPEHU

:LWK WKH LPSDFW \RX UHFHLYH IURP WKH 0RRQ \RX ¿QG \RXUVHOI LQ D WRQH RI UHFRQFLOLDWLRQ DQG KDUPRQ\ WKDW ZLOO KHOS \RX WR UHGLVFRYHU \RXU VHQWLPHQWDO GHVWLQ\ 1XPEHU

7U\ WR PDLQWDLQ D VWDEOH UK\WKP RI IRRG VOHHS DQG UHVW EHFDXVH GXH WR WKH LQÃ&#x20AC;XHQFHV RI WKH 0RRQ \RX WHQG WR QHJOHFW KHDOWK 1XPEHU

7KH\ EHJLQ WR FODULI\ DVSHFWV RI \RXU ORYH OLIH WKDW ZHUH VRPHZKDW FRQIXVLQJ DQG \RXU SHUVRQDO UHODWLRQVKLSV EHFRPH PRUH LQWHQVH 1XPEHU

7KLV F\FOH \RX QRZ OLYH ZLOO EH WUDQVIRUPDWLYH 'R QRW WU\ WR FKDQJH MREV DW OHDVW WKHVH GD\V DQG EH VXUH RI WKH FXUUHQW MRE 1XPEHU

'R QRW OHW WKH H[WHUQDO FLUFXPVWDQFHV FDXVH \RX UHVWOHVVQHVV RU UHVWOHVVQHVV 6FRUSLR 'R QRW ZRUU\ DERXW D FRPPHQW WKDW UHDFKHV \RXU HDUV 1XPEHU

7KH PRRQ KDV ¿QLVKHG LWV WUDQVLW WKURXJK \RXU VLJQ DQG LW LV WKH PRPHQW RI \RXU UHQHZDO *HW RXW RI \RXU KRPH RI¿FH RU ZRUN DOO WKH WKLQJV WKDW DUH GLVWUDFWLQJ \RX 1XPEHU

,W LV DQ LQQRYDWLYH PRQWK WKDW ZLOO KHOS \RX ¿QG LQJHQLRXV VROXWLRQV WR DOO SUREOHPV WKDW DULVH 1XPEHU

$ JRRG HFRQRPLF VWDJH LV FRPLQJ DVVRFLDWHG ZLWK WKH FKDQJHV WKDW ZLOO RFFXU DV WKH PRQWK HODSVHV 1XPEHU

7KH PRQWK ZLOO EH JRRG QHZV LQ \RXU HFRQRPLF KRUL]RQ DQG VRRQ \RX ZLOO EH SUHSDULQJ \RXU EDJV IRU D VKRUW WULS 1XPEHU


Â&#x2039; &RVWD]XO 'HUHFKRV UHVHUYDGRV /D LPDJHQ \ HO

ORJRWLSR GH HVWD SXEOLFDFLyQ VRQ SURSLHGDG GH &RVWD]XO


Turn static files into dynamic content formats.

Create a flipbook
Revista Coztazul Abril 2017 by Pepe de la Cruz - Issuu