(EU) and the Common Market of the South (MERCOSUR)? - FDCL

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60 zations and liberalization in Latin America in the nineties. Telefónica, for example, according to the 2002 ranking of the AméricaEconomía journal, is the largest foreign corporation operating in Latin America: Adding up all of the investments of Telefonica’s subsidiaries in different Latin American countries 128 amounts to total investments of more than 30 billion Euros, 129 from which 31 percent of Telefónica’s global total revenue was obtained. 130 Telefónica’s focus lies on Brazil, where more than 17 billion US-dollars were invested over the last five years. 131 Telefónica’s profits are to a large extent due to their business in Brazil, according to the corporation’s global numbers. And this is obviously not ultimately due to situations like the one which occurred in the state of São Paolo, where after the takeover of Telesp by Telefónica the fluctuation reserve against variations in power of 20% was abolished for reasons of costs, with the consequence of severe supply bottlenecks in the metropolitan São Paolo area, where Telesp, now a subsidiary of Telefónica, is the only network supplier. This situation even led to the appointment of a parliamentary fact-finding committee, Commissão Parlamentar de Inquérito (CPI). According to the Ranking500 of AméricaEconomía, in 2002 the Telefónica –subsidiary, Telesp, realized sales of 2.855 billion US-dollars and net profits of 304.5 million US-dollars. 132 Telefónica is not only in the telecommunications business, its subsidiary Atento is Brazil’s largest provider of telemarketing services and among other things has taken over all call –center services for FIAT in Brazil. 133 According to the Estado de São Paulo, as of October 27, 2003, Atento plans to export this kind of call –center services to the world market. 134 They were sued in 1999 by the union of telemarketing employees, Sintratel, 135 several times for paying wages lower than the collective agreement of only 83% of the sectoral compensation system 136 and for not complying with labor laws. 128 AméricaEconomía, July 2003. 129 Maria Manuel Ramos / José Félix Ribeiro: O Investimento Directo Espanhol: da América Latina para a Europa Continental, p. 423. 130 Numbers for 1998-1999, ibid., p. 433. 131 http://www.ftd.de/tm/tk/1055066659117.html?nv=sl. 132 Amércia Economia: Ranking 500, July 4-31, 2003, p. 66. 133 B2B Magazine, October 22, 2003. 134 http://www.estado.estadao.com.br/editorias/2003/10/27/eco036.html. 135 Sindicato dos Trabalhadores de Telemarketing e de Radiochamadas do Estado de São Paulo. 136 O Estado de São Paulo, October 8, 1999.
The Banco Santander Central Hispano (BSCH) is the third largest private bank in Brazil, 137 with net profits in 2001 of one billion Reais, 138 it is the largest Spanish bank and the second largest European bank with a market capitalization of 31.185 billion Euros (as of December 31, 2002). It has 104,000 employees on a global basis, of which 56% are employed outside of Spain. 139 In Brazil, contrary to previous accords with labor unions, one of the first actions of its subsidiary Santander Banespa was to cut jobs. 140 The BSCH and the Banco Bilbao Vizcaja Argentaria (BBVA) invested around 25 billion Euros and thereby at the end of the nineties were the largest and the third largest foreign bank in Latin America respectively, 141 a position which the BSCH in the meantime has passed to Citigroup, which took over the Mexican BA- NAMEX for 12.5 billion US-dollars. In 1990 the market share of foreign banks in Argentina was only 10 percent, in Brazil six percent and in Mexico zero. In 2001 foreign banks accounted for 61 percent of the market in Argentina, 49 percent in Brazil and 90 percent in Mexico. 142 The Spanish electricity provider Endesa has now accumulated 23 subsidiaries in Latin America. It is the largest producer and supplier of electricity in the region 143 and makes 40 percent of its turnover in Latin America. 144 “ENDESA is one of the largest private electrical groups in the world, with a total installed capacity of 42,000 MW, 133,600 GWh distributed capacity and more than 20.5 million customers in 12 countries. ENDESA´s strategy is focused on 137 “Em junho de 2001, o Grupo Santander Banespa tinha ativos totais de R$ 62,192 bilhões – é o terceiro maior grupo financeiro privado no país, por esse critério – e patrimônio líquido de R$ 4,685 bilhões.” Own translation: “In June of 2001 the Santander Banespa Group had total actives of R$ 62.192 billion – it is the third largest private financial group in the country in this category – with an equity capital of R$ 4.685 billion.” http://www.banespa.com.br/site/ servicos/institucional/sn_gruposantander_historia.jsp. 138 “Santander/Banespa foi um dos bancos que mais lucraram nos últimos anos. Em 2001, ele teve lucro de R$ 1,089 bilhão; no ano seguinte esse valor subiu para R$ 2,818 bilhões.” Own translation: “Santander/Banespa was one of the banks that earned the most in the last years. In 2001 its profits amounted to R$ 1,089 billion, in the following year this number rose to R$ 2,818 billion.” http://www.vermelho.org.br/diario/2003/1029/1029_bancariossp.asp. 139 “El Grupo Santander es la primera entidad financiera de España y la segunda de la Zona Euro, con una capitalización, al 31 de diciembre de 2002, de 31.185 millones de euros. Cuenta con una plantilla de 104.000 empleados, de los que el 65% están fuera de España.” Own translation: “The Santander Group is the first financial entity in Spain and ranks second in the Euro-zone, with a capitalization of 31.185 billion Euros. It has 104,000 employees, of which 65% are outside of Spain.” http://www.gruposantander.com/pagina/indice/0,,412_1_2,00.html. 140 “Depois de lucrar R$ 1,067 bilhão no último semestre, o Santander Banespa dá início em São Paulo a demissões em massa, apesar dos inúmeros compromissos de que não haveria cortes na instituição” Own translation: “After having obtained profits of R$ 1.067 billion in the last semester, the Santander Banesapa [Group] initiated massive layoffs, despite having promissed innumerable times that nobody would be dismissed within the institution.” http: //www.vermelho.org.br/diario/2003/1025/1025_banespa.asp. 141 Maria Manuel Ramos / José Félix Ribeiro: O Investimento Directo Espanhol: da América Latina para a Europa Continental, p. 422. 142 CEPAL: La inversión extranjera en América Latina y el Caribe, 2002, Santiago de Chile: March 2003, p. 19. 143 Ibid. 144 Numbers of 1998-1999, ibid., p. 433. 61
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Christian Russau Enforcement of int
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Preface Since the end of 1999 the C
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If the “Interregional Association
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