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Afternoon all. This unrest kicked off last week on monday night so is 10 days in, not sure can be linked to todays drop? Maybe more due to coverage in British press as some commented earlier IMO
GLA
DK
Well it's spread to the tsx it's getting hammered atm
Storm in a tea cup
We’ve been here before
bubble it hasn't "spread"to TSX, it's just the exact same movement - 29p equivalent
At odds to many here I think this civil unrest may well work in our favour. The more of these events we can “come through” the stronger we become in the long term
These events happen regularly in Ecuador and the reason for the fall in share price has very little to do with this in my opinion. More to do with wider markets and the fact that SOLG were almost invincible over last few weeks while rest of market fell apart. When the likes of Blackrock or Norge Bank take their foot off the metal and hit the breaks, that buy volume or lack of it is soon felt. But both these large entities were strong buyers in the 33p to 35p levels and that's where majority of the big orders get printed. Getting large stock chunks out of pi's hands is not easy but moving the price down 15% has certainly got a few handing them over.
New CFO starts next week. EGM at end of week. News likely in-between and then we start to see the sharp end approaching fast. Ironically, the market position right now is perfect for a BHP bid or Twiggy gina type entity. Pitch an offer in the right area and they might get a bargain as battered investors decide to cash in chips. When all is well and bulls are singing, you really don't want to be a big M&A buyer. You want to be a seller.
State of emergency lifted and talks to begin
Still a way to go but a good sign
https://www.independent.co.uk/news/ap-ecuador-national-assembly-quito-indigenous-b2109557.html?amp
I'm starting to realise the liklihood of Lasso being ousted is slim after recent legislative changes that now requires 75% of votes rather than thre 50% previously that saw off previous administrations, along with limited opposition seats...
From the article mentioned below...
'Meanwhile, in a virtual legislative session the opposition Union for Hope party, which is linked to former President Rafael Correa, requested the removal of Lasso. The request was based on the state of emergency declared over “grave internal commotions,” which now has been lifted.
It would take the votes of at least 92 lawmakers to remove Lasso, while the Union for Hope has only 47 seats.'
With a bit of luck, this will just be a bump in a long and winding road. Happy Sunday all, family walk followed by the new Top Gun film with good friends for me today. Enjoy all. C
It's better than that.... when it fails they can't try it again for the remainder of his term.
https://www.elcomercio.com/actualidad/politica/lasso-presento-descargos-asamblea-destitucion.html
"Correismo arrived at this session without securing the 92 votes required for the resolution . The ruling party, the Social Christian Party (PSC) and the Democratic Left (ID) spoke out against it. If it does no suceed, the Assembly will not be able to try to activate this mechanism again in the remainder of Lasso's mandate."
Looking better
https://www.reuters.com/world/americas/ecuador-oil-output-halved-indigenous-leader-says-protests-carry-2022-06-27/
Petrol is 2 dollars 45 in ecuador
Per gallon!
And thy are rioting.
But the average salary in 2020 was 470 usd a month.....
Good news, already heavily invested here but was able to afford a £2k worth on the drop as a top up so my average not too bad with hopes of better by year end.
Looking a bit better again
https://www.washingtonpost.com/world/ecuador-president-cuts-gasoline-price-amid-indigenous-strike/2022/06/27/e53d1afa-f5cf-11ec-81db-ac07a394a86b_story.html
“QUITO, Ecuador — The Indigenous organization leading protests in Ecuador on Monday agreed to discuss with the government possible solutions that could lead to the end of a strike that has paralyzed parts of the country for two weeks”
DBW should be sorted very soon by the looks of things , certainly doesn't effect our tenaments and our health and safety policy and our environment licence which is being followed to correctly and going even further to improve housing, infrastructure community relations employment long term , apprenticeships etc
"But the average salary in 2020 was 470 usd a month....."
Could be $1000 per month or even $2000 per month based on some skilled mining jobs. Lasso is trying to get the message across but the local indigenous people (mainly the leaders) seem to like to see the people under their control working for next to nothing. The idea of many of them earning more than they are picking fruit seems to be oppressed at every turn. Makes you wonder why?
Lasso is trying to rid the cartels monopoly in Ecuador they don't like it imho hence one of the reasons the unrest ,doing a good job imho
DBW fantastic news