Burger King Tim Hortons by buying 11,400 million and … – RTVE

Burger King Tim Hortons by buying 11,400 million and … – RTVE

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A local Tim Horton in New York. Spencer Platt / Getty Images / AFP

RTVE.es / AGENCIES

Burger King Worldwide, the second largest chain of fast food restaurants in USA. , has reached an agreement to acquire the Canadian coffee chain Tim Hortons by more than 11,400 million dollars (8,600 million euros).

and form larger third sector company worldwide with an estimated 23,000 million dollars (17.425 million euros) and 18,000 restaurants in more than a hundred countries, although overall turnover each of the brands will be managed independently .

Following this purchase the new company will locate its corporate domicile in Canada , which substantially will lower tax payments, as in the United States, Burger King is subject to a tax rate of 35% while in Canada the figure is reduced to 15%.

But, Burger King announced that it will keep its headquarters in Oakville (Miami) .

According to the agreed terms, which have received the unanimous support of the Boards of Directors of both companies , Tim Hortons shareholders receive C $ 65.50 in cash and 0.8025 shares of the new company for each share of the Canadian company in its possession.

So, the supply of 89.32 Canadian dollars accepted to carry the merger represents a premium of 39% from the mean value of the securities of Canadian in the 30 days prior to 22 August and 30% compared with the value of Tim Hortons shares last Friday .

However, as an alternative to the exchange ratio proposed by default, Tim Hortons shareholders can choose the payment of C $ 88.50 in cash for each share of the company held by or receive 3.0879 ordinary shares of the new company.

Burger King president will be president of the new company

According to the agreement, Alex Behring , CEO of Burger King and 3G Capital representative , the main shareholder of the burger chain with 70% stake, will become president and chief executive of the new company.

On the other hand, Marc Caira, president and CEO of Tim Hortons, will be named vice president and director with responsibility for strategy and the overall business of the group, Daniel Schwartz, CEO of Burger King, will exercise the same position in the new company.

The board of directors of the company resulting from the merger will have eight members representing Burger King and three by Tim Hortons.

Furthermore, both companies announced that shares of the new company will trade on the New York Stock Exchange and Toronto .

Investment firm Warren Buffet will bring 3,000 billion

As for the financing of the operation, explained that Burger King has earned credit commitments amounting to 12,500 million (about 9,470 million euros) to meet the payment of the cash portion of the offer.

This amount includes a package of debt financing from JP Morgan and Wells Fargo.

Moreover, Berkshire Hathaway, the investment firm of Warren Buffet, has pledged 3,000 million dollars (2.273 million euros) in the form of preferred equity financing.

Although both companies have stated that “ Berkshire is simply a source of funding and will have no involvement in the management “.

Fernandez de Mesa Latorre replace as Secretary of State … – elEconomista.es

Fernandez de Mesa Latorre replace as Secretary of State … – elEconomista.es

Note to users: – ( 0 votes)

MADRID (Reuters) – The current general secretary Public Treasury and Financial Policy, Inigo Fernandez de Mesa, Fernando Jiménez Latorre replace as Spanish Secretary of State for Economics starting next week, a source confirmed Tuesday the Executive.

since it frees Fernandez de Mesa in the Treasury will be occupied by the current director of the Office of the Minister, Rosa María Sánchez-Yebra, he added.

The Cabinet is expected to approve on Friday these changes, of those who reported first Europa Press.

Latorre leaves office to go to the International Monetary Fund (IMF), which will be executive director of the group Spain shares in the body with Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Mexico and Venezuela.

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The Treasury issues 3,500 million in letters 3 and 9 months to type more … – La Vanguardia

The Treasury issues 3,500 million in letters 3 and 9 months to type more … – La Vanguardia

Madurd. (Agencies) .- The Treasure Public has successfully closed the issuance of letters of 3 and 9 months by placing 3.500 million, the maximum allowed, and offered to investors next to zero interest in the role Shorter-term Treasury selling.

In particular, the agency has placed 1,110 million in 3-month bills, registering a demand that has exceeded 3.2 times what I sold (4.5 times in the month of July). The average interest rate has slowed considerably and has been virtually zero, rising from 0.127% last month to 0.034% today.

The Spanish Treasury had set the overall goal of placement for today between 2,500 and 3,500 million euros in the first auction after the president of the European Central Bank (ECB), Mario Draghi, will be shown on Friday ready to take further policy actions if needed.

Spain is being financed at the lowest costs fair history when public debt exceeds one trillion euros, breaking all records. The cheap finance helps reduce the deficit and reduce the load on interests of the State Budget.

Why the European markets climb despite the bad news … – ABC.es

Why the European markets climb despite the bad news … – ABC.es

luis p. Arechederra, Luis m. Ontoso / madrid

Day 8/26/2014 – 11:41 a.m.

efe

The Madrid Stock Exchange during yesterday’s session

The Treasury placed 3.500 million to 3 and 9 months with interest almost … – ABC.es

The Treasury placed 3.500 million to 3 and 9 months with interest almost … – ABC.es

ep / madrid

Day 8/26/2014 – 11:02 a.m.

fotolia

According to the Ministry of Economy will continue holding rates next week

The treasury auction today lyrics 3 and 9 months – Lainformacion.com

The treasury auction today lyrics 3 and 9 months – Lainformacion.com

<- 8 weight multimedia content -> <- End 8 weight multimedia content ->
Treasury back to the markets on Tuesday, with an auction in which offer investors Lyrics 3 and 9 months.
This is the second bill auction scheduled for August by the agency under the Ministry of Economy and Competitiveness after be scored in the previous lows in interest.
For changes in the cost of funding, the reference in the lyrics to 3 months is the marginal interest rate of 0.138% of the last transaction of the same characteristics held last July 22.
For Letters to 9 months, the reference is 0.21% marginal rate also held an auction on July 22.
Since the beginning of the year the Treasury has captured 100 343 000 EUR within the regular program of medium and long term funding, representing 77.6% of the forecast emission included in the Strategy of the organism to 2014
Meanwhile, the average cost of state debt issuance stood at 1.81% at July 31, compared with 2.45% at the end of 2013

(SERVIMEDIA )

<- Related topics article -> <- End a related article ->

The Treasury expects to attract 3,500 million today – Finanzas.com

The Treasury expects to attract 3,500 million today – Finanzas.com

08/26/2014 – 4:51 The Treasury now expects to attract 3,500 billion

The Treasury will attempt to pick tomorrow between 2,500 and 3,500 million in letters of 3 and 9 months, at a time when the rates of 3-month paper evolve downwards and could even be in negative figures, as the secondary market last week happened. Sources from the Ministry of Economy and Competitiveness assured Europa Press that rates will continue to contain the next week and will be around 0%, and 6-month auction, held on the 19th day The last time these titles were released in the market , July 22, the agency was able to place 640 m … More

Markets respond with increases Draghi’s statements – The País.com (Spain)

Markets respond with increases Draghi's statements – The País.com (Spain)

Notice board and its reflection on the Bombay Stock Exchange. / EFE

The main European parks They welcomed Monday with the message increases the president of the European Central Bank (ECB), Mario Draghi, launched last Friday in Jackson Hole (USA), during a meeting of central bankers. Draghi was prepared to take further monetary measures to boost growth. He also noted that there is more scope for joint tax measures and undertake a comprehensive investment plan to support economic recovery.

The Ibex 35 dawned Monday with a rise of 1% and remained positive during throughout the session to close at 10,690 integers, and scoring a rise of 1.81%, the biggest gain of the month. The good performance of the stock moved to the debt markets. The Spanish 10-year bonds stood at a record low at 2.26%. The risk premium fell to 131.5 points, nine points Friday

Other European markets also showed a positive development throughout the day on Monday. Markets opened higher with gains 1%. Milan ended with the largest change (2.30%), while Frankfurt rose 1.83% at the end of the session. Paris is also a rise of 2.1% was noted, despite political turbulence which culminated Monday with the resignation of the cabinet of the president of the French executive, Manuel Valls, after domestic criticism of the government’s austerity policies.

All Ibex 35 closed in green. Companies in the Spanish index rose the most were Abengoa, whose shares rose to 4.19%, Indra (3.05%), BBVA (2.71%) and Santander (2.49%).

Also the S & P 500, the index representing the largest listed companies in the USA, was infected by the optimism and score maximum: first exceeded 2,000 basis points. The American Parquet already assumed that the rise in interest rates is a matter of time because the economy is approaching the objectives of the Federal Reserve, as hinted last Friday Janet Yellen, president of the Federal Reserve (Fed) . In his words the last operation of Roche, with the purchase of InterMune, and momentum for brands like Apple, although the housing sales data disappointed Brand added.

In the United States, without But what dominates is the caution and the movements are very short for the low volume. This week the first revision of growth figures for the second quarter, where you will see if the recovery is so strong and consolidates the annualized rate of 4% published last month published.

statements Draghi, who advanced settings possible on the monetary policy measures launched in June to ease credit and boost growth in the eurozone, they also built confidence in the debt market. If the Spanish risk premium-the spread that investors demand for local debt to the German- slipped to 131 basis points, the peripheral European countries also moved to the downside: the Italian premium fell six integers, to stand at 153 points, fell to the Portuguese and Greek 209 to 475.

Quotes to Remember: auction letters to three and nine months – elEconomista.es

Quotes to Remember: auction letters to three and nine months – elEconomista.es

Note to users: – ( 0 votes)

09: The Ministry 00h.- Madrid.- Employment and Social Security publishes statistics contributory pension in August.

10: 45h.- Madrid.- The Treasury held an auction of letters to three to nine months. Spain will attract between 2,500 and 3,500 million in letters three and nine months, who are at historically low rates in the secondary market, after the Treasury has already issued more than 77% of the total forecast for 2014 medium and long term.

PARIS: The Organization for Economic Cooperation and Development (OECD) publishes its latest figures for GDP growth in member countries.

NEW YORK Entity Analysis The Conference Board disseminates data on consumer confidence in the United States relating to the national economy this month.

WASHINGTON Commerce Department reports on durable goods orders for July.

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The number of people affected by ERE Region’s low 58.7% in … – Washington Post

The number of people affected by ERE Region's low 58.7% in … – Washington Post

MADRID / VALENCIA, Aug 25 (EUROPA PRESS) -.

The number of workers affected by redundancy Employment (ERE) approved by the labor authorities or communicated to the same in the Valencia fell 58.7 percent in the first six months of the year compared to the same period in 2013, adding up to 9,215 affected, as reported Monday the Ministry of Employment in a statement.

In particular, there were 1,416 affected by redundancies in the Region in the first half, representing a decrease of 58 percent; 5,679 for contract suspensions, 56.9 percent lower; and 2.120 for reduced working hours, with a drop of 63 percent.

At the state level, the number of people affected by ERE fell 58.2 percent in the first half to 91.169 affected, while companies immersed in a process of regulating employment fell 50.4 percent to 6,898, and records fell 51.5 percent to 8,294 procedures.

By type of procedure, the number affected by collective redundancies until June fell 53.6 percent year on year to 19,535 workers. Suspensions of contract and reduced working hours affecting 51,754 workers, 59.6 percent less, while the records affected by reduced working hours fell 58.4 percent to 19,880 workers.

Of the total registered procedure to June, 7,719 had agreement between the parties, 51.7 percent less than in the first six months of 2013, while 575 were made without agreement, 48.9 percent less.

SIX IN TEN IN AN ECONOMIC ERE

Of the 91.169 workers affected by ERE until June, six out of ten, 55,831 workers were involved in a procedure for economic reasons.

In this section, the processes in which the companies claimed actual losses affecting 32,349 workers, while decreasing the level of income or sales affected 11,120 employees. The loss forecast used by companies to justify ERE 554 affected workers.

In addition, workers affected by ERE technical reasons until June totaled 1,063, those affected by organizational causes totaled 7,540, the production amounted to 25,715 and force majeure, to 1,020.

The main development in the reform of the labor market in relation to the ERE is the elimination of the previously required administrative approval to proceed with the realization of collective measures or suspension of contract or reduction in working hours by the employer layoffs.

However, the new regulation maintains the need for a period of consultation is conducted with representatives of workers while the intervention of the labor authority to ensure the effectiveness of the consultation period is set, but without this decisive.

The final decision will therefore be that of the employer, as in the case of individual dismissals, if not agree, workers will have to challenge it through the courts.

Of the 91.169 employees affected by ERE in the first half, 27,741 come from companies with 50 to 249 employees, 15,452 part templates between 10 and 24 workers and 13,340 companies are 1-9 workers.

For companies 25-49 workers affected 12,977 workers were recorded, and those of 1000-4999 was 5,706 employees engaged in an ERE. In over 5,000 direct employees, registered until June ERE affected 2,797 workers.

INDUSTRY AND SERVICES SECTORS AFFECTED MORE

Most the workers affected by ERE authorized / notified until June came from industry (41,571), a decrease of 60.1% over the previous year, and the services, which cut by 57.7% the number of workers affected , to add 38,382. In construction, the affected totaled 10,325 (-52.7%) and agriculture, 891 (-34.2%).

By region, which recorded a higher number of workers engaged in employment regulations until June were Catalonia, with 12,467 workers involved (-60.8%); Basque Country, with 11,747 affected (-53.4%); Madrid, involved 11,151 (-60.4%); Andalusia, with 9,442 workers affected (-40%) and Valencia, with 9,215 (-58.7%).

In all communities declines occurred in workers affected by ERE in the first half . In relative terms, the regions where workers affected by decreased ERE were Canarias (-74.7%), Asturias (-73%), Cantabria (-68.5%) and Murcia (-67.9%).

Markets celebrate the change of address of the ECB – Five Days

Markets celebrate the change of address of the ECB – Five Days

The wind of European economic recovery slows, but Mario Draghi seems ready to plug in the AC and increase its potency. The latest macroeconomic data in the euro area paint a gray picture, but investors hope that the European Central Bank (ECB) to take unconventional measures that serve to sustain the fragile recovery.

The president of the organization fueled these expectations with his speech last Friday, with markets closed in the Old Continent, in the meeting of central bankers in Jackson Hole. Today, therefore, is the first day that European investors may interpret the words of Draghi. The intervention of the central banker has allowed spectacular stock hikes across Europe, new lows on the profitability of sovereign debt and the depreciation of the euro below $ 1.32.

The Dow has soared 1.81% at the end and has been at the gates of 11,700 points, exactly the 11690.1. Absolutely all of the selective values ​​have concluded the session in positive and increases in the stock markets of the Old Continent have also been strong, up from 1.5% in the Footsie British, the French CAC and the German Dax.

From the analytical department of Bankinter define the attitude of investors as befitting a scenario that always believe will benefit. “If the data is weak macro discounted the stock up because that will be more accommodative monetary policy, and if you are strong, a positive reading is also made to be discounted an improvement in the economy.”

Mario Draghi He was willing to approve new stimulus measures if the economic recovery in the euro area continue to weaken. ECB President was more concerned than in the past talked about inflation and a deterioration in the inflation outlook to five years, an indicator seldom used and reflects the increased concern about the evolution of prices in the area euro. This week, on Friday, August inflation data, the market believes it will stay at 0.3%, thereby encouraging the specter of deflation know.

Barclays experts believe that Draghi’s speech “represents a turning point in the official language of the ECB to say that the current situation requires action on both sides of the economy (supply and demand) . Possibly this is the first time a president of the ECB argues that it is necessary to stimulate demand. ” The central banker also talked about fiscal policy in the euro area, to demand greater coordination in the region, thereby implicitly, say from Barclays that “some countries may take a more expansionary policy (in particular Germany)”. Furthermore, Draghi “endorsed the idea of ​​a European budget to finance a comprehensive program of public investment.”

“If the ECB decides to wait to see the effect of TLTRO, I think the market is not so take it well, because what is a discount now asset purchase program and, at least, to be announced before the end of the year, “said Nuria Alvarez, analyst at Renta 4 In this sense, José Luis Martinez Campuzano Citi chief in Spain, believes that “it seems increasingly clear that the ECB will have instrumentalized new measures, but in this case the Credit Facility, as would be an asset purchase program. We favor a 60% public role and 40% private. Before the end of the year. “

Draghi’s words allowed in the Stock Upgrades and new lows in the interest of sovereign bonds in the secondary debt market. The yield on Spanish ten-year bond has concluded a record low of 2.26%; Italian at 2.47%; and Germany, to 0.95%. The possibility that the ECB adopt a program of asset purchases allows this decline in profitability (price increase) of sovereign Deuba. All Ibex without exception, significant progress was noted.

Investors tiptoe by the German Ifo index of economic sentiment in the country. This has been on 106.3 points in August, down from the 107 expected by economists surveyed by Bloomberg. The expectations have also fallen, to 101.7 points from 103.4, compared to 102.1 estimates.

Meanwhile, across the Atlantic has known a flood of economic data with light and shadow. The Activity Index Chicago Fed, a foretaste of the economic movement across the country, rose in July to 0.39 points above the expected 0.20. The August PMI index fell 58.5 points, compared to the 58 estimates, and as slightly negative data, it has been known that the number of new home sales in July fell by 2.4% in July, compared with 5 8% expected.

indexes on Wall Street have responded very positively to the situation in the European markets, celebrating the eventual debt purchases by the ECB and also macroeconomic data from the United States. The Standard & amp; Poor’s again beat his world record, even surpassing the legendary level of 2,000 points at the close of trading in Europe. The Nasdaq is also very close to historical highs above 5,000 points for the time of the dotcom bubble, back in March 2000

In the currency market, the impact of possible new steps towards a more expansionary monetary policy by the ECB also be felt. The euro is trading at $ 1.32, a level that has got to lose at some point in the meeting and representing at least since September. Miguel Angel Paz, director of Unicorp management unit, believes that “the next clear level of support is at the 1,275 area, minimum last year. A priori, we understand that these would be the levels at which the ECB find convenient because both times you drilled down the area of ​​$ 1.25 per euro, Mario Draghi forced to act to defend our currency. “

The Spanish stock market rises 1.81%, the biggest gain in a month … – ABC.es

The Spanish stock market rises 1.81%, the biggest gain in a month … – ABC.es

abc / madrid

Day 8/25/2014 – 7:16 p.m.

efe

Stock Exchange of Madrid, mid-session

Workers affected by ERE fell by 58.2% in the first … – Qué.es

Workers affected by ERE fell by 58.2% in the first … – Qué.es

Six out of ten workers were engaged in proceedings where the alleged cause was economic

MADRID, 25 (EUROPA PRESS)

The number of workers affected by redundancy Employment (ERE) authorized by the labor authorities or communicated to imports fell 58.2% in the first six months of the year compared to the same period in 2013, to add 91.169 affected, as reported Monday the Ministry of Employment in a statement.

The immersed in a process of regulating employment companies decreased 50.4% compared to January-June 2013, a total of 6,898, while the records were down 51.5% to 8,294 procedures .

By type of procedure, the number of workers affected by redundancies until June fell 53.6% year on year, adding up to 19,535 workers. Suspensions of contract and reduced working hours affecting 51,754 workers, 59.6% less, while the records affected by reduced working hours fell 58.4% to 19,880 workers.

Of the total procedures recorded until June, 7,719 had agreement between the parties, 51.7% less than in the first six months of 2013, while 575 were made without agreement, 48.9% less.

SIX IN TEN IN AN ECONOMIC ERE.

Of the 91.169 workers affected by ERE until June, six out of ten, 55,831 workers were involved in a process for economic reasons.

In this section, the processes in which the companies claimed actual losses affecting 32,349 workers, while decreasing the level of income or sales affected 11,120 employees. The loss forecast used by companies to justify ERE 554 affected workers.

In addition, workers affected by ERE technical reasons until June totaled 1,063, those affected by organizational causes totaled 7,540, the production amounted to 25,715 and force majeure, to 1,020.

The main development in the reform of the labor market in relation to the ERE is the elimination of the previously required administrative approval to proceed with the realization of collective measures or suspension of contract or reduction in working hours by the employer layoffs.

However, the new regulation maintains the need for a period of consultation is conducted with representatives of workers while the intervention of the labor authority to ensure the effectiveness of the consultation period is set, but without this decisive.

The final decision will therefore be that of the employer, as in the case of individual dismissals, if not agree, workers will have to challenge it through the courts.

Of the 91.169 employees affected by ERE in the first half, 27,741 come from companies with 50 to 249 employees, 15,452 part templates between 10 and 24 workers and 13,340 companies are 1-9 workers.

For companies 25-49 workers affected 12,977 workers were recorded, and those of 1000-4999 was 5,706 employees engaged in an ERE. In over 5,000 direct employees, registered until June ERE affected 2,797 workers.

INDUSTRY AND SERVICES SECTORS AFFECTED MORE.

The majority of workers affected by ERE authorized / notified until June came from industry (41,571), a decrease of 60.1% over the previous year, and the services, which cut by 57.7% the number of workers affected, adding up to 38,382 . In construction, the affected totaled 10,325 (-52.7%) and agriculture, 891 (-34.2%).

By region, which recorded a higher number of workers engaged in employment regulations until June were Catalonia, with 12,467 workers involved (-60.8%); Basque Country, with 11,747 affected (-53.4%); Madrid, involved 11,151 (-60.4%) and Andalusia, with 9,442 workers affected (-40%).

In all communities declines occurred in workers affected by ERE in the first half . In relative terms, the regions where workers affected by decreased ERE were Canarias (-74.7%), Asturias (-73%), Cantabria (-68.5%) and Murcia (-67.9%).

Prostitution and drugs also add – Online

Prostitution and drugs also add – Online

In one week, the Spanish will to 46.000 million euros richer . The National Statistics Institute (INE) apply from September 1 the new European System of National and Regional Accounts (ESA 2010), which includes a number of methodological changes to the calculation of the country’s wealth.

One of the main new-probably the most morbid though not the most impact-is the inclusion of illegal activities , such as prostitution, trafficking and consumption of drugs or alcohol smuggling and snuff, in the national accounts.

But the new methodology goes far beyond. The European regulation which obliges EU Member States to update the sources and statistical procedures incorporates other changes that will impact on nominal GDP of between 2.7% and 4.5%, according to preliminary calculations the INE has sent European statistics office, Eurostat.

Among the most prominent changes is recognized as investment expenditure on Research and Development (R & D) , so far was counted as intermediate consumption. This modification could increase GDP by up to 1.3%, while the largest increase took place in countries that allocate more resources to innovation, such as Germany, Sweden and the Netherlands, according to European sources required.

There will also be changes in the military spending , as the weapons and support equipment to be used during more than one year will be recorded as investment and contribute to a 0.2% increase national wealth, which at the end of 2013 was 1.022 billion euros.

new population census , which raises about 400,000 residents in Spain, also have an impact on the wealth of the country as it increases the number of potential taxpayers and consumers.

On 25 September, the INE will release the first results with new statistical base. Updating the national accounts series from 1995-2013 will reveal exactly how much GDP has increased thanks to these changes. It will also be the opportunity to accurately measure the impact of illegal activities in the country’s wealth, and so far the Spanish statistical service has not given an estimate.

The Member States of the EU They are finding difficulties in measuring the real economic value of prostitution or drug trafficking . “In the absence of official records must go to reports and surveys are not always 100% reliable” sources familiar support this process.

Eurostat sent to national statistical services a guide with instructions for these measurements, although he admits that there are difficulties in obtaining accurate data and that “the results of each country can vary considerably depending on the variables used and documentary sources.” INE sources explain that these calculations have been used surveys of sexual behavior, police records and are liaising with clubs.

The new value of European economies will impact on a number of variables that are measured in terms of GDP. For example, the ratios of public debt and deficit will fall slightly from September, the month in which the European partners send the updated data and serving on the Commission to monitor the Excessive Deficit Procedure.

In any case it does not seem that this methodological change will influence the decisions to be taken when Brussels to consider the task of fiscal consolidation in a country, since in recent years is prioritizing structural stress more than nominal deficit levels.

The wealth of the Member States of the EU also serves to fix the voting rights in certain institutions, as well as the contributions made to the Community budget and the capital of the ECB. However from Brussels admit that planned changes “will be proportional in all countries, so that there will be no changes in the current composition.”

Eurostat will follow the procedures that have followed the various services national statistics to ensure no undue disturbance.

Guindos advances that GDP will be close to 1.5% this year despite … – ABC.es

Guindos advances that GDP will be close to 1.5% this year despite … – ABC.es

ep ABC_es / madrid

Day 8/25/2014 – 11:48 a.m.

reuters

Minister of Economy and Competitiveness Luis de Guindos

Drop below half the affected workers to … – RTVE

Drop below half the affected workers to … – RTVE

AGENCIES

The number of workers affected by redundancy employment (ERE) approved by the labor authorities or communicated to them reached 91.169 in the first six months of the year , which is a decrease of 58.2% compared to the same period in 2013, as reported on Monday by the Ministry of Employment in a statement.

Within this total, 19,535 workers were affected by redundancies until June ( 53.6% less in the first half of 2013). Other 51,754 employees was affected by contract suspensions -a 59.6% less, while 19880 were included in records reduced hours (58.4% less).

The industry, the sector with most affected

In the same period there were 6,898 immersed in a process control employment companies, representing 50.4% less than a year earlier, while the number of cases decreased by 51, 5% to be in 8,294 procedures.

the total procedures recorded until June, 93% had agreement between the parties.

Most of the affected workers for ERE until June came from the industry (41,571 with a decrease of 60.1% from the previous year ) and services ( cut 57.7% the number of workers affected, adding up to 38,382). In the Construction , affected totaled 10,325 ( -52.7% ) and Agriculture , 891 ( -34.2 % ).

Catalonia, Basque Country and Madrid, with most affected autonomy

Autonomous Communities , all recorded declines on workers affected by ERE in the first half.

which registered a more workers immersed in regulations job until June were Catalonia – (with 12,467 workers involved, -60.8%), Basque Country (with 11,747 affected -53.4%), Madrid (with 11,151 involved, -60.4%) and Andalucía (with 9,442 workers affected, -40%).

relative , autonomy where more went down workers affected by ERE were Canary (- 74.7%), Asturias (-73%), Cantabria (- 68.5%) and Murcia . (- 67.9%)

main development in the labor reform in relation to the ERE is the elimination of the previously required to proceed to the implementation of collective measures or suspension of contract or reduction in working hours by the employer layoffs administrative authorization.

However, the new regulation maintains the need for a period of consultation is conducted with the representatives of the workers, while the intervention of the labor authority to ensure the effectiveness of these consultations is set, but without this decisive.

ultimate decision will therefore be the entrepreneur , as in the case of individual dismissals, if not agree, the workers will have to challenge it through the courts .

The future of employment in Jackson Hole – Cordoba Day

The future of employment in Jackson Hole – Cordoba Day

SINCE over thirty years ago a meeting of governors of central banks and financial, finance ministers, teachers, National Park Wyoming, USA is celebrated these days. The event is organized by the bank of the Federal Reserve Bank of Kansas, and has become famous because in the worst years of the crisis, Ben Bernanke, chairman of the Federal Reserve, announced there exceptional measures to lower interest rates to levels never seen, and undertake a program of buying government and private debt, which continues today.

This year’s theme, Reassessing the dynamics of the labor market , can not be of more interest to us. It was time that the reality of the job holder who had occupied the finance; not surprisingly, the organization of Jackson Hole is proud that the meeting is not a showcase, as occurs in Davos and working with seriousness and depth. In announcing the meeting, he remarks that he made in a national park without any frills, and where all the participants, including the press, have to pay a sum of one thousand dollars, which is something, but nowhere near the exorbitant amount it costs to participate in Davos.

In the meeting can draw four conclusions. First, however much you want to read between the lines, there are more than political analysis. Janet Yellen, president of the Federal Reserve maintains its judgment and see the labor market as being poor with a fall in the share of labor, low average wages, and persistent lack of demand for low-skilled jobs. Do not impressed that the unemployment rate has fallen to 6.2%, considering that the growth potential and the American labor market have suffered from the crisis, and current conditions lead to an impoverishment of the middle classes low and low. Second, there is an obvious concern for the stability of financial markets, due to the conditions of very low interest rates and unlimited liquidity, have the characteristics of a bubble bags and markets very expensive public and private debt and the raw materials. The US stock markets, for example, have been rising steadily since 2009

Third, the balance of the Federal Reserve has increased from 900,000 million in 2007 to over 4.4 billion in Today. And the European Central Bank, 1.15 billion euros in 2007 to 3.1 billion in June 2012, dropping to 2.1 today. These huge numbers have led to the asset bubble that we have mentioned; however, contrary to popular belief, has not been funded by money creation, but with deposits and bank reserves, so it does not cause inflation of consumer prices. The President Yellen does not announce a major change of policy, but at some point will have to reduce the volume of balance, rather than raising rates. President Draghi reiterated that the ECB is detached from what the Fed does, and maintain a state of emergency on the types and liquidity for a period that you can not put date. It can not be otherwise, since Eurozone unemployment is over 11%, almost double the rate in the United States.

A fourth issue is the proper review of the labor market. No more to do analyzes that have been done in Spain, focusing only on the market itself, and interpreting that wage reductions and facilities for dismissal would generate demand for labor to realize the technical weakness of this reasoning. This naive and simplistic view of market has put aside permanent damage to our workers, unable to return to work, the lack of alternatives to the construction industry has been wiped out, and the impact of the lack of demand and capacity Payment. In the United States has acted not only monetary policy but the industrial impetus given the controversial gas exploitation, and huge multiplier effects in machinery and transport; but in the European Union, and less in Spain, there is no production or new technology that creates jobs.

Viewing presentations of Jackson Hole, the leaders of the Spanish economic policy can draw two lessons. One is that monetary policy can partly solve the problem of public debt, the mortgaged favor, support banks, but is limited even to create credit. One thing is to take the horse to water ‘said Milton Friedman, and get another drink. And second, that the employment policy, as seen in Jackson Hole, is too important to make rest only in the financial markets, or leave to chance the labor market itself, with all the reforms made in the same .

Gumersindo Ruiz is Professor of Economics at the University of Málaga.

The rehabilitation of the M-406 completed in September – Madridpress.com

The rehabilitation of the M-406 completed in September – Madridpress.com

            The rehabilitation of the M-406 completed in September The rehabilitation and improvement of more than 10 kilometers on the M-406 road that have developed since last May will conclude the month of September, ahead of schedule, according reported by the regional government.
         

The comprehensive rehabilitation of the pavement was performed using a recycling system in situ, which involves reusing materials from the existing pavement layers.

This action has a budget of 1.3 million euros, which will improve traffic and road safety of this road on which each day circulating over 36,000 vehicles, numbering half a year and thirteen million. Overall, the performance benefits a population of 527,000 locals.

The Minister of Transport, Infrastructure and Housing, Pablo Cavero, visited the rehabilitation works, where he explained that the action is between the points kilometer 0 to 10,650, where there is intense traffic density and large volume of truck traffic, which can exceed 10 percent in some places.

The Minister stressed that the work has been primarily developed in summer to minimize disruption with work three shifts a day, seven days a week.

This action is part of Operation Tarmac. In this regard, Cavero moved that “already completed or running five works affecting 27 kilometers of roads, with an investment of 3.2 million euros, and in the near future, seven other works will begin to renew the firm another 47 kilometers, with an investment of 7.8 million euros. “

Increase by 7.6% the number of foreign tourists in Madrid – Reuters

Increase by 7.6% the number of foreign tourists in Madrid – Reuters

MADRID, Aug 22 (EUROPA PRESS) -.

The Madrid received over 2.6 million international tourists until July, representing an increase of 7.6 percent with respect to mimsmo period last year and accounts for 7.3 percent of total visitors foreigners, according to data from the Survey of Movements Travel in Border (Frontur) broadcast Friday by the Ministry of Industry, Energy and Tourism.

The region is the one with the third-year increase in the first seven months of the year, only surpassed in that respect the Canary Islands and Andalusia. In addition, the rise of Madrid is slightly higher than the national average, as in the whole country growth was 7 percent to more than 36.6 million foreign visitors.

In the month July, The Community concentrated a total of 352,675 international tourists, 4.7 percent more than in 2013 . With this, it is ranked as the sixth most autonomy receiving international visitors in that month.

At the national level, international tourist arrivals increased by 5.9 per cent to 8.3 million, this being the second best figure in history, surpassed only by August 2013.

As of July almost all major emitting countries contributed to this growth, including the UK, Germany and especially France, which contributed more than half a million extra tourists.

So, a month UK was ranked as the most important market with 23.3 percent of the total entries, up to 8.4 million visitors and an increase in 5.5 percent.

Germany was the second market that provided more non-residents to total growth, with about 5.8 million tourists and an increase of 6.6 percent, followed France, with over 5.6 million visitors, an increase of 10.8 percent.

The Nordic countries, the fourth largest market, rose 7.8 percent in the first seven . months of 2014, like the Netherlands, which grew 4.9 percent

Also noteworthy increases the Belgian market, which rose 19 percent, the largest increase; Italy, with an increase of 13 percent and the Swiss market, which achieved a growth of 10.7 percent.

In contrast, the Russian market fell 3.8 percent, with 806,843 tourists to July due to the devaluation of the ruble. In July alone, the decline was 2.1 percent.

Among the autonomous communities, Catalonia, with a rise of 5.7 percent, caught the largest percentage of foreign visitors with the arrival of 9 2 million, 25.6 percent of the total, followed by Canary, an increase of 11.8 percent and 18 percent of total arrivals to 6.5 million.

Behind them Baleares, third source market, with 6.2 million tourists, managed to rebound 0.8 percent leaving the decreases in the last six months was. Followed Andalusia, with over 4.7 million tourists, 13.2 percent of the total, registering a rise of 8.7 percent.

Meanwhile, Valencia recorded an increase 4.3 percent to over 3.4 million tourists, with 9.6 percent of total arrivals.

Arrested more than 300 marijuana plants at home – La Vanguardia

Arrested more than 300 marijuana plants at home – La Vanguardia

Barcelona. (Acn) .- The Police arrested last August 7 at a neighbor of Cànoves Samalús (Vallès Oriental), 34, on suspicion of a crime against public health drug trafficking . His former partner reported him after the child they have in common, age 4, will explain that helped his father to water the plants I had in the garage.

From this report, the agents searched the home and garage and located a plantation of more than 300 marijuana plants valued at 30,000 euros and all necessary for growing and drying infrastructure. The court authorized entry and search of his home. During the search, officers found that there were two rooms with equipped infrastructure appliances air conditioners, fans, ozone generators, moisture meters, water tanks, pipes exhaust fans, thermostats and halogen lamps, high density cultivation marijuana.

The officers located in the garage 306 marijuana plants in the adult stage and flowering and more than 6kg of dry marijuana buds that have estimated the black market price of 31,015 euros buds. 63 pots of the home were also collected with dead plant pot sherds and 269 empty plant had probably been presented as cut stems. Therefore, man was arrested for a crime against public health, particularly for drug trafficking. The detainee became available to the trial court on duty guard Granollers who ordered his release on charges.

The banks and the Government of Andorra fear the impact of ‘case Pujol’ – The País.com (Spain)

The banks and the Government of Andorra fear the impact of 'case Pujol' – The País.com (Spain)

Street View Meritxell, Andorra la Vella. / Azumendi gonzalo (age fotostock)

Neither research money from drug traffickers Galician almost three decades. Even the most recent operation against emperor capital flight of Chinese mafias. Not to mention the tax evasion cases featuring celebrities such as tennis Arancha Sanchez-Vicario or soprano Montserrat Caballé. Nothing had muddied Day Pyrenean Andorra day and nothing had frightened the ruling classes of the country. Nothing fell until Pujol case, the demand for information by the investigation opened against money laundering by the eldest Ferrusola Pujol marriage and paternal inheritance than the president of the Generalitat confessed that his family had hidden in the Principality during the . past 34 years

The scandal has left the Principality frost guts: banking, responsible for 16% of the country’s GDP and the government in the hands of liberal Democrates per Andorra and four of its eight ministers from the financial sector. They refuse to explain in public and remain an important zeal about their upcoming performances. “It does us no good,” has just said about the case, the head of government, Toni Martí, who in a meeting with bank representatives to discuss relations with OECD knew that Pujol had between four and five . Andorran million in accounts

The bank fears that letters rogatory studied from Spain for the defendant to obtain tax information and can blow the answer that has been his main asset for decades: bank secrecy. “They mistakenly believe that may have a major leak of customer deposits, which could reach the conclusion that if given information Jordi Pujol’s going to give any,” said the first secretary of the Social Democratic Party Toni López on responsible bank. “I am convinced that the government wants to give that information,” says Jaume Bartumeu, former prime minister and architect of the OECD Andorra take out the gray list of tax havens in 2010.

Bartumeu defends his country can not be understood as a mountain Cayman Islands but stresses that the bank refused to change his status and that, in fact, was the opposition that he lost the election in 2011 Other financial sources claim that the Banking is also against the signing of a double taxation agreement.

Indeed, the Spanish President Mariano Rajoy will meet with Martí the first week of September to address only that agreement, as published in the Diari d’ Andorra. Banking, the sources said, also seeks the maximum possible delay implementation of the system of automatic exchange of tax information on bank savings. “He should be ready in 2015, but may not be ready until 2016 and can not. But they try to see if it may be delayed until 2017, “said the same financial sources.

There are differences between them, but the owners know that every minute financial status quo distributes more dividends. The executive of a multinational law, claiming anonymity, said that already took at the time that relaxing the fiscal opacity Switzerland to win funds from wealthy clients while turning a blind eye to the local legislation. “There are some unsophisticated bank believes it can still take more money with that model, but the truth is that the situation and the international pressure exceeds them,” he says, referring to the monitoring of banking transactions that are imposed after the attacks 11-S to control the financing of terrorism.

The last tax amnesty adopted by the Spanish Government and the subsequent conditions to regularize income tax -types more fines-have left many accounts frozen because any transfer can become a clue to regularize tax agencies and can be assumed to lose all the money and even more, if one takes into account the fines. “For the Minister Montoro, Pujol case is a victory,” said Antonio Durán-Sindreu, president of the Spanish Association of Tax Advisors.

But if customers are between the rock and the banks you also. Because in addition to profiting from the 40,000 million euros administering must output the gains that have amassed over the years and have taken them, for example, to be very active in Spain, seizing bank records, hiring managers and purchasing managers asset. And that high exposure in Spain suggests that either the war would pose the Spanish Government

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Banking Andorra in Spain

• Both BBVA and La Caixa abandoned their participation in the Andorran market in 2006 consulted sources say that due to the demands of transparency of the Bank of Spain. While BBVA sold its 51% stake in Banc Internacional d’Andorra, Banc currently Mora, La Caixa came off 35% Andorran Credit. The Sabadell maintained since 2000, when it was founded, 51% of Banc Sabadell d’Andorra.

• The withdrawal of Spanish banks contrasts with the international expansion Andorran banks in recent years, which have been projected into Spain. The aggression shown by the Andorran banking, family capital, surprised. “They try to diversify that Andorra has remained little they have surplus cash,” says professor Eada, Daniel Wuhl.

• d Andbank and Private Banking ‘Andorra (BPA), the two entities that carried out the bank transfer that caused the scandal Pujol, have competed in this ambitious landing Inversis acquiring bank. BPA, which has already acquired by Banco de Madrid signing Interdin values, the asset management company of Banco Valencia, Nordkapp and society Liberbank Management also wanted to buy but was finally Inversis Andbank Bank which took the bank investment fund, in a deal that has caused unrest between the two entities.

• While Andorra is no longer a tax haven, experts the very specialized in private banking, Andorran entities continue to offer products in countries with low taxation.

FE ERROR

In the report titled Banking in Spain Andorrana published today said the company wanted to buy Liberbank Management Liberbank when in fact should say Inversis Bank.