Rato requested temporary low PP under pressure from the barons … – La Rioja

Rato requested temporary low PP under pressure from the barons … – La Rioja

The pressures intensified in the early hours of yesterday morning. Several PP barons openly demanding the expulsion of Rodrigo Rato party. Finally, the president of Bankia moved record last night. In a letter to the general secretary, Rato requested the temporary suspension of membership “until all the facts remain enlightened.” It was the only concession to his fellow soldiers, because it re-emphasized the legality of their actions.

In the text, who was Deputy Prime Minister José María Aznar, defended having acted in the belief that the cards, known as opaque, were issued and controlled by the company for personal use and as part of their salary. “As such were declared and recorded”, says Rodrigo Rato.

The step taken now responds, in his words, his willingness to act “in the interests of the People’s Party”, at whose disposal it is placed to give all the explanations he required. In the coming days I would have the opportunity to clarify the details on the use of cards and B defend his version of events. “All the members involved shall be heard” reported yesterday the number two party, María Dolores de Cospedal. The direction of the PP does not make any movement that could end up in court resorted not to the internal statutes have scrupulously respected. Hence, the National Committee of Rights has said those affected before making a final decision. Now open the file Rato is paralyzed. “It is no longer a party member,” explained Popular sources.

The Most

President, Mariano Rajoy, promised his, in a closed meeting, “contudencia ‘,’ speed ‘, but also’ legality ‘. He did not utter the words taboos, “Rato” and “expulsion” but all read between the lines. It was calm the situation with which he met on arrival at the Executive Committee. The chairmen of the party in Valencia and the Basque Country had just rule out asking who was Deputy Prime Minister José María Aznar. Both Alberto Fabra as Arantza Quiroga demanded exemplary. “In these times do not fit these behaviors to the citizens,” concluded the Valencian leader.

Although the rules of the PP sets a deadline of two months to resolve synoptic reports, the President moved that the investigation will be clarified in the “shortest possible time”. The speed was precisely one of the demands put yesterday within the Executive Committee. They are aware of the damage it is causing to the credibility of the party.

The concern invaded the meeting of the Staff of the PP. The president of the popular in Catalonia called “absolute disgrace” and said that the matter decisions “he who touches you touches” will be taken.

The need for there is no distinction became a common demand. Mariano Rajoy defended the heavy hand of government to remember that, thanks to her performance, research has ended in the High Court. Cospedal came to include among citizens to express, in the press conference, that they are “shocked, shocked and surprised.” Now the PP, some as president of Aragon, Luisa Fernanda Rudi, promote living up answer to the corruption and resell illusion citizens.

FCC leads hikes bag (5.05%) after taking out the … – Expansión.com

FCC leads hikes bag (5.05%) after taking out the … – Expansión.com

Madrid, Oct 20 (Thomson Financial) .- FCC leads hikes bag to pick up 5.05% last night after calling a special meeting of shareholders to approve the capital increase by 1,000 million euros once your main shareholder, Esther Koplowitz, reached an agreement to refinance its debt.

The capital increase will be the construction of a maximum amount of 1,000 million euros by issuing and circulating the same number of new ordinary shares of 1 par value with a premium to be determined.

This operation will you miss most businesswoman control group holds in the construction and services, which now account with 50.03% through company B-1998, which is in turn 89.65%.

The company also stressed to the National Securities Market Commission (CNMV ) which delegates to the board the empowerment of not execute the agreement if market conditions or the financial structure would prevent or make it advisable increased capital.

Also, is delegated to the Board the faculty exceptionally reduce the amount of the aforementioned capital increase depending on the market and bookbuilding or for technical reasons.

The agreement must be executed within a maximum period of one year from approval by the General Meeting, scheduled for November 20 in first round.

The aim of the operation is basically totally or partially repay a debt tranche of 1,350 million euros and address other financial needs of the group, including contributions to its subsidiary Cementos Portland Valderrivas or FCC Environment.

This would also mean a reduction in consolidated debt and greater financial stability and its effect is added to the plan divestments, which contributed 1,800 and 2,200 million forecast.

Refinancing debt five years Koplowitz BBVA and Bankia was a key piece in the face of capital of the company . Given the lack of funds to go to the capital, refinancing the entrepreneur goes through to sell their rights in the capital.

Although in late December announced Koplowitz had managed to refinance through 2018 debt related to its stake in the company, about 1,000 million euros, the refinancing agreement had not been closed.

The result of the negotiations with the banks, the entrepreneur detached 3.8% of the shares of FCC $ 72.5 million. A package that supposedly acquired billionaire George Soros. MarketWatch

Rodrigo Rato requested the temporary suspension of membership of the PP – 20minutos.es

Rodrigo Rato requested the temporary suspension of membership of the PP – 20minutos.es

The president of Bankia Rodrigo Rato, upon arrival to the Audiencia Nacional (Kiko Huesca / EFE)

Rodrigo Rato Figaredo requested in a letter to the PP Secretary General Maria Dolores de Cospedal, the “ temporary suspension of membership of the Party People , until all the facts remain enlightened” in reference to the subject of the Caja Madrid-Bankia cards.

The cards were for personal use and were part of my salary In his writing, Rato reiterates its strong conviction “of having always acted within the law , in the belief that these issued, known and controlled by the entity, cards were for personal use and were part of my salary. As such, they were declared and recorded “..

Rodrigo Rato understands ” right now, in the interest of the Popular Party “should make the decision to request temporary suspension of membership until the facts remain to be clarified and says “available to the party for all the explanations that require me to the relevant bodies.”

Spain, fifth in Eurozone where more GDP increases … – ABC.es

Spain, fifth in Eurozone where more GDP increases … – ABC.es

ep abceconomia / luxembourg

Day 10/17/2014 – 5:22 p.m.

saint bernard

The Madrid Montera street

Still influencing the crisis when investing? – Manage your money

Still influencing the crisis when investing? – Manage your money

In particular, between July and September, the indicator stood at 1.08 points, slightly lower than the previous quarter, when it reached 1.14 points, the highest figure since 2007.

The data correspond to the last known indicators of the Spanish economy and the evolution of markets, which remain in positive terrain but reflect some stabilization in recent months. Respondents who believe it is likely or very likely that stock markets go down in the coming months to reach its lowest level since the survey was done, with 20.4%. Meanwhile, 29.6% expect promotions and half of the sample expected to remain at current levels.

The crisis has less influence when investing
Spanish investors who understand the economic crisis as a factor to consider when carrying out their operations are at a record low, 25.9%, which is 5 points lower than the previous quarter. This almost equals 25.4% of respondents are fixed interest rates and Euribor when making their decisions, with an increase of five points from the previous quarter.

This growing concern about the evolution of performance is also reflected in the responses to the intentions of the investors in the next six months. Deposits and savings accounts remain the favorite product but fall back again, this time to 60.2%, which account for nearly 6 points below the April-June and its lowest level since 2009.

The products most benefit from these lower deposits are investment funds and pension plans or funds. As funds continue adding the favor of investors, up 1.3 points to 4%, the highest level since 2010.

These data suggest that a change is gaining gradual behavior of investors willing to diversify the instruments chosen and reduce their presence in less active products that offer low interest rates, in search of higher returns.

The survey also includes forecasts September when the European market already gave signs of exhaustion before some economic forecasts focused increasingly lower growth. Still, investors believe that the market is precisely the most likely to go up in the near future. Specifically, 22.1% rely on advances, compared to 18.6% which places the Spanish plazas as more advance.

The decline of investor pessimism found in the last waves of the survey also reflected when respondents reason their expectations about the markets. The low weight of the crisis on investor decisions can also be found regarding their expectations of the stock market. A third of those who believe that the market will rise, understand that the reason is that there is an improvement in the current situation.

At the other extreme, among the pessimists who expect prices to fall, 51, 6% blame the crisis, which is 13 points less than the previous quarter and a record low.

However, investors still have prejudices. That, and as has been occurring in recent quarters, three out of four respondents put the end of the crisis in more than 3 years. The data may indicate that perceived improvement in economic activity which supports their optimism, but understand that it will take longer for a situation similar, when the onset of the crisis.

The March will AENA’s majority shareholders – ABC.es

The March will AENA's majority shareholders – ABC.es

luis m. Ontoso abceconomia / madrid

Day 15/10/2014 – 2:56 a.m.

Oscar well

AENA President Jose Manuel Vargas, along with the Minister of Development, Ana Pastor

In Spain an average of 1,665 hours worked per year, more than … – 20minutos.es

In Spain an average of 1,665 hours worked per year, more than … – 20minutos.es

A worker during their workday. (Gtres)

The Spanish work almost 300 hours more a year than the Germans , according to the OECD, which has updated this Tuesday data from annual average hours worked in each country in 2013 were recorded in Spain 1665 hours of work on average in 2013, about 100 less than the OECD average (1770 hours ), 277 but more than in Germany (1388) and 176 more than in France (1489).

From the beginning of the economic crisis , average hours worked per year in OECD countries has been declining. However, in Spain and Greece, the trend has been upward. In 2013 in Spain were worked 7 hours a year on average than before the crisis: in 2007 the Spaniards worked 1658 hours per year in 2011 reached 1,679 and in the last two years has gone down to the 1,665.

In Greece, the country of the European Union where more hours are worked, the average was falling during the first years of the crisis, but has suffered a rally since 2010 and in 2013 was again put in 2,037 hours on average than did in 2007.

In Germany, however, the trend has remained low . In 2007 the Germans worked an average of 1,422 hours per year and the figure has been kept relatively stable until 2011, when it began to fall to stand at 1388 hours 2013 Countries such as France, Portugal, Italy and Ireland have also maintained downward trend. Some rallies have presented in some years of the crisis, but in 2013 they all have lower average hours worked per year in 2007.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	2007	2008	2009	2010	2011	2012	2013
Spain	1658	1663	1670	1673	1679	1666	1665
Germany	1422	1422	1,382	1,405	1,405	1,393	1,388
OECD average	1,799	1,790	1,766	1774	1,771	1,733	1770

Germany and the Netherlands are the OECD nations where less hours you work per year In most nations the European Union working hours per year are below the OECD average , while Chile, Greece, Korea and Mexico exceed 2,000 hours annually. Mexico ranks first with a total of 2,237 hours, followed by Korea (2163 hours), Greece (2037 hours) and Chile (2015 hours). Russia stands at 1980 hours per year, while Poland reaches a figure of 1,918.

Meanwhile, Hungary and Ireland Estonia exceed 1,800 hours, while in the United States the number of hours per year reaches 1,788 and 1,772 Czech sum. Below average Italy and Portugal are, with more than 1,700 hours and Japan with 1735 hours. The UK falls short with 1,669, while Finland 1666 hours total.

Below the threshold of 1,600 hours, but above 1500 hours are Switzerland, Belgium and Slovenia, while France, Denmark and Norway are close to 1,400 hours. Germany (1,388) and the Netherlands (1,380) are the OECD countries where fewer working hours per year.

Multinationals and pay less tax in Ireland – Online

Multinationals and pay less tax in Ireland – Online

The Irish Finance Minister Michael Noonan has announced that it will amend the tax regime to end the controversial schemes that enable multinationals present in the country pay less tax.

The measure will apply from next January 1, but foreign companies have been benefiting from this hole legal and financial have until 2020 to adjust to the changes.

Noonan made the announcement during the presentation of the general budget for 2015, which he said marked the end of the austerity policy of the Government of Dublin, who left last December successfully applied in 2010 to rescue the European Union (EU) and International Monetary Fund (IMF) by 85.000 million.

After seven straight austerity budgets, these accounts are the first who introduced the executive coalition between Conservatives and Labour contemplating tax cuts and increases in government spending said the minister.

“I have decided to end the ability of companies to use the so-called ‘Irish double’ and I’ll change our residence rules for all registered Irish companies are also residents tax purposes, “said Noonan.

Large multinational pharmaceutical or technological such as Apple, Facebook or Google-have established their base in Ireland to save billions of euros in because the call rates “Double Irish”, which lets you create a company in the country with branches in tax havens , which significantly reduces the tax bill.

In this regard, the European Commission (EC) agreed Ireland is investigating whether an illegal tax scheme with American giant Apple for two of its subsidiaries in the country would pay less tax on employment-related issues

“In making these decisions. – Noonan said today and make these changes now, they are part of our broader corporate tax reform system, we are providing certainty to investors on corporate taxation in Ireland for the next decade. “

No However, the minister reiterated that changes in the tax system does not affect the income tax, which is set at 12.5% ​​in this country and some community partners is too low and is, considered a case of unfair competition.

The percentage of 12.5% ​​corporate tax “has never been and will be subject to debate. It is a matter of economic policy set. It will not change, “noted Noonan

Ireland changes its unfair tax regime in Europe that drew … – ABC.es

Ireland changes its unfair tax regime in Europe that drew … – ABC.es

efe abceconomia / dublin

Day 10/14/2014 – 8:46 p.m.

reuters

Irish Minister for Finance, Michael Noonan poses with budgets

Germany reduced its forecast from 1.8% to 1.2% by the break … – The País.com (Spain)

Germany reduced its forecast from 1.8% to 1.2% by the break … – The País.com (Spain)

German Chancellor Angela Merkel. / Krisztian Bocsi (Bloomberg)

Experts and organizations like the International Monetary Fund had long warning. And today was confirmed by the German Government, the first euro economy is in a worse situation than expected. The economy minister, Social Democrat Sigmar Gabriel, has announced that this year the economy will grow by 1.2% (instead of 1.8% forecast so far); the forecast for 2015 is raised slightly to 1.3% (versus 2% previously). Gabriel has offered only one plagued technical discourse figures. It has taken the presentation of the new landscape of the German economy to launch a political message of the first magnitude. “There is no reason to change our economic and fiscal policy,” he stressed.

Number two Angela Merkel Government and leader of the Social Democrats has thrown a bucket of water cold on those who claim him from his own party a shift in the politics of austerity. “Indebted more to Germany is not going to generate more growth in Italy, France, Spain or Greece,” he responded to those who recommend that the Government of grand coalition between Christian Democrats and Social Democrats react to the worsening situation and invest more to boost growth . The minister believes that the problems come from outside, and are countries like France and Italy who have to boost growth-friendly reforms rather than Berlin remove the checkbook to redress the situation.

“Especially Europe. ” Gabriel replied to the question of the factors behind the slowdown in the economy. “The geopolitical crisis (mainly Ukraine) has increased uncertainty in Germany and slow global growth is weighing on the economy,” he added.

In the face of external shocks, the government sees hope in factors house. Domestic demand and the labor market are showing signs of strength. And decisions of the grand coalition, such as the introduction of a minimum wage, help increase disposable income. “Citizens will have more money in your pocket,” has prided itself.

The minister has been forced to make lace by offering a positive message on announcing a drastic revision of its forecast growth as increasing fears the country back into recession in the third quarter. “As soon as the global economy recovers, the competitiveness of German companies offer off and the economy will return to robust growth path,” he added.

Juan Iranzo resigns as director of Red Eléctrica after using the … – Information

Juan Iranzo resigns as director of Red Eléctrica after using the … – Information

Iranzo economist John Martin, former director of the Institute of Economic Studies of Alicante (Ineca), has resigned as an independent director of Red Eléctrica Corporación, after his name appear on the list of 83 former directors of Caja Madrid and exdirectivos they used the card ‘B’ of the entity for private expenses.

Iranzo, who charged a cost of 46,800 euros in opaque card to the treasury of the bank, has formalized his resignation in a letter addressed REE president Jose Folgado. It says resigning “thinking about the reputation of the company.”

On Wednesday, Folgado summoned urgently to the Committee on Governance and Corporate Responsibility for the company to “analyze and evaluate” all information about your advisor Juan Iranzo and the use of ‘black’ card Caja Madrid.

Iranzo is an independent director since 2012 REE, a company listed on the State Holding Company (SEPI) is the largest shareholder with 20%.

The name appears among the 83 Iranzo exdirectivos and former directors of Caja Madrid allegedly used ‘black card’ for private expenditures worth more than 15 million euros between 2003 and 2012.

According to the documentation delivered to the National Court judge Fernando Andreu, Iranzo made use of 46,800 euros from these corporate cards during the nearly two years that served as director of the Madrid box.

On Thursday, Iranzo and resigned as director of the Economic and Social Council (CES) by the scandal of the cards ‘B’ Caja Madrid.

After leaving the tips and REE CES, Professor of Applied Economics at the UNED maintained their positions as dean of the College of Economists of Madrid and counselor Feriberia.

The Eurogroup urges France to respect its commitments – abcdesevilla.es

The Eurogroup urges France to respect its commitments – abcdesevilla.es

Dijsselbloem says the numbers that you hear on the Gallic country “is not encouraging”

Germany and the European Commission insists that “all must follow the rules” on budget issues, but France responds with “some explanations “You can keep your plans with figures that clearly violate their commitments to deficit reduction. Although officially yesterday in the Eurogroup finance ministers eurozone spoke “of the economic situation in general”, everyone was looking at the problem of the second economy in the single currency, which encyst in their own political problems.

In the press conference the president of the Eurogroup, Dutchman Jeroen Dijsselbloem denied that the case of France it had been “peeking behind the curtain” and the minister French Michel Sapin complained that it has “established the habit of speaking of only two countries (France and Italy) and when the time comes you will see that there are a considerable number” of budgets in conflict situation to the Commission. However, all comments in the corridors of the Council building in Luxembourg and the statements of the ministers were around the delicate situation of France. The same Dijsselbloem said that “the numbers that you hear about France is not encouraging.”

Just today begins the parliamentary debate in Paris on the budgets of 2015, as have designed by Manuel Valls Government nor of lejos- not meet commitments on deficit reduction, ie, in the field of cuts. Commissioner of Finance, Jyrki Katainen, reminded the ministers that have until the 15th to send a draft public accounts, that before the end of the month, the Commission compare with the commitments made by each country before determine whether or not they meet the rules.

The only thing they agree France and the EC is that any deduction from a priori what is a purely arithmetical exercise “would be premature” and to wait, as Michel Sapin said that the budget debate “mature” in Paris and in Brussels, given that on November 1 if all goes well-there will be a new Commission chaired by Jean-Claude Juncker, the dose that is expected renewal on how to tackle the crisis.

Arturo Fernandez and Ignacio González’s wife traveled to a … – The World

Arturo Fernandez and Ignacio González's wife traveled to a … – The World

Arturo Fernandez, president of Madrid’s business, spent 3,894 euros Pocket employer to travel in luxury at the EPP Congress in Marseille for a weekend in December 2011 Congress of the European People’s Party held in Marseille (France) on days 7 and 8 December 2011 came an official delegation of the People’s Party of Spain, led by the PP president and president-elect of the Government of Spain, Mariano Rajoy, and also composed by Miguel Arias Cañete, Jorge Moragas and Alvaro Nadal. Also attended by French President Nicolas Sarkozy, German Chancellor Angela Merkel and President of the European Commission Jose Manuel Barroso.

Arturo Fernandez, president of the CISM (Confederación Empresarial Independiente de Madrid), was accompanied Lourdes Cavero, Vice President of CISM wife at that time and the current regional president Ignacio González. Beside him was also that weekend Andrés Gómez Funes, secretary of the organization and lieutenant Arturo Fernandez during the business stage who was accompanied in all its appointments.

Several representatives of the Madrid bosses do not understand that it was the president of the employers of the Community of Madrid and his two companions in an event of this international stature when you are not going to address any matter related to the region. But they have remained perplexed to learn that the cost of the trip was handled by the CISM.

Three plane tickets

The Three airfare and hotel expenses were charged to the coffers of the Madrid bosses. Specifically the three first class tickets round trip were purchased for 615 euros each. Furthermore, contracted with Pullman Marseille Beach, one of the largest category of local French coast at the seaside Prado Bay , with panoramic views of the Mediterranean and 10 minutes Beachfront. Hotel expenses of the three representatives of the CEIMalcanzaron 2,049 euros.

The emitted by CISM bill, and pay a total of 3849.49 euros without VAT for three trips and two-night stay for entourage.

Even more striking is the fact that the travel agency that hired Arturo Fernandez is co-owned by another member of the CISM, Miguel Garrido turn CEO of the Chamber of Commerce. Specifically, the company was Eco Travel is located on Calle Claudio Coello and has two major shareholders: Miguel Garrido and Ignacio Villanueva.

Surprise and bewilderment

“Surely if they had purchased the tickets and the hotel had gone all cheap but as the CISM paid no expense was spared and agency over a friend of Arthur hires “added the same corporate sources.

This is not the only bill that can jeopardize expenses Arturo Fernandez passing the CISM. Also in November 2011 went hunting with his nephew, Jerome Fernandez and paid travel and hotel with money from the employer. He also bought tickets to the agency Miguel Garrido.

This bill Arturo Fernández trip with his nephew if VAT unlike the trip to Marseille. On the delivery flight to France and Pullman Beach hotel VAT was not paid. This end, according to sources from the MICS, could even be the subject of any investigation.

Tirole, Nobel Prize in Economics – The País.com (Spain)

Tirole, Nobel Prize in Economics – The País.com (Spain)

Jean Tirole, in a file photo.

The Royal Swedish Academy of Sciences has awarded Professor Jean Tirole (1953) the Nobel Prize in Economics for his studies on the power of markets and its regulation. This French economist, director Jean-Jacques Laffont Foundation at the Toulouse School of Economics, is one of the foremost thinkers of the world in the theoretical and practical application of Game Theory and Information Theory.

Tirole also notable for its analysis of the inefficiencies associated with insider traders, and consequently, for the design of contracts and public policies to mitigate these inefficiencies.

Jean Tirole has also directed his research to the study of phenomena such as crashes financial and economic bubbles burst. He has authored over 150 articles and several books of international reference, both in academia and in the Administration.

The French economist received the BBVA Foundation Frontiers of Knowledge Award in Economics, Finance and Business Management in 2008.

The CISM presidentof traveled Popular Congress Party … – The World

The CISM presidentof traveled Popular Congress Party … – The World

Arturo Fernandez, president of Madrid’s business, spent 3,894 euros Pocket employer to travel in luxury at the EPP Congress in Marseille for a weekend in December 2011 Congress of the European People’s Party held in Marseille (France) on days 7 and 8 December 2011 came an official delegation of the People’s Party of Spain, led by the PP president and president-elect of the Government of Spain, Mariano Rajoy, and also composed by Miguel Arias Cañete, Jorge Moragas and Alvaro Nadal. Also attended by French President Nicolas Sarkozy, German Chancellor Angela Merkel and President of the European Commission Jose Manuel Barroso.

Arturo Fernandez, president of the CISM (Confederación Empresarial Independiente de Madrid), was accompanied Lourdes Cavero, Vice President of CISM wife at that time and the current regional president Ignacio González. Beside him was also that weekend Andrés Gómez Funes, secretary of the organization and lieutenant Arturo Fernandez during the business stage who was accompanied in all its appointments.

Several representatives of the Madrid bosses do not understand that it was the president of the employers of the Community of Madrid and his two companions in an event of this international stature when you are not going to address any matter related to the region. But they have remained perplexed to learn that the cost of the trip was handled by the CISM.

Three plane tickets

The Three airfare and hotel expenses were charged to the coffers of the Madrid bosses. Specifically the three first class tickets round trip were purchased for 615 euros each. Furthermore, contracted with Pullman Marseille Beach, one of the largest category of local French coast at the seaside Prado Bay , with panoramic views of the Mediterranean and 10 minutes Beachfront. Hotel expenses of the three representatives of the CEIMalcanzaron 2,049 euros.

The emitted by CISM bill, and pay a total of 3849.49 euros without VAT for three trips and two-night stay for entourage.

Even more striking is the fact that the travel agency that hired Arturo Fernandez is co-owned by another member of the CISM, Miguel Garrido turn CEO of the Chamber of Commerce. Specifically, the company was Eco Travel is located on Calle Claudio Coello and has two major shareholders: Miguel Garrido and Ignacio Villanueva.

Surprise and bewilderment

“Surely if they had purchased the tickets and the hotel had gone all cheap but as the CISM paid no expense was spared and agency over a friend of Arthur hires “added the same corporate sources.

This is not the only bill that can jeopardize expenses Arturo Fernandez passing the CISM. Also in November 2011 went hunting with his nephew, Jerome Fernandez and paid travel and hotel with money from the employer. He also bought tickets to the agency Miguel Garrido.

This bill Arturo Fernández trip with his nephew if VAT unlike the trip to Marseille. On the delivery flight to France and Pullman Beach hotel VAT was not paid. This end, according to sources from the MICS, could even be the subject of any investigation.

Arturo Fernandez asked for a vote of confidence temporary then … – The País.com (Spain)

Arturo Fernandez asked for a vote of confidence temporary then … – The País.com (Spain)

Arturo Fernandez, exconsejero Bankia and involved in the use of an opaque card, now plans to ask the Madrid board bosses CISM, presiding, a vote of confidence to finish the reform program to which it committed in the elections he won last March. Once completed this task, which is to approve the new constitution and a Code of Ethics and close the restructuring of the organization, submitted his resignation and call for elections, according to sources in the environment.

Fernandez, according to these sources not want to put a certain period, although it is estimated that at least half last year. Fernandez is also president of the Madrid Chamber of Commerce, an organization that specifically address next year an election process.

In this way and if you receive the support of the board, which has a majority control, Fernández aspires to also stay as first vice president of CEOE and address from that post the elections for president of this organization, scheduled for November or December. Fernandez, who supported Juan Rosell, four years ago to his election to the big bosses, stays true to the Catalan businessman, who has not yet announced whether to submit or not to run for reelection or the summoned comisios.

According to sources, the new statutes have been commissioned CISM veterans José Antonio Segurado leaders, president and honorary president of Madrid’s patron, and Ignacio Lamata, representative of El Corte Inglés. According to the Code of Ethics, based on the CEOE, a leader must put their resignation if he opens criminal court proceedings, ie, if I indictment has adopted a precautionary measure of special importance or has been issued indictment.

In fact, today the Commission of Internal Diet of the CEOE meets with the issue of the use of the cards as the main course. This committee, chaired by Joaquim Gay Montellà (president of the Catalan employers) receive the same explanations of Fernandez, who, at the moment at least, does not violate any of those conditions.

Fernandez spent with the opaque card Bankia, which was a counselor, 37,600 euros, of which nearly 10,000 were in chain restaurants. The host employer, who has part of his group preconcurso or insolvent, has returned to the Caja Madrid Foundation spent everything.

Natural Gas will get more than half of profit abroad … – La Vanguardia

Natural Gas will get more than half of profit abroad … – La Vanguardia

Barcelona, ​​Oct 13 (Thomson Financial) .- Energy Gas Natural Fenosa multinational generate more than half of its operating profit (Ebitda) abroad with the purchase of Chilean General Electric Company (GEC).

After announcing yesterday that it will launch a tender offer for 100% of this company, which will pay a maximum of about 2,600 million euros, the main directors of Gas Natural Fenosa has today provided further details of the operation, which Success is guaranteed, since Natural Gas already has agreed the sale of a 54% stake in CGE, which is the largest integrated electricity and gas in Latin America group.

According to the analysts made today by multinational, if at the end of 2013 the domestic business accounted for 56% of gross operating profit (EBITDA) and 44% international, buying CGE mark a turning point.

Y is that If the business structure at year Fenosa Gas Natural are added every business CGE, the multinational would have closed 2013 with a different weight: 51% of its operating profit would have been generated abroad by a 49% of Spain.

In the same vein, according to 2013 purchasing CGE by Natural Gas means that 35% of the operating profit of the multinational would be generated in Latin America.

There, Chile would be the main market for Gas Natural Fenosa, with 36% of operating profit in the region of 21% of Colombia and 17% in Brazil.

In a conference with analysts, CEO of Gas Natural Fenosa, Rafael Villaseca, has made clear that the acquisition of CGE, the largest international operation of Natural Gas, will allow you to meet our goals in its strategic plan, including the level of debt, since the end of 2015 its net debt will be “three times” that its operating profit (Ebitda).

The economic-financial multinational CEO, Carlos J. Álvarez, said that this operation “reaffirms” the objectives of Natural Gas until 2015, when he expects to achieve net profit of 1,500 million euros and continue allocating dividends around 62% of their profits.

Both managers have also ratified that Natural Gas will finance the transaction with equity. According to information submitted to the National Securities Market Commission (CNMV), the total price of the transaction is € 2,573 million.

Natural Gas has said he has committed lines of credit available to 6.919 million euros, 135 million in uncommitted credit lines and about 225 million loan from the European Investment Bank (EIB) without having as well as a cash of 5,528,000, which has a total of 12,807 million available.

In addition, Villaseca assured that Gas Natural Fenosa arises not sell assets that inherits from this company and expects to grow in this country in every business in which it operates CGE including distribution of gas and electricity.

Although the Chilean authorities weigh regulatory changes in the gas distribution business, Villaseca pointed out that the Chilean market presents many opportunities and provides a regulatory framework “very stable “, and added that Natural Gas was already aware of these” possible changes “when he raised acquire CGE.

Natural Gas announced yesterday that it had signed an agreement with the owners of 54.19% of the capital social CGE. Familia Marin, Almería Group and Family Group Pérez Cruz, who will sell their shares at a 6.27 euros per share

group

Natural Gas executives have expressed interest in develop all CGE business in Chile and even participate in future projects of electricity generation in this country.

The Spanish multinational has ensured that this operation, which is the largest foreign purchase in its history, will allow you to have direct involvement in Gasco, one of the three major distributors of liquefied petroleum gas (LPG), with a 27% market share, and Metrogas, the main gas distributor in the country with more than 580,000 customers.

As for the timing of the bid, Natural Gas will deliver the information memorandum to Chile’s securities regulator and the period for acceptance of the bid, which will last 30 days, until November 11, if open it does not expand.

On November 14, the result of the tender will be announced and on 28 November will be the last day possible payment to shareholders of CGE.

The Minister Enterprise of the Generalitat of Catalonia, Felip Puig, has welcomed today the acquisition of the main Chilean electricity since the operation announced by the multinational gas with Catalan matrix “symbolizes” the work you want to drive from Catalonia, based on internationalization of companies.

The operation of Natural Gas “makes us proud” and “allows us to explain that our market is the world”, said the Minister of Enterprise and Employment for an informative breakfast in Barcelona COM

Fernandez calls “confidence” to employers, but convened … – 20minutos.es

Fernandez calls "confidence" to employers, but convened … – 20minutos.es

Arturo Fernandez, vice president of CISM and the CEOE. (JORGE PARIS)

President of the Madrid bosses CISM and vice president of CEOE, Arturo Fernandez, asked Tuesday the “vote of confidence” of entrepreneurs to finish their projects up and call later early elections, which will not be presented.

He claimed it was “not aware” of irregular use of that card

Fernandez exceeded 6 October a vote of confidence vice president of CISM-all but one voted for continuity -. following news that during his time as director of Caja Madrid spent with your card B 37,326.57 euros, has been reinstated by the Caja Madrid Foundation

According to sources by Efe, the aim of Fernandez re-elected in March as president of Madrid’s patron, is close key projects of his tenure as the bylaws, Code of Ethics or the restructuring of the organization, which considered very advanced – and, once made, “open the door for choices to be made.”

For this, the President of CISM prompted the vote of confidence CISM Executive Committee and subsequently will the Assembly of the organization.

Before closing on a deadline to be fixed and that could last for months his time in Madrid bosses, chaired since 2007, expected Fernández Juan Rosell support in the elections of the CEOE.

The preferred option to relieve Arturo Fernandez as President of CISM is Juan Pablo Lázaro, current vice president of the organization and currently his right hand, indicated the sources.

CEO for 17 years and continuing the family business founded by his grandfather in 1898, Fernandez won the last elections in March of Madrid bosses to continue leading CISM for four years.

Fernández exceeded on 6 October, a vote of confidence Vice
of CISM

On 6 October, Fernandez and other executives of the employer -Miguel Corsini and Javier López Madrid returned 118,500 euros they spent with credit cards which were delivered them by Caja Madrid when they were directors of the entity.

So, the president of Madrid’s patron claimed he was “not aware” of irregular use of that card and said he spent “a food and gasoline” amounts that loaded and never made cash withdrawals.

The judge of the Audiencia Nacional Fernando Andreu has opened a separate case Bankia piece to investigate the existence of cards outside the general circuit which 86 former members of the leadership of Caja Madrid spent 15.25 million euros between 1999 and 2012.

In this case, Judge Andreu has called as charged to the presidents of Caja Madrid Miguel Blesa and Rodrigo Rato, as well as the former director general of the organization Ildefonso Sánchez Barcoj.

The Spanish economy remains vulnerable, according to the EC and the ECB – ABC.es

The Spanish economy remains vulnerable, according to the EC and the ECB – ABC.es

efe abceconomia / brussels

Day 13/10/2014 – 17.40h

angel antonio

Spain’s economy remains vulnerable to” shocks »by high internal and external debt

A Nobel for the regulation of monopolies – Five Days

A Nobel for the regulation of monopolies – Five Days

The French academic Jean Tirole, 61, a professor at the University of Toulouse, has been awarded the Swedish Central Bank in Economic Sciences, commonly known as the Nobel Prize in Economics. Tirole, one of the favortios in recent editions of the awards, specializes in microeconomics, extremely influential studies in the academic literature on market power and regulation.

According to the website of the Fed San Luis, who collects quotes from researchers, is the eighth most cited researchers in the world economy. Tirole also is the author of the reference textbook on industrial organization.

In an interview in the newspaper El País, in 2005, defended Tirole a Spanish electricity market can not function with only three or four operators: To solve this problem advocated open to competition from other countries different local markets.

According to the analysis of Tirole, many industries are dominated by a small number of large companies or a monopoly; if left unregulated, these markets produce “socially undesirable effects” such as higher prices or costs unproductive companies that survive by blocking the entry of new competitors, according to the Swedish Academy. “His analysis of firms with market power provides a unified theory with a strong influence on central policy issues: how a government should deal with mergers or cartels and how it should regulate monopolies,” says

<. p> When to regulate or legislate on companies that have dominant positions, Tirole argues that certain measures have different implications depending on their competitive or technological context, in order to encourage companies to be more productive without harming competitors or consumers. Otherwise, the regulation may have different effects than are desired.

But Tirole favor of the liberalization of services, resulting in lower prices. But it is only if supported by efficient regulation and an independent regulator.

Tirole’s work also raises other questions. Which activities must conduct the public sector and what impact has open state monopolies to private investors? Tirole asks what motives behind these processes make companies do not always take the expected decisions. The market power of dominant firms and information asymmetries between firms operating in a market and the regulator that oversees how they do it is another factor that affects these processes.

Tirole, early 80s, dealing with research on regulatory processes and reactions regulated from game theory, ie, explaining what the consequences of the decisions of supervisors in the behavior of both dominant firms and the rest of actors. However, the approach proved more complex than expected, and Tirole depth analysis of the internal organization of the company, technology and market, as well as the role and regulatory decision making.

In fact, relations between firms and regulator are not stable over time: the decision of the regulatory action by the company that has consequences in the following regulation is applicable. Thus, if a producer makes great efforts in reducing costs (and benefits a) controller can tighten the nuts on the forthcoming regulation, so the company ceases to improve efficiency. It’s the kind of dilemma facing Tirole in their work

Another example of the work of Tirole is affecting supply chains. Whether a company has a monopoly in one phase of the production process, in normal conditions (ie, before a group of customers competitive with each other) limited its ability to impose market power, but may have incentives to restrict supply and “create” another monopoly at the next level.

This is another of the dilemmas posed by Tirole: how to encourage innovation without punishing competencia.En 1983 drafted an investigation are Joseph Stiglitz (Nobel 2001) on patent races between firms

The prize is worth eight million Swedish kronor (about 885,000 euros), and Tirole concession alone is a novelty after years of awards (and checks) shared. The main contributor Tirole, Jean Jaques Laffonte died in 2004.

Gas Natural launched a takeover offer for the first power of Chile by … – RTVE

Gas Natural launched a takeover offer for the first power of Chile by … – RTVE

RTVE.es

Gas Natural Fenosa launch a public tender offer (OPA) on the 100% stake in Chilean society General Electric Company of Chile (CGE) at a price of 4,700 Chilean pesos per share (6.11 euros), which means that the company Spanish pay 2,600 million euros if you buy all of the Chilean securities.

The Chilean company is the greater power company , which has 2.5 million customers, and its purchase represents the largest international operation made so far by Natural Gas.

According to the statement released by Gas Natural to the National Securities Market Commission (CNMV), the closing of the transaction is conditional on a minimum of 51% of capital accept the offer, which seems assured, as Natural Gas has an agreement with the majority shareholders of the Chilean company Grupo Familia Marin Group and Family Group Almería Pérez Cruz, representing 54.19% social capital, by which they agree to sell “irrevocably” their shares under the offer to launch the Spanish.

is expected to launch the offer which the subsidiary Gas Natural Fenosa Chile SpA completed in second half of November and is paid “-cash “.

The price offered implies 71.7% raise the market price of each share CGE, which according to the note sent to the CNMV stands at 2,737 Chilean pesos.

As contained in tender document submitted to the CNMV, Natural Gas “and available funds cash and sufficient credit lines available to pay the price, “so” is not conditioned on obtaining any third party financing. “

” With this acquisition, Gas Natural Fenosa remains committed to meeting the targets set in November 2013 without execution risk and low impact on borrowing, “said Natural Gas. One of them is to grow in emerging markets like Latin America, where he had unsuccessfully tried other corporate transactions.