Miguel Blesa. // Efe – Faro de Vigo

Miguel Blesa. // Efe – Faro de Vigo

The Unit of the Judicial Police investigated by order of the National Court judge Fernando Andreu if the president of Caja Madrid Miguel Blesa has stakes in companies and has offshore accounts in order to extend the seizure of their assets to cover tax the bond liability for the use of cards B of the entity.

The exbanquero attachable assets only provided as an insurance policy which he valued at 15 million and the villa of the exclusive urbanization of La Florida, located in the town of Pozuelo de Alarcón and acquired a month leaving office in January 2010 by more than 2 million. After receiving this information, which Blesa provided the court clerk of the Central Court of Instruction No. 4 during a hearing that took place in his home, the court began the process to determine the actual worth of exbanquero, imputed by a continuing offense of unfair administration .

The Andreu judge has already ordered the seizure of the residence of Florida, 878 square meters, and another townhouse in San Lorenzo de El Escorial, with an area of ​​348 square meters. It has also blocked the fifth of the family home of 500 meters he inherited in 2009 and owned shares with his four brothers in Linares (Jaén) and current accounts, several vehicles and a safe in Mapfre.

Andreu ordered the start of foreclosure after the deadline of three days gave Blesa and the president of Bankia and Caja Madrid Rodrigo Rato for bonds deposited paths 16 and three million euros in consent for the use of ‘cards B’ during his time as head of the savings bank. Blesa tried unsuccessfully to Mapfre, an insurance Caja Madrid, by the endorsement was made.

The energy company E.on sold the business and leave Spain – El Periódico de Aragón

The energy company E.on sold the business and leave Spain – El Periódico de Aragón

The German utility E.on leave Spain. The company has finally reached an agreement with Australian fund Macquarie for the sale of its business in Spain and Portugal by 2,500 million euros. The investment vehicle of sovereign wealth fund Kuwait, Wren House Infrastructure, participating in the operation as a minority, which the emirate back more than 20 years after leaving Spain after the massive bankruptcy of KIO. The operation is performed by Macquarie European Infrastructure Fund IV. The activities to be sold include all E.on business in both countries, comprising 650,000 electricity and gas customers, and 32,000 miles of electric distribution network. In Spain and Portugal has a total installed generating capacity of four gigawatts (GW), including coal, gas and renewables. It has about 1,200 employees. The buyer is committed to long-term business, according to a statement E.ON As electricity distributor operates in Cantabria, Lugo, part of Asturias and northern Castilla y León. The transaction is subject to approval by the competition authority of the European Union. The transaction is expected to close in the first quarter of 2015.

E.on tried to gain control of Endesa in 2006 after withdrawing the proposed Gas Natural takeover bid. But I had to stop after the offer of Acciona and Italy’s Enel.

E.ON sells its business in Spain and Portugal – Faro de Vigo

E.ON sells its business in Spain and Portugal – Faro de Vigo

The German power company E.on, which suffer a high loss this year, has sold its business in Spain and Portugal to the Australian investor Macquarie 2,500 million euros.

E.on reported that part with conventional electricity generation and calculates further depreciation of 4,500 million euros in activities in southern Europe and some traditional plants, which generate the red in 2014.

E.on wants to abandon conventional generation, trading on wholesale markets and production and exploration, which will draw public in 2016.

Macquarie maintain and develop the activities of conventional power generation and renewable in Spain and Portugal and will become the next partner of distribution customers and sales in both territories.

“We are pleased to have found a good employer for our employees Macquarie, which already met its reliability when it bought the gas transmission network in Germany, “he told the president of E.on, Johannes Teyssen.

In 2008, after a strong auction in which also participated Italy’s Enel, E.On managed to take part of the activities of Endesa in Spain and Viesgo by about 11,500 million euros.

In conjunction with Acciona exceeded the counter E.on-offer for Endesa, which exceeded 40,000 million euros, when he retired Eon and in return received the activities of Endesa and Enel in Spain and some plants in France and Italy.

E.on, then headed by Wulf Bernotat, initially offered in 2006 29,000 million euros for Endesa, preferring to have that German company Gas Natural.

However, the Spanish Government challenged entry into a strategic energy sector and E.on, which had to improve its offer later.

E.on has had to revise from 2009 downwards several times the value of assets bought in Spain, France and Italy amounting to 11,000 million euros, including depreciation announced today.

The German company expects a net profit excluding extraordinary effects without depreciation of between 1,500 and 1,900 million euros 2014.

Also E.on studies the sale of its activities in Italy, as well as exploration and production in the North Sea.

The Supervisory Board E.on approved today also distribute a fixed dividend of 0.5 euros per share for fiscal years 2014 and 2015.

The sale of the businesses in Spain and Portugal at the bottom Investment Macquarie European Infrastructure Fund IV includes 650,000 electricity and gas customers, and 32,000 miles of electric distribution network.

Additionally, Eon in Spain and Portugal has a total installed generating capacity of four gigawatts between coal, gas and renewables.

The total number of employees in both countries is approximately 1,200 people.

The transaction, which will be closed expected in the first quarter of 2015 , is still subject to approval by the authorities of competition of the European Union (EU).

In addition, Wren House Infrastructure will become in minority investor in business in Iberia , along with Macquarie Fund.

“Our activities in Spain have higher-yielding assets with a diversified and environmentally responsible generation and electricity distribution network quality,” the president E.on.

The result of the sale increase financial flexibility and strengthen the balance E.on, Teyssen added.

Macquarie European Infrastructure Fund (MEIF4) is a fund specialized in infrastructure and interest in long-term investments in businesses European infrastructure of high quality.

Wren House Infrastructure was created in 2013 as global vehicle direct investments in infrastructure Sovereign Fund Kuwait.

Police are investigating whether Blesa has offshore accounts – The Reason

Police are investigating whether Blesa has offshore accounts – The Reason

The Unit of the Judicial Police investigated by order of the National Court judge Fernando Andreu if the president of Caja Madrid Miguel Blesa has stakes in companies and has offshore accounts in order to extend the seizure of their property tax to cover the bond liability for the use of the ‘cards B’ of the organization, legal sources have reported.

The exbanquero contributed last October 30 as the only real one insurance policy worth 15 million euros signed with the company Mapfre during his time as president of the organization, of which he was chief executive from 1996 to January 2010, and his family home in the capital.

After receiving this information, which Blesa provided the court clerk of the Central Court of Instruction No. 4 during a hearing that took place in his home, the court began the process to determine the actual worth of exbanquero, who is charged with a crime continued unfair administration.

The Andreu judge has already ordered the seizure of homes, cars and accounts available Blesa in Spain and were located behind these investigations have reported the same sources.

Andreu ordered the start of foreclosure after the deadline of three days gave Blesa and the president of Bankia and Caja Madrid Rodrigo Rato to bonds deposited paths 16 and three million euros in consent for the use of ‘cards B’ during his time as head of the savings.

Blesa tried unsuccessfully to Mapfre, an insurance Caja Madrid, It took over the endorsement and did not present any alternative for the period that had to do.

The judge argues that Blesa and Rato would have “consented, accepted and promoted” the use of ‘cards B’, which they assumed a cost of 12.5 million euros during the tenure of the former (1996 to January 2010) and 2.6 million during the stage of the former vice president of the Government in front of the Madrid box (between January 2010 and May 2012) .

The directors of CaixaBank in Cantabria examines graduate – ABC.es

The directors of CaixaBank in Cantabria examines graduate – ABC.es

(Cantabria) MARKETS-FINANCE | & gt; AREA: Economy, Business and Finance

 

29.11.2014 / 20:20 h EFE

 

 

Forty-six heads of offices and personal banking managers CaixaBank were examined today in Cantabria after following a postgraduate course in Financial Advice two years.

This course has the certification Pompeu Fabra University (UPF) and the Chartered Institute for Securities & amp; Investment (CISI), one of the most prestigious international certificates in the financial sector, highlights the entity in a note.

The test was made today simultaneously in 32 cities throughout Spain and in total have been tested 5,200 office directors and managers of personal banking.

According to CaixaBank, promoting professionalism of its employees to provide better service to customers and “contribute to strengthening confidence” was the objective of this initiative, which anticipates European regulatory requirements that will occur with the coming into operation of the Banking Union.

He explains that, thus becomes the first Spanish financial institution certifying training their employees both graduate diploma in Financial Advice UPF and CISI Certificate.

 

 
 

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European Commission calls for budget adjustments in 2015 to four … – ElTiempo.com

European Commission calls for budget adjustments in 2015 to four … – ElTiempo.com

European economic policy begins to tell a slightly different story, but the substance remains the same.

The European Commission called on Friday to France, Italy , Spain and Belgium more and immediate adjustments in their budgets for 2015. They have until March to modify them.

The Spanish situation is less pressing, as it would be to tenths to meet the fiscal deficit requires the EU executive, but France, Italy and Belgium are risking fines that could reach 0.5 percent of GDP.

The demand shows that despite plans investment without much content and discourse more focused on reforms in settings, bet economic policy is the same. pressure to reduce public deficit below 3 percent

That in an economic context of stagnation (the Eurozone grew by 0.1 percent in the second quarter and 0.2 percent in the second, while the United States was 4.6 and 3.9 percent ), unemployment (the rate of the Eurozone leads hooked months to 11.5 percent) and risk of falling into deflation (closed in October to 0.3 percent per year after 0.4 percent in September and countries like Spain take five months seeing price falls).

Had strictly applied its rules, the European Commission announced Friday could have the same fines, but Brussels decided to give three months offending countries.

France (second largest economy euro) and Italy (third) have to reduce the fiscal deficit and implement reforms that will improve the competitiveness of their economies, the report of the European Commission.

That, translated from the Newspeak of economic departments of the EU executive, internal devaluation means reducing wages to cut business costs while reducing social policies to limit spending public.

The European Commissioner for Economic Affairs, the French Pierre Moscovici, announced at a press conference that the European Commission “decided in early March if necessary further action. Then we will have a clearer picture of how governments with their reform commitments have been fulfilled. And they do it is in the interest of the entire eurozone. “

France’s economy most at risk of suffering a fine from the European Commission because it takes years to be monitored by breaching its goals prosecutors.

Brussels granted to Paris in late 2013 two years later, until the end of 2015 to bring the deficit to 3 percent. But in the French budget presented in November at Community executive that rate reaches 4.5 percent and, according to forecasts from Brussels, would rise to 4.7 percent in 2016.

Italy, while maintaining the controlled deficit, has a 132.2 percent of public debt, the second eurozone after Greece.

In an interview Friday Belgian newspaper Le Soir, President of the European Commission, Jean-Claude Juncker, said he had discussed with French President François Hollande and Italian Prime Minister Matthew Renzi. According Juncker, I would have insisted that wants a clear timetable for reforms and “not enough just promises.”

Austria, Portugal and Malta also received warnings, but the difference with Brussels is limited to these countries submitted budgets with a growth forecast that the European Commission considers exaggerated, so it warned that its fiscal deficit could skid.

Across the table appears Germany, which passed its budget in balance (0.0 percent fiscal deficit without triggering new debt) since 1969.

France receives more Spanish

The entry of Spanish immigrants, Portuguese and Italians in France doubled between 2009 and 2012 as a result of the crisis, and that has helped increase the weight of Europe, which accounted for 46 per cent of those settled in the country in that year.

IDAFE MARTIN PEREZ
TIME
Brussels

Arrested in Murcia for praise on twitter murder of a police … – La Vanguardia

Arrested in Murcia for praise on twitter murder of a police … – La Vanguardia

Madrid, November 28 (EFE) .- One person has been arrested tonight in Murcia by praising the social network Twitter the murder of a police officer and serious gunshot wounds suffered a sergeant in the Corps a bank robbery perpetrated on Friday in Vigo.

As reported tonight Police Officer through its official Twitter account, the individual has been arrested in Murcia for issuing “a tweet praising the robber that has killed our Vanesa agent and wounded comrade. “

The tweet that caused this arrest, which for the moment details are unknown, was hanged on Friday afternoon and it’s now I stopped saying “Bravo for the robber, he has made two criminals remain serious”

The robbery occurred about 14.32 hours at a branch of the street Doctor Carracido, in the neighborhood of Calvary. Vigo, where there has been a shooting in which the robber died and an officer of the National Police.

Another effective police has been seriously injured, and an employee of the branch suffered the impact of a bullet.

Oil falls to the new strategy OPEC … – Expansión.com

Oil falls to the new strategy OPEC … – Expansión.com

Oil prices tumbled more than 8% yesterday to a four years after OPEC decided not to cut its production target despite the months that accumulate fall in prices have damaged the budgets of many cartel members.

The decision brought down the shares of energy companies, weakened currencies of oil exporters and clouded the outlook for US producers of unconventional oil (shale) . And all this against the backdrop of next crash 40% suffered by the oil price since mid-June. As the group announced that it would extend its current daily production ceiling of 30 million barrels traded on ICE Brent for January delivery fell $ 6.50 to $ 71.25 a barrel. He later recovered losses, trading at $ 72.80. Igor Sechin, the powerful chairman of Russian state oil company Rosneft, predicted that oil could drop below $ 60 in the first half of next year, said the company would be forced to postpone some costly projects. The Russian ruble, which has lost 27% of its value since mid-June, a record low of 48.7 against the dollar, while shares of European airlines and other large consumers rose in the case of easyJet 5.7%. The rebound of US production, which reached its highest level in three decades, has joined OPEC reserves well above the target and slowing oil demand in China and Europe and saturating the market. The decision not to modify the production target represents a significant change from the traditional policy of the cartel, trying to shore up prices through production cuts. This suggests that OPEC, and especially its largest producer and de facto leader, Saudi Arabia, expected to test the value of US shale operators and assess how they might impact of lower prices on output growth. “I would not call a price war, but it is a very aggressive test for US shale,” says Jamie Wenster an oil analyst at consultancy IHS Energy. “It’s a new strategy of OPEC.” However, it is also a test for multiple poorest members of OPEC. The low cost producers and large foreign exchange reserves as Saudi Arabia are willing to endure a period of cheap oil, while Venezuela, Nigeria and Iran need higher prices to balance their budgets. In the days before yesterday’s meeting, some members, especially Venezuela, have openly called for production cuts. Amrita Sen, oil analyst Aspects of Energy, said: “This is turning into a fight to see [who have] more money, survival of the fittest”. In his final statement, OPEC said it would maintain its current production levels in order to “restore market balance”, which is a clear indication that believes the cure for increasing oil saturation is a lower price. That message echoes previous statements Saudi Oil Minister Ali al-Naimi, who said before the meeting that he expected the market “were to stabilize itself” was made.

Alierta: ‘Telefonica seeks a global alliance with BT’ – Expansión.com

Alierta: 'Telefonica seeks a global alliance with BT' – Expansión.com

The Spanish group dismisses sell O2 in the UK if the operation is not included in an agreement or other countries.

César Alierta, chairman of Telefónica, explained today London negotiations with BT, although still at a preliminary stage, are “fluid” and are aimed at creating “a global alliance between the two companies.”

According to Alierta said in an act of Chamber of Commerce of Spain in Britain, “it is clear that Telefónica and BT are highly complementary in the UK, but there are synergies in other countries.”

BT has fixed on the British market, while focuses on mobile O2. Outside the UK, BT Group provides services to major clients in almost everyone, while Telefonica has business fixed and mobile telephony in several countries in Europe and Latin America.

On Monday, BT and Telefónica admitted the existence of negotiations for an agreement. Analysts believe that the British company could buy O2 Telefonica, in exchange for a 20% stake in BT that allows them to continue working in various businesses

& gt.; Alierta almost completely ruled out the possibility of selling 02 BT for an amount in cash and leave the UK, as this country is “strategic” for the group. Analysts value O2 9,000 million pounds (11,340 million euros)

& gt.; Given the possibility that BT prefer an ally among British operators EE mobile, President of the Spanish group said that if he were in the situation of the British company, “also negotiate with several” and he added that Telefonica could seek other global agreements if it does not go forward

& gt.; On the political situation in Spain, the president of the attendant said he is not concerned about the rise in the polls can. Alierta said that Catalonia and the rest of Spain benefit from each other to form one country.

“The great advantage of the companies and the Spanish economy is that we can access to a market of one billion people, by adding Europe and Latin America. So can it be large companies at home and Telefónica “he said.

Slim saves Koplowitz – The World

Slim saves Koplowitz – The World

The Mexican tycoon Carlos Slim , one of the first fortunes in the world, El Salvador becomes one of the great magnates of Spain and also a major construction companies.

Slim will be the new prime shareholder of Fomento de Construcciones y Contratas (FCC), the infrastructure company controlled by Koplowitz family for six decades. Representatives of Koplowitz and Slim have reached an agreement for end the saga of the last two weeks in which there was a failed previous attempt with funding from the US financier George Soros.

The agreement, whose details will be communicated to the Comisión Nacional del Mercado de Valores (CNMV) shortly imply a radical reduction in the share of Koplowitz, which controls 50.01% of the capital, for the Carso Group, controlled by the Slim family. The Mexican group will take over 25% of capital , slightly below the Spanish tycoon, according to sources familiar with the deal. The CNMV objected to both partners reach a joint agreement and equal participation to jointly control group without launching a Public Tender Offer for Shares (OPA).

Based participation assume Slim, disburse more than EUR 650 million . Of these, about 500 in the capital of FCC and the rest payment Koplowitz to assume their subscription rights. Your entry will be through a capital increase with double positive effect Koplowitz . On the one hand, by selling rights to the capital of FCC mogul leave his current situation of default on their personal debt with creditors BBVA and Bankia and prevent the seizure of their properties.

On the other the entry of Slim is a capital injection for FCC , which is also pending negative oxygen that allows bolster its strategic plan and standardize its financial relationship with the bank assets.

The landing implies that Slim gets half of the 1,000 million capital increase under FCC, which facilitates the group led by Juan Béjar the task of getting investors to complete.

The news that the deal was finalized yesterday rushed and rise in the stock market higher FCC to 3%. closed at 15.5 euros per share, above the 14.63 recorded on day 14, when Koplowitz announced the start of his talks with Soros. The market valued yesterday at 1.948 million old builder acquired by Ernesto Koplowitz in 1952.

FCC announced last Monday breakdown of negotiations of its main shareholder, Esther Koplowitz, with Soros and the opening of talks with the Carso Group, owned by the Slim family. “Following the Relevant Event dated November 14, 2014, the controlling shareholder of FCC has informed us that has ended the exclusivity granted to Soros Fund without having done deal for your investment” FCC said. But he hastened to announce an even more important partner: “However, the eventual acquisition of rights to subscribe for FCC corresponding to B1998 [the equity of Koplowitz], directly or indirectly, within the framework of the capital increase approved by the Board dated November 20, 2014, is now traded on an exclusive basis with Corporate Control Capital SA de CV, a company belonging in its entirety to Inmobiliaria Carso SA de CV which in turn estácontrolada by the Slim family. “

The sources claim that the conversations with Slim have been easier than with Soros and suggest that Mexico already showed interest in a while.

With Slim, FCC will in its capital to two of the first fortunes of the world, since the founder of Microsoft, Bill Gates keeps 5% of capital construction group .

Economy.- Brussels today approved the investment plan 300,000 … – elEconomista.es

Economy.- Brussels today approved the investment plan 300,000 … – elEconomista.es

Note to users: – ( 0 votes)

The opinion on the budget for 2015 of countries Eurozone is delayed to Friday

BRUSSELS, 25 (IRIN)

The European Commission adopted today its announced plan for public-private 300.000 million investment in three years, which aims to revive the European economy and avoid a third recession. Its president, Jean-Claude Juncker, presented the initiative to the plenary of the Parliament on Wednesday morning.

Since the beginning of the financial crisis, investment has fallen on average about 20% in the EU. The lack of investment is one of the reasons that explains, as European leaders, the weak recovery in Europe.

Juncker announced its plan of 300,000 million euros during his inaugural speech to the European Parliament the last July to win the support of the Socialists and decided to accelerate to the worsening economic situation in the eurozone. The money will be invested in projects of European interest that are mature in areas such as transport, energy and the digital economy. To identify them, and was created a working group which are represented capitals.

As for the financing of this plan, the President of the Commission has made clear that it should not generate more deficits and debt Member States, so most of the money will have to come from the private sector, has said Juncker. They also confirmed that the European Investment Bank (EIB) will participate and that the EU budget could be used as collateral.

To implement this investment of 300,000 million, Brussels will create a new European fund to be fed only 20,000 million euros. This capital will come from money already provided in the EU budget and EIB. In addition, national public banks will be invited, as the ICO in Spain, to make additional contributions, as reported by the French newspaper Les Echos’.

With this fund is to finance riskier projects currently assumes the EIB. To this end, private investors provide a guarantee on the first losses of funded projects.

However, Juncker plan has raised questions as before approval. Thus, the French Finance Minister Emmanuel Macron, said in an interview with the Financial Times that the 20,000 million euros capital may be insufficient to mobilize 300,000 million investment. To Macron, you would need at least 60,000 to 80,000 million capital.

The plan will be discussed in the coming weeks by the finance ministers of the 28 and is expected to be endorsed by the Heads of State and Government at the summit on 18 and 19 December.

The EU has already launched in 2012 an investment plan of 130,000 million euros proposed by French President François Hollande, but its effects on the economy were invalid.

EXTENSION OF FOUR MONTHS FOR FRANCE

The commissaires also discuss Tuesday the opinions on the budgets for 2015 of the eurozone countries, with France and Italy in the spotlight. In both countries, the EU executive intends to ask more cuts to meet deficit targets. However, the publication of opinions Brussels has been delayed until next Friday.

According to newspaper ‘Le Figaro’, the Commission has decided to postpone four months deciding whether to give two extra years Paris to correct its excessive deficit up to 2017 as requested by the Government of François Hollande, or if instead advances in the sanctioning process with a fine that could reach 0.2% of GDP (4,000 million euros) .

The goal is to give a last chance for France to accelerate the reforms promised to improve the competitiveness of its economy prior to the sanctions.

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The European Commission estimates the impact of ‘Juncker Fund’ in a 3 … – HOME

The European Commission estimates the impact of 'Juncker Fund' in a 3 … – HOME

President of the European Commission, Jean-Claude Juncker, left, talks with Prime Minister Italian, Matteo Renzi / Christian Hartmann (AP)

The financial engineering plunged the world into serious trouble seven years ago, and Europe now tries to circumvent the crisis with another round of financial engineering, this time constructively to strengthen its sluggish recovery. Brussels yesterday confirmed that use of the European budget 16,000 million and 5,000 million from the European Investment Bank to cement Juncker Fund, an investment plan that hopes to raise money on the markets and the private sector to reach 315,000 million in energy and transport infrastructure in the digital agenda and through SMEs. The European Commission estimates the macroeconomic impact of that plan between 2.5% and 3.1% of GDP in the next three years, with the creation of 3.3 million jobs by 2017 if things go well.

“The plan has the maximum possible resources in view of political consensus and the legacy left by the crisis. And can work if the markets believe helps clarify the horizon, if investors see clear projects, and whenever the ECB also do your part to overcome the risk of a secular stagnation “explained one of the team members Juncker at the time that the pope Francisco gave his speech in Parliament. Francisco did not cite in Strasbourg the parable of the multiplication of the loaves and fishes. But maybe that’s the right metaphor to describe the European plan to find the missing piece of the puzzle out of the crisis. Investment

Who puts money

The Commission will draw 16,000 million from the EU budget and the EIB will contribute 5,000 million: these 21,000 million of public money will serve as a lever to catalyze 315,000 million euros, which could be more if Member States join the bandwagon. That should be minimized the investment gap, which is 270,000 million below the pre-crisis levels. Public money will be used as collateral to issue debt in the markets and to attract private investment: the first will cover losses if the projects fail. “That allows you to take greater risks in strategic investments,” according to EU sources, targeting senior officials in Brussels have already met with leading European funds (AXA, Allianz, Deutsche Bank and company). The new money really comes down to 2.000 million. And to avoid any losses generate a hole, European institutions activate a provision (a cushion of capital for the event of red numbers) 8,000 million by 2020.

The multiplier

The financial accelerator is one of the great discoveries of this crisis. It worked when he broke the hurricane: the degree of leverage of financial institutions multiplied losses. Brussels seeks now to work in reverse: calculates a multiplier 1:15 and ensures that this estimate is “prudent”, “based on historical experience” in previous financial programs of the EU. But it will be different in each case. Investments will be selected by criteria of viability: no country shares or by sector and decision making avoid at all costs the political criteria to ensure maximum support of the private sector

Why this. Once you?

It was a similar plan in 2012 that did not work. The Commission believes that this time is different: first, the euro no longer going through an existential crisis; on the other, there are large numbers of private savings in the world that do not invest in Europe for fear that things go wrong. “The plan follows a clear philosophy: he wants to use the available liquidity and low interest rates environment. We want to stimulate investor appetite for the promoters of this type of infrastructure “, according to European sources. “Running with the first losses distrust of private sector contracts,” “but it would be naive to believe that a simple answer will solve all the problems.” “Europe needs more: this is a drop in the ocean” close

What else is needed

In a word:.? Grow. The ECB chief Mario Draghi calls for it a less tight fiscal policy reforms and investments, and promises to make efforts to monetary policy, probably with a purchase plan large-scale debt in 2015. Juncker puts their bit with the investment. France and Italy prepared reforms. Brussels given a slap on those countries by the serious risks of breaching its deficit targets but will not take drastic measures: fiscal policy will not harden. The investment plan also has tax side effects: Member States can add to the guarantees; “That does not count as deficit,” says the Commission.

Linde supports families in bankruptcy law – Newspaper

Linde supports families in bankruptcy law – Newspaper

Wednesday, November 26, 2014

The governor of the Bank of Spain, Luis María Linde, Congress yesterday.

Many European countries have specific regulations to help family , freelancers or small businesses that can not cope with their debts, so-called laws of second chance . The governor of Bank of Spain , Luis María Linde , was yesterday in favor of adopting a similar rule in Spain, but also warned of the risks.

Even international institutions like the International Monetary Fund , admitted Spain have recommended it to act in this regard. “It is a subject to study. It is true that Spain is an exception and the Bank of Spain sees no nonsense consider what can be done. But you have to find a reasonable and useful content, and see the times that reform is undertaken, it is not just a reform of this kind in a time of financial stability, economic growth and credit standard in a very different time ” warned Congress.

A standard may well have “complex consequences from the point of view of financial stability” of the banking sector, he added in response to deputy ICV Joan Coscubiela . Therefore, he offered the assistance of the Bank of Spain for, “to the extent of its possibilities and its forces”, contribute to this “reasonable and rational discussion.”

In this sense, also advocated differentiate between “point” “acute concern, serious and painful social problems” but, like evictions. These, he argued, “should be resolved through specific social actions”, while broader issues are to be addressed to “general”.

VARIOUS / Linde WAGES also supported to leave behind the era of austerity pay , but not for all companies. “We must not encourage the widespread wage increases. We have to distinguish good companies that can to those who can not “brandished.

The governor also said that growth and inflation may be” very low for a long time “but denied signs of recession or deflation in Europe. He also warned that additional measures might be needed to achieve the deficit target next year. The meeting of European Central Bank December, forward, will be “very important” in the face of new extraordinary measures.

The Bank of Spain terminating the “time of crisis” in the … – La Rioja

The Bank of Spain terminating the "time of crisis" in the … – La Rioja

The Bank of Spain considers that the crisis is over … for companies. And is that the results presented yesterday to the CBSO (a study that collects data from 799 nonfinancial companies in the first three quarters of 2014) show improved activity and corporate profits of 62.4% through September this year. An increase favored by the increase in exports, the positive trend in sales inside thanks to the rise in consumption and contribution in stabilizing the labor costs of wage moderation. With these data, the general director of Studies of the supervisory body, José Luis Malo de Molina, do not hesitate to say that “the business sector has outpaced the time of crisis.” However, he also added that the crisis can not be terminated at the level of employment nor in regard to income per capita (8% lower in 2014 compared to 2008), neither of GDP (still 6% lower in 2008). In any case it is the first time that the Bank of Spain speaks of the end of the crisis, even partially.

And, as explained Malo de Molina, from a technical standpoint is “obvious” that the recession is over and the data show that recovery was consolidated during this year. “The improving trend is clearly anchored in 2014 and a pattern of recovery is established, an entry in value added growth companies and an increase in corporate profits,” he said. Malo de Molina explained that corporate profits to September grew significantly (62.4%) because they are coming from very low levels. But also occurred thanks to gains on sales of assets, ie, by extraordinary income. Thus, the activity rate rose from 3.1% back in 2013 to a positive sign of 0.2% in the first nine months of 2014. By sector, the generalized contractions recorded in 2012 and 2013 contrast with developments in all areas of activity in 2014, except in information and telecommunications.

However, this improvement in activity does not correspond to an increase in employment. And is that the templates were down 2.3% in 2013 and continued to do so until September 2014 by 0.5%. In this sense, Malo de Molina explained that this negative percentage is due to the overrepresentation of large companies in the survey, as these companies are still immersed in plans settings. “The trend of net job creation that is occurring in SMEs is not reflected,” said the CEO. However, the data presented in the CBSO show that in the first nine months of temporary employment grew by 3.2% and the fixed continued to decline by 1.2%.

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Meanwhile, staff costs, which had contracted by 2.1% in 2013, slightly increased by 0, 4% until September 2014 due to reductions in staff and a modest increase in the salaries of employees. In this regard, the Director of Studies of the Bank of Spain stressed the usefulness of wage moderation to “gain competitiveness in companies’ and ‘create jobs’. In fact, he regretted that this measure will be held “too late” when the crisis had already hit many companies. However, he also expressed the view that as the economy improves there are “more likely to increase wages in sectors with higher productivity and dynamism” as long as it does not affect competitiveness. A statement that is gaining strength among experts and is a novelty in the discourse of the Bank of Spain, which had hitherto preferred position on this debate.

Less debt

In addition, the study also reflects a 1% reduction in financial expenses as a result of lower interest expense and reduced levels corporate debt, which offers a ‘clear’ downward trend, especially among the most leveraged firms.

Moreover, Malo de Molina recognized that the greatest risks to the Spanish economy from abroad. “The main concern is a scenario of economic weakness in the euro area linked to low inflation,” said the head of the Bank of Spain. In his view, this situation would hurt exports and threaten the expected growth of 2% of GDP by 2015. In this sense, justified the “exceptional” measures taken by the ECB to avoid that dreaded scenario materializes.

Juncker EIB plays to save his investment plan – Five Days

Juncker EIB plays to save his investment plan – Five Days

The European Commission chaired by Jean Claude Juncker takes only 23 days in office and already has that fajarse to defend its credibility, start LuxLeaks forward by filtration (tax evasions permitted by Juncker when he was Prime Minister of Luxembourg) and doubts about the ability of the organism to revive the European economy.

This week, Juncker attempt to regain the initiative knowing that much of its prestige depend on the announced plan to mobilize 300,000 million euros public investment between 2015 and 2017.

“We can not disappoint, because the Juncker Commission is going to judge by this investment plan,” a senior official of the new equipment is concerned with the questions raised the creation of a European Strategic Investment Fund, as claimed baptized at Juncker plan. The same source states that the European Investment Bank (EIB) will be the centerpiece of a plan that hopes to serve as a catalyst to increase the available resources.

However, the budgetary constraints of the EU and the deaf but intense conflict between Berlin and Paris on the reorientation of European economic policy limit the ability of Brussels to present an ambitious stimulus.

President of the Commission had piqued the possibility of using available resources the bailout fund (ESM), but Berlin flatly refused. Nor has prospered hypothesized to increase the capital of the EIB as was done in 2012.

With almost all avenues of blinded funding, Juncker is willing to risk their triple A that holds the EIB as a guarantee of quality credit to try to mobilize the resources promised. In principle, Brussels endorse the new risks with its own funds worth about 15,000 million euros, which, ideally, could attract an investment four or six times. But regardless of that financial alchemy, which is often met in Brussels seeks, above all, relax the strict criteria of the EIB in its management.

“can not be granted unless the EIB loans in 2013 [ 72,000 million] in 2009 [79.000 million], just before the sovereign debt crisis “was shocked Commission sources.

Brussels accuses the EIB to ensure more by their own credit standing which act as a counterweight in times of crisis. A crisis that has reduced by almost 500,000 million private investment available each year. There are those who attributed the lack of interest from the EIB to cover the gap to the presence of a German, Werner Hoyer, leading financial institution in the EU.

The EC wants to end the shield and played the EIB to finance more risky projects in energy, transport and broadband. For now, the criterion requiring only border infrastructure fund to include purely national be deleted.

Brussels also wants to relax the pre-project approval environmental assessments, but there is a risk that fiascos like Castor, gas warehouse built in Spain and you can not use repetition. And finally, we want to give priority to financing of small and medium enterprises. “To compensate for the favors Juncker made multinational when he was prime minister, ‘says an EU source critical of the plan.

If the schedule is met, the plan Juncker be adopted tomorrow Tuesday and will present the day before the European Parliament. The final terms will be decided presidents Government at the European summit on 18 and 19 December. And the fine print will depend largely on the willingness of Angela Merkel.

German Chancellor requires, as a counterpart to any stimulus to the full force of the Covenant of Estabilidad.Alemania want to call attention to Brussels Paris to complain expedited wage cuts, pension cuts and lower pressure in the corporate tax.

The compromise between the two parties aims to closer budgetary surveillance over France, which could implement this week, but without opening the entire route of sanctions. And, in return, a European investment plan very limited, based on a theoretical leverage in the previous four plans (two stimulus, one through the bailout fund and another for SMEs) never fulfilled. Typical minimum solution waiting for a miracle to avoid its third recession in six years

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Pope Francis, ¿ally against austerity?

The European economy is so down that even the papal visit to Strasbourg acquires a symbolic recovery. On Tuesday, Francisco visit the headquarters of the European Parliament and the Council of Europe. The last visit by a pontiff to the European institutions was in 1988. Only a year after the visit of John Paul II, the Berlin Wall, an event that some historians attribute in part to anti activism Cardinal Wojtyla was felled . Similarly, there are now those who trust in the presence of Cardinal Bergoglio in Strasbourg mark a turning point in the austerity policies that have contributed to the impoverishment of a part of Europe. “We hope that the Pope’s visit will serve as a reminder that the economy is at the service of citizens and not vice versa,” says Jorge Nuño, secretary general of Caritas Europa. Nuño presented last before the European Parliament a report that makes a devastating balance of managing the crisis in Europe week: “There is hardly any growth and, instead, the debt is huge and there are millions of unemployed,” summarizes a document that recalls there are already 122 million Europeans at risk of poverty. And the damage is not limited to the rescued countries or the euro area. Germany is the country where the poverty rate among people grows faster with work. In Poland, a million people receive food assistance from Caritas. In the UK, child poverty has skyrocketed. Data that Francis probably remember his native Argentina, but may not be expecting just a kilometer from Vatiano state.

The CE approve the plan proposed investment of 300,000 million … – Diario de León

The CE approve the plan proposed investment of 300,000 million … – Diario de León

The European Commission approved on Tuesday the plan for public-private investment of 300,000 million euros over three years proposed by the President of the Commission, Jean-Claude Juncker, in his investiture and aims to boost economic recovery. It is expected that this initiative Juncker Parliament on Wednesday.

The investment plan will focus on mature projects of European interest in the transport, energy and the digital economy. Most of the money will have to come from the private sector, it must not generate more public deficits and more debt in member states. The European Investment Bank (EIB) will have a substantial role and can use the EU budget as collateral. The slowdown in the growth of the EU and especially the eurozone, has forced accelerate. Juncker defended this macroinversión to win the support of the socialist group during his inauguration as President of the European Commission.

A support him no evil shall come Monday when the plenary of the Parliament debated the motion of censure by eurosceptics and the extreme right against the Commission chaired by Jean-Claude Juncker by scandal ‘LuxLeaks’. The motion will be voted on Thursday, but will not succeed because popular, socialists, liberals, greens and even United Left which was collecting signatures to present its own motion of censure against Juncker – have already announced they will oppose so as not to the game eurosceptics and the extreme right.

The fire plant Campofrío not raise pig prices – HOME

The fire plant Campofrío not raise pig prices – HOME

Plant Campofrío, Burgos, after the fire. / Santi Otero (EFE)

Market prices of pigs have remained in the last week a position of stability. Faced with widespread fears in the sector by the fire at the plant Campofrío, the first operator in the sector, there was a repetition of prices in the market of Lleida considered the market benchmark.

the pig sector accounts annually slaughter 40 million animals with an output of about 3.5 million tons of meat. Of this amount, about 1.5 million pigs slaughtered corresponds to Campofrío. Although fire industrial plant produced and processed in the company has continued to operate the slaughterhouse to the distribution of production meat in other plants.

The farmers have been able to able to output your time animals. The Burgos company eliminated from the outset all kinds of uncertainty maintaining compliance sale contracts where there is a clear predominance of the Castilian community farms in Leon. This purchase warrant assumed normal in the sector and prevented the collapse of markets which are already at low levels of contributions, in part, by the Russian veto.

The company Campofrío, from its commitment to lift again Burgos plant maintains its strategy of continuing priority support productive activity within 100 mile radius from the industry for cost savings

The oil yields

The olive oil prices have started a line of falls after a period of six months of permanent uploaded since last spring which represented a cumulative increase of over 40%.

This cut would respond to a predicted harvest lower, but higher than expected, as well as a drop in exports and domestic consumption by rising prices. Quotes for medium quality lamp oil rose from 1.65 to 1.70 euros per kilo in May to 2.65 euros in recent weeks. But already begun to sag.

Facing the previous year 1.8 million tonnes which represented a record, the current season about to begin, it is estimated, according to data handled by the production sector, Andalusian and Agriculture, between 780,000 to 825,000 tons, while, for industrial harvest could exceed 900,000 tonnes. For the purposes of availability to meet the needs of markets, this figure a stock is added to the beginning of the season to October 1 of 500,000 tonnes and imports expected from additional 100,000 tons. This would give a total of between 1.45 and 1.59 million tonnes.

Rosell on Catalonia: “also the rest of Spain has to say … – Negocios.com

Rosell on Catalonia: "also the rest of Spain has to say … – Negocios.com

Rome, 21 nov.- The president of the Spanish Confederation of Business Organizations (CEOE), Juan Rosell said today in Rome in Catalonia “a problem” and that “the rest of Spain must also say something about it.”

“In Catalonia people know that there is a problem, and the rest of Spain should also know that in Catalonia there is a problem,” Rosell, who participated in a meeting of the European employers said.

For the president of the employer, the question “have a really difficult and complicated connotations, but we have to address, we can not let problems stand there forever.”

“And that’s the problem to approach it with the understanding that the rest of Spain must also say something about all this. Not only do we live in Catalonia, “he reiterated.

Rosell said his European counterparts have asked” a lot ” the situation in Catalonia during the meeting of the European employers, Business Europe, held in the Italian capital, where he participated yesterday in this annual forum that brings together the presidents of the organizations that constitute the Community employer, which is VP .

Asked if its European partners have shown interest in the Catalan sovereignty issue, responded that “undoubtedly much” and that they have also made several organs such as the International Monetary Fund (IMF).

When these organisms are interested in this situation, the Spanish employer responds that it is “a political, economic and social problem” to be addressed “on the table, see how is the situation, how you can fix it, analyze it very coolly and with few feelings. “

Rosell called for establishing the powers they have each other,” clarify who is to do things, how should do, what land do. “

” And I would go further and many of these issues transfer to Europe, which is the future. At this time instead of going forward, Europe, we are often looking back, “he lamented.

In this sense, the president of the CEOE predicted that Spain” will be little independent within 50 years “because, in his view,” will be Europe. “

” So, go back, I think it’s a little go in the opposite direction of clockwise and history, “he said.

The Catalan businessman said that” many things can be arranged for good because they are management problems “, but also noted that there are others who respond to” certain detachment of many Catalans “with what is done from Madrid.

” I have many friends and I constantly repeat that begins to emerge certain detachment from many other people of Spain for Catalonia. And that’s not good, either one way or the other. “He said.

At the same time he advocated talking and explaining,” we tell us where the problem is, “he advised.

“Is that in Catalonia people do not understand that the Provider Payment Mechanism has been a lifesaver for the Generalitat, which was what was most indebted. In Catalonia nobody knows this. No, “he said by way of example.

On the role of Catalan business in the sovereignist process, explained that it has not been positioned because” in Catalonia has not decided anything from the point of view of one hundred hundred of legality “, in reference to consultation last November 9.

” Maybe if someday they arose, as people would position. But if there is nothing to what review, how and in what way, because people do not is pronounced “he said.

Rosell will face for the presidency of CEOE with the president of CEPYME, Antonio Garamendi, in this body elections next December 17.

Garamendi has recently criticized the employer “has not lived up to the circumstances” before the sovereignist process raised in Catalonia. EFE

Draghi will it polishes the Ibex, which scores a 3.67% weekly and … – Finanzas.com

Draghi will it polishes the Ibex, which scores a 3.67% weekly and … – Finanzas.com

The Ibex 35 marked the week with steep ascents. So, selective started from the 10,148 points and ended at about 10,420, representing an increase of 3.67% in the last five days. The determining factor in these increases came directly from Frankfurt. Draghi toned speech, especially in today’s session, which pointed to new steps towards stimulating the economy and increase inflation. This added to other bullish factors has made the Ibex has climbed 3.5% today.

Among those other factors highlighted by the cut in interest rates that has been introduced in China. The Asian giant has decided to promote this measure to support its economy. Additionally, today had witching hour, which has caused increases in Europe were more in the morning.

In the last part of the session, Wall Street has risen to the bullish wave that was taking place in the Old Continent , so that European markets have reacted by extending their gains. The Dow Jones rose 0.69%, Nasdaq 0.51%, the S & amp was noted;. P 500 advanced 0.65%

As if this were not enough, analysts at Goldman Sachs have pointed out that Spain and Germany will grow over the whole of the eurozone.

With all this bullish cocktail of measures, the German Dax has risen 2.62%, the French CAC 40 gained February 1 67%, the FTSE 100 English has climbed 1.08% and Italian FTSE Mib has appreciated 3.76%

The market strategist at IG Pingarrón Daniel took stock of the trading week: “The President of the ECB, after admitting a difficult economic situation in the euro zone and some volatility in the inflation outlook, has stated today that will do everything necessary to raise prices and raise expectations on them soon. The market reprises these statements there are greater chances that the ECB will increase sooner than later programs of asset purchases. This is the key factor of the week, already caused clear increases in session on Monday and Tuesday. Europeans are beginning to discount assets clearly increased purchases of the ECB “

Within the Dow, the main beneficiaries of Draghi’s words have been builders and banks . Daniel Pingarrón IG, said that “As usual, banks and cyclical companies, such as construction, are the most benefited sectors, resulting in the Ibex 35 leading developments in Europe.”

To XTB analyst Joaquin Robles “Ibex 35 including all the movements of a more aggressive form than their counterparts taken. Both for good and for bad. The truth is that the last day of the week has been more successful than expected. If first thing in the morning was Draghi who again reiterated that he would do whatever possible and without delay to help up inflation to their recommended levels, which really boosted the market was supporting two hours later the president of the Bundesbank Jens Weidmann. “

The most bullish Madrilenian park values ​​have been Sacyr, ACS, ArceloMittal and FCC, all above 5%. On the side of the falls are located Abengoa, which has left and Viscofan 1.99%, which has lost un0,26%.

Among the great values, Santander has gained 3.66% , BBVA has scored 2.68%, Iberdrola has risen 3.31%, Inditex has advanced 2.91%, Telefónica has climbed 2.93% and Repsol has risen 3.74%.

Draghi’s words have resonated strongly in the forex market and the debt market. The interest demanded by the Spanish bond fell to 2.025% just before closed bags. At the same time, the risk premium fell to 124 basis points.

The euro has fallen sharply following Draghi’s words. At the time of closing of the equity markets in Europe, the euro was $ 1.2409.

Coca-Cola Bottler AN valued self and not force them to … – The Vanguard

Coca-Cola Bottler AN valued self and not force them to … – The Vanguard

Madrid, November 21 (MarketWatch) .- Coke Iberian Partners valued the auto Court that requires the company to pay the wages of workers who requested the execution of the sentence -to which were He deducted the unemployment benefit and does not require you to reopen any closed 4 plants.

So today the company announced the decision after meeting of the National Court that supports the provisional execution of a judgment declaring null ERE affecting 821 workers.

The judgment of the AN only affects workers who have applied for the execution of the judgment, 350 according to the order issued today, though those unions also affect other workers who request it until the judgment becomes final.

It has detailed that respects the order of provisional execution of the judgment and insists that the car does not require the reinstatement of workers, it depends solely on the will of the company, nor to reopen any workplace.

The negotiating since June with union representatives from the company, Manuel Pimentel, said that “the that the High Court did not compel reopening (center) Fuenlabrada can offer a job to all who want it in other plants of the company. “

You have stressed that the car establishes a five days for the company to decide whether to proceed to the reinstatement of workers applicants.

A reinstatements that in any case, be carried out in centers that are open and in positions now existing under the current organizational configuration Iberian Partners.

Iberian Partners reiterated that the judicial process is ongoing in the Supreme Court, and its commitment to further advance its development plan to find the best solution partes.COM couple all

New signs of weakness in the euro area: the activity … – The World

New signs of weakness in the euro area: the activity … – The World

The private sector activity in the euro area has experienced in November slowest pace of expansion in the last 16 months , as reflected in the progress of PMI composite index, which stood and n 51.4 from 52.1 the previous month , which raises the risk of a new downturn.

The growth slowdown in activity is explained by the worsening situation in services , the PMI index fell to 51.3 points from 52.3, its lowest level in eleven months, while manufacturing fell to 50.4 points , up from 50.6 in October, its lowest in two months.

“The euro zone is struggling to generate some growth, as the PMI indicates that it is likely that GDP has increased from 0.1% to just 0.2% in the fourth quarter” said Chris Williamson, chief economist at Markit.

However, the head of the survey warns that “the fall of the euro zone PMI to its lowest in the past 16 months raises the risk that the region will slip back into a further contraction “.

Among the most worrying aspects of the progress of the PMI survey highlights the slight reduction in the volume of new orders, has fallen for the first time since July 2013.

Meanwhile, employment has stabilized after declining marginally for the first time in eleven months in October, but usually companies are still reluctant to increase their workforce by economic uncertainty and weak demand.

In turn sales prices fell again in the two sectors studied , following the trend of falling prices that has been observed since April 2012, although the rate of decline has moderated somewhat in November.

“A fall in new orders for the first time in nearly a year and a half, although only marginal, suggesting that growth may continue to slow in December ,” says Williamson.

“Those responsible for monetary policy undoubtedly be disappointed to see that ads and measures of recent stimulus show no signs of reviving growth,” added the economist, who expected to increase the pressure on the ECB to take further steps to strengthen the economy.

On the other hand, the advance of the PMI survey France again showed a further contraction in November of the activity, although the indicator stood at 48.8 points from 48.3 in October, its highest level in two months.

In particular, the French service sector improved to 48.8 points from 48.3 the previous month, while manufacturing worsened from 48.5 to 47.6 points.

Still, the French private sector activity remains at recessionary field for the seventh consecutive month.

In the case of Germany, the data in advance of the compound PMI fell to 52.1 points in November from October’s 53.9 , at least 16 months, with a worsening in the service sector at 52.1 points, up from 54.4 the previous month, while manufactures fell 50 points from 51.4 in October.

Linde sees downside risks to the forecast by the uncertainties … – Washington Post

Linde sees downside risks to the forecast by the uncertainties … – Washington Post

MADRID, 19 Nov. (EUROPA PRESS) –

The Governor of the Bank of Spain, Luis Maria, has admitted that the macroeconomic picture accompanying the draft 2015 Budget is subject to “risks of downward deviation”, due to the uncertainties surrounding the international economy, and especially the European one.

has thus pointed Linde during his appearance at the Senate on the Budgets Committee, where he has highlighted, however, that the recovery of the Spanish economy has maintained “a firmer tone” versus “progressive weakening” of the euro area.

In this regard, the governor has reminded that the annual rate of GDP growth in the third quarter rose to 1.6% and “could” close to 2% in the final stretch of this year, a figure which could remain on average 2015. However, he recalled that this forecast is subject to the risk that there will not be realized.

Together, Linde believes that the prospects for the economy remain “favorable,” although they are not without risks . “Our economy has shown so far, resistance to deterioration in the international environment. However, we can not think that you can completely avoid loss of momentum in our international markets, particularly in the euro area,” he said.

In addition, the inner side, it is considered that the need to complete the process of debt reduction, both private and public, could undermine resilience in domestic spending.

The PP sees Catalans tax submissive to the “radical nationalism” – ABC.es

The PP sees Catalans tax submissive to the "radical nationalism" – ABC.es

à. Gubern / l. l. expensive / barcelona / madrid

Day 11/19/2014 – 3:43 a.m.

jaime garcia

A group of Catalan fiscal after a meeting with Torres-Dulce