Jerusalem, Jan 31 (EFE) .- Poverty and social gap, caused in part by low productivity and lack of competition in the market, are the main problems facing the economy of Israel, according to a report released today to mark the fifth anniversary of its integration in the OECD.
The report, submitted in person to the Israeli government by the secretary general of the organization Angel Gurria, highlights the success of Israel at the macro level but at the same time, draw a yellow card to the authorities for not solving the pressing social problems.
“With a considered monetary, financial and fiscal policy , growth (GDP) exceeds that of most OECD countries over the last decade, “he says in that regard the report, which highlights the increase in labor, low inflation and relative safety financial funds.
This, he adds, this rapid development faces “significant absence of regulation to encourage competition in the market, especially in the food, banking and electricity-it weakens productivity and reduces the available “household income.
result of this lack of competitiveness is the high level of prices prevailing in the country even though the income of the majority of the population They are not up to that circumstance, which makes Israeli society in the poorest second in the OECD after Mexico.
“The level of poverty is particularly high among the elderly, partly because of the low existing pensions, “recalls the document also warns that ultra-Orthodox and Arab-Israelis are not yet up to the rest of the population in labor matters.
These are the two groups most poor country because traditionally one of the partners does not usually work The man in the case of the first and women in the seconds, plunging their homes in dependence on public aids that have been progressively reduced in the last decade.
Eight years ago, when Israel took its first steps towards the OECD, the organization urged the country to address this serious problem and, although there have been great strides level mentality, in practice the result is little visible.
“The percentage of workers between Orthodox and Arab remains low,” says the organization.
The poverty, which affects 18% of Israelis, is also encouraged by the disproportionate price of housing, up by almost 50% to the US and the EU, where salaries are also much higher.
In a Ministers Council meeting in which participated Gurria, Netanyahu recognized the seriousness of “the major differences (social) differences between ethnic groups,” and the fact that the Israeli economy continues burdened with “exaggerated regulation and bureaucracy”, the hindering entrepreneurship and competitiveness
Abengoa expected to deliver this week the liquidity of about 165 million euros needed to cover needs of the company during the period preconcurso creditors, which expires on March 28, according to Europa Press by people familiar with the negotiations.
This new liquidity is currently negotiating with bondholders , but you must also have the approval of the bank, as well as being linked to strong interest, has the condition for disbursement of share collateral held by financial institutions in Atlantica Yield (former Abengoa Yield).
With the negotiation of this facility, which “is on track”, the Andalusian group would have covered their day to day until the end of the period that extends the preconcurso.
Also, if the dealer does not finally agreed to share these guarantees in the ‘yield’, Abengoa bondholders could offer some additional assets as a bioenergy plant, pledged to close this new injection.
Also together with the liquidity, which would join the loan of 106 million euros received from creditor banks on 24 December, Abengoa could soon close a divestment, in addition to the already closed its former headquarters in Madrid, located in General Martinez Campos Street.
What we do completely rule Abengoa is selling its stake of over 41% in Atlantica Yield, considering it to be “strategic enough to not make a decision now. “
Abengoa submitted to its board of directors on January 25 its viability plan, which provides for reducing the size of the company and focus on the engineering and construction activities.
In particular, this new ‘roadmap’ a company emerges with income levels in the coming years on the order of two-thirds of those obtained in 2014, which exceeded 7,000 million euros.
The plan also envisages the sale of non-core assets, including all of first generation biofuels.
negotiating with your creditors.
Now, the company will proceed to negotiating with creditors on debt restructuring and obtaining the necessary resources in order to continue their activity.
This step does not appear easy since, to date, has not yet shown Abengoa the creditor banks the plan, although I intend to do so over the coming weeks.
In addition, banks have already indicated that entry did not provide any kind of reduction in debt, according to Europa Press in financial sources.
However, the company is clear that the agreement must be reached before the end of the period marked by the preconcurso creditor, since a bankrupt involve “a destruction of value for creditors Shareholders and far superior to any usual scenario, all without evaluating the enormous social costs that such a situation would mean “
Athens, Jan 31 (EFE) .- The Greek farmers today intensified roadblocks and highways that remain for days against the fiscal reform and the pension system posed by the government.
Hundreds of tractors and agricultural vehicles closed the Tempi Valley, a strategic point in Greece, as it is the main route that leads northeast to the mountains and the coast.
announced that the blockade will last six hours and, after a meeting, decided to increase the protests in the coming days blocking roads during certain times.
The assembly of Representatives will reconvene tomorrow to decide if the duration of the blockade of Tempi up to 12 hours is increased if new points are closed.
The roadblocks affecting much of the road network in Greece, from the northern regions in the Peloponnese peninsula and parts of the capital region of Attica, which yesterday closed one of the entrances to Athens airport, which was the first action near the capital since demonstrations began thirteen days ago .
The Directorate General of Police reported alternative routes to avoid closed, causing traffic jams.
Speaking to the media, a representative of the farmers said that they will not meet with the prime minister, Alexis Tsipras, on Thursday, a possibility that had shuffled after the offer of the prime minister to talk.
Instead, they called for the creation in Parliament a committee formed by the different parties and where they are also represented, which is responsible for examining their petitions against tax increases and contributions and downs of planned pension reform proposal to creditors.
Otherwise, they warned that they will continue their protest actions and threatened to bring the tractor to the center of Athens.
In addition to the elimination of the subsidy on diesel and the gradual rise in income tax from 13% to 26% (with no minimum exempt) and approved in the autumn, farmers face a progressive increase in social contributions of 7% to almost 27%.
groups such as lawyers, engineers and other self-employed workers also planned strikes and protests that will culminate next Thursday in the general strike called by the trade union confederations in the public and private sector
Apple is working on a new method of wireless charging for iPhones and iPads, according to Bloomberg, could be ready in 2017.
The Cupertino company said is already in dialogue with companies able to recharge away.
Currently, there are some devices with magnetic charge technology, such as Apple Watch and certain smartphones, which can charge the battery without plugging the computer into an electrical outlet.
On the other hand, with the growing rumor that Apple would abandon the 3.5mm slot for headphones, this brand new charging method would be the solution to charge your phone while keeping the headphones plugged in . the only port smartphone
Expansion / The airline has scheduled an increase of its offer of seats increased 7% compared to slightly over 10% applied in 2015, which resulted in a rise in their traffic 13.7%.
This was explained Luis Gallego, president of Iberia, in an interview where he defended that despite the reduction in the increase in supply, rising 7%, which is also planned for the coming years, “is important and above average “. Last year the airline reached 12.5 million, representing more than 1.5 million in 2014.
“It’s a challenge in a context where there is much capacity and we’re all fighting for we are sure there will be a huge competition for revenues and will have to work it hard, “he said.
As for possible new routes, he said that, at this time,” we have more news in the pipeline “following the announcement of the route to Puerto Rico in May, to Johannesburg in June, Tokyo and Shanghai in October during the upcoming winter season upon completion of the procedures for obtaining government permits takeoff and landing, the ‘slots’.
However, he said that the Department of Alliances trails and continuously study the market and look for opportunities, so “if we see any opportunity, there will be.”
In this regard, said the new destinations with greatest potential are those announced last August, specifically Toronto, Doha, Brasilia, Managua, Guadalajara and Asuncion, but warned that it could happen something similar to Shanghai, Iberia destination incorporate into its offer despite not having foreseen at the time.
No doubt China Asked if there is concern in Iberia by the evolution of the Chinese economy, said that “it is true that now appears which is a slowdown compared to the growth rates it has had, but those who have are now far outweigh any growth rate of any country in which we live. “
Therefore, he was sure that “China’s economy will be one of the largest economies, as it is already now” and that “the flight to China will work because the demand of” going to be high both for the Chinese tourist coming to Spain as the number of Spaniards and Europeans doing business in Asia and in China in particular. “
He also stressed that” our geographical position and the strength of the ‘hub’ of Barajas on flights to Latin America, we expect the flow of traffic between the two regions is one of the most growing markets in the coming years. “
As for the difficulties for a flight from Madrid to Asia capture traffic from other European countries, since it means back them to scale, he explained that such connections “price factor is important,” so that Iberia will try to compete with low prices thanks to lower costs and its new fleet, which is much more efficient.
Iberia slows the growth of its supply of seats in 2016
Chinese shares now have over 100 million investors , after adding 1.3 million in January investors parks, according to data released by Regulatory Commission Securities Market.
Each business day of January, an average of 67,500 people opened new accounts for trading on the stock exchanges in Shanghai and Shenzhen , compared with average 48,600 new users in January 2015, despite heavy losses recorded the parks in the beginning of the year.
The general index of the Shanghai Stock Exchange, the benchmark in the Chinese stock markets? accumulated a fall of 22.65% in January, while the Shenzhen Stock Exchange shrank 25.64% one this month.
The total number of Chinese stock investors now stands at 100, 4000000 , which exceeds the number of members that the Communist Party has around 88 million.
The large number of individuals involved in Chinese stocks is one of the reasons Analysts often cite to explain the high volatility that characterizes the parks.
The Spanish economy ended 2015 with growth of 3.2% of GDP, according to the advance data from the National Statistics Institute (INE). In the fourth quarter the increase was 0.8%, representing an increase of 3.5% compared with the same quarter of 2014.
Soraya Saenz de Santamaria, Luis de Guindos and Cristobal Montoro at the press conference after the Council of Ministers (Photo Moncloa)
The daily stress that is the highest growth rate since 2007, before the crisis, and much higher than in other countries around us: the eurozone grew 1.5%, France 1.1% and Germany 1.7%.
The Acting Deputy Prime Minister, Soraya Saenz de Santamaria, said that the growth figure is “hopeful” and reflects the last, “the most reformist of the history of democracy” legislature, he stressed, is settled “in glowing terms of economic growth and job creation.” He stressed that GDP has added ten consecutive quarters of increased and noted that this fact “has to put all the responsibility to the time we live in and the need for further reforms to strengthen the economy.” He recalled that the growth figure of 3.2% is “only marginally lower than expected by the Executive” . 3.3%
On the other hand, when asked about the brake on investment in our country due to political instability, the vice president replied: “No need to tell the government but investors themselves are making a direct communication, and that’s what we’re seeing. “
The Minister of Economy of the PSOE, Manuel de la Rocha said that this is a fact” definitely positive ” but claimed “to turn around the economic policy to achieve that growth to reach more people and translated into higher quality employment.” He also recalled that Spain “has significant external vulnerabilities, especially the high public debt, which has grown steadily in the last legislature and a high external debt, which are a heavy burden for future growth” and considered that the Government ” it will be far from meeting the objectives agreed with Brussels stability “. In his view, debt and public deficit “will be one of the legacies of Rajoy will greatly condition the action of the next government.”
(Text homemade made from summary of news from the press services of Moncloa)
MADRID (Reuters) – Gamesa (MC opened on Friday with a rise of 13.9 pct after news of a possible takeover of Siemens (DE on the Spanish Wind, owned by Iberdrola (MC:).
Gamesa and Siemens spokesmen said separately that not commenting on market rumors
The financial daily online. Confidential said the German group commissioned Deutsche Bank (DE: ) purchase of Gamesa to create a wind giant and held talks with Iberdrola, which owns 19.7 percent of the capital of the Basque group.
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Tokyo, Jan 29 (EFE) .- The Bank of Japan (BoJ) today activated by surprise to complement its flexibilizer program and counteract the effects of the global slowdown is having on their goals for growth and inflation.
The company baffled with an announcement that follows the steps undertaken by the European Central Bank (ECB) to the middle of last year and from February 16 will leave first Once negative interest rates applied to deposits of financial institutions the Japanese territory.
The decision, designed to promote credit and investment, is also the first movement types in Japan October 2010, when the BoJ, under its former government team, stood at the very low level of between 0 and 0.1 percent, with the intention of bringing to third world economy stagnation.
The massive program of easing the central bank in April 2013 triggered Japan managed to reverse that trend, but not reap the rate of growth in the medium term, has proved sufficiently consistent and robust.
The slowdown in the Chinese locomotive and other emerging countries, linked to sharp falls in oil and commodity prices have eroded the impact it was having the “Abenomics” program name that economic reform of Prime Minister Shinzo was baptized Abe and the ultra-premium BoJ policy.
As today showed Japan’s CPI data, has neutralized the lowering of the price increase that the Japanese central bank pursues its massive asset purchase program and considers key to leave behind two decades of deflationary trend and settle a solid growth cycle.
The BoJ has today also cut its inflation forecast for the next fiscal year which starts in April in Japan -. from 1.5 percent to 0.8 percent
Also it delayed again its goal of achieving a price increase of 2 percent year -Objective originally intended to achieve in 2015 until mid 2017.
Thus, with the cut today by its board adopted monetary policy (which approved five votes to four) the issuing body -pensado complements its liquidity program to flood the system -. with a move intended to encourage banks to move their capital rather than park it
Some analysts have been quick to point out the possibility that this measure to reduce the so-called “idle money” in the archipelago not expected to take effect.
They argue that the Japanese private sector, rather than needing a credit expansion, now would require incentives to invest with greater confidence, which in his view would be achieved with the approval of a strong package of structural reforms.
The Tokyo Stock Exchange, which eventually closed up nearly 3 percent, welcomed momentary doubts action (selective went from earning 4 percent encouraged by the announcement of the BoJ to move almost at once in negative territory to trace later).
By the way and to dispel doubts in this market so volatile shown in recent weeks, the governor of the Bank Japan, Haruhiko Kuroda, said at a press conference after the quantitative easing program “has not yet reached its limit.”
In addition to insisting that the BoJ could continue cutting benchmark rates ” if necessary, “Kuroda wanted to make clear in this way that the institution is still stored some ammunition in the chamber against the view of some economists more defeatist, they begin to speak of” last rounds “.
The US economic growth slowed sharply in the fourth quarter of 2015 and the year ended with a total growth of 2.4%, similar to the expansion of 2014, according to the US Commerce Department. Among the causes of the slowdown decline of excess inventory companies, that is a drop in investment target, while the stronger dollar and weak global demand weighed on exports.
In this way, the Gross Domestic Product (GDP) rose 0.7% in the last quarter, while the third quarter had recorded a growth rate of 2%. Among the causes of the decline in economic activity, lower oil prices, which continued to undermine energy investments are also located. It is also considered that the effect of unusually mild weather have reduced consumer spending in energy and clothing. Excluding inventories and trade, the economy grew at a rate of 1.6 percent.
Despite the slowdown, the GDP report could spark a new wave of selling in the stock market, which was shaken by fears of anemic growth in both the United States and China.
The Federal Reserve (Fed, for its acronym in English) had acknowledged on Wednesday that growth “slowed late last year” , but also he noted that “labor market conditions improved further.” In this context, decided to maintain unchanged the US interest rate from 0.25% to 0.5%, which was raised last December for the first time since June 2006. Although the Fed has not ruled out another hike in March, the organization led by Janet Yellen offer concrete avoided the recent volatility seen in the markets both in the US references as in China.
In the fourth quarter, companies accumulated $ 68.6 billion dollars in inventory. While this is down from $ 85.5 billion in the third quarter, which was slightly more than economists expected. However, inventories suggest could remain a drag on growth in the first quarter of this year.
The small accumulation of inventories subtracted 0.45 percentage points from the first estimate of GDP growth in the fourth quarter.
Consumer spending, which accounts for over two-thirds of US economic activity, rose at a rate of 2.2%. That marked a step down from the rate of 3.0% in the third quarter.
The unusual weather struck in reduced winter clothes in December and the heating demand. With gas prices around $ 2 per gallon, a labor market suggesting a gradual improvement and some improvement in household wealth, economists believe the slowdown in consumer spending will be short lived.
However the dollar, which has gained 11% against the currencies of trading partners in the United States since last January, probably remained a drag on exports, resulting in a trade deficit played down 0.47 percentage points to GDP growth in the fourth quarter.
The slowdown in investment in the energy sector also could put more pressure on business spending on nonresidential structures. Spending on mining exploration, wells and sank at a rate of 38.7%, after falling at a rate 47.0% in the third quarter
Related Topics. USA / FED / International Business
Madrid, Jan 29 (EFE) .- The consumer price index (CPI (Frankfurt: IPEN.F – news)) has begun 2016 in negative territory with an annual fall of 0.3% in January, mainly due to lower prices of electricity, according to the advance today by the National Statistics Institute (INE) indicator.
If the INE confirmed this information on 12 February, consumer prices return to negative rates after they finished 2015 to zero in a year in which the index only rose in June and July to positive territory and was placed at 0.1% in both months.
The Deputy Prime Minister Soraya Saenz de Santamaria stressed that the decline in the CPI “will have a clear impact on the pension and in the purchasing power of wages “and that Spain maintains an inflation differential of 1 point compared to one of the leading economies in the euro zone, such as Germany.
The analyst at the Foundation of Savings Banks (Func) Maria Jesus Fernandez, has admitted that the fall in the CPI of 0.3% was lower than expected, as expected a decline of 0.1%, while it has said that unless oil prices rise so significantly, the overall rate will be negative in 2016.
However, Fernandez sees positive the fact that the index remains in negative rates, since a wage growth of around 1 expected %, so that “we will win purchasing power for the second consecutive year.”
“By reducing the price of the basket, the average wage gains purchasing power and this is beneficial for the economy Spanish, “he said.
For the coordinator of the Research Institute for Economic Studies (IEE), Almudena Semur, what matters is the underlying rate (excluding energy and fresh food) remained rates “very contained” by recording an average of 0.6% in 2015 and an upward trend.
Also, Semur has stressed that domestic demand “is throwing a lot” of inflation, so “we do not have to worry about”, after noting that it is anticipated that the overall index finished the year “shyly” but positive rates, with 0.9% annual average in 2016.
Online with Semur, the expert of International Financial Analyst (AFI) Victor Echevarria says that the key to the fall in consumer prices is a consequence of the lowering of energy products, so there is no risk of deflation since inflation underlying remains stable and even picking a few months.
In his opinion, if the oil price stabilizes at current levels, the CPI will remain at very low levels, around zero during the first half of 2016, while in the second half of the year could start to pick up.
The professor of economics at the Esade business school, Josep Comajuncosa notes that the fall in prices was initially produced by ” brutal fall in aggregate in developed countries in 2009 demand “while” deflation “now is a result of falling energy prices,” something that is not bad, since it reduces the cost of production companies “.
Therefore believes that deflation is not a concern since it involves the reflection of a situation of economic weakness.
Meanwhile, BBVA Research has emphasized that energy continues to put downward pressure on prices, while core inflation remains stable.
washignton, D.C. (EFE) .- The US economy closed 2015 with a sharp slowdown, growing up in the fourth quarter at a rate of only 0.7%, leaving the annual rate at 2.4% accumulated and added shadows on the global economy at a time of growing doubts and volatility.
In its first estimate of gross domestic product (GDP) for the fourth quarter of last year, the Commerce Department placed the annualized growth rate in the 0 , 7%, below estimates of analysts, who had forecast 0.9%.
the slowdown registered in the US economy, which has been growing at a rate of 3.9% in the second quarter and 2% in the third and notes, this 0.7 in the last of the year.
However, it is the first of three estimates made by the US government on the behavior of the economy, so it is common for significant revisions occur in two subsequent estimates.
Overall, economic growth accumulated in 2015 in US was 2.4%, the same figure as in 2014.
The first world economy has not grown above 3% annually since 2005, which casts doubt on the strength of the recovery after acute 2008-10 crisis.
One of the main causes of the slowdown in the last quarter of 2015 was lower than expected contribution from consumers, whose spending accounts for nearly two-thirds of economic activity, and which increased by 2.2% compared to 3% the previous quarter.
Contrary to the provisions of economists, low gas prices and the sustained improvement in the labor market, where unemployment is 5%, have not flatly driven household consumption.
In addition, the trade balance was also an obstacle to growth. Exports recorded a decrease of 2.5% weighed down by a stronger dollar and weak international demand, while imports rose 1.1%.
In this sense, the director of the Council of Economic Advisers of the White House, Jason Furman, he pointed to the “global factors” as responsible for this slowdown, “especially the decline in investment in the energy sector among the very low oil prices and lower exports to a weak international demand. “
Only in the field of mining and drilling, investment fell 35% in 2015, the biggest decline in nearly three decades. These data agree with the assessment offered by Federal Reserve (Fed) concluded its policy meeting this week, in which it recognized the economic slowdown.
The US central bank, which raised interest rates for the first time in December a quarter point to a range of between 0.25% and 0.50%, seems more reluctant to continue the path of monetary tightening expected at national and international concerns, especially in China financial volatility and concern over a possible slowdown in the Asian giant larger than expected.
“The Fed is closely monitoring global economic and financial developments and is considering its implications for the labor market and inflation, and balance of risk on the prospects, “he said Janet Yellen led body in a statement.
Indeed, inflation is the big concern in the US, closing 2015 at 0.7%, the second lowest figure in 50 years, resulting in even more fuel to the pessimistic views on a much less robust economic recovery in sight Preceding events (Alfonso Fernandez)
The Spanish economy grew 3.2% in 2015, one of the best performers in the euro area, which strengthens the country’s recovery after a deep crisis whose consequences are still latent in much of the population.
In the fourth quarter, the Gross Domestic Product (GDP) grew by 0.8% over the previous quarter, said Friday the National Institute Statistics (INE), in a first provisional estimate. These figures make the Spanish economy at a level very close to that recorded at the start of the crisis in 2008.
“It is a positive development which places the Spanish economy led growth in the euro zone within large economies, “he told AFP Rafael Pampillón, an economist at the IE Business School Madrid Business School. Germany, the leading economic power in the euro zone grew 1.7% in 2015 and France stood at 1.1%.
So far, the government forecasts the PP are met. President Mariano Rajoy promised to accelerate the economic recovery that began in 2014, with growth of 1.4% of GDP, and this reversed in job creation.
“This is the change that has occurred in Spain, “concluded Rajoy, who came to power in December 2011, with the country immersed in a serious recession
So far, the two subjects were approved. consolidated growth and the labor market nourished in 2015 with 452,000 new workers in the private sector and 73,100 in the public, raising over one million the number of jobs created in two years.
But the unemployment rate, despite losing almost three points , remains very high at 20.9% of the working population and is the most obvious scar of deep crisis experienced between 2008 and 2013, which triggered the social inequality in the country.
Will to wait for the publication of the final figures of GDP by the end of February to whether Spain regained its pre-crisis level. In 2008, it was 1.11 billion euros, against 1.05 billion in 2014.
According to the Bank of Spain, the economy benefited from the “dynamism” of domestic consumption, both companies homes. In 2014, the Spaniards returned to spend, to buy vehicles and consumer goods. The companies responded with increased investment to meet that demand.
Another pillar of this recovery is the tourism sector, which represents 14% of GDP and visitors breaks records year after year. Spain, the third largest destination after France and the US, last year attracted 68.1 million foreign tourists
-. Politics unknown –
The fourth eurozone economy should maintain this momentum in 2016, according to forecasts of the Bank of Spain. But growth should slow to 2.8%, according to this institution, and economists warn that the winds could blow less strongly to Spain.
Currently, the country benefits from the low interest rates brought about by the policies of the European Central Bank, the depreciation of the euro against the dollar, which boosts exports and the collapse of fuel prices because 70% of its energy is imported.
But in 2016, the international context looks less favorable and the International Monetary Fund even feared derailment of the global economy because of the slowdown in China and the negative trend in emerging economies.
“The Spanish economy depends mainly on developments in the euro area” and its main trading partners, such as France and Germany, remembers Josep Comajuncosa, school teacher Esade business. In addition, suffering from a fall in prices of almost continuous use since the summer of 2014.
The political situation in Spain is another unknown. The country is still without a new government after the general elections last December that left a very fragmented and without clear majorities Congress.
The four main parties, the PP, the PSOE, we leftist and liberal Citizens fail to close any agreement. Uncertainty grows and the main banks, Santander and BBVA (Amsterdam: BA6.AS – news), warned this week that are crippling investments (Other OTC: UBGXF – news).
Barcelona, Jan 29 (EFE) .- The president of CaixaBank, Isidre Fainé, the Spanish economy expected to grow 2.8% this year and believes that the unemployment rate should fall below 10% by the end of the decade, which will only be achieved if more than 400,000 jobs a year are created.
“I think we can not expect less,” he said Faine during the press conference of presentation of the annual results of the company, which in 2015 earned a profit of 814 million euros, 31% more than last year.
According to Fain, 2015 balance the Spanish economy is “very positive”, after closing with an increase in GDP of 3.2%, above the eurozone average, thanks to the recovery in domestic demand and booming exports, which grew more 6% last year.
These good results have been also favored by external factors such as low interest rates or oil, but above all, stressed the President of CaixaBank, for reforms Structural implemented in recent years in Spain.
“We have a good starting point for 2016,” said the manager, who estimates that the growth of the Spanish economy in 2016 will stand at 2, 8%, “at a rate slightly lower” in 2015.
Fainé expected to continue to recover this year the real estate sector, with a further increase in sales and a moderate increase in prices, a process that “you will see in the next seven or eight years at least.”
The economic situation is also ripe for Spain to continue reducing its debt and deficit of pubic administrations, although “the great challenge ahead “he stressed, is the correction of the unemployment rate, which currently stands above 20%,” unacceptable “.
Fainé has not detailed its estimates for job creation for the current year , but he stressed that “only if the economy creates more than 400,000 jobs a year the unemployment rate will fall from 10% at the end of the decade”.
On the situation of the financial system, the president has indicated CaixaBank Credit flow has grown again to families and SMEs, who has made 14%.
In this regard, it hopes that positive inertia that support consumption growth in 2016 remain and investment, big business and the political advantage of low interest rates there today to drive major projects.
“If now, with the guys there, major projects do not know when they will do, “he detailed
MADRID (Reuters) – The turbine manufacturer Gamesa said Friday at a news about a possible offer saying that Siemens regularly discussed the “various strategic opportunities” , but added that it has not taken any decision.
The ElConfidencial newspaper reported on Friday that Siemens had begun talks with Iberdrola, main shareholder of Gamesa, to perform an operation that could include a takeover bid value.
For the operation, the report said, Siemens has hired Deutsche Bank as investment bank.
Deutsche Bank and Iberdrola no comment.
The news fired the price of Gamesa to 21 percent, bringing its capitalization by more than 4,800 million euros. Then he relaxed to 16 percent up to 1214 local time. Siemens soared 0.12 percent on the German stock market.
Gamesa, owned 19.7 percent by Iberdrola, has undergone a profound restructuring process has recently increased its capitalization by 17 in three . and a half years and has placed the company in the crosshairs of possible corporate operations
“As a global leader in the offshore market, Siemens is behind Vestas and GE – its two biggest competitors – in onshore wind . Gamesa add some diversification in China, India and Brazil. Given the history of Siemens managing your own business wind up date (problems of quality and execution) we would like to see some compelling points of the potential of a new integrated company ” Barclays said in a note to clients.
In recent months, the renewable energy sector has experienced a flurry of activity as the purchase by the German group Nordex wind subsidiary of Acciona, Acciona Windpower .
The companies seek to gain size in an increasingly global market and more powerful for the development of offshore wind, you need larger generators and industrial development increased investments are needed.
The role of IBERDROLA, KEY
Any operation with Gamesa have to go through an agreement with Iberdrola, historical shareholder group with strong industrial links and occupying three of 11 board seats.
Gamesa Iberdrola was valued on its books, according to its latest available annual accounts (2014) to 533 million euros. At current market prices, the value of this investment is around 960 million euros.
Electric has resolved its debt problems in recent years and has channeled their accounts, so no need to sell the participation at an amount that is also low relative to its market capitalization of 41,600 million euros, although juicy gains he would jump.
In addition, we must take into account the strong political ties between the two companies, based in the Basque Country and which represent a significant proportion of tax revenue in the region
CaixaBank, entity chaired by Isidro Fainé and whose CEO is Gonzalo Gortázar, won in 2015 attributable profit of 814 million euros, representing an increase of 31.4% over 2014.
The result is based on the strength banking business (7.726 million gross margin, + 11.3%) in the containment and rationalization of recurrent costs (-1.2% with like basis) and lower provisions for loan losses (1,593 million, -23, 6%).
The intense commercial activity has been strengthened by the addition in 2015 of Barclays Bank, SAU, which has fueled the growth of net interest income (+ 4.8%), revenues commissions (+ 10.3%), customer loans (+ 4.7%) and customer funds (+9.1%).
It continues the good performance indicators asset quality, with a further decline in the NPL ratio in the quarter, reaching 7.9%.
On December 31, 2015, the result of the banking and insurance amounts to 1,606 million euros. It includes the impact of unique aspects associated with the acquisition and integration of Barclays Bank, SAU and the Labor Agreement reached in the second quarter. Excluding these impacts, the profitability of the year (ROTE) reached 10.1%.
The caption other operating income and expense items collected in the fourth quarter, spending by the contribution to the Guarantee Fund Deposits and contribution to the Fund of National Resolution for a total amount of 278 million.
The management efficiency has been a strategic element in 2015 and will continue in the coming years. In 2016 it is expected to capture 189 million euros of synergies from Barclays Bank, SAU (115 million in 2015) and savings arising from labor agreement.
CaixaBank’s leadership in the Spanish market
The commercial strength of the CaixaBank Group and the acquisition of Barclays Bank, SAU have maintained sustained growth in the market shares of major financial products and services. In addition, CaixaBank has been elected “Best Bank in Spain” by Euromoney 2015 and has been recognized best bank in the world in mobile banking services by Forrester Research.
CaixaBank maintains its leadership in banking in Spain with a share individual penetration of 28.3% and in online banking, with 4.8 million customers, and mobile banking, with 2.8 million.
Between Friday and Monday at the latest Energy Minister Juan Jose Aranguren, announce the new electricity tariffs will come into effect for consumers from February. The first stage of the adjustment was the publication of the Resolution 6/2016 in the Official Gazette, which includes hikes in wholesale electricity prices that will have a direct impact on electricity bill users across the country in the next month. The rule establishes the new scheme “Final Quarterly Rescheduling” which covers the months of February to April 2016 increases more than 350% for energy generation . It remains set increases in distribution, with the consequent impact on the bills received by users. These ads and tariff scheme is to be known in the coming days.
According to distributors, there is still the ENRE (the agency responsible for developing the tariff charts) completed the creation of new values. It should be noted that in principle there will be different rates: full consumption customers (ie they do not save); who save between 10 and 20%, saving more than 20%, beneficiaries of social tariffs and for large companies.
The resolution states that there will be a free social tariff for users who demand less than 150 kilowatts per month. Among the people covered by the social tariff are the beneficiaries of the universal child allowance (AUH); retired (subtraction define who were excepted) and electrodependientes, among others. “In principle the number of beneficiaries covered by the social rate would double,” said an official source.
The new box for residential customers who register savings compared to 2015 will be: at the price peak hours clinches $ 251.39 per megawatt hour; in the remaining hours $ 247.09 per megawatt hour; and valley hours $ 242.26 per megawatt hour.
Meanwhile, for residential users who have reduced their monthly consumption by over 20% compared with the same month last year, prices Reference will be: in peak hours $ 201.39 per megawatt hour; in hours remaining $ 197.09 per megawatt hour; and valley hours $ 192.26 per megawatt hour.
Meanwhile, for the monthly consumption over 150 KW per month and provided that the total monthly consumption is less than or equal to that recorded in the same month 2015, the reference prices of energy will be: in peak hours $ 31.39 per megawatt hour; in hours remaining $ 27.09 per megawatt hour; and valley hours $ 22.26 per megawatt hour.
For the monthly consumption over 150 KW per month and up to 300 kilowatts per month, and if the total monthly consumption is higher than in the same month of 2015, the reference prices of energy will be: in peak hours $ 321.39 per megawatt hour; in hours remaining $ 317.09 per megawatt hour; and valley hours $ 312.26 per megawatt hour.
In the metropolitan area, more than 2 million customers pay one peso per day , that is 60 pesos per quarter, according to official sources said. Thus, aim, in Greater Buenos Aires you will get to pay for electricity seven times less than in some inland provinces.
In the City of Buenos Aires, Edenor charges $ 54.70 (excluding taxes) and Edesur $ 55.10 per 500 kWh, well below the price of other provinces. In Cordoba on the other hand, is the highest-paying province alike bimonthly consumption: $ 373.Precisamente the intention of the authorities is to equating Conurbano tariffs with the rest of the country.
The advantage, they argue, is to be part of such low levels that although the percentage increases are important, as the absolute values could be faced by consumers. They cite as an example that “a 300% increase in pay today for 1 peso per day take the bimonthly rate to 240 pesos, the value of two pizzas”.
The total subsidies increased from 1.4% of GDP in 2006 to 5% last year, according to the Center for the Implementation of Public Policies Promoting Equity and Growth, and the majority – 70 % – they were earmarked for energy. The paper also points out that compensation to households benefited more middle- and upper than the lower income sectors revenue.
• Reviews
For its part, the Faithful Foundation released a press release in which he analyzes with criticisms the new measure. He argues that in a first analysis of the reading of the resolution, “we believe that the Stimulus Plan is, despite good intentions to encourage energy savings, a design error that leads to excessive tariff differentiation of dubious effectiveness relative their objectives (the contingency of temperature shocks) and adds an unnecessary opacity prices actually paid by system users. ”
In this regard, the faithful understand that “there is no evidence well supported empirically, at home or abroad, to endorse the adoption of this program and the feeling is that the new administration extended to the Prices of electricity the design error implemented by the previous administration in the natural gas sector “.
As for the Social Tariff program, the foundation argues that” it is a breakthrough regarding the practices of the previous administration in various dimensions ranging from objectives, database management and enforcement authority and control, but doubts remain about its design, effectiveness and distributional impact. ”
The results indicate that Resolution 6/2016, according to FIEL, will have a significant impact on subsidies of around 3.4 billion in current dollars or, equivalently, a value close to 0.7% of GDP. This is a lower limit if other changes in the resolution, such as greater compliance with CAMMESA arrears by market players, can be carried out quickly. “But the net effect of Resolution – warning – once you consider the devaluation of December 2015 (which increased subsidies 400 million) and the possible increase in the price of gas paid by the electricity sector (which adds another $ 1100) is reduced to the environment of the 2,000 million or 0.4% of GDP. ”
For these reasons FIEL concludes that “the orders of magnitude of the reductions in subsidies simulated in this exercise confirm the gradualist approach to the elimination of subsidies adopted by the new administration “
Given the strong dollar, Amazon erased from your sales 1.2 billion dollars during the fourth quarter of 2015 and what the company founded and run by Jeff Bezos in a statement sent to investors.
“The Net sales increased 22 percent to 35.7 billion dollars in the fourth quarter, compared with 29.3 billion dollars in the fourth quarter of 2014. Excluding an unfavorable impact of 1.2 billion dollars for the exchange of currencies, sales increased 26 percent compared with the fourth quarter of 2014, “said Amazon.
The company reported a net 482 million or a dollar per share, thus breaching the projection of 742.9 million, or $ 1.55 per share by analysts.
First of not achieving expected by analysts, Amazon shares fell nearly 13 percent at the end of the bag.
marketplace was trading at $ 635.35 and after the quarterly report released down to $ 554.62.
(Reuters) – Software maker Microsoft Corp said on Thursday down 10.1 percent of quarterly sales due to the effect of the strong dollar and a weak PC market which reduced demand for its Windows operating system.
Net income the company fell to 5.000 million, or 62 cents per share, in the second quarter ended December 31, compared to 5,860 million, or 71 cents per share, a year earlier.
The total sales fell to 23,800 million from 26,470 million.
However, the turnover of the business Intelligent Cloud, increasingly important for the company, which includes products such as Windows Server platforms like Azure, rose 5 percent to 6,300 million dollars.
Microsoft, led by its chief executive Satya Nadella, has been focusing on cloud services and mobile applications by slowing . Growth in traditional business software
(For Abhirup Roy in Bangalore; Spanish Editing by Richard Chang)
Officials from the Federal Reserve left interest rates unchanged yesterday and said they still hope to raise borrowing costs to a “gradual” pace, while watching how the global economy and markets affecting the outlook for the United States.
The Federal Open Market Committee (FOMC, its acronym in English) is “closely following the global economic and financial developments and is evaluating its impact on the labor market and inflation, and the balance Risks to the outlook, “the central bank said in a statement yesterday after two days of meetings in Washington. The Fed, however, removed from the statement a phrase of the declaration of its previous meeting in December, in which he said that risks to the outlook were “balanced”.
Since the Fed raised interest rates last month for the first time in nearly a decade, the turmoil in financial markets and dimming the prospects for global growth have encouraged investors to expect slower increase borrowing costs.
The stock fell immediately after the announcement, erasing earlier gains, after the directors of the Fed did not give signs that the next rate hike would be delayed.
Labour Market
The president Janet Yellen and his colleagues at the Fed, which decided unanimously to leave the target range for its benchmark federal funds rate at 0.25% -0.5%, said that recent data “suggests that labor market conditions improved even more when economic growth slowed late last year.”
Reiterating the outlook for interest rates in the declaration of December, FOMC said yesterday that “economic conditions expected to evolve in a way that justifies only gradual increases in the federal funds rate.”
The household spending and business fixed investment has been growing to “moderate rates in recent months,” the FOMC, a change from the previous meeting, which described the increases as “solid”.
The Fed maintained its projection that the pace of price increases will rise to 2% over the medium term, but said it expects inflation “remain low in the short term, partly due to further declines in energy prices.”
acceleration signals
Yellen not held a press conference after the meeting and is not scheduled to speak publicly to appear before the Committee on Financial Services of the House, 10 February, to deliver semi-annual report to Congress.
Since the FOMC met on 15 and 16 December, the market for US labor showed improvement which encouraged the Federal Reserve to raise interest rates . Employers added 292,000 new jobs in December, bringing total 2015-2650000. Wages also gave tentative signs of acceleration, providing good news for the Fed expects to see inflation closer to its target of 2% this year.
The global stock markets, however, have had his worst start of the year, falling 8%, concerned about the slowing Chinese economy and, perhaps, by a delayed response to the cycle start normalizing monetary policy in the US.
The indicator Fed prices rose 0.4% in November from the previous year
Athens, Jan 28 (EFE) .- The Greek media today began a 24-hour strike in protest against pension reform prepared by the Government and which involves the merger of all boxes into one.
From the six o’clock (0400 GMT) until the same time on Friday there will be news on television and radio, information is not updated in digital newspapers and the press will not go on newsstands Friday.
Also unemployment will second press offices of ministries and government press office.
Journalists ask your pension fund remains independent and is not included within a unified box.
“We call 24-hour strike on Thursday January 28 to protest against the attempt to get rid of our profession, which is through the elimination of social security rights, trade union rights and individual freedoms “,
said Athens Union of Journalists said in a statement. The government’s plans contemplate Alexis Tsipras Additional boxes merge all into one, and do the same with the main, as the Greek pension is divided into these two components.
In Greece, there are currently three major pension boxes, one for employees , one for farmers and one for the self.
In addition there are a number of sectoral additional boxes, which form the second major pillar of retirement income.
“We demand the autonomy of the sector pension funds and resources and the rights of journalists that the government seeks to abolish are guaranteed, “said the note.
By noon there is called a demonstration outside the headquarters the journalists’ union.
The media professionals are well ahead of the general strike they have called for the February 4 trade union confederations.
The reform of the pension system generates a broad social rejection because the Greeks have lived for eleven cuts more than 40% of their pensions.
The protests and strikes in different sectors are linked in recent weeks.
Farmers meet today more than a week by blocking roads and highways across the country to demand the withdrawal of government reforms that involve a rise in their prices and the elimination of tax breaks.
According to the Executive The goal is to create a uniform structure that differentiates between autonomous, employees and farmers and even promised not to touch the main pensions, for the moment, whether it will implement cuts to supplementary estimates.
In the third bailout signed chariot with creditors (European Commission, European Central Bank, International Monetary Fund and European Stability Mechanism) Greece pledged to save on pensions by 1% of the annual gross domestic products (GDP), equivalent to 1,800 million euros.
Samsung Electronics today announced a net profit of 19 trillion won (14,392,000 euros / 15.694 million dollars) for 2015, an 18.53 % less than the previous year due to declining sales of smartphones and chips.
The technology giant’s operating profit amounted to 26.4 trillion won (19.998 million euros / 21.807 million dollars), 5.55 percent more than the previous year.
However, sales fell 2.69 percent to 200.6 trillion won (151 946 000 euros / 165 945 000 US dollars), according to results published today by the South Korean company.
Samsung Annual results have been weighted by fourth quarter of 2015 particularly negative , in which the company net profit plunged 39.7% yoy to the 5.34 trillion won (4.049 million euros / dollars 4.413 million).
This drop is mainly due to low demand for its high-end smart phones and the falling prices of microchips by increased competition the sector, according to South Korean analysts said.
The company, meanwhile, explained that the overall decline in sales of personal computers has hurt to its semiconductor activities, but noted that the “solidity” of their areas mobile phones and servers made up for this fall, in a statement.
Between October and December last year, sales turnover grew 53.3% to 1.11 trillion won (40,429,000 euros / 44.056 million dollars ).
Also, operating profit rose 16.15% , up 6.14 trillion won (4.657 million euros / dollars 5.075 million).
The mobile phone business of Samsung, which contributes about half of its total revenue, registered a net profit of 2.23 trillion won (1,691 million euros / $ 1.843 billion) in the fourth quarter, 13 percent more than the previous year.
The profitability of South Korean manufacturer has been hurt by rising Chinese manufacturers of smartphones with more competitive prices and greater fraction of the market occupied by low-end mobile phones, according to local analysts.
The EU presented new proposals to fight tax evasion by big companies with an attempt on the agreements reached between the member countries and multinationals.
The proposals include measures to close tax loopholes common exploiting companies and improvements in the way the tax information in the 28 EU nations shared.
The chief fiscal officer of the EU, Pierre Moscovici, said Thursday that “the days are numbered for companies that abuse the European tax laws.” Every year we lose 50,000 to 70,000 million euros (between 54,000 and 76,000 million) due to tax evasion, he added.
The Commission opened investigations in fiscal 2014 over Apple in Ireland, the Netherlands Starbucks and Amazon in Luxembourg and is also studying tax provisions in Belgium.
The proposals must be approved by EU countries and the European Parliament.
opened on Friday with a rise of 13.9 pct after news of a possible takeover of 
