Thursday, March 31, 2016

BBVA starts the process of integration of Catalunya Banc and its other Spanish subsidiaries – EntornoInteligente

Expand / The company, which controls 98.4% of Catalunya Banc, offer to holders of the remaining 1.6% one share for every ten of his Catalan bank. BBVA also integrate Unoe and Custodian Bank.

Changes in the structure of subsidiaries of BBVA in Spain. The board of directors of the entity chaired by Francisco González has agreed to initiate the process of integration of Catalunya Banc, the Unoe digital bank and the custodian bank.

BBVA part these operations in a process of reorganization of its banking subsidiaries in Spain. In the case of Catalunya Banc, the banking group directly controls 98.4% of the capital, which will offer holders of the remaining 1.6% one share for every ten of his Catalunya Banc materialize when the merger by absorption of the entity.

BBVA announced in July 2014 purchase of Catalunya Banc by 1.165 billion euros, an operation that was formalized in April last year. Specifically, BBVA was made with the participation Reeestructuración Fund for Orderly Bank (FROB), which had a 66.01% in the Catalan, and with the Deposit Guarantee Fund (FGD) of 32.39%.

With the acquisition of Catalunya Banc, the BBVA Group has established itself as a leading entity in the Catalan market, with a market share of 25% and more than 2.6 million customers.

BBVA starts the process of integration of Catalunya Banc and its other Spanish subsidiaries

Information Expansión

http://entornointeligente.com/articulo/8179561/BBVA-inicia-el-proceso-de-integracion-de-Catalunya-Banc-y-de-sus-otras-filiales-espanolas

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Santander announces a tough restructuring in Spain – Pysn People and Society News

News Spain

The difficulties facing the financial sector in Spain by falling interest rates to minimum Historic has even hit the first bank in the state. According could confirm the ARA, the 19th bank in the world by assets announced to unions at a meeting held yesterday afternoon, a tough restructuring of its workforce. Although there is no specific number of workers affected, the company expects to close to 450 offices in Spain, accounting for 13% of a network of 3,467 branches.

This closure is not the only bad news to which workers will face: the bank’s intention is to transform digitized 350 offices in more centers this year. Finally, the bank presiding Ana Botin also wants to realign its workforce to headquarters.

The Santander in Spain has a workforce of 24,216 employees, and the company sources yesterday avoided to comment on this decision. However, industry sources explained that the restructuring announced by the bank responds to a need to address a “commercial and digital transformation” that will pass bet larger offices and to close the smallest. The same sources confirmed that this will have an impact on employment, but claimed that the figure would be “well below” the 4,000 jobs that they saw different union sources at risk.

financial sources explained that the creation of 350 offices 2.0 in 2016 will be the start of a process that will extend over the next three years to finish creating one thousand . And also they explained that part of the staff currently working in the offices affected by planned closures may be relocated to larger offices.

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union sources explained to this newspaper that Santander’s intention is to reach an agreement with the workers, but already warned yesterday that if this is impossible, apply a record of employment regulation. Financial sources, however, wanted to remember that the way templates are cut in the sector is going through early retirement and voluntary redundancy, which is exactly the path the Santander following the acquisition of Banesto.

The entire Spanish financial sector is suffering the exceptional situation of zero cost of money imposed by the European Central Bank. It has also affected a recovery lower than expected consumption. In addition, banks have been cleaning up their balance sheets by excessive exposure to the property sector, a situation that Santander suffered less than other banks.

No purchase in Spain

the Santander is the only one among large Spanish banks, which do not participate in the procurement process opened in Spain following the crisis. A last minute was, along with BBVA and CaixaBank, CatalunyaCaixa buy candidate, but finally made a lower bid than the Blue bank . That defeat caused a strong internal unrest and the company was forced to throw in your account paid Catalonia Account 1 2 3 to try to gain market share.

In any case, the results of the financial institution born in Cantabria and operational headquarters in Madrid are the proof, for many years, the strength of the bank comes from its presence in other markets. Last year he won 3,426 million euros. 23% of these profits came from the UK, and 19% from Brazil. Spain was the third largest market, with 12%.


source Ara.cat

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Bankia hide a hole nearly 7,000 million when it went public – Pysn People and Society News

News Spain

The IPO Bankia was “fraudulent” because the group accounts since it was set up the reformulation following the resignation of Rodrigo Rato as president-what output includes not express an image bag- faithful, according to legal experts they have insisted.

In a new brief that sent the judge Fernando Andreu , inspectors assigned by Bank Spain confirm its conclusions that had already advanced in December 2014, and which are different from those that have exposed other experts in the summary, both hired by Rodrigo Rato such as Bankia, and even rescue fund of the Spanish banking (FROB).

The new report provided by the legal experts of the Bank of Spain, Victor Sanchez and Antonio Busquets , the judge occurs because the magistrate asked to make a final assessment to extend, modify, clarify or to correct what they had done –

in this new Sanchez and Busquets report reiterate that the Bankia IPO was “fraudulent” and add something new. The financial statements presented by the jump to the floors included a loan loss provisions of EUR 6,913 million both experts consider “false”.

According to experts, this information was used by the entity, its directors and executives as “commercial argument to convey to potential buyers of shares a misconception of investment security “.

The experts indicate that provisions for insolvency disappeared at the same time Caja Madrid, Bancaja and five other entities that formed Bankia -including Case Laietana – decided to join the SIP (cold fusion). “The consolidated financial statements of Bankia at 30 June 2011 and subsequent fair value adjustments IAPA masquerades as provisions for bad debts, which is clear case of accounting fraud “sentencing court experts.

This new report will be decisive for the National Court concluded the investigation and decide if you open trial and sit on the dock in the old dome of Bankia, led by Rodrigo Rato, who could face a penalty of six years in prison for providing erroneous data in the brochures of the IPO, second establishing the Criminal Code.

source Ara.cat

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Nearly 120 bankers earn more than one million euros in Spain – Pysn People and Society News

Spain had 119 bankers charged more than one million euros in 2014, the fifth highest number of the European Union, according to the latest report published by the European Banking Authority (EBA by their English).

The average remuneration of senior executives banking Spain was above the European average . Spanish bankers received an average of 2.39 million euros while the whole of Europe were at the gates of the two million a year.

The number of bankers with a salary of one million or more a year behind only four states in Europe. The ranking is led by the UK, with nearly 2,300 bankers, and still many distànica Germany, France, Italy and Spain.

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the remuneration of executives of European banks grew in 2014 and, in particular, millionaires wages increased 22%, especially those They are moving in the range between one and three million, according to the EBA.

These high salaries represent a significant cost for organizations, according to the report, which suggests that the chapter on salaries of bankers come to represent almost half of the administrative costs entities.

Although the ceiling introduced in the variable part of the wages paid bankers, which can not exceed fixed reben- these the amount ‘ ‘still they are very high bonus.

According to the EBA, bounce limitation, up the fixed salaries of bankers. As for the variables, with the agreement of the shareholders, it may reach a maximum of twice the salary.


source Ara.cat

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Spain would have closed 2015 with deficit of close to 5%, according EP – Investing.com Spain

MADRID (Reuters) – Spain will probably communicate on Thursday closed 2015 with a deficit at around five percent, well above the target set by Brussels, according to a report of the agency Europa Press citing government sources unidentified.

in the Economy ministry declined to comment while the finance ministry was not possible to verify the information immediately.

Economy Minister Luis de Guindos and recently said that Spain will commit to the European Union to apply the law of stability to channel the deficit of the autonomous communities, primarily responsible for the budgetary slippage in 2015.

the public official projection remained 4.2 percent although recently learned that in mid-October, two months after the general elections, Spain submitted a document to Brussels in which projected a figure of 4.4 percent.

the European Commission estimated that the gap of the Spanish public accounts would be around 4.8 percent by the end of 2015.

the Executive Committee on Economic Affairs meets the . Thursday to deal with possible adjustment measures calling for Brussels to meet fiscal discipline

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SAREB convert debt into equity billionaires to take writedowns – Investing.com Spain

MADRID (Reuters) -. The company that manages the real estate assets leased by the Spanish bank announced Thursday a multimillion sanitation that will force you to convert 2,171 million euros of subordinated debt capital

the so-called Spanish bad bank has reevaluated its asset portfolio in recent months, finding new losses amounting to 2,044 million euros, which has posted against the results of recent years, which figures been restated.

the bad bank was forced to mark to market some 250,000 properties before year end to meet distributed by the Bank of Spain in October circulate.

Specifically against 2015 it has posted 337 million euros of impairment on its assets, which has resulted in a loss before tax of 472.3 million euros, 53 percent lower than in 2014 and restated (1,000 million).

These writedowns allow the net result for the year 2015 is positive at 0.3 million euros thanks to the positive fiscal impact, compared to losses of 804 million euros in 2014.

this year, the president of the organization, Jaime Echegoyen, considered too ambitious to close the year in positive, something he sees as possible and by 2017

the gross margin of the company. – whose shareholders are the Spanish State , except the big banks BBVA (MC :) and some insurers – fell in 2015 by 28 percent to 1,237 million, although up 36 percent from 2014, to 900 million euros, taking into account the impact of deterioration of its asset portfolio.

total revenue fell 26 percent to 3,886 million euros in a context of recovery of the Spanish property market.

SAREB, made at the end of 2012 as consideration for the assistance of 41,300 million euros from Europe to the Spanish Government, has played a key role in the reorganization of the Spanish financial sector by allowing the receiving bank state aid to transfer some 50,000 million euros in assets this vehicle.

Disclaimer: Fusion Media would like to remind you That the data Contained in is not Necessarily this website Real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices May not be accurate and May Differ from the actual market price, meaning prices are indicative and not Appropriate for trading purposes. Fusion Media doesn`t bear THEREFORE any Responsibility for any trading losses you incur as a result Might of using esta data.

Fusion Media or anyone Involved With Fusion Media will not accept any liability for loss or as a result of damage reliance on the information Including data, quotes, charts and buy / sell signals Contained Within this website. Please be fully Informed Regarding the Risks Associated With costs and trading the financial markets, it is one of the riskiest investment forms possible.

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Changes in the direction of Telefonica – ElEspectador.com

The president of the Spanish multinational Telefonica, Cesar Alierta, will leave the presidency of the company and propose to replace his number two and current CEO, José María Álvarez-Pallete <. / p>

“the Board of Directors of Telefónica will consider at its next meeting on 8 April, the appointment of Jose Maria Alvarez-Pallete as new CEO of the company,” the company said in a statement.

Alierta, 70, holds the presidency of Telefonica since 2000 and has proposed Alvarez-Pallete as “the manager more prepared to successfully meet the challenges of the digital revolution,” the source said.

the outgoing president had already appointed Alvarez-Pallete as CEO of the company in 2012.

Under the mandate of Alierta, who replaced Juan Villalonga in front of Telefonica, the company began a period of major acquisitions and deepened its international expansion.

in his 15 years at the helm of Telefónica, Alierta bought Bell South assets in Latin America, as in the case of Colombia. Domestically, Telefónica partnered in 2006 with Colombia Telecomunicaciones, which was the state company that took over the service provided by Telecom after its liquidation at the time. Then in 2012 it merged with Colombia Telecommunications Movistar Telefonica Moviles -company of services to form the current Telecommunications Movistar Colombia, in which the state retains a 30% stake. (Read seek to reopen the liquidation of Telecom).

The company also strengthened its presence in the region, which also took hold in Brazil by acquiring 50% of Vivo.

In Europe , was made in 2005 with O2 operator allowing him to enter the UK, Germany and Ireland.

However, the global economic crisis and heavy debt of the company led the company to start since 2012 a series of sales withdrawing from countries such as Ireland, Czech Republic and Italy.

it is also close to leaving the UK after selling in March last year O2 to Hong Kong conglomerate Hutchison Whampoa by 10,250 million pounds sterling (about 14,000 million).

leading the way in the digital

Now the chairman of Telefonica gives up the position which he considers “the manager better prepared to favor over and position Telefónica once again at the forefront, this time the digital sector, “the company said.

Alvarez-Pallete joined the company in 1999 as CFO of Telefónica International, and later became general manager of corporate finance.

in 2002, he was appointed chairman of Telefonica International and after Telefonica Latin America, where it remained until 2011, when he was appointed CEO of Telefónica Europe.

Just a year later he was appointed CEO of Telefónica, becoming the number two Alierta.

Alierta remains on the board of directors of Telefonica and maintain the position of CEO Telefonica Foundation.

in 2015, the company recorded a profit of 2,745 million euros, representing a decrease of 8.5% over the previous year, due to provisions for a plan items volunteers in Spain.

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Justice investigates the Spanish Telefonica for illegal payments to Rodrigo Rato – Terra Peru

The Spanish Justice has opened an investigation against the company Telefonica multinational and Lazard for its potential liability in an alleged crime of private corruption payments made by the manager former director of the IMF, Rodrigo Rato.

According to legal sources said Tuesday, a court in Madrid has taken a statement from the legal representatives of Telefonica and Lazard in a separate investigation into the case Rato piece.

In this part of the cause, which is under a gag order, they have already declared investigated the secretary general of Telefonica, Ramiro Sanchez de Lerin, and the CEO of Lazard in Spain, Pedro Pasquin, regarding irregularities in payments to Rato for their professional work in those companies.

In its report, the Spanish Tax Agency put the focus on the contract that Rato perceived his salary Telefonica through its company Kradonara 2001, and stressed the existence of the risk that the “main objective” was to avoid taxation of those amounts.

Therefore, the Spanish Treasury, as recorded in the summary of the case which has had access Efe, proposed the allocation of the leader of Telefónica Sanchez de Lerin, who signed agreements between the multinational Spanish and Kradonara to clarify what were the services performed by Rato, who ordered their recruitment and what were the criteria for selection.

On the investment bank Lazard, the judge investigating the payment of nearly 6.2 million former minister between 2011 and 2013, allegedly as compensation, since in the past had worked in the investment bank and a loan granted this entity at the time when Spanish -Minister of Economy Rato 1996 to 2004 and was president of Bankia.

These events occurred at the same stage that Lazard was hired as a consultant in the IPO of Bankia (2011) -a bank nacionalizada- partially, by the prosecution considers the existence of a crime of bribery or corruption among individuals.

Together with this cause, the manager former director of the IMF has several cases pending before the Spanish justice, which investigates the use of opaque cards Bankia entity under his direction, and by the alleged irregularities by the IPO of this entity.

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Spanish balance of payments had a deficit in January EUR 700 million – W Radio

Madrid, March 31 (EFE) .- The Spanish balance of payments current account recorded a deficit in January of 700 million euros (791 million dollars at current exchange rates), which means 75 percent more than in the same month of 2015, according to data released today by the Bank of Spain.

the negative trend in the balance of payments, which measures transactions in goods, services, income and transfers from Spain to the outside , explained by the lower surplus of goods and services. Only the balance in tourism and travel fell by 4 percent year on year.

In particular, payments of goods and services amounted to six hundred million, compared billion a year ago.

in this section, tourism and travel totaled 2.000 million, a hundred million less than in January 2015.

the balance of primary and secondary income, which includes income from work, investment and current transfers, remained at a similar level to the same period last year, with a deficit of 1,300 million euros. EFE

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The CPI registered the same fall in March than in February, 0.8 percent – Yahoo Finance Spain

Madrid, March 31 (EFE) .- The consumer price index in March registered a decline of 0.8% yoy, the same rate as in February as the leading indicator released today by the National Statistics Institute (INE).

the INE explains this decline by rising fuel prices (diesel and gasoline), which was lower than that of previous year and the stability of prices of food and non-alcoholic beverages, compared with the drop experienced in 2015.

in monthly comparison, the CPI rose 0.6% in March compared to the month Previous

.

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SPAIN: The Report & prime; pro Uber & prime; Competition unleashes controversy – EntornoInteligente

Expand / Six counselors paralyze the favorable report to the full liberalization of the taxi and the appeal against the Decree ‘pro Taxi’ government. They call for the dismissal of the Director of Promotion of Competition.

The National Commission Markets and Competition (CNMC) today faces the most complicated full of history in full rebellion against its president, José María Marín Quemada. The internal conflict is not new but has reached its peak at the refusal of six of the 10 Directors to endorse the report on collaborative economy driven by Marin proposing the full liberalization of the taxi sector, which should have been published in February (see EXPANDING March 16). The confrontation that the organism lives since its founding in October 2013 between the president and his vice president, Maria Fernandez, who came from the Economic Office of the President, which supported two directors appointed by the PP, have joined three others counselors, also proposed by the ruling party.

This rebellious majority proposed that the dismissal of the author of the report, Antonio Maudes, director of Promotion of the related Competition president of the CNMC a vote, a matter on who has the final authority Marín.Si the president does not endorse the cessation, the rebels have moved should discuss the matter Lawyers delEstado, a scenario that is not foreseen in the regulations of the super-regulator.

About Marin dangle other decisions. On the one hand, on 14 January, the CNMC sent to the Cabinet a hard prior to an appeal against the decree favorable to the taxi Fomento requirement. The standoff has paralyzed the moment the action was brought cited. CNMC president could even present a decaffeinated resource. This is, without using an exceptional privilege granted by Law Unit Market to CNMC by which to turn a decree can suspend it immediately.

This division is not new in the macrorregulador because Quemada it has faced continuous discrepancies with the vice president, and in the last year, with two counselors. Fernando Torremocha and Benigno Valdés, who have raised dissenting opinions to the resolutions that imposed fines of 98 million cartel waste and 2.5 million Cespa, on recovery of paper and cardboard, SGAE, hairdresser, Nestle, Endesa or agencies travel, among others.

Last fall, tempers continued heating up against other reports drafted Maudes, akin to the president of the CNMC, contrary to previous reports on ministerial orders tolls electricity and gas approved by the Board of adjustment, chaired Fernández, as Marin, president turn of the Board of Competition, gave Maudes the power to review the reports from the other room.

in the last plenary session of February, three other directors joined the rebellion: it is Eduardo Garcia Matilla, Diego Rodriguez and Clotilde de la Higuera, all proposed by the PP, by the report on collaborative economy, proposing the complete deregulation of the taxi, against delDecreto Development November 2015 that regulates land transportation (see attached information). Although counselors CNMC remain faithful to the favorable trend of Competition house rule, the rebels are against liberalization of the taxi that drives Marin, who favors companies like Uber or Cabify.

The rebels claim that the Maudes report has not taken into account the views of the sectors concerned and that no technical quality. The report, which proposes to eliminate any restrictions on licenses, tariffs, territory or time, calls even “limit the participation of associations and organizations representing the sector prior to the administrative decision-making character.”

March 11, reported that the super-regulator will undergo a second public consultation which called preliminary conclusions on the new models of service delivery and collaborative economy. March also saw the resignation of Secretary General of the CNMC, José Manuel Bernabe

SPAIN. The report ‘pro Uber’ unleashes controversy Competition

Information Expansión

http://entornointeligente.com/articulo/8169197/ESPANA-El-informe-pro-Uber-desata-la-polemica-en-Competencia

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Wednesday, March 30, 2016

They highlighted the impact of tourism during the long weekend – APF Digital

 
      
 

“The intense tourist activity long weekend is a great satisfaction and is the result of the quiet work that officials, authorities and private sector representatives being made from all corners of the province to promote our attractions and improve every day services “, assessed minister.

also appreciated the decision of governor Gustavo Bordet prop tasks direct marketing that made the province and municipalities with an important campaign in the mass media.

“the governor is well aware of the enormous economic importance of tourism and has the political will to make all efforts for the province to continue to grow in this regard,” he added.

Finally, stressed: “the governor told me to work in a joint manner with employers and workers. That is what we have been doing in these almost four months in office and I think if we keep working in this way, the tourism entrerriano has no roof. “


• In detail

the massive influx of visitors received Entre Rios during the recent long weekend generated millions in income to the economy of cities and towns in the province, which benefited from the intense movement of tourists and vehicles.

More than 60,000 tourists stayed overnight, fed and held recreational activities in the province during the three nights of the weekend and based on this data it is estimated that only services linked directly to tourism form, they entered around 110 million pesos to different entrerrianas cities.

at the head of the reception of visitors the cities of Colon and Federation, who filled their spaces and hotel accommodation parahotelero were located. Its spas, water parks and beaches were the main attraction. But joined to it numerous recreational activities promoted by municipalities and institutions.

In Columbus, for example, to the large number of Argentine tourists a significant number of Uruguayan visitors who took to cross the Uruguay River joined as part of the Tourism Week. There, the Ministry of entrerriano Tourism conducted prior to the long weekend an intense promotional campaign.

Very near there, in San Jose, the occupation was also full, both in hotels and in houses and apartments temporary rental cabins, bungalows and campsites. According to the Coordination of Tourism it estimated that city, tourism spending generated an economic movement of 10 million pesos. As color data, it is noted that only in the parking lot of Thermal Park sanjosecino more than 2,500 cars were registered during the weekend.

In Federation, meanwhile, address local Tourism estimated that tourism it injected about 50 million pesos to the city in four days of Easter. There, more than 20,000 tickets were sold to the hot springs. Moreover, in an action that is of increasing importance, activities and shows were promoted for tourists to enjoy at your leisure. he was also granted more importance to alternative walks. Among them, the interest of visitors through the history of that city, who just this weekend celebrated its 37 years, he said.

An intense weekend also lived in Concepcion del Uruguay, with 91 percent of hotel occupancy and an important move of activities planned for visitors and locals. Arrivals to the city occurred from Buenos Aires mostly, but also from Córdoba, Santa Fe, Corrientes, Neuquén, Mendoza, La Pampa, Oriental Republic of Uruguay and even Germany and Portugal who chose the attractions of historic.

a different attractions such as museums, beaches, hot springs island among others, the city added a variety of proposals including the first edition of the Living Conception, which included the performance of local bands stood out, Authentic decadent and Los Palmeras.

In Concordia the situation was similar. Its more than 5,000 hotel and parahoteleras seats were filled in full. In its natural wealth and thermal spas in the city added events large turnout as the Expo Easter and competence of TC 2000.

Gualeguaychú, with its beaches, hot springs and rich recreational activity was also an important pillar for tourism. More than 8,000 people spent the night in that city.

Also in the Costa del Parana tourist arrivals became manifest. In the provincial capital it was estimated that more than 13,500 people took their hotel rooms and parahoteleras, injecting more than 10 million pesos to the city.

The huge tourist influx not only benefited the traditional tourist cities. In Santa Elena, for example, hotel occupancy and hotel 97 additional percent exceeded. And similar percentages were recorded in La Paz and Piedras Blancas, where the main attraction was fishing.

In Victoria, meanwhile, the number of visitors was massive. All squares of the city were crowded with tourists, attracted by its landscape, its spas and its proposals for fishing and water rides.

The center entrerriano was no stranger to the arrival of visitors. The Baths of Basavilbaso were full during the four-day weekend; in Villaguay, the Artisan Cake Festival generated a significant movement; Gualeguay exceeded 80 percent occupancy; the municipal spa Rosario de Tala received thousands of visitors; Nogoyá generated an interesting attractive with its Black Party Cake and even in smaller towns like Santa Anita, with its spa and artificial fish and pay proposal received much tourism.


• The occupation numbers

Concepcion del Uruguay 91%

Chajarí 100%

Colón 100%

Concordia 100%

Federation 100%

Gualeguaychú 83%

La Paz 100%

Paraná 84%

San José 100%

Victoria 97%

Villa Elisa 100%

(APFDigital)



 
 

 
    
       
Publication Date: 03/30/2016 11:57
 

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So the digital challenge Telefónica faces – EntornoInteligente

Expand / The digital transformation has become one of the strategic pillars of the operator, obligated to provide digital content and services to compete with Internet giants like Google and Facebook.

Currently, members of the board of directors of Telefonica spend more time in their meetings to discuss the digital strategy of the operator which to review the business figures. Since César Alierta began over four years ago, the way to convert Telefónica into a digital telco, the Spanish operator has put scanning as one of the pillars of its strategy.

José María Álvarez-Pallete -to Alierta, the “best manager prepared to position Telefónica in the digital vanguard” – takes now witnessing a transformation with which Telefonica wants to establish itself as an important player in the digital sector, capable of competing with giants ta to you Internet as Google, Facebook or Amazon.

in a digital world, operators risk that Internet players to become the leading digital partner users, thus reducing the relevance they have had traditionally for their customers, to become mere providers unable to differentiate connectivity.

Therefore, Telefónica’s strategy passes reconverted into a digital telco, capable of providing products and services to security-from video for Enterprise- beyond traditional connectivity.

Here it is framed audiovisual bet the great commitment made by Telefónica in the field of audiovisual content, with strategic decisions such as buying Digital + in Spain.

Spain under the chairmanship of Luis Miguel Gilpérez, has become a great laboratory for the operator, which has turned to audiovisual content as a competitive advantage for customer loyalty.

in a short time, the company has grown from a marginal player in television to become a major player in markets such as Spanish. In 2015, Telefónica closed with 8.3 million customers worldwide, up 12%. Yes, still far behind the leader Netflix, with 70 million users.

The video is not the only digital project. Aware of the importance of cybersecurity in a connected world, Telefonica has also been keen to provide security services to businesses and individuals, generating global revenues of 400 million euros.

Another area of ​​action is the Internet of Things and the connected home, which opens up new business opportunities for the operator. Telefónica participates in initiatives such as Fi-Ware, the open platform project of the European Community in smart cities. In the connected home, has agreements with AT & T and Huawei, and is already working on different drivers in markets like the UK and Spain, where it has partnered with Securitas

In fact, in Telefónica are. convinced that operators have a competitive advantage when scanning comes fully into areas such as health, education or finances.

One advantage that according point in the operator comes from its local presence and proximity to customers, who expect values ​​positively the recourse to the commercial network, something lacking pure players in the world Internet.

the company also markets digital services for companies in fields as diverse as big data, health (tele-assistance), selling cloud computing services (where it competes again with giants like Amazon, Google and Microsoft) or advertising, among others. For example, the company strengthened its activity in big data late last with the purchase of the Spanish consulting Synergic Partners, specializing in addressing advanced projects data analytics year.

Traffic Data In addition to projects digital content and services, Telefónica is convinced that is in an enviable position to capitalize on the digitization of the economy position as the networks over which will pass all traffic from a hyper-connected world are those of the operators. Thus, the company is convinced that will monetize the exponential growth of data traffic expected for the coming years.

On this path towards digitization, José María Álvarez-Pallete endorses a speech that has It has been a mantra for Alierta. the requirement of the same rules for operators such as Telefonica and Internet giants, so that they can compete on an equal footing in the digital scenario

So Telefónica facing the digital challenge

Information Expansión

http://entornointeligente.com/articulo/8174826/Asi-afronta-Telefonica-el-reto-digital

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Alberto Ardila Ignacio Olivares opens Chery dealer in Russia. The dealer Alberto Ardila Ignacio Olivares joined the Nissan network in Russia authorized to provide excellent products and services to customers in the area of ​​Siberia. This inauguration is a fundamental part of the vision of Alberto Ardila Ignacio Olivares to offer besides excellent vehicles, unsurpassed experience in sales and service. The opening of the dealership Alberto Ardila Ignacio Olivares represents the creation of 18 jobs automotive industry professionals. In addition, he joined the 14 dealers and 17 authorized service centers Chery in Russia. The dealer Alberto Ignacio Ardila Olivares Authorized has a team of professionals that meet the quality standards of the brand to provide customers with an excellent service in such an important process as it is the acquisition and maintenance of a car. TAGS: Alberto Ardila Ignacio Olivares, Alberto Ardila, Alberto Ardila Olivares, Ignacio Alberto Ardila

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The National Court will investigate the granting of mortgages Caja Madrid – Reuters Spain

MADRID (Reuters) – the High Court has admitted admissible a complaint filed against Caja Madrid (now Bankia) by granting mortgages to individuals with appraisals allegedly inflated between 2002 and 2007, according to a self known on Wednesday .

Specifically, the judge will investigate an alleged crime of fraud Miguel Blesa, chairman of Caja Madrid at the time, Ildefonso Sanchez Barcoj, CEO, Ramon Martinez, risk manager and Ignacio de Navasqué, CEO of Appraisals Madrid, who will have to declare condition “investigated” the old figure of the accused.

the investigation will examine whether the appraisal group valued of “systematically” mortgaged property above the price of the same simulating therefore that loans were not granted above 100 percent of the mortgaged value.

We also examine whether 20-year loans to foreigners were granted temporary residence permits and work one or two years of validity and if these loans were subsequently used for the issuance of bonds and mortgage bonds.

the management of Caja Madrid in the years of the housing boom is being investigated in various fields, from the IPO of the company after its merger with other savings to the system of remuneration to senior executives known as ‘black card’.

© Thomson Reuters 2016 All rights reserved.

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Falling confidence in the economy among Europeans – Day Journal

In the whole of the eurozone, the economic sentiment indicator in March experienced its third consecutive decline, reaching its lowest level since February 2015, with 103 points from 103.9 in February.

Among the major economies of Europe Italy had the worst performance with a decline of 2.4 points to 103.7; while in France the fall was 1.8 points to 101.9, according to the economic sentiment indicator (ESI) produced by the European Commission.

In the Netherlands it fell 0.9 points to 102, while in Germany fell a tenth, to 104 points, appropriated Europa Press.

the economic confidence in Spain was in March at its lowest level in the last thirteen months, down to 106 , 9 points from 107.3 the previous month, and is the third consecutive drop the data.

the deterioration of economic sentiment in Spain in March was especially noticeable in the construction sector, where data he suffered its biggest monthly drop since March 2002, reaching -42.45 versus -22.7 in February, thus registering its worst reading since June 2014.

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Valencia, Madrid and Catalonia, the fastest growing communities in 2015 – Investing.com Spain

MADRID (Reuters) – The autonomous regions of Valencia, Madrid and Catalonia were the highest economic growth recorded in 2015, with records above 3.2 percent GDP grew in the whole year.

According to data released Wednesday by the National Statistics Institute, Valencia saw its GDP grow by 3.6 percent, Madrid rose 3.4 percent and Catalonia grew by 3, 3 percent.

the fact that Valencia and Catalonia are the two communities with the largest debt relative to its economy, with 2.9 percent of GDP in the case of Valencia is given and 2.6 percent of GDP in Catalonia, according to the Bank of Spain which compares with a national average of 1.5 percent of GDP.

on the other side, Cantabria (2, 6 percent), Melilla (2.7 percent) and Aragon (2.7 percent) were the regions with lower growth.

in terms of GDP per capita, Madrid is the richest region country with an average of 31,812 euros per capita, 36.6 percent above the national average, located at 23,290 euros.

by contrast, Extremadura in 2015 showed the lowest GDP per capita, the stand at 16,166 euros.

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Fusion Media or anyone Involved With Fusion Media will not accept any liability for loss or as a result of damage reliance on the information Including data, quotes, charts and buy / sell signals Contained Within this website. Please be fully Informed Regarding the Risks Associated With costs and trading the financial markets, it is one of the riskiest investment forms possible.

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The dollar lower against its rivals after Yellen’s statements – Investing.com Spain

Investing.com – The dollar lost positions relative to other major currencies on Wednesday after the president of the Federal Reserve, Janet Yellen, ballasted expectations about upcoming hikes interest rates in the United States.

the pair an increase of 0.20% was noted to the level of 1.1318.

in his appearance before the Economic Club of New York, Yellen said that risks to the US economy, including the fall in oil prices and raised uncertainty about the state of China, justified a cautious stance when implementing adjustments in monetary policy.

These cautious comments contrasted with the aggressive tone of recent statements by other Fed officials indicating that the bank could take action and next month to raise interest rates.

pair dropped 0.33% to 112.32 level.

the data indicate that Japan Wednesday in February recorded the largest decline since the massive earthquake and tsunami of 2011 will damage supply chain, contributing to fears that the economy is at risk of falling into recession.

on the other hand, the dollar broadly unchanged with respect to the pound, reaching the pair at 1.4385 , and fell against the Swiss franc, leaving the, by 0.29% to 0.9640.

the KOF Economic Research Agency said its February fell to a reading of 102.5 points against 102.6 the previous month, a figure that was revised upwards compared to the previous reading of 102.4.

analysts had expected the index to descend to a reading of 101.9 last month .

Meanwhile, the Australian and New Zealand dollars gained ground, advancing 0.38% torque to the level of 0.7656 and firing the 0.95% to 0.6916, five-month highs .

the pair dropped 0.20% to the level of 1.3047.

The currencies linked to commodities found support after the rebound in produced by a lower than expected increase of oil reserves registered last week.

, which follows the evolution of this currency against a basket of six other major currencies, fell 0.22% to 94.96, its lowest level since March 18.

Disclaimer: Fusion Media would like to remind you That the data Contained in this website is not Necessarily Real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices May not be accurate and May Differ from the actual market price, meaning prices are indicative and not Appropriate for trading purposes. Fusion Media doesn`t bear THEREFORE any Responsibility for any trading losses you incur as a result Might of using esta data.

Fusion Media or anyone Involved With Fusion Media will not accept any liability for loss or as a result of damage reliance on the information Including data, quotes, charts and buy / sell signals Contained Within this website. Please be fully Informed Regarding the Risks Associated With costs and trading the financial markets, it is one of the riskiest investment forms possible.

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Wall Street returns to yearly highs encouraged by the words of Yellen – Financial Journal

Online Financial Journal / EFE

Wall Street recovered and returns to touch its highest level of the year driven by the technology sector and the statements of the president of the Reserve Federal (Fed) on the trajectory of the interest rate.

The Dow Jones, the main indicator of the New York Plaza, rose 0.56% and ended at 17,633.11 units, marking a new annual high since 29 December.

Also posting gains, the S & P progressed 0.88% to 2,055.01 and the Nasdaq whole index rose a strong 1.67% and was at 4846.63 points

<. p> While the session began with losses by a drop in oil prices, as was spending the day investors took up the spirits through the words of the president of the Fed, Janet Yellen, in which he called for “caution” in monetary tightening by global risks.

“the financial and economic conditions are less favorable now than at the December meeting,” said Yellen about the slowdown in China and falling prices of raw materials , statements that were well received by the markets.

Among the actions that led advances of the day I placed the technological Apple (2.37%) and Microsoft (2.19%), followed Visa (1.77%) and Intel (1.50%).

on the other side of the sidewalk, starring the loss, were the titles of 3M (1.14%), DuPont (0 , 86%), JPMorgan Chase (0.62%) and Boeing (0.31%)

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Telephone switches leader, but no course – La Nacion (Argentina)

The current CEO of Telefonica, José María Álvarez-Pallette (l.), Will succeed Cesar Alierta (right.) As CEO of the company española..Foto: Reuters / Juan Medina

MADRID-José María Álvarez-Pallete succeed as CEO César Alierta of Telefonica SA and, together with the charge, shall inherit the challenge of leading the Spanish telecommunications giant in a context of high indebtedness, increasingly complex regulations and a plot of traditional competitors and non-traditional.

the nomination of Alvarez-Pallette, announced Tuesday by the company it was not a surprise to analysts and investors, who say Alierta had been preparing him for the top job and that the executive has already played an important role in outlining the approach of the company to grow in markets where it already has a large presence -Spain , Germany and Brazil and withdraw from countries where they did not have enough scale or product offerings, such as Ireland and the Czech Republic.

the great unfinished business of Alierta and Telefonica, according to an executive of the company Latin America is Mexico, a market with great growth potential, attractive margins and a more favorable than Brazil’s tax structure, but where until just over a year ago regulators seemed more focused on maintaining the status quo that followed the privatization of Telmex. Telefónica has tried to walk in Mexico since 1990, without much luck. The opening recently launched President Enrique Peña Nieto is the group “with the tired horse,” the executive with knowledge about attempts to Telefonica in that country.

Alvarez-Pallette have to deal with high debt that limits the financial flexibility of the company to expand through new acquisitions.

in his nearly 16 years at the conglomerate, Alierta oversaw a period of expansion was followed by a recent retreat as the company It strives to reduce its debt.

While his predecessor, Juan Villalonga, launched the internationalization of Telefóncia by placing shares, Alierta, who took over as CEO in 2000, continued by absorbing debt buy, for example, the wireless operations of BellSouth Corp. in Latin America in 2004 and the British mobile operator O2 PLC in 2005.?

the acquisitions were carried out amid widespread optimism on the boards Spanish, encouraged by a housing boom that propelled the growth of the national economy and in an international context of high credit supply. The towers and underground telephone networks of Telefónica now spread over a large part of Latin America and major European markets.

However, the Spanish housing boom began to end in 2008 and the country went into recession. Alierta and other Telefonica executives “were living in denial when macroeconomics turned against them,” says Georgios Ierodiaconou, telecoms analyst at Citi. “They kept increasing the dividend each year to levels that were very difficult to sustain.” To meet the promised payments, he adds, the company had to reduce investment in their businesses around the world and lost customers in Latin America and other markets.

Alierta changed his approach, now with Alvarez-Pallete as its second. “In recent years, the company has tried to mante-ner debt under control by reducing its presence and the sale of assets in those countries where growth opportunities were scarce, to focus on four or five countries that offer opportunities expansion “as Spain, Germany and Brazil, Javier Borrachero, telecoms analyst at Kepler Cheuvreux says. The company, however, remains “highly buttressed” by debt, he adds.

In 2013, Telefonica bought the German mobile operator E-Plus to redouble its commitment in the country and in 2015 agreed to sell its subsidiary CK Hutchison British O2 Holdings Ltd.

a successful sale is an important step in Alierta’s strategy to focus on profitable markets and leave those who do not generate substantial profits. “Now, Telefonica is doing the right thing,” says Ierodiaconou. But the analyst believes that the legacy (of Alierta) only “be determined in the next two or three years.”

The board of Telefonica will vote on the appointment of Alvarez-Pallete, proposed by Alierta, in a meeting scheduled for April 8, the company said. Telefonica did not give details on when the output Alierta, who will remain on the board will occur and will continue to lead the foundation of the group.

Alvarez-Pallete, 52, joined Telefonica in 1999 and has been its CEO since 2012. Investors and analysts say that in the last two years Alierta seemed to give more choices to his lieutenant.

Alvarez-Pallete “is considered as someone who has a couple of very safe hands Telefónica and is widely respected by financial markets, “says Paul Marsch, an analyst at Berenberg Bank.

Telefónica shares closed up 1.5% on the Madrid stock Exchange after the announcement, compared with an increase of 0.2% of the Spanish IBEX 35 index.

in Latin America, according to a person familiar with Telefonica ahead an increasingly complex regulatory environment as the authorities in some countries learn from others and tend to follow the lead of the European Union’s competition.

As in Europe, Telefonica needs to overcome in the region pressure from various governments to facilitate the entry of new companies operating on network infrastructure owned by Telefonica and other traditional companies. Alierta has led in recent years the battle of Telefonica in the two regions to reverse rules that, from his point of view, allow non-traditional operators provide services on established networks and Internet companies like Facebook and Google offer free services then benefit from an advertising based business information users

Although it has prepared Alvarez-Pallette for a long time, the announcement may have been surprising on one point. as before, Alierta appeared to have started the same process with other names, then leave them out of the race. Not only it has not been the case of Alvarez-Pallette, but this has been the driving force behind some changes that apparently are Permi-I tend to straighten the course of Telefónica. “Just to have survived the ‘curse’ of other apparent successor is already a merit,” said an executive with knowledge of the process.

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Tuesday, March 29, 2016

Google Oracle requires payment of US $ 9,300 million by use of Java in Android – Financial Journal

Diario Financiero Online

In a new episode of a long legal battle, Oracle will ask Google to pay US $ 9,300 million for the use of Java in the system operating Android.

According to information from the site Business Insider, on 9 May, a court hearing will be held with both companies where Oracle will ask the million dollar compensation for economic damages.

the dispute between companies dates back to 2010, after Oracle bought Sun Microsystems, Java developer and accused Google to use certain parts of this programming language in its Android system.

Meanwhile, Google has argued its use of Java is covered by fair use, which allows limited copying, which means it does not owe Oracle any financial compensation.

according to Fortune, Oracle requested payment of US $ 475 million in damages plus $ 8,800 related to “profit assigned to the copyright of Java violated” millions.

the new trial will decide whether Google had the right to use programming code free or must compensate Oracle, in addition to determining the amount of injury

in 2012 a jury could not determine whether his use Google Java was protected under the concept of fair use

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EU demand for Volkswagen campaign to ‘clean diesel’ – Diario Digital Juárez

Washington United States demanded Tuesday to Volkswagen deceive consumers by promoting diesel cars supposedly “clean” but had devices to cheat on the amount of gases pollutants emitted.

The Federal Trade Commission (FTC) said it filed a Federal Court order to compensate those who bought 550 thousand cars VW and Audi with that system between late 2008 and late 2015. The Commission also demanded that prohibit VW reuse such devices.

in its complaint, the FTC alleged that for seven years VW deceived consumers by promoting cars low emissions, adjusted to the rules against pollution and good resale value.

The cars involved were sold at an average price of about $ 28,000. “The hidden deceptive devices significantly reduce the resale value, according to the FTC

” For years, Volkswagen ads promoted cars “clean diesel” of the company and now they had systems to cheat tests emissions “of greenhouse gases, he said the president of the FTC Edith Ramirez.

” Our lawsuit seeks to compensate consumers who buy these cars Volkswagen based on deceptive and unfair practices, “he added.

Volkswagen, which owns 12 brands of cars and until recently had the ambition to become the largest manufacturer in the world, is facing problems after it was revealed that installed in diesel engines 11 million vehicles a computer program distort the results of the antipollution tests, especially in emissions of nitrogen oxides.

the software, known as a “device”, limits the output of oxides of toxic nitrogen during testing limits legal. But when vehicles are in actual use, the software allows dispose of toxic gases at levels up to 40 times the allowed. The problem affects vehicles of VW, Audi, Seat and Skoda brands.

The company is exposed to lawsuits and fines of billions of dollars.

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After 16 years, Telefónica change of president – Trade

(AFP) The chairman of Spanish telecoms giant Phone , Cesar Alierta, will leave the presidency of the company and propose to replace his number two and current CEO, José María Alvarez-Pallete.



 “The Board of Directors of Telefónica will consider at its next meeting on 8 April, the appointment of Jose Maria Alvarez-Pallete as new CEO of the company,” the company said in a statement.

Alierta , 70 and holds the presidency of Telefonica since the summer of 2000, has proposed Alvarez-Pallete as “the manager more prepared to successfully meet the challenges of the digital revolution,” according to the same source.

the Alierta himself had already appointed Alvarez-Pallete as CEO of the company in 2012.

Under the mandate of Alierta, who replaced Juan Villalonga in front of Telefonica, the company started a time of major acquisitions and deepened its international expansion.

in his fifteen years at the helm of Telefónica, Alierta bought assets of Bell South in Latin America strengthening its presence in the region, which also took hold in Brazil acquiring 50% of Vivo.

in Europe, was made in 2005 with O2 operator allowing him to enter the UK, Germany and Ireland.

Alierta also took decisions “as the amortization of UMTS licenses or the creation of Telefónica Digital,” the company said.

However, the global economic crisis and heavy debt of the company led the company to start from 2012 series of sales withdrawing from countries such as Ireland, Czech Republic and Italy.

is also close to leaving the UK after selling in March last year O2 to Hong Kong conglomerate Hutchison Whampoa by 10,250 million pounds ( 14,000 million euros)

According to Telefonica, with Alierta, the company became a “leader in major markets that have led to its strategic commitment: Brazil, Germany, Spain and Latin America”..

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What you need to know about mortgages for the purchase of a second home – EntornoInteligente

Expand / If you get financing to buy a first home is complicated, it is more for second homes, those for holidays or weekends.

Mortgages intended for a second home are granted, usually with less favorable conditions mortgages for the purchase of the main residence, in terms of funding rates on the appraised value of the property and the repayment period .

These conditions have evolved in the same mortgages for first and second homes, as has verified the comparator Bankimia mortgages. In times of crisis it was common for banks to finance up to 50% -60% of the appraised value of a second home, now this percentage has increased significantly to 70% -75% in some cases.

So, the ING Direct Orange Mortgage finances up to 75% of the appraised value for second homes, always with a minimum of 50,000 euros. The deadline for repayment of the loan is up to 40 years. It is marketed to Euribor + 0.99% throughout the life of the mortgage.

We also found with a maximum funding of 70% of the lower of the appraisal and purchase of Banco Santander Variable Mortgage at 1.75% interest the first two years and Euribor +0.99 % since then. The repayment period is 25 years.

The same applies to the repayment period, if it was not common in 2010 see such mortgages that exceed 20-25 years, now we find some loans that allow debt to more than 30 and even 35 years.

This is the case with the Mortgage CX CatalunyaCaixa setting a repayment term of up to 40 years provided that the maximum age of the holder at maturity of the loan is 70 years. The interest rate is 1.25% the first year and Euribor + 1.25% for the rest. The funding amounts to 70% of the appraised value in second homes.

also noticed the Mortgage Bank Mediolanum Freedom proposed 70% within 30 years. Funds 70% of the appraised value and applies a variable interest rate of Euribor + 0.99%.

As for the differential apply, does not differ much from that found in mortgages for first home, since it increases or not depends on additional products concluded with the entity.

fixed mortgages for second homes

On the other hand, currently some banks also offer fixed rate mortgages intended for the purchase of a second home. As the Fixed Mortgage Bankinter at 1.80% interest, the maximum term is ten years and funded percentage is 60%.

BBVA also gives option to finance a second home with a fixed rate mortgage. The repayment period is 20 years maximum, the amount financed is 70% and part of an interest rate of 1.90%.

Bankimia

What you need to know about mortgages for the purchase of a second residence

Information Expansión

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OTHER INFORMATION: Francisco Velasquez (PDVSA) . Petro Piar. Pius XII ended in fourth place sucrense tournament. Club officials thanked Pius XII Pequiven manager, Edinson Parra and his counterpart from Petropiar, Francisco Velasquez , for their collaboration to attend the competition. Francisco Velasquez said it is expected that the academy participate next July 20 in another tournament, which will take place at the Club Petroamigos, located in the Gulf area of ​​the municipality Sotillo.

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César Alierta leaves presidency of Telefónica and proposes to his number two – Management Journal

The Board of Directors of Telefónica will consider at its next meeting on April 8, appointing José María Álvarez-Pallete as new CEO of the company.

Cesar Alierta (right) with José María Álvarez-Pallete. (Photo: Reuters)

Madrid ( AFP ) .- The president of Spanish giant of Telefonica, César Alierta , will leave the presidency of the company and propose to replace his number two and current CEO, José María Álvarez-Pallete .

“the Board of Directors of Phone will consider at its next meeting on 8 April, the appointment of Jose Maria Alvarez-Pallete as new CEO of the company,” the company said in a statement.

Alierta, 70 and holds the presidency of Phone since the summer of 2000, has proposed Alvarez-Pallete as “the manager more prepared to face successfully the challenges posed by the digital revolution, “the source said.

the Alierta himself had already appointed Alvarez-Pallete as CEO of the company in 2012.

Low the mandate of Alierta, who replaced Juan Villalonga in front of Telefonica, the company began a period of major acquisitions and deepened its international expansion.

in his fifteen years at the helm of Phone , Alierta bought assets of Bell South in Latin America strengthening its presence in the region, which also took hold in Brazil by acquiring 50% of Vivo.

in Europe, made in 2005 with the operator O2 which allowed him to enter the UK, Germany and Ireland.

Alierta also took decisions “as the amortization of licenses UMTS or creating Telefónica Digital, “the company said.

However, the global economic crisis and heavy debt of the company led the company to start since 2012 a series of sales withdrawing from countries such as Ireland, the Czech Republic or Italy.

is also close to leaving the UK after selling in March last year O2 to Hong Kong conglomerate Hutchison Whampoa by 10,250 million pounds (14,000 million euros).

According to Phone , with Alierta, the company became a “leader in major markets that have led to its strategic commitment: Brazil, Germany, Spain and Latin America”.

leading the way in the digital.
Now the chairman of Telefonica gives up the position which he considers “the best director prepared to favor over and position Telefónica once again at the forefront, this time the digital sector, “the company said.

Alvarez-Pallete joined the company in 1999 as CFO of Telefónica Internacional, and then became general manager of corporate finance.

in 2002, he was appointed chairman of Telefonica International and after Telefonica Latin America, where it remained until 2011, when he was appointed CEO of Telefónica Europe.

Just a year later he was appointed CEO of telephone , becoming the number two Alierta.

Alierta remains on the board of telephone and maintain the position of CEO of the Telefónica Foundation.

in 2015, the company posted a profit of 2.745 million euros, representing a decrease of 8.5% over the previous year, due to provisions for a plan of voluntary departures in Spain.

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Amancio Ortega, the king of the textile industry turns 80 – Vanguardia.com.mx

he decided to innovate and cut out the middleman. “Since I started working had an idea that haunted me? Why can not invent something different than what’s on the market,” said Ortega himself to Covadonga O’Shea in the book “This is Amancio Ortega” <. / p>

the most successful businessman of Spain and one of the most important in the world is quiet and unobtrusive. Flee cameras, rejects all interviews and little is known of his personal life.

With his first wife, now deceased Rosalia Mera, had two children, one with a severe disability. After her divorce in 1986, businessman married an employee of one of its stores, Flora Perez current partner and mother of his daughter Marta.

Those who know him say they prefer the transfer of Inditex facilities in Arteixo, headquarters of the company, major events, and still you can see from time to time in the dining attending their employees.

the businessman who saw half world looks a sober image: white shirt, always without a tie, and pants and comfortable shoes. But also enjoys luxuries of a billionaire, like sailing on his yacht or private jet travel.

His success is undeniable and it is studied in many business schools, but that does not relieve you of some rags dirty. Inditex has spent years grappling with demands for working conditions in workshops in countries like Brazil or Argentina, where garments for their signatures are made.

A few weeks ago, the company received a jug of cold water for a story the TV show “Saved” by the Spanish chain La Sexta, which brought to light the conditions of workers in Asia contracted by giant companies like Inditex textile.

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