MADRID (Reuters) – Banco Popular (MC:) is maintaining contacts with BBVA (MC:), and with other Spanish banks to explore a possible merger, said Thursday the newspaper Expansion.
The newspaper, not citing the sources of his information, said that the sharp fall in stock value of Popular with a market capitalization today of € 3,470 million and the write-downs made by the bank may make attractive a corporate operation.
The current confrontation in the council could also favor this outcome, added the newspaper.
there was No one available in Banco Popular or BBVA to comment on this information.
legal Notice: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. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Image caption The new ticket of £5 is modern and made of plastic.
Boycott queen Elizabeth II. And to Churchill. Or, at least, the new bills containing their portraits soaked in animal fat.
That posed by vegans in the Uk, who were against the new ticket plastic 5 gbp after that I knew that contains sebum, a substance taken from the fat of animals.
Vegans and vegetarians came to the step of the newly launched ticket, criticizing the Bank of England.
Image copyrightPAImage caption The reverse side of the ticket has to Winston Churchill, regarded by many as the father of the England contemporary.
In less than 48 hours, to the morning of Wednesday, nearly 60,000 people had signed an official request to the Bank of England asking him to remove the sebum of the tickets.
“This is unacceptable for millions of vegans and vegetarians in the Uk. We demand that they stop using animal products in the production of the currency,” reads the petition.
The Bank of England, the issuing entity, has not commented officially on the request.
however, a spokesman quoted by the british newspaper The Guardian said the problem was the polymer in which the printing of the new banknotes.
The company will buy the pellet of the polymer, Innovia Security, is a supplier for 80 denominations of banknotes in 24 countries.
Image copyrightAFPImage caption OPEC agreed to the first crop in 8 years.
At first sight it is a very good news for the entire global oil industry.
This Wednesday, for the first time in eight years, the countries of the Organization of Petroleum Exporting Countries (OPEC) agreed to reduce their production in an effort to raise oil prices.
In one encouraging sign for the sagging oil industry, countries that are not part of OPEC, like Russia, have also been crimped to the agreement.
And the prices reacted positively almost immediately.
Change
The price of oil Brent went up 9% to US$ 51,57 per barrel, while the crude american it appreciated by 8.2%, reaching US$ 48.9 per.
But perhaps this is not the time yet to uncork the bottles of champagne in the oil capitals of the world, from Moscow to Riyadh, passing through Caracas.
Image copyrightAFPImage caption The producers oil americans seem to be big winners.
Thus it is not clear in the medium and long term who is the one who stands to gain from this apparent change in the oil industry overall has spent two years in crisis.
spectator happy
The OPEC, led by Saudi Arabia, had been delayed in reaching an agreement to cut production and raise prices.
“it Is believed that one of the reasons for the delay was that Saudi Arabia was happy with the damage done to the u.s. industry’s “shale” (oil extracted from the shale), whose expansion had been one of the key factors in the decline of prices”, ensures the correspondent of economic affairs of the BBC, Andrew Walker.
Image copyrightAFPImage caption fracking has revolutionized the u.s. oil industry
The saudis would be waiting to that the low prices prevailing in the last two years to be taken out of the industry to many of the oil americans, a result that would help traditional producers in OPEC to regain control and power they once had on the market.
“But it didn’t work. The oil production u.s.scendió something this year, but still remains at a level higher than in 2014. The increase in prices that occurs now will likely increase the oil production from oil shale american,” she adds.
And finds: “the decision of the OPEC on Wednesday indicates that the fight against the shale u.s. has been lost”.
Discipline
The position of the producers oil americans, who do not make part of the agreement, it looks very comfortable.
Image copyrightAFPImage caption The agreement of reduction of fees does not obligate the united States
Not have committed to reduce their production, as the other exporters of the OPEC, but will benefit from the best prices.
In contrast, nations like Saudi Arabia, Venezuela and other major producers, have a dilemma complex between hands.
Several of them face fiscal problems serious. But in order to maintain the high prices, many of them have to restrict the oil production, giving up dollars needed by their treasuries.
Further, to make that sacrifice individually, these nations have no assurance that their other colleagues in the OPEC will not make a trap, and below a rope to increase the production to maximize the collection in this season of high prices.
If several nations begin to fail to comply with the agreements, the global supply of crude oil will increase and prices will fall back. This has been a recurrent story in the attempts of the OPEC by keeping prices high in recent decades.
“I Think it’s awesome that the OPEC has come so far this time and that you’ve gotten that nations such as Iran and Iraq are in agreement (with the cuts of production), but Russia could change your mind about this sacrifice,” he tells the BBC’s John Chairman, of the london-based firm Alpha Energy Group.
Vigilant
Among the nations that will be watching with extreme anxiety the development of this strategy will be Venezuela, the country with the largest oil reserves in the world and one of the key members of OPEC.
Image copyrightAFPImage caption Mexico is another producer with the hope of higher prices.
Their extreme fiscal difficulties make it imperative for your financial stability reaches a new period of high oil prices.
But also other Latin american nations that are not members of OPEC who have placed great hopes in the oil, such as Mexico, Brazil and Colombia, will be-longing to the agreement get to keep the oil prices high for a longer time.
To stay current, a new era of high prices of fuel will cause headaches to consumers in industrial and developing countries, which already began to get used to the cheap petrol of the past two years.
But in Houston, the oil capital american, the operators of the crude oil in that country will possibly be looking at these developments with the illusion of having been, more than any other, the beneficiaries of this new chapter in the long drama of international markets of energy.
Image copyrightReutersImage caption The oil is almost the only source of currency of Venezuela through the state oil company PDVSA
The government of Venezuela held this Wednesday the reduction of production announced by OPEC (Organization of Petroleum Exporting Countries) in the hope that the measure will raise the price of crude and that will relieve the acute crisis of the country.
OPEC, which he described as “historic” the agreement, the first reduction since 2008, looking to”balance the market” and help to increase the price of the barrel.
In that effort will also participate for Venezuela, which will reduce its production to 95,000 barrels per day, up to a total below two million. Saudi Arabia will make the greatest sacrifice with 486.000 barrels less.
“The market is sobreabastecido and the idea is that drenemos these inventories to stabilize prices and let the market between countries OPEC and non-OPEC of 1.5 million-2 million barrels per day,” said the minister of Oil of Venezuela, Eulogio del Pino, before the meeting today, the cartel in Vienna.
Image copyrightAPImage caption The minister of Oil of Venezuela, Eulogio del Pino, held in Vienna the agreement.
And according to the data announced this Wednesday, I was happy because those figures match: next to the reduction of the 1.2 million barrels dailys (mbd) 32.5 mbd, OPEC announced that the other producing countries not integrated in the group expressed their “commitment” to reduce 600.000 barrels.
this is The fault of the offer
The OPEC considers that the great fall in the price of crude oil (estimated at 50% since 2014) is to blame, above all, of the excess of supply, something that now seeks to control.
The 14 member countries of OPEC hold together the 78% of the crude oil reserves on the planet and extracted close to 40% barrels sold in the market.
Venezuela, which has already seen reduced its production significantly due to the problems of the state-owned company PDVSA associated with the crisis in the country, was one of the countries that promoted the reduction of production.
And will form part of a monetary committee that will review the implementation of the agreement, effective from 1 January 2017 and of time which is valid for six months.
within minutes of the announcement, the price of a barrel of international benchmark increased a 9% and over $ 50.
Image copyrightReutersImage caption Venezuela has seen reduced their production because of the crisis.
“a Lot of fabric to cut”
however, the venezuelan Ramon Key, assistant professor of Economics and expert on energy markets, believes that even “there is a lot of fabric to cut.”
Key is not yet convinced that all of the actors are going to meet and that could lead to Saudi Arabia to return to overproduce to compensate for the loss of market caused by the reduction.
The number of overall cut is in line for what was requested by the experts to have a reaction credible in the markets.
Key considered cash the OPEC agreement if the reduction was of 1.3 mbp, a similar figure to the one reached.
The question now is to know how much you can raise the price.
“I don’t think that would go beyond the US$ 60,” he told the BBC the professor Key, who claims that in the event that you exceed this figure it is possible to then return to the initial situation.
The cause would be the increased production of oil shale, for which the united States is the main reference.
venezuelan production
a Key is considered “counter-productive” that Venezuela will have to make an additional effort of reduction of production.
With the remove of to 95,000 barrels day will be below 2 million (1,97), according to data released by OPEC on Wednesday.
Image copyrightAFPImage caption The government of Nicolás Maduro is very dependent on the revenues from the export of oil.
Venezuela came to produce 3,20 million barrels per day in September 2008. From there, the crude oil production began to decline.
according to the figures supplied by Venezuela to the OPEC, late last year the production was 2.57 mbd and in August of this year dropped to 2,33 mbd.
The reduction announced supposed to recognize that the current is 2.06 million.
“it Is a pity that Venezuela has not been able to negotiate something better, a except,” said professor Key.
What price would need to Venezuela?
The minister Of the Pine tree said Wednesday that it expected in six months, a stable price of between US$ 60-70.
But first we will have to wait for the prices to actually increase. Then we will have to see how much and how it benefits to Venezuela, which is going through a serious crisis with the highest inflation in the world and shortages of basic products.
The economist Asdrúbal Oliveros is not as optimistic as the minister Of the Pine tree.
Image copyrightAPImage caption Within six months it will review the agreement of reduction of production.
“The price is going to reach it is insufficient for what you need Venezuela to get out of your crisis situation. We need a price of at least US$ 62 per barrel (of venezuelan crude oil) and are now at US$ 40. And that is a Brent (crude oil international reference) of around US$ 70-75 and that’s not what is predicted for no one,” he said to the BBC.
Brent was hovering around US$ 50 on Wednesday after the OPEC agreement.
“A break”
But Oliveros considers that a price increase would be a “breather” for the government of president Nicolas Maduro, which faces a severe economic and political crisis.
“Every dollar that goes up the oil is a oxygen to the government. Every dollar (the price of a barrel) annual average is US$ 600 million in additional revenue,” he explained.
The oil revenues are the basis of the venezuelan economy because they import almost all the products and financed through the state oil company PDVSA social programs of the government of Maduro.
The fall of prices is therefore one of the main causes of the venezuelan crisis. And this is why the government is hopeful that what happened this Wednesday in Vienna will help you.
The Organization of the Petroleum Exporting Countries (OPEC) succeeded in this Wednesday, after intense negotiations an agreement to cut crude oil production for the first time in eight years and boost the prices higher. The cartel will reduce production by 1.2 million barrels per day (mbd) up to a total of 32 mbd, indicated the organization in Vienna after intense negotiations that resulted in a high volatility of prices in the last few hours.
Read: The 2017 will mark the reborn oil
The agreement also includes countries that are not part of the organization, such as Russia, that already announced a cut in production of 300,000 barrels diairos (bd).
The OPEC was looking for months for an agreement to tackle the fall in crude prices, now less than $ 50 a barrel when two years ago still reached 100.
Read: Utilities Ecopetrol reached 229 billion in the third quarter
Following the announcement, Brent for delivery in January went up almost four dollars, surpassing 50 for the first time in a month. For its part, the barrel of WTI is trading at 49,21 dollars (+us$ 3.98).
THE CONTRIBUTION OF RUSSIA AND OTHER…
Russia and other producers of crude oil non-OPEC members will join the production cut from the organization removing from the market an additional 600,000 barrels a day (bd).
So said today the president of turn of the Organization of Petroleum Exporting Countries (OPEC), Mohamed Bin Saleh al-Sada, at a press conference in Vienna.
Read: The dark landscape in oil prices
“I have the pleasure to inform you that Russia has promised to reduce to 300,000 bd”, said also minister of Energy of Qatar following the end of the 171 ministerial conference of the OPEC. The clipping of the world’s supply of crude oil shall be initialled at a meeting on 9 December in Doha -though he said that could be considered other cities – and added as 1.8 million barrels a day.
OPEC agreed today in Vienna to reduce their production of crude oil up to 32.5 million barrels per day (mbd) from 1 January 2017. “Many countries (producers do not OPEC) are willing to cut and 600,000 barrels we believe that it is more realistic. Russia will assume a reduction of 300,000 barrels per day,” said the minister qatar.
“As you know Russia has supported our position. Their position was to freeze the production but said that they were committed to do more than that”, he added.
Read: oil Production in Colombia reached 846 thousand barrels per day of oil
For his part, the minister venezuelan Oil, Eulogio del Pino, also highlighted the cooperation between the OPEC and other major producers from outside the group. “Russia announced (a cut) to 300,000 barrels per day. We hope all the countries do not opec 600,000 barrels per day. It will be signed next week, on the 9th day,” said the responsible of venezuela. “What countries are not Opec will participate in the meeting? Russia, Kazakhstan, Uzbekistan, Kazakhstan, Oman. we will Invite some Latin american countries like Mexico, Bolivia, Trinidad, and Colombia,”, he advanced to The Pine about the meeting next week.
Saudi Arabia and Venezuela were optimistic on Wednesday about the possibility of an agreement to limit production and stimulate the rising prices at the meeting of the Organization of Petroleum Exporting Countries (OPEC).
“I Think that there is a state of mind, in general, optimistic and positive,” said the minister of Energy arabia, Khalid al Falih, before the start of the meeting. “We don’t know. What we will discover during the meeting,” he added about the possibility of an agreement.
“All the signs are very positive, you’re going to see,” he said with a smile the minister of Oil of venezuela, Eulogio del Pino, who predicted that it will reach an agreement “historic”.
The intense negotiations of the last few hours had highlighted important differences. A few hours of the start of the official meeting in Vienna, the positions of Saudi Arabia, the largest producer in the group, and Iran and Iraq, reluctant to limit the production, seemed irreconcilable.
In September, the 14 members of OPEC came to a preliminary agreement in Algiers to limit production to a level located between 32.5 and 33 million barrels per day (mbd). They also agreed to seek an understanding with other major producers non-members.
Since then, the saudis appear to have changed position. On the one hand, Riad ensures that it is not so urgent to reduce the production and on the other, requires that any decision in this regard include Iran and Iraq.
But both Tehran as Baghdad are reluctant to cut, in the first case because the country wants to regain its level of production after years of international sanctions and, in the second, because it needs oil resources for its fight against jihadists.
“We implemented the level of production that we decided in Algiers,” said laconic on Tuesday, the iranian Oil minister, Bijan Namdar Zanganeh, on his arrival in Vienna.
“Iran is playing your cards well (…) Know perfectly well that Saudi Arabia desperately needs higher prices though cloaked,” says Fawad Razaqzada, an analyst Forex.com.
so far this year, the price of the barrel have been continuously below us $ 50, compared with the $ 100 that came to quote in 2014, and on Tuesday there were around 45 after the doubts about the agreement. In case of failure, the observers most pessimistic predict a barrel to 40 or even $ 30.
Also it would be a hard blow for the OPEC, an organization born in 1960 which produces a third of the crude world, but has been losing influence in recent years in the global oil market.
“we See very little chance of a cut in OPEC (…) Now the most important thing is to save the face”, according to Bjarne Schieldrop, an analyst in the raw materials of the bank nordic SEB (London: 0MGS.L – news) .
the other piece of The puzzle is Russia, whose participation, like that of other countries outside OPEC, in the effort of reduction of the production is vital in order to achieve the objective of stimulating prices.
But by the time, Moscow prefers to wait to see what happens in Vienna. “There is no need [to participate in Wednesday's meeting], the OPEC has to hold first meeting”, said the Russian minister of Energy, Alexander Novak.
“of Course, if you reach a consensus, and the OPEC makes a decision, we will work as quickly as possible”, he added.
For the Latin american members of the cartel, Venezuela and Ecuador, the agreement is also key, especially in Caracas, very dependent on oil revenues.
Even the rich Saudi Arabia has had to make cuts in wages and public spending because of the fall of the crude oil and to cope with a budget deficit of 87,000 billion dollars in 2016.
MADRID (Reuters) – Spain received in October, 7.1 million foreign tourists, an increase of 11 percent compared with the same month of the previous year, according to figures released Wednesday by the National Statistics Institute (INE).
the United Kingdom remained the main source market in October, with nearly 1.7 million tourists, an increase of 6 percent compared to October 2015.
The data underpinning also the upward trend of the sector of Spanish tourism, which in 2015 broke the record of arrivals of 68.1 million visits and this year is heading to a new historical maximum above 70 million.
In cumulative terms, 67.5 million tourists have visited Spain in the first 10 months of the year, a rise of 10.2 percent compared to the same period of 2015.
Spain is the third tourist destination in the world behind France and the united States, a sector that contributes around 11 percent of national GDP and is one of the main generators of employment.
But while France is accusing a decline in arrivals of tourists following the attacks in Paris and on the Côte d’azur, Spain is experiencing a strong rebound in tourism to be considered a safe destination compared to other places with geopolitical tensions and migration in the Mediterranean.
legal Notice: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. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
The address of Airbus on Tuesday announced to its employees the suppression of 1.164 jobs in Europe and the closure of its centre of Suresnes, near Paris, in the framework of a restructuring plan, reported the trade unions.
The address confirmed the suppression of 1.164 jobs in all centres and the creation of 230 jobs, which gives a net balance of 1,000 deletions in total.
in Addition to the address confirmed for mid-2018 for the closure of the centre in Suresnes, told the press Yvonnick Dréno, coordinator of the trade union FO (Force Ouvrière) in Airbus Group.
In Suresnes there will be 308 deletions of jobs and another 150 jobs will be “mobilized” in Toulouse (south of France), where Airbus has its world headquarters.
The director of human resources of Airbus, Thierry Baril, confirmed to the AFP that the “social impact” of the plan is “1.164″ jobs. In addition to this figure, confirmed also that there will be “transfers geographic” of staff in Toulouse.
The deletions do not affect in change to this world headquarters of builder european aeronautic.
Before this announced restructuring, the unions had denounced a “financial logic” that leads the group to eliminate more than 1,000 jobs, even though they have aircraft orders that ensure 8 to 10 years of production.
The directorate replied that it must continue reducing costs in a context of fierce competition with their great us rival, Boeing and the arrival on the market of the aircraft manufacturers in china.
Airbus employs about 140,000 people around the world, out of that 54,000 work in France.
For its part, Airbus Helicopters were announced in mid-October a plan to eliminate nearly 600 jobs in its division of manufacture of helicopters due to the brake of this activity.
Airbus Helicopters employs 9,200 people in France, to 8,500 of them at its plant in Marignane.
The address of Airbus on Tuesday announced to its employees the suppression of 1.164 jobs in Europe and the closure of its centre of Suresnes, near Paris, in the framework of a restructuring plan, reported the trade unions.
The address confirmed the suppression of 1.164 jobs in all centres and the creation of 230 jobs, which gives a net balance of 1,000 deletions in total.
in Addition to the address confirmed for mid-2018 for the closure of the centre in Suresnes, told the press Yvonnick Dréno, coordinator of the trade union FO (Force Ouvrière) in Airbus Group.
In Suresnes there will be 308 deletions of jobs and another 150 jobs will be “mobilized” in Toulouse (south of France), where Airbus has its world headquarters.
The director of human resources of Airbus, Thierry Baril, confirmed to the AFP that the “social impact” of the plan is “1.164″ jobs. In addition to this figure, confirmed also that there will be “transfers geographic” of staff in Toulouse.
The deletions do not affect in change to this world headquarters of builder european aeronautic.
Before this announced restructuring, the unions had denounced a “financial logic” that leads the group to eliminate more than 1,000 jobs, even though they have aircraft orders that ensure 8 to 10 years of production.
The directorate replied that it must continue reducing costs in a context of fierce competition with their great us rival, Boeing and the arrival on the market of the aircraft manufacturers in china.
Airbus employs about 140,000 people around the world, out of that 54,000 work in France.
For its part, Airbus Helicopters were announced in mid-October a plan to eliminate nearly 600 jobs in its division of manufacture of helicopters due to the brake of this activity.
Airbus Helicopters employs 9,200 people in France, to 8,500 of them at its plant in Marignane.
Ford published on their social networks at a global level the first official image of the new generation of the Party. It was like advance of the official presentation, which will be in a few hours in Germany, where it will be produced. There is disclosed photos of the rear and the interior.
If you have new design, maintains the style of the current generation. Remains one of the most facheros of your segment.
so, suddenly, in the processed image (which would be version ST) are observed changes in the whole sector from the front: there are touch-ups on the grill, the headlights, the bonnet and the bumper. Also has a new design on the alloy wheels and roof black in color.
Since the brand of the oval anticipated that “the fun-to-drive” will be one of the main features of the new Fiesta. In Brazil and Mexico are attentive to a possible announcement of a production. And in Argentina, we expect that confirmation to know if you are going to sell (or not) in the local market. Will it be in 2018?
The expenses generated by the Christmas season and the End of the Year covered weeks prior to the respective celebrations. It is for this reason that there must be a readjustment of the list of their personal budget or family member, and include the amounts that correspond exclusively to these celebrations as are the gifts, fees for meetings, a dress code for the festivities, and even mobilization for if you travel to these dates.
below, a list to be able to do shopping in a smart way and avoid the waste of money that could complicate the budget for the new year:
1. Planning expenses in advance
you need to define what you are going to buy and the amount that will be allocated for each thing. In programs of financial education of local institutions is advised that you make a list in detail everything you need to buy. As an example: Christmas gifts for the family, clothes for the commitments, christmas dinner, new Year’s eve dinner, the contributions of the commitments, donations for social work.
it Is recommended to give a budget to each of the categories of the list according to the money that you can count on these dates. If you are current on your payments and there is a possibility of using the credit card, you can allocate amounts for each gift, always, and when setting the limits so as not to exceed expenses.
2. Buy with cash
This allows you to take advantage of discounts and offers that are only available with this type of payment. In addition, it helps to avoid borrowing unnecessary that at the end of the day expensive items purchased by the surcharge of interest that will provide payments of dues in the long term.
3. Do not spend more than you earn
If no purchase is made with money in cash, the key is to develop a budget, taking into account the fixed income with the account for subsequent payments, otherwise, you will end up spending more than thought. It is important to calculate in advance the capacity of payment of the following months. A recommendation for these cases is to take advantage of the promotions of the season to defer purchases, without interest.
4. Share expenses at dinners and festive gatherings
In these cases it is best to define a quota. Another option could be that each person bring a dish or ingredient that is thought to consume, especially whether it is family meetings or between close friends.
5. Opt for gifts and economic point
An excellent option for christmas gifts is to play the "secret friend" or make a drawing of gifts. This mode can be used between friends, colleagues or with the family. The advantage of this is that you only spend on a gift and within the price range previously established. For the gifts of children, it is not necessary to make excessive expenses. You can find gifts very economic and eye-catching, especially for the younger children, who enjoy the simple things and simple. The gift cards for purchases in different stores are also very practical and an excellent choice for the holidays.
also Read: Discounts on shopping, followed by internet
6. Elaborate personalized gifts
To the friends and acquaintances you can opt for creative gifts and very pretty. Some options: put together some beautiful baskets or packages with tea, coffee, candy or gourmet chocolates; prepare candles or handmade soaps; transform objects easy to use in unique creations that will be very much appreciated by those who receive them. On the internet there are several tutorials very simple to do this.
7. Do not buy at the last minute
it Is proven to buy it with stress, makes us spend more. It is best to plan, make a list and reread it to make sure that all those gifts are necessary; then to prepare gifts in advance, avoiding bad moments, difficult situations, and a greater expense for the budget. (I)
Advisory: Financial Education Program Mutualist Pichincha and Financial literacy Program of Bank of the South.
The european commissioner for Economic Affairs, Pierre Moscovici, met with the Greek prime minister, Alexis Tsipras, during a two-day visit to Athens to try to speed up the third bailout of the country. On the 5th of December we celebrate a Eurogroup, which would have to be approved the entry of the International Monetary Fund (IMF) in this third rescue 86,000 million euros in exchange for new reforms of the Government. And, this, standby at the same time that your creditors will grant a further reduction of the debt.
"What I want is to achieve a commitment and that, within the spirit of get a progress for Greece and the eurozone, we manage to reach an agreement at the technical level before the end of this week," said Moscovici. "So we can carry out a Eurogroup successful on 5 December, that will open the path that I’m pursuing: a joint agreement, a global agreement".
But they continue to open several fronts between the parties: the amplitude of the labour reform, the number of people that are exempted from the income tax or the fiscal discipline to the it is submitted to the Executive in the future.
"Not only is the cut of our pensions, or loans that have to be repaid", complains an elderly woman on the streets of Athens. "The problem is that our lives are topsy-turvy and we lack the basics. It is what happens to my sister and her husband, and me."
"we can’t move forward," laments an old man. "We just have for a couple of weeks. Then, we ran out of money. People don’t have even to buy food".
Greece is living its sixth consecutive year of recession, the same time that last the draconian measures imposed by its lenders.
"The Greek government is confident a debt relief, something that can be achieved after a tough negotiation with their creditors," explains the correspondent in Athens of Euronews, Giannisis Stamatis. "But, even if you get this, the greeks will not notice large benefits because it will continue to live in austerity".
The address of Airbus on Tuesday announced to its employees the suppression of 1.164 jobs in Europe and the closure of its centre of Suresnes, near Paris, in the framework of a restructuring plan, reported the trade unions.
The address confirmed the suppression of 1.164 jobs in all centres and the creation of 230 jobs, which gives a net balance of 1,000 deletions in total.
in Addition to the address confirmed for mid-2018 for the closure of the centre in Suresnes, told the press Yvonnick Dréno, coordinator of the trade union FO (Force Ouvrière) in Airbus Group.
In Suresnes there will be 308 deletions of jobs and another 150 jobs will be “mobilized” in Toulouse (south of France), where Airbus has its world headquarters.
The director of human resources of Airbus, Thierry Baril, confirmed to the AFP that the “social impact” of the plan is “1.164″ jobs. In addition to this figure, confirmed also that there will be “transfers geographic” of staff in Toulouse.
The deletions do not affect in change to this world headquarters of builder european aeronautic.
Before this announced restructuring, the unions had denounced a “financial logic” that leads the group to eliminate more than 1,000 jobs, even though they have aircraft orders that ensure 8 to 10 years of production.
The directorate replied that it must continue reducing costs in a context of fierce competition with their great us rival, Boeing and the arrival on the market of the aircraft manufacturers in china.
Airbus employs about 140,000 people around the world, out of that 54,000 work in France.
For its part, Airbus Helicopters were announced in mid-October a plan to eliminate nearly 600 jobs in its division of manufacture of helicopters due to the brake of this activity.
Airbus Helicopters employs 9,200 people in France, to 8,500 of them at its plant in Marignane.
Chile is located in the position 47 of the Report of the Global Talent IMD Tuesday, November 29, 2016 Business and Economy Online Future Value
The ranking is led by Switzerland, which keeps your result of 100 points obtained in the past year.
according to a new Report from the Global Talent 2016 school of business Swedish IMD (IMD World Talent Report), it Chile is ranked 47 among the most competitive countries in the world in terms of entrepreneurial talent, with a score of 51.9, indicating a decrease of four positions in the ranking compared to those achieved in 2015.
In the ranking is led by Switzerland, which keeps your result of 100 points obtained in the past year, followed by Denmark, which is also maintained at 90.7 points and Belgium that manages to reach the third position, moving to Luxembourg on the way to the ninth position.
In terms of countries sudamericos, Brazil is the one that has the best location when located at the position 45 with a 52,8 points, which means that it increased by 12 positions, followed by Chile, in position 47, Colombia in the position 54 with a 48,6 points, indicating a fall of 4 positions.
In the last four posts are located in Argentina (55) to 47,7 points reflecting a drop of two points, Mexico (56) with 47,6 integers and a decrease of 7 positions), Peru (59) remained in the 43,6 points made in the previous report, and Venezuela is located in the last position of the list (61), with 38.2 points which indicates a low of 1 point.
MADRID (Reuters) – The public deficit of the general government until the month of September, excluding municipalities, was reduced slightly and stood “in line with compliance with the budgetary stability target scheduled for 2016″, said Tuesday the Ministry of Finance in a press release.
The deficit of the Public Administrations amounted to to 3.11 percent of Gross domestic Product in the first nine months of the year as compared to 3.34 per cent in the same period of 2015.
the Treasury made it clear in his note that fiscal consolidation would continue to move in October due to the reform of corporate Tax that drives the tax collection in the final stretch of the year.
“Until the month of October, the State has recorded a deficit of 21.656 million euros, which is equivalent to 1,94 percent of GDP. This deficit ratio is lower than 0,61 percentage points to that registered in the previous month, when it stood at 2.55 per cent of the GDP,” the ministry said.
Spain has set as its objective to reduce the public deficit to 4.6 percent of GDP this year, after registering a deficit of 5.1 percent of GDP last year.
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SEOUL (Reuters) – Samsung Electronics (KS:) Co Ltd said Tuesday that it is reviewing options to a corporate structure optimal, including the possibility of establishing a holding company in the midst of growing calls to improve transparency and governance.
Samsung said in a statement that also considers the possible benefits of taking their actions to other markets and has hired advisers for a thorough review.
“The review does not indicate the intent of the administration or the board toward one or the other (decision),” said the company, adding that the study process would take at least six months.
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Expansion / The entity, with a solvency of 12.44%, da to meet the requirements of the ECB in 2017.
Santander has given to meet the requirements of the ECB’s capital by 2017. The entity must have a solvency ratio of 7.75 percent, according to has communicated to the CNMV. The capital ratio of quality of the bank stood at the end of September in the 12,44%, so that the entity will have leeway when it comes to paying dividends and bonuses.
“Taking into account the current level of CET1 of Santander, both individually and as a consolidated, these capital requirements do not involve any of these limitations of distributions in the form of dividends, variable remuneration and coupon payments to the holders of the securities of tier 1 capital further,” said the bank.
José Antonio Alvarez, chief executive officer of the group, commented on these new requirements: “the strength of The business model of the Group and its geographical diversification, together with the buffers of capital existing in the Group and the current ratio fully-loaded CET1 of 10,47%, are a great support to continue implementing our strategy for the future”.
(Will large)
The ECB asks for Santander a capital of 7.75 percent, without limitations, for the payment of dividends
MADRID (Reuters) – prices in Spain increased by 0.7 per cent year-on-year in November, staying for the third consecutive month in positive territory, according to data released Tuesday by the National Statistics Institute.
In the month of October, the climb was the same, at 0.7 percent, and in September, 0.2 per cent, after 13 months without increases in a context of low prices .
The INE said the increase of the rate of inflation in November slowed for the descent of the prices of the fuels.
The CPI harmonised with the eurozone (HICP), preliminary, it stood at 0.5 percent year-on-year, in line with the forecasts of the analysts consulted by Reuters.
In monthly terms, prices rose 0.3 percent in November, while the monthly change of the HICP increased by 0.2 percent.
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Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
VIENNA—Iran and Russia have appeared as an obstacle to cuts in oil production globally, at a time when the Organization of Oil-Producing Countries held diplomatic efforts coming from the last minute prior to their meeting Wednesday.
The OPEC agreed in September to cut production to reduce excess global production of crude oil, but left the details about how much to cut for Wednesday’s meeting in Vienna. This meeting is presented two years after the OPEC decided to let the prices fall, in times when the market fell to historical lows which opened the way to a period of low prices for consumers.
Russia, which is not part of OPEC, said last week that it was willing to maintain its production at existing levels, but not agreed to reduce the amount it pumps, which is the largest of any country. Iran said Saturday that it negotiated an exemption to the cuts, the third one within the cartel of 14 countries, behind Saudi Arabia and Iraq.
Officials saudis are concerned by the reluctance of these two countries to join the cuts, according to officials of the OPEC, as they fear that if they reduce their production, other countries will take advantage and take away market share in the kingdom, such as occurred during the decade of the 80. While countries that have suffered interruptions in their production, such as Nigeria and Libya likely to receive exemptions, the officials saudis don’t want to make sacrifices in order to then allow that to Iran, its rival, continue to increase their production.
on Sunday, the minister of Energy arabia, Khalid al-Falih, indicated that the oil market is rebalanceará by himself, and questioned the need for cuts in production, according to Reuters.
Saudi Arabia abandoned an agreement in April to which members of OPEC and Russia to freeze its production to a certain level due to which Iran did not attend. Iran and Saudi Arabia have been rivals for power in the Middle East since many years ago and are on opposite sides of brutal conflicts in Syria and Yemen. Saudi Arabia is majority sunni, while Iran is majority shia.
oil prices rose on Monday, with Brent crude rising 1,84% to US$ 48,11 and the West Texas moving 1.85% at US$ 46,91.
The ministers of Oil of Algeria and Venezuela Noureddine Bouterfa and Eulogio del Pino, traveled to Moscow on Monday to try to convince the russians. Meanwhile, the representatives of the OPEC, gathered at its headquarters in Vienna to try to resolve their differences behind closed doors.
At the meeting, iranian officials and iraqis indicated that they would consider freezing its production, although it is not yet known if these levels would be sufficient for the saudis, according to a source.
Russia wants the prices to go up, because it depends on oil and gas for a little less than half of their national income. However, the country has less room to maneuver than Saudi Arabia, since a large part of the oil industry in Russia is still under the sanctions of the west and its fields in Siberia could suffer damage if they suspended operations.
For its part, Iran has less incentive to cut its production.
The country is trying to recover the market share they enjoyed prior to the sanctions of the west because of its nuclear program arruinaran to its energy industry. Even at low prices, to Iran’s benefit to build relationships with the refineries, european and asian buyers.
iranian Officials say they want to pump nearly four million barrels a day before considering to join OPEC, either in an agreement to maintain stable production or cropping. The country told the OPEC this month that it is pumping close to 3.92 million barrels a day, although independent sources put its production at about 3.7 million barrels per day.
MEXICO CITY, Mexico, nov. 28,2016.- The World Trade Organization (WTO) ruled that a tax exemption of Washington to help Boeing develop new aircraft 777X is a grant that is not permitted, in a setback for the aircraft manufacturer american.
The WTO said that the grant materialized in the form of a reduction in the main tax business for the aerospace sector of EU, which was agreed in 2013, when Boeing analyzed where to join the latest member of its fleet of long-haul aircraft.
it Also rejected a complaint of the European Union on six other tax measures.
this Is the third plan of public support to Boeing or its european rival Airbus, which receives rave reviews from the WTO in a dispute transatlantic trade that takes 12 years and involves mutual accusations of tens of billions of dollars in aid.
The opinion, which can be appealed by both parties, occurs in moments in which the united States is studying potential sanctions against the EU by previous judgments against Airbus.
According to the EU, their value amounting to 5,700 million dollars, a
total package of tax incentives that the state of Washington
there was encryption in 8,700 million.
Brussels appealed in 2014 to the WTO by the decision in 2013 of the state of Washington to modify and extend until 2040 a few tax advantages to Boeing in exchange for the giant aircraft american made production of the wing and the fuselage of the 777X, as well as the final assembly, in that state.
In total, the Union challenge before the WTO’s seven tax measures to the aerospace of that state, and the panel considered each of these grants.
The European Commission (EC) called it “a major victory for the EU and its airline industry” the decision, and the commissioner for Trade, Cecilia Malmström, said it now expect US to “respect the rules, abide by a fair competition and remove these subsidies without delay”.
community Sources indicated that Boeing will not have to repay the u.s. Government the 5,700 million dollars in prohibited subsidies, but that will not be able to benefit from these tax exemptions as he had planned. Already in 2012, the WTO had declared incompatible with the rules of the organization the regime grants original, which should expire in 2024.
Airbus is, in the eyes of Europe, the great damaged by the illegal subsidies granted to its us rival.
The grants sanctioned will have course to Airbus to a loss of 50,000 million dollars in sales, and next to the illegal state aid granted to the 787, the economic damage amounts to at least 95,000 million dollars, according to the manufacturer.
in Front of the joy shown by the EC and Airbus, the rival to Boeing stressed that the WTO has ruled against “virtually all of the demands” raised by the EU, and hoped that the manufacture of the 777X can be maintained after the appeals process, thus suggesting that the united States will make use of its right to appeal.
Both Brussels and the u.s. Government now have 60 days to decide his appeal against the findings of the Special Group, which leaves in the hands of the next president of the united states, Donald Trump, the determination of how to proceed on the part of Washington.
The World Trade Organization (WTO) declared that the regime of tax incentives granted to Boeing by the state of Washington to ensure the manufacture of the aircraft 777X include subsidies to “prohibited”.
In a long-awaited ruling on a long-lasting dispute between the European Union (EU) and the united States, the WTO panel formed to settle the case asked to delete “without delay” the prohibited subsidies within 90 days.
From the European Commission (EC) complained to the WTO by the fiscal advantages granted by 2040 for Washington to change from Boeing to produce the wing and fuselage of the 777X and make the final assembly of the aircraft. As they say, the value of the prohibited subsidies amounted to US$ 5,700 million.
See also: First test flight of the new plane Airbus
In its decision, the panel noted that the tax benefits suponieron a grant subject to a “de facto” the use of national products with preference over imported.
According to Brussels, remember that the state of Washington claimed that the value of the tax incentives in the US$ 8.700 million, it is the largest package of grants in the history of EE.USA.
See also: Recommended that Argentina buys a Boeing 737 used as a new “Tango 01″
The builder european aeronautic Airbus, the main concerned with the measures of EE.USA, the estimated losses in sales in some US$ 50,000 million only by the subsidies identified by the WTO.
The Organization for Economic Cooperation and Development (Oecd) revised down its economic growth forecasts for Colombia, that you should stay at 2.1% this year and 2.5 % the next, before climbing to 2.9% in 2018.
In its semi-annual report of prospects, the Oecd gave a support clear and explicit to the fiscal reform of the Government of Juan Manuel Santos, whose approval in the Congress considered to be "crucial" in order to raise government revenues, stimulate the activity and address the "societal challenges" of the country.
(Read also: The benefits that you will get Colombia to join the Oecd).
the authors of The study corrected the figures about Colombia that had been given in June last, as they now expect an increase of the gross domestic product (GDP) by three tenths of a point lower in 2016 and five tenths less than in 2017, to account, essentially, from the external environment.
In this regard, they noted several items of concern such as the weakness of international trade, uncertainties about the monetary policy in the united States (it is expected a rise in interest rates) or possible evolutions "adverse" in other emerging economies, in particular China and Brazil, which could increase financial volatility and lower capital flows.
In any case, the Oecd stressed that the activity should be strengthened in the next two years, of the hand of an external demand for higher and a recovery in agricultural production after the end of the episode "The Child".
Other elements encouraging are the recent recovery of oil prices and the recovery of investment (after the fall of 1.8% in 2016, should advance 2.2% in 2017, and 2.9% in 2018).
known as the "Club of developed countries" -to which Colombia is in the process of enter – stated that the fiscal adjustment that has taken place the Government of Juan Manuel Santos should continue to "to maintain credibility".
that’s why he supported tax reform, necessary in his view to raise incomes, reduce dependence on the oil market, and meet a series of social and economic needs.
The Oecd said that in the medium term, key reforms have to aim to reduce the informality of the labour market, raise the tax on the income, to promote the financial inclusion of the population and a sustained increase in public investment.
Expansion / The european stock Exchanges re-freeze, and the Ibex repeats in the 8,600-point common throughout the last week. The people’s bank touches new lows on the Stock exchange, while the electric stand out on the climbs. The euro back above the 1,06 dollars, and the oil is stuck face-up to the summit of the OPEC.
the agenda for The week includes sufficient key references as to unblock the european stock Exchanges. The calm and the tables of the last week could have its days numbered. Wall Street recovers normality after the holiday for the Day of thanksgiving. On Wednesday the summit of the OPEC could lead to sudden changes in the price of oil and, by extension, in the whole of the markets. And the week will conclude with a quote that keeps you on edge, especially, to european investors: the referendum in Italy , scheduled for next Sunday.
In the absence of less than one week for the vote in Italy , the surveys continue to anticipating a defeat of the constitutional reform advocated by the prime minister, Matteo Renzi. A defeat could complicate its continuity at the head of the Government, or, at least, to weaken its position to introduce new reforms. The fear of a new phase of political uncertainty in Italy, in the midst of the rise of parties unfriendly to the euro, has taken a toll on its risk premium, over 180 basis points. The negative differential with respect to Spain already reaches 50 points. But a resurgence of tension in Italy could take a toll on the rest of the markets peripherals, and the price of the euro.
pending further developments, the euro reacts to move away from its recent minimum of 20 months against the dollar. The currency community recovers in excess of the level of 1,06 dollars, compared to the 1,0519 dollars last week. The euro also traded to the upside against the pound , to rise above the 85 pence.
The evolution of the currencies, especially the dollar, could be a key also in the behavior of the price of oil in a week momentous. The summit of the OPEC next Wednesday will consider cutting production agreed. But the recent statements from Saudi Arabia have triggered new doubts about the degree of consensus within OPEC. The largest exporter of crude oil foresees a rebalancing of the market of crude oil, by itself, in 2017, even without the need for cuts in production. The barrel of Brent is still far from the threshold of $ 50, the frozen at 47 dollars, while the West Texas, reference in the USA, suffers to the edge of the 46 dollars.
european stock Exchanges maintain the sign flat usual during the last week. The London Stock exchange continues to be stuck below 7,000 points, and the German Dax repeats one more day to the doors of their annual maximums. The problems grow in Lufthansa. The pilots rejected the last proposal of the airline, and have called for new days of strike for this week. One of the star values from last Friday, switzerland’s Actelion, awaiting an offer to purchase Johnson & Johnson. The american company has confirmed contacts with the group of biotechnology, swiss, valued at about 20,000 million dollars.
The Spanish Stock avoids large changes after chaining six locks in a row in the 8,600 points. The selective index Spanish ended last week with an increase of just 0.6%, a percentage that reduces the cumulative fall in the year to 9%. In today’s session the Ftse leans slightly over the falls, and puts at risk the level of the 8,600 points.
The downward pressure again to be reactivated in Banco Popular. The entity records new lows in a Bag, at the edge of 0,80 euros. The bank receives new referrals unfavorable investment firms. The analysts of Credit Suisse have cut their price target up to 0,70 euro. The whole of the banking is tilted by the falls. At the opposite extreme stand the electrical. Endesa, Enagás and Red Eléctrica try to do in front of the falls up the majority of the Ibex. The actions of Repsol put in danger the level of 12 euros, waiting for the news that will bring the summit of the OPEC.
Next expansion.
SPAIN: The Ibex 35 threatens to prolong their lock on the 8,600
