Monthly Archives: March 2012
Standard and Poor’s has upgraded the “rating” (credit rating) long and short of Civic Banking, after integration with CaixaBank, announced today by the National Securities Market Commission (CNMV) the financial institution.
In a statement, Civic Bank notes that the new credit rating granted to the entity’s long-term BBB-(acceptable quality media), while short-term is set to A3 (right), with positive surveillance perspective (see financial markets today).
On Monday there was an agreement to pay CaixaBank 977 million euros for the purchase of Civic Banking, an operation that will require public support and become the bank of La Caixa in Spain’s leading financial institution by assets (342,000 million), deposits (179,000 million) and loans (231,000 million).
The Disneyland Paris today launched its celebrations for its twentieth anniversary since its opening in the northeast of the French capital, with shows designed specifically for the event.
An evening event entitled “Dreams”, the organizers presented as world premiere, is one of the new park of the U.S. multinational, which opened in 1992 in the town of Marne-la-Vallée about thirty miles from Paris.
In addition, organizers will present new coaches who will participate in the usual parade that took the park’s main avenue of Disney (stockmarket).
Today, Saturday, is provided an opening ceremony of the park with the most recognized Disney dancers and music, the traditional parade and the aforementioned night show, which will be attended by the president of the organization, Philippe Gas.
Euro Disney had in the last financial year that ended last Sept. 30, a loss of 55.6 million euros, 39.3% on the previous year.
The company attributed this decline then the result of falling real estate activities and increased costs for investments in new attractions to capture the interest of park visitors.
Those responsible for Disneyland Paris, which highlight the park as the first tourist destination in Europe, reported in 2011 increased by 600,000 the number of visitors to its facilities to a total of 15.6 million.
The prime ministers of China and Italy, Wen Jiabao and Mario Monti, held today a meeting in the Great Hall of the People in Beijing, where Chinese leader conveyed the confidence of the second largest economy in the Alpine country’s recovery, according to the Xinhua news agency.
“I hope Italy successfully overcome the unfavorable environment of the external economy and achieve growth again, thanks to its strong economic base, its great potential and the reforms it has undertaken,” said Wen, who recalled that the European nation “is a very innovative. ”
Monti said on his part that Italy sees China as a strategic partner, so you want to increase bilateral cooperation for common development.
After the meeting, the Italian prime minister will travel to the city of Boao in China’s tropical Hainan island to attend the economic forum held there every year, focusing primarily on the development of Asian economies (stock market data).
On the eve of the trip, Monti said in an interview with “People’s Daily” (spokesman of the Communist Party of China) that the visit will promote exchanges and cooperation in various areas, including the impetus to plan to double trade bilateral to 60,000 million euros in 2015.
The businessman Carlos Saladrigas called today to “tear down walls” between Cubans on the island and in exile in the United States and demanded that Havana and Washington “normalize the migratory movement” between the two sides of the Straits of Florida.
Saladrigas, a leading Cuban exile, gave a lecture today in Havana organized by the Catholic publication “Space Lay” which brought together a diverse audience where there was no lack even some dissidents and critics of the government of the island.
As it has done publicly for some time, the businessman who chairs the U.S. the “Study Group on Cuba,” advocated that the exile to participate and contribute in the economic reforms on the island, who have opened a small gap to the private sector.
“Moving away is not an option and wait either,” he said.
In his opinion, Cubans in the diaspora can help lift the island into an “entrepreneurial class” as the most effective and direct to “democratize” the economy (markets overview).
“We have everything to build a future. Derrumbemos the walls we have built between both sides (…) to build a new Cuba, free, sovereign, inclusive, prosperous, diverse, rich, fair and equitable,” said Saladrigas.
In his speech defended the approach of Cubans on both sides but recalled that in the case of the diaspora to the island has been hampered by both the U.S. and Cuba.
Saladrigas, 63, cofounder of The Vincam Group (considered in 1998 the largest U.S. Hispanic), left the island with twelve years in the “Operation Peter Pan”, a massive exodus of Cuban children sent by their U.S. families after the triumph of the revolution that led Fidel Castro.
He was one of the leaders of the campaign that defeated the pilgrims planned cruise from Miami in 1998 for the visit of Pope John Paul II, which has recently been recognized as “one of the biggest mistakes” of his life.
Now that error has been compensated by traveling to Cuba this week as a pilgrim during the three-day visit he made to the island by Pope Benedict XVI.
He defended the role being played by the Cuban church now and stressed that the strengthening of the church contributes to “weaken” totalitarian systems.
With Saladrigas conference held on Friday the Church confirms his role as “facilitator” of spaces for dialogue unprecedented in the island at other times to invite some representatives of dissent and critical areas
In this case, along with pro-government journalists and intellectuals, diplomats and European correspondents could also hear Saladrigas the former political dissident Oscar Espinosa and critics as the famous blogger Yoani Sanchez.
Caixa Galicia Group (NCG), resulting from the merger of Caixa Galicia Caixa Nova y, tuvo join losses in 2011 of 168.7 million euros, from 69.5 million to them fueron Bank of NCG.
According to the entity has communicated to the Commission Nacional del Mercado de Valores (CNMV), although these losses, a benefit tuvo su result in exploitation of 74.9 million in Accounts sus of 2011, which support 2050 million in SANEAMIENTOS .
In 2011 he passively New Caixa Galicia fue of 69.5 million, of them that Solo 2.7 million to match funds of the entity y su equity amounted to 2.69 million.
Also new Caixa Galicia has informed the strategy that will recapitalizarse approved for, which includes the entry of private investors that minority exceed it by 20 it sufficient capital for the entity.
To him ello Fund Restructuring Banking Position (Frob) issue obligations convertible into shares of Bank NCG, it will be the first stage of a process of complete divestment (market data).
Because of them Accounts him last year, the entity will pay them in wages and interest of emissions of preferred y perpetual subordinated obligations, controversy Fuente y sus discontent among depositors.
He state, through it Frob, quirement was obliged to stay at Septiembre past, after he completed the process that opened it to the Bank of Spain that it had reached 13 entities minimum capital exigido with him 93 for his scientic NCG Bank, which takes them financial powers of Novacaixagalicia.
Vice President of the European Commission, Joaquín Almunia, has defended “a robust competition policy especially in times of crisis”, in concluding his two-day visit to the United States.
“I do not agree with the argument that we should be more lenient in applying the competition law of the European Union to help companies weather the storm,” Almunia said in a speech to the U.S. Justice Department in Washington.
Therefore, announced the possibility of investigating the companies owning patents essential standards “as they have considerable market power and may damage the market competition” among the listed Apple, Microsoft and Motorola in wallstreet.
Also, the European Commissioner for Competition again claimed the measures taken by European integration to solve the debt crisis and economic slowdown, and insisted that the challenge now is the revitalization of the growth agenda.
Almunia, however, avoided commenting on the budget approved today in Madrid by the Spanish Government, which delve into the politics of austerity and sharp cuts.
“I will not comment on that topic. I will refer to those reported by my colleague Olli Rehn (Commissioner for Economic Affairs of the EU),” said the Spanish commissioner told reporters at a meeting at the headquarters of the EU delegation in the capital U.S..
From Denmark, Rehn had described the efforts of Spain as “vital” and held the “determination” of the government of Mariano Rajoy.
Almunia also dodged questions about the rise of European rescue fund agreed in Copenhagen today by European finance ministers to the 700,000 million euros, although at a forum last night stressed that this firewall is to act as “credible argument” against new difficulties.
On the other hand, the Spanish commissioner stressed the “special relationship” between Washington and Brussels competition, noting that one of the successes of the crisis is that we managed to overcome “the protectionist temptations.”
While in the U.S. capital, Almunia, attended the spring meeting of the Competition Law Association of the U.S. and held several meetings with both the Department of Justice and the Federal Trade Commission (FTC).
Minister of Industry, Energy and Tourism, José Manuel Soria (PP), has described today as “artificial” the controversy that has arisen in the Canary Islands around oil exploration permits awarded to Repsol and has suggested it may be directed against him.
In his first public appearance in the Canary Islands since the Council of Ministers unlocked permits for oil drilling within 61 kilometers of Lanzarote and Fuerteventura, Soria is back to defend to give up discovering oil in Spanish waters “is a luxury” that the country “can not afford”
At a dinner symposium organized by the Association for the Advancement of Management, the minister has taken advantage of the presence in the auditorium of many entrepreneurs in the archipelago to assure them that “does not understand the little buzz that has been mounted” and confessed that they did not gives “great importance”.
Soria recalled that one of his predecessors in the portfolio of Industry, the Minister Jose Montilla, left the royal decree ready to resume oil exploration permits in 2001 “once solved” the defects on the environmental control had led the Supreme Court to revoke, which failed to materialize by the decision of President Rodriguez Zapatero.
He insisted that those who now oppose the surveys from the Canary Islands Government, the leaders of CC and PSC PSOE favored to retake “a few months ago.”
“The only thing that has changed from then to now is that industry is responsible for another speaker,” has settled.
The minister stressed that for him, was “an honor” to raise again the Council of Ministers such permits to search for hydrocarbons in the median that divides the Spanish and Moroccan waters in front of the Canaries, (dow jones data) because, as stated in the recent weeks, this may be the best decision you will have the opportunity to take the benefit of their homeland.
The Minister of Industry has stated that Spain now imports 99.8% of its oil, 1,400,000 barrels per day, and reiterated that if the forecasts, canaries deposits could cover 10 percent of that demand, supplying 140,000 barrels a day over a period of 20 years.
In this regard, the Minister was convinced that tourism “will remain the engine of the Islands’ economy,” but insisted that “no longer enough,” as evidenced in his opinion, the fact that the archipelago has at this time an unemployment rate of 31 percent, despite having lived in 2011 a record tourism year, with 12 million visitors.
Spain won a European consent prudent budget 2012-the toughest of its history this year to cut its deficit to three points, but several questions remained on Saturday to the experts on the speed and feasibility of setting.
Just announced on Friday in Madrid on budget, Jorg Asmussen, board member of the European Central Bank (ECB), said from Copenhagen that should be implemented as quickly as possible, to have a quick “impact.”
The Spanish Minister of Economy, Luis de Guindos, who “explained” to their European colleagues the draft budget during a meeting in the Danish capital, pledged its implementation “as soon as possible.”
Even so, reduce the deficit by three points Spanish before year end is a task “difficult,” admitted Saturday a European source, despite the announced adjustment of more than 27,000 million euros.
Moreover, the enormous difficulty for Spain is “finding the right balance between austerity and growth,” said Cyril Regnat, an analyst at Natixis.
Indeed, many experts fear that the cure of austerity adopted to accentuate the recession, this year the Gross Domestic Product (GDP) should fall 1.7% Spanish – in a country that already has a record unemployment rate (22.85% .)
Furthermore, “is to know what regions (autonomous communities) will” in this effort, according to Professor Luis Garicano of the London School of Economics, quoted by Financial Times on Saturday.
Indeed, the country’s 17 regions are largely responsible for the deficits of the country.
It expressed concern Saturday an economic note from Credit Suisse.
“Remains in place the question on how the regions will adapt” to the setting, the note said commenting on the Spanish budget, but stands as a positive factor the fact that “11 of the 17 regions are in the hands” of the conservative Popular Party ( PP, in the central power).
Thus, orders to reduce their deficits “will come up,” he says.
The problem is that Spain is not only committed to reduce its deficit to 5.3% in 2012, but also to continue lowering him in 2013 to 3%, as stipulated in the Stability and Growth Pact in Europe.
In any case, despite many questions, the initial reaction was positive market building once known (to 800,000 million euros) firewall anti-crisis in Europe, which could go if necessary in aid of Spain.
The stock of the continent, including Madrid, rose on Friday, and rates of Spanish obligations to 10 years closed the week at 5.33%, 5.44% against the previous day, a symptom of relative calm in the markets debt.
The European Commission (EC) and European Central Bank (ECB) has asked the International Monetary Fund (IMF) meeting in April to increase its resources, having now expanded the Eurogroup European bailout fund to 700,000 million euros . Stock Trading Markets Today.
Vice President of the European Commission and Commissioner for Economic and Monetary Affairs, Olli Rehn, has described as “very important” the decision taken today by the Eurogroup and ensured that countries are “satisfied”.
“We see it as a lasting decision,” said in a news conference after the first day of informal meetings of finance ministers from the eurozone and the European Union.
He noted that if you add up all contributions, including those already committed to the bailouts of Greece, Ireland and Portugal, the eurozone is mobilizing 800,000 million euros, equivalent to more than one trillion dollars, and it has already allocated 150,000 million to increase IMF resources.
“Member States of the euro area have made a crucial contribution to strengthening the global firewall and have responded to calls for G20 global partners, including the BRICS countries (Brazil, Russia, India, China and South Africa” has underpinned Rehn.
Therefore, “I trust that today’s decision will pave the way for an increase in IMF resources in the spring meeting next month” of the international financial institution and the World Bank (WB), said.
“However, today’s is a very important and lasting. We are finally completing the monetary union with a truly integrated economic union,” he said.
That means, he added, stronger economic governance in the fiscal and macroeconomic imbalances, but it also means to have stronger tools to ensure financial stability in Europe.
“All that is essential to strengthen European economic confidence among our international partners and market players,” he said Rehn.
Meanwhile, Jörg Asmussen, executive committee member of the ECB, said the evolution of financial markets confirms that “there is no room for complacency” about the creation of appropriate European fire.
The ECB, he noted, has always advocated a substantial increase in the ability to rescue the European Financial Stability Fund (EFSF) and the European Stability Mechanism (MEDE).
“In our view, the Eurogroup has today taken an important decision to create a firewall Europe. Europeans can now travel to the spring meeting of the World Bank and IMF in Washington, having done our homework, and now (this happened in Europe) can complemented by global firewalls, which are the IMF’s resources, “said Asmussen.
State budgetary adjustment in 2012 will amount to 27,300 million euros, which will in part of a larger spending cuts of the Ministries, the elimination of tax breaks to big business and a partial amnesty for those who do not emerge capital declared.
In order to spend less and raise more, the government today approved a bill on State Budget for 2012, Vice President, Soraya Saenz de Santamaria, described as the most austere of democracy, but necessary to make against a “economic limit”. Stock Quotes.
The project reflects the effort you have to do the central state, so the rest of the adjustment in order to reduce the deficit of all the government at 3.2 percent of GDP (equivalent to 34,400 million), reducing it from 8, 5 to 5.3% fall mostly in the Autonomous Communities.
Saenz de Santamaria stressed it has not been referred to the rise in indirect taxes such as VAT or consumption does not impair economic recovery, and has emphasized that keeps updating pensions, civil service pay and benefits unemployment.
As regards expenditure, the budget contained the first adjustment approved on December 30 and include an additional reduction of expenditure of the ministries, which in total are reduced its budget by 16.9%, equivalent to more than 13,400 million .
On the revenue side has chosen to limit deductions on corporate income tax, which can accommodate large companies, to modify the excise tax on snuff and encourage the hidden tax return, which adds income tax to rise agreed in December.
This is expected to raise more than 12,300 million, of which 2,500 million will come from voluntary regularization of undeclared assets.
The finance minister, Cristobal Montoro, has recognized that fraud has not been sufficient and the need to “work harder”, why has opened the way for a partial tax amnesty.
However, it warned that violators of the “window” of the adjustment will only be open until 30 November, as from that date toughen penalties for those that are discovered.
In this way those who want to normalize their situation to the Treasury will pay only 10% of the capital to testify again to be integrated into the tax system.
With the change in corporation tax are expected to raise another 5,350 million, which will come from ending the accelerated depreciation, to eliminate the possibility of deferring to other tax benefits and exercises to change the system of partial payments.
It also limits the expense deduction for 30% of this game, always from a million euros.
The new tax is included in a decree of tax measures accompanying the bill of 2012 budget, to be known in more detail next Tuesday after his presentation at the Congress of Deputies.