Daily Archives: May 10, 2012

ICV will ask a commission of inquiry in Congress about Bankia

The Left parties have shown Catalan very critical today with the nationalization of Bankia and have demanded that the Government give explanations on this subject, particularly ICV-EUiA, which prompted an investigative committee in Congress.

“If a bank is nationalized, it has to fulfill the functions of public bank: the property must be used for people, for housing policies and not to some continue to do business”, considered the leading eco-socialist, Joan Herrera, told the media in Parliament.

“It’s a scam what is happening, you ask efforts of citizens and give so much money to rescue a bank,” has abounded.

Has also spoken in this sense the ERC spokesman, Anna Simó, who has said that the money will go to “save a bank” should go to health and education.

The economic spokesman of the PSC, Rocio Martinez-Sampere, has opined that the nationalization of Bankia equivalent to “all citizens to socialize the losses of irresponsible management.”

In a speech in Parliament during the debate of the Catalan law of budgetary stability, socialist MEP regretted the money to be put “all citizens” to revive Bankia.

On the other hand, Rep. Jose Antonio Coto PPC has blamed the situation Bankia the “absolute pasotism” of the previous government and has replied to the deputy of the PSC that the current Bank of Spain Governor Miguel Angel Fernandez Ordonez, was secretary of State Pedro Solbes.

The EC does not link the freezing of aid to the Greek chaos

The European Commission (EC) said today that Greece’s financial needs are met, despite the freezing of 1,000 million euros in the first tranche of aid, but urged political forces to quickly form a functioning government and keep commitments with the EU.

“It’s not unusual for the European Financial Stability Fund (EFSF) make a payment based on actual funding needs of a Member State” of the European Union (EU), EU spokesman, Olivier Bailly, in the conference newspapers.

The board of directors decided Wednesday to pay EFSF Greece 4,200 million euros from a total of 5,200 million and retain 1,000 million euros, considering that Athens will not need this amount until the end of June, which will be delivered according to the financial needs of the country.

The 5,200 million euros is the latest release of the first tranche of 39,400 million (for the second rescue of Greece, of 130,000 million euros).

“For us it is clear that the Greek state funding is well covered and Greece may continue to function properly with this expenditure of 4,200 million, so we do not mind the situation,” the spokesman said.

This amount of money will be deposited into the escrow account has been created under the second bailout for Greece of priority to debt repayment.

“The 1,000 million will be disbursed in a timely manner to meet future needs” of Greece, he said.

Another community spokesman, Pia Ahrenkilde, refused to link the disbursement freeze part of the difficulty of the Greek parties most votes in the elections on day 6 to reach an agreement when asked to form a functioning government as soon as possible.

“The political forces in Greece are working to form a functioning government, we respect that, just as we respect the Greek democracy,” he said.

Now it’s up Greek political forces to cooperate with a “spirit of responsibility to quickly form a government that can actually win a majority” that allows government.

“No comment speculative scenarios, in deference to Greece, in democracy and the Greeks” he said.

As to the memorandum signed Greece under the second rescue, Ahrenkilde reiterated that the European Commission hopes that the next government Hellene “respect and honor the commitments” and “fully supports the program,” which he said creates the basis for economic recovery for Greece.

“We are ready to continue helping and assisting Greece in its efforts to implement the reform agenda,” he added.

Mendez claims that the Government fails to Bankia

UGT secretary general, Colin Campbell, said today that the Government’s decision to “nationalize” Bankia supposed breach of the “last page” of its election.

Mendez was speaking at a press conference to present the two complaints that have been delivered today unions CCOO and UGT in the International Labour Organization (ILO) against the government’s labor reform.

According to Mendez, from now the government should be “extremely careful” when justifying his reforms by the “inheritance” received from the PSOE.

Mendez explained that, before using this argument, the government must bear in mind that the president of Bankia Rodrigo Rato was started as economy minister the “housing bubble”, which has now finished.

For Mendez, Rato’s resignation closes the “loop” that allows us to understand what has happened to the brutal recession suffered by Spain, which has resulted in job losses.

Therefore, the Government has warned it is “careful” with Rato because since 2003 has fueled the “housing bubble” when he told the Spanish thanks to the builders were richer because I had owned homes, and now “falls victim to it. ”

The secretary general has warned that Bankia Bankia is an entity that causes a systemic risk not only in Spain but in Europe, and has finished solving the problem of “overdose” brick boxes that were governed by the PP.

For his part, Secretary General of CCOO, Ignacio Fernández Toxo, has alleged that both the decision on Bankia as what will be approved tomorrow by the Council of Ministers, this constitutes a “conscious exercise of occultism.”

If the executive approves new demands on supplies tomorrow, will be putting new “plugs” to credit and development of economic activity has highlighted Toxo.

CCOO leader considered that, once again, the Government has chosen the policy of “fait accompli” without having heard the PSOE, who allied with the financial reform, and trade unions.

Regarding the possibility that since the EU is required Spain to independent agencies audited its financial institutions, Toxo has warned that it would be “intolerable interference”.

Toxo and Mendez also agreed that the Government should provide an explanation “serious and deep” to society about what is happening with the financial system.

On this point, Toxo has indicated that it would take an additional € 60,000 million to clean up the “truth” the Spanish financial system, which would have to decide who pays in a time of reduced spending on health and education.

Public employees go on strike in the UK by the changes in pensions

Thousands of British police are manifested today in central London as part of a 24-hour strike seconded public sector employees in the UK to protest changes in their pension system.

Some 20,000 police, carrying banners opposing the plans of the coalition government on pensions, participate in a march through the streets of London that will culminate at the seat of Parliament.

Among workers who will join the strike are also professors, prison staff, health workers and ministries, which is affecting the work in court, job search offices, airports and even Parliament.

Concerned about the situation in prisons, government sources said on Wednesday that the Ministry of Justice can take legal action to force staff to return to work.

Unions estimate that some 400,000 employees will be added today to the strike throughout the country and participate in various demonstrations to express their dissatisfaction with the pension reforms that will force them to work longer, contribute more and charge less a After removal.

Reform of Government plans to increase contributions and the retirement age from 65 to 67 years to 2028.

A spokesman for British Prime Minister David Cameron said today that the Government has inherited a difficult fiscal situation of the previous Labour administration, which has forced cutbacks in all sectors.

“Facing this deficit involves making tough decisions. One of them has been the reform of public sector pensions,” the spokesman said.

The so-called cabinet minister, Francis Maude, said today that the strike is “nonsense” and stressed that the Government will press ahead with reform.

“Our reforms ensure that public sector pensions remain the best and you can maintain in the future. A public employees are asked to work a little harder and pay a little more,” said Maude.

This move follows a similar convened last November in protest against the pension reform.

The general secretary of union Unite, the public sector, Gail Cartmail, said the strike reflects the “high level of discontent” between workers.

“There is more dissatisfaction with the Government’s insistence that public sector employees work harder, pay more (to the pension fund) and receive less when they retire,” he added.

“Our members believe the government attacked their pensions as a way to help reduce the budget deficit, which has been caused by the greed of an elite of the ‘City’ (referring to the bankers), which has affected the economy. This is totally unfair, “added Cartmail.

Internal Labor spokeswoman, Yvette Cooper, who has decided to join the march with law enforcement, said the British media which are cutting thousands of police stations across the country and described the situation as “irresponsible”.

The commercial vehicle market suffers a decline of 30.5 percent in April

The commercial vehicle market in April recorded a decline in enrollment of 30.5%, with more than 6,000 units registered, according to the national associations of manufacturers (Anfac) and sellers (Ganvam).

The April fall caused the first quarter of the year is closed with cuts of 23.8%, with just 28,000 units registered.

Both associations attribute the bad data to the difficulties of access to financing demanded by customers of such vehicles and the economic situation.

This leads, according AFNAC and Ganvam, a disturbing social situation, as the deterioration in the quality of the car fleet is fast and steady, without a clear trend toward moderation.

All channels have shown negative rates in the first quarter of the year, so that the worst behavior is experienced by renters, with a cumulative decline of 26.7% to 6,739 units.

The decline of this channel has been particularly significant in April, down from 56.3% and only 1204 units registered.

The network of companies has fallen in the period from January to April 24.5%, totaling 14,213 units, while in April the decline was 15.8% with 3,518 units.

The channel renters with the company is over 75% market share.

The independent channel, meanwhile, has seen a decline of 19.4% in the cumulative period, with 7,028 units registered.

The OECD notes that the positive signs in the euro area are still limited to some countries

The OECD noted today that the signs of positive change that have been receiving for several months in the euro zone are limited to some of their countries, while confirming again even stronger signs of economic recovery in Japan and the United States.

The advanced synthetic indicator for the whole of the Organization for Economic Cooperation and Development (OECD) for the month of March rose 10/100 from the previous month and stood at 100.50 points, which means that for the fourth consecutive month level was above 100, which sets the long-term average.

This was due largely to increased United States, which for the sixth consecutive progressed, this time 18/100 up 101.28 points.

Japan also made important contributions, up to 18/100 also of 101.10 points and the United Kingdom, 13/100, although in his case continued with 99.65 points below the bar for 100.

The indicator (which measures in advance inflections in the economic cycle) for the euro area as a whole remained stagnant for the second consecutive month in 99.59 points, having failed to stop the escalating downward, due to divergent movements of its members .

Germany, the largest economy in the single European currency, improved four tenths indicator as the previous month and stood at 99.31 points, and also achieved positive developments Spain (eleven hundredths more to 101.22 points), Netherlands (+ 3 cents to 99.62 points), Belgium (+12 cents to 99.38), Finland (+22 to 98.34) and especially Ireland +34 to 102.09).

The other side of the coin in the euro zone got two great States, which saw seven hundredths kicks to France (99.59 points) and 16/100 for Italy (99.15 points).

Another indicator continued to decline Greece, eight cents in March to 97.74 points, while in Portugal stopped falling and remained unchanged at 97.60.

Outside the Old Continent, Chile has found a progression of 18/100 (the sixth consecutive monthly) up 99.91 points, near the 100 level and the average long term.

Mexico meanwhile fell for the second consecutive month, this time 13/100 to 101.07 points.

As for the major emerging countries that are not in the OECD, most had improved its indicator, and above all Brazil, with a rise of 36/100 up 98.72 points.

China progressed 17/100 to 100.42 points (for the third consecutive month exceeded the bar for 100), India 16/100 at 98.87 and South Africa 10/100 points to 101.20 points.

Among the large emerging economies, Russia ceded to 101.22 points eight hundredths and Indonesia from 35 to 99.29 points.

The EU Court agrees with the Santander against the French tax

The Court of Justice of the European Union said today that the tax treatment of dividends from France on undertakings for breach of European law, as he denounced the asset manager Santander.

EU’s highest court said today in a statement that the EU legislation is opposed to the French legislation because it establishes a different fiscal regime for nationally-sourced dividends received by collective investment in transferable securities (UCITS) and non-residents.

European law expressly prohibits all restrictions on capital movements between Member States and between Member States and third countries, said the Court.

In addition to managing assets of Santander, another ten UCITS in Belgium, Germany and the United States reported the case in the French courts, which in turn consulted the EU Court, considering that its tax regime for such dividends discriminates .

In particular, French law provides that dividends received by non-resident UCITS in France are subject to a withholding tax of 25%, while those dividends are not taxed when paid to a resident UCITS.

The Court of the EU concluded that the imposition of a withholding tax on dividends when they are perceived by residents UCITS in another State, is in effect, discrimination contrary to Community law.

Home sales fell by 22.7 percent in March and chains 13 months of falls

The housing sales slowed slightly in March to fall back 22.7% over the same month of 2011 stood at 25,464 transactions, so this indicator amount thirteen months since the low on-year.

And is that in the first two months of transmission housing deepened their decline to register a decline of 26.3% in January and 31.8% in February.

Compared with February, sales of homes fell by 17.2%, according to figures released today by the National Statistics Institute (INE).

The decline recorded in March occurs after the sale of homes in 2011 shut down negative rates to 17.7%.

This drop, which contrasts with growth of 6.3% in 2010, was however lower than occurred in 2008 and 2009 coincided with the crisis in the industry, when housing sales collapsed 28.8 and 24.9%, respectively.

With these data, house sales remains far from the figures reached “boom” of the sector when it came to surpass the 80,000 transactions per month, and all this despite the reduction of VAT on new housing from 8% to 4%.

Of the total of properties sold in March, 86.7% were free (22 072) and 13.3% protection (3392), with decreases of 20.9 and 32.8% respectively on-year.

While new home sales fell by 24.3%, to 12,209 units, the second hand did by 21.3%, to 13,255 transactions.

The number of transmitted farms registered with the property, from deeds done earlier, stood at 146,303, 12.8% less than the same month of 2011 and 2.7% less than in February.

The sale of registered farms had a decrease of 20%, to 58,536 operations, a figure 12.9% lower than the previous month.

At annual rates, grants of farms fell by 2.9% and 8.3% inheritance, while swaps fell 40.4%.

In the third month of 2012, the total number of transmitted farms registered with the property per 100,000 population was higher in Extremadura (687) and La Rioja (640).

Autonomy with the highest number of farms reported sales were La Rioja (278) and Castilla-La Mancha (253).

Moreover, the regions that registered the highest number of transmissions of registered dwellings per 100,000 inhabitants were the Canary Islands (87) and Navarre (87).

In March 2012, 58.4% of house sales were recorded in four communities: Andalusia, Catalonia, Madrid and Valencia.

Choosing an Edmonton Canada Bankruptcy Trustee

Choosing an Edmonton Canada bankruptcy trustee has a significant effect on the success of your financial plans, as this professional can offer you legal debt relief options, aside from facilitating consumer proposals and assisting you during bankruptcy proceedings. As such, it is essential that you pick the right bankruptcy trustee for the job. However, many debtors thinking of filing for bankruptcy are unaware as to the criteria that their trustee should meet for best results. What are the qualifications for an Edmonton Canada bankruptcy trustee?

If you decide to work with a bankruptcy trustee licensed by The Office of the Superintendent of Bankruptcy, you will be more than satisfied when it comes to your advisor’s competence. The OSB certifies bankruptcy trustees after extensive training and supervision to implement the utmost expertise and highest ethical standards available in the industry. The edge of the licensed trustee becomes apparent when you compare this individual to debt relief advisors and for-profit counselors who claim to do the tasks of the trustee, although the latter two are not regulated or overseen by any legitimate governing body. What this does is assure the debtor that his or her trustee can provide legal debt solutions and bankruptcy counsel, aside from knowing a lot about how these solutions work despite being unable to provide these directly. On top of the qualifications and training guaranteed by the OSB, trustees also have to pass stringent examination by the Royal Canadian Mounted Police.

In terms of cost, these professional bankruptcy and debt relief advisors are also your best bet. The government regulates the fees these professionals charge.

When it comes to expertise, it barely matters which certified trustee you choose upon considering the abovementioned information. What you should look at, then, is this: how compatible you are with your licensed bankruptcy trustee. In this sense, compatibility means the quality of interaction you have with your bankruptcy advisor, which has significant impact on the future success of your general debt relief plan, bankruptcy declaration, or consumer proposal. You can talk to a number of trustees before deciding to finally hire one as many trustees offer initial meetings at no cost to the debtor and future filer.

The different aspects of your personal financial circumstances will also determine the length of time you will have to collaborate with your chosen licensed bankruptcy trustee. It can take anywhere from a couple of meetings to a couple of years, depending on the complexity of your debt problem and the nuances of your overall debt management plan – make sure that you hire an Edmonton Canada bankruptcy trustee with whom you are compatible so your concerns will be addressed and your debt eased as speedily and as easily as possible.

Forex trading, what is it all about

Forex trading is all about producing big money. Some investors possess observed it fairly simple to make an extensive amount of money as the currency market changes every day. Forex, is the international exchange marketplace. Online and offline you will find references to the forex industry as FX as well. Currency buying and selling happens through a broker or a financial establishment usually where you are able to buy various types of stocks, bonds and investments. 

Once you are thinking about finding concerned in the currency trading markets to comprehend you going to send income to be invested using various nations. Doing so is carried out to prop up the investments of folks involved in sure sorts of hedge funds, and in the trading markets overseas. The forex market may have the income spent in one marketplace one day, and another day the income is invested in another country. The daily changes are determined by the broker or financial establishment. Once studying the phrases and studying far more on your account, you will uncover which each class of currency has three print that will defend that forex.

For example, the United States dollars is USD, the Japan yen is JPY, and the British pound sterling should read as GBP. You will additionally come across which for every single transaction on the account list you will see info which looks enjoy this: JPYzzz/GBPzzz. This implies which you accepted your Japan yen cash and spent it into a thing in the British pound market. You will uncover many transactions from one currency to one more if you do have cash which is scattered through out the currency markets.

Forex trading by funding management firms are the producers you can have confidence in with the income. You want to discover a producer which is dealing with forex trading since the beginning seventies, and not someone just new as a obstruct so you get the a lot for your challenging awarded cash. It is important that you beware of producers that are popping up online, and typically times from international international locations which are stating they receive you involved in the forex trading markets and trading. Read the fine print, and realize whom you are dealing with for the very best doable safety.

If you are engaged in trading as a currency marketplace, you will come across limits for spending are diverse from manufacturer to manufacturer. Often times you will find out that you necessity at least $250 or $500 while various companies will need $a thousand or $10,000. The company you are dealing with should set extent in how much you do open up an account using their manufacturer. The scams which are online will tell you, that you solely necessity a $1 or $5 to open up an consideration, but you need to discover more regarding that producer and the place they are executing organization prior to buying and selling any cash, doing so is for the own protection while working in forex buying and selling and markets online.