Daily Archives: March 19, 2012
Finance Minister of Greece, Evangelos Venizelos, today resigned from his post to focus on the campaign for the elections scheduled for late April or early May as the new leader of the Panhellenic Socialist Movement (PASOK).
The socialist leader has officially received the baton of the party from his predecessor and political opponent yet, the former Prime Minister George Papandreou.
In the morning met with the President of the Republic Karolos Papoulias and Prime Minister Lukás Papadimos.
Subsequently, Venizelos participated in his last cabinet as Minister of Finance, where he officially resigned.
“We have been valuable partners in the implementation of policies and economic and have had excellent cooperation,” he congratulated Papadimos for the advice.
He said that thanks to this partnership, “the Greek economy moves toward more solid ground and enters a new era of good prospects.”
Venizelos yesterday proclaimed himself leader of PASOK with the support of 97 percent of the 236,000 members and supporters socialists who participated in a primary (stock market news), which was the only candidate, a low participation compared to the 500,000 people who voted in the last election within the party.
It is expected that tomorrow will announce the name of the substitute of Venizelos in front of the Ministry of Finance.
Greek media shuffled several candidates, although the name most sounds is to Tassos Yannitsis, interior minister and confidant of Venizelos.
Other possible candidates include current Deputy Finance Minister Philippos Sajinidis and Papadimos himself, as some media have speculated that the prime minister himself would assume the portfolio.
The Chilean Finance Minister Felipe Larrain said today that his country grow over 4.0% this year would be “very good” in the context of crisis in Europe.
Larrain emphasized the expansion of 6.0% of gross domestic product (GDP) in 2011, said today the central bank, and emphasized that, starting from the second quarter of 2010, the Chilean economy has grown at a rate of 6.5%.
The figures “come to the country the Government’s target to grow at that level (6.0%) in the four years of their mandate,” he told reporters.
The Central Bank national accounts applied to a new basis for comparison (benchmark compilation 2008), (stock market today) whereby the GDP of 2011 rose three tenths less than expected, but the 2010 did not at 5.2% as originally reported, but 6.1%.
“When these adjustments are going national accounts reflecting true reality”, commented the head of public finance in Chile, who highlighted the high level of investment, equivalent to 24% of GDP, reached by the country’s economy in 2011.
In that context, he emphasized that despite the crisis in Europe, “the Chilean economy continues to expand and create jobs”, but admitted that keeping such good economic figures “will not be easy.”
“We know we face a recession in Europe (…), grow 4% this year would be good for Chile,” he said.
The risk premium of Spain, which measures the spread between ten-year Spanish bond and the German the same period, was down at the end of the session to 314 basis points, the same as those that closed yesterday.
The additional cost that investors demand for buying Spanish sovereign debt against Germany, considered safer, came to meet at some point in the session 323 points.
At closing, the yield was 5.199% Hispanic, while the Germanic bond stood at 2.056%.
The good performance of the risk premium in Spain can be expected that the Treasury may catch tomorrow seamlessly 5,500 million euros which plans to deliver lyrics to 12 and 18 months.
The confirmation by the European Central Bank (ECB) that no European sovereign debt bought last week (stock market research) did not alter the perception of investors in Spain.
The same trend continued risk premiums of other countries in the euro area, because the German bond yield slightly more expensive in the session, 2.056% to 2.036% from the opening.
Thus, the risk premium in Greece fell to 1,602 from the 1,614 points of openness, of Portugal went to 1,150 from 1,220 earlier, the Irish fell to 482 from 486, and Italy, up to 278 points basic.
Spain and Portugal on Tuesday asked the European Union (EU) to explore possible avenues of aid to farmers and ranchers to mitigate the impact of the drought affecting the country.
The matter was discussed at a Council of Agriculture Ministers of the EU at the request of Spain and Portugal, countries that have asked the owners of the Environment, at its meeting on March 9, a Community response to drought.
In a joint paper to the Council, both countries draw attention to the “widespread drought” in their territory since last October, in the case of Spain has suffered a reduction in rainfall by 43% over the average that period.
“It is possible that the severe drought continues,” the statement said, warning that water shortages will affect cereal crops, “which will exacerbate the shortage of animal feed, and thus further increase the costs of production. ”
Therefore, the two countries call on other European partners “to begin the debate on measures that could be applied”, among which include the use of agricultural direct payments, (stock market report) authorization of measures to offset the high costs, and repeal of the premiums related to animal production.
They also raise the possibility of using rural development funds to finance this aid.
The document warns that in Spain the drought is already affecting the kernel, while in Portugal, farmers have had to resort to irrigation to maintain good crop of fruit and vegetables.
Community sources explained that the aid would alleviate the liquidity problems of farmers in Spain, the most affected by the situation, because the lack of water makes your animals are deprived of pasture where feed.
According to the Spanish agricultural cooperatives and organizations, the lack of rain is a grave risk to thousands of hectares of crops and pastures.
The same day the Council of European Ministers of Agriculture will meet in Spain the Bureau of drought, which will assess the impact it is causing in the field.
In the Bureau of Agrifood Cooperatives include representatives of agricultural organizations Asaja, COAG and UPA and irrigators Fenacore attached to the Federation.
Moreover, in the meeting of EU ministers will discuss how to make the proposal to reform the Common Agricultural Policy (CAP) currently under negotiation, involving less red tape burden on national authorities and producers.
European sources indicated that the only element of the reform for which no consensus so far is the rejection of all countries to increased administrative costs with the future CAP.
According to a study of impact of the European Commission, these costs would increase by 15% with the planned reform.
The Presidency of the EU, Denmark exercised this semester, said that so far a dozen countries have sent concrete ideas on how to reduce the administrative burden in this area.
Moreover, the ministers will discuss in a working lunch in the way of achieving a balance between Member States in the distribution of direct payments to farmers and rural development.
The main European shares ended Monday’s session with modest declines, with the exception of Madrid and Milan ended higher on delinquent markets are predominantly concerned with making profits.
In the London Stock Exchange, the FTSE-100 index of top shares lost 4.47 points, or 0.07% to close at 5961.11 points.
The Dax in Frankfurt Stock Exchange lost 0.05% to close at 7154.22 points.
In Paris the CAC 40 lost 0.47%, the first decline after eight sessions in green, to close at 3577.88 points.
However, the Ibex 35 of the Madrid Stock Exchange (finance market today) won a resounding 1.24% to close at 8591.80 whole end of a relatively quiet session.
In Milan, the FTSE MIB gained 0.30% to 17,133.42 points.
President of the Canary Islands, Paulino Rivero, pledged today that while in office will try to prevent oil drilling in waters around the archipelago.
Rivero and delivered to reporters after meeting with a delegation of Greenpeace executive and said the canary used all the resources that gives the rule of law to prevent unauthorized surveys on Friday by the Council of Ministers to Repsol.
In addition, Rivero seek “institutional support, and those social organizations” Canary also understand that should move towards a sustainable model in which tourism is the key economic pillar.
Reported that in his recent meeting with the president of Repsol, Antonio Brufau, he argued that while former president of the Canarian government, if possible, prevent the surveys.
This position “has nothing to do with fads, has to do with a model,” said Paulino Rivero, for those who must aspire to go Canary transforming its economy into a more sustainable model in which “put value” their natural resources and “shore up” tourism that has generated well in the islands.
For Rivero, Canary aims to “quality tourism development, first class, no emissions,” so that the islands as a whole is “a territory equal to zero CO2.”
This model, according to President canary, “is inconsistent with that surveys are carried out” in the environment and Canarian waters 3,500 meters deep, because there is no guarantee that technology can be undertaken safely.
On the legal strategy that will continue the Canary Islands Government to stop the approval of the survey, the president said canary legal services are waiting to know the “fine print” of the agreement of the Council of Ministers.
Shipyard workers in Puerto Real have cut this morning the bridge of José León de Carranza in Cádiz in protest at the lack of central government pronouncement on the workload for the three centers of the Bay, as reported by the business committee of the factory.
In the day when the city of Cadiz celebrates the bicentennial of the Constitution of 1812, the workforce of the shipyard has come to the entrance of the factory that abuts the N-IV at eleven o’clock and have cut off access Cadiz for this bridge.
For an hour the operators have kept the cars helped circulate barricades, in the presence of a group of riot police not intervened, the source said.
The workers have urged the central government to take action “immediate” its intention to authorize or not the second phase of the Maritime Action Ship (BAM) that would provide employment to 6,000 jobs over 5 years in the Bay of Cadiz.
The workers also claim that the central government acts as an intermediary with other governments for civil work contracts.
Aena strike in Madrid Barajas airport, called by the maintenance of all jobs, is having a no impact on flights and passengers to respect the minimum services determined by the Ministry of Development, reported the manager airport.
Minimum services to the works council has considered “completely unfair” because they are 100% maintenance of air navigation systems, fire 95% and 90% in programming and technical operations, have said in a note release.
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The unions have pointed out, however, that monitoring of unemployment in the operations center is 100% and the airport management center 90%, which is resulting in increasing waiting time for calls and a decrease in the quality of the service.
They have also ensured that Aena has not informed Eurocontrol, through the channels provided, the existence of a strike that could affect the operations, as happened in the previous four days of strikes.
Aena sources consulted have refused to comment on these last two statements of the council.
Workers at Barajas airport operator and the fifth place today Torrejón strike demanding the maintenance of all jobs and meeting the minimum templates arrangements agreed in the collective agreement.
Large distributors are confident that the Government will reform the rules of trade to address some of its historical claims, such as the liberalization of opening hours or the elimination of barriers to new openings.
Otherwise, there is a high risk of investing millions for Spain provided a referral to other countries, said in an interview with Efe CEO of the bosses of the big distributors (ANGED), Javier Millán.
“Certainly we believe that the new government understands the problems of the sector and the need to reform,” he said. Read more about Stock Market Today.
In this regard, he recalled that the current CEO of Commerce, Carmen Cardeno, comes from the Community of Madrid, autonomy paradigm of trade liberalization and which is expected to come into force this summer complete freedom of schedule.
The new economics team, he said, is made by people who know “perfectly” the reality of the sector, its problems and needs, among which emphasized liberalization schedules and licensing.
“Unfortunately, in the field of licensing, our problem is not bureaucratic, as in the case of small businesses, as a politician,” said Millan, who noted that many national and international agencies have warned of the need to reform the sector trade in Spain.
In his opinion, the Government is “very aware” that in a context like this, it makes no sense to an industry that wants to invest and create jobs, do not stop.
He explained that companies associated with ANGED invested last year in Spain 2,000 million euros, adding that, for administrative reasons, remain paralyzed investment projects valued at 2,500 million and would create between 7,000 and 8,000 direct jobs.
“Another key factor is that we can adapt our schedules to what customers demand,” said Millan, who said that the main benefit from the freedom of schedules will be the consumer.
Furthermore, expressed his belief that liberalization will also impact on the templates, because currently “tight” and therefore “any modification of schedules are going to have to meet with new hires.”
In his opinion, freedom of schedules does not mean everyone has to open the same hours, so that the openings or slots holidays will be very different in cities like Soria and Madrid.
“The important thing is that the trader is, like any business operator services, free to fix their schedule. Trade is the only one where such an important aspect is fixed from outside,” he said.
Regarding the possibility that the Madrid initiative to move to other regions, Millan acknowledged that before the last election made it clear that many were not in favor of extending hours.
However, steps are being taken, often driven by small businesses, so that there is more freedom in tourist areas such as Palma de Mallorca and Barcelona.
“It’s a shame we receive millions of tourists and that they can not buy because the stores are closed. This is a lost consumption that is never recovered,” lamented Millan.
Minister of Agriculture and Fisheries Spanish, Miguel Arias Cañete, on Monday to urge the European Union “to expedite the negotiations” a new fishing agreement with Morocco, three months after the European Parliament refused to extend it.
We will ask “that speed up the negotiations with Morocco,” said Arias Cañete, during a press conference in Brussels before a meeting with his counterparts from Agriculture and Fisheries of the European Union (EU), which share their priorities In order to achieve reform of the Common Fisheries Policy (CFP).
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In mid-December the European Parliament rejected extending a fisheries agreement between the EU and Morocco, benefiting especially the Spanish fleet, saying it was a waste and did not even have a significant commercial impact in the EU or in Morocco.
The decision dealt a serious blow yet to the Spanish ships, most Andalusian and Canarian fishing in these fisheries managed by Morocco, and Spain called for a “compensation” for damages, estimated in a “temporary” in more than 30 million euros.
At the meeting on Monday, Spain, representing 30% of the sector in the EU, will support the EU decision regarding the reform to achieve maximum sustainable yield by 2015. However, the Spanish government requested a relaxation in some places as the regulation to ban discards the unwanted catch that is returned to the sea.
According to Cañete, before banning discards must “analyze the causes which force fishermen to fish waste,” he said before meeting with Maria Damanaki, European Commissioner for Fisheries and Maritime Affairs.
Another of the points that cause more resentment in the Spanish fishing sector is the destination that Commissioner Damanaki wants to give relief funds for fisheries between 2014-2020, endowed with 6,500 million euros.
So Cañete, asked to stay for at least a “transitional period” aid to the scrapping of fishing vessels, which aims to eliminate Damanaki future European Fund for Fisheries and Maritime Affairs for 2014-2020. “We must make additional efforts to be to continue to fund the scrapping and temporary stoppages, at least for a long transitional period,” he said.