AMEX Market Report

The board of oil company Repsol-YPF, accused by the president of Argentina, Cristina Kirchner, of breaching its investment obligations, rejected on Wednesday the official proposal to create a fund to increase production amid a struggle with the Argentine government.

“YPF reports that in the board meeting was approved by majority vote the proposal to increase the social capital, ie, keep their own company-and country-profit remaining of 2010 and all corresponding to 2011 “said a company statement.

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The decision is now before the shareholders meeting which was convened for 25 April. The company said that dividends totaling 5.789 million pesos (1,321.6 million). If shareholders approve, the decision could exacerbate the conflict that keeps the Kirchner government with the oil company to which he claims to increase their investments to mitigate the impact of the sharp increase in oil and gas imports that reached 9,000 million dollars in 2011 .

Repsol YPF, privatized in the 90′s, is the largest hydrocarbon producer in Argentina, the first taxpayer and a leader in the fuel market, with over 52% of capacity refining.

The federal government has not made decisions in the conflict, but three oil producing provinces have canceled the award of a total of six areas of exploration and exploitation, after accusing the company of failing investments.

The firm, meanwhile, rejected the accusation and announced that he will assert their rights to justice. The international rating agency Fitch said financial Tuesday in a statement that the Argentine government intervention in the oil and gas production in the country can pay a “heavy price” Repsol YPF and did not rule out nationalization of the company.

The representative of the State in firectorio voted against the decision and the Deputy Economy Minister Axel Kicillof, told reporters at the end of the assembly that “the company refused to voluntarily set aside a reserve to increase investment earnings, 2011 and the remainder of the year. ” Kicillof said that as a counterproposal, the oil company profits capitalize raised last year to distribute shares instead of dividends.

“That does not warrant further investment. The company did not speak to anchor these funds, fondearlos to become more wells, more production. That answer did not,” said the deputy minister. The Argentine government has a golden share in YPF but can not block the dividend policy of the company. The decision of the directors fired its shares 9.05% at the end of the round of the Buenos Aires Stock Exchange Wednesday.

At least five people were killed and seventeen are still trapped in a coal mine in northeast China after the occurrence of a gas explosion, reported the official Xinhua news agency.

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At the time of the accident, at least 23 miners were working inside the mine, located in Liaoning Province, northeastern Asian country.

The death toll, confirmed by local authorities, could inform, as rescue efforts continue.

This is the second mine accident in China in the last week, because, on day 15, at least thirteen people were killed when the forklift precipitate the iron and gold mine where they worked in Shandong Province in central of China.

Each year more than 3,000 workers die in Chinese mines, especially those engaged in coal mining, the main energy source of the second world economy.

The general strike today in Portugal by the Communist unions against labor reform of the Conservative government records adhesion very irregular and apparently less than four months unemployment.

The protest has a high impact on public transport, but has failed to paralyze, low in private enterprises and trade, and moderate government, where its effects have been remarkable in municipal services like garbage and less noticeable in schools , hospitals and government agencies.

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According to initial feedback from trade union sources, spokesmen of public and private entities and media coverage lusos communication, where you feel the protest, the third general strike in Portugal who lives less than 16 months achieved a limited impact on the country .

Armenian Charles, the new secretary general of the trade union confederation has called the strike alone, the CGTP (General Confederation of Portuguese Workers) today acknowledged the difficulties in mobilizing the workers quoted by the radio station TSF Lisbon.

Activity in the capital and major cities Lusa is developing normally visible, but the biggest traffic problems caused by lack of transport.

This protest, the second suffered by the conservative Prime Minister Pedro Passos Coelho since he won the early elections of June 2011, has not had the backing of another major union Luso, the socialist UGT (General Workers Union) that it has joined the arrest on 24 November.

The PSOE will report today to the Central Electoral Board (JEC) video of the government on labor reform, considering that this is government propaganda during the electoral campaign for the elections on Sunday in Andalusia and Asturias.

Sources at the federal leadership of the PSOE confirmed that the Socialists are finalizing the report for submission to the JEC, which may request the immediate withdrawal of the video.

According to the PSOE, is propaganda of the PP government, which is prohibited during an election campaign.

The Ministry of Employment and Social Security today released a video on Youtube web channel to defend the labor reform approved by the Government on the grounds that it is “a reform for jobs” and seeking to convert the dismissal the “last resort” for companies.

Other arguments are that the reform seeks stability at work and give more rights and internal flexibility to companies as well as “more protection for workers and job seekers.”

In a statement, the PSOE has reportedly also going to bring this complaint to the electoral boards of Andalusia and Asturias.

Socialists believe that the Ministry has used the public budget “for misleading advertising” and lament that is used in a “biased and interested” images of the secretaries general of the UGT and CCOO, Candido Mendez and Ignacio Fernández Toxo, respectively.

The legal services of the PSOE understand that this video violates “clearly” Article 50.2 of the electoral law, which states that during this period is also prohibited any event organized by the authorities to contain references to measurements or to use images and expressions similar to those used by political entities in their campaign.

Therefore, the Socialists argue that the electoral law expressly prohibits the dissemination of such campaigns during elections.

Also, remember that the law PSOE Advertising and Corporate Communications, 2005, prohibits advertising that contains praise and praise the alleged successes of the Government.

Article 4.2 of this rule, the socialists insist, does not allow “a clear message that might be confused with the symbols, ideas, expressions, designs or images used by any political party or social organization.”

They also cite Article 10 of this rule, which includes the express prohibition of this type of campaign during the election period.

According to the PSOE, is “intolerable reverse these practices and self-promoting propaganda made and at the time by the governments of José María Aznar.”

Socialists view it as a “sarcasm is the same executive who now Mariano Rajoy announced a transparency law when spending public funds spent on these campaigns and to conceal the state budget.”

Brazil’s Embraer aircraft manufacturer, third worldwide in commercial aircraft, registered in 2011 a net profit of 156.3 million reais (85.8 million), representing 72.7% less than in 2010, reported signature on Tuesday.

The adjusted net profit, before tax and social contribution was 296.2 million reais (about 162.7 million dollars at current exchange rates), which is in turn a decrease of 52.88%.

In the fourth quarter, the company posted a loss of 171.6 million reais (about $ 94.2 million), a decrease of 182.5% over the same period last year. In the third quarter, the loss was 200,000 reais (115,000 dollars at the time of listing).

According to Embraer, operating income was “negatively impacted” by the cancellation of several orders of the company associated with the AMR-based American Airlines, recently declared bankruptcy, and several jets (stock market today).

“The AMR currently operates 216 jets of the ERJ 154 family through its subsidiary American Eagle. As a result of the bankruptcy petition of AMR and the likely change in the profile of its fleet, Embraer envisioned A total of 583.2 million reais (320.43 million dollars) to deal with possible charges related to financial and residual value guarantees issued when the funding of the 216 aircraft, “the company said in the text.

Embraer also said that “hired independent firms to assess the aircraft in order to estimate the market value of these aircraft” operated by AMR.

The builder said that if “exclude all extraordinary events” which had a net effect of about 556 million reais (about 305.49 million dollars) in the fourth quarter, the profit of the company in that period would have been 523.3 million reais (287.52 million dollars).

In total, over the past year, the company delivered 105 commercial aircraft and business aircraft 99, 32 and 50 respectively in the fourth quarter. Thus, the net income of Embraer in 2011 was 9858.1 billion reais ($ 5,416.5 million), 63.6% for the commercial aviation segment.

In 2010, the company delivered 246 aircraft for a profit of 326 million.

Embraer, which has 17,253 employees, is the third largest manufacturer of commercial aircraft, behind giants Boeing (USA) and Airbus (European Union).

Google Chrome was for the first time, although sporadically, in the most used Internet browser in front of the ubiquitous Internet Explorer (IE) from Microsoft today reported analysis firm StatCounter web.

Chrome was the tool used to access Internet content on Sunday 18 March, when 32.7 percent of Internet users opted for this system compared to 32.5 percent resorted to IE

24.8 percent chose Firefox as your browser that same day, for a 7.1 Safari and less than 2 percent Opera.

The data produced by statistical division of StatCounter are a milestone for Chrome and are the result of increased use of browser Google over the weekend.

“If Chrome can get to take the lead in the browser wars in the long run remains to be seen, but the trend toward using Chrome over the weekends is undeniable (best stock). When people are free to choose their browser many Chrome IE selected against, “said Aodhan Cullen, CEO of StatCounter.

IE is the browser that comes installed by default on computers running Windows, most on the market.

During 2011, 41.7 percent of Internet users accessed the network through IE, by 27.6 percent with Firefox and Chrome was relegated to the annual average data from StatCounter on a third with 22.5 percent.

March 18 was the preferred browser Chrome in India, Russia and Brazil, although the Google tool still does not convince in territories such as China, USA and Germany.

The StatCounter analysis is based on data collected from over 15,000 million web page views per month.

The Ministry of Employment and Social Security today released a video on Youtube web channel to defend the labor reform approved by the Government on the grounds that it is “a reform for jobs” and seeking to convert the dismissal the “last resort” for companies.

The clip, nearly four minutes long, begins by explaining that while the economic crisis has an international dimension has particularly affected the employment situation in Spain, where they have destroyed 2.7 million jobs from 2008 to reach the current figure of 5.3 million unemployed.

He then explained that labor reform is to “break” with this trend in a “complete and balanced” and the contribution of social partners, this statement with images of meetings held by the prime minister, Mariano Rajoy, the CCOO and UGT leaders, Ignacio Fernandez Toxo and Candido Mendez, and the CEOE, Juan Rosell.

It also shows images of a meeting between the Minister for Employment, Fatima Banez, and Secretary General of CCOO.

Other arguments are that the reform seeks stability in employment and granting more rights and internal flexibility to companies as well as “more protection for workers and job seekers.”

“In Spain, most companies have appealed the dismissal to confront the crisis. To avoid this, the new reform offers more opportunities for companies and workers to find alternative solutions together and that dismissal is always a last resort,” the Ministry .

The government decree already had its Youtube space, where for example CCOO has opened the channel “No to labor reform,” from which the call to participate in the general strike on March 29, a call that is not mentioned at all in the video released today Employment.

The Italian government passed Mario Monti today in the Chamber of Deputies a matter of trust on your package of liberalization, the motion he used to avoid further delays in the legislative process and make it through to the final vote tomorrow and the text of the decree.

The Executive received the confidence of the deputies with 449 votes in favor, 79 against and 29 abstentions.

The Government of Monti decided to submit the decree to a vote of confidence to shield the text, as it did during its passage in the Senate, which is a strategy widely used by Italian executives to accelerate the adoption of laws and that lets you skip the discussion of amendments.

Within this final text agreed by most political groups include measures for consumers (financial market today), such as the elimination of some provisions for the granting of loans, including bank charges.

On your first language during the debates in the parliamentary committees, there were major changes, especially regarding regulations affecting the professions most have protested, such as pharmaceuticals or taxi drivers.

These have ensured that its licensing remains a matter for the Councils and the Transport Authority.

In this decree, the first approved by Monti to revive the economy after adjustment plan of more than 30,000 million euros last December, has also introduced an amendment on insurance, which provides faster compensation in case of theft.

The Italian Government that this plan for an end to two of the three weights that have slowed economic growth in Italy in recent decades: the “insufficient market competition and inadequate infrastructure,” according to the words of the Monti days of submission.

The decree law expands the number-one pharmacy per 3,300 inhabitants, and also creates the figure of the Court for Business and Society for Simplified Limited (SSRL), which may be young people under 35 years without intervention notary and from a single euro of capital.

Gasoline 95 and diesel fuels sold in Spain, have made new highs after rising by 1.7% and 0.6% respectively in the last week, according to oil Bulletin of the European Union (EU ) published today.

After these increases, a liter of gasoline sold on average at the pump Monday to 1.477 euros Spanish, while diesel 1.399 EUR he did it, which means being 8.76% and 4.72% more expensive that in January this year.

And with prices, filling a gasoline tank cost to start this week 73.85 euros on average, nearly 6 euros more than in January and 69.9 euros a diesel about 3 euros.

Facing the same time last year, gasoline is a 13.18% more expensive and diesel by 8.2%.

So far this year, the maximum gasoline has marked almost every week while the diesel has risen less, sum and four in February.

Escalating fuel coincides with two factors: the rise in the prices of Brent crude, has exceeded $ 124 today-and the increase in fuel taxes in some regions.

The price of these fuels depends largely on the price of oil (stock market report) and diesel in the wholesale markets of the Mediterranean Sea and northeastern Europe and taxes, which account for almost 50% of the final price in Spain.

Facing the European Union and the euro area, the fuel in Spain remain below average.

Unleaded gasoline 95 octane costs in the EU 27 average of 1.653 euros per liter and in the euro area pay 1.684 euros per liter.

The price of diesel fuel is 1.527 euros in the EU and 1.512 in the euro area.