Daily Archives: April 16, 2012
The PP’s general secretary, Maria Dolores de Cospedal, today called on the PSOE and its leader, Alfredo Perez Rubalcaba, who “preach” about consensus when it is they who have no desire for dialogue and have “broken” the agreement on stability budget by voting against this law.
“A party that is breaking agreements, then it can not go preaching the agreement and consensus,” he insisted at a news conference Cospedal, which emphasized the “clear irresponsibility” incurred by the Socialists in the Budgetary Stability Law and also criticized no intention of agreeing on other issues such as RTVE.
Cospedal stressed that both the PP and the Government believe that would be “very good” for Spain a “grand bargain” in many areas, especially economic, but a party like the PSOE, which “broke” the agreement of the constitutional reform achieved in the last legislature, “is not a party to work for the good of his country.”
In the case of renewal of the direction of RTVE has asked the Socialist Party that if you really will agree “that note”, because in these negotiations “can not be that everything is as it wants the PSOE.”
“That’s not consensus but will control the public body that is not the same,” added Cospedal.
Although not explicitly wanted to rule on the complaint that some PP autonomic presidents made on the RTVE information policy at its meeting last Saturday, the general secretary pointed out that what the government needs to do is to ensure plurality of information of the public body and avoid any partisan bias.
Party sources have said after the press conference that the PP hasten the coming days to seek consensus with the Socialists in this area, but they doubted that Rubalcaba wants to reach consensus and added that then have to make a decision because you can not delay much longer.
Cospedal regretted moreover that Rubalcaba has said today that it intends to maintain any meeting “discreet” more with the prime minister, Mariano Rajoy. “I see the willingness to compromise that has” the socialist leader, he added.
Also recalled that when Rajoy was head of the opposition “always” attended all the meetings “formal and informal” to which he summoned the then Prime Minister, Jose Luis Rodriguez Zapatero, “because I had a sense of responsibility and sense of State “and” nothing is what others have to break at the earliest opportunity “as a pact of stability.
No matter how the mis sold PPI has turned into a excellent financial phenomenon, it very well looks like there are still a lot of people who don’t realize what a PPI is and what it actually does for its consumer. PPIs or maybe Payment Protection Insurances are really desirable and their purpose is very much beneficial because this is a reassurance that if that time comes when you won’t manage to pay off your debt due to some circumstance, your PPI can assist you. However the truth of this wonderful idea is that agents have taken advantage of this benefit and continue to offer a pricey PPI all the time, thinking that it will improve their commissions, which is obviously not what a PPI is for. This article will discuss more on the mis sold PPI and how it affects you and your monetary status.
Everyone who has been mis sold PPI have to know first the concept of Payment Protection Insurance cover before delving deeper to the technical procedure of the case. This is so as appropriate settlement might be created in case you have an intensive understanding on the item at hand. Payment Protection Insurance coverage, or else commonly defined as PPI claims, is known as a branch of insurance that helps and facilitates policyholders about to pay out customer’s monthly repayment bills in case he’s restricted to function for over a significant period of time.
In case you have experienced unlucky events such as accident, illness, and also joblessness, the insurance policy will then cover your contractual payments on mortgages, credit cards, loans, as well as other borrowings. In here, the insurance business pays out your monthly instalments all over a particular period of time. However, you have to take safety actions as there have been numerous PPI claims submitted because of mis sold PPI. As you will observe, a PPI claim in itself is great but with the way of how it is offered it’s got obtained blunders of controversy.
A PPI insurance plan is regarded as mis sold PPI coverage if the consumer was forced to remove the insurance plan together with his primary contract, that the insurance plan is a mandatory requirement to ensure that the principal to be awarded. Even though the law has prohibited the attaching of the insurance plan to the primary agreement, insurance carrier institutions have undermined such prohibition. Most of the insurance plans have been sold in such type of transaction. Therefore, PPI claims were implemented by the troubled borrowers against their insurance providers.
You cannot blame the clients for acting monstrously after they have found out that they have been mis sold PPI policies. The reason behind mis selling of the insurance policy was due to the fact that banking institutions have experienced financial crisis that could almost lead to their bankruptcy. They offered the insurance policy by means of PPI claims to the public especially to their consumers in the hope that they may be capable to fix such problem before their financial issue exacerbates.
Numerous PPI claims were submitted against those unethical insurance provider institutions who offered faulty PPI policies to recover the cash purchased a mis sold PPI. Now, if you want to improve your chance in your PPI reclaim, you have to make a lot of documents to strengthen your claim. However, even if you have sufficient documents at hand, you will still require the assistance of a no win no fee claim solicitor so that your claim will not be rejected or even put on hold. Your claim solicitor will assert your right before the insurance company or before the court in case the former does not want to settle your claim outside court. You must decide now before it is too late.
The European Union has closed last year with a budget surplus of 1%, equivalent to 1,490 million euros, which will reduce future contributions from Member States to the budget of the bloc.
In total, the budget for 2011 amounted to 123,000 million euros and the surplus recorded, the lowest in recent years has implemented 99% of it.
The surplus of 1% has been produced mainly by fines in the area of competence have charged late last year (700 million) and other income in various parts of the budget (about 700 million euros).
European Commissioner for Budget, Janusz Lewandowski, recalled finally the small surplus has occurred even though the European Commission warned late last year of struggling to pay bills that arrived in December.
On the one hand it is difficult to relocate funds in the EU budget and secondly the budget process is slow and resources that you enter at the end of a fiscal year may not always be computed until the end of it.
Therefore, the Commission stresses the need for Member States and the European Parliament agreed the budget flexibility to adapt EU “closer to reality.”
“Unfortunately we have not achieved the flexibility we need to react quickly to new developments. With the current rigid rules, to reach a surplus of 1% is the best result possible,” said Lewandowski.
Deutsche Bank hopes that Spain may undertake fiscal adjustment needs without sacrificing the growth that is expected in 2013, but delayed a year until 2014, the goal of reducing the public deficit to 3 % of GDP.
In a report published today, the bank experts explain that Spain has a liquidity problem, but not solvency and believe that if it becomes necessary to a bailout of the country or Italy would suffice providing between 208,000 and 392,000 million euros countries outside the euro in the G-20.
Deutsche Bank experts believe that Spain will reduce its fiscal deficit to 6% of GDP in 2012, up from 5.3% forecast by the government, and in 2013 will drop to 4.5%, but not to the 3% calculates the Executive.
This will be achieved in 2014 when the economy will continue growing, albeit a timid 0.2% versus 0.3% in 2013 and government debt will have reached 90% of GDP.
In any case, analysts of the bank is “perfectly feasible” that Spain’s debt to stabilize at around 85% of GDP, which would carry out the necessary fiscal adjustment without sacrificing the economy to grow.
Deutsche Bank highlights some strengths of the Spanish economy as behavior “robust” in exports during the last three years, which in his opinion shows that, outside the construction sector, the “corporate Spain” is in good condition.
The German bank also forecasts for 2012 are more optimistic than the government of Mariano Rajoy, because he thinks that the Spanish economy will fall 1.2% this year compared to the fall of 1.7% which provides the Executive.
On the pessimistic side, Deutsche Bank regrets that the state budget have left “unresolved” financing of autonomy and hence the pressure of the markets last week that led to the Spanish bond differential with respect to German to previous levels Rajoy on arrival at the Moncloa.
However, pleased that the government is taking “clearly” measures to stabilize markets and Deutsche Bank still think that the challenge is liquidity and not solvency.
Providers with outstanding bills of municipalities have until Friday to confirm they want to charge by the payment plan opened by the Government, because if not it will not be reimbursed their bills.
In a statement, the Ministry of Finance reports that the confirmation can be done in person at City Hall who owes the bill until Friday 20 April, or in telematics in the Tax Agency website (www.agenciatributaria. s) until Sunday 22 April.
Providers must submit a current account number and principal amount of the discount removed, if any.
If done electronically, providers should access the website of the Tax and identified by certified mail user, such as electronic ID or those issued by the National Factory of the Mint.
Providers should enter the TIN (either natural or legal person) that appears on the invoices and identify the bank account where you want to get paid and the amount of the haircut, if any.
Also, providers can go to the local entity to communicate in writing their decision to seek the payment mechanism, to facilitate the NIF, the current account number and principal amount of the discount removed, if any.
If providers choose to track attendance, local authorities should communicate that information later by computer and electronic signature to the Tax Office.
The European Commission President Jose Manuel Durao Barroso, has shown today “absolutely confident” the determination and the ability of Spain to solve the economic problems currently facing.
“We rely on the determination of Spain and the Spanish government to face all the difficulties and are working very actively and closely with our Spanish partners” to make it happen, said Barroso in a statement to the media after meeting with Secretary General of the Ban Ki-moon, and when the risk premium stood at an annual maximum at noon, at 441 points.
President of the EU executive insisted when asked if you are concerned the situation in Spain and if you think the Government should take over Mariano Rajoy adjustment and perhaps access to EU funding to help banks that “absolutely confident in Spain’s ability to meet these challenges, “and in this connection the Commission works with Madrid.
The Spanish risk premium, which measures the spread between bond yields and ten-year German national equivalent, reached 441 basis points at 11.30 today, a day before the auction of treasury bills.
The risk premium added 11 basis points in three hours of trading, while the return on ten-year Spanish bond stood at 6.13% and German titles were kept in 1.72%.
Spanish country risk has increased over one hundred basis points in the last three weeks, which could pose difficulties for the two issues of Treasury debt held this week.
In addition, debt default insurance (credit default swap or CDS) relating to the bonds to ten years in Spain to cover the possibility of default on $ 10 million were exchanged at 11.30 hours $ 491,350, which puts them at a record high.
However, the Minister of Economy and Competitiveness, Luis de Guindos, today reiterated in an interview with El Mundo that Spain “will not ask for ransom,” nor need to be tapped, because they have cut their funding sources such as Greece, Portugal and Ireland.
However, it has recognized that there will be episodes of volatility to assume and nervousness in the markets in the coming months because the credibility of the euro area is not consolidated.
The president of the European Commission (EC) Jose Manuel Durao Barroso, today announced it will allocate 50 million euros to finance technical assistance to support over the next two years to countries that are committed to developing new sustainable energy sources.
These funds are part of the European plan “‘Energizing’ development ‘, which aims to make 500 million people have access to sustainable energy in 2030, which in turn is part of the” Energy for All Initiative “launched by United Nations last year.
This was explained by the leader of the European executive during his speech at the Sustainable Energy Summit being held today in Brussels, which also involved the Secretary General of the United Nations, Ban Ki-moon, EU Development Commissioner, Andris Piebalgs , and several representatives of the energy sector.
Barroso said the European Union (EU) is ready to support those countries that demonstrate their commitment to advance the development of renewable energy sources and their willingness to undertake necessary efforts to start this transition to a cleaner energy.
The European technical assistance work closely with national experts and also hopes to transfer the knowledge gained in the EU in the fight against climate change to the premises.
Barroso said the EU will improve the existing financial instruments to improve their operation and to explore ways of providing “several million more” to support specific investments in renewable energy in developed countries over the next two years, without giving more detail.
He also stressed that the EU has invested over 1,000 million euros in the last five years in energy projects in developing countries, making it the largest donor in this area.
The Secretary General of the United Nations, Ban Ki-Moon, said that 1 in 5 people have no access to energy in the world and 2 in 5 still use wood, coal, plant debris or animal waste for cooking and lighting.
Ban Ki-Moon stressed the importance of energy for growth of less developed countries and set an example himself, remembering that in his student days in Korea early sixties, had to read to In light of an oil lamp.
The UN chief called for the support of governments to advance the three goals he raised 2030: ensuring universal access to modern energy, double the rate of global energy efficiency and renewable double the rate.
The Business Circle have shown today dissatisfaction with the rise in personal income held by the Executive and has stressed that it would be better to increase the VAT, arguing that tax collection has more power and more efficient economically.
This has expressed the president of the Association of Businessmen, Monica de Oriol, while presenting a paper on the general state budget of 2012, which stressed that the adjustment must be made by the spending and not by the of tax increases.
In his view, the rise in income tax punishes the middle class and more repressed consumption.
Oriol has advocated a change in the structure of VAT which contemplates the possibility of reducing exemptions and deductions.
The president of the Circle do not agree on raising the corporate tax because penalize companies that are responsible for creating jobs.
The Circle believes that the priority is to reduce spending, with an ambitious review of public administration under the principles of sustainability, priority and efficiency.
Thus, he argues that the strengthening of mechanisms of information, control, punishment and intervention of government not meeting the deficit targets.
The Budget Committee Chairman’s Circle, Manuel Perez-Sala noted that intervention should be an extreme case, but stressed that if you choose this route should not wait too long and that control mechanisms are agile to do with rapidly.
Oriol has stressed the need for the bad things you do suffer the consequences, “not now, with information late and not always reliable,” and has called “revolution” that a community can be tapped.
The Circle, in any case required to be launched in four or five months a series of measures with far-reaching reforms, including in health, copay, de Oriol, “with an unprejudiced reflection to examine ways favor a rational demand and an offer sensible and reasonable sanitation. ”
The document reflects the general state budget of 2012 contain an adjustment necessary, inevitable and urgent, noting that the euro area is the main source of problems not only for Spain but also for the global economy and therefore proposes that the currency only resolved as soon as their credibility questioned.
On the bad behavior of the stock market in Spain, De Oriol has indicated that money is “emotional” and that it is an attack not only Spain, but also the euro area.
Foreign trade in the euro area in February showed a surplus of 2,800 million euros, after a deficit of 2,800 million euros the same month last year and a deficit of 7,900 million in January, reported Eurostat, the EU statistical office.
Across the European Union, however, the balance was negative, with a deficit of 9,400 million euros, but below the 10,500 million deficit in February 2011 and 23,500 million in the red for the first month of this year .
Spain was the third country trade deficit had increased in February (3.600 million), behind France (7,800 million) and Italy (4.300 million), while the surplus were most marked in Germany (13,100 million, Jan. ), Netherlands (4,200 million) and Ireland (3,200 million).
Eurostat highlights the increasing energy deficit (which came to 35,200 million euros in January, compared with 32,400 million for the same month last year) and the increase of the surplus for manufactured goods (14,700 million, compared to 6,100 million .)
Exports to most trading partners of the EU grew in January compared to same period last year, except Norway (4% less) and Turkey (1%).
The most significant increases were recorded in exports to Russia (25%), Brazil (24%), Switzerland (22%) and South Korea (20%).
Imports, meanwhile, showed the greatest increases in products from Russia and Norway (both 9%) and falls most important articles in Japan and Turkey (both 6%).
In the business relationship with the United States, Eurostat figures show an increase in the surplus to the 5,900 million euros in January this year compared with 4,100 million a year earlier, while Switzerland was limited to 3,000 million euros (1,100 million compared to January 2011).
In China, however, the trade deficit fell to 14,700 million euros, after 15,800 million a year earlier, and Japan came to 1,100 million euros from 2,100 million.
Trade relations with Russia remained almost stable at a deficit of 9,600 million euros, compared with 9,700 million a year earlier, while in Norway there was a deficit of 5,200 million compared to the previous 4,400 million.
The Minister of Economy and Competitiveness, Luis de Guindos, warned today that the attacks against the sovereign debt markets remain Spanish if there are still doubts about the euro and the European project.
In an interview in El Mundo, De Guindos reiterates that Spain “will not ask for ransom,” nor need to be tapped, because they have cut their funding sources, such as Greece, Portugal and Ireland, and has insisted that the Spanish banks have sufficient liquidity to meet the timetable for the next two years.
However, he asserted that there will be episodes of volatility to assume and nervousness in the stock market in the coming months because the credibility of the euro area is not consolidated.
He assured that external factors have been to Spain which have influenced the attack last week to the risk premium Spanish and explained that the European economic slowdown, more intense than expected, raising fears that the market fiscal consolidation could be over estimated.
In this regard, he asserted that consolidation is “unavoidable”.
He has also denied that the State Budget for 2012 have generated mistrust and has stressed that one of the fundamental questions investors have is regarding compliance with the deficit target of the autonomous communities.
In Guindos said that communities need this year and 50,000 million, while the Government has indicated that “will not drop any community,” has affected the commitment they have to meet the regional governments to redirect their budgetary situation.
He assured that from the viewpoint adjustment budget this year is concluded with the measures already adopted and discarded raise more taxes in the current year.
“The goal is satisfied with the increase in corporation tax, income tax and property tax and the tax adjustment,” he said.
De Guindos stressed that the PP has been chosen to make “policy” which “is not a foreign imposition.”
On a return to credit growth this year, the minister said that “it is very difficult” and pointed out that private credit is falling about 4%, so until next year there would be no such increase.
In this regard, progress has been made that the government will promote an alternative market for commercial paper to finance viable projects for medium companies currently have no liquidity.