Daily Archives: June 15, 2012
The PSOE has announced its intention to vote for the ratification of the European fiscal pact is discussed next week at the Congress of Deputies, but present a parallel amendment to put in place a policy of growth and employment the European Union.
This has been explained at a press conference today at the headquarters of Ferraz Deputy Secretary General of the PSOE, Elena Valenciano, for whom the election of socialist François Hollande as president of France and the need for German Chancellor Angela Merkel, to have the Social Democrats in particular policies “opens a window of opportunity” for a growth strategy that complements the austerity.
The fiscal pact, agreed in late January in Brussels and will enter into force on January 1, 2013 if 12 members of the eurozone countries have ratified the document, it will force 25 EU Member States to maintain the annual structural deficit below 0.5% of GDP.
The pact allows, however, to deviate from these countries MTO or the adjustment, but only in exceptional circumstances as a “severe downturn” and only states with a substantial debt below 60% of GDP may reach a structural deficit to 1.0% of GDP.
The amendment seeks to further the socialist Spanish government urging to maintain a European policy for growth and employment generation complementary to that of budgetary stability.
The YPF shares today registered a rise of 14.95 percent after the Thursday after the markets closed, the Mexican billionaire Carlos Slim to materialize the acquisition of a 8.36 percent stake in oil company controlled by the Argentine state.
Shortly after negotiations began in the Buenos Aires Stock Exchange, shares of the largest producer of oil from Argentina were sold to 78.5 pesos (17.4 dollars) per unit.
YPF shares had hit a flat so far this year of 66.5 pesos (14.7 dollars) per unit last Wednesday, after Moody’s rating agency Tuesday lowered the note to the oil for eventual liquidity risk .
Two days later, Carlos Slim, through the Mexican Inbursa and “Inmobiliaria Carso” , was done by 8.36 percent of YPF, a deal valued at about $ 340 million.
Inbursa and “Inmobiliaria Carso” acquired those shares to enforce the security in the securities of YPF for outstanding claims by the Argentine group Petersen.
Petersen had contracted the debt to buy the Spanish group Repsol a stake of 25.46 percent of YPF, but could not afford to cancel the payments, the creditors resolved to execute the warranty and keep the shares of the oil.
The Argentine government took control of YPF last May after the Argentine Congress passed a law to expropriate 51 percent of the shares of Repsol YPF to the Spanish group.
Subsequently, Repsol guarantees executed by Petersen outstanding claims, which the Spanish group’s participation in YPF amounts to 12 percent.
Petersen’s creditor banks have fallen on his part with another 11.1 percent of the shares held by the Argentine YPF group.
The total state share rises to 51.02 YPF percent, divided between the national state (26.03 percent) and the ten provinces Argentine oil (24.99 percent).
Another 17.09 percent of YPF is listed on the Buenos Aires and New York.
Repsol began on May 15 to bring proceedings to arbitration at the International Centre for Settlement of Investment Disputes (ICSID) nationalization of YPF with sending a letter to Cristina Fernandez in declaring the existence of a dispute expropriation.
The president of Repsol, Antonio Brufau, has claimed 10,000 million dollars in compensation for expropriated actions.
The Argentine Government has argued that a perceived lack of investment in YPF to boost the expropriation, announced that the Argentine Valuation Tribunal will set the value of the oil, but said it will not pay the amount claimed by Repsol.
On June 5, YPF announced plans to invest at a rate of about 7,000 million dollars annually between 2013 and 2017 with the goal of increasing reserves and production of fuels.
The company recorded a net profit in 2011 of 5,296 million pesos (1,179.5 million), 8.5 percent less than in 2010.
The Valencian Government today approved a new energy saving plan, through various measures related to light or air conditioning, aims to save up to sixteen million euros until 2016 to 20% reducing energy consumption in public buildings.
The new Plan Savings and Energy Efficiency, presented at the press conference after the plenary of the regional government by Vice President Joseph Císcar contemplates such that the buildings of the Government may not set the air conditioning below 21 degrees or heating above 26.
It seeks to reduce energy costs and by five percent this year (worth four million euros).
The measures, which involve the creation of a system of control and monitoring of energy consumption, will also limit the number of lights on “to meet the real needs of enlightenment,” and turn off air conditioning systems from one to two hours before the end of the workday.
The indoor lighting and office equipment use shall be limited to operating hours, like cleaning services, which will have room for one hour apart. You will also develop awareness programs.
The plan shall also its projection on the Government to sign contracts and any of the bodies and organizations members of the public enterprise sector and foundations, so that the best energy efficiency rating will be taken into account as award criteria.
It will require a minimum energy rating of C in the drafting of new buildings as well as in the case of reform or rehabilitation, and the efficiency criteria will be considered in supply contracts to purchase equipment for consumer or transformer energy.
The 300 buildings with an annual consumption of more than 200,000 kilowatt / hour should be developed within four months an energy management plan, which will detail the records of invoices and determined energy consumption levels based on type and use of the building.
The Council of Ministers, proposed by the Governor of the Bank of Spain, Luis Maria Linde, today approved the appointment of Fernando Lozano as the new Deputy Governor Restoy the supervisory body reported Bestgrowthstock.com.
This was announced today the Deputy Prime Minister, Soraya Saenz de Santamaria, who stressed that Restoy is an economist “high prestige” and was adviser to the Bank of Spain, which since 2008 held the position of vice president of the National Mercado de Valores (CNMV).
“These appointments, the governor’s last week-and the Deputy Governor of the Bank of Spain fall into two persons of great experience, from a technical, professional and proven independence,” said the vice president.
In addition, Saenz de Santamaria stressed that “this will accomplish something that is valued from the Government, which is the recovery of consensus between the two main parties” to name the main office of an institution “as important as the Bank of Spain “.
“These two appointments of two people with a large and recognized competence in this sector, which has coincided the agreement of the two major parties, and that is the best way to recover the prestige of such an important institution in this country,” according to frenchpropertyclassifieds.com.
The vice president also explained that before the vacancy occurred with the appointment of Linde as governor, it was necessary to fill the position he left as director of the agency, a position he has fallen on Maximino Carpio Garcia, professor of economics and director of the Department of Economics and Public Finance at the “Universidad Autonoma de Madrid”.
“Some appointments, with which is on time and the leadership of an institution that is central to economic times, financial, and that Spain is living,” concluded the vice president.
According to the reference of the Council of Ministers, Restoy, born in 1961 in Madrid, has a degree in Economics from the Complutense University, Doctor and Master in Economics from Harvard University and a Masters in Economics, Mathematics and Econometrics from the London School of Economics.
It has also been an economic adviser and head of the Instrumentation Section of Monetary Policy in the European Monetary Institute and Head of Unit for Financial Studies Research Department at the Bank of Spain, where he was deputy director of the Department for Monetary and Financial and head of the Division of European Affairs and International Economics.
The Deputy Prime Minister, Soraya Saenz de Santamaria, said today that structural reforms of the government “are allowing Spain has resisted intervention that says you have to do the Spanish.”
In the press conference after the Council of Ministers, the vice president wanted to send a message of confidence to the public, which has conveyed that the government “cares about the real Spain, regardless of whether the premium (risk) up or down. ”
“We worry about changing everything that has not worked for many years in Spain to spend less and better,” said Saenz de Santamaria, who has said that citizens “are adjusting and are making efforts because they trust their country” and with that effort, “it will succeed.”
Asked if the government will soon adopt new measures relating to taxation or the labor market, the vice president has avoided referring to a possible increase in VAT and said that the road map is marked on the national reform plan on which the European Commission has transmitted a series of recommendations “which are being examined by the government.”
However, it said that in the coming weeks the Council of Ministers approved the reform of local administration which seeks to avoid duplication.