Friday, October 31, 2008

Pastor wins 10% more, but four times the rate of delinquencies

Valuation of the news 1, 2, 3, 4, 5 (0 votes) sending data ... Please wait. Thank you. - Print + Send Back The Banco Pastor won during the first nine months of the year 170 million euros (10% more than a year ago), a profit-based business banking and non-recurring in the extraordinary results from the sale of industrial holdings, as underlined yesterday the president of the Galician entity, José María Arias. These results put Pastor between the four entities in the country which most have increased their profits so far in 2008, surpassed only by the Sabadell, Banco de Valencia and Banesto. In the consolidated income does not include capital gains from the sale in January this year of 1.17% of Union Fenosa, as the entity that presides Arias has decided to allocate all of these benefits to strengthen, with up to 111 million, hedge funds to protect itself from future defaults. In failing to adopt this measure, profits have exceeded 280 million, 80% more than the same period of 2009. The main impact of the economic crisis in the accounts of the Shepherd can be seen in the bad debt ratios, which are situated at the end of third quarter at 2.6%, almost four times more than a year ago. The figure is undoubtedly influenced by the suspension of payments Martins-Fadesa, which the bank had lent 67 million euros. Furthermore, in its submission to the Commission Nacional del Mercado de Valores, Pastor reports that profits in the last quarter have fallen in 45.6 million euros, 6.8% less than in the same period last year . The slowdown in investment credit also affects the basic margin, which reflects the net income from banking business, which grew by just 1.8%. The results, Arias said yesterday, 'are demonstrating the financial strength of Banco Pastor. " The chairman of the entity is "confident of the future", since "Among other things, we have no debt maturity in the remainder of the year and throughout 2009, and we continue to maintain a more than adequate coverage of the Lending to deposits from our customers. " The top executive of the Shepherd also stressed that the bank has taken advantage of by 2008 to improve the risk of your portfolio, since while the credits to customers rose by 4.1%, those with collateral resident of the sector have doubled this rate. Looking ahead to 2009, possibly the year in which over the crisis hit, Jose Maria Arias Galician believes that the entity is better prepared than the competition, as well as the aforementioned relief liquidity, Pastor has a "proven solvency and has intact its ability to sell assets and make capital gains.

Brussels and the crisis

The crisis in the global economy hit in the heart of the European Union. It is not only a financial crisis and liquidity, but also and above all a systemic crisis that involves a depression that probably has never been experienced on this scale. Because this is the first major crisis of globalization. Brussels has so far been absent from the debate. Jose Manuel Barroso and Joaquín Almunia have pale before the offensive by Gordon Brown (leader of a country absent from the euro zone!) And the activism of Nicolas Sarkozy (President of the European Council, but critic declared Brussels). This demonstrates once again that something is not just operate in Europe. In a nutshell: Brussels is powerless before the tornado. Why? The news on other websites Websites in Spanish in other languages "Do not leave this crisis without a major global policy of European recovery There are obviously a number of reasons, both historical and political. But the main reason is due to the strategic choice that the Commission advocates for Europe: a unilateral conception, dogmatic competition policy. Brussels has become since the Single Act and especially since the Maastricht Treaty on the docile servant of the only competition policy at the European level, to the detriment of the whole policy of growth and employment. This orientation, imposed by a no less dogmatic conception of the implementation of the Stability Pact, is now paralyzed by the crisis, which is precisely the policy of anything goes and unbridled speculation on a global scale. Brussels has reacted, but always late. First proposed a series of technical measures to stabilize the banking situation: to ensure the deposits, more flexible accounting regulations, supervising agencies notation and reduce the salary of the leaders of banks (five million euros per year!). Now he wants to go beyond economic reform and that the next meeting of Ecofin's November 5 to adopt a series of measures mainly in relation to regional cohesion, to help businesses to comply with global competition, the application of funds to higher medium-sized enterprises by strengthening capital of the European Investment Bank, and other projects in the same style, including novel fact, both the financing of major infrastructure projects such as help for the unemployed with the objective of companies create so ... Quick and cheap. In short, do not change anything about the liberal policy of competition. Be more flexible and gives money to companies that need it. But only a little, because of course there is little money in the coffers. Because, as stressed by Barroso, "no member state has proposed increasing the budget of the European Union (1% of European GDP). At the same time, the Commission has been willing to relax the Stability Pact, which Romano Prodi at the time and before the European Parliament had described as "stupid". But not until we know where he is ready to reach the Commission in this relaxation. Do we need frank and healthy amend the Maastricht convergence criteria, adapting to the new situation of global recession? This behavior of the Commission, rather confusing and rear, is not the product of chance. In the bottom symbolizes the paralysis of the European project. And in the future will strengthen the role of States, while favoring a progressive renationalisation of European policy. Each state, despite the rhetoric adopted by all European, it will tend first to extinguish the fire of his own house. It is difficult to criticize this attitude. Because she herself is the inevitable result of the inability of Brussels to propose, from Maastricht, a coherent growth and employment for Europe. But not out of this crisis without a major global recovery policy at European level and without an agreement on strategic international institutions (IMF, World Bank, International Monetary System). Nor, moreover, without a redefinition of the rules of competition in the WTO, which is a big geopolitical bargaining with the emerging powers. If the Commission does not adapt quickly to this new situation, we'll see how it is likely to be diminished and drastically reduces its role. It could be, in short, the first victim of the institutional crisis and that Europeans are skeptical, are tired of liberalism prevailing in the offices of Brussels. They want growth, employment, social policies to believe in the European project.

Adolfo Dominguez closes eight stores

The group Adolfo Dominguez blamed the crisis of consumption with a fall in its net profit of 79.2% at the close of August, to stand at 2.3 million euros, compared with 11.3 million earned last year. The group, which has changed its fiscal year to the end of the periods coincide with the actual seasons in the textile industry, reported yesterday to the Commission Nacional del Mercado de Valores (CNMV) that its sales fell between March and August January 1 , 29% to 90.6 million euros, from the 91.8 million who had entered the same period last year. Its personnel costs rose above 20%. The news on other websites Websites in Spanish in other languages During these months, according to information sent to the stock exchange authority, Adolfo Dominguez closed eight and opening of 53 stores, representing a net growth of 45 outlets. The company emphasizes that the Spanish market has carried out the opening 32 corners in El Corte Ingles and abroad, the three stores, distributed by Chile, Peru and El Salvador, and two corners in France.

Labor wants reductions of unemployed fixed contracts with family

Everything in turn, in order of appearance. The current economic crisis began in the financial sector, and then came the real economy. So in chronological order, the government began to take measures to help the financial sector and now it's time for the real economy. And after the dramatic rise in unemployment in recent months (just over a year has risen from 8% to 11.3%), has decided to start with employment. The meeting maintained that the Ministry of Labor last Thursday with the social partners put forward four proposals to revive the labor market, according to union sources. The news on other websites Websites in Spanish in other languages The ministry proposes aid for new jobs in R + D + i and renewable The first measure, if adopted, would mean that companies who hire the unemployed indefinitely with dependents will benefit from an annual bonus of 1,500 euros, but without specifying for how many years. This amount would only be less than those received by employers who hire the handicapped. The other groups have a bonus of 1,200 euros. The other measure aims to promote the change of economic model, as it proposes aid for companies that generate jobs related to research and development and renewable energy. From the same sources said that this union is, well defined, it is very ambiguous and is detailed. The third government initiative seeks to encourage self-employment. To do so suggests that the unemployed who choose to start a business plan to charge 60% (now at 40%) of their total unemployment benefit. This measure was adopted last September by the Congress of Deputies by a draft bill no. The last point sets its aim on regulation of employment records. Labor puts on the table an old matter, regulation of the role of business in this issue of redeployment. These first steps, which have yet to detail and agreed upon at the negotiating table, they found response from unions, which proposed to increase the protection of unemployment, even for those who exhaust the benefit and the benefit. They called for a plan of direct recruitment by the administration and the training and employment for the groups most affected by the increase in unemployment in recent months. This follows a meeting on Monday maintained that the president of the Government, José Luis Rodríguez Zapatero, with the top business and union representatives. In it, Zapatero said, in addition to employment, families and industry as a target for urgent action to alleviate the current economic crisis, and of course the recession. With regard to families, the Government is considering adopting a grace period on payment of mortgages that have entered the unemployed. By contrast, yesterday's Vice President of the Government, Maria Teresa Fernandez de la Vega, avoided the anti confirm that the executive deck. "As soon as they are defined and completed, will be known," he said. And on the possibility that at the end of the year, confirming the economic recession in Spain, after hearing about the negative growth in the third quarter of the year, said: "do not advance events." He also recalled the "sanitized" of the Spanish financial system and the strength of public accounts. The People's Party, meanwhile, warned that the current economic climate resulting in a "social fracture" that affects directly to "unemployed workers and families," according to his spokesman said in the Congress of Deputies, Soraya Saenz de Santamaria. In addition, Esquerra Republicana de Catalunya and the United Left coincide with the PP that the recession is just around the corner, they are asking for action. CiU stated that while the economy is sick and claimed an anti-plan.

The Spanish stock exchange closes its worst month in 10 years

The Spanish stock market yesterday ended a month of heart attack. A real roller coaster in which the Ibex 35, its main indicator, has experienced ups and downs in history that will probably be remembered as the least suitable for cardiac conditions in history. This indicator stood yesterday at the close of the session at 9116 points, after a rise of 3.32% on the day. Evolution of the Ibex 35 GRAPH - El Pais - 31-10-2008 Historical evolution and black days of the Ibex 35 since 1987. - GUADALUPE CRUZ / Global financial crisis DEPTH See full coverage The news on other websites Websites in Spanish in other languages The rise of last week was the highest since September 2001 In October, the Ibex 35 lost 17.03%, making it the worst month of the Spanish market after last week of August 1998 when, in full Russian financial crisis, registered a fall of 21.24% . So far this year, the Spanish stock exchange accumulates a fall of 39.96%. October has been fateful for the majority of the values of the index. Only six companies, Iberia, BME, Banesto, ACS, Endesa and Enagas-arrive successfully at the end of the month with progress. The rest of the securities losses. Some as bulky as those of Gamesa, which fell by 46.92% in the month, followed by Sacyr Vallehermoso, with a fall of 33.44%, Acciona, which yielded a 30.62% and Repsol YPF, which is left 29% in the month. The rise in the Ibex 35 this week (an 9.13%) is the second highest increase recorded after the last week of September 2001, when prices rebound after the closure of markets after the attacks of 11-S . The day was marked yesterday by a fall of 2.3% percent of retail sales in Germany, data that dragged down the European shares during the first hours of negotiation, but at the end of the day regained positions. In London, the FTSE 100 rose 2.01% yesterday, to stand at 4377.83 points at the close of the meeting. The CAC 40 in Paris scored a breakthrough from 2.33% to 3487.07 points. The German DAX recorded a rise of 2.44% to 4987.97 points. Milan won a 2.88%, to 21,367 points. The drop in inflation in October to 3.2% in the euro zone and to 3.6% in Spain helped push up prices in the European places. On Wall Street, investors are encouraged to buy, two days after the Federal Reserve decided to lower the interest rate half a point in the U.S., up 1%. A media session, the Dow Jones moved a 0.84% to 9257.86 points. The Standard & Poor's rose a 0.92% to 962.87 points. The Nasdaq was placed at 1711.4 points, with a gain of 0.76%. The optimism in New York was imposed yesterday because of the fall of Libor, the interest rate on the interbank market in London that deposits in dollars for three months, stood at 3.03%, with a drop of 0, 16 points, according to the British Bankers Association (BBA). It also pushed up the results of the non-financial companies. According to data compiled by Bloomberg, the profits of nonfinancial companies in the Standard & Poor's index grew by 13% in the third quarter, compared to 4% from the previous three months. And a just months marked by increased volatility that has been seen in stock markets since the crash of 1929 and 1987. On October 10 the Ibex 35 experienced the worst session in its history (fell by 9.14%), which also ended its worst week in its history (it lost 21.2%). Falling rates concluded on October 8 between the ECB, the Fed and other central banks was not sufficient. Since then came the reaction. Following the measures announced by the U.S. and UK, the major European economies, France, Germany, Spain announced plans to rescue and injections of liquidity to their banking systems. While market confidence would suffer yet another varapalo the risk of contagion to emerging economies and the nationalization of Argentine pension

Chaves invites Arenas to strike a "grand bargain" on the merger of the boxes

The chairman of the Board, Manuel Chaves, yesterday launched an offer to the opposition leader, Javier Arenas, to reach a broad agreement to achieve the Andalusian merger of the boxes and get to create a great instrument for the community. The news on other websites Websites in Spanish in other languages "I'm going to invite the president of the PP in Andalucia to sit at a table to get a big boost and political, civic and social life, leading this great financial instrument," said Chaves, who denied that mergers are "political operations" , Although he reiterated that they need "a great political consensus" to carry them out. Chaves was taken by the rejection of its draft expressed in the past two days by the president of CajaGranada and by the secretary general of the PSOE Granada, who in a dual language have applauded the initiative but Chaves have unchecked the entity that is part of the of that project. In this respect, Chaves said that if any cash was un, 'is a decision we will respect "but cautioned that at this time" each one will have to assume their responsibilities. " For his part, the second vice president and Minister of Economy, Jose Antonio Grin, did not want to go yesterday to assess the rejection to the proposed merger of Granada but emphasized the times. "Until May there will be no movement," he reiterated Grin recalling that will have to wait for that date Cajasol complete its process of renewal of organs and departing on a level playing field. Cleaning From there, Grin said that the financial situation to be in May can not predict now, so it will be then, "in response to economic and financial interests, not political and parochial" when they undertake the process of merger. "We want to see a sufficient scale to benefit all citizens and, furthermore, Andalusia deserving broad goals and not stay behind what they are doing other communities like Catalonia or the Basque Country," he added. On the other hand, and then to deliver to the president of the Andalusian Parliament, Fuensanta Coves, the Community's budget for 2009, Grin ruled out as the formulas adopted by the boxes of Castile and Leon, by saying, "here we did a bank Boxes. " "The objective of a large box is a goal that is going to continue for the Andalusian government because we understand that it is good for Andalusia," he concluded

The PP maintains that the merger reflects the desire of the PNV to "increase its power"

The PP recovered yesterday and the speech made available to the attempts of a merger between BBK and Kutxa and directing the shot toward the "partisan interests" because, as Antonio Basagoiti said yesterday, with this operation, the PNV "only seeks to increase its power and that some politicians play a big bankers. " The president of the Basque PP wants to finish well ventilated with rumors on the same day of the birth of the new savings bank of the Basque Country and attempting to disseminate alleged support for this new entity on the part of popular leaders of Guipuzcoa and Vizcaya. The news on other websites Websites in Spanish in other languages Ortuzar said that his party had made a "professional" "The merger has been a takeover of the box Guipuzcoa," Good complaint With this crucial position, the PP aborted given the opportunity, though without much conviction, negotiators from the sectors of Kutxa about a possible grant of the requested vote is still needed for the merger to go ahead at the next general assembly of the entity Guipuzcoa . Basagoiti argues: "Nobody put us on the table in what is going to benefit [the merger] to traders, the self-employed, businesses, employment or investment in Alava and Guipuzcoa." Since the sector directly alluded to the accusations by the PP, Andoni Ortuzar, president of the BBB, reiterated that the PNV "looks very favorably with" the integration of BBK and Kutxa, while regretting the position of the PSE-EE, "which has prevented the integration of three. " But it argued that the attitude of his party was caused by a "purely professional and banking." He also used the analysis to place in the aftermath of the autonomic March when integration of the Caja Vital, "because behind the socialist position there is an obvious fear of electoral consequences that a decision of this style could cause them in Alava ". In reaction to the merger yesterday, the third deputy general of Biscay, Jose Luis Bilbao, to delve into his stance in favor of integration into three bands. In fact, warned that its exclusion "can lead to problems in the future to Caja Vital, because with its size in the medium term it may be difficult to be able to remain competitive." Los socialistas, por su parte, consideran, según el coordinador de sus parlamentarios vascos en el Congreso, Miguel Buen, que la fusión a dos es, en realidad, "una absorción de la caja guipuzcoana por la vizcaína", que tildó de "mala "For the country, while recommended to the boards of BBK and Kutxa" not sell the skin before the bear hunt ", recalling that still remain to be resolved step in the assembly of the box Guipuzcoa. According to the Caja Vital, Good continues the line of Gregory Red and says that "obviously will continue working and will continue to have cooperation" with the future cash merged. Perhaps the main criticism of the position of PSE-EE and PP came yesterday Eusko Alkartasuna (EA). Its leader, Unai Ziarreta, argued that those parties "have in Álava their particular field of battle to see which of the two political formations with more ardor defend the maintenance of the Caja Vital as a separate entity for fear of losing votes." Ziarreta, who requested the future of the Basque Country Savings Bank, which extended to their customers within their mortgages at no cost to them, stopped paying particular attention to the position of the Basque socialists. Accused them of "putting fear" to Gipuzkoa by sending 280,000 brochures criticizing the merger process between the two boxes. "Basque society does not understand the position of the PSE and its representative Patxi Lopez, when Economy Minister Pedro Solbes, and the Bank of Spain are pushing in the Spanish fusion cages, and the PSE is opposed to this same fusion here, "remarked the leader of EA.

Rural tourism Spaniard lost more than 3,000 visitors in September

The Spaniard is not tourism rose head. After the cascade of bad news for the sector taking place since the summer, the National Institute of Estadístisca (INE) yesterday launched a new shade for an activity that relies on the economic future of the region. In September, the third month of summer, the accommodation of rural tourism of Asturias received 14,919 passengers, 3201 fewer than in the same month of 2007, when it came to 18,120 tourists. That is, the Principality in September lost one in six customers of rural tourism. A decline which also reflected in the degree of occupation, which was a poor 16.12 percent, almost eight points less than a year ago. In addition, the community of Asturias was the 'green Spain', tourist mark he shared with Galicia, Cantabria and the Basque Country, with lower occupancy in the rural tourism establishments. The Basque region exceeded 30 percent, Cantabria was close to 24 percent and Galicia reached 18 percent. It is true that the Principality is the region with the North more seats in rural tourism, 10,476, after increasing supply in the past year in more than 1,500 seats. In all, in Asturias, there are open lodgings 1232, a figure only surpassed by Castilla y Leon and Catalonia. It also reduced the average stay of tourists, because in September 2007 remained in the lodgings of rural tourism an average of three and a half days, while in September this year the average was 3.16 days, above, yes, the national average, which was 2.84 days. The vast majority of customers are Spanish, as they joined the 14,205 tourists, 95.2 percent of the total, while only 715 were accommodated foreign tourists. As usual, Castilian-Leon and Madrid were the main customers of rural establishments in the region. In the whole of Spain was Castilla y Leon region in more tourists, 45,202, and the Balearic community with greater occupation, nearly 61 percent. The collapse of rural tourism Spaniard joins the also recorded by hotels in the region, which has depleted its customer lists and all their income during the summer months. In September, the number of tourists staying in Asturias was 167,925, which were lost in 3310 compared to the same month last year. This decline occurred in the Spanish passenger, as the foreign tourism grew slightly. The Asturias Hotel occupancy was 43.77 percent, almost four points less than in September 2007.

Barclays cede el 31% del capital a dos emiratos para captar 9.300 millones

The British bank Barclays announced yesterday an agreement to inject 7300 million pounds (9,263 million euros) in the heart of its capital stock. Most of this injection (8,175 million euros) will proceed in two Arab Emirates, Qatar and Abu Dhabi, and the rest will be offered in the form of convertible notes to existing shareholders and institutional investors. The stock market initially awarded to the bank with a 10% increase, but the value began to crumble when they knew details of the transaction, which is costly for the institution, and ended up falling nearly 13% of the closure. United Kingdom DEPTH Capital: London. Government: Constitutional monarchy. Population: 60,943,912 (est. 2008) global financial crisis DEPTH See full coverage The news on other websites Websites in Spanish in other languages The entity chooses the "self" in rejecting the offer of the Government Barclays will issue 3,000 million pounds (3,800 million euros) in reserve capital instruments, which accrue to its holders an annual premium of 14% until 2019, and 4300 million pounds (5,450 million euros) in mandatory convertible bonds, which are guaranteed a coupon of 9.75% and that must happen to ordinary shares in June 2009. Qatar Holding and the Challenger, a company representing Sheikh Hamad bin Jassim bin Jabr Al Thani, chairman of Qatar Holding, will invest 2,300 million pounds (2,915 million euros), which nearly doubled its current presence in the bank to monitor about 15.5% of the capital. Sheikh Mansour bin Zayed Al Nayhan, a member of the ruling family in Abu Dhabi, will invest nearly 3,500 million pounds (4,435 million euros), and will become the first shareholder of Barclays with over 16% of the capital. Both will be the two largest shareholders of the bank and checked, in total, a third of Barclays. The objective of the capital increase is to meet the conditions required by the Government to give access to British banks to the rescue plan approved by the City three weeks ago. Barclays, like the Abbey / Santander, has preferred to tuck in his mind the hard core of its capital without resorting to the entrance of the state as shareholder. So, you can benefit from the advantages of the rescue plan without being subject to the limitations that the government wants to impose on the entities, since the moderation of wages and bonuses to its executives for restraint or freezing of dividends. The president of Barclays, Marcus Agius, said yesterday that the decision to prefer the money from two Persian Gulf emirates to the detriment of the state "has nothing to do with the issue of bonds, is a matter of self-determination." However, the operation has been criticized because the premium of 14% that the bank will pay the new shareholders is more than 12% that RBS, Lloyds TSB and HBOS will pay the British Government to purchase preferred stock in the rescue plan. Barclays has been defended on the grounds that 14% is tax deductible while the premium to be paid by banks is not the Government, which according to the entity the cost is similar to Barclays. In reality will be the taxpayers who pay the difference to reduced government revenue. But analysts estimate that the coupon of 9.75% convertible by the actions amounted to 16% once added expense, which makes the operation significantly, and calls into question the benefits of this solution to shareholders compared with the input from the Government. The autonomy to maintain the dividend without government interference could be an argument. But Barclays has already suspended the planned distribution of a dividend of 2.800 billion euros and the government had implied that the limitations on dividends to RBS, HBOS and Lloyds only last for one year if by then the system has stabilized Financial.

Booty acknowledged that continues to explore new purchases despite the financial crisis

Vote Result 0 votes A Emilio Botín, chairman of Santander, is not frightened by the international financial turmoil. Despite the bad news that are published every day from banks in difficulties, remains Botín spirit of the buyer. "At the moment we are not looking any purchase, but that does not mean that we do not continue exploring opportunities," commented loudly Booty São Paulo, the financial capital of Brazil, where he presented the merger of Royal Bank and Santander Brazil. Emilio Botín Sautola Garcia Sanz-de los Rios DEPTH Born: 01-10-1934 Place: (Santander) The news on other websites Websites in Spanish in other languages "This year we have made three purchases" (Sovereign of the United States, Alliance & Leiscester and Bradfort & Bringley, in the UK) "and we are very pleased with the profitability that we are going to give," the first Spanish banker. But the purchases have not been free. The entity has Expanded capital by 4%, 280 million degrees, so it may not meet the objective of raising the earnings per share (EPS) by 15% on average from 2007 to 2009, as promised. Now this ratio is growing at 8.3% despite the regular September net profit rose 15.8%. What I said is that the BPA "will be a 5% higher than that of our top 20 international competitors." With these statements, it is not ruled out that the entity intends to continue using the shares for more purchases. The other message he sent Booty during his presentation in Brazil, on a trip financed by the state, is that despite the crisis, the bank hopes to raise the benefit of next year. The engines will be the UK, which it expects to earn 20% more, and Spain, which could raise their performance by 14% by reduced supplies. However, the president of Santander, which was not so spectacular in his presentation as on other occasions, he wanted to align with the last message from the Bank of Spain, and promised restraint in dividends in 2009. Booty said that Brazil will mean 20% of the group's profit in 2009 and that this country will earn 2250 million. With this account, it appears that the entity expects to achieve approximately 11,500 million net profit next year. Santander is convinced that will come out stronger from this crisis because it has a better financial position than that of its competitors. However, he acknowledged that Spain could go into recession, do not rule out ", although he did not want to make a lot of macroeconomic analysis" because I am no economist, "he said. Ratified the statements of its chief executive, Alfredo Saenz, on the need for liquidity loans to facilitate the government "does not need to be transparent." He also denied that they would ask the government to help them .

The Spanish economy is progressing inevitably towards recession

• The GDP fell by 0.2% in the third quarter and the Bank of Spain expects further declines • The financial crisis sinking confidence, accelerates the fall in consumption and employment pushed to the bottom If you want to see the chart in PDF click on the image. MORE INFORMATION The Spanish trade deficit rises P. ALLENDESALAZAR / MADRID M. JIMENEZ BOTI / BARCELONA Spain has already given the first step toward recession. The Bank of Spain announced yesterday that gross domestic product (GDP) fell by 0.2% between July and September for the second quarter. The key is that the financial debacle has accelerated the decline in domestic demand, already seriously affected by the collapse of real estate. If the fall is repeated in the final quarter, the recession - technically defined as two consecutive quarter of falling intertrimestrial of the economy - will be a fact for the first time in 15 years. The worst thing is that almost all indicators suggest that it will. Unlike the United Kingdom, Germany, France and Italy, the Spanish economy achieved a slight growth in the second quarter (0.1% intertrimestrial) thanks to the drag effect of the strong expansion in recent years. But that momentum is almost exhausted. The growth rate has fallen from 2.6% in the first quarter to 1.8% in the second and 0.9% in the third. The completion of the outstanding real estate developments, the collapse of confidence by the financial crisis and poor economic forecasts, and the fall in disposable income for the rising unemployment have pushed the consumer - mainstay of the economy - to a spiral negative. In the third quarter barely rebounded 0.3%, compared with 2.7% in the first and 1.4% in the second. THINGS SECURE "We are no longer spared no one from the recession. The question is how will the recovery: in UVE in uo in elementary?", Was questioned Catasús Joaquin, an analyst macroeconomic Abantos. The expert stressed that the high weight of the real estate sector in the Spanish economy, we inevitably led to a period of contraction in growth once the bubble bursting, as has happened. The financial crisis has deteriorated further growth expectations. "We deserve a recession by our own excesses. We have almost the same mistakes committed in the U.S.," footnote. The Bank of Spain also maintains that the "extreme episodes of financial instability" that followed the fall of Lehman Brothers in mid-September have accelerated the collapse of the economy. On the one hand, have collapsed confidence of households and businesses to historic lows, and on the other hand, has caused a "new hardening" in their access to credit, which joined the collapse of the stock market and housing prices has had a negative impact on disposable income and wealth of households and companies. The only positive note is that external demand contributed 0.6 points to growth, twice that in the previous quarter, though most by falling imports from the rise in exports. Also at this point there are shadows on the horizon as the crisis is getting to the emerging countries. "The world economy faces the next few quarters in an environment of maximum uncertainty and exacerbate the risk that the bearish phase of the cycle is more pronounced and lasting," warns the institution. The recovery in the course of 2009, he says, will largely depend on the outcome of the special plans of European countries, but the process will be "long and complex." The Bank of Spain said that the international forecasts predict that the improvement will not occur until the second half of 2009, but apostille that there is a risk that is delayed by feedback from the financial and economic deterioration. As a remedy, is again asking for more flexibility in the labor market and containment of wages.

El Corte Ingles admits a drop in sales for the first time in its history

An executive of the giant distribution is "very likely fail to attain the figures of 2007," when billed 18,000 million. Isidoro Alvarez warned in August that the exercise had "many difficulties". In the center, Angel Aguado, yesterday at the new center of Seville, along with two directors? El Corte Ingles. ? Juan Flores / Expansion. The crisis seems to be affecting one of the flagships of the business fabric Spanish: El Corte Ingles. Although the giant distribution never makes public its forecasts, a director of the group admitted yesterday that with all certainty, its turnover in 2008 will be lower than the previous year. It would be the first time in modern history, of company reduced its sales interannual. In relation to the effect that the halt in consumption is having on your business in Spain, Angel Aguado, regional director of El Corte Ingles in Spain the third-place group by turnover, after Madrid and Barcelona, said: "It is we will probably not succeed in the figures of last year, something to which we are accustomed. " Although he did not want to quantify what percentage could lose sales, it said that in no case would reach double digits. Aguado left the door open to a hypothetical recovery driven by the Christmas campaign, although he acknowledged that "it is very complicated" due to the sharp downturn that is being logged in consumption in the second half of the year. Throwing hand of a soccer metaphor, said that "not lost hope" to "tie the game," referring to replicate the results of 2007. Crisis unusual It also was surprised by the virulence of the current crisis and confessed that "since I work in El Corte Ingles, many years ago, I do not recall a situation in such affection." In his opinion, not even the economic break of the first half of the nineties of the last century is comparable. "And for us, the opening of schools now have less significance [in the volume of business] then, as they are starting from an increasingly broad basis", explained. Asked whether the crisis affecting most of the small business or large, was emphatic: "It is absurd to say that everything is going as usual, because consumption is not going their best moments and problems affecting both large as a small ". Despite this, Aguado said it plans to expand the teaching of the green triangle still intact and, as an example, he referred to the center that El Corte Ingles filed yesterday in Seville and which has invested 100 million euros. "The consumer is not going their best moments and problems affecting both large as a small" Internationalization Finally, he recalled that one of the challenges the group is to initiate a plan for internationalization, given that, at present, their presence outside the borders Spanish boils down to Portugal. The words he delivered yesterday by the managers in the capital Hispalense only confirms the warnings and put on the table the chairman of the group, Isidoro Alvarez, last August, during the presentation of the economic balance sheet for 2007. On that occasion, the businessman acknowledged that the Spanish distribution would have to "face new challenges that will test the response capacity, adaptation and innovation in the sector, an unfavorable economic environment." Relying on consumption data for the first half of the year ( "bad, but far better than the current"), Alvarez sight "of a financial year 2008 with many difficulties." Horizon complex In this line, which opens in effect "a horizon complex, whose main features are less predictable contribution of domestic demand in the economy and the continuation of the slowdown in domestic consumption." Last year, El Corte Ingles billed by 4.7% to almost 18,000 million, while profit improved by 5.1%. In the previous financial year, net sales increased by 7.8% and net profit had gone down by 9%

Aznar: Spain will not emerge from the crisis more sympathetic socialism '

The former president of the Government, José María Aznar, has twelve prescriptions for ending the crisis, based on the economic policies he implemented in 1996, as reforms to give greater flexibility to the labor market, austerity in public spending and private management of public services. Thursday offered their solutions in the presentation of the book by Milton and Rose Friedman Choose Freedom, published by drip, the publisher of the Foundation for Analysis and Social Studies (FAES). "People should know that Spain is not going to get out of this crisis with higher doses of socialism nice," said Aznar after ensuring that the economic situation suffered by the Spanish is different from the rest of European countries by the growth of unemployment. Achacó domestic economic problems to "bad policies" of the current Socialist government and proposed to undo everything done by Zapatero. "It turns out that the reality was unpatriotic", ironically in reference to allegations of lack of patriotism that the Socialists blamed the PP when, in the last legislature, warned of the economic crisis. "And the self-patriots we have returned to the times of crisis and mass unemployment," he accused.

Inflation drops to 3.6% by cheap oil

Nada interesanteDel montónInteresanteMuy interesante0 votes print edition DAY / GATS., Tfe. / Madrid The index's advance Index Harmonized Index of Consumer Prices (HICP), released yesterday by the National Statistics Institute (INE), said a drop on-year (last twelve months) of a percentage point in prices in October, up 3.6 % Per annum. It is the third consecutive monthly decline recorded so far this year and brings inflation to the level it had a year ago. It is, moreover, the biggest decline in the rate of inter-harmonized inflation recorded in the history of this indicator, with the exception of July 2001, when it fell by 1.3 points over the previous month. The second vice president of the government, Pedro Solbes, described as "excellent" the decline in the HICP and said that together with the lowering of interest rates and the Euribor, "will help change the current state of apathy in society by one of more optimism. " Dato 'excellent' "The inflation data is excellent and joins others such as the evolution of interest rates or Euribor ranging cotarro moving a bit," said Solbes, who felt that data like these are what the country needs to change the current state of apathy in the society which is one of greater optimism. " Solbes explained that the evolution of oil prices is responsible for 50% of the fall in the rate of inter IPCA October, while the remaining 50% is attributed to components such as food. The second vice president predicted a fall "significantly" from the inflation differential with the Union, which in September stood at a standstill, which in his opinion, said that "we are on track to go down prices," and that the ECB has more room to reduce interest rates and generate more economic activity. He added that if the prices are lower, "citizens will have more resources and increase spending." Recession For his part, the economic responsibility of the PP, Cristobal Montoro, said the drop in inflation in October is "normal" due to falling oil prices, but stressed that its level is still "very high" when compared with economic growth. Montoro stressed that the lowering of inflation is in line with an economic recession, "which is the trend that should worry." With the recession, he explained, income "does not evolve positively" and consumption drops, so it must make a budgetary policy to contain inflation. Suggest (automatic selection): The CPI drops to 4.5% in September thanks to oil and certain food 14-10-08 The problem of the cultivation of octopus is the low survival of paralarvas 30-10-08 Deutsche Bank profit down 83% as of September 30-10-08 Antonio neither rises nor low 30-10-08 The crime rate low 22 points in four years 30-10-08 The low number of mortgages in fifteen communities, most in the Balearic Islands and Andalusia 29-10-08 The PSC criticized the low performance of the investment in 2008, which stands at 27% 29-10-08 The Euribor falls to 4986 low% and the monthly average up to 5298% 28-10-08 Vegara: "The CPI will end the year below 3%, with the permission of oil" 28-10-08 Venezuela announces it will cut 129,000 barrels a day in its oil production 27-10-08