Daily Archives: March 12, 2012
Greece entered today in the final stretch of the off debt and completed the redemption of its bonds, with eyes on the second loan that expected from the European Union (EU) and International Monetary Fund (IMF) worth 130,000 million.
In Athens was closed under the sovereignty bond swap totaling 177,200 million euros for other depreciated at 53.5%, which the creditors gave its approval last Friday.
This is the largest discounted sovereign debt held in Greece and paves the way towards a new international loan to avoid an imminent default on 20 March, when due multiple payments on its debt.
The remaining 29,000 million euros in Greek debt under other legislation (British, Swiss, French, Japanese and U.S.) will be replaced later this month.
Of these bonds under foreign rule, holders of 20,000 million euros in debt and have given approval to remove it, a number that the Government expected to rise to the term of March 23.
In case they fail, these creditors they could be obliged to accept against their will the waiver granted, as if it has become the minority of debt holders under the sovereignty helena who opposed it.
“The market knows that this offer is unique, it is a very good offer and fruitful. It is a constructive proposal not only from Greece but also by the so-called formal sector (EU, IMF and other institutional lenders)” explained the Greek finance minister, Evangelos Venizelos, told broadcaster CNBC.
New titles are supported by the European Financial Stability Fund (EFSF), are governed by British law, more favorable to creditors in case of default, and interest, linked to economic recovery helena, is increasing in the time. Read more about the stock market today data.
According to a banking source, the technical process of exchange “is very simple and automatic.”
The Greek government already has his eye on the new rescue, a good part of which will be used to finance precisely this process takes.
“The first tool to promote development and prosperity is to have the necessary liquidity to the real economy and that can only be done through the recapitalization (of banks),” said Venizelos the American channel.
Between 30,000 and 50,000 million euros will be used to recapitalize the banks losses on off and 30,000 million euros will be given as “incentive”.
This recapitalization will be through the acquisition of new shares in the banks through a kind of stability fund of the Greek state, in which direction will include representatives of the troika (EU, IMF and European Central Bank), whose task will be to prevent this state entry in the shareholding change the private nature of banking.
The Greek government is committed to banks to sell their shares to the private sector after four or five years.
He has also promised that if because of losses incurred in removing and despite further injections of liquidity, a bank go bankrupt, its assets will be divided between “good” and “bad” and the first will be sold to the private sector, while the State shall bear the losses.
The waiver will delete the accounts of Greek debt about 100,000 million euros of the 360,000 million of Greek debt, close to 170% of GDP.
Athens hopes that with increasing maturity and interest reduction, debt equivalent to 120.5% of GDP in 2020.
Kontoyannis considered that the foregoing “reduces the risk of any outflow of Greece’s euro”.
To review the progress of Greece in the promised reforms, the head of the Working Group to Greece of the European Commission, Horst Reichenbach, arrived in Athens on Thursday made public a report on its findings.
The Economy Minister Luis de Guindos, said Spain’s efforts to achieve the goal of a budget deficit of 3% of GDP in 2013 are well worth among its European Union partners.
“Spain’s commitment to fiscal rules is absolute and I also believe that Spain will demonstrate how economic reforms can return to a euro area economy to a path of growth”, said during a news conference after meeting with his German counterpart, Wolfgang Schauble, in Brussels. Get more stock market report.
“There is the slightest doubt of Spain’s commitment to what is the fiscal adjustment in a complex environment of recession and back to basics is growth and employment generation,” he added.
Spanish Economy Minister should explain to their counterparts in the Eurogroup, meeting Monday in Brussels, why the government of Mariano Rajoy amended the deficit target for this year to 5.8% of GDP, having agreed with Brussels a year ago that would be 4.4%.
Spain has insisted that the deficit target is a Spanish sovereign decision and does not break the Stability and Growth Pact (SGP) in Europe, because it keeps the target of 3% for 2013, the maximum authorized EU.
President of the Eurogroup, which brings together the finance ministers of the euro zone, Luxembourg’s Jean-Claude Juncker, on Monday urged Spain to meet its deficit target for 2013, but left the door open to negotiate the 2012.
“We assume that Spain will achieve its budget target for 2013,” he said in Brussels, while in regard to the Spanish government’s announcement that it will break and this year, said he will have to “discuss”.
Once again Spain, the eurozone’s fourth largest economy, argue that the deficit target of 4.4% was agreed last year in a different context. At that time growth was expected for the country in 2012 and closed 2011 with a deficit of 6%.
However, all experts are predicting a recession for the Spanish economy in 2011 and Rajoy announced shortly after taking office that the country ended 2011 with a deficit of 8.5%, well over what he had promised the previous Socialist government.
Spain what will essentially do today is to explain the closure of the figures of 2011, “said De Guindos.” There is the slightest doubt about what is Spain’s commitment to fiscal effort for 2012 and 2013, “he said. Spain will not compensate for what he did last year “in terms of structural adjustment and what promised for this year,” he said.
Seat is the only brand of German carmaker Volkswagen suffered losses in 2011, while the matrix defended the brand of Spanish origin and still hopes that the area will benefit in 2013 by the expectations in China.
Seat reduced operating loss in 2011 to 225 million euros, down 27.6% in 2010, improved sales and material costs.
The costs for new products and the sharp drop in demand in the Spanish car market had a negative impact on the economic situation.
The brand of British luxury car Bentley, who has also suffered losses in recent years, although lower than Seat-back into the black in 2011 with an operating profit of 8 million euros, compared with a loss of 245 million in 2010.
The parent company Volkswagen reported that “the recovery in the luxury segment drove the Bentley brand in 2011.”
Seat Turnover rose last year by 7.1% to 5.393 million euros.
Seat sales also improved in the same period by 3.6% to 362,000 units.
“Thanks to improved sales and optimized material costs, the operating loss was significantly reduced,” according to Volkswagen.
Volkswagen said that “the mark recorded stronger demand in 2010, especially in the markets of Germany, France, the United Kingdom and Mexico.”
However, sales dropped significantly Seat in Spain compared with 2010, but the brand remained the market leader who had won that year.
Director of Sales for Volkswagen, Christian Klingler said that Seat is very successful in Southern Europe, a market that is now severely affected by the sovereign debt crisis and this is reflected in a fall in sales in the first two months year.
In addition, the new Seat models coming to market in the second half of 2012, which also impacted on sales earlier this year, said Klingler.
The VW sales director was convinced that Seat achieved operating profit in 2013.
Seat sales declined in the first two months of the year to 44,800 units, up 12.2% compared to same period last year.
Seat sales worsened especially in Western Europe, according to VW.
However, Seat sold in January and February 7400 vehicles in Germany, 3.7% more.
Seat sales increased in January and February in the UK by 9.7% (3,500 units) and in Mexico by 13.4% (3,400 units).
Seat will launch in China in March and April Leon model and the Ibiza summer, after having presented last year at the Shanghai Motor Show.
The “Nuevo León”, which will go into production later this year, shares the modular platform with the Golf and Audi A3.
Seat production rose in 2011 by 2.3% to 353,000 units.
The World Water Forum opened today in Marseille its sixth year with the aim of deepening the solutions for the management of this resource and intended that its resolutions serve to make water a central element of discussion at the summit “Rio +20 “.
Heads of State and Government, ministers, local representatives, public and private sector and NGOs to take over the triennial meetings of Marrakech, The Hague, Kyoto, Mexico City and Istanbul to focus on the commitments to be taken after these five summits on diagnosing the problem.
The president of the World Water Council, Loïc Fauchon, as a representative of the organizing body, said at the opening that the mobilization of these years has shown that “the future of water is played today in politics and society.”
As a strategic framework for action are set twelve priorities focused on ensuring the welfare, the contribution to economic development and maintenance of the planet as well as three “conditions for success”, which the program go through good governance, funding water for all and creating favorable conditions management.
For discussion have gathered 140 ministerial delegations and more than 80 ministers, 800 speakers and 25,000 participants and 600 organizations from some 180 countries, whose time is divided into about 250 conferences and more than 400 hours of trade.
The scope of work to do today was reflected in the Fourth UN report on the development of water resources, indicating that the increase in population in about 3,000 million people by 2050 and the consequent rise in energy demand or production agriculture, coupled with climate change, threaten the quality and quantity of that item if nothing is done about it.
French Prime Minister Francois Fillon stated in its intervention before the immensity of the challenges is time to move to “cruising speed” in implementing what it called “new industrial revolution.”
“The first was linked to exploitation by certain parties, and this will challenge the preservation of the planet and equity between nations,” he said, referring to “a new development model” to mobilize the entire population and the latest technologies.
In the presence of Fillon today joined others such as Prince Albert II of Monaco, President of the Moroccan government, Abdelilah Benkiran, the Niger, Mahamadou Isufu, and Prime Minister of the Republic of Korea, Kim Hwang-sik.
But the highlight of the week in political terms will arrive tomorrow, with the holding of the ministerial summit and the adoption of a non-binding declaration that hoped to reverse the improvement of the respective policies.
His lack of compulsion, however, was criticized by NGOs such as the U.S. “International Rivers”, whose coordinator, Zachary Hurwitz, Efe regretted also that this meeting will promote projects in countries like Ethiopia and Kenya that do not apply more a “green” practices ever.
That NGOs and other environmental groups and solidarity will echo his message in a World Water Alternative Forum (FAME), which from Wednesday to Saturday expected to draw about 2,000 militants in favor of fair and against its commodification.
The Southeast Asian stock markets began the week in negative today and all sessions were characterized by the withdrawal of profits, in an age dominated by the slowdown in China and the situation in Greece.
In Singapore, the Stock Exchange of the city-state fell 0.97 whole 0.03 per cent and Straits Times index stood at 2962.18 units.
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In Indonesia, the Jakarta Stock Exchange gave whole 4.20, or 0.11 percent, and the index ended at 3987.35 points JCI.
In Malaysia, the Kuala Lumpur stock market parquet yielded 14.25 points or 0.90 percent, and the index ended at 1564.75 KLCI units.
In Thailand, the Bangkok Stock Exchange fell 8.53 whole 0.74 percent, and the SET indicator ended at 1150.18 points.
In the Philippines, the Manila Stock Exchange lost 5.54 points, or 0.11 percent, and the index stood at 4975.17 PSEI closure.
In Vietnam, the financial center of Ho Chi Minh City (formerly Saigon) fell 4.09 points or 0.95 percent and closed at 428.02 VNIndex indicator integers.
As the currencies of the region, their contributions dollar per unit were as follows:
Vietnamese Dong 20,828.00
Indonesian Rupiah 9114.00
Philippine Peso 42.50
Thai Baht 30.24
Malaysian Ringit 3.03
Singaporean Dollar 1.26
In Madrid, the housing sales in January fell 26.3% over the same month of 2011, up to 33,087 transactions, so this adds real estate indicator and eleven months following the drop in annual terms.
However, compared to December, sales of homes rose 42.3%, according to figures released today by the National Statistics Institute (INE)
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Of the total of properties sold during the first month of the year, 86.2% were free (28 505) and 13.8% protection (4582), with decreases of 28.1 and 12.7%, respectively, rates interannual.
While new home sales fell by 17.5%, to 17,885 units of existing homes fell by 34.5% to 15,202 transactions.
In January, the number of transmitted farms registered with the property, from deeds done earlier, stood at 151,186, 4.5% less than the same month of 2011 and 31.4% on December.
The sale of registered farms had a decrease of 18.6%, to 71,623 operations, a figure 42.3% higher than the previous month.
At annual rates, grants of farms grew by 10.9% and 12% inheritance, while swaps fell 12.9%.
In the first month of 2012, the total number of transmitted farms registered with the property per 100,000 population was higher in the regions of La Rioja (742), Castilla-La Mancha (690) and Castile and Leon (676 .)
Autonomy with the highest number of farms reported sales were La Rioja (365) and Castilla-La Mancha (329).
Moreover, the region that recorded a higher number of transmissions of registered dwellings per 100,000 population was La Rioja (148).
In January 2012, 57.1% of house sales were recorded in four communities: Andalusia, Catalonia, Madrid and Valencia.
Finance ministers of the euro zone on Monday asked an explanation from Spain, a few days after the government announced that Mariano Rajoy its deficit target for this year is much higher than that agreed with Brussels.
Finance ministers of the 17 eurozone countries are meeting on Monday starting at 1700 hours local (1600 GMT) in Brussels to set the release of the second rescue Greece from 130,000 million. But all indications are that Spain will become the star of the agenda.
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The European Commission expressed their displeasure personally by Rajoy announced that the deficit target for this year will be 5.8% of GDP instead of 4.4%, as he had promised Spain a year ago.
And a diplomatic source said the German finance minister, Wolfgang Schäuble, known for its severity, will meet his Spanish counterpart Luis De Guindos, regardless of the Eurogroup.
“We will try to understand what the Spanish call,” said a European source. “Most of the Eurozone countries are afraid that the Spanish case a precedent”, shortly after 25 of the twenty-seven EU countries ratify the Stability and Growth Pact (CAP).
As predicted as a hard tug of Guindos be defended on the grounds that the deficit target is a Spanish sovereign decision and does not break the CAP, as it keeps the target of 3% for 2013, the maximum authorized by the EU.
Spain will once again explain that the deficit target of 4.4% was agreed last year in a different context. At that time growth was expected for the country in 2012 and closed 2011 with a deficit of 6%. However, all predicting a recession for the Spanish economy in 2011 and Rajoy announced shortly after taking office that the country ended 2011 with a deficit of 8.5%, well over what he had promised the previous Socialist government.
The European Commission wants Spain to explain the reasons for this gap in 2011, is the responsibility of central government or the regions and reiterated the country to be surrendered as soon as its 2012 budget.
The Europeans will talk also about strengthening the European Stability Mechanism (MEDE), “although a final decision will be taken in late March” to give more time to Germany, the first European economy and largest contributor, who believes that there is no urgency to give more ammunition.
However, the international community pressure intensifies and the IMF said on several occasions that their contribution to the rescue of Europe depends on a strengthening of the firewall.
European leaders seek to increase the capacity of the permanent rescue mechanism, which provides entry into force in July to 750,000 million euros and give powers to invest in the debt market or the fragile European banks recapitalize.
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Hence why are houses for rent in Phoenix AZpreferred by vacationers? There are 2 real reasons which will be debated in extensive detail.
Most holiday rental homes are found in prime spots
What this suggests is that these homes that are up to rent are found in places that are near other attractions in Phoenix. Therefore depending on your likes, you can decide to stay in a place that is in a peaceful community with an enclosure all its own or in a condo in the bustling town centre. Either way, you should expect to enjoy your holiday to the top level with the extra perks you get.
Additionally, if you are keen on golf, then you can take a look for rental homes that are near golf areas. Or if you want to coarse it out, you can choose from the log cabins that are also out in the market. You just need to search for them to enjoy the conveniences that these houses for rent can offer.
Houses for rent in Phoenix AZ offer comfort
Yes, a stay in your own space without bumping into other patrons in a hotel is more attractive. You can do anything you want without “neighbors” investigating what you do. Thus, you can enjoy your privacy rather more and just be yourself with everyone else in the family in your own personal nook. The children can even choose their own activities for leisure without troubling over bothering the people in the next room like in a hotel.
Additionally, you can cook your own meals and live as if you were in your own house. You can expect to save a lot as you won't be eating and paying up for fine dining in top-end bistros. Finally, with a house you have to yourselves, you don't have to pay for additional beddings or additional rooms which are far too expensive in hotels. What all these mean is that vacation rental houses offer you a relaxing and cosy atmosphere that should be present when you're on holiday.
In brief, holiday rental homes are way better than hotel accommodations when in Phoenix. The reasons provided above should guide you on your next vacation and simply choose houses for rent in Phoenix AZ over pricey hotel rooms.
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The tension between Argentina and the United Kingdom over the sovereignty of the Falkland Islands has escalated to the economic field, with branches that affect interests of actors outside the conflict and uncertain consequences for bilateral trade.
When remaining weeks to the thirtieth anniversary of the war between the two countries through the archipelago, the strategy of Buenos Aires for London to sit down and negotiate over sovereignty sum commercial pressures.
The Argentine government has asked major companies importing British goods to replace the origin of such purchases by countries supporting the Argentine sovereignty claim, an attitude strongly criticized by London and why the European Union (EU) demanded an explanation from Buenos Aires .
According to official data, the trade balance benefits Argentina, with exports to the United Kingdom in 2011 totaled 800.8 million dollars, but these sales grew just 6%, while imports leapt by 36% to 664 , 1 million.
According to Marcelo Elizondo, director of international business development consultant, the “depletion of the environment” Malvinas bilateral political “can have effects on trade links.”
“The UK is the fifth largest market in the EU to Argentina, but if we consider that the main input markets are Holland, Germany or Spain where there is access port to other markets must be said that the importance and individual market is even greater, “said the expert in a report. Read more about the stock market.
Elizondo said that “the political tension may affect bilateral trade between these countries and their companies,” both the British capital operating in the South American country as those Argentine exports to the British market.
However, the business concern by the trade tension has started to become evident in sectors that export to the UK, as the wine, which has in this country to its fifth destination of sales, with annual placements for about $ 50 million.
“London does not put barriers to Argentine wines in retaliation or threatened to do so, but if the conflict escalates, obviously there is concern that our products are affected. Wineries exporting to the United Kingdom are restless,” he told manager Union Wine Argentina, Sergio Villanueva.
“The industry rejects this measure because driving for years Ushuaia cruise tourism and a measure of such damages much future activity, affecting thousands of people living from tourism,” said Marcelo LIETTI, president of the Chamber of Tourism of Ushuaia, a city that annually receives 280 cruises.
Cargo ships are also affected by bilateral tension as the Argentina Confederation of Transport Workers since February maintains a boycott of British-flagged ships entering the country in accession to the Argentine claim to sovereignty in the Falklands.
Sources Navigation Center, which represents shipping agencies and ship owners, told that the measure “in most cases not even affect British interests” because the boycott includes flags of convenience such as Bermuda, Cayman Islands , Gibraltar, Panama and Malta.
Buenos Aires has been on the other South American countries plus some Central American and Caribbean refuse entry to its ports to vessels flying the flag of Falkland, a pavilion as “illegal.”
More than 20,000 people joined the anti-nuclear protests today convened in various parts of Germany for the first anniversary of the disaster in the Japanese nuclear plant in Fukushima.
Under the slogan “Fukushima warns nuclear outage and” the demonstrators demanded the quick change to renewable energy and a rethink on the management of radioactive waste, according to the League for Environmental Protection and Nature Conservation (BUND, by its acronym in German).
More than 3,000 people formed a chain of lights up to four kilometers around the nuclear power Brokdorf in the state of Schleswig-Holstein in the north, which also involved co-chair of the Greens, Claudia Roth .
In Gundremmingen atomic plant in the south, about 4,000 people gathered, while in Neckarwestheim, 5,000 protesters demanded the immediate abandonment of nuclear energy.
In a silent march, also recalled the victims of the earthquake and tsunami in Japan that preceded the accident at the nuclear plant in Fukushima.
Gronau, in the west, about 4,000 people demanded an end to the operation of the only uranium enrichment plant in Germany, while in Hanover, 7,000 protesters demonstrated against nuclear power. Read more about the stock market today.
Tonight, the organizers are planning to form a human chain of lights around 75 kilometers from Asse atomic shells and the old mine Konrad, in Lower Saxony.
On Wednesday, the expert on energy BUND Thorben Becker stated at a press conference that “the anniversary of the Fukushima nuclear disaster should serve as a warning to accelerate, not slow, the nuclear blackout” in Germany, scheduled for 2022.
In June last year, the Bundestag (lower house of German parliament) approved the final abandonment of nuclear energy until 2022, with the gradual closure of the seventeen reactors still operating in the country, of which eight are already disconnected from network.
The opposition also voted for the law, he continued to criticize the political expediency of the measure, proposed by German Chancellor Angela Merkel, as a matter of urgency after the catastrophe of Fukushima.
The proposal was a radical change compared to the previous government’s energy policy of Merkel, who less than a year earlier had approved a plan that reinforced the importance of atomic energy.