Daily Archives: March 20, 2012

ArcelorMittal shuts another steel plant in Europe

The multinational ArcelorMittal said Tuesday it will close “indefinitely” the steel plant has Schifflange, Luxembourg, amid falling demand for steel in Europe.

“Due to the weak construction market in Western Europe and the lack of any sign of recovery, ArcelorMittal proposes to extend the shutdown of electric arc furnace and continuous production Schifflange indefinitely,” the company said.

The company, which employs over 310,000 people in 60 countries, claimed the same reasons in January to suspend production at its plant in Madrid.

The deterioration of the construction market in Europe and fall in a “20%” of steel demand in this sector from 2007 explaining this decision, according to the company, which also highlights the “significant excess capacity in the market “.

The indefinite closure of the company Schifflange affect as ArcelorMittal, “282 people” of the 626 employees.

Russia suspended imports of meat and bone meal from EU

Russia announced Tuesday it will suspend from next week on imported food of animal origin for livestock from countries of the European Union (EU), in a moment of tension in Russia-EU relations.

Russia “suspended as of March 26 supplies its territory proteinados food of animal origin intended for animal husbandry,” said the federal Agency for veterinary checks (stock market report) in a statement. The agency said that there is an exception in the case of fishmeal and produced from milk.

The decision was motivated by the fear that the disease comes to Russia of ‘mad cow’ (BSE) and the “need to be harmonic Russian and international laws,” wrote the agency, without giving further detail.

This announcement comes the same day that Russia suspended imports of cattle and pigs living in the EU, due to the spread in European breeding sites Schmallenberg virus, a decision criticized by Brussels.

On Tuesday, the European Commissioners for Trade, Karel De Gucht, and Health, John Dalli, expressed “deep disappointment”, and considered in a joint statement this embargo “disproportionate and unjustified” because the virus does not affect Schmallenberg pigs.

“Russia sends a very negative signal to trading partners” as he prepares to enter the World Trade Organization (WTO), said.

European stocks end in red, worried about global growth

Major European stock markets ended the session on Tuesday in red, in a market cautious on global growth and in particular the slowdown in China’s economy.

In the London Stock Exchange, the FTSE-100 index of top shares lost 69.70 points, or 1.17%, to close at 5891.41 points.

The CAC 40 in Paris Stock Exchange also fell 1.32% to close at 3530.83 points.

The main index of the Frankfurt Stock Exchange, the DAX  (financial market today) lost 1.39%, to 7054.94 points.

In the Madrid Stock Exchange, the Ibex 35 (stock market today) lost 0.28% to close at 8567.50 points.

The FTSE Mib Milan Stock Exchange also fell by 1.05% to 16,953.62 points.

Spain’s trade deficit fell by 25.8% in January

Spain’s trade deficit fell by 25.8% in January over the same month last year, to 3.655 million euros, thanks to falling imports, announced Tuesday the Ministry of Economy.

Exports increased by 3.9% to 16,600 million euros, while imports decreased by 3.1% to 20,200 million euros, the ministry said in a statement.

In 2011, Spain had already been reduced by 11.4% its trade deficit, up to 46.338 million euros, taking advantage of the dynamism of exports. In January, exports rebounded, (stock market today) particularly raw materials (+22%) while in energy products, was also increased steadily (+14.1%).

The energy sector traditionally trade deficit deepens in Spain. It ranks first in imports (a quarter), with a volume in a year almost stable (+1.4%) after being shot by 27.1% in the whole of 2011.

While domestic consumption remains stagnant, Spain has to revive its exports zero growth, but this sector is suffering from a global slowdown.

After GDP growth of 0.7% in 2011, the country will fall into recession in 2012 and the government estimates a withdrawal of the economy of 1.7%.

Natural Gas acquires the Italian gas distributor Favellato

The energy multinational Fenosa Gas has acquired Italian gas distributor Favellato Reti, with distribution concessions in 28 municipalities in the southern Alps.

The network gained a length of 324 kilometers and 9,670 supply points, said today the company president Salvador Gabarro, which closed the operation in late 2011.

Following this acquisition, Gas Natural Group, through its subsidiary Gas Natural Distribuzione Italy, reinforces its presence in this country, where it now has about 440,300 supply points and a pipeline network of over 6,700 kilometers, and advances in growth strategy by investing it in the regulated sector of the gas distribution.

The gross operating profit (Ebitda) of the activity of Fenosa Gas Distribution in Italy in 2011 was 70 million euros, 5.4% from the previous year.

The company explains this growth by increasing sales margin, resulting from the sale of natural gas from signing contracts.

Last year the plant regasificaron Panigaglia fifteen vessels of liquefied natural gas, representing a total of 5,373 gigawatt hours (GWh).

Meanwhile, sales of gas activity totaled 3,578 GWh, representing an increase of 5.6%.

U.S. endorses the Eurovegas company without clearly favoring to Madrid or Barcelona

The U.S. ambassador to Spain, Alan Solomont, said today that the U.S. company that promotes the development project Eurovegas is “great and prosperous,” but declined to say if the city Madrid and Barcelona with more options to win the project .

Solomont has held that correspond to these regions, not the U.S. government, a decision on the location of the leisure complex and plans to play American tycoon Sheldon Adelson.

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“It’s another example of healthy competition between Madrid and Barcelona. Just do not go into the rivalry of football, I’m not going to do about investment,” he said.

The Ambassador has referred to this in a breakfast briefing organized by Europa Press in a Madrid hotel.

Among the attendees was the president of the Community of Madrid, Esperanza Aguirre, one of the defenders of this region is done with the project.

Eurovegas would involve an investment of 17,000 million euros and the creation of 260,000 jobs.

About Las Vegas Sands Corporation, developer of Eurovegas, Solomont has indicated that the company is a “great and prosperous” that is doing business “globally”.

“Obviously, there are decisions to be taken here (in Spain) on that investment can only take communities of Spain. But we, in general, we support projects and investments to support American business,” he explained.

Regarding the economic situation in Spain, Solomont has praised the “very serious decisions” taken by Mariano Rajoy since he took office, including quoted, those relating to the workplace.

“Many of us have been impressed by the resolution of the new government to solve these problems alone, with support from the international community, but without funding,” he commented.

In his view, Spain has a “difficult challenge” but was convinced that “has all the ingredients” to exit the crisis.

He predicted that the process is “slow” and “have to be patient,” but is confident in the results.

The ambassador also commended the implementation of the Law Sinde to protect intellectual property.

In his opinion, “Spain is the only country that has taken such decisive action against Internet piracy in this particular period.”

He hoped that the results are positive, although it will be remarked that the Spanish government and industry “best judges to see if enough” Law Sinde.

Solomont noted that no country can base its economic recovery on innovation “if you have a good system of protection of intellectual property.”

The Delinquency rose to 7.9 percent in January, its highest level since late 1994

Late payment of credit extended by banks, savings banks, cooperatives and credit institutions to households and companies rose to 7.91% in January compared to 7.61% which closed with 2011, but remained at the highest level since November 1994.

According to provisional data released today by the Bank of Spain, the NPL ratio of the Spanish financial sector is still in its highest rate in the last seventeen years after rising three tenths in January.

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However, from a year, ie, compared to January 2011, the delinquency rate increased by almost two points, because then stood at 6.06%.

Returning to the monthly data, with the surge in January, the NPL ratio and recorded its seventh consecutive monthly increase, following the slight decline that occurred in June, when dropped from 6.48% to 6.41%.

Doubtful loans amounted Spanish financial sector in total 140.027 million euros at the end of the first month of this year, which had grown in 4.189 million the previous month.

Meanwhile, the credit portfolio of banks, savings banks, cooperatives and credit institutions fell by month to 1.769 billion euros, 1.782 billion from December.

As for the comparison year, the portfolio of dubious increased to EUR 29.252 million compared to 110.775 million was in January 2011, for a total loan volume 1.827 billion, far higher than today.

Provisional data from the Bank of Spain released today also show that the credit institutions (EFC), which provide loans mainly for the consumption of goods such as trips, cars or televisions, not moved from 8.39% in January, as the previous month.

Compared with a year ago, the delay of these establishments was reduced by more than one percentage point since January of last year stood at 9.63%.

In January 2011, the bad loans of financial institutions stood at 3,516 million euros, 98 million less than last month, while total credit granted having joined 41,899,000 compared to 43,064,000 in December.

Disney lost $ 200 million by the failure of the film ‘John Carter’

The producer Walt Disney said Monday it will have lost $ 200 million at the box office due to failure of ‘John Carter’, his ambitious epic about a human hero among the Martians.

“View of the answer has been ‘John Carter’ in theaters, we estimate that the film will generate operating losses of approximately $ 200 million in our second fiscal quarter ending March 31,” the company said in a statement .

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“John Carter”, which premiered on March 9, raised in its first weekend in theaters U.S. $ 30.1 million, and the modest figure of 13.5 million between Friday and Sunday last, according to the tracker Exhibitor Relations. Globally, the tape was obtained in two weeks $ 184 million at the box office.

These figures are bleak after an investment of about $ 250 million in production-and tens of millions in marketing, for a film that had its sights on a possible franchise.

“Consequently, the study (production) as a whole will lose between 80 and 120 million in the second quarter,” added the text, in which Disney is placed in the hands of his two upcoming films, Marvel heroes of “The Avengers” and the Pixar film “Brave” to raise the value of the company.

The Adventures of Captain John Carter is based on a series of popular novels of Edgar Rice Burroughs, the creator of Tarzan, written a century ago, which was accused by some critics as a gamble because it reproduces a view of the “Martians” who today looks trite.

It is also the first non-animated film by Andrew Stanton, a Pixar veteran with two Oscar in hand (“Finding Nemo” and “Wall-E”) and its protagonist, brash Taylor (who played Gambit in “X- Men Origins “), is a little known Canadian actor.

Disney lost $ 200 million for failure of the film ‘John Carter’

The producer Walt Disney said Monday it will have lost $ 200 million at the box office due to failure of ‘John Carter’, his ambitious epic about a human hero among the Martians.

“View of the answer has been ‘John Carter’ in theaters, we estimate that the film will generate operating losses of approximately $ 200 million in our second fiscal quarter ending March 31,” the company said in a statement .

Read more about Finance.

“John Carter”, which premiered on March 9, raised in its first weekend in theaters U.S. $ 30.1 million, and the modest figure of 13.5 million between Friday and Sunday last, according to the tracker Exhibitor Relations. Globally, the tape was obtained in two weeks $ 184 million at the box office.

These figures are bleak after an investment of about $ 250 million in production-and tens of millions in marketing, for a film that had its sights on a possible franchise.

“Consequently, the study (production) as a whole will lose between 80 and 120 million in the second quarter,” added the text, in which Disney is placed in the hands of his two upcoming films, Marvel heroes of “The Avengers” and the Pixar film “Brave” to raise the value of the company.

The Adventures of Captain John Carter is based on a series of popular novels of Edgar Rice Burroughs, the creator of Tarzan, written a century ago, which was accused by some critics as a gamble because it reproduces a view of the “Martians” who today looks trite.

It is also the first non-animated film by Andrew Stanton, a Pixar veteran with two Oscar in hand (“Finding Nemo” and “Wall-E”) and its protagonist, brash Taylor (who played Gambit in “X- Men Origins “), is a little known Canadian actor.