Daily Archives: May 2, 2012
The governing council of the European Central Bank (ECB) will leave unchanged tomorrow, Thursday, its leading interest rate by 1% at its meeting in Barcelona.
The highest executive body of the ECB, which meets twice a year outside their headquarters in Frankfurt, will wait and see the evolution of the economy and the effects of the measures implemented so far.
Since its last meeting in early April, the economic situation in the euro area has worsened.
The slowdown in manufacturing is deepening as the weakness extends across the euro area
The final index of purchasing managers in the manufacturing sector in the euro zone fell to 45.9 points in April, its lowest level in the last 34 months (47.7 points in March).
Decreased production in the four major economies for the first time so far this year.
The index has registered a contraction continuously for the past nine months and said that the weakness of the manufacturing sector is no longer limited to the geographical periphery of the region.
The German index fell to its lowest in 33 months, the situation deteriorated sharply again in France, while in Italy, Spain and Greece were observed accelerated some slowdowns.
The unemployment rate in the euro area increased in March tenth with the previous month and reached 10.9%, while in Spain rose three tenths to stand at 24.1%, the highest level of the Twenty .
Annual inflation in the euro area fell in April tenth to 2.6%, according to preliminary data of Eurostat.
Barcelona hosts the meeting of the ECB governing council amid tight security, with a total of 8,000 agents to ensure the normal development of central bankers meeting at a time have increased downside risks to economic growth euro area and the markets have penalized Spain.
Most experts expected that the Central Bank also maintained its policy of providing liquidity, despite the fear that intensifies the debt crisis of the euro area.
The new escalation of tensions in sovereign debt yields show that in Spain and to a lesser extent in Italy, increasing in all maturities.
“Although we have been speculation about a revival of the program to buy government bonds, we expect the governing council unanimously morning show is not necessary to intervene” in the secondary market for sovereign debt, believes analyst Marco Valli of UniCredit.
The ECB did not buy sovereign debt of countries with financial difficulties for seven weeks.
The European Union (EU) could confirm in the next two weeks the acquisition of CAM Bank by Banco Sabadell, an entity in which the Deposit Guarantee Fund has pumped 5.249 million euros that will not recover, because the selling price will be one euro.
This was announced today one of the managers of the Bank Restructuring Fund (FROB) in CAM Bank, Jose Antonio Iturriaga, who has begun a round of appearances before the inquiry commission of the Valencian Parliament on action by Caja Mediterraneo (CAM) by the Bank of Spain.
During today’s meeting should have also appeared two interim managers, although the appearance of the first was so meticulous that commissioners have decided to extend the speaking time of Iturriaga and cancel the other two to be about the same issues.
Iturriaga recalled that on December 15 accordion operation materialized enlargement and reduction of capital by 2,800 million and the second will materialize when it is authorized by the European institutions, 2.449 million euros, which in Total 5.249 million will have been injected.
He explained that since the award by auction of Banco CAM FROB administrators have managed in partnership with Banco de Sabadell through the monitoring committee, so that all decisions have been agreed on major items, such as loans and receivables or divestments.
Thus, said that since that award CAM Bank is “co-managed” by Banco Sabadell, although administrators are responsible for FROB.
The automotive sector predicts a fall of 24.5% of registrations in April it would close about 54,000 units compared to 71,808 units of the same month last year, told a sources.
At the current record, April would be the worst month ever in terms of registrations as the same month of the year 1993 was more negative for this trade, that balance, with registrations of 68,635 units.
In recent days there has been, however, a market rally since the end of the two-thirds of the month, passenger car registrations plummeted about 45%.
Until last Thursday, April 26, and failing, still two days to the end of the month, had registered 42,980 units, a figure that is 22% lower than the same date in 2011.
The companies had registered 14,640 units 4.1% more than last year, while “rent a car”, after the sharp rise in March by the seasonal effect of Easter, in April plummeted 55% in 8700 units.
Private enrollments represented 45.7% of the total, two years ago this channel copaba almost seven out of ten enrollments.
With the April result, the first third of the year closed with some 258,500 units, compared to 279,960 in January-April 2011, would result in a decrease of 7.7%.
The main associations bet at the beginning of 2012 by a figure of 780,000 cars while some brand managers now bet of 750,000, which would be the worst year ever since these statistics are published.
The move outraged 15M has called “caceroladas” from today until next Friday, 4 to express the rejection of the European Central Bank (ECB) and against “a state of emergency in which Barcelona is steeped in the holding of this summit.”
Barcelona hosts from today’s meeting of the Governing Council of the European Central Bank (ECB) amid tight security, with a total of 8,000 agents by ensuring normal development of a central bank meeting that begins tonight with an official dinner in the Palau de la Generalitat.
The announcement, released today by all social networking sites, call out “to the balcony, the window or the neighborhood squares” to 21.00 “to show our indignation loudly condemned the European Central Bank.”
The motion calls for three days, today, tomorrow and after tomorrow, citizens sounded any metal tool, preferably pans for 15 minutes.
The proposal to convene the three “caceroladas” emerged in the last assembly of coordination of movement and has been taken by the assemblies of the districts of Barcelona.
The movement has produced a poster of opposition to the meeting in Barcelona, the European Central Bank which reads: “We do not care. 3M ECB summit. Whatever you do, you end up with.”
The 15M also encouraged to hang signs on balconies and windows to “display” the rejection of this meeting of the ECB.
Shares of Spanish Electricity Network (REE) suffered a modest decline of 2.63% at the opening session of the Spanish stock exchange, just hours after news that the Bolivian government decided to expropriate the shares of the subsidiary of the Spanish in Bolivia.
In the early stages of the session, shares of REE marked an initial price of 32.02 euros, 2.63% less than the 32.89 that marked the close of the previous meeting.
So far this year, the titles of electricity have been dropped from 0.58%.
The decree approved today by the Bolivian government established the “nationalization” of “all the shares comprising the shareholding company owned by the International Electrical-SAU”, a subsidiary of REE, and instructs registration on behalf of the National Electricity Company (NSDS), state.
Shortly after announcing the expropriation, the president of Bolivia, Evo Morales ordered the military custody of the premises of the company nationalized.
In Madrid, Spanish Grid lamented the government’s decision to expropriate Bolivia’s TDE, which has almost 100% and said he will ask for adequate compensation.