Monthly Archives: April 2012

Aena fell almost 20 percent losses in 2011

Aena airports fell by almost 20% losses last year, up to 220.389 million euros compared to the red of about 275.1 million recorded in 2010, announced today the airport operator said in a statement.

The “EBITDA” (earnings before interest, taxes and amortization) improved by almost 50%, going from 572.03 million euros in 2010 to a total of 856.75 million last year.

Also, the operating result came out of negative territory, reaching 26.82 million euros at the end of last year, compared with a loss of 169.89 million euros in 2010.

Operating income stood at 2,374.8 million euros in 2011, while the accumulated debt dropped slightly from 0.82%, from 12,415.47 million in 2010 to 12,313.44 million at the end of last year.

Of the 47 airports and 2 heliports network, ten ended in 2011, after tax, with positive results, highlighting Palma de Mallorca, with 44.7 million euros, Tenerife South, with nearly 25 million, Gran Canaria, with 22 , 3 million, and Alicante, with 10 million.

The other airports that made money in 2011 were Bilbao, Fuerteventura, Ibiza, Lanzarote, Seville and Valencia.

Of these, seven: Palma de Mallorca, Ibiza, Lanzarote, Gran Canaria, Tenerife, Sevilla and Valencia improved their results over the previous year.

In total, 18 airports improved their result after tax compared with 2010 data, although eleven of them were negative numbers such as the Madrid-Barajas and Barcelona-El Prat, with losses of almost 95 million euros and 22 million, respectively.

Also Burgos, Ceuta Heliport, Four Winds, La Gomera, Melilla, Son Bonet, Santander, James and Victoria were able to reduce its losses last year.

Brufau & Morales inaugurated a gas plant to increase shipments to Argentina

Bolivia’s President Evo Morales and the Spanish oil company Repsol, Antonio Brufau, inaugurate tomorrow, Tuesday the second gas processing plant Margarita field, which will increase exports to Argentina, confirmed Efe and business officials.

Morales and Brufau have plans to open the plant at 14.00 local time (18.00 GMT) at a ceremony coinciding with Labor Day and the sixth anniversary of the “nationalization” of hydrocarbons by the Bolivian president, in the presence of several ministers and other Spanish oil company executives.

The new plant, located in the southern department of Tarija, which borders Argentina and Paraguay, will increase from 3 to 9 million cubic meters per day production Margarita, considered the largest gas field in Bolivia, although not yet officially known level of reserves.

The Bolivian government announced in January that this year would increase gas supplies to Argentina thanks to the new plant, reaching 11.6 million cubic meters daily.

The inauguration was scheduled before the government of Argentina announced on 16 April, Repsol expropriation of most of its shares in oil company YPF.

The state oil company YPFB (YPFB) unofficial suggest the possibility that Morales plays a soccer game tomorrow in Margarita, but has not been confirmed.

Bolivia has been sending to Argentina between 6 and 8 million cubic meters of natural gas, according to Repsol, the volume will increase gradually.

The contract for the sale of gas to Argentina states that the volume should be increased to 27.7 million daily in 2017.

The Margarita field and neighboring Huacaya, which form the block Caipipendi are managed by Repsol, which owns 37.5% of the grant, as British Gas (BG), while Pan American Energy (PAE) has the remaining 25%.

The three companies invested $ 600 million in this project phase and a second will invest another 660 million, with the purpose of producing up Margaret in 2014 to 14 million cubic meters a day.

In November 2011 Brufau Morales ratified before an investment plan of Repsol in Bolivia 640 million dollars for the period 2010-2014, during a visit of both to the same field.

Morales in 2006 forced the oil companies including Repsol and Brazil’s Petrobras, to sign new operating contracts, with more revenue for Bolivia.

Some local media have commented that the May 1, 2006 Morales decreed the “nationalization” oil with majority support of the Bolivian and unions, while he held six years after opening a plant of Repsol workers’ protests against his administration.

Euribor falls in April and makes it cheaper the mortgages

The twelve-month Euribor fell to 1.368% in April, which will allow families mortgaged for the third consecutive month to reduce the share of its loans, a reduction that, with the permission of the European Central Bank (ECB), can be extended to throughout the year.

After falling to 1.311% today and score as bearish streak in its history, 92 sessions uninterrupted downward, the indicator has scored a monthly average of 1.368%, the lowest since the summer of 2010, one tenth less than in March and seven below the same month in 2011 (2.086%).

This data, which will be confirmed by the Bank of Spain in the coming days, will bring an average mortgage of € 150,000 a year contract, with a repayment term of 25 years, a discount of 52 euros per month or 624 a year.

From the record low that marked in March 2010 (1.215%), the Euribor followed an upward trajectory until the middle of last year, changed course and started down.

The evolution of the Euribor, which is actually the rate at which banks lend money in the euro area is highly dependent on the ups and downs of guys who decided the European Central Bank (ECB), which in 2011 approved two increases in April and in July-, and two sales in November and December to set the rate at 1%.

The consensus of analysts indicates that, under normal conditions, the Euribor should maintain a spread of between 0.50% and 0.80% on interest rates in the euro area, a differential that currently is much lower.

Although ECB President, Mario Draghi, has not hesitated to lower interest rates-twice-in the euro area after taking office, the experts are not pronounced clearly on the possibility that the agency approve a further cut in its meeting next Thursday.

However, the April inflation figure in the euro area known today, 2.6%, one tenth less than in March, and recent statements by Draghi, said last week that interest rates remain low and real rates negative short-term venture allow a relaxation of the guiding rates.

Despite being located close to historic lows, falling Euribor may not immediately affect shares in mortgages, as some experts warn and consumer associations.

Users Association of Banks, Banks and Insurance (Adicae) has warned about the strength of financial institutions to implement the Euribor reference for the calculation of the mortgages in favor of a kind reference entities mortgage practically doubled.

Bankia sold 1600 properties for 200 million through April

Bankia Habitat, the new company’s real estate financial group, has sold 1,600 homes so far this year, 200 million euros.

In a statement, Bankia recalled that on March 15 Bankia created Habitat, which includes all property assets to facilitate commercialization, and as a result, has managed to increase “substantially” the pace of activity.

So, has indicated that the creation of Bankia Habitat has made the group’s real estate sales rise 16% in March compared to January and 35% compared to February.

The increase in sales, says Bankia, is explained by the “active” trade policy of the institution in recent weeks, which has launched several marketing campaigns asset discount of up to 60% and “attractive financing conditions” .

In addition to these campaigns, more than 3,200 offices are “directly involved” in home sales.

The agency also explained that the auction house kept by Reser-owned heritage group Caja Madrid, and the activity produced by the presence in the various events related to real estate.

Bankia Habitat expects to maintain sales pace on record, since the aim of society is to sell real estate assets 9,000 this year.

This figure would double sales in 2011 and exceed the sale of land records of last year.

The audit of the accounts of an Autonomous Community does not entail the suspension

The audit of the accounts of an autonomous region, under the Budgetary Stability Law, which today entered into force after publication in the Official Gazette, not involve the suspension of its autonomy, but may involve the dissolution of a municipality.

This has been indicated sources from the Ministry of Finance and Public Administration, which insisted that since the Department did not hesitate to use “all the regulations” If government fails to meet the budgetary stability objectives.

The same sources added that, to date, no region “has asked or suggested” voluntary intervention of their accounts, but they have asked for help “almost all” to make economic and tax plans and said that all has been no dialogue.

Yes have acknowledged that some might ask for a special support because of their economic situation and from the ministry said that “not last” to do so if requested.

Have pointed out, moreover, do not believe that there will be surprises to the plans they have to submit to the ministry and whose deadline expires at midnight tonight.

Although the sources did not specify how many communities have presented and, they have recognized that Catalonia has already done and that the ministry has asked the Government of the Generalitat to correct a series of games, which has done “and in the right direction “.

They have shown convinced that no region “to their citizens want to be challenged” for his economic management, so that before the intervention occurs will heed the warnings and the help offered by the ministry.

However, sources have added that the technical expertise and personnel to carry out the intervention, taking months to work.

Given the time limits prescribed by law if intervention is necessary finally to a community, it would not be possible until September, because they are not held by the Council of Fiscal and Financial Policy until mid-May, which will analyze the adjustment plans .

All public authorities must submit their budgets by 1 April for analysis and October 1 is the date set to meet the settlement of accounts.

At the risk of failure to meet targets, the ministry will make a warning in a month the government must take action, because, otherwise, apply corrective measures such as reducing debt or non-approval of agreements and grants by the Central Government.

If the administration fails to comply or not any of the plans provided by law at the time, begin to take enforcement actions that may involve the dissolution of a municipality.

The weakness of consumption and investment caused a return to recession

The National Statistics Institute (INE) has confirmed that the Spanish economy back into recession, after falling 0.3% in the first quarter and added two consecutive quarters of contraction, which explained in the deterioration of the investment and public and private consumption.

While waiting to publish the definitive data on 17 May, the INE has advanced today that GDP fell 0.3% quarterly and 0.4% yoy, which in both cases is one tenth less than the estimates advanced last week by the Bank of Spain (BE).

Where I do agree the INE and the BE is in the diagnosis, since both institutions blamed the downturn in the economy to weak domestic demand (consumption and investment), compared to the strength of the external sector (exports and imports .)

However, the BE detailed in its analysis that foreign sales are growing half of what they grew in late 2011 due to the slowdown in world markets despite the gain in price competitiveness of Spanish products.

The BE says that the evolution of the economy in the coming quarters is uncertain and subject to the risk that may lead to new episodes of sovereign debt crisis in the markets by a lack of confidence in Spain’s ability to meet its objectives deficit.

Other analysts such as the Foundation of Savings Banks (Func) add to this uncertainty the restrictive effects on the economy are the government’s adjustment policies, which will keep falling all the indicators related to consumption and investment.

So, Funcas analysts expect the recession will deepen in the next quarter and do not believe that they can re-register quarterly growth rates to within a year.

The government expects the economy begins to stabilize since the last quarter of this year and for 2013 estimated that GDP will advance two tenths, which will be insufficient to generate net employment, which is not expected to occur until 2014.

By 2012, the Executive expects the economy will fall 1.7%, in line with estimates of agencies and national and international analysts, and expects the unemployment rate to peak at 24.3%, although some experts believe that it could reach 25%.

The Minister of Economy and Competitiveness, Luis de Guindos, insisted today that the Government is making decisions to change the direction of the economy and stressed that structural reforms are those that lay the foundation for recovery and change model “brick” to knowledge.

Rajoy dinner on Thursday with the ECB’s Council

The Prime Minister, Mariano Rajoy, will travel to Barcelona on Thursday for dinner with the governing council of the European Central Bank (ECB), which meets in Barcelona, ​​with the hope that this body bet on further injections of liquidity to support the reforms undertaken.

With the Spanish economy formally in recession, the chief executive has taken his last public speeches to remember the need for the ECB not to abandon the countries that are meeting their commitments to fiscal discipline.

The ECB cut seven weeks ago to buy sovereign debt of countries with financial difficulties and its chairman, Mario Draghi, has ruled out the possibility of reactivating this program to remember that treaties prohibiting monetary financing entity.

Despite requests from the sector, the ECB also provides for new auctions of liquidity for banks, after pumping more than a billion euros to three years in two operations.

Without quoting directly from the Central Bank, Rajoy has made clear that, to restore growth, Spain must have sufficient liquidity to “protect” the reforms implemented by the Executive, in a context of growing distrust and financing needs.

In his view, that the steps are successful, it is imperative to have an appropriate level of credit and it is transmitted to the real economy.

A scenario has been further complicated after the measurement agency Standard & Poor’s downgraded on Thursday two rungs Spain’s rating from “A” to “BBB +”, and decided today to cut the rating of eleven financial institutions.

Alongside this commitment to further injections of liquidity, Rajoy come to dinner with another proposal of the ECB in their hands, as the government maintains the candidacy of Antonio Sainz de Vicuna Spanish to replace the bank’s Executive Committee Jose Manuel Gonzalez- Paramo, ending his term later this month.

Although the decision has not been adopted, the Executive recognizes the difficulty that the nomination of Spanish triumphs against Luxembourg’s Yves Mersch, Governor of Central Bank of his country.

Spain would accede to the presidency of the European rescue fund.

Soria, surprised that there were no demonstrations against the former government

The Minister of Industry, Energy and Tourism, José Manuel Soria, has stated today that the demonstrations against the government’s economic policy “are legitimate” but was surprised that you had not contrary to the decisions that led to the crisis today.

The reforms are essential to lay the foundations for economic growth and demonstrations against “do not alter the government’s roadmap,” which passes through stable economic growth that generates employment, has said Soria in Las Palmas de Gran Canaria, before meeting with representatives of the Chamber of Commerce of the island.

The minister has indicated that these reforms “are not sufficient, but necessary” because they are united by growth policies that Spain is committed to the European Union.

Regarding market behavior against decisions taken by the Government, Soria has indicated that “markets are nothing ethereal, have names, are institutions, individuals, investment funds, banks, insurance companies we can provide money or not “and Spain needs to do so provided.

These funds are needed both to address purchases of goods and services to meet the payment of the debt before, and markets can pay or not, and a higher cost or lower depending on you not trust more or less of Spain whether it meets its obligations, has warned Soria.

In 2011, Spain was to have met the deficit target of 6 percent and not fulfilled, as it currently stands at 8.5 percent, and that is something that punish the markets, the minister said.

In his view, the tax increase would have been determined “entirely avoidable” if the Government had met the deficit target of 6 percent, but now, in addition to meeting the goal this year is expected to meet with the past, requiring further adjustment.

As to whether there may be some amendment to the State Budget in relation to the Canaries, the minister has indicated that it is of accounts “for Spain, and one that considers how key budgets territorial general is deeply wrong”, because today effort is required of all regions for the general good.

Financial stocks drive the 1.70 percent rise in the Hang Seng

he stock closed today in Hong Kong positive with a rise of 1.70 percent, 352.76 points, thanks to the good performance of financial stocks.

The stock market closed over Hong Kong in the whole 21.094.21 and recorded a trading volume of 44,580 million Hong Kong dollars (about 5,490 million dollars).

The four sub-indexes closed with gains, increases the leading trade and industry, which rose by 1.93 percent, 1.76 percent finance, real estate, with 0.83 percent, and services, which added 0.76 percent.

Banking giant HSBC, which represents the largest weighting in the Hang Seng Index added 1.8 percent, and its local unit Hang Seng Bank , was up 0.95 percent

China Construction Bank, the second largest bank in China and represents the third value of more weight on the Hang Seng, its shares rose 2.2 percent.

The actions of the local real estate developers and closed mixed on the one hand, Cheung Kong Holdings, rose 0.98 percent, while Henderson Land consumption by 1.03 percent, Sun Hung Kai but ended down by 0.32 percent.

As for energy stocks, Sinopec, China’s largest refiner, gained 1.95 percent, while PetroChina, the largest oil and gas producer in the country, rose 1.03 percent.

The Hang Seng Enterprises, which groups major Chinese state in the Hong Kong registered a rise of 175.9 points, equivalent to 1.61 percent, to close at 11,081 integers.

Change of the day: U.S. $ 1 = $ 7.75 in Hong Kong, 1 euro = $ 10.26 in Hong Kong.

Moody’s values the health and education adjustments

Risk measurement agency Moody’s has valued today in his weekly adjustments amounting to 10,000 million euros in health and education announced by the Government, while expressing doubts about his ability to make autonomous communities comply.

The Moody’s report notes that the implementation of these measures will improve the credibility of the Spanish Government and its commitment to restore fiscal balance, provided that it apply as have been set.

The agency estimates that “to be seen when and how” to achieve the Government to implement them.

The agency believes that these measures will have positive effects on the rating applied to the Spanish sovereign and autonomous regions, and thereby reducing the deficit of the autonomous communities and regain fiscal balance state.

According to Moody’s, some of these measures will have effects short term, as the copayment health, while others will be more difficult to implement, such as greater staff mobility and centralization of purchases in the sector which will not begin to be effective until 2013.

For adjustments in education, Moody’s wary of the complete autonomy of the regions to implement the cuts.

According to Moody’s, the regions need to save 16,000 million euros to meet the target of 1.5% deficit for this year, which shows that additional measures are needed beyond those already announced.

To dispel the distrust of Spanish finances, continues the report, the Government has to show that effectively controls the regional budgets and the commitment of the regions with deficit reduction.

In this sense, says the agency, budgetary stability law passed last week increases the capacity of the State, which includes penalties and even the possibility of intervening in regions that do not meet their goals.