There were no surprises. As expected, the Basque financial institutions meet the capital requirements set by the central government, so they will not have to resort to raising funds for any of the routes covered by the Royal Decree of Recapitalization recently approved by the Executive.
The Bank of Spain announced yesterday the list of banks and banks have to strengthen their capital to achieve the expected ratio. A list that had raised much expectation, although in the case of the Basque Country left well enough alone. That is, Kutxa, BBK Caja Vital and not have to be recapitalized. Nor should it Iparkutxa Caja Laboral, BBVA, Banco Guipuzcoano Bankoa and integrated in Sabadell.
For Kutxa and BBK, the requirement is 10% to not be listed and relying more than 20% to wholesale markets. However, Caja Vital will set a ratio of 8%, precisely because he justified the wholesale market leverage of 18.18%. However, as explained yesterday the entity Alava, the box comfortably exceeded this requirement, since the Bank of Spain assigned a principal of 810 million, representing a ratio of 13.13% over risk-weighted assets.
A Kutxa, the supervising agency recognized a starting capital of 1,976 million and BBK, which will include the purchase of Cajasur of 3.604 million. Neither did the public entities that throws the capital ratio, as the Bank of Spain merely states that meet the required 10%.
cynthia
Friday, March 11, 2011
Thursday, March 10, 2011
Moody's lowers a step the note of the Spanish economy
The agency of measurement of risks Moody's has reduced today the qualification of the sovereign Spanish debt of Aa1 to Aa2, with negative perspective.
The agency makes clear that the costs of the restructuring of the financial system will be major of the foreseen for the Government and will provoke an increase of the deficit. It indicates besides the fact that the Government has a control limited on the autonomous communities.
The cut of the note has had an immediate impact on the markets, both of debt and of variable revenue in that the values are present with the brand Spain, and has reactivated the punishment against the titles of the Exchequer.
In I make concrete, Moody's, one of three agencies that dominate this business close to S&P or Fitch, he thinks that the eventual cost of the bank restructuring, which would be about 40.000 or 50.000 millions, might exceed the current estimations of the Government and lead to a major increase of the percentage of national debt. In case of taking place a context of " great stress ", indicates Moody's, this quantity might reach 120.000 million Euros.
The FROB, also to the fall
Likewise, Moody's has reduced today the qualification of the Fund of Tidy Bank Restructuring (FROB) of Aa1 to Aa2 also with negative perspective, provided that the liquidity of this bottom depends entirely on the Spanish State.
The obligations and the Spanish warehouses are not affected, it continues the note, for the reduction applied today, and supports Aaa's note, higher that applies Moody's, and on line with the joint qualification of the zone of the Euro.
María José González
The agency makes clear that the costs of the restructuring of the financial system will be major of the foreseen for the Government and will provoke an increase of the deficit. It indicates besides the fact that the Government has a control limited on the autonomous communities.
The cut of the note has had an immediate impact on the markets, both of debt and of variable revenue in that the values are present with the brand Spain, and has reactivated the punishment against the titles of the Exchequer.
In I make concrete, Moody's, one of three agencies that dominate this business close to S&P or Fitch, he thinks that the eventual cost of the bank restructuring, which would be about 40.000 or 50.000 millions, might exceed the current estimations of the Government and lead to a major increase of the percentage of national debt. In case of taking place a context of " great stress ", indicates Moody's, this quantity might reach 120.000 million Euros.
The FROB, also to the fall
Likewise, Moody's has reduced today the qualification of the Fund of Tidy Bank Restructuring (FROB) of Aa1 to Aa2 also with negative perspective, provided that the liquidity of this bottom depends entirely on the Spanish State.
The obligations and the Spanish warehouses are not affected, it continues the note, for the reduction applied today, and supports Aaa's note, higher that applies Moody's, and on line with the joint qualification of the zone of the Euro.
María José González
Wednesday, March 9, 2011
Basque utilityIberdrola initiates negotiations for merger with Renovables subsidiary
The Board of Directors of Basque utility Iberdrola, meeting on Tuesday in Madrid, agreed a proposal to the Board of Iberdrola Renovables which met in the afternoon in Valencia, to initiate negotiations for a merger by absorption of the renewables subsidiary by the parent.
Iberdrola has proposed an operation equivalent to 0.499 of its own shares for each Iberdrola Renovables share, valuing the subsidiary at 2.978 euro per share or a 16.7% premium over its average share price for the last six months.
The operation will involve Iberdrola voting in favour of the distribution of an extraordinary dividend to be proposed by the Board of the subsidiary at a shareholders meeting, provided the amount is equivalent to 40% of the stated share value of €2.978.
In the event of the dividend obtaining approval, the exchange ratio would be modified to 0.299 IberdroLA shares per subsidiary share. For this purpose, the parent company would raise capital by 246.6 million shares.
The merger by absorption proposed today by Iberdrola improves the ratio at the time of the original Iberdrola Renovables share offer in December 2007, with a premium of 2.7%, and will give existing IBR minority shareholders access to a solid stock with high liquidty and attractive dividend yield.
Through the proposed transaction, Iberdrola seeks to extract value from Iberdrola Renovables that has not been reflected in its share price since the flotation, with its continuing development as an independent business unit headquartered in Valencia. The transaction closing, following approval by the respective Annual Shareholders Meetings, is expected in July.
The world's leading wind power company Iberdrola Renovables has a presence in 23 countries and is world leader in its sector, both in installed capacity with more than 12,530 MW operational at the end of 2010, and also in production with more than 25,400 million kWh last year. The company has a market capitalization of 11,435 million euro at the close yesterday's close. Last year it obtained Ebitda of 1,456 million and net earnings of 360 million euro.
By Mónica
Iberdrola has proposed an operation equivalent to 0.499 of its own shares for each Iberdrola Renovables share, valuing the subsidiary at 2.978 euro per share or a 16.7% premium over its average share price for the last six months.
The operation will involve Iberdrola voting in favour of the distribution of an extraordinary dividend to be proposed by the Board of the subsidiary at a shareholders meeting, provided the amount is equivalent to 40% of the stated share value of €2.978.
In the event of the dividend obtaining approval, the exchange ratio would be modified to 0.299 IberdroLA shares per subsidiary share. For this purpose, the parent company would raise capital by 246.6 million shares.
The merger by absorption proposed today by Iberdrola improves the ratio at the time of the original Iberdrola Renovables share offer in December 2007, with a premium of 2.7%, and will give existing IBR minority shareholders access to a solid stock with high liquidty and attractive dividend yield.
Through the proposed transaction, Iberdrola seeks to extract value from Iberdrola Renovables that has not been reflected in its share price since the flotation, with its continuing development as an independent business unit headquartered in Valencia. The transaction closing, following approval by the respective Annual Shareholders Meetings, is expected in July.
The world's leading wind power company Iberdrola Renovables has a presence in 23 countries and is world leader in its sector, both in installed capacity with more than 12,530 MW operational at the end of 2010, and also in production with more than 25,400 million kWh last year. The company has a market capitalization of 11,435 million euro at the close yesterday's close. Last year it obtained Ebitda of 1,456 million and net earnings of 360 million euro.
By Mónica
Sunday, March 6, 2011
Dresser-Rand buys the Basque company Guascor
The North American company has acquired 100 % of the Basque group Guascor, dedicated to the supply and exploitation of equipments and energetic and shipping facilities, in an operation of approximately 500 million Euros.
With this operation, Basque Country loses the control on one of his principal industrial companies. Guascor is between 50 principal Basque signatures for volume of turnover, with a few annual sales that they overcome the 300 milones of Euros, an important volume but to many distance of his buyer, who deposited last year 1.425 millions of Euros.
Dresser-Rand dedicated to the development and manufacture of capital goods for the sectors of the gas, oil, petrochemical and industry, possess in his board of directors the president of Guascor, Joseba Grajales.
Once incorporated into the new group, Guascor will turn into the World Center of Excellence into the area of sustainable solutions into the sectors of environment and new energies of Dresser-Rand with the current management team.
This strategic operation, according to Guascor, strengthens his managerial project and makes possible an intense and increasing internationalization and penetration new markets. In addition, it will facilitate the development of new products and services and the integration in an extensive commercial network, of technological centers and units of research and development. With presence in more than 140 countries in five continents. The impact of this operation in Basque Country will be translated, at once, in an increase of Dresser-Rand's manufacturing activities, with repercussion in the network of suppliers and the managerial fabric of the country, as has announced the Basque company.
On the other hand the heads of Guascor and Dresser-Rand claimed that there is no risk of relocation of factories that the group has in the Basque Country
María José González
The precious 666 Fifth Avenue
Zara is reinforced in New York, and his last real estate transaction in the city of skyscrapers is more than the mere signing of a purchase agreement for comercial space.
The figures used in these two operations gives dimension to real estate is at stake. Zara announced in Friday that it paid $324 million to buy the space occupied by the shop American Basketball League in the corner of 52 street, where tourist come looking for shirts of Pau Gasol and other NBA stars. That makes Zara a protagonist in one of the largest real estate transactions in the history of New York, if the calculation is what you pay for every meter of the 3.600 that will have the local. The location could not be better, located a few meters from the MOMA, St. Patrik's Cathedral, Rockfeller and the full prestige stores such as Tiffany, Bulgari, Cartier and Bergdorf. But Uniqlo is ahead. Japanese tycoon mark Tadashi YAnai recently closed less than a year an agreement to rent in the same building on the corner of the 53 avenue, that occupies the equivalent space of the NBA, Abercrombie, and H&M together. That, in numbers is equivalent to 8.350 meters square, for which paid $300 million to rent 15 meter squares. The rent in this area is around $125 a square foot, or about $1.340 per square meter. But with the mass of tourists stills come to Manhattan, will take time to begin to recover the money.
cynthia
The figures used in these two operations gives dimension to real estate is at stake. Zara announced in Friday that it paid $324 million to buy the space occupied by the shop American Basketball League in the corner of 52 street, where tourist come looking for shirts of Pau Gasol and other NBA stars. That makes Zara a protagonist in one of the largest real estate transactions in the history of New York, if the calculation is what you pay for every meter of the 3.600 that will have the local. The location could not be better, located a few meters from the MOMA, St. Patrik's Cathedral, Rockfeller and the full prestige stores such as Tiffany, Bulgari, Cartier and Bergdorf. But Uniqlo is ahead. Japanese tycoon mark Tadashi YAnai recently closed less than a year an agreement to rent in the same building on the corner of the 53 avenue, that occupies the equivalent space of the NBA, Abercrombie, and H&M together. That, in numbers is equivalent to 8.350 meters square, for which paid $300 million to rent 15 meter squares. The rent in this area is around $125 a square foot, or about $1.340 per square meter. But with the mass of tourists stills come to Manhattan, will take time to begin to recover the money.
cynthia
Wednesday, March 2, 2011
Galliano for Dior glares at her "I love Hitler"
"People like you should be dead. Your mother, father, all in the gas chamber"
These are the words that have made the fashion house Christian Dior is living a conjunctural moment, John Galliano, the star of the fashion world, is facing legal charges and is outside the firm.The avalanche of comments were swift, as is the case with Natalie Portman who is Jewish and strongly criticized the designer, stating: "I am deeply shocked and upset by the video of the comments of John Galliano", to which he added did not want be connected in any way with the designer, why to wait to know the course that will take the advertising contract of the celebrated Oscar winner with the firm, as the image of Dior Cherie.
For its part, Izi Grinberg, a respected member of the Jewish community says the fact that "The House of Dior should not wash their hands now, it's amazing that such a prestigious brand director was unaware of the profile of Fashion. The world does not need be given the title 'genius' to anyone who admires Hitler. "
Although it is a difficult case of mixed feelings where passion for fashion as a means of expression is embodied in a controversial character and confronts the absolute rejection of anti-Semitism in any form of expression, only one question remains to be done, could it be that the Galliano reputation can be saved thanks to his contribution to the world of fashion and glamor, exempting the social rejection?, so only time will tell us.
Sonia
The price of green peppers, apples and beans rises in February
Winter frosts have caused the price of green peppers has raised 12.30% in February. According to the relationship that manufactures each month the Ministry of Industry, Tourism and Trade, green beans and apples have also risen by 2.5%. Despite these results, farmers and ranchers grouped into COAG report that prices in the area have fallen by 11% on average, but the profit margins of food have increased by 19% YoY. 
Reveal that the amount is multiplied by 4.35 in the journey from the farm to the table. The price of citrus and fresh fish fell last month. Oranges and lemons are in season, and that meant that the amount has decreased by 5.8% and 4.96%, respectively. They have also recorded reductions in the cost of hake (-5.20%), whiting (-4.32%) and whiting (-4.15%). Of course, the 'bubble' of lemons seems to have finally exploded after falling 7.91%. Colpisa
Reveal that the amount is multiplied by 4.35 in the journey from the farm to the table. The price of citrus and fresh fish fell last month. Oranges and lemons are in season, and that meant that the amount has decreased by 5.8% and 4.96%, respectively. They have also recorded reductions in the cost of hake (-5.20%), whiting (-4.32%) and whiting (-4.15%). Of course, the 'bubble' of lemons seems to have finally exploded after falling 7.91%. Colpisa
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