Business View

NCG Bank has raised to be sold by public tender “unprecedented” over 20% of its capital, for which operation has five investors interested and that would be obtained about 1,000 million euros.

NCG Bank president, Jose Maria Castilian-now with other executives appeared before reporters to publicize the results CaixaGalicia Nova Group, owned by the state since last September, said the competition could be completed in June.

The Group CEO, Cesar Gonzalez-Bueno, gave details of the results of the entity resulting from the merger of Nova Caixa and Caixa Galicia, which closed 2011 with a loss of 168.7 million euros, of which 69, 5 million were NCG Bank (stock overview).

These figures, according to González-Bueno, reveal adjustments and active management of the crisis since 2011, with increased liquidity helped more than 3,000 million for the steps the European Central Bank.

They are also influenced by sanitation “high”, with 1,600 million this year to meet the government decree, more than 800 million of additional capital.

According to González-Bueno, the figures make the entity “attractive to other banks and international investors.”

The president of NCG Bank has continued this argument by recalling that the recapitalization plan provides for the entry of minority private investors for an amount of between 20% and 51%, and could be between 500 and 1,000 million, has completed .

After excluding the merger, for which he had proposed, and the public auction, to prevent the sale of the entity for one euro, as has happened in other cases, Castilian has been reported that the Bank of Spain known as the five investors could be submitted to the competition and believes that “is viable”.

This process, which has two external legal reports and approval of the FROB, represented 90% of the company, whose board unanimously approved the plan, would be a “least social cost”, to maintain offices and central decision in Galicia, and also make economic sense for the state.

Castilian has appealed for caution because it is the “sale of a public good” and indicated that the Bank of Spain shall act within 15 days, so the decision will be announced on April 24.

NCG Bank president will travel tomorrow to London to address this process with investors, who do not know each other, he said, or amounts that will bring, and has stated that the five “will not be compatible” with their professional relationships .

Those who stay have to know that “have to live with the FROB,” he warned, the objective is to pursue to maximize the value of state investment, which could be achieved with the bank’s IPO.

Castilian has addressed the preference shares of the entity that currently affects 43,000 customers to 937 million, to which has expressed its “concern”.

Since the entity advise wait until June to host a “reasonable confidence” that steps will be taken “necessary” to achieve a solution, has sustained the group CEO, Cesar Gonzalez-Bueno.

ERC General Secretary, Marta Rovira, today criticized the State Budget for this year because they are “meaningless” and “perpetuate the plunder tax” of Catalonia.

The Council of Ministers approved on Friday the draft State Budget (financial market overview) for 2012 that includes an adjustment of 27,000 million euros through reduced spending in ministries of 16.9% and the rise in corporation tax for large companies.

“These bills will only increase the recession next year,” Rovira valued at a press conference, for whom budgets “do not include” pay the debts of the State in Catalonia, which has asked the rest of Catalan parties not support them.

In addition, Rovira has shown strong against partial tax amnesty approved by the Government, considering that this “forgive those who do not pay and does not seek alternative solutions for those who can not pay.”

“Since the zero at the start of his Government, explained the secretary general of CKD – the Executive Mariano Rajoy has undertaken reforms that have impoverished citizens and weakened the powers of Catalonia”, said about the 100 days PP.

The project of high-speed train has begun on one of the most complex sections passing through Gipuzkoa, that of Zizurkil-Andoain, whose foundation stone was laid today lehendakari, Patxi Lopez, who has said that investing in “Y “is also” anti-crisis measure. ”

The delegate of the Government in Euskadi, Carlos Urquijo, has also come to this event, which highlighted the efforts of PP Executive to ensure the construction of this infrastructure “at a time of deep economic crisis.”

He noted that when the State Budget to all ministries impose the obligation to cut their bills, “has much more merit still to ensure a continuation of work on the high speed train.”

Urquijo said that although the Basque forward now 193.5 million euros will cost this stretch of 4,970 meters, that amount will be recovered through the discount provided to the State quota (best growth stock lives quotes).

“It has happened too often in the past that, while the Government of Spain, who provides the resources for this infrastructure to succeed, not publicly perceived ‘that little detail,’” he ironized Carlos Urquijo, who replied that the lehendakari with the Executive of the PSE-EE does not have to worry because “this collaboration has never hidden.”

Lopez has had a “recognition” for those who over the years have worked for this infrastructure, “now that is closing this stage of the past” in which “violence, insults, threats and attacks have been concentrated particularly severe” in the “Y”.

With the start of these works, and sixteen sections are completed or under construction, layout and Gipuzkoa by the end of the year will be seventeen (Hernialde-Zizurkil), and only stay for undertaking the entry to San Sebastian.

The Bank of Spain has confirmed today that the twelve-month Euribor, the benchmark most commonly used for calculating mortgages (stock market prices), closed the month of March at 1.499%, its lowest level since October 2010.

Starting today, credit institutions shall apply the rate in the review of the mortgages signed in March 2011, when the indicator reached 1.924%, which shares the mortgage loans will be reduced by about 30.4 euros per month, ie about 365 per year.

This is the second monthly decline after mortgages in February, and after 18 consecutive months of increases, mortgage loans will experience declines.

The Euribor has now begun in April, 1.41%, which builds up and 74 down sessions, the second longest streak in its history bassist after lived between October 2009 and February 2010, in which adding reached 91.

The Bank of Spain also confirmed today that the MIBOR, the one year interbank reference serving officer of the mortgage market for operations prior to January 1, 2000, fell in February to 1.499%.

The internal performance in the secondary market for government debt between 2 and 6 years stood at 3.935%.

The passenger car registrations in March were 84,427, 4.5% less than the 88,397 the same month of 2011, reported today the automobile associations of manufacturers (Anfac) and sellers (Ganvam).

The March result has been mediated by the tourist situation, since the rental car registrations have driven the market, immediately before the Easter holiday season and have been placed on records related to the particular segment.

March registrations amounted to 204,119 cars in the first quarter, representing a decrease of 1.9% over 208,151 from January to March last year.

The records of passenger cars have been the last 74,895 units, up 4.6% in March 2011, generating a cumulative figure for the first quarter to 178,531 units, 2.4% below the same period last year past.

Off road, the record marked in March 9532 enrollment, 3.8% down on deck, 2011, and 25,588 units between January and March, representing a slight growth of 1.2% over the first quarter of last year.

According to data from Anfac and Ganvam are already 21 months of consecutive declines in the market segment of individual customers, the most important channel for the survival of the dealers (dow jones and nasdaq).

Add the two organizations that traffic in dealerships particular has declined significantly in the month of March.

In the period from January to March were enrolled in this channel 87,641 units, representing a decrease of 6.7% in March after falling 13.5% to 31,854 units registered.

The canal companies, which to date had shown a positive note, back again with a negative 11.9% in the month with 22,826 units, while in the accumulated shows a decrease of 8.9%, with 61,163 registrations.

The channel tenant has been in March increased 15.9%, due to the Easter period, so that last have enrolled nearly as many vehicles from the channel and the channel tenant individuals.

In the first quarter, purchases of renters have registered an increase of 17.5% with 55,315 units.

In line with continued declines in the market, and Ganvam Anfac once again warn about the negative impact on fleet renewal and the direct effects it has on air quality in cities.

20% of the park, which is the oldest, causes 80% of the current pollution in major urban centers.

Blake Mur, Director Economic Anfac, said that the best option to undertake an improvement in air quality in cities is the renovation of deteriorating fleet that Spain has right now.

According Ganvam president, Juan Antonio Sánchez Torres, the sector “is suffering harassment and demolition in the form of continued threats of tax increases, leading to suspicion that can eventually damage the collection of over 25,000 million provided annually to public coffers through taxes, equivalent alone to all the cuts that will make this year the Executive to achieve the deficit target. “

The National Energy Commission (CNE) has assessed the draft Royal Decree that regulates the power supply to the so-called net balance and consumption could be developed with this new modality, but has raised a number of technical improvements.

In this sense, the energy regulator has described as positive the approach of consumption that could be developed with the new mode of supply, production and net balance that develops distributed production and allows the efficient accomplishment of the objectives involved.

The net balance mechanism established by the Government used to calculate the difference between what each small generator tipping the production network installation and consuming the electrical system.

The aim is to allow entry into the system of small renewable power facilities in homes and small businesses (stock market).

However, the CNE considers that a large number of outstanding issues to realize.

In this sense, is “essential” to define more clearly what are the characteristics of the subject that can benefit from this mode of supply, while specifying their rights and obligations.

It also asks you to specify the scope for regulating the connection to the network of facilities for electricity production from low power, especially in the special, and to review the current structure of access charges to avoid distorting revenues and costs of the system.

Notwithstanding the foregoing, it endorses the proposal to require the payment of access fees across the net hourly energy consumed instantaneously.

On the other hand, the CNE considers that the consumer should have two synchronized measurement equipment, either for all production and all consumption or energy consumption surplus or net, and all gross production because of be lost otherwise accounting for this energy input.

It also believes that establishing a maximum price the marketer by the Ministry of Industry, Energy and Tourism for the service net balance does not comply with the regulation and marketing is a free activity.

The committee also considers it necessary that the contracts between consumers and marketers include the method of settlement of energy in case of change of retailer or to limit the power of the installation to avoid any surplus hiperanuales.

The U.S. tycoon Sheldon Adelson, chairman of Las Vegas Sands Corporation, has said that expected in a month and half is known as the final location of Eurovegas leisure complex, which is disputed between the cities of Madrid and Barcelona.

Speaking to Catalunya Radio and TV3 yesterday after a meeting held at Las Vegas with representatives of the Delegation of the Government of Madrid, Adelson has recognized that the height limitation of the project in Barcelona-complex buildings should serve a maximum height for their proximity to the airport of El Prat “is a problem” to accommodate the leisure complex.

In addition, Adelson has advanced to soon submit the decision to the board of directors of the company (reports), and that the final location of the complex could be made public in a month and a half.

Regarding the business model, the mogul explained that in the Spanish case, casinos would be located in the center of the resort, as happens in Vegas, so it would not be a place of passage to the rooms of the hotels.

“This model, where the casino is the center, like a wheel, and other attractions are the radii, is not that we will continue in Spain. People will have to find where the casino,” said Adelson, who has not ruled out, ironically, finally opting for that city where “you eat better.”

The meeting held last Saturday 31 March the Minister for Planning and Sustainability, Lluís Recoder, and the U.S. tycoon Sheldon Adelson ended without agreement as regards the possibility of installing the Eurovegas leisure complex in Barcelona, ​​because of ” the lack of harmony “with respect to the model construction.

“At the moment, recognized Recoder the end of the meeting, we have not found the territorial reserve project in the Barcelona Airport.”

The main stumbling block, the minister also said, is “the lack of harmony on the constructive model,” especially because the proximity of the land offered Prat Airport necessarily limits the maximum height of buildings to be build.

The Spanish manufacturing sector activity continued to decline in March, due to both production and new orders contracted at a strong pace.

Thus, management PMI seasonally adjusted Markit purchases declined for the second consecutive month to 44.5 in March, compared to 45 in February.

An index situated above the level 50 indicates an expansion, while a contraction means below.

In addition, the purchase prices rose sharply for the second consecutive month (the stock market is up), although the intense competition and weak demand prompted companies to reduce their prices charged.

Moreover, the manufacturing PMI for the euro area Markit stood at 47.7, compared to 49 in February.

New orders contracted at a stronger pace than in February, which led to a fall in production and further job losses.

Spanish tourists traveling from Brazil today need to provide the return ticket, proof of sufficient financial means and a certified letter notarized if the accommodation is in a private home.

The Brazilian government (djia)decided to tighten the conditions for entry to the South American country interact with the requirements of Spain calls on the South American country nationals pursuant to the standards set by the EU to enter the Schengen area.

The new rules state that any Spanish tourist arrival you must show proof of Brazil flights, booking accommodation and you have about 80 euros a day for maintenance.

The letter must be certified before a notary Brazilian and accompanied by a certificate issued on behalf of the declarant.

The passport must still have a validity of at least six months and do not need visa if the trip does not last more than 90 days.

These measures, Brazil notified two months ago, will apply only to non-Spanish tourists and citizens of other Schengen countries, the area covering most of the EU which can move freely.

Brazil has been complaining for four years of the rigor with which the Spanish police applies the rules of entry at the airport of Barajas.

The Spanish government has always claimed that the criteria applied to the Brazilian travelers are the same as those adopted by other European partners.

The new rules make Brazil one of the Latin American countries where entry requirements for Spanish tourists are more stringent, along with Cuba, Venezuela and Panama, according to the Ministry of Foreign Affairs website.

Cuba is the only visa-requiring between 22 and 25 euros for stays of one month, although it is an easy process to perform at the consulate or through a travel agency.
Venezuela, like Brazil, calls for return ticket, show that it has sufficient financial means and submit the hotel reservation or invitation letter notarized.

It can also be accurately documented evidence of tours booked if they have been contracted in advance.

Panama is another country that claims to have sufficient funds and confirmed outbound flight and a birth certificate for children traveling with people other than their parents.

The return ticket is required also required by Mexico, Colombia and Costa Rica.

Several Central American-Dominican Republic, Costa Rica, El Salvador, Honduras and Nicaragua charge a fee at the airport of entry or exit-from 3 to 28 euros.

Generally, most requests that the passport is valid for six months, Guatemala and Paraguay only claim that is in force, but not required a visa for stays of less than three months.

Mexico and Peru are an exception to allow visits for a maximum period of 180 days, while the Dominican Republic within one month.

Argentina, Chile, Ecuador, Bolivia, Uruguay, Paraguay and Guatemala are the countries with the lowest requirements to enter as a tourist place.

The Government has today circulated a new bond issue for an initial amount of 2,000 million euros (stocks), expandable to 2,150, and whose subscription period ends on April 24.

However, the Government has said in a statement that each of the individual entities can close the placement process at the time that you have exhausted the amount allocated for the broadcast.

A total of 14 financial institutions involved in this placement, as well as insurance: Caixabank, Banc Catalunya, Banc Sabadell, Barclays, Caixa d’Enginyers, Deutsche Bank, BBVA, Unnim, GVC Gaesco, Cajamar, Ibercaja Banc, Caixa Caja Ontinyent 3 and Privat Bank.

Investors can choose between one-year bonds with a yield of 4.5%, and two years with an annual coupon of 5%, and the different entities will receive a commission that depend on the outcome of placement, while the average commission is be between 1.8 and 2.2%.

Applications for bonds, as in previous issues may range from 1,000 euros to 2 million euros and the coupons will be paid quarterly.

The Catalan government launched this issue to cover 2.284 million euros in the previous issue maturing on May 2, so that those who signed these bonds may renew their commitment to public debt of the Government.