Daily Archives: April 5, 2012
The Greek Prime Minister Papadimos Lukas said today in Nicosia is optimistic about the future of Greece and predicted that within a year and a half the country’s economy will grow again after five years of recession.
“Those who see no light at the end of the tunnel can be told with a strong economic program implementation and further action, in a year and a half from now Greece enter the path of growth,” said a Papadimos press conference in Nicosia after his meeting with Cypriot President Dimitris Christofias.
Greece is facing its fifth year of recession in 2012, with a downturn in the economy, under budget, 2.8%, and after closing 2011 with a contraction of 6.8% of GDP.
The Greek Prime Minister said that in the coming weeks will focus on the recapitalization and reform of the Greek banking system, “the faithful implementation of the budget” for 2012, and in a study that provides potential limitations of expenditure in 2013 and 2014.
He acknowledged that Greece is facing “a very critical period,” immersed in great efforts to ensure “economic stability while promoting reforms to restore competitiveness corrective.”
Greece has managed to avoid bankruptcy by two foreign aid programs in the amount of 240,000 million euros, provided by the eurozone and the International Monetary Fund (IMF) in exchange for the implementation of unpopular austerity measures and economic reforms.
Papadimos is in Nicosia in a two-day visit to deal with the Cypriot authorities issues related to energy cooperation, the economy and talks on reunifying the Mediterranean island, divided since the Turkish invasion of 1974.
Distrust on the future of Spain and other partners in the euro markets rocked and had exceeded the risk premium for the first time since November to 400 basis points and the bag to stay behind to March 2009 levels.
Despite the semi-festive character of the day today, with little economic activity in the country, the Spanish market has experienced a day of infarction, with high volatility and nervousness in both the exchange, in the debt market.
The IBEX 35, the main Spanish stock indicator, he lost 1.5% during the session, but the gains registered by Wall Street have allowed close to the same levels as yesterday, with a negligible loss.
However, IBEX is not only in annual minimum, but in the lowest position since March 2009.
Since January, has lost 10 percent, and so far this week, down 4.4 percent. Despite being a four-day week has been the worst year so far.
The risk premium, one of the main indicators of the confidence that Spain in fulfilling its obligations to its creditors, has risen above 400 points to the 402, something not seen since late last year, before the Government of Mariano Rajoy started its reform agenda.
Today, speaking to Reuters, the Minister of Economy and Competitiveness, Luis de Guindos, has recognized the “attacks” that are suffering from Spain and other neighboring countries and are creating a large “volatility and nervousness” in the markets.
As stated above, behind this situation is the perception that Europe has entered a slowdown, which has not been able to avoid liquidity injections with the European Central Bank, which casts doubt on the ability to grow in Spain and other countries like Italy and Portugal.
“Without economic growth in Europe, investors are beginning to cast doubt on the chances of achieving fiscal adjustment and promises they have made the countries of the union,” he said.
While volatility has hurt especially the differential of the Spanish debt, the minister has indicated that it is not a “problem strictly Spanish.”
“It’s a problem that has to do with the negative perception of economic growth in Spain, Portugal and Italy. This slower growth will lead to difficulties in reducing the public deficit will be higher,” he said.
Secretary of State for Budget, Marta Fernandez Currás has replicated today to criticism of the PSOE government accounts for 2012 and has ensured that the State Budget are ugly, but believable, and have every appearance of being executed ” with efficiency. ”
Asked in an interview with Cadena Ser yesterday by the words of Deputy Minister Jose Blanco, who has criticized the planned investment in the State Budget (PGE) this year to Galicia is “inflated” as is “impossible” run, Fernandez Currás said: “I have the urge to answer with a saying: it is believed the thief are all of their condition.”
In his view, there are different ways to budget, and can draw up accounts “grow at 1.5%, when reality returns a decreasing budget by 3%” or develop “a budget less beautiful, no doubt that a budget you are adjusting 27,300 million is not pretty, “he said.
“I-said-chiflaría I tell people that we have a lot of resources, but that’s not the situation, and the city does not deserve it.” Therefore, he said, “We’re doing a budget ugly, but credible and has every appearance of being run properly and efficiently.”
In addition, Fernandez Currás denied the state budget for Galicia are electioneering, insisted that respond to specific projects and added that other communities have no AVE and Galicia. “There are objective reasons to opt for projects that are ripe,” he said.
Moreover, the Secretary of State for Finance exconselleira Xunta, came out in defense of the draft Novagalicia Bank to continue alone.
“The alternatives are known to all. I think the project has presented” the entity is “reasonable, consistent and solid,” but admitted he can only say “almost from the heart”, because they know the background Galician the process and the “effort has been made.”
“I know very well how managers are pulling a project that is necessary and promising for the autonomous region, but I have no longer any responsibility” in this matter.
He recalled that the Bank of Spain and the Ministry of Economy discussed the alternatives presented by the bank and said, “I hope this project can meet all the Galicians want.”
The spokesman for the International Monetary Fund (IMF), Gerry Rice, said today at a press conference that the institution was “deeply saddened” by the suicide of a retired Greek in Athens Syntagma Square for economic reasons.
Rice expressed condolences and sadness at the “circumstances” of the death yesterday of a 77 year old retiree who shot himself during rush hour in front of the Greek Parliament and left a message blaming its decision to the economic situation.
Greece is undergoing a restructuring of its debt, reforms and cuts, which has been imposed by the IMF and European authorities as a condition to release the bailout funds that attempt to avoid bankruptcy in this country in the euro area.
“Since I have an age that allows me to respond actively (though it would be the first to follow someone to take a Kalashnikov), I find no other way to react to put an end decent (my life), before having to start sorting through garbage to find food, “says the note retired.
In protests triggered by the death of the aged, the Greeks have shouted slogans against the ‘troika’, consisting of the IMF, the European Commission and European Central Bank, which has imposed a harsh Athens austerity program, which include the cut in benefits.
The tragic death of retired Greek occurs a few weeks before legislative elections in Greece, Rice acknowledged that a source “uncertainty” for the IMF.
However, the spokesman hoped that the major Greek parties continue to support the reform agenda as expressed above.
I was recommended to “keep in mind the major objectives” and the implementation of reforms, it is necessary to “clear mandate” from the polls.
It is hoped these elections, which could be held in early May, although the date has not yet been announced, involving a strong blow to the two main political formations Greek conservative New Democracy and PASOK socialists.
Ferdinand Alexander Porsche, creator of 911 and founder of the design culture in the German manufacturer of sports, died today in Salzburg at age 76.
Porsche AG announced today that the company “is mourning the death of Ferdinand Alexander Porsche,” who was honorary chairman of the supervisory board of the company.
The CEO of Porsche AG, Matthias Müller, recognized the merits Ferdinand Alexander Porsche in the sports car manufacturer.
“We mourn the death of Ferdinand Alexander Porsche. As the creator of the 911, he founded a design culture in our company, which characterizes our sport so far,” said Müller.
He added that “his philosophy of good design is for us a legacy that will honor in the future.”
Ferdinand Alexander Porsche was born on December 11, 1935 in Stuttgart (Southern Germany) as the eldest son of Dorothea and Ferry Porsche.
His childhood was heavily influenced by cars since spent much time in development workshops and construction of his grandfather Ferdinand Porsche.
In 1962 he became director of Porsche Design Studio and subsequently set 911, a model that created a real furor around the world and has become an icon in sports, classic and timeless design which still survives in the seventh generation of this model.
Ferdinand Alexander Porsche also addressed the modeling of Formula 1 race of the 60′s, as the 804 and Porsche 904 Carrera GTS.
Along with other members of the company, left the Porsche operational activity when the company became a corporation in 1971-1972 and created the Porsche Design Studio in Stuttgart.
Ferdinand Alexander Porsche designed gentleman also numerous accessories such as watches, glasses and writing utensils, known worldwide under the “Porsche Design”.
The Brazilian Finance Minister Guido Mantega, has met today with the Korean-American Jim Yong Kim, who is running for president of the World Bank (WB), and regards it as an “excellent candidate”, but added that the Brazilian government still has not decided whom to support.
Kim “has an excellent resume, an experience in poor countries, emerging and less developed” is “a man who lived fifteen years in Peru” and has “a good experience,” said Mantega told reporters after meeting with the nominee United States.
The Minister explained that Kim “he said committed” to principles behind Brazil as the choice for Bank and other multilateral agencies to respond to “the basis of merit rather than nationality.”
So far, the tradition of the World Bank is headed by an American and the International Monetary Fund (IMF) has a European as managing director, but Brazil and other emerging countries maintain that this should change in light of new global economic realities.
According to Mantega, the American candidate “also pledged to continue the reform process (in WB) and work to make it more representative, more votes and more emerging voices in leadership positions.”
The minister said that Brazil has not yet decided which candidate to support and considered that both the Nigerian Ngozi Okonjo-Iweala as the Colombian Jose Antonio Ocampo “have excellent credentials” to hold office.
On these two candidates, who complete the trio of candidates, Mantega said no hearings have called in Brazil, but indicated that supposed to make in the coming days.
Mantega also said it intends to discuss the election in the BM with their counterparts in the countries of BRICS group with Brazil, which are Russia, India, China and South Africa.
According to Mantega, the BRICS countries will try to unify their positions around the presidential candidate of the BM, but said it will depend on a consultation process.
The Minister of Economy and Competitiveness, Luis de Guindos, has attributed the surge that has seen the risk premium Spanish to “nervousness” and “volatility” in the markets that generate “doubts about growth in Europe.”
“It has to do with questions of economic growth in Europe. If there is economic growth, the markets begin to doubt,” the minister said today, told Reuters, explaining the evolution of the Spanish risk premium, which today first exceeded 400 points since December.
Before the attacks they have suffered some markets, such as Spanish, the minister has chosen to emphasize “with conviction in the policies of public deficit reduction and economic reforms to increase the potential of the economy.”
While volatility has hurt especially the differential of the Spanish debt, De Guindos has indicated that it is not a “problem strictly Spanish.”
“What shows is that there has been an increase in the nervousness of the markets, but it was not only in Spain. Has affected all countries in the euro area. Has occurred in other countries in the region euro are more vulnerable in some way, “he stated.
“It’s a problem that has to do with the negative perception of economic growth in Spain, Portugal and Italy,” said the minister.
“The slower growth will lead to difficulties in reducing the public deficit will be higher,” he added.
The minister hoped that the draft budget just introduced by the Government in 2012 and includes adjustments of 27,300 million euros will help restore confidence.
“I think it’s a budget as is implemented, will effectively regaining confidence,” he noted.
In Guindos recalled that the main objective of the budget is to advance fiscal consolidation and reducing the public deficit, which “must lay the groundwork for future growth.”
To the minister, reform measures have been taken in recent weeks, and fundamentally reform and financial work, “should be the main source of confidence in the Spanish economy.”
Has announced that in the coming weeks advance directives budgets of 2013 which, he said, is also characterized by austerity.
After passing this morning the barrier of 400 points, the risk premium Spanish was at 15.20 at 406 basis points, that of Italy in 378 points and that of Portugal at 1,050 points.
The final assembly of the first issue of long-haul aircraft A350 XWB started in Toulouse, southern France, said today the European aircraft manufacturer Airbus.
The last phase in the construction of the A350 XWB starts with binding of the center fuselage, 19.7 meters long, with the forward fuselage, 21 feet long, said Airbus.
This first structure will be used for structural static testing those undergoing new aircraft as part of their certification process, and assembly of the first A350 that will boost the flight (MSN1) will begin next summer.
The center fuselage was transported to Toulouse on April 4 from the Airbus plant in Saint Nazaire (west), and the forward fuselage was delivered on December 23, 2011 to the final assembly line for the A350 XWB also from Saint Nazaire.
The delivery and installation of the rear fuselage from Hamburg, Germany, will take place in the coming weeks, and then join the wings from the Airbus plant in Broughton, UK, said Airbus.
The fuselage of the A350 XWB is composed of three main sections: front, center and rear, will join the main assembly station, Station 50, and the nose landing gear was also installed at this station.
Once this stage, the body will be transferred to another station for attachment of wings and tail sections, installing the cabin will be held simultaneously with the integration of the wing to the fuselage and the lighting of aircraft systems, said the statement from Airbus.
Functional testing may begin earlier than in previous programs, the manufacturer said.
The main branch of the European giant EADS has had to twice delay the schedule for the A350, the last in November for six months, bringing the total up in about a year on late payments related to the initial planning.
So far Airbus has received orders from 34 customers for 555 of these devices, which compete directly with the 787 Dreamliner from U.S. rival Boeing.
The A350 XWB is a new model widebody Airbus and average size of which will have three passenger versions, capable of long range, capable of flying up to 15,580 kilometers (8,500 miles).
In a typical three-class passenger, the A350-800 will have 270 seats, the A350-900 of 314 seats and the A350-1000 350 places.
The auction house Christie’s in Paris today the sale of “FC 1″ flagship table Yves Klein created with water and a flamethrower, with women taken brushes giants (anthropometry) and his beloved pigments pink and blue, just weeks before he died in 1962 at age 34.
The auction of “FC 1 (Feu-Couleur 1)” will be on May 8 in New York, fifty years after the creation of the piece, said the auction house.
With this revolutionary expression of mysticism artistic and vital Klein, estimated between 30 and 40 million by Christie’s, the goal is to beat the world record for this author at auction and perhaps of all European painters of the postwar period, the expert signature in the matter, Loïc Gouzer.
In any case it is considered certain that the May 8, Klein will be “driven within the very restricted circle” of postwar artists whose price exceeded $ 30 million, according to the press release from the auction house.
Although brief, the upcoming auction offers the public a chance to see “FC 1″ in Paris for two days before this work, “the most important of Yves Klein never sold”, as highlighted by Christie’s, out on tour in the world to their destination New York.
Its first owner was the critic, friend and collaborator of the painter Pierre Restany, who sold it to present “a Swiss collector who prefers to remain anonymous,” he told Efe Gouzer.
Restany, who was one of the most prestigious critical decade of the 50 and 60 in France, “and said right away that this was the masterpiece” Klein (Nice, 1928-Paris, 1962), he added.
This view also holds expert and shares the artist’s widow, Rotraut Moquay Klein, who sent a letter to Christie’s to say he considered that “it was his masterpiece and perhaps one of the most important works of the twentieth century.”
It is also “the only painting by bringing together women, fire and color,” he stressed.
Know that Klein, whose meteoric career lasted seven years until it was abruptly cut short by a heart attack, used to work “in small formats,” he added referring to Gouzer 3×1, 41 meters from the available parts.
“Even their anthropometry are so great,” those abstract paintings in which, as in “FC 1″, the human body is used as a brush on the canvas, feature Gouzer, who did not rule that the price of the table can “explode” and go well beyond $ 40,000.
“It’s always difficult to predict, it is a market of people looking for masterpieces, they want the ‘top’ of the ‘top’,” he added.
The Monetary Policy Committee Bank of England (MPC) today held interest rates at 0.5% and did not modify the provision of its program of printing money to reactivate the credit market.
After his two-day meeting, the committee decided to leave borrowing costs at 0.5%, the lowest level in the history of the bank.
The bank also chose not to vary the program known as “quantitative easing”, which is committed to 325,000 million pounds ($ 393.819 million euros), as a way to revive the credit market.
The latest cash infusion came in February after the Bank will provide another 50,000 million pounds (60,512,000 euros).
Today’s decision was widely expected by analysts, although some experts do not rule out that the English can begin issuing bank to raise rates during 2012 as a way of controlling inflation, which is at 3.4%, exceeding the 2% that the bank aims to achieve.
The April meeting held by the Monetary Policy Committee Bank of England came after he gave a series of positive signals from some sectors such as construction and service sectors.
These signals led analysts to hope that the British economy (forex tradings)to grow again during the first quarter.
However, these encouraging signs contrasted with the data released today by the Office for National Statistics (ONS), which revealed that British manufacturing output shrank by 1% in February, its biggest drop since April 2011 and higher than expected by analysts.
This information blurs the hopes of an early economic recovery in the sector in the UK and is worse than expected by the markets, which had predicted that the production of manufactured goods would remain flat in February.
On the other hand, many economists expect, possibly by next May, another multi-million dollar injection by the Bank of England within the said program of “quantitative easing”.