Economy and Business Info

Archive for the ‘Monetary info’ Category

Today the United States met since the second quarter GDP was revised down from +2.4% to +1.6%. While this figure seems bad, not so much because the market was expecting a downward revision from +2.4% to +1.4%. This has given relief to the markets, which record highs this morning led by the Dow Jones (+0, 60% after opening).

We are waiting for what Ben Breanne may say today about the future of the economy during the Annual Meeting of Presidents of Central Banks, as well as the Consumer Confidence number of Michigan Universidad August (projected at 70 pts.)

With the above, the negative tone continues in international markets, but the contagion to emerging economies has been very limited.

For now, we maintain the negative bias, since there is no sign that this is over. However, we recommend caution in the current levels because the market three weeks of low accumulation

The new rules impose more frequent visits from officials of Euro stat to countries subject to prosecution for excessive deficit.

Thus, when there is reasonable doubt about the accuracy of the deficit and debt figures sent by a government in Brussels, the EU executive will send officials to the country concerned and to review firsthand the central government data, regions municipalities and social security.

In addition, Member States should provide Euro stat with the information required to examine the quality of fiscal statistics. Economic Affairs Commissioner, Olli Rein, said the new audit powers “are an essential requirement to have an economic and monetary union (EMU) strong and functioning effectively.” “We need accurate and reliable statistics on national accounts for EMU to work,” he said.

Rein announced that the first country to send a mission Euro stat when Parliament ratifies the strengthening of its powers would be Bulgaria. “We have some concerns about the functioning of statistics in Bulgaria,” he explained.

The EU executive called for and these additional powers in 2004, precisely when it was discovered that Greece had falsified data to enter the euro. However, the capital has refused to grant.

However, after coming to power, the New Greek socialist government again reviewed in October the deficit forecast for 2009 from 3.7% of GDP was estimated last spring to 12.5%. Subsequently, Euro stat has again revised upwards the Greek deficit last year to stand at 13.6%.

Distrust in the quality of the Greek statistics has been one factor that has aggravated the country’s debt crisis and forced him to benefit from the fund of 110,000 million set by the euro zone countries and the International Monetary Fund avoid bankruptcy. To avoid these problems again in the future, Member States have raised their reserves and have agreed to give more powers to the Audit Commission.

Cava de Burgos was now “fully satisfied” with the authorization of the Government of Castile and Leon Civic joining Bank and said that this decision “represents a major milestone in shaping the Group and facilitates the cruising speed it wants to acquire for its implementation on 1 July. “

The Ministry of Economy and Employment announced this afternoon at Burgos entity authorized to accede to the Institutional Protection System (SIP) which is part of the integration of the Group that conform Cava de Burgos, Cava Navarre and Cava Canaries.

This communication also states the need to obtain licenses from other mandatory to start the integration process must provide both the Bank of Spain and Spanish monetary authority, as the Ministry of Economy and Finance, said in a statement picked up by Europe Regional Government Press.

The authorization also involves compliance with all terms of the contract establishing the SIP. Cava de Burgos must submit periodic information for follow-up, the Ministry of Economy and Employment.

According to Europe Press reported Civic Banking sources, the Ministry of Finance also announced today the signing of the Ministerial Order authorizing the Group to operate, once it received a favorable report by the General Directorate of Treasury and Bank of Spain.

“In front are the relevant entries and other administrative processes to see Civic Banking SIP as the first bank operating in Spain, without consuming resources of Fob, launching a pioneering business model and growth and internationalization as key challenges future, “sources said