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Vice President and Minister of Economy and Finance of the Government of the Canary Islands, José Manuel Scoria, has authorized the payment of the amount for the upgrade of the cost of the powers transferred to the Island Councils for the liquidation of the financial year 2007 amounting to 9524 EUR 468

Of the more than nine million euros, the Cabled de El Hero will receive EUR 329 154 for a single payment, the Cabled of Fuerteventura, 379 478 euros, the Cabled de Grin Canaries, 3,110,382 euros, the Cabled de Linarite, 340 465 euros, the Cabled de La Gomorra, 402 891 euros, the Cabled de La Palma, 1,248,562 euros and 3,713,536 euros Cabled de Tenerife, said the Ministry of Economy and Finance in a press release.

This amount is in addition to the first two periodic payments already made, that belong to the Corporations island to cover the costs of the powers transferred this year, 102.4 million euros, and the payment of other 6 8 million euros for the impact to the councils of improving the new system of financing of autonomous regions. In total, the executive has been transferred to the Canary Islands councils so far this year more than 133 million euros.

This economic boost is a reflection of the commitment by the Government of the Federation Canaries Canary Islands (Facial) and shows the concern of the Executive canary situation facing the Island Councils, despite the economic adjustment, which is immersed.

In particular, the Ministry of Finance has authorized the payment at the beginning of each quarter of this year’s 25 percent of the cost of the powers transferred to councils for 2010.

Thus, of 204 761 128 euros for this purpose throughout the year the Cabled de El Hero has received the second quarter of this year 1,759,937 euros, the Cabled of Fuerteventura 2,658,736.50 euros, the Cabled de Grin Canaries 17,886,827.75 euros, the Cabled de Linarite, 2,279,984.75 euros, the Cabled de La Gomorra, 2,128,558 euros, the Cabled de La Palma, EUR 5,508,302.75 and the Cabled de Tenerife, 18.967.935.25 euros.

Furthermore, it has also made the second payment this year because of the impact to the councils of improving the system of financing of the Autonomous Communities and Cities Joint Regime with the Statute of Autonomy. The total for the second quarter of 2010 amounts to EUR 3,272,927.11. The Cabled de Grin Canaries has received 1,142,927 euros, the Cabled de Linarite 35 247, the Cabled of Fuerteventura 184,596.25, the Cabled de Tenerife, 1,233,367.50 euros, the Cabled de La Palma, 395 018 euros, the Town Council La Gomorra, 152,665.25 euros, and the Cabled de El Hero, 129 106 euros.

Thus, the Government of the Canary Islands to a share of this additional funding councils established by Law 22/2009, which regulates the financing system of the autonomous communities, with repercussions on the same economic benefits derived from the recognition by the Act, a variation of the population between 1999 and 2009 positive, and also contributing to the proper provision of public services made by corporations island as a result of the powers transferred to the autonomous community to the councils.

Leaders of the Central Bank of Venezuela and the Ministry of Planning and Finance are concerned about the difficulties encountered by the installation of the band system to carry out exchange operations, said sources close to the central bank.

The total amount of the issue, the main aim was to lower the dollar side, was 50 million dollars. However, to be prohibited transactions in the swap market, the Central Bank and the Ministry of Planning and Finance study a way to fulfill this commitment and to prevent the nation lose confidence for future emissions.

The Government did not take into account that freezing the stock market could have serious implications even for its debt profile because, for example, if you do not pay the instrument issued by the Central Bank would create a precedent very difficult to overcome, said a treasurer consulted.
There is still no certainty about the increase in the quota of foreign exchange for travelers.
“It has to do with the trust that exists when you buy a part of the Republic, if not canceled in time will be uphill achieve in the future that investors are interested in buying bonds,” the treasurer. .

Therefore, a statement caught the attention of the director of the BCV, Armando Leon, which confirmed that the market for buying and selling foreign currency bonds to restart in the coming days.

“Next week should be completed and all operational and functional part of the legal foundation that will carry the system, so we should be operating,” he added.

The government suspended on May 18 called “parallel market exchange or market” which until then was in charge of brokerage firms that negotiated the purchase and sale of bonds or securities, by the allegations of “criminal offenses” in “fixation speculative” price for the transfer of the papers, said Leon Glob vision.

The president of the National Securities Commission, Tomas Sanchez, said: “We have strong presumptions that these institutions are involved in crimes exchange with the simulation of operations,” he said.

Attempts were made to verify with the authorities of the Central Bank if you really consider increasing the quota of foreign exchange for travelers, as the holder of Cadaver said Manuel Barrios, earlier this week, but none of the directors wanted to refer to the information.

Crude oil futures in the U.S. fell in May closed on Friday and the biggest monthly decline since December 2008, during the financial crisis.

The contract fell to risk aversion that caused the reduction in credit rating of Spain.

In the New York Mercantile Exchange, crude for June delivery fell 58 cents, or 0.78%, to 73.97 dollars per barrel, trading from 73.13 to 75.72 dollars.

Crude for the nearest contract fell 12.18 dollars, or 14.1% compared to April, its biggest percentage drop since December 2008, when prices declined by 18.1% from the previous month.

London Brent crude on the ICE closed at 74.02 dollars.

Fitch Ratings downgraded the credit rating of Spain on a step, saying the country’s economic recovery would be “weaker” than projected by the Government, due to the severe austerity measures adopted this week.

“Oil futures are down a lot and all down to the news of the credit downgrade of Spain. Looking long weekend, crude oil has clung to the stock market is falling because of fears in euro area, “said Mark Waggoner, president of Excel Futures in Bend, Oregon.

The Dow and S & P 500 in May recorded its worst monthly percentage drop since February 2009.

The euro fell after the decision of Fitch Ratings to downgrade the rating to Spain.

Weak economic data in the United States also pressured crude prices.

U.S. consumer spending was unexpectedly flat in April, although disposable income posted its biggest increase in nearly a year, the Commerce Department said.

The Institute for Supply Management-Chicago said its index of business activity in the Midwest fell in May. The business grew by less than expected after the decline in employment data.

U.S. consumer sentiment rose slightly in May compared to April but remained near the levels reported since February, while inflation expectations one year climbed to a record since October 2008, a survey group of Thomson Reuters and University of Michigan.

Earlier in the session, crude futures rose sharply on the rise of the euro and global equities.

Oil prices were extremely volatile in May. U.S. crude hit an intraday low of 64.24 U.S. dollars on May 20 before the expiry of the position in June, nearly $ 23 below a maximum at $ 87.15 3 May, and its highest level for 19 months.

The volatility made investors cautious, although some oil traders say the market would have found a floor.

A survey on Friday of the Organization of Petroleum Exporting Countries (OPEC) showed a rise in crude supply in May to its highest level in 17 months.

Oil demand in the United States climbed nearly 7% in the last four weeks, said the Energy Information Administration (EIA for its acronym in English), and led by a 16% rise in demand for distillates, which include diesel and heating oil.