Metro Germany trim loss NET USD21 million

Finance Info-Retail Giant Germany, Metro reduced its first quarter net loss to 16 million euros (USD21 million), from 80 million in the same period a year earlier.

Reported by Expactica, from Thursday (2/5/2013), earnings before interest and tax (EBIT) up one million euros in the first three months of this year, compared with a loss of eight million euros a year earlier.

Rival Wal-Mart, Carrefour and Tesco said sales were down slightly, 0.9 percent to 15.5 billion euros.

"In many countries, the purchasing power of our customers have been affected by the economic crisis and Government austerity measures," said Metro Chief Executive Olaf Koch.

"However, we managed to increase revenues and sustain sales at a steady rate from year to year," he added.

Metro Group hope regardless of business conditions that continue to be difficult, can produce moderate growth in sales.

(dmd)

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

Pelindo III Community Development Fund hibahkan Rp823 million

Izzudin

Sindonews.com -PT Indonesia Port III (Persero) Pelindo III or back channel community development grant funds to the community. This time, the fresh funds worth Rp823,5 million were awarded to at least 90 objects help spread over 18 districts/cities in East Java.

"This is Community Development Fund grants, so the recipient does not need to return these funds. But I always emphasize that do not misused and can be used in accordance with the provisions as well as any report, "said financial director Pelindo III, Rev. Suparyono in release from the Ministry's website, such as STATE-OWNED ENTERPRISES, Tuesday (26/3/2013).

According to him, the funds will be used community development to finance 42 means worship objects, object means education, 44 and 4 public facilities and infrastructure objects. Total overall funds being used for the respective object of Rp393 million for the means of worship, Rp397 million for education facilities, and Rp33,5 million for the public facilities and infrastructure.

He said, the magnitude of funds needed for each object help each other will be different. It is based on the needs and the physical state of the object of the aid itself.

"Before, there was the help determine the number of our team who checked directly to the site. It was done to see the truth of what the candidate objects that help or not. In addition, it can also note the amount of funding that is needed, "he said.

Senior Manager partnership & Pelindo III, Dhartono said, channeling the aid community development fund this time is the distribution of the first stage of 2013. The distribution will be made on similar branches Pelindo III.

Channeling community development routine we do every year, the first stage in semester one and phase two in semester two, "he said.

During the last five years, the Fund has disbursed Pelindo III community development program worth Rp47,9 billion in seven provinces in Indonesia which became the territory it works. The funds destined for victims of natural disasters, education and training, health promotion, public facilities and infrastructure, means of worship, conservation, and food security.

Community development funds channelled Pelindo III is part of the company's profit after tax. Each year, the company set aside 2 percent of corporate profits to community development and 2 per cent for the partnership.

Channeling Community Development Fund is part of the partnership and Community Development Program (PKBL) that proclaimed the Ministry of STATE-OWNED ENTERPRISES in 2007. The programme refers to the regulation of the Minister of State-owned enterprises no. Per 05/MBU2007 about Instructions partnership and Community Development Program execution environment.

(izz)

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

Throughout January, carried 1.5 million passengers in VAIN

Heru Abraham -Sindo Newspaper

Sindonews.com -airline Singapore Airlines (SIA) throughout the month of January 2013 growth year on year (yoy) of 2.5 per cent to 1.5 million people.

Public Relations Manager of Singapore Airlines, Glory Henriette said, the company also recorded a growth of 3.4 percent in yoy system-wide passenger transport (measured in revenue passenger kilometres).

"While capacity (measured in available seat kilometers) it grew by 1.7 percent. Therefore, the degree of filling for passenger (passengers load factor/PLF) increased by 1.3 points to 78,3 percent, "said Glory in its release in Jakarta, Wednesday (20/2/2013).

For the level of passenger increased field across the region except in the South West Pacific area, where demand growth does not correspond to an increase in capacity. Income per passenger is expected to remain in the pressure as a result of promotional activities are carried out.

Meanwhile, the number of passengers carried by SilkAir overall experience an increase of 2.5 per cent in year on year, compared with the growth of 15.6 percent. Therefore, the PLF suffered a decline of 8.7 points.

"Due to the shift in the Lunar New Year holidays from January to February this year, the rate of passengers for the route field East Asia declined by 10.5 percent, and the rate of points filling in for West Asian routes passengers declined by 4.5 percentage points due to increased passenger traffic does not correspond to an increase in capacity," said Glory.

Overall cargo traffic (measured in freight tonne-kilometers-) increased by 3.0 percent year on year, while cargo capacity decreased by 0.8 percent. Therefore, the percentage level of filling of cargo (cargo load factor/CLF) in January 2013 increased by 2.2 percent points.

The level of cargo for the whole field of routes the increase unless the Americans, which increased cargo capacity does not correspond to an increase in cargo traffic. The level of increased cargo stuffing in the Southwest Pacific, caused by the movement of the carriage of goods was not durable, seasonal welcome the Lunar New Year holiday.

"While the percentage level of cargo to the field of Western Asia and Africa are increasing due to the growing demand for cargo services," explains Glory.

(rna)

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

Competition is fine with 9 million euros to companies of the paper

The national competition Commission (CNC) has imposed fines amounting to more than nine million euros to three companies to form and keep a poster in the sector of handling paper. April 27, 2011 the direction of research of Comepetencia opened a record penalties against companies ENRI 2000, S A, PACSA, trash the Carrion, S.L. and Unipapel transformation and distribution, SA., for a possible anitcompetitiva conduct, which would have consisted in the adoption of agreements on pricing and the distribution of the market of manufacture, marketing and distribution of the handling of paper (booklets(, notebooks, etc) in the national territory. Prior, the Directorate of research of the CNC had proceeded to carry out inspections at some of these companies.

In its resolution of February 15, 2013, the Council of the Nos considers accredited who implicated three companies participated in a cartel agreement to divide up the Spanish market of handled paper between 1995 and 2010, within the same framework of agreement, setting minimum prices of basic products and annual increments that these and other related products were to experience.

The agreement was based on the maintenance of mutual respect to large customers, mostly out of the great distribution, and the establishment of a minimum price for a set of basic products, which were increasing every year and generally before the so-called operation "back to school", prior to the start of the school year, and that these increases were applied to the rest of the numerous related references within what is called handling paper.

In short, listed enterprises are considered by competition responsible for a conduicta that violates both article 1 of the law of the competition as the 101 of the Treaty on the functioning of the Union European, by agreeing respect its main clients between 1995 and 2010, having fixed a minimum bid prices in their products and the successive annual increases since then.

The fines amounted to 3.539.625 euros in the case of Unipapel transformation and distribution, 1.324.440 euros on Pacsa and 4.207.881 in the case of ENRI.

Finance; Economic; Business

Finance; Economic; Business

CatalunyaBanc and NCG will have losses of about 20,000 million

The European Commission has made public non-confidential versions of the Catalunya Banc and NCG bank restructuring plans. Plans include huge losses to both entities in 2012, which would add some 20 billion before taxes, and a progressive entry into profitability since then. Investors in preference of both will not receive money in cash, but it will become shareholders of these banks, according to confirm plans.

Catalunya Banc restructuring plan expected a loss before taxes of 11,000 to 12,000 million for 2012. The entity will continue to suffer losses of 100 to 200 million this year and next and the forecast is that he achieves benefits of 200 to 300 million in 2015 and 2016, by up to 60% - 70% efficiency ratio improved.

In the case of NCG bench, rêve plan a loss before taxes of about 8,000 million in 2012, benefits of 10-20 million this year, which would grow to 200-300 million in 2016 and 2017, year in which the efficiency ratio would be of 50% - 60%, according to plans approved by Brussels, part of whose content has today published previously printed edition of Expansion.

Catalunya Banc and NCG Bank "face important operational challenges coming mainly from the expansion undertaken by each of the founding of savings banks", point out its restructuring plans. That expansion has been a strong promoter sector exposure, which has elevated delinquencies, and liquidity and funding issues. In the case of NCG Bank there was also ruinous business investments and high-risk corporate operations.

The plan calls for reducing Catalunya Banc total assets of 77.049 billion at the end of 2011 up to 50,000-60,000 million by the end of 2016. The bulk of the reduction will come from the credit, which passed 50.477 million 20,000-30,000 million. The number of offices will be reduced from 1.163 to 700-800 and the employees of 7.197 at 4,000-5,000, according to the plan of reetructuracion. It will be, in addition, a bank with less exposure to the risk. Risk-weighted assets will pass 42.200 to 10,000-20,000 million.

As for NCG Bank, total assets must pass of 72.129 million from 2011 to 30,000-40,000 at end of 2017. Again, the largest reduction is on loan to customers, who have to get 47.427 to 20,000-30,000 million. The reduction of offices referred to in the plan is 1,222 to 400-500 and the template, 9842 to 3,000-4,000 employees.

The plan makes clear that founding savings banks and other current shareholders assume the complete loss of their economic and political rights in institutions. As to holders of preferred and hybrid debt, the entity repurchase them with heavy discounts on their nominal value. Then, the money paid by that repurchase shall be intended by investors to the subscription of ordinary shares, leaving no funds of the entity (except for the subordinated debt with maturity, having special treatment). The calculation of Brussels is that you between 60% and 90% of the Bank belong to the FROB and 10% - 40% remaining, investors in the case of the Catalan institution, while the FROB will have 60% to 80% and the minority, 20% to 40%, in the Galician. Existing shareholders lose everything.

The plan envisages the division of entities into two parts, one main (core) and other extinct (legacy). The main unit will be managed as if it were a viable Bank and which can be sold in the medium term, they say the plans.

In the case of CatalunyaBanc, the main unit will basically include business retail, SMEs and the public sector in Catalonia and will which can give new loans. The other unit will contain the assets and liabilities to extinguish, neatly liquidate or be sold, as the banking business outside of Catalonia (including international representation offices), the corporate banking business, the subsidiaries and the shareholdings. The standard will be selling them as fast as possible always to not generate losses. The entity has already crossed the portfolio of promoters and the bulk of his estate to the bad Bank. In addition to the sale or closure of all offices and business outside Catalonia, the plan also provides for a reduction of 10% to 20% between 2012 and 2016 for its offices and staff in its network of Catalonia and headquarters. Together with the previous settings, the end result is a reduction of 50% - 60% in offices and 40% - 50% in the template. In addition, the entity will have to sell all of its portfolio of industrial holdings (including its package in Natural Gas valued at 150 million "as soon as possible"), all its position on values of fixed income and the former headquarters of Caixa Tarragona.

At NCG Bank, the area of the unit core is restricted to business retail in Galicia, León and Asturias, which will reduce your balance between 10% and 20%, with 30% - 40% in Office settings and 20% - 30% in the template of that strategic unit. To extinguish unit includes the business in other regions, the wholesale banking and shares, you will have to sell or close, and where the setting will be greater.

Plans foresee, in both cases, the main unit or any of the entity to be sold in a competitive process. Actually, the FROB has already launched the process in the case of Catalunya Banc, although reserves the right not to sell the entity if it is considered that the offers are insufficient. If it does not succeed in buyer now or later, the Government would have to present a plan to liquidate the entity at the end of 2017. The same goes for NCG Bank, where is should "carry out a restructuring in depth of NCG activities aiming to sell it as soon as market conditions permit and a maximum of five years".

Brussels figure public aid to Catalunya Banc in the form of injection of capital and transfer of toxic assets in 13.650 billion euros, as well as warranties or guarantees other 10.760 billion. AT NCG Bank figures the don 10.352 million in direct aid and some 7,500 million in guarantees.

The Commission recognizes that since the change of management in June 2010 in Catalunya Banc there has been a turnaround strategy to improve corporate governance and control, and risk management. The plan foresees a reduction of operational costs of 500 to 600 million, a reduction of 30% - 40% from 2011. For NCG, the planned reduction is 70-80 million.

The catalan Bank should sell its shareholdings in stages, from 20% to 50% both this year as the next two. If by 2015 something don't you sell, give them low and will offer them for one euro.

NCG Bank should get rid of Banco Gallego, sell EVO and also its industrial holdings. If not you achieved it, you must sell them for one euro. NCG Bank has a 23.75% of Itinere, 8.65% of Sacyr, 5% of CLH, 10.3% of Caser and 30% of Enerfin. The entity must not only sell shares and subsidiaries, but also reduce their credit exposure to them.

Spain must report every six months the fulfilment of the conditions. In addition, entities will have a kind of Auditors (monitoring trustee) who will monitor compliance with the commitments and will have full access to all the information you need.

The plans are subject to possible changes in the event of sale of the entities at the request of the buyer.

Finance; Economic; Business

Finance; Economic; Business

The debt grows 146.000 million and touching its highest since 1910

Source: IMF and homemade. / COUNTRY

do var c_url = "; var c_title ="; var c_via ="; if (c_via == ') c_via = ' pais';if (c_title ==") c_title = (document.getElementsByTagName ('title'))? encodeURIComponent (document.getElementsByTagName ('title') [0]. innerHTML. split('|'))[0]): "; if (c_url == ') {c_url = location.href; c_url = c_url.replace(/.html.*$/gi,".html"); c_url = c_url.replace(/\/album-\d+\//gi,"/ album /"); / / c_url = c_url.replace(/\/m\//gi," / "); c_url = c_url.replace(/http:\/\/elpais.com\/m\/([^\/]+)\//gi,"http://$1.elpais.com/$1/"); c_url = c_url.replace(/http:\/\/elpais.elpais.com/gi,"http://elpais.com"); c_url = c_url.replace(/http:\/\/diario.elpais.com/gi,"http://elpais.com"); c_url = c_url.replace(/http:\/\/tematicos.elpais.com/gi}(, "http://elpais.com");}var params = {url: c_url, text: c_title, via: c_via}; new EPETMail (document.getElementById ('capaEnviarCorreo'), document.getElementById ('submit') "); new EPETTwitter (document.getElementById ('twit'), document.getElementById ('tnum'), params); new EPETFacebook (document.getElementById ('core'), document.getElementById ('fbnum'), params); new EPETGooglePlus (document.getElementById ('gp'), ", params); new EPETLinkedin (document.getElementById ('linkedin'), document.getElementById ('lnum'), params);

The Government and the Bank of Spain have already figures in his power. And they are chilling. The Spanish public debt broke records in 2012. In the first year of the Government of Mariano Rajoy, the passive - measured according to European criteria - volume soared to 882.300 million euros, according to official sources. This means that you increased in a single exercise in 146,000 million. 400 million debt more each day. Never in the economic history of Spain the debt of public administrations had increased so much in a single year. 2012 Increase small leaves even the 2009 year blacker José Luis Rodríguez Zapatero stage for public debt. In five years, the debt has increased by 500 billion and turns this into one big ballasts for the recovery of the Spanish economy.

The increase in public debt in 2012 is the equivalent of more than 14 points of the gross domestic product (GDP). The National Institute of statistics (INE) has not yet published the figure of GDP last year, but using public and private estimates, those 882.300 million debt equal to 83.5% and 84% of the GDP. The Government had forecast a ratio of 79.8% in the overall budgets for 2012, presented last July which, in developing those of 2013, revised the figure upward and became feared by 85%. In relative terms, higher is the level of debt in more than one century, specifically from the year 1910, when the Spanish debt stood at 88% of the GDP, according to the historical series published by the IMF. At that time, Spain topped up the crisis of 1898, in which the costs of the war with the United States and the loss of the colonies took the debt above 100% of GDP. "The problem with this level of debt is that you submit to the tyranny of the market expectations: not only increases the interest payments, which are eaten much more part of their budgets, but it also returns to a country more vulnerable to changes in interest rates." And the market can happen considering you solvent to insolvent from one month to another single only because of a change in expectations,"warned from London Antonio Garcia Pascual, Chief Economist for the South of Europe, Barclays Capital, whose service of analysts forecast a debt burden in GDP close to 95% in 2015.

The Bank bailout and the payment to suppliers raise the debt

Several factors explain the record of last year debt increase. Most are due to the public deficit. Despite the cuts and tax rises, the Government of Mariano Rajoy has been unable to significantly reduce the gap in the public accounts. Although communities and municipalities have Yes reduced it somewhat more, deficits remain the main cause of the increase in debt. But that there are, above all, three other factors. On one hand, the rescue of Spain to recapitalize banks. The Government has requested nearly 40 billion in 2012 to its European partners to inject BFA-Bankia, CatalunyaBanc, NCG Bank and Banco de Valencia and to inject money in the bad Bank, which has resulted in December 2012 to be the month of the history of Spain in that debt grew more. Second, is the plan of payment to suppliers, which has led to that debt before not computing (invoices unpaid) pass counted as debt. Third, the debt also grows by the share allocated to Spain of loans for bailouts of Greece, Portugal and Ireland.

Although the great protagonist of the increase in debt is the central State, the Bank of Spain not publish figures with the breakdown by authorities until March 15. Liabilities in circulation of the State now exceed the billion euros and probably 100% of GDP at the end of the year, but there are more than 100 billion of debt in the hands of other administrations (by the Fund subject to Social Security, the payment to suppliers and the regional rescue, mainly). That circumstance and other settings reduce the debt measure according to the Protocol of the excessive Deficit to the above 882.300 million. In that number not listed about 60 billion euros of debt that have public enterprises.

It is not the still photo of this volume of that debt most alarming, but the context underpinning it - with six million unemployed economy suffering its second recession in four years--and his meteoric rise: before the crisis, in 2008, it was less than half (36.3%) and the Government plans to reach 90% in 2013. For Emilio Ontiveros, President of international financial analysts (AFI), "the main problem is the payment of interest, because it is the most unproductive game of expenditure possible and occurs in a country that has had to cut back in other areas and needs to restore growth".

Gross liabilities exceed the billion euros and are around 100% of GDP

Spain had never spent so much money to pay only the interest on its debt: 38.660 million EUR is what collected for this year the overall budgets of the State (PGE), 33 percent more than the budget for last year. These financial expenses exceed for the first time in history that the Government intended to staff costs chapter. "When GDP grows, that level of debt is palatable, but in recession it is worrying: If you don't grow, you can not pay your debts", says Ontiveros, who defends that Spain had asked the bond-buying program prepared by the European Central Bank (ECB) to reduce the interests paid by the Spanish debt markets, a mechanism for which before the Government should ask rescue its European partners. "The corollary of this is that Spain urgently needed measures to reduce this spending," he says.

The interest environment that pays the debt of the State is 4.1% with an average of 6.1 years maturity, but this level of profitability that investors demand can grow by the economic downturn. Despite the truce that the markets have given to Spain, interest recovered by the political tensions in Spain and Italy.

José Carlos Díez, Intermoney Chief Economist, warning that Spain fails in all the variables that serve to stabilize the debt: its economy does not grow, pay a high interest rate and has primary deficit (the prior to the payment of interest on the debt). If not it redirects your situation, this "is a dynamic that just leading to defaults" reflects.

Finance; Economic; Business

Finance; Economic; Business

Paid $ 125 million to the IRS whistleblowers

Former banker in UBS berkanefield Bradley got a 104 million dollar bounty to expose the company's program to help American taxpayers hide assets, although it also received a 40-month prison sentence for his part in the alleged scheme.

The Internal Revenue Service announced Wednesday that it paid $ 125 million for whistleblowers in fiscal 2012, a clear record of just 8 million dollars last year.

The boom was driven largely by one man: berkanefield Bradley, a former banker at UBS, which provided information on broad company commercial to help wealthy Americans hide their assets abroad and received a record $ 104 million bonus for his efforts.

Berkanefield in tips helped pave the way for a settlement between the u.s. Government and 2009 "UBS (UBS) which the Bank agreed to pay $ 780 million in penalties, handing over account information to thousands of u.s. clients.

Berkanefield himself had in 40 months in prison in 2009 for his part in the programme for UBS tax evasion, his lawyer has described the conviction unjust. Prosecutors in the case claimed that berkanefield was not forthcoming about his role in the scheme, according to reports from the time.

The IRS permission to pay rewards to whistleblowers since 1867, despite the passage of legislation in 2006 to expand the Agency's ability to process tips, increase potential rewards available.

Now entitled to informants who provide evidence the IRS for unpaid taxes of more than $ 2 million collect up to 30 percent of the total recovery. Smaller rewards for cases involving less than $ 2 million.

Related: again gets tips 3000 in the first year of the whistleblower program

Evaluation tips can take years, and the program was criticized by chaotic and under-resourced. Pay the first rewards based on the 2006 legislation did not come out until the year 2011.

The IRS has released 128 whistleblower rewards of fiscal year 2012, although only 12 of those cases involved more than $ 2 million in unpaid taxes. In total, participants helped raise the income tax more than 592 million dollars.

The Agency received tips 332 in fiscal year 2012, which seems to involve more than $ 2 million in unpaid taxes, although the total bonuses that will generate these tips remains unknown.

First published: 13 February 2013: 6: 12 pm et

Finance; Investment; Business; Economics

Finance; Investment; Business; Economics

Communities sold nearly 5,000 million in debt in just one month

The market, the handful of banks and investment funds that move huge amounts of money and put Governments on tenterhooks, has reconciled with the autonomous communities. Investors again bet on Spanish debt when the European Central Bank (ECB) warned in September that it would take measures to protect the eurozone, and since the beginning of the year and the central Government has authorized it, also the regional debt sold without problems, albeit at a high price. In just one month, six communities have placed at least 4.681 billion euros in securities and the demand, they explain various market sources, has far exceeded the offer and includes a relevant international weight. Highlights the operation of Madrid, who sold the 2,270 million authorized in little more than one day. Followed by Galicia, Aragon, Extremadura or Navarre.

The ECB warned that it will hold the euro - and Spain, if it does lack - and the Government ensures that it will not fall to any community. Thus opened the floodgates of money in summer. Interests that investors demanded to peripherals like Spain and Italy countries eased. The Rescue Fund for the communities, called Fund of regional liquidity (FLA) activated by the Executive to help regions with problems, has instilled a trust similar to the programme of buying Government bonds of the BCE (announced but not activated) If a eurozone country requests financial rescue.

PIMCO, the largest managing fixed income in the world, has come back to Spain. "We have been very cautious until last summer, which means that our exposure to Spanish debt has been very limited," says Lorenzo Pagani, head of European sovereign debt of Pimco Munich, but the change of third in the behaviour of the ECB changed the vision of the Fund. "As a result of that, we increased our investments in Spain, as in Italy, from summer", adds.

Madrid garnered nearly half of the bonds issued so far in 2013

The regional rescue plan, debt offering by the communities in the market enjoy a State guarantee in practice (covered by the ECB at the end of the chain), but with a much more juicy than the Treasury yield. For example, the community of Madrid offered a coupon of 5.75% on February 1 in a private placement of 1 billion to five years, while Treasury paid in its last auction of titles to five years, on February 7, 4.16%. And 5.76% of the titles that Galicia issued to four years on January 30 can be compared with the cited reference of treasure (and its 160 basis points or 1.6 percent difference), or three year bonds auctioned on January 17, which paid the 2.77% (which would imply a surcharge for the Galician of 300 basis points titles(, three percentage points).

'Investors are buying public, almost sovereign risk, but with much greater profitability and that arouses the interest even to the communities that have played host to the FLA,' explains Cesar Cantalapiedra, international financial analysts (AFI). In the same vein, Javier Ferrer, director of the fixed income of Ahorro Corporación table, points out that currently "there is high demand and little paper" especially from "funds Anglo-Saxons who seek high returns". These funds do not find the desired performance values refuge as German bonds, which pay a minimum interest and sometimes even negative.

Regional debt has not traditionally attracted foreign investors. They do not understand very well the autonomic system, are wary of their accounts and do not trust the central Government control over communities and its budgetary commitments. Standards as of the fiscal discipline - that penalises the regions that violate deficit goals and limits its borrowing capacity - have tried, in good part, to mitigate international concerns. Printing has changed, although if there are surprises on the deficit in the aggregate accounts 2012, could be ruined with any progress.

"I think that this fear of regional accounts came from ignorance," explains Lorenzo Pagani, PIMCO, and continues: "the high interest rates seen in the regions in the recent past has encouraged foreign investors to conduct their analysis to understand how the system works and be able to distinguish between regions. Already we cannot speak of fear, but of the correct price in relation to the risk outweighs".

Autonomy must repay some 20 billion this year

The appetite of investors, if maintained, will find offer. The Government authorized last Friday to the nine autonomous communities that have hosted the FLA to issue debt worth more than 20,000 million. This does not imply an increase in indebtedness. That money will be used to cover the repayments provided for this year. Catalonia the main amount corresponds to (8.856,37 million), the rest is divided between Andalusia, Asturias, the Balearic Islands, Canary Islands, Cantabria, Castilla - La Mancha, Murcia and Valencia.

The natural position of many funds, when they are in a neutral position on Spain, "is to have something invested in it risk. Before they were not in that position, so returning to it have been buying", said Ignacio Rodriguez Añino, of M & G Investments.

But the positions of the markets have a very uncertain period. And this 2013 comes curved: regions must reduce its deficit to half (1.5% of GDP in 2012 to 0.7%) and finance 48.020 million, when mandated by the Government in the FLA is some 23,000 million.

Finance; Economic; Business

Finance; Economic; Business