How does the recession affect you?

To the margin of the negative information, with which sometimes the means bore and of the impossible economic terms that they use, today we want to ask the citizens who are not expert, but who every day turn out to be affected by the situation and to those that it does not cost them, about a monthly report full of numbers.

Also moving away from the image of serenity that the Government wants to give, as well as the solemn pasimonia with the one that sometimes there confront the crises, the certain thing, it is that the rest of human beings, almost all, we turn out to be affected by the situation, which far from abating, it seems that it is going to exploit.

Apparently the new year that enters, 2010 also is going to be a year complicated in the economic thing, the information that the Government has facilitated till now there are more negatives even that the modality 2009.
But, to the margin of the recession that clearly is one of the words surely more used by the means in the whole year, the true thing is that, we want to know the opinion about all who have turned out to be influenced, for good or for evil, we are not going to be defeatists, of this situation.

The finance blog, wants to know your opinion and knowledge the histories that make a detour to the current situation. So much the positive histories, as for example if you have obtained a work in crisis time or for the most negative histories, but always from the creative side. For example, if perhaps the situation has done that you have had to promote your company and has given one I return as for work and that has served to you to gain more experience, or if on the contrary, you believe that all this is a farce on the part of the system.

All the experiences are valid, real and capable of change.

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Ben Bernanke presents himself of the year, according to the magazine Steal

As every year, the prestigious American magazine Steals it named, to his understanding, who the person of the year 2009 is. The prizewinner in this opportunity is a man who has been named in several occasions in this finance blog. It is a question of the president of the Federal Reservation of the United States, Ben Bernanke.

The proper magazine Steals it was him who informed that the personage of the year 2009 is the person in charge of the FED, Ben Bernanke. This appointment owes to his excellent role at the head of the financial organism in epochs of the world, hardest crisis from the Big Depression of 1929, as they have expressed understood of the topic.

The time appointment coincides with the declarations of the president of the United States, Barack Obama, who months ago emphasized the aptitudes, the temperament, the courage and the creativity of Berbanke, but especially it praised his roll at the head of the Fed in epochs of crisis. As published this one the same finance blog, in this occasion Obama he asked Bernanke the FED to continue in charge of for one more period.

It is important to emphasize that in the last hours it was known that Cómite Bancario of the Senate of North America gave “green light“ so that Bernanke continues at the head of the Federal Reservation of the USA, reported the web site of the news agency Europe Press, that he added that the voting is still missing in the Senate. It is necessary to add that, of achieving one more support, this will be his second period like president of the FED and will go until the year 2014.

Who is Ben Bernanke?

The North American 56-year-old Ben Bernanke, assumed the last 1st of February, 2006 the president's charge of the Federal Reservation of the USA, in full government of the North American ex-president George W. Bush. Of achieving the entire support of the Senate, his second period in the FED will give beginning in February, 2010 and will finish at the beginning of 2014.

It is important to emphasize the confidence that Barack Obama has with Ben Bernanke, although this politician worked with Bush leading the team of economic advisers during the administration of the ex-president, as he informed the version in Spanish of Wikipedia.org, and that was he who gave him the vote of confidence so that it was commanding the FED the latter four years.

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World stadium of South Africa: 600 million dollars

As in previous occasions, this finance blog continues with the journalistic notes related to the next world cup of soccer that will be realized in 2010 in territory of South Africa. Next, and following this subject-matter, one will allude to the millionaire investment realized in the construction of a luxurious sports stadium in Cape Town. It is important to add that in the above mentioned place will dispute a series of parties, including the second meeting of this one so important glass of the world of soccer that will face France and Uruguay.

According to the drawing realized at the beginning of December, the selections mundialistas of France and Uruguay will have to face on Friday, the 11th of June 2010 in Cape Town, South Africa. The above mentioned party will be carried out immediately after the inaugural party between the home team and Mexico, who were chosen to give beginning to the next World cup of Soccer of South Africa 2010.

As informed the news agency EFE, the stadium mundialista where the party will be disputed between France and Uruguay has cost about 600 million dollars. We are speaking about the Stadium Green Point. The above mentioned building located in full City of End, would be prompt by the middle of January, 2010, added EFE.

It is important to emphasize that one is alluding to a millionaire investment in only a building mundialista. That is to say that the entire expense in stadiums in the South African territory must be an even more impressive number, in spite of the financial and economic crisis that it flogged to the world in the last months.

Along with the selections of France, last vicechampion of the world, and Uruguay, there complete the Group A of this world cup of soccer the teams of South Africa and Mexico.

In futures post, this finance blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

On the other hand, if this way he wishes it, you can read or reread the previous notes about this championship of soccer that will be disputed in territory of South Africa.

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Air Comet, presents an ERE to his 640 employees

Weeks ago we were already listening for the radio to take control in the most important gatherings of personnel of the air company Air Comet, these were indicating the suspension of payments that they were suffering of hacía months.

After the Records of Regulation of his almost 700 used (ERE), which waits that it should appear today, the Company will declare itself in Creditors' Contest in one month.

The Department of Promotion withdrew yesterday the flight license to the Cia. Air Comet, because of his deficit insolvency situation approaching the debt to 100 million € and having impeded a British Court the fleet of the Company this last Monday.

The State Agency of Safety Airs, AESA, establishes the criteria by means of a Resolution for which he will execute subsidiarily the unfulfilled obligations of Air Comet. It is believed that they are 7000 travelers those who must fly in this Christmastime and close to the affected 40.000. The subsidiary execution will limit itself to attending to the affected persons who are in an urgent need situation to return to his starting points and for those who had the comeback flights compound until the 26th. The rest will have to be claimed in the Airport of Cards and in the Headquarter of Civil aviation, in the field of the Nations, C / by Rivera of the Loire, 46 of Madrid.

Today the AESA has compound 4 flights that will move part of the said passengers, at the last hours of the day. Information phones in national territory: 902333903

ERE to his workpeople

When a company presents his personnel an ERE, it solves of massive form the contracts of employment and in less than 90 days.
The workpeople included in the records receive minimum 20 days for worn out year being 12 monthly salaries the maximum thing. Sometimes it is agreed by the company.

When an ERE is executed, one communicates to the worker for letter his dismissal delivering the settlement and the company certificate, notifying the dismissals to the INEM. The worker has 15 working days to request his welfare before the INEM.

The businessman must give the indemnifications and in case there is nonperformance, the worker has of 1 year to protest before the justice.

FOGASA: Wage cover, it is a state organism that will intervene if the worker does not receive quantities that for law correspond to him and in this case they correspond both to the wages and to the indemnifications.

The salary will not be able to be bigger than the triplo of the Interprofessional Minimum and the indemnifications in his maximum of one year without overcoming the daily quantity the correspondent to the same previous scale.

Image: Ricardo Pérez

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Paul Samuelson dies the Nobel Prize of Economy

Paul Samuelson, who helped to sit the bases of the modern economy, has died in his house of Belmont, Massachusetts, after a brief illness. His death has been confirmed by the Institute of Technology of Massachusetts.

Samuelson was a maximum figure in the application of the mathematical analysis between prices, supply and demand. “Paul Samuelson transformed everything what it touched: the theoretical essentials of his field, the way of teaching economy to the world, the features and the dimension of his department, the practices of investigation of the MIT and the life of his companions and students”, said the president of the MIT, Susan Hockfiel, in a bulletin.

Samuelson was the first American in obtaining a Nobel Prize of Economy, in 1970, the second year that was delivering to itself the award.

Simultaneously, the Swedish Academy quoted Samuelson for “having done more than any other contemporary economist to increase the level of scientific analysis of the economic theory”. Samuelson always insisted that the mathematics were essential for the economic analysis.

In his thesis of 1947, Essentials of the Economic analysis, Samuelson he corrected to his profession for practising “mental gymnastics of a particularly depraved class”.
Between his most out-standing pupils are the president of the Federal Reservation, Ben Bernanke, the Nobel Prize and columnist of the New York Steal, Paul Krugman, and Christina Romer, director of the Council of Economic Matters of the White House.

The textbook of the subject of Samuelson, Economy: an introduction to his analysis, it has been translated in 40 languages and it sold more than four million copies since it was published in 1948.

Paul Anthony Samuelson was born in Gary, Indiana, in 1915. It graduated in the University of Chicago and realized a master's degree and later a doctorate in the University of Harvard.

Even before his Nobel Prize, Samuelson had piled up a list of important awards. He published his first work when he was 21 years old, A. David Wells gained the award in 1941 to write the best doctoral thesis in the University of Harvard on economy, and it was rewarded by the Bats medal, in 1947 granted annually by American Economic Association.

Wikipedia image

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The Nielsen Company will close and sell several publications

As there was done by the putting in sale of the magazine Playboy, the failure of Reader's Digest or the change of signature of the prestigious publication BusinessWeek, next one will allude to the company The Nielsen Company and his decision to close definitavamente the publications “Publisher and Publisher” and “Kirkus Reviews“ as this way also of selling some others like, for example, “The Hollywood Reporter”.

In several occasions, this finance blog has alluded to the topic of the international mass media and the economic problems that bother them, after the hardest financial crisis from the Big Depression of the year 1929.

In the last days, the press means there has been made echo of important news related straight to the prestigious company Dutch - North American The Nielsen Company. Founded in the year 1923, it has his head office in the city of New York, the United States of America, it is present in about 100 countries and gives work to approximately 36.000 persons, as he informs the version in Spanish of the web site Wikipedia.

According to several press means, The Nielsen Company announced that it will put in sale several of his most important publications, between them ”AdWeek”, “Billboard“, “Brandweek“, “Mediaweek“ and “The Hollywood Reporter”.

Between other things, the company informed that, also, it will close the famous ones “Publisher and Publisher” and "Kirkus Reviews", two well-known magazines of the USA. The closing of the above mentioned publications will be realized of immediate form, published the news agency EFE, which added that this also includes what concerns the part of Internet.

On the same topic, it would be important to add that mister Lachlan Murdoch (son of the Australian millionaire Rupert Murdoch, person in charge of the company of mass media News Corporation) is one of interested so many people in these publications and has clear intentions of being done by them.

As he informed some days ago the web site ElMundo.es, who finally should buy these publications they will have to pay out a sum near to 70 million dollars. How there are other interested parties in these press means, it will be necessary to wait some days more to know that it happens.

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How much does the technical staff of the teams gain mundialistas?

This finance blog will continue with the journalistic notes related to the World cup of Soccer of South Africa 2010, which will begin to be disputed from next June 11 of next year. In this occasion, one will allude to the annual salaries of the technical directors of 32 selections classified to compete for such a valued glass of the world.

Some days ago an interesting classification became public on the salaries that the trainers of 32 selections mundialistas get annually for the work realized in the above mentioned teams of soccer.

Prepared by the Argentine sports newspaper “Olé“, this ranking is headed by the Italian DT Fabio Capello, who at present is at the head of the selection of England. This technical director gains 9.900.000 dollars per year. For his part, the one that less wins annually is the DT of the selection of Nigeria, Shaibu Amodu, who obtains 180.000 dollars for twelve months of work.

Next, there will be announced entirely this classification realized by the Argentine newspaper Olé, which also can be consulted on the proper web page of the sports publication.

01) Fabio Capello (DT of England): 9.900.000 dollars per year.
02) Marcelo Lippi (DT of Italy): 4.100.000 dollars per year.
03) Javier Aguirre (DT of Mexico): 4.000.000 dollars per year
04) Bert van Marwijk (DT of Holland): 2.700.000 dollars per year.
05) Ottmar Hitzfeld (DT of Switzerland): 2.600.000 dollars per year.
06) Joachim Löw (DT of Germany): 2.300.000 dollars per year
07) Vicente del Bosque (DT of Spain): 2.200.000 dollars per year.
08) Carlos Queiroz (DT of Portugal): 2.000.000 dollars per year.

09) Pim Verbeek (DT of Australia): 1.820.000 dollars per year.
10) Carlos Parreira (DT of South Africa): 1.800.000 dollars per year.
11) Dunga (DT of Brazil): 1.250.000 dollars per year.
12) Diego Maradona (DT of Argentina): 1.200.000 dollars per year.
13) Ricki Herbert (DT of New Zealand): 1.200.000 dollars per year.
14) Takeshi Okada (DT of Japan): 1.200.000 dollars per year.
15) Otto Rehhagel (DT of Greece): 1.150.000 dollars per year.
16) Paul Le Guen (DT of Cameroon): 960.000 dollars per year.

17) Marcelo Bielsa (DT of Chile): 850.000 dollars per year.
18) Vahid Halilhodzic (DT of Côte d'Ivoire): 740.000 dollars per year.
19) Raymond Domenech (DT of France): 720.000 dollars per year.
20) Huh Jung-Moo (DT of Republic of Korea): 600.000 dollars per year.
21) Morten Olsen (DT of Denmark): 570.000 dollars per year.
22) Milovan Rajevac (DT of Ghana): 540.000 dollars per year.
23) Radomir Antic (DT of Serbia): 447.000 dollars per year.
24) Bob Bradley (DT of the United States): 400.000 dollars per year.

25) Matjaz Kek (DT of Slovenia): 360.000 dollars per year.
26) Gerardo Martino (DT of Paraguay): 360.000 dollars per year.
27) Rabah Saadane (DT of Algeria): 360.000 dollars per year.
28) Reinaldo Rueda (DT of Honduras): 350.000 dollars per year.
29) Vladimir Weiss (DT of Slovakia): 312.000 dollars per year.
30) Oscar W. Tabárez (DT of Uruguay): 300.000 dollars per year.
31) Kim Jong-Hun (DT of RDP of Korea): 250.000 dollars per year.
32) Shaibu Amodu (DT of Nigeria): 180.000 dollars per year.

In futures post, this blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

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How much will the champion gain of World South Africa 2010?

This finance blog will initiate a series of journalistic articles as regards the next World cup of Soccer to be carried out from June 11 until July 11, 2010 in territory of South Africa. In this occasion, one will allude to the sum of money that will gain the soccer selection that I managed to come to the final of the tournament and to rise with such a valued glass of the world.

Every time it is missing less by the beginning of the glass of the world of soccer and they speak already to themselves about numbers and awards. In the last hours, it was announced that the champion of this one so important world cup will pocket 31 million dollars.

It is important to add that this number was announced by the General Secretary of the FIFA, the Frenchman Jerome Valcke, in the frame of a press conference realized in Robben Island, a beautiful island located in South Africa, host country of the world cup of soccer of 2010.

Between other things, Valcke expressed that every selection will gain 9 million dollars only for competing, without importing if she goes so far as to remain eliminated in the first phase or manages to go on to the following rounds, reported the news agency AFP, which he added that 32 teams have already received a million dollars each one.

To finish this note, and as penetrating to the reader to this gentle sports holiday that will begin in the middle of 2010, eight groups will be detailed, with 32 classified selections, of this important tournament.

Group A
South Africa
Mexico
Uruguay
France

Group B
Argentina
Nigeria
Republic of Korea
Greece

Group C
England
The United States
Algeria
Slovenia

Group D
Germany
Australia
Serbia
Ghana

Group E
Holland
Denmark
Japan
Cameroon

Group F
Italy
Paraguay
New Zealand
Slovakia

Group G
Brazil
RDP of Korea
Côte d'Ivoire
Portugal

Group H
Spain
Switzerland
Honduras
Chile

In futures post, this blog will keep on reporting about the financial and economic topics related to this glass of the world FIFA.

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The banking will pay more for the deposits of the clients

The medium banking in Spain will have to increase the remuneration of the deposits of the clients and reduce the financing that it obtains of the exterior, according to the director of the Area of Management of Assets of Banco Popular, José Manuel Piñeiro.

“Facing the future, the entities will have to close the acquaintance as ‘commercial gap’. It will be necessary for his stability to reduce the percentage of dependency on the wholesale markets, what means an increase of clients' deposits in the whole of the debit of the balance”, thinks Piñeiro.

In an article publicadado in the last number of the Magazine of the Stock Exchange, the manager of the Popular pevé that this will lead to a more generous remuneration of the deposits and to an increase the 'spreads' applied to the operations of investment.

Also, it highlights that a narrow relation with the client will be indispensable in the future, not only to fit the insurance incluída in the interest rates applied in every contract of investment, but also to fit the product to the needs of the client.

Thus the clients with needs for investment will reduce the number of financial institutions, what will allow a major business concentration for client, while the key for the knowledge of the clients takes root in the closeness to the same one, stands out Piñeiro.

It is a question, according to the expert, of applying in the future strategies of “differentiation“ that allow the financial institutions to compensate the minor growth of the results thanks to the progress of the profitability of the assets. “The strategies lack of definition only transports a worsening of the results“, supports.

Piñeiro argues that, according to information of the Spanish Bank, the companies that work with only one bank have had less problems to solve his needs for financing, while the problems are increasing as there increases the number of banks with which the company works.

This has to do with the reduction of the deficit of information between the lender and the borrower, for what the information progress becomes also essential to improve the type to be applied in the investment operations.

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The real estate agency of Dubai World lost 2.465 millions

Nakheel, the real estate property of Dubai World, has announced that it had a few losses of 13.400 million dirhams (3.650 million dollars, 2.465 million euros) in the first semester, due to the depreciation of assets and the fall of income.

The income for his part, lowered 78 %, up to 1.780 million dirhams (327,46 million euros). Nakheel has reduced the value of areas and of some projects in construction up to his commercial value after the collapse of the real estate prices.

According to the document obtained by Bloomberg, this information contrasts with the profit of 2.650 million dirhams (487,5 million euros) of the same period of last year. At the end of June, Nakheel had a few entire assets of 147.000 million dirhams, opposite to 155.500 millions at the end of December of last year. The debit for his part, was promoting 73.300 million dirhams.

Dubai World began last week to speak with his creditors to restructure his 26.000 million debt dollars, which include 3.520 million dollars of Islamic bonds that mature on December 14 expressed by Nakheel.
According to the sources consulted by Bloomberg, Dubai World he would have been negotiating yesterday with his six principal creditors.

On the other hand, the country is investing in the creation of new industrial mega-parks, to which a specific regulative legal frame is applied to them for business, in end garantista, what favors the investment and the rapid installation of the new companies, as well as a capital comeback of 100 % and other advantages that join the proper ones of this city, like the abundant energy of low cost and an excellent port and airport infrastructure.

In the city of Dubái the port Port Rachid is and to 35 km from the city, close to the forntera with Abu Dhabi, there is the biggest port of the world constructed by the man and the biggest port of Middle East: Jebel Ali.

Image CC of Stewie1980

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Imaginarium reduces his starting price to bag

Imaginarium, the Spanish multinational specializing in the sale of toys and products for the infancy, stumbles at least of 24 hours for his début on the Stock-exchange Alternative Market (MAB). It will do it at a price below due incialmente and without the OPV (old actions) of one of his shareholders, Caja de ahorros de la Inmaculada. It will only sell in bag those of new emission, cutting this way the free float away and preventing from being too many qualifications in sale.

This will be the second exit to bag on the Stock-exchange Alternative Market. The first one was that of Zinkia, producer of famous cartoon Pocoyó. Then, the company at that José Maria Castillejo presides also turned out to be forced to reduce the price for his stock-exchange début and to limit the offer to the actions proceeding from the increase in capital, suppressing the OPV that it was affecting to the qualifications in hands of the associates of the producer. Nevertheless and despite the initial doubts, Pocoyó shot 27 % in his début.

Definitely, the price will be 4,31 euros for action, below the pitchfork foreseen in the informative document of the laying, understood between 4,94 and 5,79 euros by action, as he informed today the company. With this price, the company will have a value for 61,02 million euros, opposite to the status of between 69,95 and 81,98 million due euros initially. Bearing in mind that the nominal value of the qualifications of Imaginarium is 0,03 euros, the definitive price implies a premium of emission for 4,28 euros for action.

Of the same way, due to the market conditions, the company, the Savings bank of the Blessed Virgin Managerial Development, Society of Risk capital of Diet Simplified (I FELL DOWN SCR) and Banesto Bolsa, entity colessor, has decided to exclude from the sale offer the actions initially offered by CAI.

This way, the entire size of the offer remains established in 2,85 million actions, of which 450.000 are proper qualifications of the society and 2,4 million actions of new emission, representative jointly of 16,36 % of the share capital of Imaginarium after the subscription offer. Thus colessor suppresses the call option green shoe granted by CAI SCR in favor of the entity.

Image CC of Moranga

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The bag of Dubai loses more than 7 % after three days closed

The bag dubaití, that from the last Wednesday was closed, has quoted again today with falls near to 6 % in 1.970,20 points and with a scarce hiring volume. The market of Dubai has closed the meeting with a loss of 7,3 %, while elprincipal indicator of Abu Dhabi for his part, has collapsed 8,3 %.

This way, the markets of the emirates have quoted again for the first time from the last Wednesday, when Dubai World announced his plans of asking for a moratorium to pay his debts. The sale orders have dominated a day in which scarcely there were buyers. Both bags have lost approximately 10.000 million dollars of his value, according to AFP.

Most harmed they have been the construction sector and the financier. This way, the biggest real estate property development company of the United Arab Emirates, Emaar Properties PJSC sinks close to 10 %, the same percentage as Aldar Properties. For his part, Air Arabia has stepped back 9,62 %.

The local analysts impute this collapse to “the exaggerated informations of the western means”, according to the Hamam words to the-Shamaa, of Al-Fajr Securities, gathered by AFP. “We hope that the foreign investors should keep on going out of the market, a movement that, obviously it terrifies the local investors”, he has told and has anticipated that hope that the falls should continue tomorrow.

Also, the bag of Saudi Arabia, the most important of the countries of the gulf, will be closed until Saturday, and neither it opened today that of Kuwait, the second one of the region.

Meanwhile, the markets of the USA. have started the week with the look put in Dubai, after last week they were avoiding better the 'shock' generated by the risk of non-payment of the debt of that country. After Thursday to remain closed, day in which the panic exploded, as a result of the day of Thanksgiving, and to close with falls on Friday after a half meeting for the festivity of Black Friday, has come the moment from that the investors analyze the situation of the Arab state while the informations happen I half-close to this crisis.

Image CC of Stewie1980

He translates

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For The Wall Street Journal, the unemployment is the chronic illness of Spain

The Wall Street Journal, as they were already doing The Economist and Bloomberg last week, he dedicates an article to revise the situation of Spain with adjectives few benevolentes. The head property of Rupert Murdoch affirms that the unemployment is a “chronic illness” in the country and that the Spanish have got accustomed to her.

Irwin Stelzer, the author of the article and recognized economist and member of Hudson Institute, identifies the explosion of the real estate bubble, which “has struck Spain with more force than to no other European country“, like the origin of the current situation for which now the Spanish active population crosses.

Also, it is remembered that the unemployment valuation is located in 19,3 % - in accordance with the last information published by the office of statistics community Eurostat - and heads for 20 %. Also, according to the expert, everything points that the tendency does not go revertir to the rise in for the time being for several motives.

To start, Seltzer defends the idea of that the Spanish “have accustomed” to coexist with very high unemployment valuations: between 1884 and 1998 it was located between 16 % and 23 %, and in the last 30 years it has not ever gone down 9 %. For this motive, he affirms that the Spanish have the impression of which it is a question of a “natural condition” and quotes Jaime García-Legaz, General Secretary of Faes, who affirms that “many people have the impression of which the unemployment is like a Spanish pandemic”.

Also he thinks that another factor that it helps to that in Spain the excessive employment destruction is accepted with “relative calmness” is the system of social services. The high subsidies that Spanish receive idle, “between 80 and 90 % of the last salaries for two years”, it does that they push “almost any job vacancy” back.

In this point, the economist affects on a new problem on which echo has already been done from diverse institutions. All the more time a person remains in the lists of the INEM, less attractive it will be for the company that, also, she will turn out to be braked by the high cost that of the dismissal in Spain, which the author of the article places between 30 and 45 days for worn out year - those that correspond for the indefinite contracts-.

Finally, Seltzer points at the submerged economy, which contributes income extra and brakes even more the Spanish without work to leave his condition of stopped.

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Funcas: the GDP will fall down 3,7 % this year and the unemployment will rub 20 % in 2010

The Foundation of the Savings banks (Funcas) has supported in-3,7 % the fall of the GDP this year and in-0,6 % the descent waited in 2010, according to the last estimations of November, which worsen the forecasts of the Government for both years in a tenth and in three tenths, respectively.

This result for this year owes to a fall of 6,5 % of the national demand, which will not be able to be compensated by the growth of 2,9 % of the external demand.

This way, for 2010, the forecast of growth of the national demand has deteriorated from a valuation of-1,5 % up to-1,7 %, although this slightly more negative evolution waited for the components of demand has been resisted by an improvement of the expectations for the exports, which will grow 2,1 %, opposite to the previous forecast of 0,8 %. This way, the external demand will contribute 1,2 points to the growth of the Gross National Product.

The quarterly profile waited by the panel of forecasts corresponds to a few valuations that are going to be supported without changes in-0,3 % in the fourth trimester of 2009 and first of 2010, what it implies that up to the second trimester of next year an improvement will not take place, when the GDP c omenzará already to register positive growth valuations in interquarterly terms.

These consensus forecasts for the industrial activity have improved, up to a change of-17,4 % in 2009, but the improvement has been more significant in the forecast corresponding to 2010, which has been located in-2,7 %, 2,4 points more than in the September panel.

As for the inflation / deflation, the estimations of the panel of Funcas have been modified perceptibly to the fall, up to-0,3 % of average this year and a 1,3 % the next one, two and three tenths less than the previous survey, respectively.

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Phone companhy is done by 21 % of Digitalis +

Phone companhy, the operator at that César Alierta presides, has approved his entry in the capital of Digitalis +, the television platform for satellite of which he was already a shareholder until 2007. The actions of Hurry raised 2,5 %, meanwhile Phone companhy noted down 0,8 %.

Also, the evaluation of 100 % of the company is located in 2.238 million euros.

This way, the managing Phone companhy organ gave today green light to the buy of 21 % of Digital Bonus for 470 million euros, operation which the telecommunications operator enters again the platform of the Group Hurry after in May de2008 it was selling 16,79 % of Sogecable for 650 million euros.

For Digital Bonus he supposes one more step in his cash search to confront next March the expiration of the credit of 1.950 millions requested precisely to confront the Sogecable opa. Approximately 180 millions of the agreed price will be a capitalization of the debt that Hurry was supporting with the company of Alierta.

This operation, which had been already studied and postponed by the Council of Phone companhy in at least two cause, it values Digital Bonus for 2.238 millions, far from the Hurry aspirations only a few months ago, any approach was pushing in them back below 2.500 million euros.

Both the economic urgencies and the starting of the TDT of payment have moderated the Hurry requirements. In fact, in the end also Phone companhy has granted something. Not in vain the offer that there had presented in March the Spanish teleco of that time of the hand of Vivendi, was not overcoming 2.000 millions for the platform.

Also this acquisition is realized under the condition to reduce his leverage up to being located in five times ebitda at the end of 2010 and in 3,5 at the end of 2013.“ It is the exposition that the most important banks have done and in Hurry it is seen like a realizable condition ”, make sure sources next to the negotiation.

Image Alberto's CC OG

He translates

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Twitter might introduce publicity and go out to bag

Twitter, one of the principal social networks in Internet, studies to go out to bag to collect funds if it is necessary, said Biz Stone, one of his founders. The company, of three years, already is achieving some income and on them it will concentrate next year. According to the proper Stone, “2010 is going to be really the year of the results.

In September Twitter received investors' income as the fund T. Rowe Price and the company of private capital Insight Venture Partners, what according to analysts prepares the way for a possible share offer of sale (OPV). According to different sources, the company might cost approximately 1.000 million dollars thanks to the new obtained funds for 100 million dollars.

Biz Stone said to journalists that he did not want to sell the company, but that he would explore the alternatives to an initial share offer. This way, in an entrepreneurs' workshop he affirmed that “the matter is that we want to construct our own company that lasts a lot of time. If an OPI is the way of making it, of that time insurance. We still have not discarded it of our calendar”.

Also, he affirmed: "Definitely we are not interested in selling the company”. Nevertheless, also he said in the Oxford University that “if an OPV is the only way, insurance of that time. But if there is another way that also would be fantastic. Perhaps a new way arises”.

The founder did not want to contribute details on how Twitter would introduce publicity next year, but it pointed from that it would be different from the traditional forms of publicity online, that include graphic announcements and sponsored searches. When one asked him for the dangers at which his tens million visitors should take offense for the decision of introducing publicity, Stone affirmed: "He is going to love to the whole world. It is going to be amazing”.

Image CC of Mykl Roventine

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Facebook is valued for 6.500 million dollars

In previous editions, this finance blog reported about the interesting so called ranking “The SAI 50 +: World's Internet Most Valuable Startups”, that describes which there are the Internet companies that better they quote at present. In this occasion, one will allude to the social network Facebook who leads this elaborated classification, for the second year in a row, for the web portal Silicon Alley Insider (SAI).

It is not necessary to do a big presentation about Facebook, the most successful digital social network of the moment. What yes it is necessary to emphasize again is that the above mentioned web site is the company of more profitable Internet of the actuality, according to the ranking “The SAI 50 +” that, as in 2008, describes which there are the Internet companies that more they quote, he published the official web site of Silicon Alley Insider.

Created by the North American Mark Zuckerberg and lance thrust to the cyberspace in February, 2004, Facebook is provided at present with more than 300 million users. According to the report mentioned previously, this famous company of Internet leads the ranking since it is valued for about 6.500 million dollars.

It is important to add that this is the second edition of formless “The SAI 50 +: World's Internet Most Valuable Startups”. Although the document realized last year was named “SAI 25 ″, also it was led by Facebook, although in 2008 it was quoted in about 9.000 million dollars, informed the SAI web.

Although Facebook leads this classification, the list is integrated by another 59 digital companies between which there are, for example, Wikipedia (2nd), Betfair (3rd), NewEgg (4th), Craigslist (5th), Mozilla Corp. (6th), Yandex (7th), Webkinz (8th), GoDaddy (9th) and Demand Media (10th).

To consult which there are 60 digital companies that more they quote at present and to find out more about this report, do not hesitate to enter to the web site of Silicon Alley Insider.

Image subject to license CC

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Trichet thinks about the labor reform

Jean Claude Trichet, president of the European Central Bank (BCE), has made sure that the structural reforms “can neither be avoided nor postpone” in Spain. French did special emphasis on the labor market, one of the most rigid of the euroarea, and in a change of productive model to detach from the sector construction construction.

This way, the president of the BCE, that there did this consideration during his intervention in the Annual Convention Financier organized by the Association of Financial markets, praised to the Spanish financial sector and considered it to be as “a source of force and national pride”.

Trichet made sure that the Spanish financial system has been “a leader“ in many cases, in addition to being “more resistant” that others in the first stages of the crises.

For the European chief, the Spanish entities have created before the crisis “a good series of cushions” that it has helped during the recession, although he made sure that adjustments will be needed. In fact, the Governor of the central bank of the euroarea endorsed the words of the Spanish governor Miguel Ángel Fernández Ordóñez, that last week he made sure that at least fifteen boxes should have fused before the summer comes.

Trichet also has indicated that and l "exceptional" support that the Governments have granted to the financial institutions during the crisis “it will be necessary to go withdrawing it”, and he made sure that the "recipe" to return to the stability is “a solid management”.

Nevertheless, Trichet wanted to make clear that is still "premature" to affirm that the crisis has finished and has warned that in the next years the public debt will be major than in the past, therefore it will be important to do an effort in the fiscal consolidation.

Trichet stopped in the Spanish case, of which he emphasized that the fiscal consolidation had progressed more than in other countries. Nevertheless, The banker has affirmed that he will have to make sure that it supports his fiscal credibility respecting the requisites of the Agreement of Stability and Growth of the EU, which limits to 3 per cent of the GDP the public deficit. This way, he has remembered that Spain has been a witness of many processes of restructuring of the financial system in the past that have given like turned out a model “of big success”.

The chief of the BCE has underlined that the Spanish economy "presently" approaches at the “higher economic and social level of the entire world”, although it has made the most of the opportunity to remember that before the crisis began the growth boss was not sustainable.

Image CC of World Economic Forum

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JP Morgan and Société Générale foresee historical maxima for the euro

According to the experts of Société Générale and JP Morgan, the euro might go so far as to mark new historical records opposite to the dollar if it manages to be consolidated over his level of resistance, which is in the status between the 1,50 and 1,5095 dollars

According to Société Générale, as well as another all the strategic analysts, think that, so that the single currency should reach new historical maxima in his crossing with the green ticket there would be necessary, first of all, the rupture of the status of 1,5290 dollars to 1,5305 to be able to advance up to 1,6038 dollars, marked record last July 15 of last year.

This way, one of the mentioned experts has affirmed that “the support status between the 1,4785 and 1,4790 dollars should contain any downward movement until the euro returns to 1,5050 dollars or 1,5095 ″.

And the fact is that the euro went so far as to raise today up to 0,9 % up to 1,4990 dollars, the level the highest intradía from the last ninth of November. This way, it has managed to advance, from 1,2457 dollars that it marked the last fourth of March, about 20 %. It is for it that technical and investing analysts think that the euro is still provided with trip to be able to mark a new maximum in his principal crossing and escape from the side movements that already characterize the euro / dollar for time.

For his part, the analysts of the American bank also trust in the euro. They have cut his forecasts away on the dollar, on having deducted that the Fed will support the ‘types zero’ until, practically, 2011. JPMorgan augurs new historical maxima for the euro towards the second trimester of next year, about 1,62 dollars (opposite to 1,496 current ones), just before bouncing between 5 % and 10 % in the second half of 2010.

Image CC of marfis75

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The slowness of Santander Consumer goes off

Santander Consumer, the branch of the first Spanish bank group specializing in financing to the consumption, has seen as his slowness has gone off.

This way, the valuation of unpaid of the entity in Spain, his most important second market in Europe after Germany, was located in September in 10,9 %, opposite to 6,5 % registered at the end of 2008, as it gets rid of the Continued Leaflet sent to the CNMV.

The coverage of the doubtful assets has increased two percentage points, up to 65,8 %, due to the effort in provisions realized by the entity: the specific endowment (the one that is done to cover defaulting assets and with signs of deterioration) grew 22 % in the first nine months of 2009, up to reaching 464 millions, on a whole of an investment of 10.345 millions.

In Spain, the valuation of slowness of Santander Consumer is most raised between those of the principal European countries in which it produces the group: Germany has 4,8 %; Italy (the third market), 4,5 %; and the northerly countries, a 1,9 %. In whole, the mulberry of Santander Consumer is in 5,8 %. On the other hand, the fact of Spain is practically in the average of the rest of the financiers of the country that was to September of 9,8 %, according to the information of the Spanish Bank.

Also, the situation of the Spanish economy was reflected in the clipping of the business, with a fall of the new production of credits of almost 40 % in 2008. In fact, in the first months of the present exercise the group started a process of restructuring of the Spanish business of Consumer, which it affected to approximately a third of the staff, approximately 375 employees. As he communicated in his moment, the thickness of the clippings of personnel was carried out by means of early retirement, relocations and encouraged falls.

Image CC of ingenious Daquella

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Facebook and Wikipedia: those that more they quote in Internet

The web portal Silicon Alley Insider presented the formless “The SAI 50 +: World's Internet Most Valuable Startups”. The above mentioned document describes which there are 60 Internet companies that more they quote at present. Facebook and Wikipedia occupy the first and second place of the edition 2009 of this one so interesting report, he published the official web site of Silicon Alley Insider.

Formless “The SAI 50 +” is headed by the successful social network Facebook, which is valued for about 6.500 million dollars. For his part, the web site Wikipedia, known popularly how “The free encyclopedia”, does it have an approximate cost for 5.000 million dollars.

Realized by Silicon Alley Insider, this classification continues with the companies Betfair, NewEgg and Craigslist, which occupy the third, fourth and fifth position, respectively, and they are valued for 4.500 million dollars, 3.200 million dollars and 3.000 million dollars.

The top 10 of this ranking is completed by the digital companies Mozilla Corp, Yandex, Webkinz, GoDaddy and Demand Media. Next, this finance blog will publish the names of the Internet companies that better they quote and that integrate the list:

01) Facebook
02) Wikipedia
03) Betfair
04) NewEgg
05) Craigslist
06) Mozilla Corp.
07) Yandex
08) Webkinz (aka Ganz)
09) GoDaddy
10) Average Demand

11) QuinStreet
12) Zynga
13) QlikTech
14) LinkedIn
15) Twitter
16) Oversee.net
17) Oanda
18) Habbo
19) TheLadders.com
20) Kayak

21) Lab adjoins
22) AdKnowledge
23) Hulu
24) eHarmony
25) Ozon
26) Ning
27) Tudou
28) Angiés List
29) ReachLocal
30) Indeed

31) Efficient Frontier
32) Gilt Groupe
33) Average Glam
34) hi5
35) Playfish
36) Magic Jack
37) Yodle
38) Minipaper clip
39) RockYou
40) Meebo

41) Average Federated
42) Yelp
43) Thumbplay
44) Playdom
45) Slide
46) Zazzle
47) Diapers.com
48) Stardoll
49) Average Gawker
50) Digg

51) Etsy
52) Mint
53) Metacoffee
54) Huffington Post
55) Commercial Runner
56) Next New Networks
57) Zillow
58) Openx
59) Associated Content
60) Brand.net

It is important to add that this is the second edition of this report. Although the document realized last year denominadó “SAI 25 ″, also valued the principal companies of the digital world, he informed the web of Silicon Alley Insider.

To consult more about this report, do not hesitate to enter to the web site responsible of “The SAI 50 +: World's Internet Most Valuable Startups”.

Image subject to license CC

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The public helps to the motorcar might prevent the restructuring in the sector

The OCDE (Organization for the Cooperation and the Economic Development) thinks that the public helps that the sector of the motorcar has received, both in the industrial ambience and in the TV/radio commercial, can turn into a ballast so that this industry attacks the restructuring that he needs facing the future.

This way, the OCDE dedicates an entire chapter to the situation of the motor-car industry in his last report on economic perspectives. He admits that the motoring is between the sectors “more struck” for the recession. Nevertheless, it specifies that the fall of the sales of cars has not been deeper than the observed in the past.

The organization admits that the help plans to the buy of motorcars implemented by different countries, between them Spain, have propitiated an increase of the short-term demand, but he warns that measurements of this type will prevent most likely the structural changes that the industry needs in the next years.

In this sense, he suggests once the incentives programs to expire, the sales of motorcars will fall down again, every time, on having talked each other of initiatives limited in the time, the effect that they produce is an advance in the buys. Also, the OCDE questions the efficacy of these plans to reduce the greenhouse effect emission.

On the other hand, the OCDE predicts that the Spanish car market can register in short or half term “a cyclical rebound”, since in Spain - and in other countries as the United Kingdom, the United States or Japan - the sales of cars have fallen down much underneath of what it would be a normal level.

This situation points to that and xisten possibilities that, as a result of the historical fall of the registrations, the sale of cars in Spain should register a “cyclical rebound” in short or half term, although at the same time the report points out that the mature markets as Europe or North America will tend to the "stagnation".

As for the situation of the Spanish industry of manufacture of motorcars, the report augurs a maintenance of the productive capacity in the next five years. This way, he thinks that the factories will be provided with an aptitude to make 2,42 million units in 2015, codes lightly lower than 2,43 million units foreseen for this year.

Image of Swiveler

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General Motors guarantees the Figueruelas future

Nick Reilly, the new manager of General Motors Europa, he made sure this Friday that the plant of General Motors (GM) Spain located in the locality zaragozana of Figueruelas, will be “a permanent reference” to new Opel Europe and guaranteed his future “in average and long term”.

Nick Reilly, who met in Saragossa the prime minister of Aragon, Marcelino Iglesias, accompanied by the vice-president, José Ángel Biel, and by the advisers of Economy, Treasury Department and Employment, Alberto Larraz, and Industry, Commerce and Tourism, Arturo Aliaga.

In declarations later to the mass media, Reilly aimed that “although GM has to attack a significant restructuring in Europe, the plant of Saragossa will be a permanent reference to we” and added that “like the financial GM situation it has improved we are pleased of being able to support hundred for hundred of the company”.

Reilly remembered that, in the yesterday day, he visited the Spanish factory, what allowed him “to be a witness of the professionalism of the agents of the same one on having been with them on foot of chain and with the managing team, as well as with the trade unions”. “I have the certainty of which we are going to leave behind this suspense period giving a future option”, it concluded.

For his part, the adviser Larraz pointed out that this visit for Aragon “has been very important although it has had very much of institutional” and advanced that the restructuring will be “in the line” of the plan of Great, although “there will be some finishing touches that will not be to worsen it, but to improve it”.

Also he affirmed: "He has commented to us on something important, which is to put a calendar from here on to tackle the restructuring plan and to work jointly with them and with the trade unions in a project that has a lot to do with the one that agreed with Great although with some different details that will not be to worsen it, but to improve it”.

The autonomous Economy holder emphasized that “it is the first time that Reilly visits the plant in depth and her very good impression has taken”. “We are very positively impressed because for us it is good that GM has recaptured this work. We are used to speaking with them that with other companies”, it pointed out.

Also, the adviser Aliaga thought that in the visit they have been revealed “the fortitude of the plant in technological aspects, the importance of two lines of production and three models that are made”. Also he admitted that “it Has made a very positive comment regarding the workpeople and has said that they are very well prepared for the construction of the Meriva”.

Image CC of Alejandro Arce

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Who integrate the “Index of Perception of the Corruption”?

Previously, this finance blog alluded to the “Index of Perception of the Corruption 2009”, a study prepared by the organization International Transparence that is shaped by the nations that are perceived as the least corrupt of the world. In this occasion, there will be published the names of 180 countries that integrate this document and the position that they occupy in the classification that, as one has already reported, is led again by New Zealand.

01) New Zealand
02) Denmark
03) Singapore and Sweden
05) Switzerland
06) Finland and Holland
08) Australia, Canada and Iceland
11) Norway
12) Hong Kong and Luxembourg
14) Germany and Ireland
16) Austria
17) Japan and the United Kingdom
19) The United States
20) Barbados

21) Belgium
22) Qatar and Saint Lucia
24) France
25) Chile and Uruguay
27) Cyprus, Estonia and Slovenia
30) United Arab Emirates
31) Saint Vincent and the Grenadines
32) Israel and Spain
34) Dominica
35) Portugal and Puerto Rico
37) Botswana and Taiwan
39) Brunéi, Oman and South Korea

42) Mauritius
43) Costa Rica and Macao
45) Malta
46) Bahréin, Cabo Verde and Hungary
49) Bhutan, Jordan and Poland
52) Czech Republic and Lithuania
54) Seychelles
55) South Africa
56) Latvia, Malaysia, Namibia, Samoa and Slovakia

61) Cuba and Turkey
63) Italy and Saudi Arabia
65) Tunisia
66) Croatia, Georgia and Kuwait
69) Ghana and Montenegro
71) Bulgaria, Macedonia, Greece and Romania
75) Brazil, Colombia, Peru and Surinam
79) Burkina Faso, China, Suazilandia and Trinidad and Tobago

83) Serbia
84) El Salvador, Guatemala, India, Panama and Thailand
89) Lesotho, Malawi, Mexico, Moldavia, Morocco and Rwanda
95) Albania and Vanuatu
97) Liberia and Sri Lanka
99) Bosnia and Herzegovina, Dominican Republic, Jamaica, Madagascar, Senegal, Tonga and Zambia

106) Argentina, Benin, Gabon, Gambia and Níger
111) Algeria, Djibouti, Egypt, Indonesia, Kiribati, Mali, Sao Tome and Principe, Solomon Islands and Togo

120) Armenia, Bolivia, Ethiopia, Kazakhstan, Mongolia and Vietnam
126) Eritrea, Guyana, Syria and Tanzania
130) Honduras, Lebanon, Libya, Maldives, Mauritania, Mozambique, Nicaragua, Nigeria and Uganda
139) Bangladesh, Belorussia, Pakistan and the Philippines

143) Azerbaijan, Comoros and Nepal
146) Cameroon, Ecuador, Kenya, Russia, Sierra Leone, East Timor, Ukraine and Zimbabwe
154) Côte d'Ivoire, Papua New Guinea, Paraguay and Yemen
158) Cambodia, Central African Republic, Laos and Tajikistan

162) Angola, Republic of the Congo, Democratic Republic of the Congo, Guinea-Bissau, Kirguistán and Venezuela
168) Burundi, Equatorial Guinea, Guinea, Haiti, Iran and Turkmenistan
174) Uzbekistan
175) Chad
176) Iraq and Sudan
178) Myanmar (Burma)
179) Afghanistan
180) Somalia

Analyzing this table, and as summary, it is important to add that the classification of the perceived countries as it is led the least corrupt of the world by New Zealand. While the worst situated nations are Somalia, Afghanistan and Myanmar, who fill the vacancies 180, 179 and 178 of the ranking, respectively.

To consult the study “Corruption Perceptions Index 2009”, known in Spanish like “Index of Perception of the Corruption 2009, it is necessary to enter to the official web site of International Transparence.

Image subject to license CC

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Can it be the fictitious wealth?

Now it is the most opportune moment to advance in alternative programs that think about how to make way to a new economy dedicated to serving to the community. To go deep into this target writer David Korten, ex-teacher of the University of Harvard Graduate School of Business, president of the meeting Positive Futures Network and member adviser of the Network of Social Companies has managed to receive the extract of the new economy across his work “Agenda for to New Economy: From Real Phantom Wealth to Wealth” (Agenda for a new economy from the fictitious wealth towards the real wealth).

Work that injects optimism and alternatives to face to the biggest economic crisis of the United States from the big depression.
Korten in his new work identifies the deepest sources of the crisis: the institutions of Wall Street, the speculative commerce, the bubbles of assets and the famous pyramids, between others. Between his most critical comments, the censoring does not escape for the trillion dollars that wore out in rescues from Wall Street, one of the causative institutions of the chaos and expert in the art of creating bogeys of “wealth“ without producing anything of real value.

“This is a part of the comprehension of the current system of Wall Street, which is articulated concerning an illusion, the illusion of which the money is the wealth, which then is translated in the idea of that the persons who are creating or who are gaining money are, in fact, departs from this wealth (…).

The real need, nevertheless, is a transformation bottom-up of our economic values and the institutions to fit to the opportunities of the XXIst century. It is a question of a program of five meetings: the cleanliness of Wall Street, the game for the rules of the market, the free financing of the real economy, the measurement of what really we want, and to turn to the debt without money, made sure Korten.

Image CC of susangleason

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The expense in I+D grew 10,2 % in 2008

According to the information published by the National Institute of Statistics, the internal expense in Research and development (I+D) amounted to 14.701 million euros in the year 2008, what supposed 1,35 % of the Gross National Product (GDP) and an increase of 10,2 % with regard to the year 2007.

The autonomous regions that realized a major effort in activities of I+D were a Community of Madrid, Basque Country, Jurisdiction of Navarre and Catalonia. All of them presented numbers of intensity in the expense superior to the national average. Castilla-La Mancha, Canaries, Ceuta and Melilla are more dawdlers in this aspect.

While, Castilla-La Mancha, Extremadura and Cantabria were the autonomous regions that presented major growth rates with regard to 2007.

At national level, the sector companies presented the biggest percentage on the entire expense in I+D (54,9 %), which in turn meant 0,74 % of the GDP. There continued in importance the sector Higher education (with 26,7 % of the entire expense, what represented 0,36 % of the GDP). The expense in I+D of the Public administration was 18,2 % of the entire expense and 0,25 % of the GDP. 0,2 % remainder corresponded to the sector of the Institutions Deprived without Ends of Lucre (IPSFL).

The sector of the Public administration presented a growth rate of 13,8 % with regard to the year 2007. For his part, the sector of the Higher education grew 11,8 %. The managerial expense in I+D increased 8,3 % with regard to 2007. The sector companies executed 54,9 % of the entire expense in I+D opposite to 55,9 % of the year 2007.

A whole of 215.676 persons dedicated to activities of I+D, in equivalence to full time in the year 2008, what represented 10,65 for thousand of the working population. The investigators' group reached the number of 130.966 persons in the year, what supposed 6,47 for thousand of the working population.

39,1 % of the personnel in I+D was women. The highest percentages of feminine participation in activities of I+D happened in the IPSFL (56,6 %) and in the Public administration (50,9 %). In the companies this percentage was located in 30,1 %.

Image CC of RinzeWind

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I change in the European Central Bank

As it was commented yesterday between the diplomatic circles of the EU, Germany will present his candidacy to the presidency of the European Central Bank in exchange for resigning from his interest in the new charges of President and responsible for Foreign policy of the EU.

Meanwhile, the European authorities do not discard that the dinner owing to the leaders' summit of the EU that is celebrated today, in that two new appointments might be announced, extends up to well brought in the dawn for lack of an agreement between the twenty-seven.

A score of names has fought for two positions, although the Belgian prime minister Herman Van Rompuy, has turned into the consensus candidate to assume the presidency. On the other hand, for the first position of the European diplomacy there is no clear favorite.

Although Germany, the biggest state of the EU, no candidate has presented, on Monday there attracted attention the declarations of Wer-ner Hoyer, secretary of the State of European Matters in Germany, which established a tie between two positions and the presidency of the BCE. “When all this has been solved, there will be other positions for covering and Germany should be in the place that corresponds to him”, he made sure.

The presidency of the BCE will remain vacant in November, 2011, when the Frenchman Jean-Claude Trichet moves back after eight years in the charge. Germany has never filled the vacancy, in spite of his importance in the making of the politics of the euroarea. A high German public position was specifying yesterday that Hoyer had not mentioned of explicit form to the BCE. “What he said is that the Treaty of Lisbon had created new charges that have not been covered yet, not only that of president and tall representative of the EU, and that these two had to be covered”, he declared.

In the opinion of the analysts of the private sector, it does not seem probable that there is going to be a compensation element between three positions, although the German chancellor, Angela Merkel, seems interested in that he is the president of the Bundesbank, Axel Weber, which occupies the presidency of the BCE. It is probable that Weber faces the candidacy of Mario Draghi, governor of the Bank of Italy and president of the Committee of Financial Stability.

Another possible obstacle is in France, which is sure that Germany already obtained an important compensation when the governments of the EU agreed in the nineties to establish the central head office of the BCE in Frankfurt. The debate on the appointments centers on reaching partly a balance between the countries of all the corners of Europe and on naming to a center candidate right for Foreign affairs if the elected President turns out to be of center left.

Image CC of Ivan Walsh

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New Zealand, the most transparent country of the world

Which are the most transparent countries of the world at present? Next, this finance blog will allude to the already well-known so called study “Index of Perception of the Corruption 2009”. Realized year by year by means of the interviews concision to different persons, this document is shaped by 180 countries that are perceived as the least corrupt of the world. As in the previous years, once again New Zealand takes the distinction of being the most transparent of the planet.

Prepared by the organization Transparency International (YOU), known as Spanish like International Transparence, the study “Corruption Perceptions Index 2009” (“Index of Perception of the Corruption 2009”) drinks a ranking of the least corrupt nations of the planet. It is necessary to add that the above mentioned document can be consulted in the official web site of this organization.

The edition of 2009 of this classification is integrated by 180 countries of the different continents. The above mentioned list is led by New Zealand, which keeps on being the most transparent country of the world, according to the perception of the interviewees.

Denmark occupies the second place of the ranking and Singapore and Sweden they integrate the third position. The fifth place is for Switzerland; the sixth one for Finland and Holland; and the eighth one is integrated by Australia, Canada and Iceland.

In relation to the countries of Latin America, the least corrupt countries, as it is ready prepared by Transparency International, there are Chile and Uruguay, who integrate the position number 25 of the ranking. While Canada is the best posicionado of North America.

As regards other continents, it is important to add that New Zealand, not only it is the least corrupt country of Oceania, but also of the entire world; Denmark is the most transparent of Europe; Singapore is the best posicionado of Asia; and Botswana (also known like Botswana) is the least corrupt nation of Africa.

To finish this journalistic note, adding would be good that the countries worst located in this ranking are: Somalia (Nº 180); Afghanistan (Nº 179); and Myanmar (Nº 178).

Image of Wikipedia

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The buying and selling falls down 17,2 %

In September the housings buying and selling reduced 17,2 % as regards the same trimester of the previous year, up to a whole of 37.621 operations, of which 53,5 % was carried out on new housings and 46,5 % on second-hand real estate, as he informs the National Institute of Statistics (INE).

This interannual fall registered in September s upone to return to descents of two digits after in August the operations of buying and selling of real estate were going down lightly this level for the first time in 16 months on having registered a decrease of 9,9 %.

Although in September there sharpened the interannual descent of the buyings and sellings of housings, this fall is one of more moderates of the whole series. This way, except for the August, 2009 (-9,9 %) and that of April, 2008 (-7,1 %), the interannual September reduction can be considered to be the lowest from January, 2008.

Also, it is necessary to bear in mind that the housings buyings and sellings have usually moved in falls superior to 20 %, with a maximum of-47,6 % reached in April of this year.

In the first nine months of the year these operations accumulate a reduction of 28,8 %. Nevertheless, in intermonthly valuation the housings buying and selling increased 10,6 %, in contrast with the descent of 8,2 % experienced in August.

Against the habitual tendency, the regression of these deals was major in case of the new housings, where the buying and selling of this type of real estate stepped back 19,5 % in interannual valuation, up to 20.123 operations, being very top to experienced in August (-6,5 %).

The buying and selling of secondhand housings for his part, fell down 14,4 % in September with regard to equal month of 2008, up to adding 17.498 deals. This descent overcomes lightly the registered one in August, when the buying and selling of secondhand housings lowered 13,7 % interannually.

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The Spanish Bank supports the merger of 15 savings banks

Miguel Angel Fernández Ordóñez, the governor of the Spanish Bank, defends the need for a rapid and deep restructuring of 45 savings banks that at present operate in Spain and he thinks that up to the next spring “at least fifteen boxes should fuse with others” since at present numerous conversations exist with regard to this consolidation process in the sector.

In an interview granted to the newspaper ‘Financial Times‘ he affirms that “at least fifteen entities should fuse with others. If we have recovery, I believe that it will be able to be managed in these numbers, but if there is no recovery in Europe and the crisis continues that we will have more problems”. Also it indicates his confidence in that “next spring the restructuring of these entities should have taken place”, since “at present there are many, many mergers in discussion”.

As regards this, the British newspaper emphasizes that the quoted Spanish commercial banks have resisted up to the much better date the impact of the financial crisis that the rest of his international competitors, but it points out that and l segment of the savings banks, not quoted, with structures accionariales opaque and frequently highly politicized and tied to political interests of the regional governments they snatched market share from the banks in the icy moment of the past real estate "boom" and now they are provided with a high exhibition to the failure of real estate promoters or to the high slowness.

This way, the governor of the Spanish Bank admits that the politicization of the savings banks makes the solution “more complicated”, therefore he emphasizes the creation of the Fund for the Bank Tidy Restructuring (FROB), provided with up to 99.000 million euros, and underlines that this way it is claimed that “the taxpayer pays the least possible thing”, in contrast to the happened in other countries, while he recommends a major rationalization and cost reduction.

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Iberia loses 182 millions

As he has communicated Iberia to the National Commission of Values (CNMV), the Spanish airline obtained a few losses for 181,9 million euros in the first nine months of the year, opposite to the profit for 51,1 million euros that it registered in the same period of the previous year.

The air company, which on Thursday approved his merger with British Airways, obtained an operating profit before taxes, interests, amortizations and rent of fleet (Ebitdar) for 69,7 million euros, 81 % less than in equal period of 2008.

Nevertheless, the income of development of the airline came up to 3.337,2 million euros, what supposes a descent of 19,5 % with regard to the period in January - September, 2008. Excluding the income not appellants, the income of development of the airline would have fallen down 19,1 %, up to 3.333 million euros, owed fundamentally to the reduction of the income of air traffic.

In this respect, the company has announced that “although the reduction in passengers' terms seems to have touched fund, the demand proves to be very sensitive at the prices, especially in the length I remove”.

Iberia has shown that the air sector in Spain “faces a few exceptionally difficult “circumstances”, with an internal traffic that is suffering the impact of the economic recession and the new competition that supposes the lines of the BIRD, especially in the trajectory Madrid - Barcelona.

Also, Iberia has emphasized that these results are "significantly better than achieved in the first two trimesters of the year, despite being worse to those of the previous period, when it accumulated a few losses for 165 million euros.

Nevertheless, in spite of these numbers, the airline thinks that his financial s ituación and of liquidity “it keeps on being solid”, with an exact available balance for 1.582,5 million euros, a 1,2 % more than at the end of 2008, with an exact clear indebtedness for 1.170,5 million euros, more 15,6 % with regard to the number reached in 2008.

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The sale of second-hand cars diminishes 5 % and 7 % in 2009

As has affirmed in the opening of the special edition of the Lounge of the Vehicle of Occasion of Madrid Juan Antonio Sánchez Torres, president of the National Association of Sellers of Vehicles to Engine (Ganvam), the sales of cars of occasion will fall down between 5 % and 7 % during the present exercise, up to being located concerning 1,4 million units.

This way, Sánchez Torres has indicated that the forecast of fall of the sales of secondhand cars will be located closer to 5 % than to 7 % at the end of the year, thanks to the revitalizing effect that has had the starting of the Plan 2000E and the recent enlargement of the term of execution.

This way, the maximum responsible for Ganvam has affirmed that the program of direct helps has a very positive economic effect to the motorcars buy and that also it is useful to establish a favorable frame towards the buy of both new and secondhand vehicles.

This way, the deliveries of second-hand motorcars accumulate a fall of 8,7 % in the first nine months of the year, with 992.200 units, according to information of the “Report on the Market of Vehicles of Occasion” prepared for Ganvam. Of this whole, 9 % of the sales has taken refuge in the Plan 2000E.

The deliveries of second-hand cars in Spain overcame in 37,5 % to those of new motorcars, what is translated in a relation of sales of 1,6 vehicles of occasion commercialized by new each one. These numbers represent the highest relation of the history and answer to the withdrawal of the demand of the market of new motorcars provoked by the economic crisis.

The direct incentives to the vehicles buy have motivated “a light upturn” of the sales in the last months of this year, as affirms the management one of the sellers of motorcars, with an increase of 2 % in the last trimester of the year, what it has taken to the Association to check to the rise his estimations for the closing of 2009.

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Phone companhy gains more 0,3 %

As has informed Phone companhy in a bulletin sent to the National Commission of the Stock market (CNMV), the group of telecommunications increased his net profit 0,3 % in the first nine months of the year, coming up to 5.610 million euros, reported today the group in a bulletin sent to the National Commission of the Stock market (CNMV).

Also, the Spanish company added that, without bearing in mind the appreciations obtained by the sale of Airwave and Sogecable in 2008, the net profit of the company in the period increased 6,4 %. This way, the entity directed by César Alierta registered a few income for 41.721 million euros in the first nueves months of the year, 3,3 % less with regard to the number of the same period of 2008, while the operative result before amortizations (OIBDA) reached the 16.647 opposite to 17.026 million euros registered in the first nine months of 2008.

This way, the Phone companhy told that the business in Spain registered a “strong increase” of the commercial activity in the third trimester of 2009, with significant progress in all the services, and with a “light deceleration” in the rhythm of interannual descent of the income in the last three months.

This way, the company has shown that the containment of costs and of the investment allowed to limit the pressure of the income. The clear amount of the business number of Phone companhy in Spain was located in 14.655 million euros, 6,7 % less than in the first three trimesters of 2008.

Of the same way, Phone companhy has emphasized the good performance of the group in Latin America, where his income grew a 1,9 % until September, an increase that was located in 5,8 % assuming types of constant type and including the Telemig consolidation from January until March, 2008. As for the income of the signature in Europe, these diminished 5,9 %.

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The dollar keeps on weakening

The dollar does not stop detaching, and the fact is that the euro changes again over 1,50 dollars and is supported in annual maxima. This new sample of weakness of the American currency coincides with a few declarations of Tim Geithner, American secretary of the Treasure, in which he repeated that a strong dollar is “very important” for the United States.

This way, Geithner has affirmed that he considers “deeply important for the United States and for the health of his economy to support a strong dollar”

The European currency has touched today a maximum in the meeting in 1,5045, dollars, very close to the previous annual roof of October 26 of 1,5063. In what goes of year, the euro has appreciated 7,63 %, while from the minimums of March 1,25, it has gained more than 19 % with regard to the dollar.

Traditionally the American monetary persons in charge have proved to be favorable to a strong dollar, but they seem not to be capable not of remedying his erosion that, on the other hand, helps to stimulate the American exports.

In addition to with regard to the euro, the dollar also has yielded with regard to the rest of more important coins. In particular, one has depreciated about 15 % from the maximum value reached previously during this year as regards a basket the six strongest currencies.

Robert Zoellick, the president of the World Bank, has sent today a message to the USA. as regards this situation. This way it has urged to the country prison for Barack Obama to contain his big deficit and to support the credibility in the dollar, which depreciation worries to the rest of the economies of the region Asia - Pacific Ocean.

The president of the World Bank, which is in Singapore to inform in the Forum of Economic cooperation Asia - Pacific Ocean (APEC), has affirmed that immediately after the financial crisis the national banks will have to raise in the short term the option to diversify his reservations in currencies till now dominated by the dollar, to give entry to other coins, as for the example the Chinese yuan.

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