The readiness for dialogue of the two rivals Telephonic and Portugal Telecoms (PT), fighting for control of Brazilian Vivo began yesterday with the awaited positive news for Telephonic that the Court of Justice of the European Union’s action as illegal Lisbon gold used to veto the recent PT board, which approved the sale of Telephonic for Vivo to 7150 million (25% more than the initial offer). But as the European Court decision will not unlock an overnight operation (although not supported by action, the prime minister of Portugal, Jose Socrates, will not change the rules in days), all eyes are now fixed on possible solutions that Telefonica and PT to take in the coming days. In fact, PT would not go in to comment on the decision of the Court (he did the Government, which did not agree), and preferred, like Telefonica, look ahead. “We need to find platforms to maximize the benefits for all parties,” said Zeinal Bava, President of PT. Continue reading
Telesp Vivo and PT-minority, a good fit for Alierta and Socrates
PNV and PP break the ice but kept the Cold War
It was, significantly, in the office of the Congress of Deputies that is Mariano Rajoy as leader of the Opposition is not the only government building in the old palace of the Carrera de San Jeronimo.
The leader of the PNV, Iñigo Urkullu, came to meet him. Both had only one intention: to show that they can speak with their worst enemies because that is democratic. Both, at the end of the meeting was confirmed by making clear that it has broken the ice in their relations but maintain the cold war, the political distance that separates them, and that the PP will continue to support Lopez as Lendakari PNV and the PSOE to statutory power shift in the General State Budget (PGE) for the year. This was it. So much so that Urkullu, the first to address reporters waiting to see if the meeting was starting a new stage in which PP and PNV agreed to take José Luis Rodríguez Zapatero, as made clear from the first minute.
This, he said, is only a first contact to make clear that we can speak honestly, without deception, and in order to reach specific agreements, mainly in the Parliament, something that has occurred in recent weeks, although, to force a defeat of the PSOE in Congress.
The two leaders agreed yesterday stressed that nothing, not even in the face to Debate State of the Nation next week. It was, as made clear Rajoy, to mend relations between the two parties formal, broken since the PP supported Lopez as Lendakari Basque regional elections after Esukadi. Rajoy was who defined it as well as darkly: “This is a process of relationship Stará necessarily guided by the need to improve the current situation”, it is assumed that in Spain.
Although, according to those interviewed have been discussed many issues like the economy, Spain’s image in international markets, labor reform, the new Law on Savings Banks, the Debate of the State of the Nation and the energy pact, no reach any concrete agreement because, as we defined them, have not “entered into future drawings.” Moreover, Urkullu made it clear he would not support any motion of censure against Zapatero, which, incidentally, Rajoy does not want to raise.
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Between flexibility and bold
It’s the story: the glass half full or half empty. Companies can not say that the Treasury has been quite insensitive to the claim of a corporate tax scheme adapted to economic circumstances. However, the Ministry also know that not all the improvements made in 2009 have effects out of his kitchen, but also in Parliament and in the attempt to pave the road tax has left a large hole covered only half the documentation and sanctioning apparatus of related party transactions.
Beyond the debate opened by the expectation of a more lax regime for intra-group transactions, the 2009 campaign of Companies is marked by the prominence of SMEs and large affected in the shifting waters of the crisis, and therefore, as the main Receiving balm normative and doctrinal adjustments made by Treasury to improve earlier legislation that had stopped on his feet tangled fringes of some companies. Continue reading
The EU proposes to delay retirement until age 70
The European Commission has suggested to the Member States to implement measures to increase labor market participation of older people to ensure the sustainability of pensions in the current economic crisis and an aging population. This was the main strategy advocated yesterday by the European Commissioner for Employment and Social Affairs, Laszlo Andor, presenting a document with which the EU executive aims to “open the social debate” on reform of pension systems in European countries.
In the coming years, the EU must choose between “having poorest pensioners” and “increased contributions to the pension system or have more people to work more for longer”, although the European Commissioner ideally “launch plans for long-term adjustment “based on current trends in the aging population and labor market participation, instead of” emergency measures “as” push to increase the retirement age. ”
Andor opted for increasing the participation of older people in the labor market or, what is the same, increasing the effective retirement age rather than legal. However, said the report from the Commission prefers a longer working life. ” The document notes that, to keep the dependency ratio in 2010 in the EU-the number of people of working age in proportion to the number of people above the average retirement-age, that age should be increased to 70 years 2060.
This hypothesis is based on population projections made with 2008 data by Eurostat, the EU statistical office. The number of retirees in the EU compared to the number of workers to finance their pensions “will bow in 2060″ so that the current situation “is not sustainable,” said Andor.
The commissioner also expressed his opposition to the “temptation to implement early retirement” you can have companies with financial difficulties. “It is a wrong solution,” said Andor, who suggested other measures such as “to promote lifelong learning” for workers to enhance their performance and ensure greater permanence in the labor market.
The document invites the social partners to submit their views on public consultation until 15 November. The European Commission will take into account the views collected to develop “guidelines and recommendations” for the pension reform, said Andor.
ZP accelerate its reform of the boxes without sufficient discussion of some measures
The Council of Ministers adopted today by the Royal Decree to amend the Law on Governing Bodies of Savings Banks (Lorca), after the Prime Minister met yesterday with the executive committee of the Spanish Confederation of Savings Banks ( ECSC) and several members of the Executive maintained various contacts with the PP and major trade unions.
Zapatero justified the speed of this reform is “fundamental, urgent and necessary.” To that, according to some financial circles surveyed by BUSINESS, would add the qualifier “more ambitious” than was necessary for the sector: developing a few tools (participation’s) in order to increase the capital of the boxes.
This qualification meets Zapatero’s announcement that it has elected prevent the organs of government savings banks, a request from the sector but that seemed to have parked in this reform in order to achieve the necessary consensus on what is More fundamentally, creating formulas that can be capitalized thrifts.
But even the regulation of participation’s with political rights, which the issue would be limited to 50% of the assets of banks rose yesterday as the Prime Minister not convinced by all sectors involved.
The OECD estimates that unemployment has peaked in developed countries
The Organization for Economic Cooperation and Development (OECD) in its annual report Employment Outlook published yesterday, found that unemployment is close to reaching its maximum, after reaching a rate of 8.7% of the population active, the highest since the Second World War.
However, its decline will be slow and the unemployment rate in its 31 member countries will still exceed 8% by the end of next year, and Counting what if the inactive and those who want to work part-time work and want to do full time, that percentage would almost double. Duality in the protection between permanent and temporary employment has aggravated unemployment during the crisis, so a balance between security and other contracts is one way to achieve economic recovery also allows for the labor market, OECD stressed. Continue reading
Trichet welcomed the publication of the ‘stress tests’
The President of the European Central Bank (ECB), Jean-Claude Trichet, gave yesterday welcomed the decision of the European Union (EU) published the endurance test (called stress tests in English) and urged banks and regulators take “appropriate measures” when we know the results.
In the press conference following the meeting of the Governing Council of the ECB, Trichet held that interest rates are appropriate at the current level of 1% and made clear that the recent rise in interbank interest rates should not be interpreted as an intention of the entity to modify its monetary policy. “We welcome the decision announced by the European Council published, with the consent of the banks involved, individual results of endurance test for EU banks conducted by the Committee of European Banking Supervisors (CEBS) in cooperation with the ECB, “said Trichet.
He added that a healthy balance sheet, an effective risk management and business models are robust and transparent essential to strengthen the resilience of banks to impacts and to ensure adequate access to finance. Previously, the Governing Council decided to maintain its funds rate at 1 percent, a historically low level since May of last year, Trichet called “appropriate.”
The euro appreciated against the dollar, up $ 1.27, after these statements by the head of the ECB. The monetary policy committee of the Bank of England also left its rate unchanged at 0.5% lead. Trichet also asked commercial banks to provide credits to businesses and homes when demand increases.
The foster emerging global GDP to rise 4.6% this year IMF
The International Monetary Fund (IMF) rose 4.6% yesterday to its global growth forecast for 2010, thanks to the efforts of emerging economies. However, the institution reduced by 30% its forecast for growth of Spain in 2011, to 0.6%, half of what the government predicts. The new world number four tenths body exceeds the calculation of April, and remains unchanged its forecast for 2011 at 4.3%.
A group of IMF experts, led by Spanish financial advisor José Viñals and Frenchman Olivier Blanchard, Economic Counsellor, met in Hong Kong, in a nod to Asia, to publicize the update of forecasts of global growth and the analysis of the financial system since the region is currently leading the recovery. According to the agency, emerging and developing economies (Asia and Latin America) will grow this year half a percentage point more than expected. That takes the cake is Brazil, the IMF forecast growth increased by 1.6 percentage points to 7.1% this year.
China will exceed 10% during the current year and India will stay in the making of the two figures. The IMF envisions a two-speed recovery, with rich countries moving at a “modest” and the fast emerging markets. Asia, followed by Latin America, leading the global recovery. The big question hanging over the global recovery, according to the Washington-based institution, is Europe, and specifically European sovereign debt.
Viñals stressed the need to restore confidence and stability to markets, without smothering the recovery. According to the expert, a specific measure such as the publication of test solvency of banks in Europe is an important step but insufficient if not announced at the same time “measures to be taken for those banks that do not pass the test (so each time there is a problem also has a ready solution), as was done in America. ” Other Settings excessive risks facing the world, according to the IMF, are a reduction in demand due to fiscal adjustment plans “too deep or poorly designed” and the worsening U.S. housing sector, not yet recovered.
The IMF maintained its growth forecast of 1% in the euro area this year, but reduced it by two tenths in 2011 to 1.3%. For Spain left unchanged its estimate for this year and three tenths reduced its growth forecast for 2011 to 0.6%, United Kingdom led despite the forecast downwards in 2011, an increase of 2.1% (four tenths below the April forecast.)
The problem of uncertain tax
Very recently, a law firm saw the need to advise the owner of an automobile museum of some Spanish town the convenience of charging admission for an exhibition that his client was pleased to offer the public free of charge.
Why? Because of the need to convince the ever-suspicious-ment, on the other hand, tax inspectorate that the activity of the company was real, that can be attributed specific revenue and that, therefore, is wrong to some depreciation as tax deductible.
It’s just an extreme example of legal uncertainty they say suffer the advisory firms and their clients to the increasing application of the tax rule interpretation, a problem which clearly has a direct impact on corporate income tax declaration.
Then there is the attempt by the Agency to obtain increased information in advance in a process, ironic offices, which will end up becoming a self-inspection declaration exercised by the taxpayer.
The director of the Register of Tax Advisers Economists (REAF), Luis del Amo, emphasizes in this regard, how the statement is negative adjustments and deductions, resulting in “increasingly cumbersome” (see BUSINESS July 7).
Similarly, and without getting to the conflict created by the first application of new accounting (Daily 10/07/2009), offices complain about the custom, they say, has assumed the Treasury to make any last minute changes before of the declaration. The example this year is clear to start the campaign without the security of how it will be aa regulations on related party transactions.
Accounting Case
But the tax also should be presented, logically should do his best not to mess up. For Del Amo, the bulk of the recommendations in this regard should focus on proper implementation of new accounting rules.
For example, while in cases of real estate sales promoters generally should not impute income to the creation of writing, for the construction of the accounting principle that substantial transfer of risk is not general, and yes it is to implement income as the work is done.
The proper pairing between the closing accounting and taxation is essential in view of the statement of Societies-case of depreciation, see graph below, as well as carry out a suitable check of the entire panel of deductions. For SMEs, in addition, is key to analyze staffing levels and turnover, for the purposes of applying incentives such as reduced rates or free depreciation for job creation.
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