Morgan Stanley brought up on Friday a clear graph on banking cross assets funded at the European Central Bank liquidity facility or the emergency liquidity assistance tools. One of the conclusions, analysts said, is that “only Greece has experienced a strong bank deposit outflow this year, although it is wo relationship advice rth noting that in Spain and Italy internal capital flows occur, too, towards the soundest and biggest banks.”…
Julia Pastor, in Madrid | In a note to investors, Afi’s analysts affirmed on Thursday that German CDS or swap contracts for bond buyers to protect themselves against losses have been under pressure in the last weeks, consequently increasing by 20%, the most among the euro zone’s countries. “It means a change of credit risk perception about Germany, which could be anticipating, as it happened in July and August of…
The International Air Transport Association published this week April data, which confirmed that there has been a certain slowdown on the overall still growth picture. From January to April, world air traffic was up by an accumulated 7.1 percent versus 7.4 percent in January to March. Emerging markets like Latin America, Middle East and Africa registered double-digit growth, while the down trend was worse in the US than in Europe.
MADRID | The turnover of audit firms in Spain increased by 2.2% in 2011 to over 2.8 billion, thus extending the trend of steady moderate growth in the previous two years. Tax and legal advice, and corporate finance experienced a more dynamic activity level, while the audit and consulting areas grew by 1%. A study of the sector published by DBK showed that audit firms managed to increase its sales in 2011,…
By Julia Pastor, in Madrid | The very logical answer from the European Central Bank’s president Mario Draghi to the Spanish claim for that institution intervening was a rejection. Instead, Draghi demanded Thursday that European leaders make up their minds on how the euro will be in a year’s time. Draghi also argued in favour of a “banking union”. News agency Europa Press reported his declarations. “Can the ECB fill the…
VALENCIAPLAZA.COM | Víctor Alvargonzález is executive director at financial advisor firm Profim. Alvargonzález points at the root of all Bankia’s problems: in his opinion, a bank managed was destined to become a systemic disaster waiting to happen. He believes Spain’s finances hurt more from lack of credibility than soundness, though. Is it time to avoid the Ibex for a while? We have been sort of avoiding the Spanish market for over…
buy cheap cigarettes By CaixaBank Research team, in Barcelona | In its World Economic Outlook, the International Monetary Fund (IMF) predicts a slowdown in 2012 that should be followed by a weak recovery in 2013. The good performance of the US economy and the implementation of urgent policies in the euro area have lowered the risk of a sudden relapse and mean that the slowdown will be less than had…
By Julia Pastor, in Madrid | Contrary to what might be assumed, on Wednesday Spanish politics answer to the EU was strong despite the severe turbulences affecting the country’s financial system: the argument is that it does not need to rescued, but its debt needs to be guaranteed. President Mariano Rajoy and the opposition leader, the Socialist Alfredo Pérez Rubalcaba, agreed to hold this position together in order to “defend the…
LONDON | While the European Central Bank and the Spanish government argued on Wednesday about the best mechanism to salvage Bankia, Caroline Keen, a member of the team managing the Newton Asian income fund at investment house BNY Mellon, said euro crisis contagion was rapidly developing elsewhere, too. Keen warned that economic headwinds from the euro zone were likely to affect the Asia-Pacific ex Japan region for the remainder of…
By former director of the Catalan Institute for Finance, Ernest Sena | As if nothing had happened in Europe and the world over the past five years, the European Investment Bank continues working in the same line as it did fifty years ago. One must add that the EIB does very well what it does, nevertheless. The EIB is a key part of the European institutional framework. It was created in 1957 by…