| Date: March 30, 2010 | Source: Reuters |
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The government will invest 590 million euros over two years to promote electric vehicles in Spain, aid can reach the 7,000 per unit in the case of automobiles.
This investment was announced by Teresa Fernandez de la Vega, Deputy Prime Minister after the meeting of the Council of Ministers, in which the Minister of Industry, Miguel Sebastian, presented the Comprehensive Plan for the electric vehicle, whose draft has been Efe access, which provides, inter alia, a specific electricity tariff to encourage its use.
The Plan establishes a strategy that presents a target for the year 2014 of 250,000 electric vehicles or plug part of the Spanish fleet, of which some 2,000 are already this year, according to Fernandez de la Vega. To these must be added another 750,000 hybrids to reach the target figure of one million.
To achieve the goal, the Plan includes a range of measures to stimulate demand, promote investment and development of this industry and also deploy the infrastructure to recharge with points in several Spanish cities.
The measures include a series of programs based horizontal communication activities and strategic marketing, business law and legal barriers and removal of specific and specialized training.
Fernandez de la Vega said that "our bet is decided by a future technology sector," while renewable energy commitment and caring environment.
The reference of the Cabinet minister explained that Sebastian has exposed the Government this Plan, which includes performances produced by the Executive from the key issues discussed at meetings of the working group comprising representatives of the public sector and the scope private in the Ministry of Industry.
From the energy perspective, electric vehicles encourages the use of renewable energy and serves as a backup, it is a way to make their production more manageable (allowed to accumulate energy in peak hours and use it during rush hour), while makes possible a lowering of costs, since it takes advantage of the infrastructure and electrical generating capacity unused in peak hours.
Finally, the electric vehicle CO2-and is more efficient from an energy standpoint, so that its introduction into savings of energy and other environmental advantages, while its implantation technology presents an opportunity in regard to development software to recharge batteries and the development of smart grid "smart grid".
The Comprehensive Plan Promote Electric Vehicle is a product of the memorandum signed by all attending the Summit of the Electric Vehicle November 2009, which stipulated the creation of a working group comprising representatives of the business sectors involved in the electric car and the public sector for its development.
In this group have participated 29 companies (twelve of automobile, electric six, three oil companies, three building, three of electronics, a renewable energy, a consultancy) and eight associations (three in the energy sector, two sector car, one of "renting" a garage and ICT).
They have also served on two public bodies (IDEA and FITSA), six ministries (Industry, Tourism and Trade, Science and Invocation, Development, Interior, Treasury, Environment and Rural and Marine Affairs, and President of the Government), and Spanish Federation of Municipalities and Provinces and autonomous regions through the so-called Board of Directors General of Industry.
| Date: March 3, 2010 | Source: AlertNet |
Go ahead and rate this post Loading ... Ambitious, but consistent if one takes into account more recent trajectory. So experts see the new business plan Jazztel, that in three years wants to double its ADSL customer base and achieve a net profit of 50 million euros. Clear financial risk after debt restructuring, operational execution and aggressive competitors are the main risks of Jazztel.
"My impression is that the plan is very solid at the operational level, although the objectives of customer acquisition are above our expectations," said Antonio Fernandez, an analyst at Banco Sabadell. "If they maintain operational tempo in the fourth quarter of 2009, will achieve the objectives. The plan is consistent and the bag is excessive punishment. "
Jazztel yesterday presented his business plan until 2012. Broadly speaking, the operator who chairs Leopoldo Fernandez Pujals want to achieve a net profit of EUR 50 million at least for that year, four times the EBITDA to 145 million, doubling revenues to 850 million and increase market share from the 6 to 11% through attracting 600,000 customers to reach 1.2 million.
"The plan is ambitious, aggressive, but have shown the market that are capable of doing so. In the past year have achieved 30% of the market high and to comply would have to continue that pace, "said Inigo Isardo, an analyst at Link Securities. "Other old business plans were unrealistic, now the management is still very good. Jose Miguel Garcia [CEO] has responded. "
Jazztel has doubled its market share in the last two years by stealing customers from other companies. This type of high accounts for 80% of the total uptake, while the rest are new. According to sources, the low stock amounts to two million customers, which together with the lower penetration of ADSL in Spain than in Europe provides growth potential operators.
The company based in Alcobendas gets much of its customers the best prices, so a substantial improvement in the economy could embarrass the achievement of the strategic plan 2012, says Isardo of Link. "The price sensitivity is lower when the recovery comes, Telefónica would invest in fiber and better connections, but the fact is that this recovery does not seem to be giving."
The operator ensures that the cost of the optical fiber is not affordable by households (there are fewer than 10,000 lines in Spain), and in return before the summer will offer a new connection of 50 megabytes (VDSL2). Jazztel forecasts go through a wide bank penetration of 69% for 2012 compared to 60% now, so the number of ADSL lines will rise about 20% to 11.6 million.
One of the drawbacks that Sabadell analyst puts the operator's plan is the least expected EBITDA margin. "Is everything a little bound, involves investments grow, margin deterioration and lower cash generation," says Fernandez. Jazztel plans to invest 210 million in three years. EBITDA margin on sales in 2012 were placed in 18%, 25% below the average of its peers.
More details of the publication here .
| Date: February 21, 2010 | Source: Sources |
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An employee of the bank whose name has not been made public was arrested yesterday in Seville for misappropriating about 890,000 euros of its clients to invest in the stock market, which is that the high volatility of stock markets is, in many cases, encourage more risky for investors, as it has shown this employee. Has not yet transcended the entity for which he worked.
With the initials PAE, this man 35 years of age and no history, is charged with crimes of fraud, embezzlement and forgery. The investigation began in early November 2009, following a complaint of possession of a bank, who discovered how the accounts of several depositors had stolen money without authorization addressed to another entity.
The police has found that the transfers were directed to the account of a company authorized to operate in the stock which it held the prisoner, who diverted the money from their customers to invest in the floor.
Is accused of the crimes of misappropriation, the transfer of 887,827 euros from the bank accounts of the financial institution to which he had access to the occupied since, and forgery for allegedly complete and sign the necessary orders for the transfer of funds from one account to another, forging the signatures of authorized persons. He is credited also one of fraud by performing all these actions taking advantage of their professional relationship with that bank.
Such facts, questions again if the credit institutions put into practice the ethical code as necessary to ensure the security and stability in financial markets, more and more put into question in view of events.
| Date: December 12, 2008 | Source: Economic @ 21 |
Go ahead and rate this post Loading ... New York prosecutors and the FBI announced the arrest yesterday of Bernard Madoff , investment adviser on Wall Street and former head of Nasdaq , accused of having assembled one of the biggest financial frauds in history, amounting to 50,000 million dollars.
The FBI (Federal Bureau of Investigation) entered the apartment in Manhattan and this Madoff, 70, acknowledged his responsibility in the plot, as detailed the NYPD and the Office in a joint statement.
Madoff is one of the chief advisers of the so-called "family offices" Spanish, that is, the instrumental undertakings of the great fortunes of the country with rushing an important part of their investments.
In 1960, Madoff founded Bernard L. Madoff Investment Securities LLC, a hedge fund that U.S. prosecutors accused of having accumulated 50,000 million dollars in fraudulent losses.
Bernard Madoff , 70, could face 20 years in prison and a fine of five million dollars if found guilty of having created a "pyramid" (intermingling of several companies), requires a joint statement the prosecutor Lev Dassin and U.S. federal police (FBI). The financial pyramids follow the calling "Ponzi scheme", which offered investments with unusually high returns to attract participants, and interest will be financed by funds from new investors to reach the bottom.
The dimensions of this pyramid obscures the majority of scams known so far and could be one of the largest in the history of the U.S. economy.
According to the document, the manager of "hedge founds" (hedge funds) revealed senior employees of the company "Bernard L. Madoff Investment Securities LLC" which had created a parallel illegal enterprise.
Madoff told employees Wednesday that "everything is a lie" and that was "basically, a giant" Ponzi scheme ", with an estimated loss to investors of around 50,000 million dollars, according to U.S. prosecutors charge.
Speaking to staff, the businessman said he was "finished, I had nothing and had lost about 50,000 million dollars," the statement said.
Madoff admitted having mounted a massive illegal pyramid scheme, but added that he gave to authorities after using the 200 or 300 million dollars that were to settle their debts with "some employees, their family and friends," adds statement.
Local media recall for example that when Enron declared bankruptcy in 2001 was 63,400 million dollars in assets.
The SEC, the American equivalent to the CNMV, meanwhile suing Madoff with civil charges.
"Our complaint alleges a fraud surprises - both in terms of duration and amount," said Scott Friestad, the SEC legal counsel.
"We are moving quickly to stop the issue and protect remaining assets for investors."
Madoff was released on bail on a bond of $ 10 million with a guarantee of his apartment in Manhattan.
| Date: November 27, 2008 | Source: Europa Press |
Go ahead and rate this post Loading ... The Prime Minister Jose Luis Rodriguez Zapatero, announced today that the Cabinet approved tomorrow an extraordinary credit of EUR 11,000 million by the 2008 Budget to create 300,000 jobs in different sectors.
Zapatero, who appeared in the House of Congress to introduce this new package focusing on public investment, said that 8,000 million is for the creation of a special fund public investment in the local area for the implementation of new work planning and is administered by the Ministry of Public Administration. According to government estimates, this fund would create about 200,000 jobs in 2009.
Also, implement a comprehensive plan to deal with Automotive regions and social partners with short and long term. First, try to avoid job losses by reducing employment costs and, secondly, ensuring the competitiveness of the sector to recover as soon as possible its activity.
In figures, special credit will be allocated 800 million euros for this plan for the recovery of the automotive sector, which will add 600 million for environmental activities, 500 million for R & D, 400 million for rehabilitation of homes -barracks and police stations, 120 million for housing rehabilitation, $ 30 million to encourage tourism and, finally, 400 million for transfer to the regions to dependence.
