Santander is difficult to flow the loan and provides for a long crisis

Spain is not fashion, but quite the opposite. The markets are wary of the strength of the country to meet its commitments and end the crisis. That weighs our financial sector. This speech is translated from the CEO of Grupo Santander, Alfredo Saenz, who in presenting results of the entity for the third quarter acknowledged that Spanish patina "does not benefit us."

And, he added, "the market identifies us as a Spanish bank for all purposes." A drag if you consider that Santander is already an international giant of Spanish division receives only 17% of their net income.

More details of the story here .

European Parliament approves the companies and the public sector will have to pay suppliers within 30 days

Businesses and the public sector will have to pay its suppliers as a general rule within 30 days, according to the new Community legislation to combat late payment in commercial transactions definitively approved Wednesday by the plenary of the Parliament by 612 votes in favor, 12 against and 21 abstentions.

The directive, whose content has already been agreed with the twenty-seven, is to ensure that SMEs suffer no more financial problems due to late payment of invoices to public authorities and large companies.

"We wanted to ensure that rights are respected small businesses to improve liquidity and create a better climate for investment in new jobs," said the negotiator by the Parliament, the German Socialist Barbara Weiler.

The original proposal of the Commission held that the payment terms should be fixed by agreement between the debtor and creditor. But Parliament's negotiators convinced the Belgian presidency to accept the rule of 30 days for Europe.

For public authorities only in "exceptional circumstances" the payment period may be extended beyond 30 days. But in no case shall exceed 60 days and you must present a justification for any extension.

For hospitals, States may set different payment periods of up to 60 days. This exception is contemplated by the specific nature of these centers, which are often financed through reimbursement under the social security systems.

In business to business payments, the general deadline is 30 days unless the contract says otherwise. If both parties agree, can be reached at 60 days. The repayment period may extend beyond 60 days only if there is an "express agreement" between the creditor and the debtor and if it is "extremely unfair" to the creditor.

Interest for late payment is in arrears is set at the reference rate plus 8%. Parliament also agreed Twenty-seven and a fixed amount of 40 euros as compensation for recovery costs.

Member States now have two years to bring the directive into national legislation.

Sevilla Court rules in favor of eliminating ground clause in mortgages

A court in Seville has failed for the first time in favor of the nullity of the terms 'soil' in mortgage lending considered abusive practice, said Monday the association of users of banking services AUSBANC, citing the judgment.

"The ground clause contracts variable rate loans concluded with consumers or users, is void for having the nature of unfair," said AUSBANC in a statement, citing a ruling that is favorable as the plaintiff against BBVA, Caixa Galicia and Cajamar.

The Commercial Court No. 2 of Seville declared invalid the clauses soil "as the gap appreciated the same in relation to unfair accompanying roof."

The court ordered these financial institutions to eliminate such general condition of the contract and to refrain from using it in the future, although the judgment may still be appealed.

BBVA source told Reuters that the bank submitted an appeal against the judgment.

"It's an isolated judgment is not final and we will appeal," said the source.

The clause called `ground 'sets a minimum rate of interest on mortgage loans, regardless of the situation of monetary policy.

BSCH, one of the 6 large banks with more deposits than loans

Santander is the only bank in the six largest group in Spain (BBVA, Popular, Banesto, Sabadell and Bankinter) whose deposits collected exceeds the amount of credit granted, at 3.665 million euros.

The bank president Emilio Botin had customer deposits at the end of last August to EUR 175.644 million, representing more than a quarter (26.7%) of all Spanish banks, while in that period credits had been granted 171 979 000.

The customer deposits in banks at the end of August totaled 657,061,000 euros, which stood at 2.56% above the balance recorded the eighth month of 2009. A year earlier were down 1.16%.

All the six major banks accounts for 84.3% of total bank deposits, according to latest data from the Spanish Banking Association (AEB) covering the first eight months of the year and collected by Europa Press.

More details of the story here .

Unions liable to the Autonomous Communities if violence occur on 29-S

The general secretaries of CC.OO. and UGT, Ignacio Fernandez Toxo and Candido Mendez, have warned that if violent conflicts during the general strike in those regions in which they have "mandated" minimum service "abusive" will be the responsibility of government and reiterated that the resort court.

As part of his last public act before the general strike of September 29, Faculty of Medicine, Universidad Complutense de Madrid, Toxo and Mendez have launched these messages in the midst of uncertainty about possible violence by informational picketing during the general strike.

Get the details on the news here .

The crisis has Coronel Tapioca, required to file voluntary bankruptcy creditors

The Commercial Court No. 5, Madrid has accepted a voluntary creditor who filed the textile company after Colonel Tapiocca inability to close a deal with financial institutions and suppliers to reduce its debt, amounting to 54.24 million in euros.

More details of the story here .

Petrobras holds the largest capital increase in history

The Brazilian oil company Petrobras, whose country has discovered some of the largest offshore oil in the world, has completed the largest capital increase in history, valued at 120,400 million reais (52,300 million euros).

Demand exceeded supply securities at about 1.5 times and allowed the company to seamlessly place 2,400 million new shares at a unit value of 29.65 reais and 1,870 million preferred stock valued each in 26.3 euros, according to information submitted to the Securities and Exchange Commission (CMV) in Brazil.

Part of the issue has been delivered to the Brazilian government in return for exploration rights granted reservoir, allowing the group access to major hydrocarbon resources of the country. The party will go to the State has an approximate value of 33,000 million euros.

Under the agreement between the company led by José Gabrielli and Lula da Silva, Petrobras will have access to 5,000 million barrels at a price of $ 8.5, in a deal valued at 33,000 million now the state has assumed into action.

The capital increase will raise funds closed today with which to finance oil projects in the country. In fact, Petrobras has a strategic plan for 2010-2014 which includes the possibility of investing more than 170,000 million.

The extension amounts to nearly 45% stake in Petrobras and its brochure picked up the possibility that current members of the company could buy in preference to 80%, while the workers were booked up another 15%.

REPSOL IN BRAZIL.

Repsol YPF, the largest foreign oil operator in the country, plans to launch later this year a public offering of shares (IPO) of Repsol Brazil to which analysts attribute a value of between 2,465 and 3,834 million dollars ( 1956 and 3.045 million euros). 100% of the Brazilian business Repsol could be worth over 4,500 million euros.

As for the projects, the company led by Antonio Brufau determine this year whether it is worthwhile developing the field of Guara, with a potential of 250,000 barrels per day from 2013. In 2011 be adopted investment decisions for Piracucá, from 25,000 barrels a day, and the Carioca field, of 110,000 barrels per day.