Archive for May, 2009
Fiat is ready to live without the European division of GM, said Marchionne
The Fiat will continue for life even if unable to get their hands on Opel, the European subsidiary of General Motors, Friday assured the CEO of Italian car manufacturer, Sergio Marchionne, moved to Montreal.
“If the transaction with Opel is not possible, we’ll move on to something else, we’ll continue with what we have,” he stated after a speech at the congress of the Canadian chapter of the Financial Executives International organization.
At the same time, we learned that the Canadian supplier Magna International (TSX: MG.A) had reached an agreement with GM to take a controlling stake in Opel. Not surprisingly: Fiat Friday boycotted a meeting in Berlin, which aimed to establish a financial package to enable Opel to survive during the process of judicial restructuring of GM, whose announcement must be made Monday.
Magna has to provide about 300 million euros ($ 463 million) in short-term financing to Opel, while the German government agreed to make a bridge loan of 1.5 billion euros ($ 2.3 billion) .
During his speech in Montreal, however, Mr. Marchionne also praised the merits of the transaction Fiat-Opel, arguing the economies of scale between the two groups and the U.S. Chrysler, with which the Italian manufacturer must enter into a partnership.
“The trick is to differentiate ourselves from the dealers effectively without telling people that the cars share the same components, the same engines and the same architecture,” launched the Italo-Canadian, who came directly from Detroit and returning immediately after its passage in the flashpoint city of Quebec.
Realistically, however, Sergio Marchionne has stated that its “primary objective” was now to quickly conclude the partnership between Fiat and Chrysler, which should allow the U.S. automaker third largest to revive through technology in small Italian car giant.
The leader said he remained concerned by the activities of Saab in Latin America, but not by those of Europe, given the close links between the Swedish and Opel. No question, however, to conclude a joint venture with Magna to save Opel, as suggested by the Canadian company.
In a statement, Fiat said it had boycotted the Berlin meeting because the financial requirements of the German Government against him were too great. It must be said that Fiat did not inject capital into Opel.
Mr. Marchionne Friday criticized the individualistic approach adopted by the European countries facing the crisis car, which contrasts with the strategy of Canada and the United States.
According to some observers, Berlin preferred the supply of Magna to Fiat because it included a capital injection and could result in fewer layoffs. The big boss of Fiat was keen to stress that there has been no closure of auto factory in Germany since 1938. It remains to be seen how Magna, which has no experience in the marketing of cars, to build business with Opel.
On Chrysler, Mr. Marchionne assured that Fiat did not intend to turn number 3 American Italian company, stressing the need to meet the specific needs of the North American market. That did not stop him from launching the eyes of the Europeans, the Dodge Ram pickup trucks built by Chrysler, are “very large”, which made the audience laugh.
“The North American Industry must understand that we can not consume as much oil and, more important, we can not continue to pollute the planet,” he dropped.
To those who argue that Fiat is too small to participate in such an operation, the Italo-Canadian said that the company employs 200 000 people in 190 countries and is one of the most profitable industry automobile, despite the current crisis.
The automotive world desperately in need of consolidation, said Sergio Marchionne. According to him, a manufacturer must produce at least 5.5 million vehicles per year to be viable, so it must remain, ultimately, only six major players in the world.
Regarding the Canadian Chrysler plants, Mr. Marchionne has argued that they had a bright future ahead of them, they are effective and focus on quality.
ECO – Iceland: recovery expected in 2010, “considerable progress”
Iceland’s economy should hit bottom in the second half before rebounding next year, said Friday the head of the mission of the International Monetary Fund in Iceland, under “considerable progress” since the collapse of the economy of island.
“The economy should hit bottom in the second half and is expected to begin in 2010,” said Mark Flanagan at a press conference in Reykjavik, after a nine-day mission in Iceland.
“Considerable progress has been made to the closure of the initial assessment” required for the payment of a further loan of 2.1 billion dollars granted by the financial institution to Iceland in November, he said.
Progress was made on the control of inflation and the deficit and to stabilize the financial system, he said.
Approximately 850 million has already been paid to address the financial system of the island, which collapsed in September because of the global financial crisis. Eight slices of 155 million dollars to follow.
“Nevertheless there are important issues to be addressed and other measures to be pursued, including the restructuring of the financial system and fiscal consolidation,” said Mr. Flanagan.
It also held “very risky” a further decline in the rate by the central bank, raised from 18% to 13% in three times since mid-March, due to the further decline in the exchange rate of the Icelandic krona.
As for controls on capital flows in place to avoid a dip in the crown, “the abandonment as soon as possible remains a key objective,” he says.
The process should begin later this year, but will be gradual, said the IMF representative.
Iceland, which has about 320,000 inhabitants and is not a member of the European Union, its prosperity was based on a bloated banking sector, which accounted for nearly 11 times its GDP, and seen its economy overcome the financial crisis World last fall.
In 2009, the economy would shrink by 10.6%, according to the Ministry of Finance.
Héroux-Devtek publishes record results for its fiscal 2009
Sales in fiscal 2009 stood at 337.6 million
dollars, up 9.7% compared to sales of 307.9 million
dollars made during fiscal 2008. Operating income
increased by 24.1% compared to the previous year to reach 34.5
million, or 10.2% of sales, compared to 27.8 million
dollars or 9.0% of sales last year. Net income for the year
2009 stood at $ 21.4 million, or $ 0.67 per share, on a
fully diluted basis increased compared to net income of about
$ 19.0 million in fiscal 2008, or $ 0.59 per share on
a fully diluted basis. Excluding tax benefits in the amount of 2.4
million arising from the use of tax losses carried forward,
and the favorable impact of $ 0.9 million from the cancellation of a
interest-free loan, net income increased by $ 15.7 million
to $ 21.4 million or 36.3%. Finally, the cash flows related to
operations totaled $ 48.0 million, up
26.9% from 37.8 million a year earlier.
Fluctuations in the Canadian dollar relative to the Currency
American had the effect of increasing the amount of sales of 6.9 million
dollars, or 2.2% compared to last year. Despite this difference
favorable currency fluctuations, compared to last year,
had a negative impact of around 0.3% on gross profit,
expressed as a percentage of sales, given the hedging policy
of society. The impact of currency movements on the profit margin
Gross society as a percentage of sales, is mitigated by
the use of forward exchange contracts and the coverage
natural result of purchases of materials made in U.S. dollars.
————————————————– ———————–
Financial Highlights Three months ended Year ended
(thousands of dollars, except March 31 March 31
per share data) 2009 2008 2009 2008
————————————————– ———————–
————————————————– ———————–
Sales 92 146 83 088 337 635 307 882
Operating earnings 10 020 9 627 34 453 27 768
Net income 6 431 6 474 21 363 19 019
Per share – basic ($) 0.20 0.20 0.68 0.60
Per share – diluted ($) 0.20 0.20 0.67 0.59
Cash flow related to
operating activities 14 056 11 966 48 042 37 848
Weighted average
shares outstanding
(basic, in thousands) 31 391 31 636 31 583 31 610
————————————————– ———————–
Dated 31 March 2009, the balance of Héroux-Devtek remained healthy. So,
Cash and cash equivalents totaled 39.8 million
dollars and the long-term debt, including the current portion, amounted
87.3 million. Accordingly, the ratio of net debt on
equity stood at 0,24:1 at the end of the year 2009,
0,29:1 compared with a year earlier. The ratio of net debt on
equity is defined as the long-term debt, including the portion to
short term, less cash and cash equivalents, divided by
equity.
“The year 2009 Héroux-Devtek has been a successful year
while all divisions improved their market position despite
the rapid deterioration of business conditions in certain sectors, “a
said Gilles Labbé, President and CEO of Héroux-Devtek. “The
Landing Gear Division has won two terms of design and
development of scale, as well as major contracts on the market
replacement parts. Aerostructures division has further strengthened
its relations with its key customers in obtaining
additional orders in the context of strategic programs. Its
later, the division components of gas turbines has improved so
significant profitability. We ended in a situation
financial strength and with a backlog of orders completed that displays a
good balance between our individual customers and market segments. ”
FOURTH QUARTER RESULTS
For the fourth quarter ended 31 March 2009, sales
increased by 10.9% to 92.1 million, against 83.1
million last year. Operating income remained
relatively stable at 10.0 million, or 10.9% of sales,
compared to 9.6 million, or 11.6% of sales a year
before. Operating income for the fourth quarter of fiscal
earlier included the cancellation of a loan of $ 1.3 million, not
non-interest bearing, which was recorded as a reduction in the cost
Sales, which had the effect of increasing the operating margin
1.5%. Net income was $ 6.4 million, or $ 0.20 per
action, on a fully diluted basis, in the fourth quarter of fiscal
2009, against 6.5 million, or $ 0.20 per share, on a
fully diluted, a year earlier. In the fourth quarter of fiscal 2008,
the use of tax losses had the effect of increasing earnings
net amount of $ 0.8 million, or $ 0.03 per share, on a
fully diluted, while the net impact of the cancellation of the loan does
no interest has also led to an increase in diluted earnings per share
$ 0.03. Finally, the cash flows related to operating activities
totaled $ 14.1 million in the third quarter, an increase of
17.5% from 12.0 million a year earlier.
RECENT EVENTS
On 28 April 2009, Lockheed Martin Aeronautics Company has granted the
Aerostructures division multi-year contract covering the manufacture of
complex structural components and assemblies for the external wing, the
internal wing and forward fuselage of the three versions of the F-35
Lightning II (JSF) for the implementation of lots 3 through 7 of the production
initial low-rate (PIFC) in the next five years. By
Based on the most accurate estimate possible of the production rate,
the contract value is estimated at more than C $ 50 million. This most recent
term is added to a multi-year C $ 135 million obtained by
2007 for forged aluminum bulkheads and other complex components.
SEGMENT RESULTS
During fiscal 2009, sales for the Aerospace Sector
stood at 299.4 million, an increase of 7.3%
compared with sales of 278.9 million achieved during the year
2008. Sales of the Landing Gear division grew by 4.9%
to stand at 190.7 million dollars because of increased
volume in the markets for business jets and helicopters, as well as
an increased activity in the services sector repair
and maintenance. This increase was partially offset by the
labor dispute at Boeing, unfavorable exchange rates given
the hedge position of the company and the completion of a major
program of refurbishment of large commercial towards the end of
fiscal 2008. Sales of the Aerostructures division rose 13.2
% To 107.6 million thanks to catch-up schedule
certain supplies of military products, the acceleration program
the JSF and the favorable currency during the year. This
increase was partially offset by a decline in sales in the
market for large commercial. In the fourth quarter, sales of
Aerospace sector rose 8.8% to 82.3 million
dollars.
For all of fiscal 2009, segment operating income
Aerospace stood at $ 29.3 million, up from
$ 27.4 million a year earlier. Expressed as a percentage of sales
consolidated operating income was 9.8% for the years
2009 and 2008. Despite the increase in sales, loss on conversion
currency incurred during the conversion of monetary items net
mainly to the Landing Gear Division has offset this gap
favorable. In the fourth quarter, operating income stood at
$ 9.0 million compared to $ 9.3 million during the
corresponding period of previous year, due to the impact
favorable in fiscal 2008, the cancellation of loan for which it is
mentioned above.
During fiscal 2009, sales of industrial sectors
reached 38.2 million, up 32.0% compared to sales
of $ 29.0 million made last year. All
main market segments, including gas turbines, wind energy and
heavy industry, recorded a double-digit growth of their
income. In the fourth quarter of fiscal 2009, sales of the sector
Industry grew by 36.5% over the corresponding period of
the previous year, reaching 9.9 million.
For fiscal 2009, operating income Industrial sector
stood at 5.2 million, or 13.5% of sales, against 0.4
million, or 1.4% of sales during the previous year. This
improvement reflects increased sales to value added
in the markets for industrial gas turbines and wind energy,
well as improved overall performance of production and composition
sales procedure. In the fourth quarter of fiscal 2009, the
Operating income was $ 0.7 million, compared
to $ 0.3 million a year earlier.
PERSPECTIVES
The growing economic uncertainty of recent months has reduced the volume
new orders from manufacturers of large
commercial. Although order books remain filled
some existing orders could be postponed or canceled, which
could lead to further reductions in volume of schedules
production. The aerospace market remains strong military. The
Major programs are progressing as planned, especially the JSF,
for which the American Department of Defense has recently recommended
increase the number of aircraft to be acquired during the year
fiscal 2010 the U.S. government. The new administration
could reduce U.S. funding of military budgets
in the future. In the sector of energy production, markets
industrial gas turbines and wind energy will suffer short-term
the impact of financial crisis because of the magnitude of capital
required for these projects and issues related to infrastructure
necessary to distribute electricity generated by these new sources
energy.
“The current economic conditions will inevitably slow down the level
activity in certain sectors. However, our achievements of last
year and the strong measures that we take in order to continue
reduce costs and improve operating efficiencies we have placed
position of strength for years to come. Although Héroux-Devtek maintains
strong business relationships with its customers and that its backlog
command is completed, we do not anticipate any significant growth
Sales in fiscal 2010 given the economic uncertainty
today, “concluded Mr. Labbé.
TELECONFERENCE
Héroux-Devtek Inc.. will hold a conference call to discuss
its financial results on Friday, May 29 at 10 pm (EST).
Interested persons may participate in the call by dialing (416)
644-3417 (for participants in Toronto and overseas) or
1-800-731-6941 (for other participants from North America). It will be
also possible to participate in the conference live on the Web
accessing the following sites, namely: www.herouxdevtek.com;
www.newswire.ca or www.q1234.com.
To the extent that you are unable to attend the Conference
telephone, you can access a record thereof
calling 1-877-289-8525 and the code 21306169 # on your
phone keypad. This recording will be available as of Friday
29 May 2009 to 12 h until 23 h 59 on Friday, 5 June 2009.
PROFILE
Héroux-Devtek (TSX: HRX), a Canadian company, serves the needs
two main markets: aerospace and industry. It
specializes in the design, development, manufacture and
repair of systems and components. Héroux-Devtek supply sectors
commercial and military aerospace systems for trains
landing (including parts and maintenance services and
repair) and aircraft structural components. The company provides
also to industry components for large
equipment used for energy production, as well as components
accuracy for other industrial applications. Approximately 65% of
company’s sales are made abroad, mainly to
United States. The company is headquartered in Longueuil, Quebec, and has
facilities in the Greater Montreal area (Longueuil, Dorval, Laval and
Rivière-des-Prairies), Kitchener and Toronto, Ontario, in Arlington,
Texas and Cincinnati in Ohio.
Looking statement
With the exception of historical information, this press release may contain
information and forward-looking statements regarding the
future performance of the company. These statements are based on
assumptions and uncertainties, and the best possible assessment of
direction with respect to future events. Among the factors
likely to cause a difference in results include, among others,
fluctuations in quarterly results, changes in demand for
products and services of the company, the impact of competition on
price and general market trends or changes in the
economic conditions. Accordingly, the reader is warned that a gap can
occur between actual results and forecasts.
The market ready to pounce?
13h50: $ 66 per barrel is two times more expensive than the lower of $ 33 … weekly decline in stocks for three weeks in the United States, decline of the dollar, anticipation of economic recovery (I say to myself: type non-structural and cyclical), all of which push the oil up – the Total shareholders’ values and para-oil or representative of basic raw materials of our economy, can sleep and take their leave without connecting every night to check the status of their stock holdings.
Articles followed by the usual market are currently reduced to their simplest form, since I do not have time to effectively monitor trading day since early May, starting a prolific period for the development of the site in 2009 – the three years of solitude ended the day anniversary of the site (May 15): I would like to thank the handful of faithful who were split by a small message on this occasion! I manage the priorities, such as micro-entrepreneur in charge: in a few months, I hope you see the improvements – the goal: to offer free service, a full range of tools, information quality (possibly in exchange for your own lights) so that the entire community benefits, depending on the needs of each staff member which composes.
I am content to follow the analysis that I conducted at the end of April, valid throughout the summer: the choice of values to buy (Starters: Total and Air Liquide – replacements: Sanofi and Arcelor), driven by an anticipation lift the price of crude to $ 70/80 before the end of August – and on sale CAC40 coverage (of PEA, BX4 anticipating a consolidation of more effective during the summer season).
CFD 8450 points for the DOW, it is 14:05 – on the highest note CFD, 6 points below the R1j (8471 to 8477) – major resistance at 8,500 points, just like yesterday – in 15 minute, the U.S. GDP will be published (second estimate), followed by two other figures at 15.15 and 16.00 – only traders / scalpeurs experienced can “play” between these moments hot – beginners merely to manage their positions in stocks if they were taking advantage of possible exaggerations of the market (I think especially in making profit if you climb above the 8550 points, R2J.
Next and last appointment during the opening of the market in Paris this week to 16.30, except position – then I took off to Toulouse, as every fortnight (so to speak, I for two hours round trip in auto), and you will find this WE for the usual items.
Enel launches capital increase of EUR 8 billion
The Italian group of energy and services to communities Enel launched Friday its capital increase to eight billion euros with a significant discount, causing the collapse of its share price.
It has simultaneously announced that it entered into the sale of 80% of its distribution subsidiary Rete Gas gas to a consortium of financial investors.
The investment funds F2i and Axa Private Equity (AXA group) are on the verge of closing a loan of 1.025 billion euros to finance the repurchase of such participation in Rete Gas, it was learned from two sources.
At the Milan Stock Exchange, the Enel finished down 5.6% to 4.18 euros, investors punishing high price chosen for the capital increase, as they explain the sign of the will of group to attract individual investors.
The subscription price of new shares is set at 2.48 euros on the basis of 13 new shares for 25 existing ones.
The call market, which opens Monday, aims to strengthen Enel’s balance sheet, weakened by the takeover of Spanish Endesa, and to maintain his note to category “A simple”.
The Italian State, which has about 32% stake in Enel has already announced to be ready to endorse with its holding.
Enel debt reached 50.8 billion euros at the end of March and the group plans to sell 10 billion euros in assets by 2010 to reduce it.
Analysts believe that this could be difficult to achieve because of the economic and financial crisis.
Sergio Arturo Duarte
Confirming the desire to retain the majority of stock in the Indians CF looks for the directive as a tough and probably very costly in economic terms, since the total of players (29), twelve of which formed the basis of Hector Hugo technical Eugui are the property of another team and his contract expired, including all foreigners (5) and more experienced.
Property of the institution juarense there are 16 players and only need to know if they come into the plans for the coming tournaments, while a player is already free and own your letter.
The situation looks even more complicated with six of those belonging to another team (four foreigners) have an option to purchase but with a price and tazado and very high, along with four others have no option to purchase and the remaining two (one abroad) were only on loan.
In the group of players whose contracts expired with Indians are foreigners Ezequiel Maggiolo Javier Malagueño, Juan Pablo Rodriguez, Juan Ramon Curbelo and Garcia Luigi Washington.
Likewise, the Uruguayan Héctor Giménez naturalized Mexican and Central zaguero Juan Carlos Franco, who did not see a single minute action in the campaign that ended for Indians because it did not receive the opportunity of the technical Eugui Héctor Hugo, and in the final chapter in campaign, was not taken into account.
“The player is a free-Franco Olivares, obviously belonged to us by the contract, and no letters, there are players without contracts and contract, then he concludes his contract this year-by-one years and be free,” said Gabino Amparo, director of Indian sports.
Based on the order of the contractual relationship with India and central defender who was not involved in any political party in the campaign, the departure of Franco from the tribe is imminent.
From Sinaloa Dorados, Giménez arrived on loan to India in January for six months for a tournament in exchange for short Sebastián Maz, Braulio Godinez and Tomas Quiñones.
“Obviously we all conclude that the contract, with option to renew,” said Amparo.
Unlike Franco Olivares Giménez Silvera of Brazilian and Washington, filed a firecracker here with fanfare and who played 37 bad minutes against San Luis, Maggiolo, Malagueño Rodriguez Curbelo and have the option to purchase.
Ie, could be purchased by the local club with the high cost involved.
“They are players of great quality, not demonstrable with the campaign and now they have made clear that costs are down from before, but the quality is tested and they showed it,” said Amparo.
The manager spoke in particular and Malagueño Maggiolo and stressed that both teams are important. .
“Maggiolo specifically comes from a team-Argentina Estudiantes de la Plata, the large equipment, play-Copa-Libertadores Malagueño it comes from Greece … Players who are planning to “outsourcing.
Therefore, it will be recognized for Juárez expensive if you want to buy the team.
Around Cirilo Saucedo, Javier Saavedra and those belonging to Syndey Balderas Tigres UANL, Amparo said that players are provided with option to purchase from Indians.
“There would have to renegotiate with Tiger, either loan or purchase, there is no other option,” said
The status of cats is the same as the midfielder Manuel ‘Tripe’ Perez, who comes from the Monterrey Rayados.
Who does this option to buy and Indians came to a loan from the ranks of the ‘Machine Celeste’ Blue Cross is the left rail and containment Tomás Campos.
In this case, we should see if Indians exercised this option.
The situation is similar to the fields of Arturo Echavarria, who joined Real from the tribe of Colima for the first six months and the option to purchase.
Indians should make a major effort, both in the economic aspect of agency and negotiations to prevent an exodus among the listed group of players, football has also contracted with the organization and that can be said, are part of their heritage.
They are: Humberto Hernandez, Alonso Jimenez, Oscar Jimenez, Luis Ricardo Esqueda, Edwin Santibanez, Edwin Hernandez, Jorge Rodriguez, Gilberto Martinez, Sergio Orduña, Daniel Rangel and Marco Vidal.
Also, John Augustus’ Che ‘Gomez, who along with Franco was relegated by the coach Eugui Simoncelli, and in the final stretch of the Clausura 2009 and left the bank.
Gomez, one of the players most identified with the fans traveled border to San Luis on March 21 at 11, did not play, then why not released to the bank or not made the trip to Puebla and did not participate in the league .
Daniel ‘Fide’ Campos, Juan de la Barrera, the juarense Daniel ‘Malena’ Frias and Uruguayan Mario Alvarez, also belong to India.
“They are the club they all have the current contract with the club,” said Amparo.
Therefore it is feasible that most of them remain in the tribe.
“Yes, they are the club, and evaluate and determine the cases, who are interested for this year and who seek options or loans, and then we will see later, but, yes, they are all for the club,” said .
He stated that the contracts of those players are in place and that, last until 2011.
In relation to Charrúa Alvarez, Amparo has reported that a contract for two more years with Indians.
“It has existing contract, we are on the road to recovery, he is now almost near the finish line, we hope that in four, five weeks he is recovered, according to medical opinion,” he said.
Another challenge for the policy is if the attacker’s Uruguayan Sebastián Maz, champion scorer in the Primera A Sinaloa Dorados, who belongs to India.
Transferred on loan to Sinaloa for six months, Maz Rosano could return to this border.
“It’s what we’re going to appreciate, is another player which is owned by the club, which continues as a foreigner, then, as a foreigner because we must decide either to assess the five foreigners,” he said.
Other elements are linked to Indian Yonatan Almanza, the juarenses Eduardo Cisneros and Naoya Aizawa, Francisco Espinoza and goalkeeper Manuel Rodriguez, who first appeared in India Chihuahua.
Amparo be mentioned that in the coming days when defining what the players are Indian and who leave.
“We’ll have a meeting to determine the direction of the club, options, view which will give effect, which again reconsider the loan and the players that are also transferable,” he said.
About the players provided by Tigres UANL as Saucedo, and Saavedra Balderas, who have contributed, however, said that having served a good campaign is always worth more to them.
“It represents, perhaps, not a constraint, but yes, you will have to renegotiate a different way, even up to the club owner is to be recruited into its ranks,” he said.
Bocairent start a collection to avoid is the monastery of the Augustinians
Monastery of the municipality as a local heritage and it does not return to the hands of the Augustinians. The situation is limited, by the end of next June must pay 200,000 euros, as agreed in the purchase contract. Thus, the church has started a collection for all neighbors make money and can be compared to the debt.
The aim is to find the largest possible number of people willing to give an amount per month, through contributions of 5 or 10 euros, through a direct debit. But, of course, the payment they face is very close, so the claim of the parish is seeking a long-term loan to pay and then returning the money to the bank with the aid of neighbors.
It is required to pay the amount necessary, can not be delayed. The contract by which the parish agreed to buy the monastery by 1.2 million euros to pay off in six years provided that if not paid within the time determined the building would return to power of the Augustinians. This is what we want to avoid.
Close Anniversary
The next meet is June 28 two years since the parish was able to acquire Bocairent the convent of Our Lady of Sorrows after a long negotiation process and years of neighborhood mobilizations.
To cope with the high amount of 1.2 million euros, from the Church of the town began to manage an ambitious project that included an area to house a new religious community, an inn, residence, green area for public use, underground parking, housing, a square opening in the bottom next to the monastery rock and consolidation of this place of prayer to increase tourism in Bocairent.
But the current adverse economic situation and the urgency of the City Council to provide suitable places of residence to the existing legislation has made the last consistory was decanted to expand existing facilities. The project was in hand and new outlets, focusing on the inn.
Thus began trading in the company of the Archbishop, the granting of credit that can be returned in the long term and to include the acquisition of the monastery, the realization of the inn and bring order to accommodate a new religious order.
But for the Archbishop to be used to address the initiative should be the involvement of neighbors. To achieve this goal requires the application of the maximum number of people Bocairent “and any other municipality that wants to join this initiative,” says the text has been distributed among the residents of the municipality to adhere to to the cause.
The leaflet adds that a small ‘monthly contribution is very important, because many small can give to meet this payment. This provided the occasion for the parish started a “campaign for employees.”
Moreover, in this case work has an advantage because, as cited in the letter distributed by the locality, the contributions not only help save the monastery, but the donor will have tax relief.
Equality, Industry and ECSC agree that women entrepreneurs receive micro-credit without personal guarantees
Minister of Industry, Tourism and Trade, Miguel Sebastián, Minister of Equality, Bibiana Aidoo, and the president of the Spanish Confederation of Savings Banks (CECA), Juan Ramón Quintas, today signed an agreement which they agreed that women entrepreneurs and entrepreneurs receive micro-credit without the need for personal guarantees.
The agreement will allow women beneficiaries obtain financing for the implementation, promotion, consolidation, growth and improvement of business projects. The maximum rate of funding will be 95% of the total project cost, with each loan up to a maximum of 25,000 euros.
The repayment term is five years plus six months waiting for elective enterprising, while the maximum fixed rate of interest is 6%. With this absolute limit, in no case exceed, a variable rate of 1.5% over the benchmark Euribor. In addition, the credit committee shall have no opening, study or partial or total repayment.
Industry and undertakes to inform and guide women who are active or unemployed, wish to establish their own businesses, while Equal push policies aimed at facilitating access to women and self-consolidation, growth and improving their business.
The agreement that has just been signed will be valid for one year and provides for the creation of a joint committee that will monitor their implementation.
The MSMEs and the economy colombianaEllo under the assumption that the generation of economies of scale was the basis of countries’ competitiveness.
The revolution in computing, Internet and telecommunications showed that smaller companies had tremendous advantages over big, especially because of its flexibility and ease of adaptation to changing conditions, thanks to the dynamics of technological renovation.
Since then, governments of both developed and developing economies, have focused their efforts towards creating the right environment and removing obstacles to the development of small and medium enterprises.
MSMEs represent 96.4 percent of the business of Colombia, generating 80.8 percent of employment in the country, and have a presence in the various productive sectors.
These figures demonstrate the importance of the sector to the nation’s economy and for employment generation. Given the importance of this business segment for the country, the Government and particularly in this ministry we are committed to creating an enabling environment for growth and competitive development of the sector, therefore, we have made the policy change, which among others, includes a formal corporate policy.
In Colombia, as in most countries, has identified access to credit as one of the main barriers. For that reason has been given priority to this in politics, and we are working on different fronts.
Promoting access to financing is based on three tools: first, the resources of different rediscount lines Bancoldex whose placements amounted to $ 3.9 billion in 2008. The participation of MSMEs in rediscounting resources, has been gaining ground, while in 2002 only accounted for 8 percent so far in 2009 until April, accounted for 66 percent of the funds rediscounted.
Second, the attention to the microenterprise sector, and especially to those entrepreneurs who first enter the formal financial sector, the Government launched the National Bank of Opportunities. Its aim is to increase the bank in the country and replace the informal sources, based on Agio, the formal channels of finance.
Since its inception in August 2006, this entity has channeled, with support from commercial banks, $ 3.8 million appropriation in the amount of $ 11.7 billion, with an average growth of 39% between August 2006 and 2008. For the first quarter of this year, microcredit was $ 1.03 billion, for a total of 365,496 operations.
Thirdly, with the objective of leveraging access to credit to the MSME sector, the Government has strengthened the national security system based on two specialized institutions: the National Guarantee Fund and the Agricultural Guarantee Fund.
The action of the National Guarantee Fund has succeeded in increasing the number of entrepreneurs MSMEs accessing credit, the financial system by providing a mechanism to share the risks of portfolio recovery. Thus, by 2008, the fund secured more than 200 thousand credits by multiplying by four the number of guaranteed loans in 2002.
As for the guaranteed amount, it went from $ 0.89 billion in 2002 to $ 5.2 billion in 2008, with an average annual growth rate of 34.1 percent. For this year, during the first four months, have secured loans for $ 1.44 billion.
Besides financial resources, the Ministry has co-managed aid to support the transformation of the productive sector through ejución of technological development projects in the MSMEs. Since its inception on FOMIPYME MSMEs has financed projects worth $ 138 billion, to support the implementation of 827 projects. Of the total amount allocated to the MSME sector, $ 39 billion went to small businesses and $ 99 million to the microenterprise sector.
During the four months of this year, the Ministry has funded 59 projects aimed at MSMEs, in an amount equivalent to $ 7.4 billion, of these resources, $ 2.2 billion were directed to SMEs and $ 5.2 billion to microenterprises.
One of the indicators show that the incorporation of new technologies by the various business segments, is the use of information technology. In this regard recent data from the Dane, the MSMEs are still presented a major setback, especially in the micro segment.
In the segment of medium-sized enterprises, the use of ICT has made significant progress. Thus, 99.8 percent of these businesses use computers, 99.1 percent have Internet access at your company, and 59.6 percent have web presence. In the case of microenterprise, these percentages are very low and only 13.2 percent used computers, 7.2 percent have Internet and 1.9 percent have web presence.
Small businesses also shows a good level of penetration of ICT in their business, with 99.2 percent of enterprises in using computers and 79.5 percent in the use of the Internet, but on web presence is evidence of a large backlog, and the barely 23 percent.
As a complement to the financing structure in the country, the Government has found it necessary to develop other more specialized segments of firms, or in early stages of development. Usually, the traditional financial sector does not allocate resources to these segments are considered high risk.
Currently the Government is working on creating the conditions for the development of venture capital funds, and for the consolidation of private investment. During the year initiatives will be presented that have implications for better chances of survival for new businesses in the country.
The Third Congress of the Americas Mipyme that realiaza 28 and May 29 in Cali, and exchange will assess progress made in the policies adopted to improve the environment for growth of MSMEs. Colombia is host, and have experiences to show the willingness to learn from other countries.
CH / Depression / The extension of CHF 12.5 billion for the IMF had gained CE
Switzerland should participate in the IMF’s efforts to help more generous to poor countries confront the crisis. Despite pressure on the Swiss financial center, the Council of States has accepted Wednesday a boost extraordinary 12.5 billion francs.
The provision by Switzerland of the $ 10 billion to the International Monetary Fund (IMF) has spent the ramp 28 by 4 votes against and 5 abstentions. As Finance Minister Hans-Rudolf Merz, the majority felt that the interests of Switzerland as a financial and economic order first, to join the movement.
“It is not just altruism,” said Dick Marty (PLR / IT) on behalf of the Committee. On the one hand, Switzerland is a country without natural resources exporter. It is therefore dependent on what happens in the rest of the world. This gesture will help the Confederation, on the other hand, to consolidate its position in the executive bodies of the IMF and continue to exert its influence, argued Mr. Marty.
The most critical votes came from both ends of the political spectrum. Green vaudois Luc Recordon has expressed its skepticism about the activities of the IMF and the real impact of Switzerland in the institution based in Washington.
The UDC has taken it, the G20, which called for increased resources from the IMF. “The G20 does not include Switzerland. These financial problems must be solved without Switzerland”, has hammered the Glarner This Jenny, denouncing the pressure of this informal forum on banking secrecy. The canton of Aargau Maximilian Reimann has demanded that Switzerland makes a reservation condition this extension to its involvement in the G20.
The extraordinary credit should allow the IMF to support its members who are victims of the crisis. The organization has estimated that it would need to increase its resources by at least $ 250 billion to provide adequate support to emerging countries threatened by rapid deterioration of their situation.
“The IMF is certainly an improvement, but absolutely necessary in the present context,” insisted Dick Marty. And recalled that the organization has fully restored the loans were granted.
The envelope of 10 billion dollars promised by Berne will be released and paid only if the means of the IMF effectively become insufficient. In this case, the Swiss National Bank will have a claim paid to market conditions. The risk of default on the loan guaranteed by the federal government is considered low.
As a result, the Council of States approved the extension until 2013 of a framework credit of 2.5 billion francs to finance measures of monetary aid to international organizations or states. He maintained this part of the package by 31 votes and 5 abstentions.
