financial news
Making the European Union Financial Exchange
The EC President Jose Manuel Dura Barros announced the measure before the full European Parliament, where he explained that the contribution of the banking crisis resolution is a matter of “justice”, especially when the sector has received grants and guarantees for taxpayers worth 4.6 billion Euros in the last three years. The new tax, the EC hopes to introduce in 2014 or even earlier, would be at least 0.1% for the sale of bonds and shares and 0.01% for derivatives, although Member States may apply higher rates if they wish.
SMEs and individuals excluded.
Brussels proposes that the measure applies to all financial instruments transactions between entities where at least one of them is established in the EU, irrespective of whether they were on exchanges or extrabursátiles.Quedarían exempt from tax all transactions involving the private customers or SMEs, as well as currency exchange transactions in cash and capital raising by companies or public agencies through the issuance of bonds and shares in the primary market.
The need for harmonization.
Ten EU countries: UK, Belgium, Cyprus, Finland, France, Greece, Ireland, Italy, Poland and Romania, and apply similar taxes, but the EC considered a good idea as to harmonize the whole Union. Decisions on taxation in the EU require unanimous support from member countries, which complicates the adoption of measures, and in this case the twenty-seven are much divided.
Reluctance of the United Kingdom and Sweden.
United Kingdom has repeatedly expressed its opposition to the measure because he believes it would hurt banks and government sources indicated that London would only agree to apply this rate if you impose a “global”, which seems quite unlikely for the rejection that generates the U.S. idea. Sweden also is reluctant and Belgium, although party as Germany and France, proposes to consider the idea that the rate applies only to the countries of the euro, the case could not be applied across the EU. Brussels dismisses this idea because he believes that if you exclude the countries already implementing a similar rate would not eliminate inequality in the EU and European defense because of the action in international forums like the G20 would be less credible if the Member States show divided.
A nation and community coffers.
The EU executive also points out that the revenues from this tax would go to the national coffers and community, as well as being a form of direct funding to the budgets of the countries, would reduce the contribution of the partners to the budget of the Union. As for the possibility that banks move the additional cost of this tax to their customers, the European Commissioner for Taxation, Algebras Semite, hoped that the high competence of the European financial sector, where 8800 operating entities, prevent, but Community sources clarified that Brussels cannot do anything if that happens.
Opposition from the industrial bank.
The tax has been endorsed by the European Confederation of Trade Unions and NGOs who believe it will help reduce speculation in the origin of the crisis, and has been criticized by the European Banking Federation fears that harm the growth of the EU.However, EU sources said that while the measure could have an impact of 0.5% in GDP in two or three decades, its effect on growth would be quite small. The ECB has also been opposed to the rate, as reflected in its latest Financial Stability Report, because he fears its impact on financial market conditions and its ability to generate income. The measure will now be debated by EU countries, before deciding which should take into account the opinion of the European Parliament.
Companies Must Deliver That Has Audited Financial Statements
As provided by Law No. 29,720 enacted in the official gazette El Peru no on June 25, 2011, effective from the day following its publication, the companies or entities other than those that are under the supervision of the Conies (i.e. all) must submit to the financial statements audited by an audit firm authorized by a public accounting school in Peru.
It should be noted that the standard has become effective the day following its publication, therefore, takes effect for this year 2011, unless a later rule provides otherwise.
The companies or entities whose annual income from sales of goods or services or total assets equal or exceed the ITU 3.000 (S /. 10.8 million), to submit to such entity financial statements audited by audit firms authorized by a school public accounting in Peru, according to International Financial Reporting Standards and subject to the provisions and terms established by the Conies.
It should be noted that the ITU is valid for each year. Finally, pursuant to generate the imposition of a fine ranging from 1 ITU (S /. 3,600)
to S /. 25 ITU (S /. 90,000).
It is noteworthy that the bill requires that the audit should be conducted by an audit firm in working condition and that belongs to a professional association in the country, therefore, independent auditors will be organized in the form of a society to provide their services.
Association of Consumers and Users Santiago Province
The Association of Consumers and Users of the Province of Santiago, deputies responsible for what happens in the country, following the approval “so happy” the General Budget of the Nation, flagrantly violating the Constitution of the Republican.
The leaders of the organization, Cesar Sauvignon, Tomas Pauline, Angel Torres and journalist Roberto Perez, said the approval of the piece, also blame the Senators, which was sent to the Chamber of Deputies, without knowing any amendment.
“They left out items as important as 4 percent for education, 10 percent for the Autonomous University of Santo Domingo, cut the game for the agricultural sector and NGOs, which is a blow to those important sectors of the Nation “they said.
Both Sauvignon, Pauline, Torres and Perez, president, and secretaries of finance, education and press on the affiliate of the Autonomous Trade Union Confederation Classist, said the country is on the verge of a major national mobilization, due to the decision of the deputies and senators, against all social sectors of the population.
They argued that it seems wrong to the people in the last elections to choose those men and women who only care about their welfare, and not the welfare of the people, since people were expecting an improvement in the rows that were affected by these actions.
They said that this is added the constant increase in fuel prices in when the oil barrel in the international market presents a table below a hundred dollars.
ASOCOUPSA leaders understand that and many people are tired of teasing, and that any time the country could explode, despite the efforts of the government, Solidarity and FUNDIT cards giving food to the people “to tearless mouth”.
“Here in the country something big will happen, and when that happens, nobody will stop, because the people are tired of the abuse by the government against the population” bounded.
ASOCOUPSA and its main leaders, announced that in the coming days will begin a campaign called Black Monday, which is a day of protest dressed in black as a sign of rejection to the approval of the national budget in a hurry, and the constant increases in fuel prices.
All Financial News Focused On Spanish Savings Banks
So far all the financial news was focused on Spanish savings banks. But, by surprise dance started in the banking sector. It’s about time! I am among those who have understood the governor of the Bank of Spain since the start of the financial crisis besetting us. Fernandez Ordonez has done what he had to do with great caution and slow time. But it has done. The merger of Bunco Popular Bunco Pastor is the beginning of the dances that we will witness in banking.
I wrote yesterday about the mistakes of Bunco Popular. All are confirmed by this merger probably “recommended”. Do not forget two facts: the People’s Bank is the bank that has more “brick” in their assets; the Bank did not exceed Pastor Strength tests done in Europe.
The People’s Bank would sweat mortgage mistakes and Bunco Pastor was felt in the neck as breath of closing (or nationalization charitable). But, someone has forced them to merge.
I do not go or in the terms of the merger or the details of how are the heads of the two entities. In a financial drama like this, the fine print means nothing to the citizen.
Bottom line: the Bank of Spain recognizes that there are banks with problems and has made the task of reducing its impact on the Spanish economy.
Naturally, I tell you, what a solution is to unite two banks lame when we asked the industry to start running the hundred meter dash. It is half true. Whenever something bad with something together to regulate the mixture is tolerable taste. So we have to act in a sector that has a fairly regular flavor. And do not forget that some assistance will be provided by the State.
What about the People’s Bank said and I repeat today that unites with another: the median bank in Spain is good or bad depending on the level of risk that has contracted with the world of construction. As the bricks are going to meet further reductions in value, those who risked mortgages, have a hard time.
I would like today (economically difficult day) to clarify some personal issues. Working with Bunco Popular since I started my business life. I almost never failed. But I say, proclamation and reiterated that the People’s Bank was well defined by its late President Luis Val’s and his successor Mr. Ron never knew what was at hand. Assures customers of the People that employees and managers are great basic. Moreover, the People’s computer system to operate the internet is better, for example, that the Bank of Santander.
But the top executives of Bunco Popular made a motion of censure against the policy pursued for years by the team of Luis Val’s. And his lack of respect they will pay dearly.
Already some remind me that Luis Val’s was Opus. I never agreed with him in those religious grounds, but surely, if it had been a Quaker, had also managed to do banking.