Trading Mutual Funds Report

Argentine Economy Minister, Hernan Lorenzino, insisted today that the Government was working to “reverse the increase” in imports of fuels for “achieving self-sufficiency in oil.”

“We looked at each of the concessions” with the oil-producing provinces, requiring “compliance with agreed contracts (with oil) and when that happens not revert” areas awarded “as happened before,” said are mention the conflict with YPF, which controls the Spanish Repsol.

Lorenzino was speaking television channel C5N cable news at a time when the government of President Cristina Fernandez is silent about his intentions after the press on Thursday released a project official alleged that the State acquires 50 percent of YPF.

The reports in the press on the eve increased uncertainty about the future of YPF, which Repsol is a partner of the Argentine group Petersen.

“Government policy is to maintain the competitive equation in the field of energy,” said the minister pointed out that in 2003 Argentina 4,300 million dollars spent on fuel imports, “and that account in 2011 amounted to 9,300 million dollars”.

“Argentines need the oil beneath the earth be removed and used in cost-Argentines, to sustain the competitiveness of the economy,” he insisted.

In recent weeks, six provinces oil concessions YPF is removed on the grounds of lack of investment, which the company lost the equivalent of about 18 percent of its crude oil production.

With the same argument, also has withdrawn a concession to Petrobras, but it is a marginal area of ​​the province of Neuquén, rich in natural gas.

The Spanish government, with support from the European Union has defended the interests of Repsol in Argentina, supported by the European Union.

President Pescanova, Manuel Fernandez de Sousa, stressed today that the company does not intend “to leave the boats and fishing” to information that pointed to that the company had classified several vessels for sale and facilities, with a book value exceeding 55 million euros.

In a press conference after the annual general meeting of the company, Fernandez de Sousa explained that this information “came from a reading of the annual accounts” which can be interpreted “in a way or another,” and added: “nor are we going to leave boats or fishing.”

Fernandez de Sousa has stated that the immobilized Pescanova is 1,120 million euros and that within that number, is classified as “assets held for sale” a “small amount” that is “normal within that volume.”

It has also clarified that these assets for sale “are working” and to have them included in this section does not mean “you’re not using, nor necessarily the go to sell.”

“The sell if there is an operation that really fit,” said the president of Pescanova.

In any case, reiterated that the company is not putting “for sale part” of your business.

The Colombian economist Jose Antonio Ocampo told that he withdrew his candidacy to head the World Bank (WB) because the process has become “political”, and announced that he supports the Nigerian Ngozi Okonjo-Iweala front-runner American Jim Yong Kim.

“My candidacy only made sense in the context of meritocracy. The process has now become political,” said Ocampo in a telephone interview from Brazil, where on Thursday he met with Guido Mantega, Minister of Finance of Brazil.

In his resignation letter says he is “at a disadvantage by the lack of government support” of his country, which, in his view, “hindered” the political backing for his candidacy.

Ocampo, who was a candidate in Latin America, did not receive support from Bogota, while Brazil, who proposed at first announced they would support a single candidate alternative to the U.S..

Even today, Brazil announced that along with Russia, India and China, making up the forum known as BRICS with South Africa and are the world’s largest emerging economies, negotiate until Monday to support a common candidate for president of the WB.

Ocampo said that although this choice does not fully comply to the characteristic of “an open, transparent and based on the merit of candidates, it has established the precedent that the election of President of the World Bank has to be different.”

On this occasion, is the first time you have several candidates to head the World Bank.

Since its creation in 1944, the multilateral institution has always been headed by an American as a result of a tacit pact with Europe by a European heads the IMF.

“I hope the Bank’s Board reflect on this experience and much more democratic rules set for the next election,” he said.

However, despite its withdrawal, Ocampo as “very satisfactory” that his candidacy has contributed to “sow the seeds for a better system of governance of the most important institution for development co-operation in the world.”

The WB Board of Executive Directors, who has interviewed three candidates last week, is expected to announce a new president during the spring meeting of IMF and World Bank to be held between 20 and 22 April in Washington.

Portugal today became the first EU country to conduct the parliamentary ratification of the treaties of budgetary stability, hoping to give a “signal” to generate confidence in its willingness to fulfill commitments to Europe.

Subject to the harsh demands of the bailout it requested last year, Portugal was quick to submit to Parliament by the EU treaties designed to support countries hit by the debt crisis and prevent it can be repeated in the future.

The rules were adopted with the support of the conservative coalition in power in Portugal, with 132 of the 230 deputies, and the main opposition party, the Socialist, with 74 lawmakers and could not stop despite ban, two abstentions in their ranks.

Luso’s conservative government was very proud to open the European list of ratifications, which could lengthen about a year, and considered it a sign of national commitment to overcoming the crisis.

The foreign minister, Paulo Portas, said in remarks to foreign reporters that the approval of treaties made with almost 90 percent of the votes of the Legislature, in what he called “a test of political stability and consensus “.

Against the ratification of the three parties pronounced Marxist line of parliament, the Communists, the Left Bloc and the Greens, numbering 24 deputies and tried, unsuccessfully, that the texts were submitted to a referendum.

“It is important that the ratification was made so quickly and consensual,” said Portas, for whom the loose parliamentary support to treaties is testament to the sense of responsibility and the “clear commitment” of Portugal with Europe.

That attitude, he acknowledged, is very important for a nation that was forced, a year ago, to seek financial support for their excessive debt and financial problems.

Portugal is receiving 78,000 million euros from the EU and the International Monetary Fund (IMF) in a financial recovery plan for three years which forced him to adopt harsh austerity measures and implement labor reforms and administrative answered with two general strikes.

In the debate preceding the vote on the treaties, the Marxist left reloaded against the economic policy of the Conservatives while the Socialists made it clear that support the European treaties but the austerity measures of the Executive.

Luso Prime Minister, Pedro Passos Coelho, who won the early elections last June, defended the Treaty for Stability, Coordination and Governance in the EU as a guarantee of rigor to avoid mortgaging the future of coming generations.

But the Socialist leader, José Antonio Seguro, warned that this was not enough to overcome the crisis and called for measures to curb unemployment, which has risen 15%, and revive the economy Lisbon, which this year recorded a contraction of more than 3 %.

Worldwide sales of Seat car company have fallen by 11.6% in the first quarter of 2012, to deliver 80,100 units compared to 90,700 the same period last year.

These data, supplied today by its parent Volkswagen, are a reflection of the difficulties facing the automotive sector in much of Europe as a result of the crisis that particularly affects the weakness Seat the Spanish market.

Despite this overall decline of 11.6% in the first quarter, Seat, based in Martorell (Barcelona) has experienced increases in their deliveries in some world markets such as Germany, where it sold 13,100 vehicles, up 3.6% more.

In the British market, enrolled 10,900 Seat cars in the first three months of the year, 4.1%, and sales in Mexico grew 10% to the 5,100 units.

Seat, which in 2011 managed to reduce its loss after tax by 41.3% to EUR 61 million, has set a target to leave behind the red in 2013, which has designed a strategy that goes through an offensive products to be developed this year.

The Volkswagen Group achieved, meanwhile, increased its global sales by 9.6% in the first quarter of this year to reach 2.16 million units.

These good results were due mainly to good sales performance in North America, China and Russia, while there is still uncertainty in the markets of western Europe.

The European Commission (EC) today opened an investigation in depth about creating a platform for trade through mobile phone involving a subsidiary of Telefonica in the United Kingdom and its rival Vodafone and Everything Everywhere (the Association of Orange and T-Mobile).

The British subsidiary of Telefonica, O2, Vodafone UK and Everything Everywhere announced in June last year creating a common platform for trade through mobile phone in the UK, which wanted to accelerate the development of mobile services to customers.

The EC announced today in a statement that, after completing a preliminary analysis, remains a concern about whether the transaction fits with the Community rules of competition, since it believes that the operators would get “very high market shares” in the young market for payment services and advertising via mobile (called “mobile wallet”).

The objective of this project is to generate a unique system by which consumers can make their mobile transactions through which advertisers, business partners, retailers and banks can access more easily to consumer mobile phones.

The EC points out in his note that the opening of an in-depth investigation does not prejudge the outcome, and states that now has 90 working days, until August 27 to take a final decision on whether the proposed transaction would reduce competition European Economic Area (EEA).

“The Commission is in favor of any initiative to develop the promising mobile commerce in Europe, and provide new and innovative ways of payment and interactive advertising experience for users,” said EC vice-president and head of Competition Joaquin Almunia.

However, he assured that, at the same time, we must ensure that they can emerge in this market competitive services, “so that there are still incentives for innovation and consumers get the best mobile commerce services at the best prices” .

Initial investigation revealed that the EC merger of three companies cited “could have the technical and commercial ability to block future competitors,” and in-depth analysis will now the EU executive will confirm or disprove these allegations.

The joint platform will provide telephone-commerce services to businesses, including payment and transaction services via mobile, and marketing services and data analysis.

Telefónica UK, Vodafone UK, and Everything Everywhere are three of the four operators of mobile networks in the UK, highlights the Commission.

King Mohammed VI has assured the President of the Canary Islands, Paulino Rivero, Morocco has not detected oil in its territorial waters and therefore “there is no expectation of a future oil exploration.”

According to Rivero explained today at a press conference in Rabat, yesterday, during his hearing at the Royal Palace in Casablanca, he exposed the monarch of his government’s concern for environmental damage that can lead to an eventual oil development in Moroccan waters against the Canary Islands and its impact on tourism in the islands (accounting for 30% of GDP in the archipelago).

The king confirmed that surveys have allowed (a British company Longreach Oil & Gas) and that “it is true that they found oil, but would like.”

Rivero explained further that, in any case he was, “extremely little all control measures and all warranties” to be respectful to the environment, an issue in which he appreciated as a “compromise” on the Moroccan side.

The president has made clear that canary at all times respect the sovereignty of Morocco, and therefore his request was to “help and collaboration.”

However, Rivero has been much stronger in his statements on the survey allowed the company Repsol by the Spanish central government in 6,500 miles of surface waters Canary: “We are absolutely against this matter and we have therefore used this authorization “.

Rivero pointed out that opposition to oil exploration is unanimous among the government, canaries councils, municipalities and all political forces of the island, and this despite assurances that Repsol will be with full respect for the environment environment.

The Government decided today to remove the module system for professionals such as plumbers and locksmiths to limit the use of false invoices, has decreed that no undeclared accounts prescribed and reinforced the precautionary measures you can take the tax office against alleged fraudsters.

These measures are included in the draft law on combating tax fraud which has given the green light today by the Council of Ministers, and also limits for the first time in Spain, the use of cash in operations involving a professional to 2,500 euros.

The amount will rise to € 15,000 when the payer is an individual not residing, in order, as the finance minister, Cristobal Montoro, “to promote the tourist who comes to shopping in Spain.”

Montoro explained that these measures is to gain equity and increase tax revenues, but has avoided an estimate of any revenue.

“Of course, increase revenues, but we will not include any amount that does not have the best guarantees” assured the minister, for whom the main objective is to achieve greater credibility for the general state budget.

In the draft Budget 2012 the Government amounted to EUR 8.171 million revenue through fraud actions.

The output of specific modules system professionals (who pay a fixed amount depending on different factors such as local meters, number of employees and others not of their turnover) was a collective claim tax inspectors to identify this system with a “nest of false invoices.”

With the module system, the calculation of profits and VAT to enter by the employer is not related to billing, meaning that by issuing false invoices do not have to pay more to the Treasury.

However, as of January 1, 2013-date of entry into force of most of these measures, excluding entrepreneurs or professionals with turnover below 50% of its operations to individuals and whose volume of returns intact the previous year exceeds EUR 50,000.

Therefore fall outside activities such as carpentry, tailoring, manufacturing of hardware, wooden furniture industry, coatings, gypsum or plaster work, masonry, locksmithing, plumbing or painting.

On the other hand, it creates a new obligation to report on bills and securities situated abroad, with a model to be adopted for this purpose.

Also, undeclared income abroad do not lapse and shall be charged to last fiscal year from the OTC.

The extension of the precautionary measures which may take the tax office tries to prevent the alleged fraudsters may declare insolvent or boost your property before the end of the investigation, trying to avoid the corresponding sanctions.

The two most influential newspapers in the U.S., The Wall Street Journal and The New York Times, believe that Spain will not succeed if it ignores the tough deficit-cutting measures, championed especially by Germany, and is dedicated to promote growth .

In separate editorials today, newspapers predict the failure of the austerity measures it has implemented the Government of Mariano Rajoy, in his opinion, have not provided the necessary confidence in the markets before the record that, rather than helping out of the recession, the more acute.

“Spain can be the next European country to fall because of German mismanagement of the crisis,” said The New York Times, which considers misguided obsession with German Chancellor Angela Merkel, to impose on the rest of fiscal austerity.

“No country can settle its debts stifling economic growth,” says the Daily News, in an editorial titled “Overdose of pain.”

In fact, predicts that will intensify the fall in gross domestic product, which will reduce tax revenues and therefore need more budget cuts. “It’s a destructive vicious circle.”

He added that Spain may not meet the deficit targets, which this year is 5.3% and 3% next, “if you follow the budget severely punished.”

The New York Times believes that this situation would be avoided if “wrong Merkel and her partners recognize that restoring competitiveness in southern Europe requires more investment in reforms and growth, and less obsession with short-term deficit in arithmetic.”

Pro Meanwhile, The Wall Street Journal in an editorial refers to the positive messages being given Rajoy in the midst of the crisis, and called “Pollyanna in Madrid”, referring to the girl protagonist of the story of Eleanor H. Porter, who saw only the bright side of things in the most terrible.

The financial daily said that confidence is faltering in Spain, and puts as shown in the scourge of the markets this week. It also ensures that the promises Rajoy has launched the country will not be rescued are not proving “very convincing”.

“Rajoy will not be rescued by the European Central Bank. And if you do not want to end up being rescued by Brussels (in the Greek sense), you’d better get serious about promoting recovery and growth,” says the paper.

For the Wall Street Journal, “the markets reward the reforms that promote growth, and punish the opposite. They realize what is really happening when they see one.”

Brazil, Russia, India and China, making up the forum known as BRICS and are the world’s largest emerging economies, negotiate until Monday to support a common candidate for president of the World Bank (WB), said the Brazilian minister Finance, Guido Mantega.

“Brazil is talking with other members of the BRICS on joint support for a candidate. We will adopt a joint position on the election of President of the World Bank,” Mantega told reporters.

The Brazilian minister said today by telephone talks with his counterpart in India and will do so with China and Russia before Monday, when it will elect a new president of the Bank.

“None of the four has a definite position yet. We are talking and we will take a joint position,” he said.

Mantega made no reference to South Africa, the fifth member of BRICS forum and already announced its support for the candidacy of the former Minister of Finance of Nigeria Ngozi Okonjo-Iweala.

In addition to Nigeria, the candidates are the Korean-American Jim Yong Kim, who has U.S. support, and the former Minister of Colombia José Antonio Ocampo.

“The BRICS want a candidate who has the technical qualifications to be president of the World Bank that serves primarily the interests of emerging as the World Bank is to support the rich but the poor,” said Mantega.

The minister also said that the forum will support the candidate who agrees to adopt reforms to give more weight to the participation of emerging countries in the multilateral agency.

“The current management reforms were blunders. Were insufficient. We want a candidate who will give us greater opportunity to participate in the administration of BM, which today is small. Emerging countries have few directors, vice presidents and the BRICS just want a larger share “he said.

Mantega, who last week met with Kim and Thursday he did Ocampo said that Brazil does not have a defined position.

On Ocampo, said he considers an “excellent candidate” and technically qualified.

“It’s a very good candidate. I was Minister of Economy of Colombia, was of ECLAC and the UN. I’ve known him a long time. Have technical skills. It is an excellent candidate,” he said.

The BRICS aiming to end the tradition that exists since the establishment of the World Bank and International Monetary Fund (IMF) which directs the United States and Europe first body second.