November 2007
You're watching the articles of Euribor for the month of November 2007.
While I am still struggling with the server that occasionally leaves you unable to access the web without advertising revenue and to me you do a quick summary of news today.
The first is that I was shocked that the article entitled, and today is that after many years being the most ready of Europe with our mortgage Euribor now is that we are paying the most. At least that is what we have in Invertia.
The average interest rate on mortgages in Spain reached last September 5.49% 5.36% compared to that paid by the Europeans cover loans for house purchases, according to data from the ECB. But this trend is observed since January this year when for the first time in Spain into debt for the purchase of a home is more expensive than in the eurozone. Novel situation as in January 2004 mortgages in Spain (3.53%) were nearly a point lower than in the Europe of the euro (4.47%).
As for the local accounts S & P puts on the optimism we will see a correction "painless" in Spain
In its report entitled The Spanish banking system is well equipped to cope with the slowdown of the residential market, signing credit rating was raised as most likely scenario for the next few years in Spain a correction "gradual and moderate" in the residential sector, the that the economy and the financial institutions will be able to adapt without pain. "
Without doubt, the most shocking is the title of the report, so I repeat it again 
"The Spanish banking system is well equipped to cope with the slowdown of the residential market" there is nothing.
And finally, the news bubble of the Day: More than a million new homes in Spain can not find buyer
Since the first quarter of 2007, is taking place a big mismatch between supply and demand for housing. At the moment, there are more than one and a half million homes finished or under construction to be sold, but will not sell or 300,000 homes a year, at least until 2009, "he explained yesterday Fernando Rodriguez de Acuna and Rodriguez, president of RR Acuna and Associates.
Because it will be true that there is crisis in the sector ...
Good weekend to all!
PS: And to encourage the Friday I leave with you a joke. http://blogs.elpais.com/mauroentrialgo/2007/11/viernes-diecisi.html
Written by Carlos Lopez on November 16, 2007 with 123 comments
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I acknowledge my admiration for the so-called "Oracle of Omaha" for months while I am a shareholder in his company Berkshire. Which deserves the "solemn honor" to appear here does not come only from the statements of last November 1 in which he complained that pay few taxes, but also now says does not want to abolish the property tax . I quote his words as they are rarely listened to one of the richest men on the planet (the second, according to Forbes magazine).
The dynastic wealth, the enemy of meritocracy-based form of government achievements, is booming while equality of opportunity is in decline. That's why we need a property tax progressive and significant, to halt the progression toward plutocracy-government system in which wealth is the source of power.
It appears that with age things are seen with a different perspective and begin to look beyond his navel.
Looking to the rich of Spain and specifically to the bankers, although it has fallen out there this summer will see a robust optimism. So at least is what the BBVA, a growth above 15% over the next 3 years. On how to achieve it seems something new in our country, let's see what he tells us rule:
BBVA is clear that the sooner you must run its Plan for Innovation and Transformation in Spain, Latin America and Mexico with the aim of improving the efficiency of the entity to 35% and productivity by 15%.
Ya see, opt for solutions so rare as innovation and productivity improvement.
As for our friend the Euribor, some media with the desire to confuse the message with the messenger and the impatience of not being able to wait until the end of the month, published headlines of the style "The Euribor continues to fall and close to the midpoint of the month below 4.60%. " A bit early to draw conclusions.
So to celebrate the rich want to pay more taxes, banks will continue to grow and continues to fall Euribor money / cdscdi/20071115cdscdicst_1/Tes / "> How about looking LAAS best streets in the world to spend money?. Notice in this fact:
In the most expensive shopping street in the world, according to a classification that makes public the annual real estate consultant Cushman & Wakefield, rented a room of 93 square meters costs around 12,000 euros per square meter per year, or around 1.1 millions of euros annually.
With these rents, normal that prices go ...
So the question today is how the rich pay enough taxes? I would like to see what dijeseis, thinking for a moment that pudieseis be rich and fleeing demagoguery.
PS: Yesterday we passed the comment following news that insurance to more than one reader's interest: The Senate Finance Committee unanimously adopted the draft law amending the Law on Regulation of Mortgage Market
Written by Carlos Lopez on November 15, 2007 with 43 comments
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Today is a difficult day in terms of economic news since it is marked by "temporary cessation of their marital cohabitation" of the Dukes of Lugo, I can imagine the discussions in his home on cheaper if you buy frozen hake but is richer The fresh. That is difficult when the marriage party to share that love must share revenues and expenses!
And it seems to be that the CPI begins to detect the rise in prices that everyone noticed in our pocket for quite some time and we see how the INE confirms the rise in CPI to 3.6% in October in the oil and food. The bad news is that prices go up and much, but the good news is that at least partly reflected in the statistics. Clearly, an oil near $ 100 should shoot all the alarms and that energy is in each and every one of the products and services we consume and how much to talk about renewables and a lot to us announce our dependence on TV Petroleum is almost total.
In Cotizalia become a question about investing in times of crisis that might well be answered in the article in The Economist entitled Food for the price of luxury: opportunities in the food industry. Because it made investing, it's best to do something in that price hike, except in the oil since the rise of crude benefits to companies and countries extractors and not to companies whose main business is refining, as is the case of which tend to be quoted on the stock.
If we talk about price increases, always just talking about housing and yesterday without going further Solbes said that housing is returning to "normal" after "some excesses".
"What was abnormal or what is this, where things are going correcting?. I think rather that it was abnormal, what we are now is reverting to a more normal, "insisted the vice president.
Okay, I admit that I have pasted the most labyrinthine phrase from his speech ...
Therefore, at this bleak landscape so black and so pessimistic that a mind like mine writes every day, I leave with you a little light: The peak oil starting to hurt demand, according to the IEA. And it is clear that when you begin to touch noses rising prices, the final one is tired and stops buying. So, folks, this is probably what happens, we have had enough of us take the hair, do a more responsible and intelligent consumption, demand will suffer and that has to attract it back at lower prices. This is called deflation, and nobody wants it, but it may be necessary and deserved.
Written by Carlos Lopez on November 14, 2007 with 112 comments
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The truth is that the fans knew the American "Employee of the Month" enmarcarda one whose photo appears in a place of honor at the turn of hamburguesería but what of "forecaster of the month" and I was left out of the game. It is an honor granted by MarketWatch University of Maryland economist who is right in their forecasts more so we can read in The Economist article titled "Not all economists follow the herd," in which more reason to have a saint in stress The "todolopeoryahapasadoeismo" normal economists. This time, the black sheep of the flock dares to say that "The capital markets are the main mechanism for the U.S. economy and have been broken" and other pearls worth more to be read if only to see a thought as opposed the usual.
And here we are also a little sheep, we continue with the story of "the worst has passed" and have to come from outside to say that Spain is among the countries most vulnerable to the crisis in the mortgage markets.
Six European countries, including Spain, are not sufficiently prepared to cope with financial turmoil that has been unleashed due to the crisis in the mortgage "subprime" or high risk, according to a report from the International Monetary Fund (IMF) on Europe introduced yesterday in London.
At the moment we have to be Spanish GDP in the third quarter moderated to 3.8%, which despite being a slight drop, not bad, as many would like to grow above 3%
Ya see, we left in the photo along with Belgium, France, Ireland, Netherlands and United Kingdom
As for the part victims of the day I read that Santa Claus is tightened their belts: there will be fewer gifts this year by rising food. Well, there was still time for Santa Claus is tightening its belt that must be recognized that his image no molds to the values that the health minister wants to highlight.
"In Spain, the percentage of the budget for gifts and meals for 2007 has equaled last year when the families invested more than double in gifts that eat"
If the fault is ours, that we endeavor to eat and why prices go up so much.
So the debate today is the worst ... Everything happened?
Updates: Do not quejeis both price and that, at least in Britain, beer is cheaper than water.
Written by Carlos Lopez on November 13, 2007 with 74 comments
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That is another of the words we hear more últimamentem, along with subprime and stagflation, and that is that the solvency these days is a divine treasure. Looking in the HKSAR, I read that the definition of solvency is "Lack of debts" the truth is that to read economic terms is almost better to go to the dictionary rather than a book of economy in which the same definition used for 1 division with 15 graphics.
If today it time to talk about solvency by three news is basically that I have drawn attention, on the one hand we have the usual of the peculiar Cotizalia with an article entitled: Danger! The surname of the crisis is no longer a liquidity creditworthiness but we are warning about the health of the banking world, the article this time it is interesting and yet difficult to summarize and with a certain touch pessimistic. To put fear, hit his start.
Care. Here is something very big happening and the market, until this week, is preferring to ignore it. Followed by positive messages from a sinister right-handed and all those whose survival is at stake with the current crisis. What remedy. However, I recommend a practical exercise. Cójanse randomly quotes banking on either side of the Atlantic. With few exceptions, levels of 2004 and 2005 are our daily bread for many entities. If a discounted valuation efficient, to today's prices, future expectations, then get ready. Because here are a looming financial crisis, remember what I say, unprecedented, which can change the face global economic downturn.
Ya see, a crisis that could change the face of the global economy. That's nothing. Well, well past have been a little bit, but certainly not say that we warned.
On the other hand we read in the press release entitled Expansion In the game fresh money to show us the juicy offerings that we provide the banks to attract customers with cash. The truth is that reading offers, it is becoming more difficult to understand the bill's mobile phone, just one example: Triple Interest Guarantee Fund ES II FI. It guarantees 100% of the capital to three years and can achieve a return of 39% in the event that each year, all shares of the basket submit revaluation positive or zero. Does anyone know of anything? Where is the typical fund 4% APR for one year?.
And finally, and as I read that antonym solvency Late payments on mortgage loans picked up to 0506% in June. A figure that rises but still low enough compared with a year:
The percentage of households in doubtful loans for the purchase of housing mortgage guarantee picked up 0506% at the end of June, compared to the rate of delinquencies of 0381% recorded a year earlier, according to the newsletter of the Association Mortgage Spanish
Going back to real life, business and the numbers, look for the largest company (by share price) of Spain: Telefonica increases profits by 51% and reached its record 7848 billion euros. So, for now, the thing is not so bad, at least for some.
So remember, Solvency is written with V and Solbes Guaradarán with B Does any relationship?
Written by Carlos Lopez on November 12, 2007 with 83 comments
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