A select number of the City's bankers are set to collect winnings of almost €100m (£90m), as the €25bn privatisation of Spain's national lottery – including the famous El Gordo, or The Fat One – begins in London on Tuesday. The early marketing for the offer of about 30% of the state-owned Loterías y Apuestas del Estado – which is set to be Spain's largest ever stock market listing by raising up to €9bn – is to begin with the arrival of chairman Aurelio Martinez, finance director Luis Palacios and chief operating officer Marcelo Ruiz to target City investors. The float is being led by a quartet of bulge bracket banks – UBS, Credit Suisse, JP Morgan Cazenove and Goldman Sachs, along with BBVA and Santander of Spain – to be joined by a host of rival City firms including Citi, Deutsche Bank, Morgan Stanley and Barclays which also have their names on the ticket in smaller roles. Market watchers predict that the offer will result in a timely fee windfall for London's embattled investment banking sector, although observers suggested that it was not akin to winning a rollover week. Loterías is thought to be paying fees of about 1%, considerably less than the City norm due to a combination of the business being state-owned and bankers, anxious for some of the action, offering deals. One source close to the deal said: "The banks have fallen over themselves as business is lean and Spain may also be looking to sell other assets in the future." The listing has been pushed through by Madrid as part of a privatisation programme including a planned sell-off of part of the state airports authority in order to lower Spain's borrowing requirements. The country's bonds have been pummelled by investors who fear Spain may need a bailout like those given to Greece and Ireland. It is also understood the government has plans to sell off a further 19% of its lottery company in the future.
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Tuesday, September 6, 2011
A select number of the City's bankers are set to collect winnings of almost €100m (£90m), as the €25bn privatisation of Spain's national lottery – including the famous El Gordo, or The Fat One – begins in London on Tuesday. The early marketing for the offer of about 30% of the state-owned Loterías y Apuestas del Estado – which is set to be Spain's largest ever stock market listing by raising up to €9bn – is to begin with the arrival of chairman Aurelio Martinez, finance director Luis Palacios and chief operating officer Marcelo Ruiz to target City investors. The float is being led by a quartet of bulge bracket banks – UBS, Credit Suisse, JP Morgan Cazenove and Goldman Sachs, along with BBVA and Santander of Spain – to be joined by a host of rival City firms including Citi, Deutsche Bank, Morgan Stanley and Barclays which also have their names on the ticket in smaller roles. Market watchers predict that the offer will result in a timely fee windfall for London's embattled investment banking sector, although observers suggested that it was not akin to winning a rollover week. Loterías is thought to be paying fees of about 1%, considerably less than the City norm due to a combination of the business being state-owned and bankers, anxious for some of the action, offering deals. One source close to the deal said: "The banks have fallen over themselves as business is lean and Spain may also be looking to sell other assets in the future." The listing has been pushed through by Madrid as part of a privatisation programme including a planned sell-off of part of the state airports authority in order to lower Spain's borrowing requirements. The country's bonds have been pummelled by investors who fear Spain may need a bailout like those given to Greece and Ireland. It is also understood the government has plans to sell off a further 19% of its lottery company in the future.
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04 Septembrie 2011 / 23:38
Germania nu ne sprijina pentru aderarea in Schengen: Romania nu e pregatita!Ministerul german de Interne nu are nici o intentie sa-si schimbe opinia negativa privind pregatirea Romaniei si Bulgariei in vederea aderarii la Schengen, informeaza Mediafax.
"In prezent, Sofia si Bucurestiul inca nu sunt pregatite sa adere la Acordul Schengen", a declarat ministrul german de Interne, Hans-Peter Friedrich, relateaza duminica site-ul Novinite.com.
"Nu suntem entuziasti si luam in considerare rapoartele mai degraba negative asupra celor doua tari, inca ne indoim de finalitatea unui asemenea pas", a explicat Jens Teschke, un reprezentant al Ministerului german de Interne.
Potrivit lui Teschke, ministrul Friedrich intentioneaza sa mai discute aceasta problema cu omologii sai din Franta si Olanda, doua state membre ale Uniunii Europene care s-au opus de asemenea aderarii Romaniei si Bulgariei la Schengen.
Cele doua tari ar fi trebuit sa adere la spatiul fara frontiere in primavara lui 2011, dar aderarea a fost amanata pe termen nelimitat in urma opozitiei Germaniei, Frantei, Olandei si a altora. Noi evaluari ar urma sa fie facute in aceasta toamna.
Every trip to Parliament is an ordeal for Mrs. Merkel, who faces dissent within her own Christian Democrats to aid for Greece, as well as popular discontent over the cost.
Mrs. Merkel, whose party lost ground in elections in the state of Mecklenburg-Western Pomerania on Sunday, is already having enough trouble getting Parliament to approve an expansion of the European Financial Stability Facility that leaders agreed to in July.
Euro zone leaders are trying to win approval by all euro members for the expanded fund by the end of the month. A delay beyond then could make it difficult for the E.F.S.F. to ramp up operations fast enough to save Greece.
The best case for Mrs. Merkel, short of outright dismissal of the complaint, would be a court order requiring her merely to get approval from Parliament’s budget committee rather than the entire legislature. The constitutional court’s timing is also favorable for the government, allowing several weeks to modify the enabling legislation for the E.F.S.F. before Parliament is scheduled to vote.
The court case is one of several sources of uncertainty that have weighed on financial markets in recent weeks. European banks are having trouble raising funds, and nearly every day brings new indications that the euro zone’s economy is slowing down, reducing the chances that the region will be able to grow its way out of the crisis.
A survey of European purchasing managers, released Monday, showed a further decline in sentiment and pointed to stagnant growth in coming months. Analysts at Barclays Capital Research said the data “continue to signal ongoing slowdown of the euro area economy.”
Lee McDarby, head of dealing for the Corporate & Institutional Treasury desk at Investec Bank
The Swiss National Bank has committed to selling Swissie [the franc] up to 1.20 as a target level which it feels is still over-valued. It said it will enforce this rate at the utmost, thereby effectively putting a loose EUR-SFr peg in place and it has also taken the step of committing to buy foreign currencies in "unlimited amounts". This is a massive turnaround in risk in the week when the market is already battling nervousness ahead of the ECB and MPC interest rate meetings this week.
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