Facial recognition accumulates problems

Facial recognition accumulates problems

An NBC investigation reveals the use of images without consent

  Facial recognition continues to make inroads in the world of smartphones and also in the different security devices in cities. However, although it keeps updating and improving its algorithm, it shows more and more bias problems.

The most advanced in the field is Amazon with its Rekognition system, although it has been involved in more than one scandal. Now, the ball is on the roof of IBM after an investigation of the US network NBC.

   Algorithms and machine learning need continuous training with images and the large bank of photographs is internet. The network of networks stores a wide range of faces. Users upload their favorite photos to the cloud, share their funniest moments on social networks.

With this information, researchers and academics can collect hundreds of data on sex, age, race and facial features, despite all the final problems of facial recognition tools.

This investigation, revealed by NBC, points to IBM as the latest company to join this training. The American technology launched in January a collection of almost one million photos taken from Flickr, according to NBC.

Through these images, IBM worked to reduce the bias present in facial recognition tools. However, the research reveals that the technology company did not contact the users and owners of the images for the company's investigation.

For training the IBM algorithm they took the images with details that included facial geometry and skin tone and that could be used to develop facial recognition algorithms.

Before the start-up of this type of tools, the software needs a set-up for its correct operation. Beyond its final goal, this type of tool works in four steps.

Before activating, the cameras that make up the system capture the face of the person to be identified in the chosen device. Next, the program obtains the biometric information of the facial features, which make up the so-called facial biometric pattern.

Later, the biometric information compares the information gathered with the existing ones in the database and this is where the biggest problems have been found in Amazon and where IBM has built its large gallery from Flickr.

Finally, the facial recognition system identifies the face as the one that has obtained the highest percentage of similarity among those consulted, based on a very high coincidence threshold.

According to a study conducted by the MIT Media Lab, facial recognition is more accurate for white men and has many more flaws for people with darker skin, especially women. Specifically, this report noted that Microsoft and IBM applications erroneously identified women with darker skin 35% of the time and men with darker skin 12%.

1,735 new staff positions to alleviate the effects of 'Brexit'

1,735 new staff positions to alleviate the effects of 'Brexit'

The areas that need more reinforcement are border control of people, customs and external sanitary inspection services

  The 'Brexit' is the reason why the Council of Ministers approved on Friday a preview of a part of the Public Employment Offer (OEP) for the year 2019. Specifically, 1,735 places will be convened to strengthen the services affected by the departure of the United Kingdom of the European Union. This is a figure higher than what had been announced: 350 new officials.

Of this personnel reinforcement of 1,735 personnel, 875 correspond to public employees or jobs of the General State Administration (AGE) and 860 for services provided by public companies, mainly AENA and Puertos del Estado.

The 875 new officers for the AGE are divided among the departments of Finance (462 seats); Territorial Policy and Public Function (135); Interior (59); Agriculture and Fisheries (30), Health, Consumption and Social Welfare (18); Industry, Commerce and Tourism (51), and Education, Culture and Sports (18). The remaining places go to the Ministries of Foreign Affairs and Cooperation (26 places), Development (62), Justice (3), Economy (5) and Ecological Transition (6).

The most relevant areas that need personnel reinforcement are border control of people, customs control and external sanitary inspection services, both for the import and export of goods. Other affected sectors are the control of the security in the transport of travelers, the offices of extranjería and the attention to the British citizens, as well

activities to promote the internationalization of Spanish companies or the activity of the representation of Spain in the United Kingdom.

The Ministry states that "it is necessary to have a majority of these troops before March 29, the date on which the departure from the United Kingdom is scheduled, with or without agreement, so it is necessary to act sufficiently in advance".

Union opposition
Some unions criticized the urgency of a measure that has been made without negotiating with workers' organizations beforehand. Thus, CSIF regretted the "botched" and "improvisation" in approving this reinforcement of troops who, they warned, will take up to two years to join, so that most places will be filled with interim personnel.

Along these same lines, CC OO regretted this decision, which it considers "is a violation of the principles of collective bargaining" by having carried it out without prior consultation with the unions. For the organization led by Unai Sordo, the approval of these places comes "by surprise", when there are still pending calls for the Public Employment Offer of 2017 and practically the whole of 2018. It also points out that if the Government considers that there is An extraordinary need must be solved with an Employment Offer that is also, and therefore additional to that corresponding to 2019.

The Ibex-35 falls 1.8% in its second consecutive week of falls

The Ibex-35 falls 1.8% in its second consecutive week of falls

Only six values ​​of the selective dodged the losses in the day of this Friday

   The Ibex-35 was in negative from the first hour of the morning. The Spanish selective during the first third of the session was around 8,900 points, but after twelve thirty was gradually increasing their declines. With this, at the close, a cut of 0.91%, to give a final change in the 8,856.8 points. In the week it has lost 1.80%. This is his second consecutive week of losses after four consecutive advances, all of January, in which the index went from less than 8,500 points to almost 9,200.

Only six values ​​of the selective dodged the losses in the day today. Viscofán and Meliá Hotels were the best, with gains of 1.46% and 1.16%, respectively. After Sabadell was placed, which added 0.23%, while Mapfre advanced 0.17%.

CaixaBank and Cellnex were the other values ​​that were saved from the red, but were only able to close the day without changes.

In red, ArcelorMittal was the value that fell the most, with a cut of 4.74%. Then Grifols was placed, which was left 2.93%. Cie Automotive, Acerinox and Técnicas Reunidas lost more than two percentage points.

Among the big values, the worst was Telefónica, which fell 1.76%. Inditex and Repsol also fell more than 1%.

In the General Index of the Madrid Stock Exchange, Adolfo Domínguez was the most profitable value, with a revaluation of 8.81%. Nextil was the worst, with a cut of 44.74%.

During the week, only seven stocks were saved in the Ibex-35, the most profitable of which was Viscofán, with a rise of 2.16%. ArcelorMittal has been the worst, with a cut of 7.86%, followed by Técnicas Reunidas, which has fallen by more than 6%. CaixaBank, Mediaset, Sabadell and Cie Automotive have lost more than 5%.

Day and week to the low
All the Old Continent closed the last session of the week with decreases. The German Dax was the worst performer, with a decrease of 1.05%. The PSI-20 of Lisbon left 0.88%. Meanwhile, the Ftse Mib in Milan fell by 0.65% and the Cac 40 by France, almost half a percentage point. Something better was done by the British FTSE 100, which left 0.32%.

And practically all of them also accumulated losses in the last five sessions. The only one that dodged the declines was the British Ftse 100, which scored 0.73%. The worst of all was the German Dax, which fell 2.45%.

On Wall Street, the day of Friday also started at a loss. The Dow Jones, at the close of the European session, was left around one percentage point, while the S & P 500 lost 0.8%, and the Nasdaq was down 0.6%.

For the indices of the United States Stock Exchange, this would be the first week in the red in this 2019. Although, to end in the current records, the declines in the main indices of the United States would not reach the percentage point.

During the week, they have weighed uncertainties about global economic growth, with data and worrying forecasts especially in the Old Continent. In addition, after several weeks of some reassurance about the trade war, and even hope for a possible good conclusion, fears have again escaped that an agreement between the United States and China is not possible. And Washington caresses again the idea of ​​a new closure of the Administration.

Fears of new commercial tensions led to declines for the third consecutive session in emerging markets.

Decreases in bond yields
While stock markets have had a good week, in the debt market, money has continued to enter, sinking bond yields, especially in Germany. The interest of the German ten-year bond has fallen to 0.08%, its lowest level since October 2016.

On the downside, the yield of the American bond to ten years continues, moving back from 2.65% to 2.62%.

This behavior of the bonds reflects that investors believe that in the future there will be less growth and, therefore, will be necessary less increases in interest rates.

In the commodity market, the barrel of Brent, a benchmark in Europe, closed the session with a decrease of 0.44% to 61.36 dollars. The barrel of West Texas, of reference in the United States, fell by 0.74% at the European bell, to $ 52.25.

The price of gold rose 0.32% to $ 1,314 an ounce.

KEYS OF THE SESSION

-The Ibex-35 closed the session with a decrease of 0.91%, to give a final change in the 8,856.80 points.

-Viscofán and Meliá led the promotions, with gains of more than 1%. In addition, four other values ​​were saved from the losses. In red, the worst, ArcelorMittal, which fell 4.74%.

-The profitability of the German ten-year bond fell to 0.08%, another minimum since the autumn of 2016.

The 'twin peaks' model to reform regulators

The 'twin peaks' model to reform regulators

The Bank of Spain would be responsible for the macroprudential supervision and solvency of banks, insurance and operators, while the CNMV to monitor the conduct and marketing of products

  The Agenda for Change includes a change in the institutional architecture of the financial regulation bodies under the 'twin peaks' model, which separates the protection of the financial client from the supervision of the solvency of the entities. And it is that many problems in the commercialization of financial products were due to the fact that those who had to protect the consumer also had to watch over the financial entities.

Therefore, the Government's proposal is to divide in two the financial supervision with a body that monitors the solvency of the banks, insurances and operators - the Bank of Spain - and another that oversees the behavior and the commercialization of the products - the CNMV- . This means rescuing the old plan proposed by the PSOE in 2016, which is already valid in many countries such as the United Kingdom.

In addition, one of the actions to reduce the inequality that includes the 85-page document presented on Friday by the Government is the adoption of measures to ensure the presence of 40% of women on the boards of companies. "In the next few months measures of law will be promoted to address the gender gap in the occupational field," says the text.

The AP-7 and AP-4, without toll since 2020 while defining the new model of the motorways

The AP-7 and AP-4, without toll since 2020 while defining the new model of the motorways

The Government raises the need for some payment mechanism for the entire network, but there is no parliamentary consensus and it has to decide on the concessions that expire

  The Government seems to walk between two waters regarding the future of the national system of toll motorways. And it is that although it made the first public concession of this type of roads recovered by the State free, and will do the same with two others at the expiration of its current contract, it is still unclear what model it would want in the medium term to finance all the net.

  In fact, in several forums with concessionaires and construction companies held in recent months, it has opened the door to the possibility of establishing payment mechanisms in all or part of it. It has been through the mouth of the Minister of Public Works, José Luis Ábalos, who criticizes that it is "the only transportation infrastructure that is intended to be free", when in the rest of them - ports, airports and railways - fees or royalties are paid . The annual cost of maintaining this network for the State that amounts to 11,000 million euros, a sum that the Executive sees no viable continue to pay without having new resources because its length (20,000 kilometers today) does not stop growing.

Although it has avoided opting for one option or another - "you have to choose one, whatever it is", he says - it is clear that there should be a single "egalitarian" system for all of Spain, that does not discriminate against some citizens (for a fee). ) versus others. A priori there would be three main options on the table: a hard and pure toll, which would be in principle permanent and with annual tariff revisions; one "soft" only for some groups, or one that was higher for them -for example, the truck drivers for the greater weight of their vehicles and the wear and tear that this causes in the asphalt-, although another option would be to be charged in the areas of greater congestion and in the hours where it was given; finally, there would be the payment in the "shadow", which is not charged directly to the user,

That model should be agreed upon in a subcommittee of Congress, but given the difficulty of reaching agreements in this legislature, the Government has preferred to make the routes whose concession is won free. It passed from December 1 with the AP-1 between Burgos and Armiñón (Álava), and will happen again from January 1, 2020 with the Tarragona-Alicante (AP-7) and Seville-Cádiz (AP-4) highways . The next three, including the Madrid-Zaragoza AP-2, will continue with their contracts until August 2021. Of course, the unions have warned that if the toll booths are eliminated, jobs will be lost, up to a thousand in the PA alone. -7 and AP-4; That is why they are calling on the Government to relocate these professionals to similar posts in other ways.

The bankrupt roads, waiting

In parallel, the State will maintain in its power the nine bankruptcy payment channels - this Friday took control of the last one, the Madrid-Toledo motorway, together with part of the ring road of the Castilian-Manchego capital, at least until 2022 In that period should have been resolved their bankruptcy proceedings and, a priori, be tendered again in a process where the previous Executive expected to get between 700 and 1,000 million euros, although precisely the interest of infrastructure concession companies in that process has been "relative", acknowledges the minister.

And is that as the government plan was to reduce tolls, and also lower the maximum period of concession, the business would give these highways would be clearly lower than expected. But neither the State can lower much more their economic demands, since that money would be used later to cover part of the patrimonial responsibility (RPA) that the Administration must assume to compensate the previous concessionaires for expropriating the toll roads. The Executive has not yet specified the amount that according to its calculations would pay, although Treasury estimated months ago that it would fall of 2,500 million euros compared to the more than 4,000 million demanded by companies.

The Government wants to implant the 'Austrian backpack' from 2020

The Government wants to implant the 'Austrian backpack' from 2020

The Agenda for Change includes a battery of 60 measures to be applied in two years, such as repealing the "most damaging" aspects of the labor reform or promoting the discontinuous fixed contract.

  The government has presented Friday a document with 60 social, economic and environmental measures to achieve an "inclusive and sustainable" model in the medium term. The so-called 'Agenda for Change' includes points as varied as the gradual implementation of the 'Austrian backpack', the creation of depopulation offices in rural districts or a compensation fund for environmental damage.

  With this plan they intend to begin to close some of the wounds that were opened in the wake of the economic crisis. The Minister of Economy, Nadia Calviño, stressed above all to end structural unemployment and the rise in wages so that the country continues to grow. He did not want to give concrete figures of investment of this battery of measures and referred only to the more than 350,000 million that had already commented the Minister of Ecological Transition, Teresa Ribera, as an "approximate" data but that can not be calculated yet.

"Many are already contemplated in the draft Budgets and others will be in the accounts of future years," said the minister, who rejected the idea that this "road map" can be interpreted as an electoral program due to the difficulty of drawing forward the PGE and the possible call for elections.

one
job
Austrian backpack
After many comings and goings, the Government of Sanchez recovers the idea put forward by the former Employment Minister, Fátima Báñez, to create in 2020 an individual capitalization fund following the model that Austria approved in 2003. This fund is nourished by the contributions of the employers of a part of the gross salary of each worker, so that if his dismissal arrives he does not receive compensation but takes the money from that "backpack" with him.

These accumulated amounts could also be made effective "in cases of geographical mobility , for the development of training activities or at the time of retirement" as a complement to their pension, the text says. The proposal will be addressed in the framework of "social dialogue" so that its approval has the greatest consensus, they explain.

two
job
Fixed discontinuous contract
Another of the most important labor measures included in the program is to reduce the duality, cope with the rotation and the multiplication of contracts for the same job, by transferring the cost of the adjustment to the unemployment benefit system between this year and the one comes. The objective is to maintain flexibility by reducing the weight of labor contracting by reinforcing its control, "especially in relation to the irregular distribution of contracted work time," the document says.

3
job
Repeal labor reform
The first point in terms of employment contemplated in the plan is "repealing the most harmful aspects" of the 2012 labor reform, as the Minister of Economy and Labor had already commented on several occasions. For this, they propose to work with social agents and parliamentary forces to reach consensus. It is expected to take place between this year and next.

4
Inequality
Depopulation offices
Beyond the purely economic measures, one of the actions to reduce the inequality proposed by the Agenda for Change is the creation of depopulation offices in at least 20 rural districts that require urgent intervention. Its function is to accompany people or companies that want to settle in the area giving them all the contacts. It is a plan already planned in the PGE accounts for 2019.

5
Ecological transition
Environmental fund
In the chapter on measures for green transition, the agenda talks about the creation of a fund to compensate for environmental damage that will be built up from the surcharges in insurance policies required to "the operators who carry out certain economic activities susceptible to cause damage to the environment ». The fund, which is already approved, will cover the damages for a time additional to the ordinary coverage with a limit of 30 years.

6
Ecological transition
Autonomous car
They also include a sustainable mobility plan to promote the adoption of alternative vehicles and promote the installation of recharging points. In addition, the roadmap includes a pilot autonomous car program between this year and next. It will also carry out a review of the toll model of the high capacity road network to "guarantee sustainability and efficient use".

The price of oil and bankruptcies, the other threats to airlines

The price of oil and bankruptcies, the other threats to airlines

Although there are more companies that close, Europe accumulates half of the insolvencies in the sector and is at special risk to the 'low cost'

In case the effects of the 'brexit' were not enough - to the shareholder problem of IAG, joins the need of Ryanair and Easyjet to achieve that more than 50% of its social capital is really European, and even Air France will have to clarify its structure with the American Delta Airlines (9%) as second partner-, the air transport sector can experience a 2019 moved by a new increase in the price of oil , which in turn would worsen the risk of bankruptcies .

And is that the business of the airlines , numbers in hand, is now more dynamic than it may seem. In 2017 -of last year there is no official data yet, although it is presumed a similar evolution- three times as many companies started their business, of which they finished it, 81 against 26. Thus, a new one was opened only every five days, but another one was closed on average every two weeks.

And it is not only about small companies, since almost six out of ten (58%) of the openings corresponded to regular airlines , while more than a quarter (27%) were charter flight companies, which he sympathizes with the growth of business travel .

On the side of the streams, Alitalia was the most significant case and it has been under bankruptcy for two years because it did not reach a pact with its creditors. The Italian populist executive does not want to sell its flag airline to foreign companies, especially if they are from outside the EU. But there are still no formal offers -Air France-KLM and Lufthansa have only shown interest- for a company that does not generate profits since 2002.

Norwegian, threatened
However, the biggest economic problems in recent years have focused on the 'low cost' segment , where the weakest operators have paid the fierce price war. First Air, Cobalt, Small Planet and Air Azur were some of its victims in 2018. Unknown to most is not, however, Norwegian , intended by IAG for a long time.

The resignation of the latter at the end of January to launch a takeover bid to control the Norwegian airline, a competitor of the British operators that reign in the low cost segment, has overshadowed its financial future. In 2018 it multiplied by five its losses to 150 million euros, despite the fact that it increased its turnover by 30%, a trend of this subsector: _gana customers but gets too much debt with new planes and fuel .

In Spain, it will close three of its eight bases to save costs and face a strike. It will also review its appliances to improve efficiency, as the price of oil has started the year up and there is a lot of volatility in its price. And that, in a Europe that concentrates half of the insolvencies of airlines -also 40% of the openings-, is something worrisome.

The technological bounce but, will it prolong its comeback?

The technological bounce but, will it prolong its comeback?

Some analysts warn that the actions have run a lot and consider that the best options are the most defensive

  The Nasdaq 100, from the minimums that marked the 24 of last December, has come to recover almost 20% until the last two or three sessions in which the stock exchanges were again complicated their journey. It is a little more than what the Dow Jones has managed to gain in the same period (16.5%). Beatriz Catalán, of Ibercaja Gestión, explains that the technological upturn is due to the fact that the previous cuts had been supported by unjustified fears of imminent recession, which would lead to a total paralysis of semiconductor consumption.

  Sales had also found motivation in the resurgence of a tariff war that would severely affect technology companies. "But in January the tariff hostility has relaxed with the talks that China and the US have embarked on. And the companies, although they have been publishing short guides, these have not been as low as it was feared », explains this analyst.

Eduardo García-Argüelles, from GVC Gaesco, explains that technological upturn by presenting results. "The season of accountability has made investors realize that the fundamentals of the sector were not as bad as they initially thought," adds Brice Prunas, of Oddo BHF AM.

Jeremy Gleeson and Tom Riley, managers of the robotics and digital economy funds of AXA, add to the above factors the more cautious tone of central banks and believe that the good evolution of the sector can continue. "Although geopolitics and a weaker sentiment are at the forefront of investor concerns," the fundamentals of business remain strong. "

Risk factor's
Other analysts are more cautious, like Ignacio García, of A & G Banca Privada: "The movement is already done. Now it remains to be confirmed that the figures reported will be supported throughout the year, despite the economic slowdown. " Prunas agrees: "In order for this technological rally to continue, we need companies to fulfill their promises of sequential growth throughout the year."

Hernando Lacave, of Dif Broker, warns that there are risk factors to be taken into account: "The greatest is that the commercial tension between China and the US increases." Also remember that there are still results to be made public. And it adds, as a possible positive catalyst, that the lower growth of the Asian giants will make its central bank react, since it has a great margin of maneuver to launch incentives, and this can boost the country's demand for technological goods.

Catalan says that the sector has run a lot and believes that the best thing would be to get out: "We are in a late phase of the cycle and, in the face of any bad symptom, the contributions suffer. This year will be weak in sales and the results will not be so bright. We do not know how the conflict between China and the US will end, and it is better to protect oneself a bit. " He argues that it is best to have exposure to sub-sectors that, within technology, tend to suffer less in times of slowdown, such as software and consulting.

Johannes Jacobi, of Allianz GI, agrees that the selection of actions will be essential to capture the benefits of the opportunity that artificial intelligence and digital transformation suppose, especially at a time of high volatility and dispersion in returns.

What values?
García-Argüelles adds: "The Nasdaq trend is bullish, but it rose too much in a short time, so for now we would stay on the sidelines, except for concrete values." This analyst would opt for acyclic and defensive companies. As Prunas points out, "the cyclical technological sub-sectors (semiconductors, hardware) have been the winners of this January rally."

Lacave says that in addition to having risen more strongly in recent weeks, semiconductor manufacturers are more vulnerable to changes in demand and risks, so it would look for software and cloud services companies. Gleeson and Riley do see opportunities in semiconductors, because they have the demand of the growing robotic universe; an example of this would be Xilinx.

But these two managers also see opportunities in technological services: some companies related to these activities have transformed their business models to move from being based on licenses to doing so on subscriptions, which has led them to become services in the cloud. And one of the companies in this universe that they like is Zendesk. The manager of GVC Gaesco also gives some names of international firms that provide services in the cloud: the British Iomart or the Dutch Interxion. Also, he likes Cellnex.

Results tracks
The manager of GVC Gaesco has analyzed several results and has drawn conclusions from them. For example, he says that in Alphabet the increase in costs for new developments is high and, therefore, he would prefer companies like Amazon and Microsoft. Meanwhile, it would stay out of Netflix and Facebook. Gleeson and Riley, regarding Apple, comment that they are still positive with their perspectives, given their history overcoming bad times and the strength of their service business.

Peter Choi, of Quality Growth, agrees with the previous ideas: "Although some of the biggest rebounds have occurred in cyclical companies, we believe that companies with structural growth potential can do better in the long term. Amazon and Microsoft are good examples, as they benefit from the information rollover in the cloud, a trend that is in its early stages. " He also likes Alphabet, "since Google is still indispensable in a world where information is increasing".

Predictable business

Javier Ruiz, of Horos AM, affirms that companies such as Alphabet, Baidu (its comparable in China) or Naspers (owner of 31% of Tencent, the leading platform in videogame distribution and owner of Wechat) have a high revaluation potential for the next few years, thanks to its competitive advantages and future revenue growth. Ruiz also explains that he does not invest in companies whose business or industry is not able to visualize for the coming years: "Being such a changing sector, we focus on those companies that have historical leadership positions and created monopoly market situations. by the user himself ».

Carlos Camacho, of Caja Rural, uses as investment criteria the generation of free cash flow, that this movement is high with respect to its capitalization and that, at the same time, they have a policy of remuneration for the growing shareholder. The main positions of the fund he manages are, for him, Apple, Google, Microsoft, Amazon and Samsung.

Quotes rise this year to compensate for the slowdown in employment

Quotes rise this year to compensate for the slowdown in employment

The Government trusts to collect 8,600 million more, to a large extent by increments in the quotas and not so much by adding new affiliates

  The Government had already calculated that the creation of employment in 2019 will slow down, around one point less when going from a rate of 3% last year to another "close" to 2%, as reflected in the draft Budgets (PGE) presented three weeks ago in Congress. Thus, its forecasts are that during this year some 380,000 jobs will be created, although various institutions believe that it will be even less. However, their estimates of collection for social security contributions are more optimistic: they calculate an increase of 7.5% in the income of the coffers of the system -with an annual deficit of some 19,000 million euros-, which is more than 8,600 millions of additional euros, as long as the accounts go ahead.

  But where does this injection of money come from then? For the most part it will come from an increase in the fees paid and, more specifically, from the contributions of atypical jobs, since the conventional labor market will evolve with less intensity.

This was recognized this week by the Secretary of State for Social Security, Octavio Granado, who a few days ago admitted that the Government wants Spanish businessmen to pay higher fees. "We had calculated that the creation of employment was going to slow down, so more than 45% of the new income from social contributions will come from people who were quoting from atypical positions," admitted Granado, pointing out that he spoke of the unemployed over 52 years of age. family caregivers, people who had to pay more because they were going to retire early, etcetera.

This higher collection also comes the rise of the Minimum Interprofessional Salary (SMI), which in turn raises the minimum contribution base. And we must not forget the increase of the maximum bases, the new system of the self-employed ... among other measures that are analyzed below, some already in force and others pending of the Budgets, if they finally go ahead.

Rise of the contribution bases
The minimum contribution base for Social Security has risen by 22.3% in January, the highest increase in the last four decades, amounting to 1,050 euros per month compared to 858 euros in 2018. It will affect close to 1.5 million workers, not the self-employed, and it is expected to raise about 1,300 million euros. For its part, the maximum contribution base is increased by 7% to 4,070 euros per month, which will impact another million and a half affiliates, who will pay 266 euros more and will involve an extra 850 million, as contemplated by the PGE.

Changes for the self-employed
The minimum contribution base for the self-employed rises 1.25%, but at the same time the rates increase up to 30%, when the obligatory nature of the contributions for cessation of activity and training is established. In this way, they will have to pay at least 5.3 euros more per month, 64 euros per year. The flat rate is also increased, which goes from 50 euros to 60 euros. This will be the case until the new system comes into force by real income. The RETA this year plans to enter 66 million more than in 2018.

Subsidy for over 52 years
The unemployment subsidy is extended for workers between 52 and 55 years, and the contribution base is increased from 100% to 125% of the minimum base. Currently, almost 270,000 unemployed people over 55 receive this help and it is estimated that, with the new conditions, it could be extended to 114,000 more unemployed. This will mean an outlay of 330 million this year, which will go to the coffers of Social Security.

Financing of carers
Funding by the State of the contribution of non-professional carers of people in a situation of dependency is recovered, a measure that will benefit some 180,000 people, especially women, and which will have an economic impact of 315 million euros. In turn, the unemployment benefit is recovered in the contracts for training and apprenticeships signed with working students in public employment and training programs, including the programs of workshop schools, job centers and employment workshops.

The scholarship holders are obliged to pay contributions
All scholarship holders will have to pay Social Security contributions, even those students who are engaged in unpaid work experience - until now it only affected those who were paid for it. This was approved by the Government in the Royal Decree of December 28, although it is not clear whether it is the companies or educational institutions that will have to pay a monthly fee of about 50 euros, something that has raised a cloud of criticism because it will mean a decrease of the number of practices offered. The Executive trusts to collect around 50 or 70 million for this measure, which affects half a million students.

Improvements for household employees

The contribution bases of the domestic employees are established in terms of ten salary brackets, starting at 240 euros per month compared to 196 euros in 2018, and leaving the last section for the real salary received. In turn, the transitory period is reduced to match the General Regime.

Penalty to short contracts
The surcharge for the business rate of short-term contracts, those that are five days or less, will go from 36% to 40%. And it is that the jobs of less than a week have skyrocketed with the crisis and currently account for one in four new contracts (26%), while ten years ago they represented 15%.

Surcharge for municipal and ertzainas
The local police can retire at 59 years, but for this they will have to pay an additional 10.6%, something for which the Government trusts to enter 254 million. For their part, the ertzainas, who had already recognized this right, are forced to pay 9.9% more.

Drones to find swimming pools and illegal works in a thousand Spanish municipalities

Drones to find swimming pools and illegal works in a thousand Spanish municipalities

Hacienda will comb the country with a technology that launched Montoro in 2013, and with which it regularized three million constructions

  Anyone who has carried out works outside their homes without declaring them to the Treasury may be 'hunted' with the drones that will be combing this year a thousand Spanish municipalities in search of illegal constructions such as land extensions, swimming pools, terraces or garages, according to the Budgets that the Government presented three weeks ago in Congress.

The decision to use new technology such as these flying objects to fight against fraud was taken in 2013 by Cristóbal Montoro's team, under the PP Government. Since then, more than three million buildings with buildings that did not have the necessary permits from the almost 77 million properties inspected to date have been found through aerial photos, according to the data collected by the General Directorate of Cadastre. This volume of undeclared constructions shows an average fraud rate of 4% in all of Spain, although there are regions whose citizens are more prone to it than in others.

Of course, this time Hacienda has not published in which municipalities the real estate registry will be carried out, which would allow to know if they will focus more on the areas where it was shown that there were major irregularities. Then it was the Balearic Islands in first position, followed by Extremadura and Andalusia.

From the Ministry explain that there is no list because they have to analyze first the data collected in the last five years. They will study all the information and then they will see that municipalities have to submit again to this plan, often at the request of the city councils themselves.

Thus, the team of Minister María Jesús Montero takes over from the previous Treasury cabinet and will work with this system to detect fraud. Being the first time, they have budgeted 1,000 analysis municipalities, according to the accounts included in the Budgets, which is 13% of the total, a number slightly lower than what the PP did with the analysis of 1,272 localities in 2017 and 2018 But Hacienda explains that that thousand is an estimated number taking as reference what has been done in recent years, but "does not mean that it will be exactly that number". In favor of Montero's plan, it is a priori that a greater number of troops will be dedicated this year than in the past, in total 1,474 people, 88 more than in 2018.

"The planned work plan aims to ensure the agreement between the cadastral description and real estate reality of the municipalities managed by the Cadastre," the text states. And those territories are all less Basque Country and Navarre, which as provincial communities remain outside the analysis of the Treasury.

The most found by the Treasury in its records are undeclared constructions, extensions and rehabilitations, reforms and swimming pools. The Balearic Islands was the community where there were more irregularities, since 6.5% of the inspected properties had some irregularity. The least, Asturias and La Rioja, where 'alone' were 2% and 2.1%. At the top are Extremadura (6.3%), Andalucía (6.1%) and Canarias (5.7%).

Requirements for the flight
The Treasury sends a notice to the owner of the home, explaining the situation and giving him one last opportunity to pay the corresponding tax for carrying out the work. And there are many times when the problem has been more administrative than fraudulent, as there are many citizens who declare the new construction to their municipality but not the Cadastre for lack of information. But if the fine is confirmed, it also affects the allocation of income in the IRPF, so the following income statement should reflect the finding.

Regarding the legality of flight of these drones, Santiago Carmona, general secretary of the Official Association of Aeronautical Engineers (COIA), explains to this newspaper that "they can not fly freely", but they have to fulfill all the requirements established by law. It depends if it is day or night, if you fly over an area with an agglomeration of buildings or an open forest, etc.

Thus, the expert explains that in a day flight in a city the drone should have a maximum weight of 10 kilos and the trip is limited to the visual range of the pilot. In addition, it is necessary to request permission from the Interior ten days in advance and the operator (Treasury or the service subcontracted) must submit the Aeronautical Safety Study to the State Aviation Safety Agency (AESA). In turn, the 'commander' must be enabled by AESA.

This list of requirements shows that it is not easy to do so. What is the motivation then? Carmona defends that the drone inspections are "much more versatile" than the photos obtained by satellite, as well as that the image quality is greater. At the cost level they are not comparable because the price depends a lot on the suppliers.

IAG-Iberia, by "conviction" or "obligation", will remain European "and Spanish"

IAG-Iberia, by "conviction" or "obligation", will remain European "and Spanish"

In the face of doubts about the 'brexit', he argues that he has legal means so that the majority of his shareholders and capital are European

  Silent alarm This is how one could define the situation generated in the 'holding' IAG, which includes airlines Iberia, Vueling, British Airways and Aer Lingus , given the possibility that following a sudden departure from the United Kingdom outside the EU the group ended up losing its European character and, with this, its business capacity in community territory was restricted. However, within the multinational defend having done their homework in this negative scenario.

  "We are convinced that IAG - will remain Spanish " and, by extension, European. This week, sources of the group showed that, apparently, they show relative tranquility. They know that the last word will be given by the community authorities, although they recall that since the beginning of their career in 2011 "their social and fiscal headquarters are in Madrid", although they have another in London, and their airlines "have operating certificates established from the start of its operations and supported by solid businesses in Spain, Ireland, the United Kingdom, France and Austria ».

These last two countries are territories of Air France and Lufthansa , which would explain that, according to sources of the sector, from the environment of both is "insisting" in Brussels to review "with magnifying glass" the corporate structure of IAG and, in minor measure, that of other companies in a similar situation such as Ryanai r and Easyjet . In Spain, Air Europa would also benefit from eventual operational restrictions on Iberia, its great rival of the long radio - where the group presided by Juan José Hidalgo will increase its offer of seats by 8.5% - and, above all, on the routes of the South Atlantic, where both compete with British, French and German flag airlines, as well as South American ones.

But what is the problem? Well, one thing is the economic rights of a company and another social rights . They usually go together, but not always. And an example, now controversial, is Iberia. In its case IAG controls 90% of the former, and in it in turn dominate extra-community shareholders, while a meager majority of the latter resides in the hands of Garanair, a Spanish company owned by El Corte Inglés after it acquired in April of 2018 the majority shareholding of Bankia (87%).

Neither the commercial group nor the bank are already shareholders of IAG, which is the one that really makes decisions about Iberia. The first had almost 2% of the capital and the second another 12%, but both sold their shares in 2013 with a total capital gain of 213 million euros. The only Spanish partner that follows is the State Industrial Participation Company ( SEPI ), but only with 2.7% that is inoperative.

The long hand of Qatar
Therefore, the ownership of IAG - the third largest air group in Europe after Lufthansa and Air France-KLM, and sixth in the world by turnover - would be in foreign hands, and the majority outside the EU. The first shareholder is Qatar Airways , the airline with the 21.5% - it is also the third partner (9.6%) of the largest Asian airline, Cathay Pacific, while it controls the veteran Italian_Meridiana-, twice the share (10%) held by a subsidiary of Capital Group, a global giant of pension fund managers.

They also appear with their own name among the partners of the 'holding', although with smaller stakes, half a dozen Anglo-Saxon investment funds led by Europacific (5.3%), Lansdowne Partners (3.6%) and Blackrock (3.4%). ), one of the new kings of the 'brick' in Spain. They are followed by the British insurer Standard Life and the German bank Deutsche Bank, both with close to 3%.

This structure can change, even almost diametrically, if the dreaded 'brexit' is finally materialized , since in Brussels they demand that both ownership and control of the airlines with licenses to operate within the territory of the EU are in the hands of a company resident in its partner States. Sufficient 50.01% in both cases, but demand "a full compliance with the requirements", which a priori would not occur in IAG and, by extension, in Iberia.

The relief, although only temporary, is that the draft of this new European regulation grants a deadline until October 27 of this year, seven months after the departure from the United Kingdom. That is why IAG have not yet activated the legal mechanisms they have to meet these conditions.

From suspend to alienate

It is the part that IAG sources refer to as "obligation", if the "conviction" ends up failing. The Article 11 of the statutes of the matrix of 'holding' Anglo - Spanish would be the means to do so, then picks up the legal response "if the board considers it necessary to take measures to protect a right of exploitation" in this case licenses of flight within the EU.

To this end, "affected shares" would be considered as those whose owners were not from the European Union, and could be limited, although their minimum could not be lower than 40%. They can "suspend their voting rights and other political rights", in which case the affected partners would have 10 days to "sell" those shares, that is, sell them to another if they comply with the conditions of nationality.

And if that did not happen, IAG would be entitled, "by decision of the board", to acquire them for a price that would be the lowest of what would result between their theoretical book value according to the last audited balance of the group and the average market price of the securities. However, all these decisions of the administrative body can be appealed and thus open a long legal battle.

The Ministry of Development , an interlocutor with Brussels for IAG, has already received a "Spanishness plan" from Iberia, analyzed by its technicians. And he believes that "it will not have problems to meet the conditions" -the same message that the airline has transferred to its staff-, although the negotiation has not ended.

BBVA, for the digital transformation

BBVA, for the digital transformation

Alfonso López-Sáez Rodríguez-Piñero | Director of Transformation and Productivity in the Southern Territory of BBVA

  BBVA continues to provide its digital channels with more functionalities, especially the APP, since practically all our customers have smartphones and it is their main channel of interaction in the digital world, both in their personal and professional areas. Among the latest improvements is the "aggregator", which allows consulting from a single screen the client's positions in all the financial entities with which he works. In just four months of operation, more than 100,000 customers have already added their other banks in the BBVA app.

  The way to use this service is very simple. Customers, when they access the BBVA app, select the option "Other Banks" and once inside they add their other banks through a first process in a secure data verification environment, where the keys used in their other entities are included. As of that moment, in subsequent accesses, the positions of these other entities are automatically loaded together with the products contracted in BBVA.

Another outstanding feature is "BBVA Valora", a service already used by a third of the clients that have contracted the mortgage in BBVA. This tool accompanies users in the search of their home and enables them to make their numbers and know how a mortgage would affect their economy. Through BBVA Valora, 125,000 home searches are carried out every month.

Thus, BBVA's commitment to digitalisation and personalized management through BBVA Contigo are functionalities that "make available to all the opportunities of this new era".

The IMF fears a "storm" that slows the economy

The IMF fears a "storm" that slows the economy

Lagarde warns that world growth is already "slower" and admits having "no idea" of the effects of 'brexit' or tariff war

 Prepare umbrellas and lightning rods, because the managing director of the International Monetary Fund (IMF), Christine Lagarde , acting as 'woman of time', warned on Sunday that a "storm" is approaching the economy worldwide. The notice is not new at all, but updating it suggests that the problem may end up being more serious than initially thought.

During the World Summit of the Government, an event organized by Dubai that will meet until Tuesday to more than 4,000 people from 140 countries -including several heads of state and ministers-, Lagarde found that the growth of the world economy is already being "slower" than expected ». And that in January the Fund lowered its forecast of increase of the Gross Domestic Product (GDP) for this year from the previous rate of 3.7% to one of 3.5%.

  The reasons for this adjustment are, to a large extent, already known: from the commercial tensions and the tariff war , particularly between the United States and China, going through the uncertainties related to the 'brexit' , especially if finally there is no agreement between the United Kingdom and the EU, until the slowdown of the economy of the Asian giant, the second world economic power today that probably reaches the leadership the next decade. It is what she called "four clouds" during her speech in the forum.

Doubts and certainties

The problem, said Lagarde, is that each time it seems closer to end up giving rise to a possible "storm", in fact, in the case of commercial battles between the major international powers have begun to take its toll on the world economy. He admitted, however, that "we have no idea what is going to happen", to then emphasize that "what we do know is that it is already beginning to have an effect on trade , on interest rates. and in the markets. "

"When there are too many clouds, you need a lightning bolt to trigger the storm," said the head of the IMF, who called on governments to prepare to avoid protectionism and deepen the path of agreements, for example, to through the World Trade Organization (WTO) . In addition, she was concerned that this return to the tariffs affecting imports comes at a time when governments, businesses and households have accumulated "very heavy debts," which will further detract from economic activity.

Cellnex presents in the MWC19 the ecosystem of infrastructures necessary for the effective deployment of 5G

Cellnex presents in the MWC19 the ecosystem of infrastructures necessary for the effective deployment of 5G

The company presents with Intel and Nearby Computing the latest Edge-based technology based on demand-side computing at the edge of the network itself

   Cellnex Telecom will participate between 25 and 28 February in a new edition of the international fair Barcelona MWC19 (formerly Mobile World Congress), the world meeting point for the mobile communications sector. The company, which has participated uninterruptedly in the thirteen calls that the event has accumulated in Barcelona, ​​will present its latest solutions in terms of "intelligent connectivity", especially focused on the infrastructure ecosystem that will serve as the basis for the deployment of 5G, as well as the most relevant use cases in which you are working related to this technology.

  One of the novelties will be the presentation, together with Intel and Nearby Computing, of the latest Edge technology that the three companies are working on, based on computing adapted to the demand at the end of the network itself. Through "adaptive Edge" is enabled the ability to detect in real time, locally adapt and focus the capacity of the network, depending on where the greatest demand for data consumption occurs at each moment, thus ensuring the optimization of the resources of the network. network and the minimum latency associated with 5G, especially for critical applications. Cellnex, Intel and Nearby Computing will show this technology simultaneously in the three stands - connected to each other -, displaying different scenarios.

Cellnex will also show at its stand (CS64-Congress Square, between pavilions 4 and 5) other cases of use implemented in the field of 5G among which stand out the "Mobility Lab", bet developed in the Parcolotor Castellolí-Barcelona circuit for the development of the connected and autonomous vehicle, as well as the firefighting project with drones and dedicated networks that it is deploying together with Mobile World Capital Barcelona, ​​Sitep and Masmóvil within the framework of the 5G Barcelona initiative.

5G ecosystem in Europe
The 5G will require a new network architecture, and Cellnex Telecom, with a presence in six European countries, is working on the development of the infrastructures necessary for the effective deployment of this new technology, in which the neutral host model and the sharing between operators will be key.

The 5G will mean a change of paradigm in terms of connectivity to facilitate the exponential increase in consumption and data transmission, as well as the minimum latency necessary for the development of applications such as the autonomous vehicle, artificial intelligence, industry 4.0 or telemedicine , among others.

Network densification
Within the framework of this new network architecture, it will be necessary to adapt the equipment installed in the current infrastructures (macro sites) and to increase the densification of the network through Distributed Antenna Systems (DAS) and Small Cells in interior spaces (stadiums and sports venues, shopping centers, theaters, skyscrapers, car parks, metro networks ...) and outdoor (urban centers, public transport networks, ports, airports ...); especially spaces with a high concentration of users.

Cellnex will present some of its latest projects in this field, including the Gran Teatro del Liceu and the SABA and BAMSA car parks in Spain, as well as the joint work with Bouygues Telecom for the installation of 5G equipment in the Cellnex infrastructures that provide service to this operator in France.

Optical fiber
Cellnex also presents at the MWC19 Barcelona its proposals for deployment, operation and maintenance of fiber optic networks connected to towers and antennas (macros and "small cells"), another of the key elements that configure the ecosystem of the infrastructures necessary for the 5G deployment.

The company acquired Xarxa Oberta de Catalunya (XOC) in July 2018, which operates a neutral network of 3,000 kilometers of fiber optics and provides capabilities for the development of the connectivity of its sites and those of its customers (backhaul & fronthaul networks).

Edge Computing
Cellnex is committed to the extension of "Edge computing" or data processing at the edge of the network, bringing the computing capabilities closer to the broadcast antennas and, therefore, closer to the receiver-users (people, vehicles, machines). This approach allows us to achieve the latency requirements of 1 millisecond that will be demanded by critical applications such as the connected vehicle, or the connectivity between machines, associated with 5G.

Precisely, in this area, Cellnex participates in the MWC19 in a joint demonstration of the latest technology in Edge Computing that will be developed simultaneously in the stands of Cellnex, Intel and Nearby Computing.

The stands of the three companies, connected together, will house specific demonstrations of multiple use cases of this technology in the field of mobility, security, industry 4.0 or entertainment; sectors and applications in which focusing and bringing computing capacity closer to the end of the network and the consequent immediacy in the transmission of data and minimum latencies, is critical and a key factor of competitiveness.

Autonomous and sustainable mobility
Among the cases of use that Cellnex presents at the MWC19 is the "Mobility Lab" that is being developed at the Parcolotor Castellolí-Barcelona circuit. The company has equipped this circuit with the necessary infrastructures and technology so that the agents and companies that work in the development of the mobility of the future, advanced traffic solutions and the manufacture of vehicles, can develop innovative products and services linked to the intelligent mobility and the connected and autonomous vehicle. All under the premise of an efficient energy management, since all the infrastructure deployed by Cellnex is self-supplied by wind and / or solar energy.

Parcmotor has become a benchmark environment and an innovative testing space for the development of ITS technology solutions associated with 5G (Intelligent Transport Systems), especially in the field of vehicle-to-vehicle (V2V) communications and the vehicle with the infrastructure (V2I), which can later be implemented in vehicles (future mobility), in towns and cities (smart cities) and on roads and highways (smart roads).

On the other hand, the company is developing mobile connectivity solutions in urban environments -which are included in the V2X-Arch project- and that highlight the importance of communications between vehicles and street furniture (traffic lights) or communications between emergency vehicles and the rest of vehicles on a highway and the construction of these networks that allow the development of the connected vehicle.

5G Firefighting Drone Pilot Project
Cellnex will present with Sitep, Masmóvil and 5G Barcelona the pilot "5G Firefighting Drone Project" that they are jointly developing within the framework of the 5G Barcelona initiative, promoted by the Generalitat de Catalunya, the Barcelona City Council, Mobile World Capital Barcelona, ​​the i2CAT Foundation , the Technological Center of Telecommunications of Catalonia, Atos and the UPC to turn the city into a 5G digital reference hub.

The project uses 5G technology to facilitate and optimize fire management, by capturing, processing and transmitting data such as heat maps, geolocated images and location of troops, which are sent to emergency teams in real time making use of of drones and a dedicated broadband network. The objective is threefold: to reduce response times, monitor the situation in real time and activate the adequate and optimal resources to extinguish the fire.

Technology and IoT Connectivity

Cellnex has extensive experience in the development and application of IoT technology and connectivity. At the Barcelona MWC19, it will present its IoT connectivity solutions for social housing. The company equips these homes with sensors that allow collecting, transmitting and monitoring data, mainly related to consumption and energy efficiency, but also the detection of temperatures and other indicators that facilitate the protection of these "connected" homes and the anticipation of any abnormal situation or risk.

The company will also exhibit its tracking and geolocation solutions in the logistics area, which allow the control of goods through sensors that send their location directly to the company's IoT network, available throughout the national territory.

Since 2015 Cellnex Telecom has had the first network oriented to Internet of Things (IoT) -with Sigfox technology-, which provides service throughout the Spanish territory, with a national coverage of 95% of the population. More than 2 million devices are already connected and use the IoT network of Cellnex in Spain on a daily basis, providing services for remote monitoring of light consumption, water telemetry, waste management, material tracking, smart parking, security, energy efficiency and risk prevention, among others.

The 'basic' condition to get a mortgage: 39,000 euros saved before signing

The 'basic' condition to get a mortgage: 39,000 euros saved before signing

The amount of the loans granted by the bank has fallen from 105% to 80% of the transfer value in a decade, although in one in ten cases the mortgage is still equal to the amount of the purchase

   Any citizen - couples, single, divorced, widowed ... - who wants to ask for a mortgage with which to finance the purchase of their home has to overcome a filter not suitable for all types of people: it is necessary that they have reserved approximately 39,000 euros, on average, to sit down and talk to their bank and get them to grant them the desired line of credit with which to complete the operation.

  The latest economic bulletin of the Bank of Spain reveals that most of the mortgage loans granted in 2016 had amounts that were around 80% of the transfer value of the home. In fact, it is more than complicated for a bank to approve a mortgage below that limit, except in cases of client profiles with a lot of assets. Because for most of the population it is already an odyssey to buy a property in the current circumstances in which the bank requires them to have saved approximately one third of its value: 20% to deliver directly to the entity , and not have to finance it , and another 10% for taxesto turn off. Thus, to finance a purchase of a flat worth 130,000 euros -the most up-to-date average statistical amount-, it is necessary to have saved some 39,000 euros (26,000 euros to deliver directly and another 13,000 for taxes and fees).

The reality before the mortgage firm has changed significantly since the time of the real estate and financial boom that Spain lived through to 2007, although some embers remain in the banking market with mortgages that remain as high as the purchase price. of the housing that is financed. Until 2016, 9% of the mortgages were granted for the entire transmission price collected in the Property Registry, according to the last economic bulletin of the Bank of Spain where it analyzes the evolution of the loan on the value of housing since 2004.

This has been one of the issues that has caused most headaches among customers, whose mortgage debt has wreaked havoc in their pockets during the worst years of the crisis ; and also among the banks, for the delinquency derived from those flexible mortgage concessions in the years of growth. In fact, the Bank of Spain advises that the amount of a mortgage does not exceed 80% of the appraised value of the property, and if that relationship is contravened, the supervisor imposes certain requirements on the entity.

However, the percentage of mortgages whose amount is equal to or exceeds the transfer value of the home has been reduced considerably since the height of the housing bubble. The percentage of mortgages whose amount exceeded the purchase price has been reduced by 15 points since 2010. Because in years like 2006, half of the mortgages granted exceeded the price declared to the registrars, according to the Bank of Spain.


Part of the responsibility of that situation was given by the high valuations that were quantified in the real estate market, based on the expectations of growth in the future. In fact, between 2004 and 2008, appraisal values ​​grew at a "higher" rate than that of sales prices. And, at the same time, from 2009 to 2016, there has been "a greater fall" in valuations than the real cost of buying a home.

The Ibex-35 bounces 0.90% with only seven values ​​in red

The Ibex-35 bounces 0.90% with only seven values ​​in red

In green, CaixaBank was the best, with a rise of 2.49%

  Last week the Ibex-35 fell 1.80%, but in the session on Monday the index bounced 0.90%, to give a final change in the 8,936.4 points. The indicator has been oscillating during the whole day between the 8,890 points in which the day began and the 8,970 points in which it marked highs passed the ten in the morning. It ended, therefore, practically in between the two levels.

Only seven values ​​of the selective closed with losses. Meliá was the worst, with a cut of 5.75%. Next, ArcelorMittal was placed, with a decrease of 1.19%. Then, only five companies, with losses lower than the percentage point: Red Eléctrica, Mapfre, Acciona, Merlin Properties and Colonial.

   In green, CaixaBank was the best, with an increase of 2.49%. Ence and Mediaset also scored around 2.4%. Siemens Gamesa and Viscofán also scored more than two percentage points.

Among the largest, Inditex was the best, with a rise of 1.74%. Santander and BBVA scored 1.21% and 1.13%, respectively. Iberdrola and Telefónica gained 0.75% and 0.57%, respectively. Repsol, on the other hand, advanced 0.17%.

The promotions of the rest of Europe have been similar to those recorded by the Ibex-35. The best of all the indices was the Ftse Mib in Milan, which added 1.21%, while the French Cac 40 added 1.06% and the German Dax, 0.99%.

A little behind was the Ftse 100 in London, which added 0.82%, after an intense day in the publication of macroeconomic references. The British economy grew by 1.3% in the fourth quarter of 2018 in the interannual rate, one tenth less than expected and two tenths less than in the previous quarter. Exports grew less than expected, but imports advanced more than anticipated. The Government has begun to publish the monthly GDP. The one of December has been published today and has revealed a contraction of 0.4% in comparison with the previous month, against the stability that the analysts had predicted. In addition, industrial production fell by 0.9% in December in the interannual rate, when a contraction of 0.5% was expected.

Although the worst in the Old Continent was the PSI-20 of Lisbon, which ended the day practically flat.

In the United States, the indices showed a greater weakness than in the Old Continent. Thus, the Dow Jones, at the close of the European session, was down 0.15%, while the S & P 500 was trading around 0.10% and the Nasdaq was 0.20%. Weakness and uncertainty in the New York Stock Exchange to start a week that may be key to world trade. There are just over two weeks before the deadline for China and the United States to reach an agreement that prevents the entry into force of new and severe tariffs. On Monday the technical talks that will precede those that will take place on Thursday and Friday in Beijing at the highest level (the commercial representative and the Secretary of the Treasury, on the part of the United States) and the vice premier and the governor of the central bank by China).

The week can also be tense in the United States, since it could end with a new closure of the Administration, before the clash that is not resolved between Congress and the president of the United States, Donald Trump.

Mild outflow of bonds

In addition to increases in the stock markets, we also saw some exit of money from the bond market, which is also a symptom of greater optimism in the markets. Thus, the yield of the American 10-year bond rose from 2.63% to 3.65%. Meanwhile, the interest of the German bond at the same time went from 0.08% to 0.11%.

The only one that moved backwards was the Italian title, whose performance dropped from 2.95% to 2.88%. This after the regional elections in Abruzzo, which showed that the right coalition led by the League of Salvini has reached 49%, while support for the Five Star Movement has been reduced by half since the elections of March of the year past: from 39.8% to 19%.

In the currency market, the euro lost positions: the community currency, at the end of the session, lost around 0.4%, to the level of 1.1280 units, its lowest level since last November.

In the commodities market, fall for oil. The barrel of Brent, of reference in Europe, fell by 1.56% to 61.13 dollars. The barrel of West Texas, of reference in the United States, fell by 2.33% to 51.49 dollars. This oil evolution reflected the fear that there is no good conclusion for the commercial war. It does not inspire great optimism that there are no plans for Donald Trump and his Chinese counterpart, Xi Jinping, to meet before March 1.

The price of gold, while, left 0.42%, up to 1,308 dollars an ounce.

The Eurogroup rejects the risk of recession but assumes that it must react with more vigor

The Eurogroup rejects the risk of recession but assumes that it must react with more vigor

Moscovici asks the club to accelerate the measures to prop up the common currency «and look for a rebound in the economy already in the second half»

   The Europe of the euro does not want to hear about recession because none of its economies show symptoms that point to that outcome. So «calm» and «cold blood». This suggestion by Pierre Moscovici, Commissioner responsible for Economic Affairs, yesterday marked the first meeting of the Eurogroup that evaluated the growth forecasts that the Community Executive launched last week, much weaker than those of November. In three months of difference, six tenths less rise in the entire eurozone (from 1.9% to 1.3%) for this 2019.

  No alarms. The club flees from the bad omens. The red lights that went on a decade ago, when the last major crisis erupted, will not be activated this year or next. Up to that point it reaches the background of the last 'macro' photograph of Brussels. On what are they based? In two general ideas: Europe grows less, but continues to grow, generates employment and investments do not fall; and "the fundamentals of our economies (which includes the greater robustness of the banking system) are today stronger than before the crisis. In addition, we know exactly what needs to be done to reinforce them ", underlines Mario Centeno, president of the Eurogroup. The Portuguese gives as an example his country and Ireland - both of them under the supervision of the "men in black" after their rescues - of the turn "towards economic and fiscal solidity".

But the concern is undeniable. Because, at the end of the day, the 'big three' of the euro are the ones that show the most marked deceleration. Germany expects a rebound of 1.1% this year (seven tenths less than predicted in the report of the European Commission in November); France has been cut three tenths (from 1.6% to 1.3%); and Italy, which already entered into technical recession last January after accumulating two consecutive quarters in negative, will rise only 0.2%. Spain, the fourth in the ranking is the one that comes out the best: the revision is only one tenth lower and its growth rates are moving above the average (2.1% this year and 1.9% in 2020). ).

"But the slowdown does not imply a threat of recession," says Moscovici. The French commissioner insists again on the need to act to "achieve a rebound effect in the second half of the year and an even better 2020".

At this point, the Eurogroup tackled some keys: the always present uncertainty of the 'brexit' and the need to advance in the architecture of the euro, among others of more national scope. In this sense, Spain and Germany will "lead" the technical working groups to impose the maximum possible pace to the European deposit guarantee system (EDIS) of banks with a reference date: June.

In this Eurogroup, with a much smaller agenda than usual, the Ministers of Economy and Finance agreed by qualified majority to propose the Irish banker Philip Lane as the new chief economist for the European Central Bank (ECB). He was the only candidate to succeed Peter Praet and at the time he played the vice president of the issuing institution to the former Minister of Economy, Luis de Guindos.

On the controversy of the veto of the European Commission to the merger of the French Alstom and the German Siemens, the French Economy Minister, Bruno Le Maire, called for a "strong industrial policy" in the EU that allows global competition, in particular in front of China. He insisted that they will present "within a few weeks" proposals to reform the EU competition rules with "urgency".

IAG limits its non-EU shareholders to 47.5% excluding the British

IAG limits its non-EU shareholders to 47.5% excluding the British

The 'holding' that includes Iberia and British Airways will force to sell those that exceed that cap that, according to their accounts, is the one that reaches today

  IAG materialized this Monday its intention, told by this newspaper over the weekend, of «remaining Spanish» and, by extension, European, once the 'Brexit' came into force as of March 29. The management of the 'holding' that includes the airlines Iberia, Vueling, British Airways and Aer Lingus was "convinced" of this, although it did not rule out recourse to the "legal obligations" to achieve it.

  And it is just what he announced to the National Securities Market Commission (CNMV): _ a cap on the number of shares owned by individuals, legal or physical, who do not have a European nationality. According to the regulations that will apply from Brussels, it would suffice that 50.01% -both in ownership and control- of the airlines with licenses to operate within the territory of the EU were in the hands of a company resident in its partner States.

But IAG wanted to go further by limiting the foreign presence to 47.5% in both cases, which is precisely "the level reached at the date of February 11". Therefore, a priori, it would not be necessary for any of the current partners to sell their participation and the measure would only affect new operations.

In this sense, from IAG they warn that, according to the provisions of article 11.8 of its bylaws, after the publication of this announcement "no acquisition of shares by non-EU persons may take place". And even warns potential stakeholders that they would not issue the necessary certificate to make them effective, that is, they would be almost like 'wet paper'.

Those new titles owned by persons or companies outside the European Community would be considered "affected", so that the provisions of the statutes would apply to them. In this way they could "suspend their voting rights and other political rights", in which case they would have 10 days to "sell" those shares, that is, sell them to another one that does comply with the conditions of nationality.

And if that did not happen, IAG would be entitled, "by decision of the board", to acquire them for a price that would be the lowest of what would result between their theoretical book value according to the last audited balance of the group and the average market price of the securities. However, all these decisions of the administrators could come to be appealed and open a long legal battle.

Exception for United Kingdom

However, in the dome of the 'holding' estimate that it would not reach such an extreme because the limit set yesterday does not force sales of the current shareholding. But for this they have used a legal trick - validated today, but not when the exit of the United Kingdom materializes outside the Union -: "British people (not distinguish between physical and legal) are not and will not be treated as persons. EU "and," consequently, they are not and will not be subject "to such" restrictions ".

This "unless IAG notifies otherwise" and, for now, "has no plans" to do so. Therefore, the question is how much of your social capital would be now British. On the list of largest holdings provided by the CNMV, only the Lansdowne investment fund (1.6%), based in London, is included. It does not appear, however, the Scottish insurer Standard Life, which has 2.9%, the same as the German bank Deutsche Bank.

That census is headed by Emirates airline Qatar Airways, with 21.4% - it is also the third partner (9.6%) of the largest Asian airline, Cathay Pacific, while it controls the Italian veteran Meridiana- , twice the share (10%) held by a subsidiary of Capital Group, a global giant of pension fund managers and of US origin. They are followed by three other North American funds: Europacific (5.2%), Blackrock (3%) -one of the new "brick" kings in Spain- and Invesco (1.1%).

Switzerland, Norway, Liechtenstein and Iceland are also considered "Member States" of the EU in terms of aeronautical regulation, but it is not known if there are IAG shareholders of those nationalities. Now, we will have to see if the answer of the 'holding' is considered sufficient in Brussels - that is, the British exception would not be accepted -, which could allow a period of seven months to adapt to its limits, just like to Ryanair and Easyjet if it was necessary.

Pedro Sánchez contemplates elections in April if the secessionism knocks down the Budgets on Wednesday

Pedro Sánchez contemplates elections in April if the secessionism knocks down the Budgets on Wednesday

In the direction of the PSOE they assure still that there is no determined date and that both the 'superdomingo' and autumn are still on the table

  It will not be April 14 , Domingo de Ramos, as it circulated during a good part of the morning today. Government and PSOE sources discard it "totally" and some even recall that, on that date, half of the country is on vacation and that it does not seem sensible to ruin them or risk a low participation. What does contemplate Pedro Sanchez , according to its environment, is to advance the next general elections to another day of that same month if, as all indications, the secessionist parties maintain their veto of the Budget and prevent its processing in the key vote that will place on Wednesday in Congress. «But nothing is decided», they warn.

The idea of ​​holding elections in April is, in fact, difficult to materialize because there are few Sundays available that month. The option of 7 would not be feasible. Sanchez should have signed today the decree of early dissolution of the Cortes to be published tomorrow, 54 days before the exact date with the polls , in the Official Gazette as marked by the Organic Law of the General Electoral Regime (Loreg). The 21 is Resurrection Sunday. And that would make available only the 28. But it must be borne in mind that it would mean celebrating half of the election campaign in full Holy Week .



In the direction of the PSOE, in any case, spread today a certain surprise by the fact that, from the Moncloa , a specific day was mentioned to the public news agency EFE. They maintain that an in-depth analysis has not yet been carried out and that, in the same way as April is considered, the possibility of matching the generals with the European, regional and municipal ones of May 26 is still on the table. Not even, they say, has September or October been ruled out.

The reaction of the Deputy Secretary General of the party, Adriana Lastra - who every Monday participates in the meetings of 'maitines' with the President of the Government together with the Secretary of Organization, José Luis Ábalos , the Vice President, Carmen Calvo and the Chief of Staff of Sánchez , political consultant Iván Redondo -, was very graphic when asked about the matter. "There is no member of the PSOE leadership who spoke on April 14," he said at a hearing in Ferraz .

Doubts

Some sources of the party say that Redondo is a figure outside the formation but to which Sanchez has placed at the head of the Electoral Committee , which for several weeks has in mind a call in April. Heavy weights of the socialist executive would see with better eyes the ' superdomingo ' of May. They argue that the municipal elections are the ones in which the PSOE is most mobilized, that this is its competitive advantage over other parties and that it would be good to take advantage of it. However, the mayors and autonomous presidents are not at all supporters because they fear that the national debate will contaminate everything.

In the territories, even so, the idea of ​​an advance to April was also received with doubts and mixed feelings. Some mayors are fine, but among the presidents there is everything, from those who believe that, at least, it is better than the 26-M ("if they want to hold a plebiscite there is, but allow us to evaluate the autonomic and local governments ") to those who suspect that if Sanchez suffers a punishment vote a month after they are examined it will be very difficult to recover from the climate of defeat.


  The fact that the demonstration called this past Sunday by PP, Citizens and Voxhad a moderate attendance -45,000 people according to the Government Delegation and 200,000 according to the organizers- breathed at first a certain mood in the PSOE. The leadership congratulates itself because it served to tighten the party and believes that this can later be transferred to a mobilization of the left against the right. "That picture of Casado, Rivera and Abascal , also, hurts them because it introduces an element of confusion for the elector. Who to vote for? In the case of the left that is already resolved, "argues a member of the executive.


In some autonomous communities, however, they are more skeptical. They believe that to the extent that Catalonia continues to focus the debate, they have to lose everything because it is an issue that inhibits their voters. And although they admit that Sanchez's decision to pull the emergency brake in the negotiation with the secessionists last Friday helps, they warn that it would be a mistake to believe that the assistance to the concentration of Columbus is crucial to predict the vote on the right.

Taxi drivers get up from the table of the Madrid Transport Committee because it is an "insult" and a "farce"

Taxi drivers get up from the table of the Madrid Transport Committee because it is an "insult" and a "farce"

The regional government intended to transfer to the sector, including the VTC, its approach to reform the regulation

  The associations of taxi drivers have decided to leave the table of the Madrid Road Transport Committee because they say that it is an «insult» for the sector, they do not want to participate in this «farce» and it is an «inoperative forum». This has been explained by the president of the Professional Taxi Federation of Madrid, Julio Sanz and the president of the Autotaxi Association of Madrid, Miguel Ángel Leal, who have detailed their decision to the media after half an hour of meeting.

The meeting was chaired by the Minister of Community Transport, Rosalía Gonzalo, who wanted to move to the sector his approach to reform of the regulation. Representatives of the VTC and the municipalities of the region were also present at the meeting .

   It is a new disagreement between the regional government and the associations of the taxi after the call for an indefinite strike on January 21 that lasted 16 days and was called off when the sector noted the refusal of the Community of Madrid to establish a regulation immediate of the VTC. Sanz has pointed out that this forum is "completely inoperative" because it is simply an "invitation to talk" about a future reform for good coexistence between the taxi and the VTC,

  which in case of consensus will take months to elaborate and even years to follow its processing.

In this sense, the president of the Professional Federation of the Taxi of Madrid has assured that the situation in the street is not "much less to wait months or years", because that implies a "mockery" to the taxi because now what there is is "Law of the jungle" with the "black vehicles stealing" the clients that by activity corresponds to the taxi.

"This is an insult, it's like telling us that we have to live with the law of the jungle in the street, stealing from these black cars that walk with impunity in the streets, what is the profitability of the taxi. The taxi will not participate in these deceptions, do what they want that we will pay at the polls, "he said.

Sanz also explained that they have left the table when the counselor has explained the objectives of the meeting, simply appealing to the dialogue, and taxi associations have transmitted their arguments against not undertaking an express reform for the VTC.

Without accomplices

"We have told them that this is not the solution and that they have taken our hair," he has blurted out to accuse the regional executive of being "aligned" with the VTC and, consequently, they refuse to "be accomplices" of his "image washing". and their campaign »to simulate that they are with the taxi and the citizens, when their judgment happens the opposite.

The president of the Professional Taxi Federation of Madrid has also loaded with the decision to modify the taxi regulations now, given that he has already defined a decree on the matter, because it is a question that now "does not touch" and that pursues, in his opinion, "divide" the sector . Therefore, he has urged the regional government to "do whatever it wants" with that regulation.

«When you are going to ask for the regulation of the VTC and they offer you, they sell you, the regulation of the taxi, it is clear that we are dealing with a trick , a strange maneuver that what is intended is to divide the collective, because within the regulations there may be issues that like associations more or less, "said Sanz.