Castle Asia Share Discussion Threads

[waldron] 27/8/2007 10:25

muchos gracias

hasta luego amigo

[bluenose851] 27/8/2007 10:23

no problema

[waldron] 27/8/2007 10:11

cheers bluenose

[bluenose851] 27/8/2007 09:21

I live in a place called Moraira on the Costa Blanca North. We are not seeing anything like the doom and gloom that is so often reported. The local councils have invested wisely and restricted land licenses and we are still seeing prices increase but i do note one trend. There is a lot of over priced old property on the market which isnt moving. People now want the newer property that has all the mod cons. With builders reluctanct to spec build in case they cant sell, this market is still very strong. Land prices continue to rise and are typically 250,000 euros for an 800 sq m. plot in Moraira.

Buyers now in Spain are very picky and will only buy what they want. Gone are the days where buyers came here with rose tinteds specs and would buy anything. Investment here now is serious money and they want exactly what they want.

[waldron] 27/8/2007 04:50

Overheating sees house price downturn in Europe
Last Updated: 1:07am BST 27/08/2007



House prices in the overheated markets in Europe have begun a downturn , writes Ambrose Evans-Pritchard

House prices on the overheated fringes of Europe have begun to turn down sharply, replicating the early phase of the sub-prime property slide in the United States.


Housing booms in Romania, Bulgaria, Croatia, and even Russia are all looking stretched to extremes


Irish property has fallen for the past four months in a row as higher eurozone interest rates start to bite harder, while the speculative bubble in the Baltic states has burst.

House prices in the greater Riga region of Latvia fell 3.5pc in June, following a 1pc fall in May. Flats in the old city became more expensive than Berlin by early this year in a speculative frenzy, much of it with euro, Swiss franc, and yen mortgages that could prove disastrous if Latvia's currency is suddenly devalued - as may well happen, given the country's current account deficit has exploded to 26pc of GDP.

Similar booms in Romania, Bulgaria, Croatia, and even Russia are all looking stretched to extremes. Danske Bank has warned that much of Eastern Europe has been inflated by a "monster bubble" that recalls conditions in east Asia shortly before the crisis broke in 1997.

In Ireland, house prices dropped 2.6pc in first six months of the year to June, with falls of 3.3pc in Dublin. The slowdown is rapidly spilling across into building. House registrations are down 34pc over the first half. Roughly 15pc of housing stock lies empty, according to the Irish census.

Jean-Michel Six, chief Europe economist for Standard & Poor's, said extreme levels of household debt across large parts of Europe left the region vulnerable to tightening credit conditions. Debt levels are above 100pc of GDP in Ireland, Britain, Spain, the Netherlands, and Denmark.

"Spain is heading south. Local real estate companies have reported price falls on a quarter-to-quarter basis in Madrid and several other provinces," he said.

French property prices fell 1.5pc in July - though they were still up 5pc over the year. "House price inflation could turn negative in the second half of this year," he said, adding that proposals by President Nicolas Sarkozy to allow new buyers to offset part of their interest costs against tax would help support the market.

"The spate of interest rate rises by central banks is exacting its toll on disposable incomes already weighed by rising household indebtedness," he said. The European Central Bank has doubled rates from 2pc in December 2005 to 4pc.

The recent turmoil has pushed up the effective rate of borrowing even further in some countries.

[waldron] 15/8/2007 17:09

Solar Integrated Tec Solar Integrated wins 3 roofing system orders in Spain for 1.7 mln usd


LONDON (Thomson Financial) - US-based Solar Integrated Technologies Inc said
it has won three orders to provide roofing systems for about 1.7 mln usd from
Master Renovables, a Spanish engineering firm and solar integrator.
The provider of building-integrated solar power roofing systems said two of
these orders are for BIPV roofing systems to be installed at two shopping
centres owned by Unibail-Rodamco, a retail properties owner-manager in Europe.
All three projects are expected to be completed in 2007.
Chief executive and president Randall MacEwen said the company's European
order intake so far in 2007 has exceeded its expectations.

[e-mail]
jjo/pmi/jag

[waldron] 09/8/2007 17:51

Madrid shares close lower tracking Wall Street; financials down UPDATE
Date : 09/08/2007 @ 17:33
Source : TFN


Madrid shares close lower tracking Wall Street; financials down UPDATE


(Updates with full report)
MADRID (Thomson Financial) - Share prices closed sharply lower after Wall
Street opened down amid continuing global credit concerns, with financials
weighing heavily.
The IBEX-35 index closed down 1.11 pct at 14,838.30, after trading in a
range of 14,755-14,988.
Equities opened lower, coming under pressure from profit-taking after strong
gains yesterday, but selected stocks posted impressive gains on positive
newsflow and broker upgrades.
The IBEX-35 index continued to lose ground through the afternoon after Wall
Street opened lower amid growing concern surrounding the US sub-prime market.
Leading financials were lower, with BBVA off 1.48 pct at 17.93 eur and
Santander down 1.35 pct at 13.88.
Amongst domestically focused banks, Banesto fell 1.02 pct to 15.57, Sabadell
slipped 1.26 pct to 7.81 and Bankinter was down 0.46 pct at 12.94. Mapfre shed
3.75 pct to 3.34, while BME dropped 4.60 pct to 40.41.
Amongst other blue chips, Iberia fell 5.50 pct to 3.09, tracking the trend
across the European airline sector and after peer Air France reported first half
results this morning.
Ferrovial bucked the negative trend, adding 0.81 pct to 62.30, as concerns
eased that it will be forced to break up its BAA airports division as the UK's
Competition Commission preliminary report proved less belligerent than feared.
Ferrovial's Cintra unit rose 4.50 pct after it was upgraded to 'buy' from
'neutral' by UBS and on positive newsflow on future concession possibilities.
Sogecable was up 3.77 pct to 29.75, underpinned by mounting bid speculation
surrounding the Spanish pay-TV group, with Vivendi tipped as a likely predator
by The Business magazine.
Vivendi denied the claim.
Core shareholder Prisa was up 0.96 pct at 15.84, also buoyed by the bid talk
for its Sogecable unit, with speculation also naming Mexican business magnate
Carlos Slim.
Amongst other second liners, Jazztel advanced 2.27 pct to 0.45, as investors
cheered a swing to positive EBITDA and narrowing net losses in second quarter to
June earnings released after yesterday's close.

[e-mail]
ped/am

[tim] 09/8/2007 12:33

I'm surprised Spain is so low, I guess it has to do with the diversity of the markets within Spain.

I personally think the holiday home market on the Costas is No 1, simply because it bears no resemblance to the economy of Spain (average local salaries 13k euros!) and is totally dependent on inflows of dum money, mostly from the UK. Add in the over supply, poor quality and high profile risks, its a no brainer to continue to tank. One thing is for sure, if there is the slightest retraction in the UK market, Spain is for the dustbin.

All imho and no offence intended to holders of property in Spain.

[waldron] 09/8/2007 12:23

Ryanair to set up 21st base in Alicante, Spain


LONDON (Thomson Financial) - Low fares airline Ryanair Holdings said it is
setting up a base in Alicante, Spain, with two Boeing 737-800s, representing a
140 mln usd investment, serving 11 new routes from November.
The airline already operates six routes from Alicante, to Dublin,
Duesseldorf, Liverpool, London, Pisa, and Stockholm, so this base -- the
company's 21st -- will launch with a total of 17 routes.
New routes will link the Spanish city with Baden Baden, Basel, Billund,
Bournemouth, Brussels, Doncaster, East Midlands, Gothenburg, Maastricht, Milan
and Paris.
"Today's new base announcement will treble passenger numbers to 1.5 mln
annually, sustaining 1,500 local jobs," said CEO Michael O'Leary.



[e-mail]
ms1/ps/cmr

[waldron] 31/7/2007 07:59

International
Fitch Ratings says UK, Denmark and New Zealand top ranks of 16 countries exposed to house price and interest rate shocks; Ireland in ninth place
By Finfacts Team
Jul 30, 2007, 17:51







US credit rating firm Fitch Ratings said in a special report* published today that the economies of the UK, Denmark and New Zealand exhibit the greatest macroeconomic vulnerability to a combination of weakening property prices and rising interest rates.



"Given record levels of household debt, rising interest rates and after several years of strong house price inflation in many countries, Fitch has assessed a range of indicators of household balance sheet vulnerabilities and house price valuation measures," said Brian Coulton, Head of Global Economics & Europe, in Fitch's Sovereign team. "For overall vulnerability, New Zealand ranks first, Denmark second and the UK third as the most exposed countries. Japan, Germany and Italy are the least vulnerable."

Fitch has ranked countries by the degree of estimated house price overvaluation and household balance sheet exposure to interest rate risk, compiling an overall index of vulnerability for 16 advanced industrialised economies. A range of financial indicators have been used to estimate these exposures, discussed in detail in the report.

On the house price front, France is the most exposed country to housing overvaluation, followed by the UK, Denmark and New Zealand, which all exhibit the highest (i.e. most vulnerable) rankings, reflecting rapid house price growth including relative to incomes and rents. The US, Spain and, to a lesser extent, Ireland, show lower risk on this front although housing supply dynamics - not captured in the exercise - undoubtedly play an important role in current and prospective house price movements.

With regard to balance sheet exposure, the Nordic countries and Australia and New Zealand have the highest ranks. Norway is the most exposed to household debt vulnerability followed by New Zealand, Australia, Denmark, Finland and then Sweden. However, on this score, the UK fares somewhat better thanks to lower debt and interest service ratios and overall household net worth.

France also scores much better on balance sheet risk, sharply reducing its overall vulnerability.



Again, the US and Spain fare relatively well but this may be misleading to the extent that both countries currently have high overall household debt service ratios (i.e. including interest and principal repayments), an indicator that has not been captured in the study due to data limitations.

Moreover, both Spain and the US have arguably experienced the largest interest rate "shocks" among countries in the sample as real policy rates have moved rapidly into positive territory in the last couple of years.

Boom and Bust in the Netherlands

Shocks to the household balance sheet can have wider macroeconomic consequences. Wealth effects tend to amplify the consumption cycle, as was experienced in the Netherlands.

Between 1995 and 2000, house prices in the Netherlands nearly doubled, while the AEX equity index more than tripled. The housing boom was accompanied by a large increase in mortgage debt, fuelled by both a tax regime allowing virtually full tax deductibility of mortgage interest payments and the introduction of new mortgage products. For example, around 90% of mortgages extended after 1995 postponed loan redemption until maturity.

After the housing and equity downturn in 2000/2001, the country entered a prolonged period of adjustment. While there were many other factors behind this downturn, the effects on rowth from household balance sheet deterioration were significant. De Nederlandsche Bank estimates that mortgage equity withdrawal contributed around 1pp to GDP growth in 1998-2000 and deducted around 0.5pp in 2001-2003.

Since 2001, house prices in the Netherlands have remained roughly constant in real terms, although household debt levels have continued to rise.




*Fitch said that the report would be publicly available but wasn't at time of this report.

[waldron] 31/7/2007 06:52

Risk according to Fitch

[waldron] 24/7/2007 15:43

Go With the Flow - 24 Jul'07 - 15:35 - 34 of 35


I love Spanish Omlette, this is my own recipe for one person......
Pour virgin olive oil in cast iron pan and heat.
Add finely chopped Spanish onion, yellow pepper, Italian (sorry) mushrooms and fry until golden brown.
Lightly whisk two free range (corn fed) eggs into bowl add a smidge of hot water followed by pepper, salt & fresh herbs (I like Basil).
Pour into hot pan and using a 'figure of eight' motion, cook evenly.
Finish under grill to toast the top or flip in the pan.
Great for a quick lunch when you can't stay too long away from the screen!!!!

Flow

[grupo guitarlumber] 15/7/2007 07:53

Morocco offers potential for property investors Published: 07:00 Sunday 15 July 2007
By Lorna Bourke, Money Columnist

Property investors looking for the latest hotspot should take a look at Morocco.

There is no tax on rental income for the first five years of holding an investment property and there is a reciprocal tax agreement between the UK and Morocco so even when tax does become payable in Morocco, it can be offset against your UK liability.

And there are other tax breaks too. There is no inheritance tax if you are leaving your property to a family member, and once you have owned the property for over 10 years there is no capital gains tax either.

Access is good too. 'Recent airline deregulation has led to over 100 direct flights every week between London and Marrakech. This was imperative in order for the economy and the property industry to move forward,' said Rob Shaw marketing and operations manager for Morocco Properties.

'Marrakech is well placed to compete alongside main European destinations such as Barcelona, Rome and Prague in the lucrative sector of city breaks, with flying time only three and a half hours.'
source: citywire

[waldron] 13/7/2007 17:21

Madrid shares close higher extending gains; Santander, FCC lead UPDATE
Date : 13/07/2007 @ 17:10
Source : TFN


Madrid shares close higher extending gains; Santander, FCC lead UPDATE


(Updating with more details)
MADRID (Thomson Financial) - Share prices closed higher, extending
yesterday's gains, and supported by another positive session for the Dow Jones,
with Santander and FCC leading gainers, while Antena 3 moved lower amid profit
taking.
The IBEX-35 index ended up 81.70 points at 15,023.5, after trading in a
range of 14,981-15,082.
Equities opened higher, propelled by a record close on Dow Jones on the back
of merger activity, and remained in the black over the rest of the morning.
The IBEX-35 index stayed in positive territory through the afternoon in thin
trade, hanging on to the technical resistance line of 15,000 with little
newsflow to propel it either up or down.
Santander rose 0.14 eur to 14.16 as analysts said they expect an RBS-led
consortium -- including Santander and Fortis -- to press ahead with a revised
offer for ABN excluding LaSalle.
Earlier, the Dutch Supreme Court decided to allow ABN's sale of its US unit,
LaSalle.
Heavyweight peers were also higher, with BBVA rising 0.17 to 18.17 and
Telefonica adding 0.11 to 17.07.
FCC climbed 1.80 or 2.63 pct to 70.20, after a report in El Confidencial
said Russian businessman Roman Abramovich has approached Colonial chairman Luis
Portillo for the property company's 15 pct stake in FCC.
Colonial slipped 0.02 to 4.08.
Leading the losers, Antena 3 fell 0.19 to 15.07 amid profit taking after
yesterday's strong gains on M&A rumours.
Other session losers included selected utilities, with Gas Natural down 0.17
to 44.71, Endesa off 0.06 at 39.30, REE slipping 0.15 to 34.18 and Enagas down
0.16 to 17.86.
Iberdrola put on 0.31 to 40.47 after Credit Suisse hiked its price target to
42 eur per share from 32 eur, and Union Fenosa rose 0.30 to 40.90.
Bankinter rose 0.75 to 66.65 and Banco Popular gained 0.04 to 13.59, ahead
of first half results due next week.
Banco Pastor rose 0.05 to 15.27, though off earlier highs of 15.45, after JP
Morgan initiated coverage with 'neutral' and a 16.0 eur price target.
Among other medium caps Vueling soared 0.81 or 3.45 pct to 24.31 after
reporting that the number of passengers it transported in June increased 78.7
pct to 529,537.

[e-mail]
ped/am

[waldron] 10/7/2007 13:45

Iberdrola Sa Iberdrola, Morocco's ONE sign joint agreement to develop 2 wind farms


MADRID (Thomson Financial) - Iberdrola SA and the Moroccan National
Electricity Company (ONE) said they have signed a collaboration accord to
develop two wind farms in Morocco with a combined capacity of around 200
megawatts.
In a statement, Iberdrola said the two companies have agreed to first
conduct a viability survey for the farms, each with a generation capacity of 100
MW.
No financial details were disclosed.

[e-mail]
ped/ajb

[ariane] 07/7/2007 11:28

Put your shirt on the tipsters' tipple
Last Updated: 12:01am BST 30/06/2007




Top Four Sherries




Manzanilla, seafood and horses are the essence of Andalusia, says Andrew Catchpole

It's approaching midnight on the Plaza del Cabildo and the heat of the Andalusian day is finally subsiding. Children skitter around packed café tables as elders look on and the smell of seafood, with a hint of manzanilla, washes over the square.


Sanlúcar de Barrameda's beach plays host to regular races
It's the weekend of the annual palio when some of Spain's finest jockeys compete along the golden sands at the mouth of the Guadalquivir river. Sanlúcar de Barrameda is abuzz with holiday atmosphere.

In the La Gitana tapas bar, beneath ranks of pata negra ham, the fiesta feel is matched by the ankle-deep debris of cigarette ends and prawn shells. Above the laughter and clouds of Fortuna cigarette smoke, the barman catches my eye and, with a meaty thumbs up, proclaims my tortilla de gambas (shrimp omelette) ready.

I've spent the day with Javier Hidalgo, a keen amateur jockey and seventh-generation descendant of the family whose bodega, La Gitana, is a short walk away. "People from all over Spain make gastronomic pilgrimages to Sanlúcar for the seafood," he says. "This is good for us as manzanilla works especially well with fish.'

Manzanilla is the lifeblood here. Slumbering bodegas bearing the names of La Gitana, Argüeso, Barbadillo, Delgado Zuleta and Williams & Humbert dominate the whitewashed squares and winding streets of this seaside town.

It's in the cathedral-like warehouses, as the wine is slowly shunted from barrel to barrel, at each stage submerged beneath a layer of living yeast, known as flor, that the sherry's unmistakable style is born.

As with the fino sherries of nearby Jerez, these solera systems constantly blend new with old, ensuring a mellow but spirited character is passed on to each new generation of wine. "The difference in Sanlúcar is that cool ocean breezes flow through the bodegas, infusing a distinct sea-fresh tang to the maturing wines," says Javier.

As we walk through his vineyards in the nearby coastal hills, his mind seems more on the race tomorrow than the virtues of the pink-tinged Palomino fino grapes from which the base wine is made. Sanlúcar, I discover, is the traditional home of this suitably neutral grape and it was later adopted as the standard variety by the fino sherry-makers of Jerez.


Manzanilla is the lifeblood of the town
It thrives in the whitish soil, as do red-legged partridges, which dart between the vines devouring bugs. When Javier departs to get some rest, I pitch up at the bar hoping to pick up racing tips. But the local accent, as gritty as the dirt still clinging to my shoes, defeats my smattering of Spanish and finally - ahead of several toddlers - I turn in for the night.

On the day of the races, Sanlúcar's old town and beach are packed. The action begins in the relative cool of late afternoon, so I join Tim Holt, an Englishman responsible for the worldwide export of Hidalgo wines, for lunch at Casa Bigote. One of several fish restaurants lining the Guadalquivir quayside from where sherry was once shipped to the world, Casa Bigote is apparently a favourite with the King of Spain.

Tim, who visited Sanlúcar 16 years ago, fell in love with a Spanish girl and never left, is more of a convert to Andalusian custom than many locals. "I haven't met anybody who has tried manzanilla with the food here and not liked it," he says. "The difficulty is in persuading people to carry on drinking it when they go home, but my job is becoming easier in Britain because of the current fashion for Spanish food and culture."

Asian food is particularly good with manzanilla and, according to Tim, the Japanese, with their love of sushi and sashimi, are thirsty for more. Unlike classic combinations such as Sancerre and goat's cheese, manzanilla can also see you through the best part of a meal.

At four o'clock, we cut our lunch short (this is Spanish time) and walk along the beach for the start of the races. Javier isn't riding until later but, buoyed by a good lunch, I'm keen to master the odd local betting system and inspect the horses.

We head for the temporary stands where several bodegas are entertaining their guests. Socially it's more Badminton than Ascot, but as the first horses thunder along the wet sands, the cheering crowds, many still in bathing costumes, leave one in no doubt that this is a distinctly Spanish affair.

Top Four Sherries

Gonzalez Byass Tío Pepe Fino

(£8.49; Co-op; Sainsbury's; Tesco; Waitrose)

A classic bone-dry fino from the most famous sherry producer in the world. Drink as an aperitif or with Asian-spiced dishes.

Hidalgo Oloroso Viejo

(£45; Berry Bros & Rudd, 0870 900 4300; Waitrose)

The rich, mahogany-hued, nutty and raisiny intensity of this fabulous dry oloroso could convert almost anyone to the pleasures of sherry. A majestic palate-pleaser of a wine to mull over at length.

Hidalgo La Gitana Manzanilla (£7.49; Threshers; Sainsbury's; Somerfield; Waitrose)

With each sip of this superbly refreshing wine, you catch a whiff of Sanlúcar's tangy seaside air. Ideal for cool summer sipping and with shellfish.

Valdespino Amontillado Tío Diego

(£14.50-£15.50; Moreno Wine Merchants, 020 7286 0678; Vinoteca, 020 7253 8786; Harvey Nichols, 020 7235 5000)

Amontillado is essentially a fino that continues to age after the life-giving layer of yeast, or flor, dies off, gaining a nutty richness from contact with the air. This is a winning example of the great style of wine.

The horse races take place daily along Sanlúcar de Barrameda's beach in southern Spain on August 9-11 and August 23-25. Contact the Spanish Tourist Office (020 7486 8077) or Sanlúcar de Barrameda Tourist office on 00 34 956 36 6110.
Jonathan Ray returns next week

[ariane] 06/7/2007 16:09

Thousands affected in Spanish bogus air tickets scam
Date : 06/07/2007 @ 16:04
Source : TFN


Thousands affected in Spanish bogus air tickets scam


MADRID (Thomson Financial) - Police in Spain said Friday they made three
arrests in a bogus air tickets scam which has hit some 4,000 travellers, mainly
Moroccans.
The trio comprised two Germans and a Turk who were alleged to have sold the
tickets while running a Barcelona branch of the United Travel Organisation (UFO)
travel agency.
Police added the trio were believed to have made some 300,000 eur with a
company that purportedly chartered non-existent planes, making an estimated
600,000 eur.
When ticket holders arrived to board their flights they discovered their
tickets were worthless and that the agency had closed down.
UFO had offered cheaper prices for flights from Spain, Germany and Belgium
to destinations in northern Morocco, prompting high seasonal demand from
Moroccans working abroad.
[e-mail]
AFP/ajb

[ariane] 02/6/2007 06:11

Rice, Moratinos Clash Over Spain's Policy of Dialogue With Cuba

By Janine Zacharia and Ben Sills

June 1 (Bloomberg) -- U.S. Secretary of State Condoleezza Rice, on her first official visit to Madrid, clashed with Spanish Foreign Minister Miguel Moratinos over Spain's dialogue with Fidel Castro's government in Cuba.

``I have real doubts about the value of engagement with a regime that is anti-democratic and appears to be trying to arrange the transition from one anti-democratic regime to the next anti-democratic regime,'' Rice said at a joint news conference today. ``Spain has a different view.''

Moratinos visited Cuba in April and met only with government officials, declining to see opposition figures, piquing the U.S. government. Castro, who has been ill and hasn't been seen in public for months, ceded governing authority to his brother Raul during his convalescence. The U.S., which backs members of the opposition, severed diplomatic ties with Cuba in 1961. The island nation off the Florida coast is a former Spanish colony.

U.S.-Spanish relations, strong under the former premier, Jose Maria Aznar, chilled with the election in 2004 of Prime Minister Jose Luis Rodriguez Zapatero, whose campaign was bolstered by his opposition to the Iraq war. Upon election, he abruptly withdrew nearly 1,000 Spanish troops from Iraq.

Moratinos emphasized that Spain's relationship with Castro is also geared toward ensuring a transition to democracy. Spain's diplomatic presence in Havana allows it to maintain more contact with Cuban dissidents than the U.S. has, he added.

``I'm sure that in time she'll be convinced that the Spanish strategy will produce results,'' Moratinos said.

Rice smirked in response and mouthed to reporters who traveled with her from the U.S., ``Don't hold your breath.''

NATO Contribution

Rice called on Moratinos to increase Spain's contribution to NATO forces in Afghanistan, where the U.S. led a military campaign in 2001 to remove the Taliban regime. Spain has about 690 troops in the country and Zapatero said in March he wouldn't send reinforcements.

``I've been asking everybody to do more for our mission in Afghanistan,'' Rice said.

Spanish officials have noted the delay in Rice's arrival -- it is the 63rd country she has visited as the U.S.'s top diplomat.

Rice, who was to spend six hours in Spain before returning to Washington, shrugged off the notion that she had been ignoring the NATO ally, telling journalists on board her flight to Spain that she had intended to visit earlier this year and was compelled to cancel because of congressional testimony.

Rice was meeting with King Juan Carlos, Zapatero, Moratinos and the Spanish opposition People Party's leader, Mariano Rajoy.

To contact the reporters on this story: Janine Zacharia in Madrid at [e-mail] ; Ben Sills in Madrid at [e-mail] .

Last Updated: June 1, 2007 11:56 EDT

[ariane] 18/5/2007 17:19

Madrid shares close higher; Sacyr drags on profit taking UPDATE
Date : 18/05/2007 @ 17:13
Source : AFX


Madrid shares close higher; Sacyr drags on profit taking UPDATE


(Updates with full report)
MADRID (Thomson Financial) - Share prices closed higher, passing the 15,000
mark as the recovery from last week's sell-off continued though profit taking
caused Sacyr to slump, dealers said.
The IBEX-35 index closed up 100.2 points at 15,068.4, after trading in a
range of 14,937-15,114 on turnover of 9.4 bln eur.
Equities opened higher, breaking the 15,000 mark at the opening and
continuing to climb over the morning in futures-driven trade, though volumes
were relatively light.
Trading gathered momentum through the afternoon as Wall Street made a firm
start and shares closed near to session highs.
Sacyr was the main exception, falling 1.19 eur or 2.81 pct to 41.12 on
profit taking following its sharp gains at the head of a broader construction
sector recovery yesterday.
Sector peers were stronger and the day's main gainer was FCC, up 1.60 or
2.21 pct to 73.85 while ACS gained 0.61 to 47.65 and Ferrovial climbed 0.95 to
78.50.
SCH was strong on heavy put through related volume, up 0.29 or 2.15 pct to
13.75. A report that RBS may be close to reaching a settlement with Bank of
America over who might own LaSalle Bank of Chicago, opening the door to a
possible RBS-led bid for ABN Amro in the coming weeks, also lent support.
Its retail affiliate Banesto was close behind, up 0.36 or 2.09 pct to 19.59.
Repsol YPF gained 0.44 to 26.91, after an upgrade at Citigroup to 'hold'
from 'sell', and in line with other European oil majors amid rising oil prices.
Amongst utilities, Union Fenosa added 0.06 to 43.57, after JP Morgan said
M&A potential gives upside to the utility's share price of up to 50 eur per
share, and Iberdrola declined 0.23 to 40.89, while Endesa gained 0.07 to 40.19.
Gas Natural fell 0.35 to 44.16 after JP Morgan initiated the stock as
'underweight' with a 39.5 eur price target, saying that an 'unlikely' hostile
bid is already priced in.
Meanwhile, Iberia was down 0.02 to 3.90, underperforming the market after
comments by BA chief executive Willie Walsh took the wind out of the sails of
hopes for an M&A announcement.
[e-mail]
cve/jlc

[ariane] 15/5/2007 11:50

Last Updated: Tuesday, 13 March 2007, 07:35 GMT

E-mail this to a friend Printable version

Africa and Europe set for tunnel link
By Richard Hamilton
BBC News, Tangier, Morocco



Spain and Morocco have traditionally been linked by ferry

Plans to link Europe to Africa via a tunnel are gathering pace.

The Moroccan government has been holding talks with its Spanish counterparts to start the project, which would consist of a railway beneath the Strait of Gibraltar carrying freight, passengers and cars.

Work is expected to start in 2008.

The ferry between Tangier in Morocco and southern Spain is the traditional way people have travelled from Africa to Europe.

But that could change if a tunnel is built between the two continents.

If that is the case, Africa and Europe, which split apart millions of years ago, could soon be joined together again permanently via a tunnel.

The man entrusted with designing the tunnel is the veteran Swiss engineer Giovanni Lombardi.

He has already been involved with many great projects, including the Gotthard Pass tunnel in Switzerland and the Mont Blanc tunnel which links France and Italy.

But he says this one may be his toughest assignment yet.

"No works in the world compare to this one," he said.

"There are a lot of challenges. First of all the sea at this point is 300m (1,000ft) deep - about five to six times deeper than the Channel Tunnel [linking the UK and France].




"Then there is the geological conditions. There are quite a lot of tectonic movements between the African and the European plates. So there would be quite a lot of movements in the earth, of stresses and so on."

The exploratory equipment looks basic

On a cliff top outside Tangier stands a rusty frame with cables and weights. It may not look very much but this is the start of a shaft that descends 300m below sea level, and this is where scientists and engineers are examining the sea bed to see how difficult it will be to drill into the rock.

The team is lead by engineer Jillali Chafik from the Moroccan research team SNED.

"At the moment we are carrying out the last studies into the sea bed which hold the key for the railway tunnel," he said.

"These studies should be finished by the end of 2007. We are looking at how the tunnel will actually work and the amount of traffic that will use the tunnel, once it starts."

Political will

The blueprint for the tunnel envisages two tubes for train lines beneath the Strait of Gibraltar, with an emergency or service tunnel in between them.



The tunnel would run deep beneath the Mediterranean

Like the Eurotunnel project, the trains would carry passengers as well as cars.

It has been talked about since the early 1980s, but the Moroccans say this time there is the political will. They are now in the final stages of the feasibility study which will be completed by the end of the year, with construction starting soon after.

Spanish Prime Minister Jose Luis Rodriguez Zapatero recently visited Morocco and said that Spain was fully committed to the project.




"It will be a great symbol of our times," he said.
"It will change the face of Europe and Africa. With support from members of the European Union, we can build this historic connection between the two continents."

Morocco's minister for transport, Karim Ghellab, says there would be huge economic benefits for his country.

"It's clearly desirable that Morocco and Africa are joined to Europe by a fixed link," he told me.

"It would ease communications between the two, and allow passengers and goods to move easily between the two continents. It's an historic project which the world needs today and it will go ahead," he said.

Bankruptcy fears

That is the official line, but ordinary Moroccans remain sceptical.

The fortunes of the Channel Tunnel were followed closely here, and people have read the bad press about massive cost overruns, and desperate attempts by immigrants to cross into the UK from France.

A group of students pointed out some of the downsides of a tunnel.

"I wonder if the problem of illegal immigration will be solved or not. By the time the tunnel is built young people will see the tunnel as a chance to run away," one said.

"It will take a lot of money away from Morocco where we have so many problems - like poverty and unemployment," said another.

"You can see what happened to the tunnel between England and France and the company almost went bankrupt so you can imagine what would happen to Moroccan companies if they participated in such a project".

But scientists and politicians on both sides of the Mediterranean now seem convinced that the design will become a reality.

The big question is where the money will come from. Estimates of cost vary between $8bn and $13bn (£4.1bn - $£6.7bn).

It is hoped that funding can be raised via two publicly owned companies in Spain and Morocco, as well as financial support from the European Union.

If the money is forthcoming, the very first fixed link between Europe and Africa could become one of the modern wonders of the world.

[bingobarnes] 15/5/2007 11:35

Interested to know if anyone knows of unit trusts, ETFs, OIECS that invest in Morocco.

Morocco def worth a look at. Easy Jet flies into three airports (and no concerns this routes will be cut by EU under State Aid rules), western builders just starting to build like they did in Spain many years ago, shipping through the straits of Gib increasing year on year and the final go-ahead for a tunnel between Southern Spain and Morocco.

Any thoughts?

[waldron] 09/5/2007 09:25

Madrid shares market data at 9.51 am - Repsol YPF, blue chips rebound
Date : 09/05/2007 @ 09:15
Source : AFX


Madrid shares market data at 9.51 am - Repsol YPF, blue chips rebound


MADRID (Thomson Financial) - Market data at 9.55 am:

IBEX-35 index up 66.7 points at 14,623.4
IBEX-35 May future up 90.0 points at 14,597.0

Major gainers:
-Repsol YPF, up 0.28 eur at 25.09 as a news conference got underway ahead of
today's AGM.
-Other selected blue chips, with SCH up 0.10 at 13.43, BBVA up 0.14 at 18.17
and Telefonica 0.03 higher 16.68, on a rebound.
-Iberia, up 0.04 at 3.87, lifted by a report in elconfidencial.com that
BBVA's investment arm Valanza is in talks with Gala Capital to make a joint bid
for the flag carrier.
-FCC, up 0.55 at 70.75, after forecast-beating first quarter results.
-Corporacion Dermoestetica, up 0.44 or 4.68 pct at 9.85, after solid first
quarter results and upbeat forecasts for business in Italy.

Major losers:
-Acerinox, down 0.10 at 17.68, extending yesterday's profit-taking amid
concerns over the group's medium term outlook.
-Gas Natural, down 0.09 at 38.41, extending yesterday's losses amid a lack
of fresh newsflow following first quarter results.
-REE, down 0.17 at 34.20, after yesterday's gains.

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[waldron] 09/5/2007 09:24

Trichet Puts Brakes on Irish Property Boom as Rates Head Higher

By Dara Doyle and Fergal O'Brien

May 9 (Bloomberg) -- European Central Bank President Jean- Claude Trichet arrives in Dublin today to signal he'll increase interest rates to a six-year high, putting the brakes on Ireland's property boom.

Trichet will probably flag the bank's intention to raise its benchmark rate in June to 4 percent, according to all 22 economists who responded to a Bloomberg News survey. The announcement would come after tomorrow's meeting of the ECB's governing council, which will likely hold the rate for now at 3.75 percent. The bank had kept the rate at 2 percent -- the lowest in six decades -- from June 2003 to December 2005.

``The 2 percent rates gave a stimulus to household cash flow in Ireland and Spain, which in turn fed the property market,'' said Julian Callow, chief European economist at Barclays Capital in London. ``Now, this process has gone into reverse, and these markets are feeling the biggest impact.''

Slower growth in the euro region's two most successful economies risks hampering the fastest expansion since 2000 among the 13 nations that use the currency. Trichet hails Ireland as a model of success, and Spain last year accounted for almost a third of all new jobs in the euro area.

Slowing Growth

Since 1996, growth averaged 7 percent a year in Ireland and 4 percent in Spain, compared with 2.2 percent in the euro region. On May 7, the European Commission predicted economic growth in 2008 will slow to 4 percent in Ireland and 3.4 percent in Spain. The euro economy will expand 2.5 percent next year after rising 2.6 percent in 2007, the commission said.

``Spain and Ireland are at the sharp end as rates rise,'' said Klaus Baader, chief European economist at Merrill Lynch & Co. in London. ``Both economies are likely to slow more next year than other economies in the region.''

Some banks predict the ECB, whose 19-member council meets twice a year outside of Frankfurt, may continue to increase rates to keep inflation below its 2 percent ceiling.

Dusseldorf-based WestLB, Germany's third-largest state- owned bank, raised its estimate last month for the ECB rate to 4.25 percent from a previously anticipated 4 percent. UniCredit MIB in Milan, a unit of Italy's biggest bank, said in March that the rate would peak at 4.5 percent this year.

`Solid Expansion'

Trichet said on April 12 the property market is still ``strong'' even after a ``slowing increase in house prices in some regions. Monetary developments therefore continue to require very careful monitoring, particularly against the background of a solid expansion in economic activity and continued strong property-market developments in many parts of the euro area.''

Home prices in Ireland and Spain surged in the past 10 years as borrowing costs plunged and construction helped fire economic growth. Now that's changing. House-price inflation in Spain dropped to 7.2 percent in March, a nine-year low. On April 24, the country's benchmark IBEX 35-stock index fell as much as 3.1 percent on concern that the property boom was imploding. The index has since lost another 1.7 percent.

In Ireland, the cost of a home has fallen for the first time in more than five years, slipping 0.6 percent in March from the month before, Dublin-based mortgage lender Irish Life & Permanent Plc said April 27.

Free Appliances

In the western Dublin suburb of Tyrellstown, TwinLite Developments is offering to pay the first six months of mortgage payments up to 1,200 euros on new houses, which sell for between 299,950 euros ($407,000) and 510,000 euros. TwinLite will also throw in a set of Whirlpool Corp. kitchen appliances for free.

``These things are incentives to aid the first-time buyer,'' said Sandra Farrell at McPeake Auctioneers, which is handling the sale.

This is a long way from the glory days of the property boom in both countries. Irish house prices climbed 335 percent from 1995 to 2005, the most among 18 countries surveyed by the Organization for Economic Cooperation and Development. Prices in Spain rose 169 percent during the same period, while in Germany, Europe's largest economy, the cost of homes stagnated.

Factors outside the ECB's control have contributed to the slowdown. In Ireland, some people are waiting for the outcome of this month's national election before bidding for property because of speculation that stamp duty, a tax of as much as 9 percent on homebuyers, may be cut.

Nor is Trichet confronted by the same problems facing Federal Reserve Chairman Ben Bernanke in the U.S., where a drop in prices threatens to complicate Bernanke's efforts to curb inflation.

``In the last Fed statement, they said that risks to growth and inflation have risen, so they are facing a dilemma,'' said Jacques Cailloux, an economist at Royal Bank of Scotland Group Plc in London. ``It's simpler for the ECB, but not simple.''

To contact the reporters on this story: Dara Doyle in Dublin at [e-mail] Fergal O'Brien in Dublin at [e-mail] .

Last Updated: May 8, 2007 19:01 EDT

[waldron] 08/5/2007 07:15

Madrid shares TFN at a glance outlook


MADRID (Thomson Financial) - Shares are expected to open flat to slightly
higher after more strong gains in US markets were followed by cautious trading
in Asia, dealers said.
Yesterday, the IBEX-35 index closed up 51.8 points at 14,672.1, after
trading in a range of 14,566-14,693, on turnover of 4.6 bln eur.

FORTHCOMING EVENTS
TODAY
-Gas Natural Q1 results. Webcast at 10.00 am. Net forecast 250.3-260.6 mln
eur vs 276.7 mln
-Telecinco Q1 results. Webcast at 12.00 pm. Net forecast: 77.5-79.3 mln eur
vs 73.3 mln
TOMORROW
-Corp Dermoestetica Q1 results. Webcast at 1.00 pm
-Repsol YPF AGM at 12.00 pm
-Repsol YPF news conference ahead of AGM (9.15 am)
-FCC Q1 results
-Enagas Q1 results. Webcast at 4.30 pm. Net profit forecast: 56.9-61.0 mln
eur vs 55.1 mln

TODAY'S PRESS
-Sacyr consortium wins 590 mln eur motorway concession in Bulgaria (Cinco
Dias, La Gaceta de los Negocios 23)
-Spanish insurer Caser acquires 2 pct of La Seda, eyes place on board (El
Economista, Expansion 8)
-Argentina blocks Prisa's acquisition of Radio Continental (La Gaceta de los
Negocios)
-Brazil calls on Telefonica for more information on stake in Telecom Italia
(El Economista)

LATE CORPORATE NEWS
-Telefonica holding in Telecom Italia to grant different rights than Italian
partners
-STOCKWATCH Acerinox soars after Alcoa's bid for Alcan, ahead of Q1 results
-Ex-CNMV chairman Conthe says deputy was line of communication from
government
-Acerinox Q1 net up 807.5 pct at 210.2 mln eur on higher base prices
-Altadis ratings outlook on review for downgrade on CVC/PAI's offer -
Moody's
-ACS reaches 2.68 pct in treasury stock - bourse

MARKET SENTIMENT
-The market is expected to open flat to slightly higher after new record
highs on the Dow Jones index were followed by cautious trade in Asia amid
concerns of a possible equities bubble in China.
-Spanish utilities will continue to be in focus after a local rumour column
claimed that France's new President will be willing to permit EDF to turn its
sites on Spain, and in particular, Iberdrola.


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