Training for the trades of the bank-finance to bac + 4/5


What courses focus on when is the Bank and finance trades?

What courses focus on when is the Bank and finance trade? You are likely to feel lost with the maze of existing curricula. In the guide the trades of Bank and finance (the student editions), Pascale Kroll helps you to see more clearly. Extracts.

Directory of the HRD
Test career
Tests – For what trades are you done?
Those interested in the Bank and finance sector and who want to embark on lengthy studies about option binaire and Strategie et types de tendances, may choose between the masters, generally offered at the University, with courses in Commerce or engineering school.

What are favorite profiles?

“A double of a business school finance master is the curriculum that love the more the companies, explains Caroline Campbell, senior manager specialist of the Bank and financial institutions to the firm Robert Half.” “Specializations in audit are also very popular, including to carry out control and inspection or for positions of auditor of Agency and operational auditor.”

The players in the sector are looking for Actuaries, comparatif broker option binaire with sometimes preferences for young graduates from engineering schools with financial specialization obtained with a master. With the crisis, risk control activities (audit, control, management active-passive…) have the coast. Société Générale for example search from profiles of schools of engineers, but also of commerce, IEP (Institute of political studies) or masters to access the General Inspectorate. Graduates of scientific level bac + 5 formations, with knowledge in financial mathematics and computer science, are a profile of choice for a control function such as asset-liability Manager.

How reliable are the masters?

Whether it is “professional” or “search”, this degree allows professional integration. Specialize you in a very specialized field or you will acquire a double competence. There are a hundred masters oriented Bank (wealth management, back-office, for example). Some prepare Alternately, others in continuing education. In initial training, they include all the stages of long-term (3 to 6 months). Among the research masters, you can choose, for example, banking, finance and international trade, specialities etc.

What is the advantage of doing a business school?

These formations are a path in the Bank and finance trades. They provide a general education but remain highly valued recruiters. The most reputed schools deliver a master after 5 years of studies, after a preparation class or directly after the tray. You can also enter with a degree of level bac + 2 or bac + 3, via the parallel admissions procedure.

In addition to high-level training, these schools allow you to start in the profession through long-term internships or undertaking missions, during meetings with the Bank and finance professionals. They also give the opportunity to flesh out your address book with the old.


Academic to work in finance


This section examines the conventional paths that you can consider for a career in high finance and have been identified by consulting the profiles and biographies of financiers in Quebec, the Canada and the United States.

Banker in corporate finance

Corporate finance brings together banking activities which consist in assembling financial transactions, Plateforme d’aide à l’investissement, loans to businesses (loans with recourse, financing of projects without recourse, ready mezzanine, bonds), fund raising, advice on procurement or introduction to the stock exchange. The classic route begins by commercial studies specialized in finance or accounting at the undergraduate, but it is less common that were recruited from the ranks of lawyers and chartered accountants. It is not inabituel nor that a banker or financial analyst working in the field of natural resources may have formal training in geology and petroleum engineering. These different routes intersect to graduate when following a first work experience, these different paths people undertake a Masters degree in administration (MBA).

Banker in venture capital (or venture capitalist)

The highly specialized nature of the knowledge economy découvrez les broker option binaire fiable appeals to donors who are able to understand the products of cutting-edge companies. Thus, the job of venture capitalist is normally undertaken by a person having completed studies in engineering, chemistry or medical science followed by a master’s degree in administration (MBA) that will allow him to acquire a minimum of business knowledge.


Some postulate that make the MBA is suitable for any career in finance. You may need to qualify this belief by stating that undertake an MBA will not harm you, but to assume that this mastery will benefit you in all contexts because the MBA put primarily on the concepts of management and strategy. Dealer trade is an example of business where an MBA does not high added-value. Arbitration is of a technical nature and better studies of Economics, Econometrics and meilleur broker forex . Recognizing the limitations of a Masters in management, many employers now favor a candidate with the designation of Chartered Financial Analyst (CFA) as a supplement, but as a substitute for the MBA. The designation of Financial Risk Manager (FRM) sharing a set of elements of the curriculum of the CFA, is gaining in popularity, but remains less known than the CFA.

Non-classical pathway

When there is that Quebec or Canada as reference, our perspective is necessarily very American, so we do not imagine that there are other courses to incorporate the body of trades of high finance. The United Kingdom is the archetype of the U.S. approach to recruitment. In the United Kingdom, business banking, well respected, are not perceived to be really difficult because they can be perfectly learned on the ground unlike for example in medicine or engineering. As a result, employers are not limited to applicants to the above identified academic courses. The only criteria for hiring to begin a career in finance are academic results, your intelligence and your personality. Especially for this reason, it is common in the United Kingdom that a banker has undertaken such studies in literature, languages, philosophy and that often these same have not completed graduate studies. On the other hand, are expected at the beginning of your career while working, you complete studies by correspondence such as the CFA and ACCA (accountant approved by correspondence).

Studies of medicine in Spain, how does it work?


The drafting

Can you give us the Youth Council and its role in Belgium?

Jérôme Lien

The Youth Council is the official organ of representation of 400,000 of the Wallonia-Brussels Federation youth aged 16 to 30 years.
We defend the youth, carry his voice to policy, I’m spontaneous opinions or on application of the policy to impact directly on political decisions involving youth.

The drafting

In France, medical studies go through a highly selective competition which sees 85% of applicants fail.
What is the selection principle adopted in Belgium?

Jérôme Lien

In Belgium, health care is a federal jurisdiction.
A limitation of numbers INAMI, numbers for the reimbursement of the patient care, is installed since 1997 at the end of the course.
Facing these quotas, communities, who have supported higher education, were invited to establish a selection system in higher education, to avoid supernumeraries at the end of the course.
Flanders has established an entrance examination, while the French community first established a selection at the end of the first three years, then a selection at the end of the first year and finally, now, a selection in January of the first year.
The problem is that, both in Flanders that French community, selection systems missed too many students compared to the NIHDI quotas available at the end of the course.

The drafting

How many places are offered each year and how many candidates come?

Jérôme Lien

1 230 places are available each year for about 1 400 candidates for the Belgium.
The problem is that this number is growing every year.
At present, all students are able to receive an INAMI number because it was dug in the quotas for subsequent years.
Now, the situation is much more complicated because there are none of the subsequent years or in any case too little numbers INAMI for all students.

The drafting

What is the form adopted for assessments (predominantly type MCQ for contest PACES in France)?

Jérôme Lien

It depends on the Faculty of medicine, and it also depends on the year of study: in the first years where there are many students, there are a lot of reviews written with either open or quizzes, either real or false questions.
In the past years where clinical skills are evaluated after the internship, it is essentially an oral examination.
Nothing is standardized between the faculties of medicine, both in terms of assessments throughout medical school, in terms of the access to the speciality contest.

The drafting

Are studies of medicines expensive in Belgium?

Jérôme Lien

As everywhere! The price of the syllabus can mount up to €250 per year, medical equipment is very expensive, the registration fee is set at €830, and that’s not counting housing and food.

The drafting

Can you describe the format of lessons (proportion theoretical courses, practical courses…)?

Jérôme Lien

Yet once again, nothing is standardized between faculties.

You will learn about diet supplements and weightloss products as seen on this garcinia cambogia website and cafe verde.
Generally, the first three correspond to the theoretical basic teachings.
This implies courses in Physiology, Anatomy, basic science, biochemistry, semiology and histology.
In the 3rd year, there are already courses of specialties such as cardiology, Pulmonology, and some ethics and epidemiology.
Then, with regard to the last three years, it are characterized by teaching courses specialty, and an intensive internship practice.
This is done in a gradual way, for example, the last year consists of 12 months of internship.
At the end of the six years of medicine in most faculties, there is a work of end of studies to be performed.

On of the other things you will learn about us the side effects and efectos secundarios info about diet supplements

What is the duration of studies for a generalist in Belgium? And for an orthopedic surgeon for example?

Jérôme Lien

Six years of medicine + 3 years of specialty at the contact of the patient, but always under supervision of a specialist.
For other specialties, it varies between four and six years. Most in five years.

The drafting

Are all students some of exercising in Belgium after their degree?
What can be done with a Belgian diploma without number IMAMI? Search for a job outside Belgium?

Jérôme Lien

No! Many students currently have no guarantee with respect to obtaining of an INAMI number.
Unnumbered INAMI, they will be able to do medical research, operating assistance or education.
Without an INAMI number, they receive an INAMI number called “000” allowing that to prescribe drugs.
It does not however to perform additional testing requirements.
They can also go abroad with their medical degree, but the departure abroad in order to find a place of specialty training is extremely difficult given selection systems that characterize the countries of the European union.

The drafting

There is an equivalence of qualifications between the France and the Belgium?

Jérôme Lien

Yes. Many medical practitioners, who have completed their specialty in Belgium, leave in France, given the exciting offers that the France offers the Belgians for regions suffering from shortage of doctors.
For example, you may be offered a home in the province with swimming pool, mobility vehicle, etc. to come perform in a deficient region.
Specialists leave also to issues of attractiveness.

The drafting

That, as for Kinesitherapeuthe or veterinary studies, French students follow the Belgian curriculum to become a doctor?
What is the extent of the phenomenon?
Are there quotas for students who are not Belgian?

Jérôme Lien

Yes, there is non-resident at the entrance quotas, which were introduced just two years ago.
In other words, each year, only 30% of French and other non-residents can enroll in our faculties. The 30% figure is calculated in relation to entries of the previous year.

The drafting

One last word to our readers?

Jérôme Lien

Like a small Gallic village at the time of Jules César, the Belgians still have this peculiarity to resist different selection systems.
It is with this energy, this dynamic of resistance, we are trying to strive for an increase in quotas INAMI.
It is thanks to this energy, we have managed to blow up two systems of selection in the federation Wallonie Bruxelles.
Indeed, as in France, there is a medical shortage in Belgium which creates queues impacting negatively on health care costs, and which directly affects the citizen.
We, future doctors, or doctors in training (internal), are ready to fight for a quality health care system and accessible to all!

The Council of youth in a few words

The Council of youth in a few words
This is the official organ of opinion and spokesperson for francophone youth in Belgium. Its role is to engage young people (16-30 years) in the democratic process, including in collecting their word on a series of issues that directly affect or indirectly political youth to then the relay to the world. The Youth Council defends the interests of young people and the national and international representeau.

The main tool of the Youth Council to make heard the voices of youth, is the issuance of official notice. It then ensures that these proposals are followed by concrete measures to improve the lives of young people. Certainly, the CJ has no decision-making power, but he has a real role of lobby pressure decision-makers of our country.

The Youth Council, is somewhat hair-to-scratch fasting among parliamentarians and Ministers. The Youth Council has achieved many ‘political wins’ to ensure the empowerment of young people in our society: discontinuation of security measures targeted on young people (mosquito, curfew, bootcamp, etc.); the representation of young people in international summits (UN, COP, EU…); the limitation of discriminatory measures for youth employment and unemployment; the introduction of emotional and sexual life in school courses; the integration of education program to the media on the RTBF antennas; etc. etc. etc.

The Youth Council is therefore both to listen to the concerns of young people and their participation in civic life, but also to build a collective voice to bring the voices of youth.

The OCU alert of a possible increase of consumption in vehicles Volkswagen revised

That is the reason why, in the opinion of the Organization, “calls for repairing cars could be paralysed”.

Only the Amarok has been called to review, while “he is being detained” for the Passat, which was planned for March after already several delays.


It calls on the authorities to ensure to Spanish consumers a solution to the problem free of charge for them.

The Organization of consumers and users (OCU)

The Organization of consumers and users (OCU) has shown this Monday his concern by “possible” increases in fuel in vehicles Volkswagen once removed deceptive software, reason why, in his view, “calls for repairing cars could be paralysed”. Eiete months after the outbreak of the scandal are very few who have gone through the Organization tallerLa has pointed out, in a statement, that despite the announcements made by Volkswagen a “imminent” call to owners of the affected vehicles for repair, “seven months after the outbreak of the scandal are very few who have been through the workshop”. To date, according to OCU, only the Amarok, selling model very minority in Spain, has been called, while “he is being detained” for models such as the Passat, planned for the month of March passed after several delays.

According to this organization “and as several German media report”, the reasons may be that “type approval authorities have detected that once removed the deceptive software, the level of consumption of repaired vehicles increases”.

To OCU, these news are “worrying” as “they show that the campaign carried out by the German manufacturer sought only to gain time reassuring those concerned with data that were not true”. But, “more serious” is the fact that “owners are still without any guarantee that the problem caused by Volkswagen with his deception will be able to be solved free of charge for them, starting with the fuel consumption”.

The Organization recalls that it is open to a campaign, which already have joined more than 5,000 affected, start a collective judicial action to claim compensation to the Volkswagen-Audi group. Furthermore, it requests the Spanish authorities which require the manufacturer maximum transparency regarding the current status of the repair procedure, ensure a solution to the problem without any cost to Spanish consumers for them “and not cede to unacceptable pressures”

EU gives food bank 157,000 pounds 7.454 beneficiaries

Fourteen trucks loaded with pasta, vegetables, rice, milk, tomato, or oil make up the latest installment of 2015

The European Commission is proceeding to deliver these days to the Bank Foundation of food 157.000 kilos of products, which should be distributed until the month of April between those people living in the capital and Valladolid Province with limited resources or living in poverty.


The delivery of dozens of pallets, containing olive oil, legumes, rice, crackers, pasta, tomato sauce, vegetables, children’s cereals and, above all, whole milk cream (37,080 litres) has been done until yesterday in 14 trucks from several parts of Spain, and that are received on the ship having the Food Bank at the site of Argales. The packages have been bought by the European Fund of aid to people disadvantaged (FEAD), which annually performs three distributions in Valladolid.

The 2015 programme delivery began in June, followed in October and concludes the month of February, while posting is made with care to last year. In this way, the distribution of is last shipment of products shall be between parishes, monasteries, residences of senior and town halls until the month of April.

In Valladolid

In Valladolid, Bank has received from this Fund last year’s 555.255 pounds of food, distributed between 8.167 people, which meant an average of 5.7 kilos per month.

However, these quantities of products are insufficient to meet the needs of persons unemployed or affected by the economic crisis. In fact, the Foundation uses each year two and three solidarity campaigns for collecting more products, which are held in supermarkets and hypermarkets. The last took place in the month of November of 2015.

Food received these days come from well known brands such as legumes Luengo, Koipe, squirrel, the cicada, Central Lechera Asturiana or Hero preserves, which are compelled to label products with epigraphs of the EU to prevent its possible sale.

The 555.255 kilos

The 555.255 kilos that when you have finished the campaign in 2015 there will be distributed Foundation, 172.422 correspond to litres of milk, which is 31% of the total. Followed by packets of rice (60.864 kilograms), chickpeas (51,700), white beans (46.450), biscuits (44.648), and oil (35.235 liters).

But certainly, cans of tomato sauce are one of the products that is delivered to each family who attends the entities.

“And is that canned tomatoes to accompany the rice, a few macaroni, or stews,” explains a volunteer. Sources at the Bank of Valladolid recalled these products are packaged specifically for well-known brands, after receiving the order from the Ministry of agriculture which is who pays them with charge to the EU.

The Department of State manages to turn other Agrarian Fund, which collected fresh fruit and vegetables from surplus of cooperatives, and that are donated to a lesser extent to the nationwide food banks.

Support of other companies

Despite this important volume of official aid, which is split in two or three months, the collection of food also has another channel of collection. In this case, is that performed known brands of the regional agri-food sector who collaborate with the Valladolid Food Bank.

Among them are Helios, Patatas Melendez, or Galletas Siro. «Their contributions are free, and all provided them is certificate of having collaborated with the Food Bank, which serves then tax your income statement purposes», says the Foundation.

Foods that FEAD believes are basic not only for adults but also for children aged from zero to two years are kept in the warehouse of the Argales.

Among the entities that receive more help from the Food Bank, is the St. Vincent de Paul society, which is more vouchers for food delivery in Valladolid. Around 800 people they receive each month the accreditation to pick up packages from the warehouse. One of the products distributed by San Vicente de Paúl come in addition to the Red Cross, another onege that the Ministry of Agriculture responsible for transfer management to the villages of the province.

It increases the requirements

The European Union (EU) has called on Spain to all those who from this year are to receive products from food banks or NGOs, from the European Fund of attention to disadvantaged (FEAD), sean before valued by a team of social workers. The specialist will be which shall prove in writing this need, as well as the situation in which the family is.

This circumstance will be required in order to obtain the packages of products that are given to the beneficiaries. The Food Bank Foundation has a social worker. In this way, the Organization has had to request authorization, for the protection of data, entities, parishes and associations that collaborate in the distribution, and which are those that move food to the beneficiaries.

The report, of a confidential nature, will be mandatory for the help. This requirement has overflowed to the staff of the Bank, which has had to claim support the social services of the Board. It is precisely the centres for Social Action (Ceas) which perform an initial assessment of the disadvantaged, so that in the case of Valladolid about 90% of the families affected by poverty, had already been previously assessed by a social worker.

In addition to these controls for the distribution of food bought by the EU which performs periodically the Ministry of agriculture to the oneges. In the coming days, agriculture officials will visit units of the Food Bank of Valladolid to oversee how done the partitioning between institutions by 2015.

The official audit will control that the thousands of kilos delivered have gone to families. This will also check at random from some of them and their requirements.

While denying having companies in tax havens

The former of the Government

The former of the Government, which appears in the papers of Panama, ensures that all of its assets and property abroad have been “voluntarily” declared to the Treasury and has paid “all applicable taxes”
According to the papers, he had two companies in this country that closed in 2013 after transfer of the 3.6 million who had to Vivaway, the matrix of its corporate network based in United Kingdom.
18 April 2016

The former Government Rodrigo Rato reiterated “once again” that do not have any society in any tax haven and also all of its assets and properties have been “voluntarily” declared to the Spanish Hacienda, which has paid “all taxes”.

As now a year, the also former Minister of economy has insisted that it does not have no society in tax havens and that Hacienda is aware of all their assets abroad because “at the time” already declared them voluntarily.

While has made these statements to Efe the same day that the confidential relates its name with the roles of Panama, among the clients of the law firm of lawyers Mossack Fonseca is the Gibraltar firm Finsbury Trust & Corporate Services. The latter would be responsible for managing companies ‘offshore’ Red Rose and Westcastle Corporation that, according to the confidential, while ordered to close in 2013 after transfer of 3.6 million euros that had to Vivaway, the matrix of its corporate network based in United Kingdom.

Red Rose began operating in November 2005

Red Rose began operating in November 2005, when time was managing director of the International Monetary Fund (IMF) and, finally, on July 12, 2013, four months after Finsbury Trust & Corporate Services Limited initiated negotiations, the society was officially dissolved, adds the same information.

While Westcastle Corporation was created on December 17, 1993, as it adds ‘The world’, when time was parliamentary spokesman of the popular opposition group.

The non-performing loans of banks, a step down from 10% in February

Is kept at minimum levels reported three years and a half, when it stood at 13.6%


The late payment of the loans granted by the banks, and cooperatives to private individuals and companies has been located to a step down 10% in February, and has remained at levels reported minimum makes three and a half years, according to the provisional data made public on Monday by the Bank of Spain.

Delinquencies reached 10.09%

In particular, delinquencies reached 10.09%, a rate which includes methodological change in the classification of the financial credit establishments (EFC), which have ceased to be considered under the category of credit institutions.

The total number of doubtful loans has fallen in February to 132.400 million euros, 1.022 million less than in January. In a year, the doubters have been reduced by 38.108 million euros. Thus, the banking non-performing loans has been reduced by 3.51 percentage points from the record high set in December 2013, when it stood at 13.6%.

CaixaBank launches a takeover bid for BPI to take control to break the agreement with Isabel Dos Santos

The offer, priced at 1,113 euros per share, is rating the Portuguese institution in 1.622 million

CaixaBank will launch a public tender offer (OPA) volunteer at a price of 1,113 euros in cash on all actions that does not possess in BPI, 55.9%, which implies rating Portuguese 1.662 million euro bank, has announced Monday the Catalan entity.


The entity chaired by Isidro Fainé has decided to undertake this operation after having not been possible to close a satisfactory agreement with Santoro Finance, the investment vehicle of Isabel Dos Santos, to solve the problems of risk concentration in Angola by BPI, where entrepreneur owns 18.6% of the capital.

The offer of CaixaBank

The offer of CaixaBank, main shareholder of BPI with 44.1% of the capital, is conditioned to the abolition of the limitation of 20% in the voting rights of BPI, to reach more than 50% of the capital of Banco BPI and the obtaining of authorisations applicable regulatory.

After failure according to Dos Santos, CaixaBank has requested to the European Central Bank (ECB) the suspension of any administrative procedure against BPI related to their situation of over-concentration of risks in Angola in order to allow CaixaBank to find a solution to this situation for the case that take control of Banco BPI.

With the deal announced Monday, CaixaBank will strengthen its role to find a solution to the time which will help to improve the profitability of BPI thanks to the synergies that will generate future cooperation with CaixaBank.

The price offered by CaixaBank supposed rating to BPI at 1.622 million euros and reflects the weighted average of the past six months, according to the Portuguese legislation, is considered as a fair price.

The offer, which will be recorded in the Comissão Mercado de Valores Mobiliários (CMVM) Portuguese once relevant approvals are received and become effective suppression of the limitation of 20% of the voting rights it is estimated that it will be completed during the third quarter of this year.

CaixaBank, who arrived in the Portuguese market 21 years ago with its entry into BPI, will continue to support the management team of BPI and work to achieve maximum value creation for all shareholders. The Catalan entity intends that BPI will continue to be a company listed after the completion of the offer.

The shares of BPI, suspended from trading since April 11, made its last price at 1.19 euros on April 9, with a rise of 3.5%.

Develop synergies and reduce costs

After the takeover, CaixaBank will analyze and pose potential areas of cooperation between the two entities in order to develop synergies, reduce costs, and increase revenue streams.

It is expected that these new initiatives will enable BPI obtain synergies that will benefit all the shareholders of the entity and reduce the rate of recurrent efficiency of BPI in the Portuguese market.

Estimated potential synergies of costs of 85 million from the third year and annual revenues of 35 million synergies.

These synergies will allow BPI to accelerate improvements in the past year on its solvency and profitability, after passing a ratio CET1 ‘fully loaded’ of 8.6 per cent in 2014 to 10% by 2015 and a negative ROE of 7.3% in 2014 to 10.4% in 2015.

Positive impact for shareholders of Caixabank

CaixaBank expected to this offer for acquisition of shares have a positive impact of around 8% on recurring earnings per share of CaixaBank freshman. In addition, it is estimated that the return on investment (ROIC) is 12% in the first year and reach 14% in the third.

Its impact on the capital base of CaixaBank is estimated between 95 and 115 basis points, taking a percentage of participation in bis between 51% and 70%, respectively, after the acceptance of the offer, which would reduce the ratio CET1 ‘fully loaded’ up to 10.6% and 10.4%, depending on the case.

In any case, CaixaBank aims to maintain a ratio of capital ‘fully loaded’ CET1 exceeding 11% after the transaction, according to the objectives of the Strategic Plan 2015-2018.

Risk reduction in Angola

The ECB has demanded BPI to reduce its concentration of risks in Angola, setting as limit to fix it on 10 April. Unable to materialize an agreement, BPI has requested the ECB additional time to comply with those requirements.

BPI participates with a 50.1% in the capital of Bank of Fomento Angola (BFA), the fourth Bank of Angola by volume of assets (8.022 million euro). The entity, which has 22 years in Angola, has 1.4 million customers, 191 offices and 2,610 employees, according to the data of December 2015.

BFA contribution to the benefit of BPI was 136 million euros last year.

CaixaBank in BPI investment began in 1995 with a strategic long-term vision and a willingness to support BPI with the objective of being a Bank of reference in Portugal.

In the year 2012, CaixaBank obtained a derogation from the CMVM to exceed the threshold of one-third of the capital without throwing a mandatory takeover bid, due to limitations on the right to vote of the shareholders and subject to a number of conditions, such as commitment of CaixaBank not appoint additional advisers to the four directors appointed so far.

In February 2015, CaixaBank announced the launch of a voluntary takeover bid for the shares not controlled with the objective of finalizing with the asymmetry between their economic participation and their ability to vote.

The bag saves the 8,800 points

The Ibex 35 reduces losses to middle session (- 0.34%) in a day with Caixabank as main ballast


The Ibex 35 reduced to 0.34% losses that dawn Monday and had led him to be 2%. The selective could save the 8,800 points despite the fact that most of the blue chips are deep into negative terrain.

To the 12.26 hours, Caixabank became the main burden of the selective, to the plunge more than 4%, after announcing a takeover bid for BPI to take control of the Portuguese Bank to break the agreement with Isabel Dos Santos. Telefónica is scoring the second highest drop, 2,5%, while they remained them Sacyr (- 2.2%) and Repsol (- 1.4%).

BBVA was left by 0.5%

BBVA was left by 0.5%, while Banco Santander and Inditex are desmarcaban of the downtrend among the great values, adding 0.02% and 0.9%, respectively.

On the earnings side, Indra appeared more than 2% and led advances to half session, followed by IAG (+ 1.9%). Bankia was 1.7%, and scoring the third biggest Hillclimb media session coinciding with several information pointing to a fusion with BMN.

Between the main squares in Europe not described a clear trend towards media session. London, Paris and Frankfurt followed mild increases and profit. The euro, meanwhile, was exchanged for 1,1299 dollars to media session.

9.725 stitches of thread to make a suit

The Burgos Antonaga

The Burgos Antonaga, signature of masculine tailoring measurement leader in Spain, more than 5,000 costumes a year prepared


In two weeks that the manufacturing process lasts, 9.725 stitches of thread, 4.5 square meters with specialized equipment the best cloths and 127 processes carried out by hand and transform a selected quilt in a costume of the firm Antonaga. The garments are made entirely in the workshop that the firm is in the town of Burgos from Briviesca. Master tailors with more than 30 years of experience selected Italian, English and Spanish fabrics to manufacture three lines of Knight costumes: ceremony, street and custom

Antonaga, which is currently the largest provider of the country-tailored suits, is present in all the provinces of Spain and much of Portugal, where has gone from five stores to 15 in a year. It distributes its clothing to nearly 300 stores specialized, located in shopping areas of reference, such as Portal de L’angel and Paseo de Gracia, Barcelona, or Madrid of Preciados, Serrano and Ortega y Gasset

With a growth of 25% in 2015

With a growth of 25% in 2015, the firm already has 300 points of sale in the Iberian Peninsula from Burgos and exceeds the 5,000 suits made by hand a year.

Now, according to company sources, it has decided to participate, for the first time in a fair fashion. It’s Barcelona Bridal Fashion Week, where it will present its new collection of boyfriend 2017. He will be present at this event from April 29 to May 1, with its own stand in which the creators of Antonaga will be announced, personally, her new boyfriend collection. This fair has become in our country in the wedding collections and accessories. Get attract more than 16,000 visitors and boasts 260 exhibitors, of whom half come from outside of Spain.

Parallel, Antonaga is also working on its strategic plan for internationalization in several countries of Europe and North America, where it has begun to negotiate its entry into the segment of male fashion.

Blue morning coat

Last year, surprised the sector with the unique blue each market, breaking the dictatorship of black color. «This year we will introduce new models that will mark a trend in a market, the man, increasingly demanding in design and quality», says Jorge Ruiz, responsible for sales and attention to the customer.

Antonaga was created in April 2012, in full economic crisis, by five past tailors of Spain that, after the closure of the company in which he worked, managed to rise from its ashes and set up a new firm, which currently employs 31 people in Briviesca.


To do this, the founders invested all their savings and mortgaged their property in the creation of a brand of high quality artisanal tailoring and, in four years, they have managed to take the lead in making tailored suits of Knight in Spain, becoming one of the leaders in the sector of the ceremony. The last year, received the award for best SME of Spain 2015 in the category of job creation. This prize, awarded by Expansion and Ifema, acknowledges the work of the five partners who raised the company after the closing of the old company, which meant the dismissal of 200 workers.

In just four years, this small company of La Bureba has hired 27 workers, most of them former, to form a staff of 31 employees, and plans to expand the staff to 25% this year according to production needs.

The market expects another drop in prices of crude oil by the division of the producers

The Doha Summit

The Doha Summit dissociates without agreement the refusal of several countries, inside and outside OPEC, to freeze offer without commitment clear


It was one of the three possible scenarios, the most feared by the oil-producing countries, and approached the Summit, also the less likely, but the special meeting held on Sunday in Doha among 15 members of the official poster – missed Libya and, above all, Iran – and five other countries close friends at the same – with Russia to the head – ended without agreement. The positions are so distant that another similar meeting is not expected until June.

“We really understand that further consultations are needed and this is the wish of the participants,” argued before the press Minister of industry and energy of Qatar, Mohamed bin Saleh Al-Sada, so to be speak of failure. However, that was the feeling that translucía from some delegations after the talks closed all day.

Experts had warned in advance that the Summit would be by ill-fated without a Pact, or to the less pre-agreement to temporarily limit the extraction of crude oil as we did in February Saudi Arabia, Qatar, Russia and Venezuela. And the result, they ventured, would be a more than likely fall of the price of the so-called ‘black gold’ which would be in the next few hours.

From the International Energy Agency (IEA) warned on Thursday

From the International Energy Agency (IEA) warned on Thursday that a mere freezing of production would hardly have a “limited effect” on markets because they had already discounted a measure so for days. It joined the filtration of a supposed agreement between Saudis and Russians.

However, since the mid week expectation was going down and the cost of crude oil retreating slightly from the $45 that came to rub. Thus, the class (reference in Europe) Brent closed week at 43,10 dollars, its highest value since mid-November, while the West Texas (used in the USA) did in 40,36 dollars, after registering an average 2% decline.

A floor of $30

On Monday, unless surprises, also open in markets downward. The question is to know the fall far. Citigroup analysts predicted Friday that could be enough without agreement in Doha, as eventually happened, and spoke of «a great negative impact». From Saxo Bank they dared to put a margin, up to 30 dollars per barrel, the collapse in the price.

Clear that, except for unexpected movements on the stock exchanges, would in all case of a decline gradually over several weeks until the Organization of the petroleum exporting countries (OPEC) and their relatives back to move tab. Since Morgan Stanley explained that the crude oil market moves by technical analysis and headlines, and in the absence of the first news that the supply cartel remains divided contrary to what it had recently been suggested only could cause a downward change.

Along the same lines, the Goldman Sachs investment banking played a role in that strong expectations that had with respect to the Summit would be now the counterproductive for the price of crude oil, assuming a “bearish catalyst». Numbers in hand, the current price of the ‘black gold’ (taking as reference Brent) is almost 63% lower that had average during 2014. However, since January its value has appreciated by 59% and the more bullish forecasts pointed so far that in 2016 $50 could be recovered per barrel.

It is precisely the reference that Russia had submitted acceptable at the Doha meeting, against the proposal of Latin American approach to 60 countries. According to experts, the production costs (calculated for Brent) are given by cutlery from a price of 45 dollars.

The host of the Summit, to the Sada, recognized this Sunday as other participants – for example, the Nigerian Minister of hydrocarbons-that the eventual freezing of supply would be more effective “if all major producers of OPEC, Iran included», were in agreement. But the Islamic Republic is not prepared to do so until it reaches an average of four million barrels per day – in March surpassed the 3.3 – enabling you to benefit economically from the lifting of the international sanctions.

The Ibex-35 lost 0.12 cent on the day, but wins by 5% in the week

The selective Spanish back to 8.850,90 points to close a bullish trend in five days

Volatility in the Ibex-35, which was hesitant all day between the red and the Green, without attacking the 8,900 points in no time and without losing the level of 8,800 points either.The closure was open until the end. Even the publication of regular data in the United States helped to determine how it could be the end of the day. This ended a small decrease of 0.12%, to give a last change at 8,850 points.



The sequence of bullish sessions

Broke, therefore, the sequence of bullish sessions. The indicator has managed to chain five days of rises ytermina week with an appreciation of 5%. It’s the first week in green after four consecutive declines.

The selective Spanish was the best of the week, although the German Dax and the French Cac 40 managed to score around 4.5%, and the worst, the British Ftse 100 gained a not inconsiderable 2.25%. Also in the Friday session the Ibex-35 was the best of the day, despite their losses, since the German Dax fell by 0.42%, the Ftse Mib in Milan, a 0.40%, and the French Cac 40 and the Ftse 100 British, around 0.35%.

In the selective Spanish Mapfre was the best value of the Ibex-35, with a revaluation of 1.55%. Then it was placed to Técnicas Reunidas, with a revaluation of 1.43%. The Popular and day also won more than one percentage point. After Telefonica, was placed with a rise of 0.69%, while Bankia won 0.59% and the Sabadell, half a percentage point. Among the banks, also Bankinter and CaixaBank ended to rise, with gains of 0.23% and 0.15%, respectively. Also for BBVA, which won a 0.36%. Iberdrola was the other “blue chip” ending upward, with an advance of 0.35%.

Negative, Indra was the worst, with a decrease of 2.34%. After settled IAG and Acciona, with losses of 1.71% each. Natural gas was the other value which fell more than one full percentage point. Among the large, the worst was the Santander, which dropped by 0.78%, followed immediately by Repsol, which dropped by 0.76%. Inditex also ended negative, with a fall of 0.47%.

On the General index of the Bolsa de Madrid, Duro Felguera was the most climbed, with a revaluation of 3.92%, followed by Adveo, which won a 3.57%. Red, Urbas was the worst, with a fall of 7.69%.

In the Eurostoxx 50, Carrefour led the advances, with a revaluation of 3.82%, after filing its first-quarter sales figures. Negative, the worst were Volkswagen and Daimler, with declines of more than 2%.

In the week, in the Ibex-35, ArcelorMittal has shone with a rise of 21%, followed by Mapfre, which it has scored a 14.60%, to be then placed Sabadell and Popular, who have scored a 13.48% and 11.76%, respectively. Between 9% and 11% have advanced OHL, Repsol, Santander, Técnicas Reunidas, BBVA and Bankia. In red, only two values: Grifols, who lost a 4.08%, and Acciona, which dropped by 1.33%.

Bad data in the United States, good in China

What bad data were published in the United States?, what was what might be behind that in the end the Ibex-35 was decided on the red numbers? American industrial production disappointed, falling by 0.6%, against the decrease of 0.1% estimated by analysts. The percentage of installed capacity utilization fell to 74.8%, when it was estimated that it could sit in 75.3%. In addition, the confidence index of the American consumer in advance for the month of April fell from the 91 to 89.7 points, when we expected it to rise to 92 points. Bad news, then, that industry does not trace while the expectations of the consumer, who was resisting, deteriorate.

At least, the references from China were favorable. It is true that the GDP met expectations, to slow down from 6.8% to 6.7% in the first quarter of the year. But in view of other indicators, could be bottoming out, given that March industrial production grew 6.8% year on year, above the 5.9 percent estimated by analysts, while the sales to the retail grew 10.5% also y/y in March, above the 10.4% foreseen by the experts.

But the news from China not helped to keep the price of oil. The barrel of Brent, of reference in Europe, fell by 3%, to $42.5. The barrel of West Texas, of reference in the United States, fell 2.5%, to $40.5. This week, Brent has managed to overcome the 44 dollars, while West Texas has reached 42 dollars. The cut may have to do with that investors did not want to be exposed to the very important meeting which will take place next Sunday in Doha between the leaders of the major oil-producing countries. Perhaps because of the possible disappointment that may occur.

The euro recovers against the dollar

In the currency market, the euro went back up against the dollar. Upload to 1,1450 units on Tuesday fell to 1,1250 at the meeting of yesterday, to end today in the surroundings of 1.13 units.

In the debt market, lowered the bond yields in general, but with a few exceptions, like the Spanish, whose performance remained at 1.50%. But the profitability of the ten-year German bond fell 0.17% 0.13%, while that of the American backed down from 1.79% to 1.75%. And this, because of the bad data published in the United States, that away in time the possibility of a rise in U.S. Federal Reserve interest rates. For this reason also won positions the single European currency to the greenback.

The American Stock Exchange, however, remained flat on the session yesterday. Perhaps because I did not know which interpretation remain, with the concern that is derived from the published data, or if the positive due to implying monetary policy.

The wealth of families increased by 4.8% in 2015

It amounted to 1.230.848 million euros and remains above levels before the economic crisis, since in the first half of 2007 it was the billion euros

gold bars chart

Net financial wealth of Spanish families reached 1.230.848 billion euros in 2015

Net financial wealth of Spanish families reached 1.230.848 billion euros in 2015, representing an increase of 4.8% compared to 2014, according to data from the Bank of Spain.

In relation to GDP, net financial assets represented the 113.8%, one point more than a year earlier.

The wealth of households is maintained above the levels prior to the economic crisis, since in the first half of 2007, just before the start of the economic downturn, he rubbed the billion euros. This shows that families are paying down its debt and have used the years of crisis to reduce your debt and increase your wealth.

In fact, the household debt stood at the end of 2015 at 781.512 million euros, its lowest level since June 2006 and Figure 2.9% less than the 2014.

Total financial assets of families, before debt have, reached the 2,012 billion in 2015, up 1.6% in 2014.

Less money on deposits but more on actions

The total wealth of the families by 2015, was much of their savings in cash and deposits, 849.376 million euros, although this amount is 0.2% less than the 2014. Shares and participations in investment funds, Spanish households treasured a total of 756.696 million euros, up 3.3% in 2014.

Insurance and pensions, which totaled 336.650 million euros, families have increased 1.2% participation, while increased in other assets, 41.065 million euros, 7.9%.

By the side of the debt of the 781.512 million Spanish families supposed to do at end of last year, the majority of these liabilities were loans, amounting to 729.622 million euro, down 3.2% in 2014.

Within the total of credits, which have short-term maturity increased 6.2%, to 28.005 million euros, compared to long-term credits, which decreased 3.6%, to 701.617 million, while they followed monopolizing most of the household debt.