The full council of Jaén approves the refinancing of five loans totaling 12.5 million euros

  • The plenary session of the City council of Jaén has approved this Monday the refinancing of 12,5 million Euros, thanks to the non-attached councilors. The yes of one of them and the abstention of the other two has allowed the government team (PP) to take it forward against the PSOE and Jaen in Common (JeC).
Extraordinary plenary session of the City Council of Jaén on the refinancing of loans. EUROPA PRESS / JAÉN CITY COUNCIL

The session, of extraordinary nature, has barely lasted 50 minutes with a grouped debate on the five operations of as many credits, which are part of the mechanism of the Fund for Town Councils in financial risk foreseen by the Ministry of Finance.

Councilor for Finance and Recruitment, Manuel Bonilla, justified the urgency of the plenary precisely to include it in the aforementioned tool of the Government and explained that, along with others, were collected in the fund of 2015, although they did not get signed because “the conditions did not fit expressly” to those indicated in the plenary session.

In this way, it has “taken almost a year to negotiate” with the two financial entities and they now come with the “approval of the Intervention for being in financial prudence”, which means that it is going to “save a significant amount” . The amortization periods are around ten years and, in addition, default interest “will not be paid”, but “we are forgiven”, so that it only affects “ordinary interests, which are recapitalized by the refinancing instrument. “


The non-attached councilor Iván Martínez has recognized the work of Bonilla and has considered before the operations that, “like it more or less, it continues looking for solutions to the difficult situation” municipal. It has indicated that “one of the basic points” in the economic and financial plan was the refinancing of this type of operations, “even more those of short to long term”. “It is good management to get liquidity,” he said to add that will mean “savings of more than three million euros in interest,” so there is “little discussion about it.”

Victor Santiago, on his side, has considered that “everything to save interest and postpone more debts in accounting is positive”, although he said “it is not that the city can not have investments being” nothing more than paying loans and interest. “In a nutshell, he defended that” something more is required, a long-term vision and policies at a general level that allow us to do something more “for Jaén.

From JeC, his spokesman, Manuel Montejo, has stopped in two details of the operations that do not convince them and that the comptroller gathers in his report on the convenience or not of refinancing a loan already expired and another one that “only has one quarterly “.



In any case, has questioned the “usefulness and covenience of these operations alone,” to understand that the City “can not be limited” to this type of policies that do not lead to “nothing” and that are “lengthen and lengthen a disaster “without any” solution “. In this sense and even “recognizing the effort” of the head of the Treasury, has stressed that the municipal situation “is not going to solve repeating the same policies” and continue refinancing is “the whiting that bites the tail.”

For the PSOE deputy spokesperson, Mercedes Gámez, “they are not short-term operations”, but “long they are longer term”, point where they have specified that “they are between 20 and almost 30 years old”. He has said that they are going to “increase the financial burden” of the Consistory, to which he has joined doubts about the two previously mentioned operations also indicated by JeC as well as “what happens with the interests of delay”.

In his opinion, equally, will not affect “nothing” for the city, but “they are simply time for you (in reference to the PP) until the next elections come.” He regretted that “time passes as it passes through the budget”, which is still pending and each month is said to be delayed the next, but still waiting as expected “the real plan of sanitation” of the City.

So things, the refinancing operations amounting to about 12.5 million euros have gone ahead with the affirmative vote of the PP and not attached councilor Iván Martínez, while Víctor Santiago and Anguita Health have abstained. Both PSOE and Jaén in Common have voted no.

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Independent fee-based advice: focus on insurance advisors News always well informed
At the Federal Association of Insurance Consultants e. V., there are currently almost 280 insurance advisors registered. In an interview with Stefan Albers, president of the professional representation, explains what services the insurance consultants offer and what costs consumers have
Versicherungsberater bieten unabhängigen Rat
Neutral insurance advice on a fee basis

If you are looking for the advice of an independent specialist in insurance matters, you can contact an insurance advisor. Nationwide, there are currently about 280 professionals who offer insurance advice on a fee basis. Above all, they differ from other insurance experts, such as insurance agents or insurance brokers, in one important aspect: the customer has to pay for their advice. He can expect a neutral council for that.

Independent advisor on insurance issues

The consultation of an insurance advisor can be useful both before and after the conclusion of insurance contracts, says Stefan Albers of the Federal Association of Insurance Advisors e. V. (BVVB). In an interview with, the president of the professional representation of insurance advisors recommends consulting before concluding a contract. Thus, “possibly insufficient or uneconomic contracts” can be avoided, so Albers. For what distinguishes the insurance advisor: He must in no way be in financial or economic dependence on companies or persons in which fees or commissions are paid in the insurance brokerage.

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“Insurance consulting is legal advice”

Due to its independence, the insurance consultant can look after and represent his client vis-à-vis the insurance industry – in the exclusive interest of the client, explains Albers. The specialist can assist in the agreement, amendment and review of insurance contracts. In addition, he may provide legal advice, if it is in the insurance case to the perception of claims under a contract. “Insurance consulting is legal advice,” says Albers. However: “The insurance advisor may only act out of court. In legal action, he supports the relevant lawyer with expert opinions. “

How to recognize an insurance advisor?

An insurance advisor must have taken at least the exam as an insurance specialist (BWV). “However, this admission requirement is far from sufficient in practice for providing legal advice,” explains Albers. Insurance advisers require a license from the relevant Chamber of Commerce and Industry for their advisory activities in accordance with § 34e (1) of the Industrial Code. For example, those interested in consulting can find out in the imprint of a provider or on their business card whether the expert is an independent and neutral advisor. In addition, insurance advisors are characterized by their affiliation to the BVVB, so Albers. These result in certain professional duties for the insurance advisor, which largely correspond to the regulations on the practice of the profession and the professional duties of lawyers.

What is the cost of insurance advice?

Legislators require insurance advisers not to receive commission from insurance companies. The advice is therefore for a fee, which the customer must pay. “The fee is calculated in line with the lawyers’ remuneration law often after hourly rates in the amount of gross about 150 euros per hour,” says Albers. Incidentally, the insurance consultant can be held liable for any wrong advice. For this reason, the BVVB members must adequately insure themselves against the liability risks arising from their employment. According to Albers, the experts have to protect themselves in terms of liability for a wrong advice with a sum insured of 1,230,000 euros for each insured event and 1,850,000 euros for all insured events of a year.

Inmobiliaria del Sur approves its 2011 accounts and plans to complete its financial restructuring in weeks

Inmobiliaria del Sur approved this Saturday its accounts for the year 2011, when it registered a turnover of 42.96 million euros, an Ebitda of 19.14 million euros and a net profit of 4.36 million euros, and where the group's president, Ricardo Pumar, has announced that shortly, specifically in a matter of weeks, the transformation of its financial structure will culminate, which will make it possible to convert corporate financing, in the short and medium term, into very long-term financing. term, which gives it "great financial stability".

Inmobiliaria del Sur approved this Saturday its accounts for the year 2011, when it registered a turnover of 42.96 million euros, an Ebitda of 19.14 million euros and a net profit of 4.36 million euros, and where the group's president, Ricardo Pumar, has announced that shortly, specifically in a matter of weeks, the transformation of its financial structure will culminate, which will make it possible to convert corporate financing, in the short and medium term, into very long-term financing. term, which gives it "great financial stability".


At the general meeting of shareholders, held in Seville, the annual accounts and the management of the board of directors for the year 2011 have been approved, the application of the result, which includes a dividend distribution of 0.14 euros per share, the re-election of Deloitte to verify the annual accounts for 2012, the re-election for a term of five years of three proprietary directors, the ratification of the creation of the corporate website as the electronic site, the modification of certain articles of the bylaws and the regulation of the general meeting to adapt them to the latest amendments introduced in the Capital Companies Law, in addition to the annual report on the remuneration of directors and the authorization for the derivative acquisition of own shares.

The CEO, Francisco Pumar, in his report on activities, highlighted the group's key figures for the year 2011, highlighting a turnover of 42.96 million euros, an Ebitda of 19.14 million – of which 74 percent came from the property business-, a net profit of 4.36 million, a GAV or gross value of the assets for an amount of 603.27 million euros, a net financial debt of 194.02 million euros and an LTV or loan / asset value ratio of 32.1 percent.

Francisco Pumar explained the main figures and parameters of the company's activities, the situation of the different investee companies and reviewed the promotions that the company has underway and those that will begin in the coming months.

Both Francisco and Ricardo Pumar have explained the process of "deep" transformation of the company's financial structure, which began at the end of 2011, consisting of converting all corporate financing, until then instrumented in medium-term loans and insurance policies. short-term credit, in very long-term loans, with mortgage guarantee on real estate investments.

Ricardo Pumar stressed that this process "is about to conclude and close the last fringes", having already formalized nine of the 10 operations planned with various financial institutions, with a volume of 91 million euros over the 103 million planned, about terms that range between 15 and 21 years, terms that grant "a great tranquility and financial stability and denote the extraordinary confidence of the financial system in the future of the group."

For Pumar, which states that the tenth operation will be completed "in weeks", this process demonstrates "the financial strength of the group", after which he explained that these are bilateral operations "following a closed and common pattern, with some small differences in each operation. "

The president of the group emphasizes that this fact joins the capacity to generate resources and the "important" volume of assets that keep free of charges and encumbrances, that is, "50 percent of its assets destined to leases and own use, valued at 449.1 million and 34.36 million euros of land and promotions in progress ", in addition to the" important treasury "they have, amounting to 27 million euros. In his opinion, all this "gives the group extraordinary financial stability and the possibility to access and face new investments and business opportunities."

Ricardo Pumar stressed in his final speech that "despite the deep and lasting crisis that the Spanish economy in general and the real estate sector in particular, the Real Estate Group of the South has demonstrated, once again, the strength of its model of business, with a strong patrimonial component, which allows it to resist this serious situation, generating positive results and distributing dividends ".

Pumar has highlighted the reduction of personnel expenses by eight percent and the reduction of other operating expenses by 14 percent, the improvement of the negative financial result by 20 percent and the reduction of financial debt in a nine percent, for a total amount of 19.1 million euros, which together with the reduction of the previous year, totals a debt reduction of 42 million in absolute terms, and 25 percent in relative terms.

The president of the group is "hopeful" in a recovery of the real estate sector "to the sound of the Spanish economy," although he acknowledges that it will be "slow".

He also pointed out that "the negative overreaction of the markets, especially in the real estate sector and its generalization over the whole sector, had severely penalized the share price, to the point that the stock traded today four times below its fundamentals. ", after what has been said that" there is no doubt that, when the tempest abates, the share price will return in the place that corresponds ".

Collaboration with financial entities

He concluded by pointing out that the future market and real estate sector "will be very different from the one we had known, smaller but with fewer operators and that the reform of the financial sector opens a wide field of opportunities for solvent and professional operators, operators that financial entities They need to collaborate in the complex management of foreclosed real estate assets. "

At that point, he stressed that Inmobiliaria del Sur "is one of those operators that banks need", because the company "has a solid financial structure, a proven experience in the promotion and construction of quality buildings, a great brand image. and most importantly, it has a great human team, prepared and involved with the objectives and strategies of the company. "

Thus, stresses that in the collaboration with the bank "open a range with many possibilities" and has specified that with a national financial institution is marketing the promotion of 87 homes in Dos Hermanas through an operation in contribution with that entity.

In this way, according to Pumar, Inmobiliaria del Sur may, as a developer, promoter and marketer, "or negotiate that the bank contributes a floor and grants financing for the promotion and at the end the group delivers the finished product for a value equivalent to the value of the land they have contributed, and all this with good financing conditions for the buyer, or also Inmobiliaria del Sur is willing to finish the houses that the bank had under construction and were standing. "

Future projects

Ricardo Pumar has specified that the promotion of 97 homes in Tomares, which are "practically sold", will be completed; another one has begun in Tomares of 39 houses and the construction of another 78 houses in Seville has begun

He recalled the houses in Dos Hermanas through collaboration with a financial institution and has specified that he has purchased a plot of land in Córdoba for the promotion of 66 homes. It is also promoting 14 semi-detached homes in Tomares, where construction has also begun on a multi-purpose building of 15,000 square meters, which will include offices and commercial premises.

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Several mayors investigated for the FMC bonuses return the money

  • The mayors CiU and ERC and one of the PSC have already done so, while a popular and an ecosocialist will do it only if irregularities are shown.
  • They feel cheated because they believed that the Federation paid them for their work.
  • It took 4 months to inform them that an opinion questioned the payments.
  • A total of 44 mayors are investigated for the alleged collection of bonuses.
Joan Mora

The mayor of Mataró, Joan Mora, shows his certificate of income of the Federation of Municipalities of Catalonia after the controversy of the bonuses. JORDI PUJOLAR / ACN

Some of the mayors and former mayors investigated by the collection of bonuses of the Federation of Municipalities of Catalonia have defended this Friday because they did not know that they received the money in concept of diets. They feel cheated and have a clear conscience although some of them have opted to return the money while waiting for the case to be resolved and others have said they will if the irregularities are proven. According to Catalunya Ràdio, the Prosecutor's Office will request that the 44 mayors be named as imputed.

They say they feel betrayed by the Federation of Municipalities The five mayors and former mayors of CiU involved have sent letters to the entity where they announce that they return in a prudent manner the money collected through an attached nominative check . This is the mayor of Mataró, Joan Mora; that of Sant Quirze del Vallès, Montserrat Mundi; the one from Matadepera (Barcelona), Mireia Solsona; the one from Reus, Carles Pellicer, and the former mayor of Riudecanyes (Tarragona), Josep Maria Tost.

In the letter, they deny that they were informed that these payments were received as per diets. " I was always considered as a compensation associated with the position and I was never required to provide documentary proof of expenses," they write in their letters. Likewise, they denounce that the Federation did not inform them that a February ruling questioned these payments.

It took four months to inform them that an opinion questioned the payments "I can not understand the reasons why I was not informed of the existence of this report and, more importantly, that there was a legal controversy over the correction of the aforementioned diets " , the mayors argue. It was not until June 30 that the Federation called them to a meeting to inform them of the opinion on the perceptions. All of them, who defend that they scrupulously fulfilled all the duties associated with their responsibilities, ask for explanations from the Federation to clarify this situation.

In addition, they plan to withdraw from the FMC "until responsibilities are cleared, explanations and guarantees are given on the situation." The continuity of the general secretary of the entity, Adolfo Moreno, is also raised. " We must separate the rotten apples that may be, but we can not put everyone in the same bag, " said the mayor of Mataró. Precisely, the executive committee of the Federation will meet this Friday afternoon.

ERC will assess the reason for the existence of two municipal organizations They have also returned the money ERC mayors, as reported by the party in a statement, which explains that has asked the FMC to clarify and determine the nature of the perceptions that they reintegrate and their legal destiny. The republican mayors will study the need to rethink the structures of support to the municipal world and will value their continuity in the FMC, as well as the reason for the existence of two municipal organizations.

One of them is Solsona (Lleida), David Rodríguez, who holds the vice presidency of the FMC and who received 600 euros a month for a year, as he believed, for his responsibilities and his work representing the entity. He has assured that he has "nothing to hide" because he has always acted "correctly". "When I entered, I did not question the compensation system because I trusted the legal services of the entity," admitted the Republican, who has promised to explain to the residents of the municipality when he has all the information.

Different reactions

The mayor of Tiana (Barcelona), the socialist Esther Pujol, announced that the judge who instructed the case "has the 3,333 euros collected during a year formalized and deposited at your disposal", in case the irregularities are proven. She is the first mayor of the PSC who returns the money although she understands that she received it as compensation for her work.

Some people are opposed to returning the money while the irregularities are not shown " I have nothing to hide and I have always acted correctly , my agenda is open, and it includes the attendance to the monthly executive committees, meetings of the subject in which I am responsible , activities of institutional representation and others that may derive from the defense of the interests in the field of the Catalan sports world, "he added.

On the other hand, the mayor of Castelldefels (Barcelona), Manuel Reyes -one of the two PP mayors involved together with Pontons (Barcelona), Lluís Caldenteny-, has announced that he will return the 5,000 euros he received from the Federation "if they prove irregularities . " Although he has not wanted to value the research, he has assured that throughout his political career he has always worked in a "legal and clear" manner. The ex-mayor of Molins de Rei (Barcelona), the eco-socialist Iván Arcás, does not intend to return the money if there are no irregularities in the understanding that doing so would mean admitting them.

Without proof of payments

For his part, the also socialist Josep Fèlix Ballesteros, mayor of Tarragona, has presented a document from the Federation in which the general secretary of the association certifies that "no remuneration has been paid to Ballesteros during the years 2011 and 2012" . Thus, has denied categorically, as he did on Thursday with a folio of the police report -where he says that in the documentation and accounting seized on November 27, 2012 the transfers to the mayor have not been located-, have received bonuses. "If someone, in this ceremony of confusion, wants to put me in the middle, I announce that I will take legal action to defend myself," he warned.

The mayors of Trmps and Tarragona deny having received any payment The mayor of Tremp, Víctor Orrit (PSC), has also assured that "he has not received a single euro in terms of allowances or displacement ." To justify it attached the document of the Mossos d'Esquadra which ensures that it is clear that there has been no transfer from the FMC to the mayor despite the fact that on Thursday it was reported that he had charged 2,244 euros. In this document, he also denies proof of economic transfers "towards Mollerussa (Teresa Ginestà is supposed), Llorenç Artigas Planas, Josep Fèlix Ballesteros and Víctor Orrit".

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Apple’s paradox: sell less iPhone but earn more money

Apple continues to earn huge amounts of money but the iPhone has had a small tripping of sales

By Juan Castromil @castromil,


No doubt Apple has had a complicated year. Neither the launch of the iPhone 8 nor the iPhone X seems to have gone according to their plans. However, the revenues and profits of the last quarter of 2017 have been better than ever.

ap keynote 2017 wrap up tim jony iphone

The iPhone 8 had a bad launch eclipsed by the iPhone X that would sell weeks later. And the iPhone X had less sales than expected due to its high price and lack of supply in the first weeks. The result is that Apple has sold 77.3 million iPhones, slightly less iPhone than the previous quarter. Despite what may seem is not a catastrophe, it has only been 1% less.

iPhone X, video analysis testing Face ID, animojis and the OLED screen with eyebrow


The surprising thing is that despite this, they have entered and earned more money, largely because the average price of the iPhone has risen sharply to $ 796 (the previous quarter was just over 600). Just remember that the iPhone X is the first iPhone to overcome the barrier of 1,000 euros and stays at the door if we talk in dollars ($ 999 without counting taxes). So the equation has been “less iPhone x higher price = more benefits” . This has worked this quarter, but beware, it does not always have to be that way.

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Meanwhile the active iPhone base continues to grow slowly but inexorably from the 1 billion 2 years ago to the approximately 1.3 billion today. This is largely explained by its longer useful life and its greater reuse / resale potential.

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