MADRID | By Carlos Díaz Güell | According to the Bank of Spain, the public aid for the recapitalisation of the Spanish financial system between 2009 and 2013 amounts to €61.366 billion (£51.739bn), 5.9% of the GDP. This is below the average cost of other banking crisis since 1970. In the late 1970s and early 1980s the public cost of the financial crisis was of 3.9% of the GDP.
NEW YORK | By The Corner Team | Alcoa, Hewlett-Packard and Bank of America have been shown the door from Dow Industrials. Goldman Sachs, Nike and Visa are replacing them. It’s the first “three-for-three” change to the blue-chip index in almost a decade.
MADRID | By Tania Suárez | The Spanish scenario seems like a more attractive bet for foreign investors now. Even private consumption and the unemployment rate – Spain’s major economic weaknesses-, are showing an improvement, Mirabaud analysts believe.
WASHINGTON | By Pablo Pardo | The party is about to end. It is a party that has lasted six years. According to Bank of America/Merrill Lynch, during that time, the approximately 173 central banks that exist worldwide have lowered interest rates 520 times and pumped in approximately $33 trillion into the world through different mechanisms, some of them extremely unconventional.
By Lydia Austin via The Next New Deal | Carried interest, the share of profits that private equity fund managers receive, is currently taxed at the capital gains rate, but it should be treated as standard compensation.
MADRID | By J.P. Marín Arrese | The summer break has delivered a much needed respite to Spanish banks, yet the forthcoming autumn will bring them a number of hurdles and potential pitfalls. For the author, the most worrying fact is the lack of ambition in performing a much needed restructuring.
LONDON | By Victor Jimenez | In a cautious tone common to other voices heard today in the City, analysts reminded investors that most governments in Europe continue amassing public spending bills worryingly higher than their income.
MADRID | Since the start of the financial crisis in 2008, the Spanish banks have reduced their presence in 7,925 branches or -17.2%, the equivalent of a 53.6% of the whole Eurozone’s banking sector.
VALENCIA | By Luis Torralba, via valenciaplaza | Rosend Ortí, director general at Caixa Popular, one of the very few small saving banks that have survived the financial typhoon in Spain: “The partnership model resists well against the current crisis.”