Yields on Italian 10-year bonds will keep under tension after the latest economic data brought investors a negative surprise. The country’s GDP suffered a further contraction of -2.5 percent year on year in the second quarter of 2012: the previous figure had been -1.4 percent and market expectations had pointed at -2.3 percent. Industrial production played a major role, with a -7.9 percent year on year rate that was 2.4…
LONDON | Kevin Burke, director at Visa Inc, believes that the Olympics work as a showcase for athletics, and the same goes for tourism. Burke released Wednesday data on Visa accounts spending levels of international travelers during the second week of the London 2012 Games, which reached $716.7 million. The figures mark a steady line, the total being $1.4 billion. Visitors from the US lead the top 10 list, some…
By economist Jordi Paniagua, in Valencia | In principle, whether managing a company or the economy of a country, the message of do not spend more than earnings seems perfectly reasonable. Indeed, it has found a comfortable place in the collective mind. Even governments nowadays express themselves and their policies as though it were the stuff of domestic accounting. But enterprise and economy are quite different concepts. The manner in which…
By Miguel Ángel Rodríguez, analyst at XTB, in Madrid | Midsummers have often been marked by markets’ most abrupt movements and scares that have hit unaware investors. This year, it wouldn’t be the first time I saw traders and asset managers cut short their holidays because their positions, once so safe that were left open, have stopped being as secured as they believed. Just skimming through the salmon papers, in…
Esprit Holdings Limited on Tuesday announced the appointment of José Manuel Martínez Gutiérrez as its new group chief executive officer and executive director. Martínez will effectively be seating at his new desk by October 2012. The language used by Esprit to inform about the move spoke of the tall hopes the retail company has deposited on Martínez’ shoulders: “We are delighted that Mr. Martínez, a professional with a wealth of…
MADRID | Indra has been awarded this August a contract by Hispasat to develop and implement the ground control systems that will manage the new Amazonas-3 communications satellite. This satellite, which will be located at the Brazilian orbital position 61º West, will be launched into space in the second half of the year. Indra has collaborated closely with Hispasat for approximately 20 years. Over this time, it has implemented the…
By Luis Arroyo, in Madrid | Ireland has began to get out of the pit of its crisis and the usual suspects have wasted no time in coming back to tell Spain that it can be done, austerity only is the key. Ireland has gone through a fair amount of pain just to get its head above the water line. A bad bank with the wrong estimations and a bailout…
BEIJING | The BBC recently released an article on how Chinese students with foreign qualifications are having a harsh time looking for a job. Not so long ago, the article goes, they used to have a promising professional future in China ahead of them. They had an experience, language skills and qualifications other potential employees educated in local universities did not. Conversely, nowadays their academic profile seem not to fit…
By CaixaBank research team, in Madrid | According to the Spanish Royal Academy, «rescatar» or bail out in Spanish is to release from danger, harm, trouble or oppression. Given the misgivings that the outcome of the Greek elections might lead to the country leaving the euro, something that would have hindered the considerable financing needs of Spain and Italy over the coming months, the Eurogroup welcomed the Spanish request and…
MADRID | European Commission vice-president Viviane Reding, who is also the EU’s Justice commissioner, highlighted Friday an announcement by the Spanish government that it intends to improve legal certainty for property owners along the country’s coast. Homes have been affected by the Coastal Law for several years now and buyers involved have repeatedly brought their case to Brussels, under the impression that Spanish authorities were not sufficiently active in tackling abuses. The…