France pays attention to Spain’s social economy model, so should the UK
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Manchester gets the Meliá treatment
LONDON | CEO and Vice Chairman of Meliá Hotels International, Gabriel Escarrer signed an agreement for what will become the third hotel for the Majorca-based company in the UK: the Innside Manchester Hotel. Meliá Hotels International is the world’s largest resort hotel company and the largest hotel chain in Spain, and is third in the European ranking. The deal confirms its interest in the UK, “one of the most important markets…
A 68% haircut for Greece’s bonds? And the CDS?
By Tania Suárez, in Madrid | The markets are looking very closely at Greece after the negotiations for the bailout froze due to issues involving the private sector participation. The press is now speculating over a possible 68% haircut to bear by creditors as reported in the Financial Times on Wednesday. As Nordkapp analysts explain this is the road toward a deleveraging frame “upon which the solutions to the European…
All about our Bankia-Caixabank merger gossip
“Euro recession in 2012 is inevitable, but euro breakup isn’t”
It provides trade credit insurance, surety and collections services, and has a presence through 160 offices in 42 countries. Atradius has access to credit information on 60 million companies worldwide and says that the consequences of a breakup of the Eurozone would be highly damaging for a country that leaves the euro as well for those that remain within the currency union. A breakup should therefore be perceived as highly…
Spanish debt challenges the agencies’s ‘implicit’ ratings
By Julia Pastor, in Madrid | The rating agencies never rest, much less when they talk about those countries suffering the most. Specifically, Fitch and S&P have been looking at Spain. The first has warned that it will probably downgrade Spain’s solvency rating by one or two notches by the end of January. According to Fitch, and even though its analysts admit the good will of the new government’s fiscal…
Friedman versus Keynes forever (I)
Fitur 2012: in tourism Spain trusts
By Julia Pastor, in Madrid | On Wednesday, the International Tourism Fair Fitur 2012 was inagurated in Madrid. This anual event is the most important of the sector in Spain and it will be open until January 22. This year’s edition is marked by the crisis and the resulting financial adjustments made by the autonomic regions, but also by the widespread notion that the tourism sector is the only one…
Madrid unleashes German severity against financially rebellious regions
The unions and the Esther Koplowitz philanthropic effect in FCC
get your ex back MADRID | Esther Koplowitz, Fomento de Construciones y Contratas' (FCC) core shareholder, recently received an award from the Construction and Woodworkers Foundation (FCM) of Comisiones Obreras labour union in the 'commitment to the community' category. The union noted FCC's work in the area of “creating a solidarity network which focuses on the most disadvantaged groups.” The Foundation lauded FCC's efforts to encourage its employees to volunteer…