The Spanish Association of Venture Capital (ASCRI is the Spanish acronym) presented the results of the sector in 2011, when the investment of these firms in Spain reached €3.249 billion, 7% less than in 2010, but more than twice the amount invested in 2009. Venture capital has 3,200 million euros to spend on new business investments in Spain, said on Tuesday Maite Ballester, president of ASCRI. Ballester believes that “the…
By Julia Pastor, in Madrid | The Italian Prime Minister Mario Monti visited Berlin last week to meet with German Chancellor Angela Merkel. Monti, who was interviewed by the German newspaper Die Welt did not hesitate, despite his admiration for Germany, to criticise the actions of the Franco-German axis in resolving the debt crisis. “Angela Merkel and Nicolás Sarkozy cannot lead the European Union by themselves,” he said. Moreover, in…
According to a statement made to the Spanish regulator CMNV, BBVA will proceed to make an extraordinary adjustment to the value of its goodwill in the U.S. which will have a negative impact in the amount of €1bn (net after tax). BBVA justifies this decision on the poor long term prospects in the country, in contrast with the positive performance of the division. Banco Sabadell analysts explain that this adjustment…
MADRID | Banco Santander has reiterated its goal of having 10% core capital at the close of June, 2012, one point above the level required by the EBA. During the last few months of 2011 Banco Santander has carried out a series of measures regarding capital, allowing it to achieve a core capital ratio of 9% ahead of the European Banking Authority’s (EBA) deadline of June 30th, 2012. The Spanish…
LONDON | The UK high tech manufacturing sector still remains positive about prospects for 2012 according to a new survey. Respondents felt the current euro zone situation could provide UK high tech manufacturers with opportunities. 30% said that the UK had generally become more competitive than other major European economies. The health of the sector was reflected by 84% of the respondents saying they were either busy or operating almost at…
LONDON | The Open Group and the Interactive Technology Software and Media Association (ITSMA) have partnered with a consortium of leading European and Indian research and technology developers to identify future areas for coordination of government funded IT research. Supported by the European Commission, the Fostering Cooperation in Computing Systems for EU and India (EU-INCOOP) project is investing over €460,000 to bring together leading researchers from India and Europe to identify priorities and develop a joint research roadmap that…
LONDON | Both the FTSE 100 and Dow are expected to make modest gains by the end of 2012, according to a survey of 100 senior representatives of investment firms. The euro is expected to deteriorate further compared to sterling, while the US dollar would increase in value. However, the majority interviewed thought that President Obama’s government had not done enough to stimulate the economy in the US. The survey was…