“Stock certificates and corporate debt will lift up the primary market”
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Zara founder buys skyscraper Torre Picasso for €400m
MADRID | Spanish construction company Fomento de Construcciones y Contratas SA (FCC) seeks the strengthening of its financial structure through two real estate divestments and the move to a new headquarters. This week, Pontegadea Inmobiliaria has acquired Torre Picasso to the founder of the Zara boutique chain for €400m; in another transaction, FCC has sold its Balmes (Barcelona) and Federico Salmón (Madrid) buildings for €60m. The process of restructuring the…
Barclays: “US vulnerable to markets’ attacks like the EU”
A note from Barclays Spain: “The Fed’s double mandate (inflation and employment) has probably contributed to the present crisis. Greenspan, faced with the necessity to improve the anemic growth, but probably to a greater extent faced with the pressure exerted by Congress and American society to create employment, (which still has not picked up despite the GDP’s increase) maintained interest rates low for too long, promoting together with other factors…
Britons embrace austerity
LONDON | More than one in two adults (56%) said they planned to cut back on their spending. Women were more prone to this than men (59% to 50%). More than one in three people (37%) wanted to try to save more money each month whilst 36% said a key resolution was to cut down their debts. The research showed an attitude-divide between the young and old with the under 35s top financial resolution focusing…
Evacuation: British trapped in Spain
Foreign tourists in Spain spend 8.1% more than in 2010
The amount of money spent by international tourists visiting Spain from January to November 2011 was €49.985 billion, that is 8.1% more than last year according to figures reported in the Survey of Tourist Expenditures (Egatur) of the Ministry of Industry, Tourism and Commerce. The average expenditure per tourist stood at €929 in the first eleven months, 0.2% more than during the same period in 2010, while average daily spending…
China’s foreign debt grows by 27% but “it’s safe,” say officials
China’s foreign debt totaled $697.16 billion at the end of September, a rise of 27 percent over the figure at the end of 2010, according to the foreign exchange regulatory officials of the Asian country. The short term debt accounted for 72.81 percent of the total, amounting to $507.63 billion, underlines the State Administration of Foreign Exchange on its official website. In addition, the institution explained that 75.81 percent of…
Spain is placing its bets on education
Forex: “there will be no outright collapse of the euro zone in 2012”
LONDON | Analysts at Forex, the retail division of Gain Capital, a global provider of online trading services, expect worldwide economic growth to stall, increasing the possibility of a global recession. As a result, they foresee the USD becoming a global safe haven, taking strength from repeated waves of risk aversion triggered by potential events such as EU sovereign ratings downgrades, weak economic data, and ongoing credit market stresses in Europe. The 1Q…
De Guindos confirms that Spain will start the year in recession
MADRID | All the Spanish press reported the new Minister of Economy, Luis de Guindos’ statements when he confirmed on Tuesday what everyone already knew: that Spain would go into recession in 2012. According to his predictions, the first trimester of 2012 will register a negative growth, just like the last trimester of this year in which the GDP will decrease by between 0.2% and 0.3%. During the inauguration of…