US banks must be kidding the EU
The Worden Report | Expertise in reducing the tax US banks pay in Europe does not make up for the greater ineptitude at those banks, so there is a significant possibility that they will go under.
Markets
Spain’s SME credit agency ICO opens year with €1 billion bond sale
The ICO debt sale was further confirmation that investors’ fears have abated, as the Spanish government said it had already assured almost 9.5 percent of all market credit needed in 2013–that is €11.4 billion.
Bloomberg faces legal action by Spain’s Finance ministry over online gaming report
The Spanish ministry of Finance announced Thursday it was taking legal action against Bloomberg. The news agency published a feature about the government tax department forcing foreign companies to make payments to bid for online gaming licenses, and other irregularities.
Spain’s BBVA to invest $100 million in banking innovation
BBVA announced the formation of BBVA Ventures, a strategic initiative that will invest $100 million in startups looking to transform the financial services industry. Through this effort, BBVA will work with entrepreneurs and venture capital investors to broaden the bank’s understanding of emerging trends, helping advance innovative initiatives in banking and finance.
Investors begin to see Spain out of the woods
In an investor note on Wednesday, BNP Paribas said it forecasts a premium risk for Spain under 350 basis points and a prolongation of the average life of the government debt–that is, more time to pay back.
“The Spanish risk premium may go below 250 basis points before the end of 2013”
MADRID | By Tania Suárez | Daniel Álvarez is analyst at XTB. In a conversation with The Corner, he forecast a “positive scenario” in which “the Spanish risk premium may go even below 250 basis points before the end of the year.” Also, he claimed, “if Europe does its homework, the eurozone markets will become a very good investment opportunity.”
Higher profits blur picture of crisis-hit City
LONDON | The British banking sector is well capitalised by European standards, but banks now expect the ability to raise finance to become a significant limitation on business during this year.
Investors eye Ibex35 recovery as Barclays report signals worst may be over
LONDON/MADRID | Financial conditions have relaxed for government debt and will ease the current adjustment applied over the public and private sectors. Trends among foreign investors point at an Ibex35 rally in 2013. On the macroeconomic horizon, though, there are some doubts still fresh.
The return of the Spanish mortgage-backed bond
BBolsa analysts said this could be “a first step towards the stabilisation of the real estate asset-backed debt market in Spain, and housing market.
Carbon markets undeterred by euro woes
Justin Dargin | Global carbon trading could potentially be the most effective economic tool to regulate industrial Co2 emissions in the fight against climate change.