Tag: Spain

Global stocks down on euro zone and recession fears

Global stocks down on euro zone and recession fears

Global stocks have fallen to a one-week low today with banks among the worst performers. Concerns that the euro zone may not be able to contain its debt crisis, together with fears of the US slipping back into recession sent European shares falling this morning. Deutsche Bank lost 7.3% in early trading today, Societe Generale [...]

September 5, 2011 | 0 Comments More
Moody’s warns of Spanish downgrade

Moody’s warns of Spanish downgrade

July 29, 2011 | 0 Comments More
IMF: Action must be taken to prevent debt crisis

IMF: Action must be taken to prevent debt crisis

The International Monetary Fund (IMF) has warned euro zone policymakers to take immediate action to prevent the debt crisis spreading outside Europe. The warning comes as Spain’s borrowing costs rose to a 9-year high today as fears continue to grow over the debt crisis in the euro zone. There are fears that Spain, which is [...]

July 19, 2011 | 0 Comments More
Spain’s borrowing costs up on debt crisis worries

Spain’s borrowing costs up on debt crisis worries

July 19, 2011 | 0 Comments More
IMF warns Spanish Government to reduce spending

IMF warns Spanish Government to reduce spending

The International Monetary Fund (IMF) has warned the Spanish Government to continue with its efforts of cutting public spending and reducing unemployment. Like many other Governments across the globe, Spain is taking steps to reduce the deficit but the IMF warned the economy still faces “considerable” risks. In an annual report, the Washington-based Fund said: [...]

June 21, 2011 | 0 Comments More
Euro zone inflation falls in May, unemployment remains flat

Euro zone inflation falls in May, unemployment remains flat

According to a preliminary estimate from Eurostat today, euro zone inflation eased in May to 2.7%, from 2.8% in April. Last month, the European Central Bank (ECB) raised interest rates from 1% to 1.25% – the first time in almost three years in a bid to fight inflation. However, despite the fall, analysts expect inflation [...]

May 31, 2011 | 0 Comments More
Barclays mulling over Spanish purchase

Barclays mulling over Spanish purchase

It has been reported that banking giant Barclays is considering purchasing one of Spain’s ailing regional savings banks. According to the Sunday Times, the bank’s chief executive, Bob Diamond, met with the Spanish Prime Minister, Jose Luis Rodriguez Zapatero, last week. However, Barclays has declined to comment on the report and it is unknown which [...]

May 30, 2011 | 0 Comments More
Euro zone nations reveal Q1 economic growth

Euro zone nations reveal Q1 economic growth

The euro zone’s largest economy, Germany, grew by 1.5% in the January to March period – much better than forecast, according to Destatis today. On an annual basis, growth jumped 5.2% - the largest increase since reunification in 1990. Export demand helped to bring Germany out of recession in the second quarter of 2009 – [...]

May 13, 2011 | 0 Comments More
Spanish unemployment continues to climb

Spanish unemployment continues to climb

Figures have today revealed the unemployment rate in Spain rose to 20.5% - twice the euro zone average. According to the Ministry of Labour, there are now 4.33 million people out of work - the highest since 1996. Meanwhile, the benefit claimant count rose by 34,406 people. Spain currently has the highest unemployment rate in [...]

April 4, 2011 | 0 Comments More
Moody’s downgrades Spain’s debt rating

Moody’s downgrades Spain’s debt rating

Spain has been dealt a further blow today after Moody’s ratings agency cut the country’s debt by one notch to Aa2 from Aa1. In a statement, the agency said: “(Moody’s) believes there is a meaningful risk that the eventual cost of the recapitalisation effort could considerably exceed the government’s current projections.” The downgrade comes just [...]

March 10, 2011 | 0 Comments More
Spanish economic growth edges higher in Q4

Spanish economic growth edges higher in Q4

Provisional estimates have revealed Spain’s economy grew 0.2% in the fourth quarter of 2010. However, the economy contracted 0.1% during 2010, the National Statistics Institute (INE) said today. The news is a further blow to the economy which has the highest unemployment rate in the industrialised world - at more than 20%. The country has [...]

February 11, 2011 | 0 Comments More
Euro zone unemployment rate remains unchanged at 10%

Euro zone unemployment rate remains unchanged at 10%

The European Union’s statistics agency has today announced the unemployment rate in the 17-member euro zone remained stuck at 10% in December. According to Eurostat, 15.7 million people were unemployed in the euro zone during the month. Unemployment remains high in Spain - at above the 20% mark - but continues to fall in Germany, [...]

February 1, 2011 | 0 Comments More
Spanish unemployment rate back above 20%

Spanish unemployment rate back above 20%

The national statistics institute INE today announced the unemployment rate in Spain is at the highest level since the second quarter of 1997. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. [...]

January 28, 2011 | 0 Comments More
China’s ICBC branches out in Spain

China’s ICBC branches out in Spain

Industrial & Commercial Bank of China (ICBC) has opened its first branch in Madrid, Spain, which will provide a wide range of financial services to 166,000 Chinese nationals living in the country. ICBC, which is the world’s largest bank by market value, has a total workforce of 386,723 and operates more than 150 foreign branches [...]

January 25, 2011 | 0 Comments More
Euro zone in no hurry to increase rescue facility

Euro zone in no hurry to increase rescue facility

Following the two-day meeting of European finance ministers in Brussels, it has emerged that Governments are in no hurry to increase the European Financial Stability Facility (EFSF) - otherwise known as the rescue fund. Greece and Ireland have received emergency bailouts from the fund and there has been speculation that weaker euro zone nations will [...]

January 18, 2011 | 0 Comments More
Euro zone ministers to discuss raising rescue fund

Euro zone ministers to discuss raising rescue fund

A meeting of euro zone finance ministers will take place today to discuss enlarging the effective capacity of the European Financial Stability Facility (EFSF). The move comes after speculation mounts that weaker euro zone nations will need to tap the facility for emergency funds. Portugal and Spain are both under scrutiny and face pressure to [...]

January 17, 2011 | 0 Comments More
Euro zone interest rates on hold at 1%

Euro zone interest rates on hold at 1%

As widely expected, the European Central Bank (ECB) today elected to keep interest rates on hold at the record low of 1% for the 20th consecutive month. Rates are expected to be kept on hold for the medium-term at least to boost the area’s economic recovery. However, there are still fears that the debt crisis [...]

January 13, 2011 | 0 Comments More
Spanish unemployment drops, Germany sees rise in jobless

Spanish unemployment drops, Germany sees rise in jobless

The labour ministry today announced unemployment fell in Spain in December. Spain, which has the highest unemployment rate in the EU, has been hit by a severe slump within its key construction industry, which has led to a significant amount of job losses. Growth in the economy, which is Europe’s fifth-biggest, declined for seven consecutive [...]

January 4, 2011 | 0 Comments More
Moody’s warns Portugal rating may be cut

Moody’s warns Portugal rating may be cut

Moody’s Investor Service has today put Portugal under review, warning that it may cut its rating by one or two notches. Investors have been nervous over recent weeks as Portugal’s borrowing costs surge and there have been suggestions that it might be forced to seek an emergency bailout, like Greece and Ireland. However, the country’s [...]

December 21, 2010 | 0 Comments More
OECD forecasts growth for Spain next year

OECD forecasts growth for Spain next year

Spain has featured heavily in the news recently after speculation mounts that the country will need to seek an emergency bailout from the EU. However, the country’s Government continues to deny the claims. Earlier this month, Spain’s finance minister, Elena Salgado, said: “Our fiscal adjustment is on track… we have done all the things that [...]

December 20, 2010 | 0 Comments More