…ity measures aimed at cutting Spain’s large deficit have prompted frequent protests, including one by miners against subsidy cuts last week. At a debt auction on Thursday, Spain managed to raise 2.98 billion euros on the financial markets, but at the cost of sharply higher interest rates compared to an auction last month. …
…ecurity and unemployment benefits. The measures are in return for a eurozone bank bailout and an extension to Spain’s deficit reduction targets. Eurozone finance ministers have agreed to provide 30 billion Euros for Spain’s troubled banks by the end of the month and to give Madrid an extra year – until 2014 – to hit its budget targets. Mariano Rajoy told parliament that the…
…government is not going to yield.” On 10 February, the government approved legislation cutting severance pay to a maximum of 33 days’ salary for each year worked, compared with the current 45 days. The government insists the reforms will create a more flexible system for businesses and workers, in a country with a stagnant economy that needs to start creating jobs. Mariano Rajoy, who t…
vio Zegarra told the Associated Press news agency. Hundreds of nude cyclists took to the streets of Peru's capital, Lima, to raise awareness over safety conditions on the city's roads Between 300 and 500 cyclists are estimated to have taken part in the mobile protest. Cyclists on the protest highlighted a number of complaints, such as not having a dedicated cycle lane. “I have gone…
…has denied reports that an announcement on a European rescue plan for its banks is close. The International Monetary Fund (IMF) is estimating that Spain’s banks need a cash injection of at least 40 billion Euros ($50 billion). The IMF said on Friday that a “stress test” showed Spain’s financial sector was well managed but “vulnerable”. The eurozone finance minis…
…e expropriation. “It is not appropriate for a modern country, Argentina does not deserve this,” he said. Repsol’s Argentine partner, the Eskenazi family’s Grupo Petersen, has a 25.5% stake in YPF which will not be affected by the nationalization. However, Reuters notes that it is unclear how Petersen will be able to repay a $1.9 billion loan provided by Repsol. …
established a protest camp in Puerta del Sol, but the authorities had vowed they would prevent any protesters from staying overnight in the square. There were some 2,000 riot police on duty. At least 45,000 people also took to the streets in Barcelona, police said, although organizers put the attendance in the hundreds of thousands. One protester there, Jose Helmandez, said he was a genetics and…
…land and seek outside help. Spain has to find at least 80 billion Euros ($100 billion) to strengthen its banks’ capital buffers. A key test will come on Thursday, with Spain due to auction up to 2 billion Euros of bonds. Spain's economy minister Luis de Guindos has dampened speculation that the country is about to seek a bailout of its bank sector Spain is keen to avoid having to ask fo…
Spain wins Euro 2012 final after beating Italy with 4-0 and claiming a successive European crown to add to their 2010 World Cup triumph. Vicente del Bosque’s side staged a compelling claim to be the greatest international side of all time as the Euro 2012 final was transformed into an exhibition with Italy – who performed creditably for long periods – passed brutally into submis…
Spain will set out today its austerity budget for 2013, against a backdrop of a deteriorating economy and 25% unemployment rate. Madrid is expected to outline 39 billion euros ($50 billion) worth of savings, tax rises, and structural reforms. It comes amid further protests this week, and growing expectations that Spain will seek a bailout from its eurozone partners. On Friday, results of a stress…
Spain’s decision to request a loan of up to 100 billion Euros ($125 billion) from eurozone funds to help shore up its struggling banks has won broad support. The International Monetary Fund (IMF) said the bailout was big enough to restore credibility to Spain’s banks. Washington welcomed the measure as a vital step towards the “financial union” of the eurozone. The move wa…
will present details of an emergency budget and further austerity measures on Thursday. Separately, French bank Societe Generale said that it had further cut its exposure to Spanish sovereign debt, to 400 million euros ($515 million) by the end of August, from 700 million euros at the end of June. …
idened to a high of 5.44 percentage points. “The risk of losing investment grade pressured the differential this morning and left it at historic highs,” analysts at Spanish brokerage Renta 4 said in a market report. Italy will test market sentiment on Thursday with the sale of up to 4.5 billion Euros of bonds. On Wednesday, Moody’s also cut its credit rating for Cyprus by two not…
Tens of thousands of people are holding a protest in Cairo against President Mohamed Morsi, who last week granted himself sweeping new powers in Egypt. Flag-waving demonstrators are chanting slogans accusing the president and the Muslim Brotherhood of betraying last year’s revolution. On Monday Mohamed Morsi sought to defuse the crisis by saying the decree granting him new powers was limite…
Fears that other Spanish regions may follow Valencia in seeking a bailout from Madrid have rattled markets. A local newspaper in Murcia, one of Spain’s smallest regions, quoted the regional government’s head as saying it would ask for funding help of up to 300 million Euros. On Friday Valencia asked the central government for a financial lifeline. The yield on Spain’s 10-year bo…
credit ratings of 16 Spanish banks late on Thursday. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant. However, shares in Santander reversed early losses to trade 3% higher, and Bankia shares jumped 9% following Thursday’s 14% slump. Moody’s said there were several reasons behind the downgrade, including Spain’s slide back into recession, the…
…id austerity was not working. “It’s increasing inequalities, it’s increasing the social instability in society and it’s not resolving the economic crisis,” she said. Some 40 groups from 23 countries are involved in Wednesday’s demonstrations. Unions in Spain and Portugal started strikes at midnight to protest against austerity measures that have combined tax ris…
King Juan Carlos of Spain has come under fire for hunting elephants in Botswana as his country is being sucked back into the eurozone’s financial crisis and one in two youngsters are jobless. Spanish media have slammed King Juan Carlos, 74, for the reported 32,000 Euros ($43,000) cost of the trip – and have published angry editorials alongside pictures of a previous “Big Game” hunting…
…and its fragile economic recovery made the country “especially vulnerable” to external shocks, Fitch said. The rating agency added that it expected growth to remain subdued between now and 2015, and unemployment to remain high. Spain has the highest jobless rate in the eurozone, at more than 20%. Fitch agency cuts Italy and Spain ratings However, Fitch said the Spanish economy should…
…ple declined an invitation to Prince Charles’ wedding to Diana, Princess of Wales because they planned to visit Gibraltar as part of their honeymoon. And a visit by Princess Anne to Gibraltar in 2009 sparked an official complaint from the Spanish government. An additional cause of unhappiness for the Spanish royal household is the fact that the British regimental band of Gibraltar will be pe…
…ually ended with nothing more violent than a rousing sing-song. The miners had brought with them the dust of Castile, the sun-baked central region of Spain that 200 of them had walked through on their 400 km, three-week march to reach the capital. Many had wept when they were greeted by crowds of supporters in Madrid. Spanish coal miners came to march in Madrid with helmets on their heads and the…
…deal to shore up the euro. The Spanish prime minister called for Thursday’s European Union summit to “dispel doubts” about the euro. The Italian and Spanish indexes both closed about 4% down. The fall on Spain’s Ibex index was exacerbated by a Reuters report that the Moody’s credit rating agency is planning to downgrade Spain’s banks. Earlier, Spain formally req…
Indian police have stopped prominent anti-corruption campaigner Baba Ramdev from marching to parliament to stage a protest in Delhi. Baba Ramdev and his supporters have been detained for allegedly “violating prohibitory laws”. Known as the yoga guru, Baba Ramdev says he is campaigning for the recovery of bribe money allegedly held overseas. He is also demanding stronger anti-corruptio…
…le here to take the Kremlin and [Government House] right now but we are peaceful people and won’t do that just yet,” Alexei Navalny said. Protesters say parliamentary elections on December 4, which were won by Vladimir Putin’s party, were rigged. The government denies the accusation. Tens of thousands of people gathered in central Moscow to protest against Vladimir Putin and the…
n’t approve of a diet of McDonald’s for my children.” Jade Jagger was so confident that she decided to go topless on the beach In another recent interview, Jade Jagger, who will be 40 in October, said she isn’t worried about growing older. “I’m not interested in Botox or getting a facelift. There comes a point where you have to let go and accept that you are no longer the…
Ariel Castro prison activityAriel Castro, who is accused of imprisoning three women in his Cleveland home for a decade, spends most of his time in jail resting or asleep, with breaks for pacing, showers…
Richard DeCoatsworth: Former police officer once hailed as hero arrested in Port Richmond Richard DeCoatsworth, a former Philadelphia police officer once hailed as a hero and given a seat next to First Lady Michelle Obama at a speech by President Barack Obama, has…
Poweball jackpot: One lottery ticket bought in Florida wins its lucky owner $590 million jackpotA Florida lottery player beat odds of one in 175 million to take home the $590 million Powerball jackpot. After a frenzied few days of buying the $2 tickets across the…
Obama administration knew IRS was targeting conservative groups since June 2012Obama administration knew since June 2012 about an investigation into complaints from conservative tea party groups that they were being harassed by IRS, and the probe was…
Ariel Castro's three dogs found in better health than his victimsTwo dogs found by police at Ariel Castro's home and another one in his car could have served as pets for his three captives and were apparently in better condition than the…
US Airways flight makes belly landing at Newark AirportA US Airways flight operated by Piedmont Airlines with 34 people aboard made a belly landing at Newark International Airport last night after its landing gear failed to…
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