Spain’s plan to cancel €35bn debt from regional and local authorities
By Julia Pastor, in Madrid | Spain’s government is about to attack another of the ills afflicting the country’s economy: the debt that regional governments and municipalities owe to their service providers. The minister of Finance Cristóbal Montoro announced Tuesday that the cabinet will finalise a macro financial operation to cancel this debt, which has [...]
Hungarian bank FHB’s €500mn state aid within EU rules
The European Commission on Wednesday gave the green light to the state rescue operation of Hungarian bank FHB. A recapitalisation of HUF 30 billion (app. €100 million) and a loan under the Hungarian liquidity scheme of approximately HUF 120 billion (approximately €400 million) for the Hungarian bank FHB were put in place in accordance to EU [...]
The no-no’s of a good CEO
NEW YORK | What makes an interesting CEO, a really charismatic one? And what kills all the charm? A survey by the 10 Company and Gotham Research Group conducted last December among business bloggers pointed out the worst sentences a manager could possible pronounce. Here is an excerpt of the article by Celeste Altus at Mediabistro. [...]
An alternative to austerity, 12 EU countries demand
The letter that the heads of government of twelve EU countries, including Spain’s Mariano Rajoy, sent to Brussels presented an eight point programme to promote economic growth in the European Union. It was addressed to the president of the European Council Herman Van Rompuy and that of the Commission, Jose Manuel Durao Barroso, yet was [...]
British economist Angus Deaton awarded by BBVA Foundation
MADRID | British economist Angus Deaton was chosen Tuesday for the BBVA Foundation Frontiers of Knowledge Award in the category of Economics, Finance and Management in this fourth edition. Mr Deaton is professor at Princeton University (United States), and the jury selected him for “his fundamental contributions to the theory of consumption, savings and the measurement [...]
New offshore discovery in Sierra Leone upgrades Repsol’s resources in Africa
A partnership joined by Repsol announced Tuesday it had made a new hydrocarbons discovery offshore Sierra Leone. The Jupiter-1 well was drilled in an area that already has produced successful results in 2009 and 2010, confirming the significant potential of this region in Africa. Repsol owns a 25% stake in the consortium, while the operator Anadarko [...]