Spain

Nationalized Spanish bank has negative value of $5.49 bn

Nationalized Spanish bank has negative value of $5.49 bnMadrid, Dec 27 - Bankia, which was nationalized in May at its own request, has a negative value of 4.148 billion euros ($5.49 billion), Spain's state-backed FROB bank restructuring fund said Wednesday.

The ailing bank's parent, BFA, has a negative value of 10.4 billion euros ($13.8 billion), the FROB said in a statement.

BFA-Bankia will receive nearly half of the 39.5 billion euros ($51 billion) the European Stability Mechanism provided Spain to recapitalize four nationalized banks and help fund a "bad bank" set up to absorb toxic assets.

India, Spain pens down tax avoidance agreement

India, Spain pens down tax avoidance agreementThe Government of India has penned down a tax avoidance agreement with Spain that will facilitate exchange of information on tax evaders in the two countries.

Apart from preventing tax evasion, the agreement will also facilitate avoidance of double taxation. The agreement was signed by Finance Minister P Chidambaram and Span's Foreign Minister Jose Manuel Garcia-Margallo Marfil.

Spanish King arrives in India for state visit

Spanish King arrives in India for state visitJuan Carlos I, the king of Spain has arrived in India on Wednesday for a four-day state visit to the country, which is emerging as a major emerging economy.

The king is being accompanied by high-level ministerial and business delegations from Spain that wlls strengthen relations in the field of business and other areas. He will visit the cities of Mumbai and Delhi during the visit.

Bond sales help Spain, Italy improve debt position

Bond sales help Spain, Italy improve debt positionA surprise large scale bond auctions has helped Italy and Spain, both of which are facing difficult position due to the ongoing debt crisis, to improve their standing in the repayment ability.

Standard & Poor’s downgrade Spain to BBB-

Standard & Poor’s downgrade Spain to BBB-Global ratings agency, Standard & Poor's has downgraded Spain to the rating by two levels to BBB-, which is just one level above what is considered as the junk level.

Investors concerned over the possibility of a junk status for the country has started a major sell off of the bonds. There are concerns over a non-investment grade being given rot the country in the coming future. Spain's two-year notes fell for the four straight days following the downgrade.

Banking shortfall could reach $135 billion in Spain, Moody’s

Banking shortfall could reach $135 billion in Spain, Moody’sThe Moody's Investors Service has said that the total capital shortfall of the banking sector in Spain could touch $135 billion or 105 billion euros, which about double the amount estimated by the government in the previous week.

According to the latest estimates, the banks in the country might need infusion of between 70 billion euros and 105 billion euros for absorbing losses and making sure that their capital ratios do not go under the threshold set by the lawmakers in the previous year.

Spain to announce more austerity measures

European-Central-BankThe authorities in Spain are planning to announce additional austerity measures as concerns rise over the economic outlook of the country.

Experts believe that the additional measures including higher taxes and pension reforms will help the government build some grounds before approaching the European Central Bank (ECB) for financial aid for recovering from the prolonged crisis.

Spain, Greece concerns threaten future of Eurozone

Spain, Greece concerns threaten future of EurozoneContinuing concerns in Spain and Greece are posing a direct threat to the survival of the Eurozone even as the European leaders work together to address the issues.

Analysts say that Greece is highly unlikely to meet the terms set for the bailout and this might result in a default on debt payments by the country. On the other hand, Spain paid the second highest yield on short-term debt since the introduction of the Euro in an auction of three- and six-month bills on Tuesday and might need a full international bailout.

Eurozone countries agree to $ 122 bn bailout deal for Spanish banks

SpanishCountries in the Eurozone have agreed to a bailout package worth $ 122 billion to help Spanish banking sector come out of its current turmoil.

The agreement comes amid speculation that they Spanish government might be forced to ask for a bailout from the European Union. The finance ministers of 17-nation euro group reached an agreement of a financial support for Spanish banks in a video conference on Friday. A day earlier, the German parliament had approved the plan with a large majority.

Standard and Poor's downgrades Spain to BBB-plus

Standard and Poor's downgrades Spain to BBB-plusInternational credit rating agency, Standard and Poor's (S&P) has announced its decision to revise the credit rating for Spain. The agency downgraded the country’s credit rating by two notches to BBB-plus on Thursday.

The agency said that it is downgrading the country’s agency due to expected deterioration of government finances and weakness of the Spanish banking sector. The agency downgrade comes as it expects a recession, which is already under way, to continue during 2013.

CaixaBank to become Spain's largest bank by assets

CaixaBank to become Spain's largest bank by assetsBarcelona, March 27 - CaixaBank said Monday that it plans to purchase Banca Civica for nearly 1 billion euros ($1.33 billion) in a transaction that will leave the buyer as Spain's largest financial institution by assets.

The two entities have total combined assets of 342.62 billion euros ($457.13 billion), the purchaser said in a statement.

CaixaBank, currently No. 3 among Spanish banks, earlier acquired Caixa Girona and Bankpyme amid the ongoing major consolidation of Spain's financial sector.

Windows 8 CP crosses one million download mark in 24 hours

Windows 8 CP crosses one million download mark in 24 hoursThe new Consumer Preview version of Windows 8, which was released yesterday, has been downloaded more than one million times from around the world within the first 24 hours.

Mobile World Congress 2012 begins in Barcelona

Mobile World Congress 2012 begins in BarcelonaThis year's edition of the leading mobile event in the world, the Mobile World Congress began amid much excitement in Barcelona, Spain.

The four-day long event is expected to see 60,000 visitors and about 1,400 companies are expected to attend the show that will see launches of several latest high tech gadgets. The cellphone industry's most important trade show began on Sunday in the southern Spanish city with visits gathering at the venue to take a look at the latest and upcoming products in the market.

HTC launches new mobile phone models at Barcelona

HTC launches new mobile phone models at BarcelonaTaiwanese handset maker, HTC Corp has launched new mobile phone at the the Barcelona Mobile World Congress to take on competition and revive its positions in the market.

The company has launched its HTC One smartphone series to take on rivals in the market. The series include three models, the One X, One S and One V. All the tree devices are powered by the latest version of Google's Android software.

Spain's centre-right government to announce billions of euros in savings measures

Spain's centre-right government will announce billions of euros in savings measures on Friday, using its first decrees since sweeping to power at November elections to give the nation a foretaste of tougher austerity to come. Prime Minister Mariano Rajoy has pledged to turn Spain's battered economy around by meeting tough budget deficit reduction targets while reforming a broken labour market and pulling the country out of a prolonged slump.

Spanish bank acquires failed US bank

Spanish bank acquires failed US bankBarcelona (Spain), Aug 22 : Spain's Banco Sabadell acquired nearly all of the assets and certain liabilities of Florida-based Lydian Private Bank under the terms of an agreement with the Federal Deposit Insurance Corporation (FDIC).

The FDIC closed down Palm Beach-based Lydian Private Bank Friday and reached a loss-share agreement with Banco Sabadell under which the Spanish bank's Sabadell United Bank unit will take over the failed institution.

The world's first robot with conscience

The world's first robot with conscienceAISoy 1, world's first robot designed with its own conscience and life which is capable of teaching and entertaining people who buy it, has been designed by a Spanish company

AlSoy Robotics, the first of its kind, it has been made with the objective of giving life to it along with all other emotions and also decision making capacity. This 25 cm high and 1.5 kg heavy robot will perform all the activities just as any other living being requiring nourishment, love, acknowledgment, independence and cooperation.

Pamplona Bull Run leaves several injured

Pamplona Bull Run leaves several injuredIt has been reported that several people were injured Friday morning in the Running of the Bulls in Pamplona, Spain, after one bull charged runners several times.

The Daily Telegraph has reported that the run was the third in this year's festival, which lasts for nine days. Rain had slicked Pamplona's streets, making running awkward.

Bull runs in Spain leaves seven injured

Bull runs in Spain leaves seven injuredOfficials said on Thursday that the second day the bulls ran in Pamplona, Spain, saw seven people injured, including two who were gored.

The Irish Times has reported that one man was gored in the thorax and listed in serious condition while the other man was gored in the left leg, an injury health officials said wasn't life-threatening.

Bad Weather In Spain Spoils Katz’s ‘Raajneeti’ Party Plans

Bad Weather In Spain Spoils Katz’s ‘Raajneeti’ Party PlansBollywood doll Katrina Kaif was supposed to fly down to Mumbai for a day to become a part of the "Raajneeti" success party Wednesday from Spain, where she is shooting for Zoya Akhtar's upcoming venture "Zindagi Milegi Na Dobara".

However, Katz had to drop her plans due to the stormy weather in Spain.

The "Raajneeti" group has a lot to rejoice about, but the film's director Prakash Jha wanted no celebration until his lucky charm Katrina was available.




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