Dec
17
Big-money visitors have been turning up lately in remote, windswept Galicia, a Spanish region known better for its signature octopus dish and striking seaside than for its international investment appeal, reports The Wall Street Journal.
The attraction: Galicia’s largest bank, NCG Banco SA, is on the auction block in the hottest bidding battle since the bailout of the Spanish banking system last year. Six bidders submitted binding offers to buy 88.33 per cent of the bank.
Fresh recession risk in France threatens political crisis
France is on the cusp of a triple-dip recession after a key gauge of manufacturing and services buckled in December, leaving the country trailing far behind Germany and most of the eurozone, reports The Daily Telegraph.
The threat of relapse is a major upset for President François Hollande, who has talked up recovery and confidently declared the crisis over.
Markit’s preliminary – or “flash” – index of purchasing managers estimate fell to a seven-month low of 47 in December, far below the “boom-bust line” of 50.
Job prospects look better in 2014 for millions of unemployed, says survey, with majority of firms looking to hire
As millions of unemployed people face a bleak Christmas, the New Year should bring better job prospects for graduates and apprentices, a new survey has said, reports the Daily Mail.
The survey by the CBI suggests that more firms are set to create jobs than not in 2014 for the first time since the recession took hold in 2008.
The report will come as good news to the 2.47 million people who are currently unemployed.
European car sales rise again
European car sales rose last month, for the third month in a row, reports The Guardian.
ACEA, the industry body, reported that sales across the EU in November were 1.2% higher than the previous year — meaning a hat-trick of annual gains (see chart above) as the battered auto sector steers towards Christmas.
But the bulk of the increase was due to continued strong demand in the UK (where many cars appear to be being snapped up on credit ), and Spain (where the government has offered a series of ‘cash-for-bangers’ schemes to encourage demand).
RBS cancels £8bn taxpayer-guarantee
Royal Bank of Scotland has cancelled one of the final pieces of the multi-billion pound bailout package put in place five years ago as part of its £46bn taxpayer-funded rescue, reports The Daily Telegraph.
The lender said it had agreed with the Treasury the withdrawal of a capital facility that could have seen the state pump up to £8bn into RBS had it faced a serious deterioration in its finances.
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