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Amancio Ortega is the second richest man world

EVERY year Forbes magazine produces its list of the richest people in the world and according to them, Amancio Ortega, owner of Inditex which includes the Zara Group, is the second richest man in the world with a personal fortune estimated at just under €61 billion. €68 billion is the…

The world’s cheapest smart phone launched

AN Indian company has launched what it says is the world’s cheapest smart phone. The aptly named Ringing Bells initially advised their Freedom 251 phone would be priced at under 500 rupees (€6.50), but at the launch it announced the price would be just 251 rupees (€3.25). Amazingly, the phone…

Government retains Lloyds shares

CHANCELLOR George Osborne has decided to postpone the sale of the government’s final stake in Lloyds Banking Group, after admitting that the global turmoil in stock markets and slowing growth was the reason for the delay. With an expected ‘windfall’ of £2 billion (€2.6 billion), this was to be a…

El Corte Ingles to take on Amazon

HAVING first trialled its internet shopping site in larger cities in Spain before Christmas, El Corte Ingles has now announced that it will extend its service to include Alicante, Marbella, Murcia and Palma, whose stores will join Malaga, which was part of the initial launch. 100,000 is the number of…

Popular News

WHEN looking to identify the world’s best-performing currency, the last…

Ofgem to investigate Age Uk’s gas and electricity promotions

A SHOCKING report by The Sun newspaper in the UK suggests that a charity specifically set up to support those who are elderly, has been benefitting by promoting expensive gas and electricity tariffs in return for payment by E.ON, and this is now to be investigated by official body Ofgem.…

Credit Suisse to cut 4,000 jobs

THE market must be bad when a Swiss bank announces that it is to cut jobs, which is exactly what Credit Suisse has done following the publication of its 2015 figures, which show a loss of €2.3 billion, its first since 2008. €800M is the amount that Credit Suisse expected…

Good news if you want Sterling

AFTER a very strong 2015, the pound has gone into something of a nose dive against both the Euro and the American Dollar. At one stage last year, it was almost on par with the rate against the Euro when it was introduced in 2002 and certainly broke the €1.40…

Luxury goods company LVMH announce record sales in 2015

DESPITE the weakness of the Chinese economy, the world’s largest luxury goods company LVMH announced record sales, which rose by 16 per cent in 2015 to €35.67 billion. The company, which owns a number of the world’s most prestigious brands including Louis Vuitton and Christian Dior, said that trading in…

Shell to spend billions on expansion

DESPITE the doom and gloom being spread through the stock markets and the economies of oil producing nations due to the rapid fall in the wholesale price of oil, Royal Dutch Shell is about to invest $49 billion (€45 billion) to take over oil and gas exploration company BG Group.…

Bitcoin problems

MIKE HEARN, a Zurich-based developer and long-time supporter of the theoretical Bitcoin, surprised many when he published a blog calling Bitcoin a ‘failed’ project. He says that he has now sold all of his own bitcoins and will no longer take part in this internet-based currency’s development. Two of the…

Christine Lagarde IMF managing director

CHANCELLOR George Osborne has indicated that he intends to nominate Christine Lagarde for a second term as managing director of the International Monetary Fund. “At a time when the world faces what I’ve called a dangerous cocktail of risks, I believe Christine has the vision, energy and acumen to help…

Court rules inaccuracies brought Bankia investors losses

A SPANISH Supreme Court ruling on January 27 will pave the way for compensation claims worth "hundreds of millions of Euros" after the country's fourth biggest bank steered investors to financial peril. Judges ruled that the bank's 2011 stock listing contained "serious inaccuracies" in the public offer's leaflet and was…
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