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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…

Bankia eliminates some bank charges

THE Bankia group has announced that it will not make any charges in respect of operating a personal account provided they credit their account with a minimum of €450 a month from wages or €200 from a pension. In addition to the account itself there will also be no charges…

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DESPITE the doom and gloom being spread through the stock…
AFTER a very strong 2015, the pound has gone into…
DESPITE the weakness of the Chinese economy, the world’s largest…

UK economic slowdown continues

CHANCELLOR of the Exchequer George Osborne, in an interview with BBC Radio 4, made it clear that in his opinion a slowing global economy means that the UK is by no means in a position to be complacent, and “2016 is the year of mission critical”, and could be the…

UK e-commerce sell too early

ACCORDING to Eric Schmidt, executive chairman of Alphabet, the parent of Google, in an interview on BBC Radio 4, the UK is the world leader in e-commerce but in his opinion, those who set up these companies have a tendency to sell them too early unlike their American counterparts. “You…

Barcelona Metro sale

ACS construction group is selling, subject to final approval, 80 per cent of its holdings in Servicios, Transportes y Equipamientos Publicos, which in turn holds 50 per cent of one of the lines in the Barcelona Metro system. It anticipates that the sale will not only release capital for reinvestment…

New Spanish ATM charges

IF you think that bureaucracy at Spanish banks is bad, it is about to get worse as despite attempted intervention from the Bank of Spain, there will be not insignificant charges if you use your bank card to withdraw cash from a bank other than your own. Initially, there seemed…

Deutsche Bank to sell Chinese shares

AS part of announced plans to increase its financial strength, Deutsche Bank has agreed a deal to sell its 20 per cent stake in China’s Hua Xia Bank for an estimated $4 billion (€3.66 billion) to the State-owned Chinese insurer PICC Property and Casualty Company. “As we execute on Deutsche…

Prada sales are suffering in Asia

ALTHOUGH the Devil may wear Prada, people in Asia seem to have turned their backs on the Italian designer brand, and profits for the nine months to October 2015 dropped by an alarming 26.4 per cent to €235 million, compared to €319 million for the same period last year. Whilst…

Another Amancio Ortega purchase

Amancio Ortega, owner of Inditex, has extended his real estate empire by purchasing the historic and protected Haughwout building in New York, just off Broadway at a cost of €133 million. This increases his holdings in property which includes iconic buildings in London, Madrid and Miami.

New App from La Caixa Bank

La Caixa Bank has launched a new app allowing payment via a mobile phone, similar to those available in the UK. Apart from making payments, it will be possible for customers to check their accounts and to view their balances.
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