Word: nicas
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...appendage to the Continent has become an important economic locomotive for all of Europe. Spain's economy grew 3.4% last year, over twice the euro-zone average, and is expected to best the average again this year by a full percentage point. Spanish companies like phone-giant Telefónica, construction and infrastructure consortium Grupo Ferrovial, real estate developer Metrovacesa and financial conglomerate Santander Group have become Continent-wide - and even global - players. Last week Ferrovial concluded a €15 billion takeover bid for BAA, the company that runs Heathrow, Stansted and Gatwick airports. But Holguera, whose principal...
...people who know what they are doing, not just at the national level but also at the international level, and they know what businesses want." Many expect the Socialists to intervene in business less than the PP did. Four out of five of Spain's largest companies - Telefónica, oil company Repsol, BBVA, and utility giant Endesa - have chairmen appointed by the previous government. Some fear they will get turfed out. But while the government is said to have quietly encouraged Telefónica to invest more in broadband, for instance, few expect it to get heavy-handed...
...Fixed-Line Hangups Spanish phone giant Telefónica announced plans to cut up to 15,000 jobs from its fixed-line business...
...amount invested in Argentina - particularly across the telecom, banking and energy sectors. But the Brazilian real has gone into a downward spiral - the currency has lost one-third of its value since April - and taken some Iberian earnings along for the ride. Last month, Spanish giant Telefónica cited currency woes as a reason for its reported 23% fall in Latin American revenues in the first half of 2002. Last week SCH, Spain's largest bank, registered a 13% drop in first-half earnings and said it expected worse to come in the second half. Adding to the troubles...
...first step to recovery is to admit you have a problem, maybe there's hope yet for Europe's telecom industry. Last week the Spanish phone company Telefónica and its Finnish counterpart Sonera suspended their Group 3G joint venture, each writing off more than €4 billion on their investment in new "third-generation" mobile networks for Germany and elsewhere. Like nearly all the big European operators, they paid a lot for 3G because they expected a lot: tapping into higher bandwidth, 3G mobiles were supposed to offer everything from high-speed Internet access to streaming video, allowing...