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Saturday 26 July 2014

Media Bites: El Pais - Spain sets target budget deficit

Published 14/07/2014|00:00

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Spain is targeting a budget deficit of 5.5pc or less of GDP this year says Spanish Minister of Finance Cristobal Montoro (C)
Spain is targeting a budget deficit of 5.5pc or less of GDP this year says Spanish Minister of Finance Cristobal Montoro (C)

Spain is targeting budget deficit of 5.5pc or less of GDP this year, said budget minister Cristobal Montoro in an interview.

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It will be good for Spain to go to 5.5pc from 5.8pc or "even less," so that jump toward 2015 target is smaller, he said. Spain is planning no further tax increases, except for VAT on some health products

The Sunday Telegraph

The Bank of England has pushed for international regulators to relax capital rules for smaller banks, claiming that current regulations give big lenders an inbuilt advantage and restrict lending to households and businesses. The Bank's industry supervisor, the Prudential Regulation Authority (PRA), has lobbied for more lenient standards for risk weights - the rules used to judge how safe loans are - at the latest round of negotiations over bank rules. Speaking at a recent conference in London, the PRA's head of UK banks and mutuals, Martin Stewart, said there is "a body of evidence" that the current risk weights for small banks are "over conservative".

Sunday Independent

Eircom is likely to use the proceeds from its proposed IPT to pay down debt rather than invest in its business. Using €1bn in stock market flotation proceeds to reduce its €2.3bn debt pile would create a 'virtuous cycle' that would enable Eircom to keep pace with infrastructure spending requirements, sources have claimed.

The Sunday Times

THE Central Bank has written to Ireland's only licensed "dark pool" trading firm, following the decision by Eric Schneiderman, the New York attorney general, to launch a law suit against Barclays over its trading practices. Barclays is accused of telling customers it would protect them from high-frequency traders, while catering to such firms. Dark pools are private forums for trading securities not open to the public. Investment Technology Group (ITG), based in the Ulster Bank building on George's Quay in Dublin, is the only licensed dark-pool trader in Ireland. It operates a regulated "dark pool", or multilateral trading facility, which is subtly different from the Barclays system.

Sole 24 Ore

Etihad CEO James Hogan is expected to arrive in Italy July 15 to close his airlines purchase of 49pc of Alitalia, Eithad last month agreed terms to take the stake in Italy's national carrier, as it looks to expand its global reach.

Irish Independent

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