MILAN/MADRID, July 17 (Reuters) – Telefonica’s move
to reduce its stake in Italian rival Telecom Italia may help the
Spanish phone group appease regulators over competition concerns
in Brazil and possibly accelerate consolidation in that market.
Telefonica controls Vivo, Brazil’s leading mobile
operator, and is the biggest shareholder in Telecom Italia
, which owns Vivo’s rival TIM Participacoes.
MADRID/PARIS, July 16 (Reuters) – Telefonica will
sell 750 million euros ($1 billion) in bonds that convert to
Telecom Italia shares, it said on Wednesday,
effectively loosening its grip as largest shareholder.
In a notice to Spain’s market regulator, Telefonica said the
bonds, which pay 5.25 to 6 percent interest a year, would mature
in three years but could be converted at any time before that or
paid in cash if conditions are met.
MADRID, July 7 (Reuters) – The collapse on Sunday of
wireless provider Gowex could rattle investors’
confidence in Spain and its companies just as the country
emerges from the worst of a five-year slump and foreign money
starts to flow back into it.
Gowex said on Sunday it would file for bankruptcy and that
its CEO had resigned, after acknowledging it had reported false
accounts for at least the last four years.
MADRID, July 6 (Reuters) – Spanish wireless networks
provider Gowex said on Sunday it would file for bankruptcy and
its CEO had resigned, in a dramatic collapse to a success story
that saw its stock value grow 22-fold as it sought to conquer
the world with its wi-fi services.
The move was triggered on Tuesday by the publication of a
report by a firm called Gotham City Research alleging Gowex was
misrepresenting its accounts.
MADRID/MILAN, May 28 (Reuters) – When Angel Gomez and Maria
Luisa Fernandez retired a decade ago, they imagined spending
their pensions largely on restaurant meals, holidays and toys
for the grandkids. Today, their retirement money helps to
support five families.
The Spanish couple, like other relatively prosperous
pensioners across southern Europe, are providing an informal
safety net which has helped many in the younger generation to
avoid widespread poverty despite record-high unemployment.