Senior Correspondent, Spain
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Aug 14, 2014
Aug 14, 2014
Aug 14, 2014

Special Report – Web of lies: How a Spanish tech star fooled the world

MADRID (Reuters) – For nearly 10 years, Spanish internet company Let’s Gowex SA said it was making money by providing public wi-fi in cities around the world. Most of the contracts, it now emerges, never existed.

Instead Gowex chief Jenaro Garcia Martin used a series of tricks to fool company employees, investors and regulators. The discovery of the deceit last month crippled the company and undermined credibility in Spain’s stock market just as the country recovers from a four-year recession.

Aug 14, 2014

Web of lies: How a Spanish tech star fooled the world

MADRID, Aug 14 (Reuters) – For nearly 10 years, Spanish
internet company Let’s Gowex SA said it was making money by
providing public wi-fi in cities around the world. Most of the
contracts, it now emerges, never existed.

Instead Gowex chief Jenaro Garcia Martin used a series of
tricks to fool company employees, investors and regulators. The
discovery of the deceit last month crippled the company and
undermined credibility in Spain’s stock market just as the
country recovers from a four-year recession.

Jul 31, 2014

Telefonica shows some turnaround signs after in-line earnings

MADRID, July 31 (Reuters) – Spain’s Telefonica SA
showed early signs of a turnaround in its biggest market Spain
after reporting a 15 percent fall in second-quarter income.

Europe’s biggest telecoms firm by revenue is, like many
rivals, investing in high-cost fibre optic networks and packages
of services that combine mobile and fixed-line phones,
high-speed internet and TV. The aim is to win customers and
boost growth but the investment is also putting pressure on
margins.

Jul 30, 2014
Jul 30, 2014

Spanish economy powers ahead, but deflation clouds outlook

MADRID, July 30 (Reuters) – Spain registered its fastest
economic growth since before the financial crisis in the second
quarter, becoming one of the brightest spot in a struggling euro
zone, though a sharp fall in consumer prices showed the economy
faced risks.

Wednesday’s preliminary National Statistics Institute (INE)
reading of 0.6 percent was the strongest quarter on quarter rise
since the final months of 2007 and beat economists’ forecasts of
0.5 percent. It compared growth of 0.4 percent in the previous
three months.

Jul 17, 2014

Telefonica tries to ease Brazil pressure with lower Telecom Italia stake

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.

Jul 16, 2014

Telefonica to use exchangeable bond to cut Telecom Italia stake

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.

Jul 14, 2014
    • About Julien

      "Julien is based in Madrid where he covers Spain's economy and politics. He previously worked in Brussels where he reported for four years on Europe's debt crisis, financial regulation and foreign affairs. He also dealt with a wide range of EU issues and policy, from trade and competition to energy, climate change, agriculture as well as Nato and Belgium. He joined Reuters in Paris in 2006."
      Joined Reuters:
      2006
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