Economy and Business Info

Posts Tagged ‘bank Spain’

Civic Banking Group continues moving towards the beginning of its financial operations on 1 July. This afternoon, has announced the approval by the Junta de Castillo y Leon Cava de Burgos for joining the project of integration of the Civic Banking Group. In his note, the Ministry of Economy and Employment of the Junta de Castillo y Leon also stipulates the need to obtain licenses from other mandatory to start the integration process must provide both the Bank of Spain and the Spanish monetary authority and the Ministry of Economy and Finance.

It has been precisely the Ministry of Finance who is also the group announced today the signing of the Ministerial Order authorizing the Civic Banking Group to operate, once it received a favorable report by the General Directorate of Treasury and the Bank Spain.

Ahead are the relevant entries and other administrative processes to see the Civic Banking Group as the first SIP bank operating in Spain, without consuming resources of Fob, launching a pioneering business model and growth and internationalization as key challenges future?

Satisfaction. Cava de Burgos is shown fully satisfied with the decision taken by the Ministry of Economy and Employment of the Junta de Castillo y Leon, valuing hard work in recent months by the latter. For Burgos entity represents a major milestone in shaping the Civic Banking Group and cruise speed facilitates the group wants to acquire for its implementation on 1 July.

Economists and analysts said in recent days the possibility that the United States suffer a recession due to double Europe’s financial crisis, caused by the ballooning budget deficit of Greece, Spain and Portugal.

The Nobel laureate economist Joseph Stilts said last week the international press that a strong dollar and a weak European economy increased the possibility of two U.S. recessions.

Such a scenario sparked investor nervousness, which caused the three major U.S. stock indexes posting their worst May since 1940, when Franklin Delano Roosevelt held the presidency of the United States.

During this month, which officially ended last Friday in the U.S. after the Memorial in War-the three main stock indexes recorded a loss of eight percent from April.

On 5 May, the Dow Jones index in New York lost almost a thousand points in minutes, a drop caused in part by a technical error still completely unclear.

During this month weighed Greece’s inability to finance its budget deficit, disclosed by the loan of billion-trillion dollars, in English-committed to the country by the European Union (EU).

In addition, uncertainty about the future of Europe increased in recent days to rescue the bank in Spain Camases and because the stock rating cut by Fitch is rating grade sovereign debt of that country.

Fitch followed the example of other rating agencies, which had already downgraded the sovereign debt of Spain, the same as that of Portugal and Greece.

European Financial difficulties have pushed the euro to its lowest valuation since April 2000, with a low monthly until 28 May to 7.7 percent against the dollar.

The crisis in Europe, analysts, could affect the U.S. economy is in a first stage of recovery and with an unemployment rate remains at 10.0 percent.

During the week, the secretary general of the Organization of Trade in Europe, John Monks, said that Europe was heading to another stage of contraction, if not place more resources to the continent.

For his part, economist at New York University who predicted the recession started in 2008, Muriel Robin, has indicated that a stock market decline of 20 percent is likely in the coming months.