Spanish rating still negative
The ratings agency Moody’s said yesterday it had maintained its negative outlook on the Spanish banking sector because of “weak” capitalization levels that are likely to persist for the next 12 months to 18 months. “The outlook for the Spanish banking system remains negative because banks’ capitalization, profitability and access to market funding are expected to remain weak,” the agency said in a statement. Moody’s attributed the sector’s problems to Spain’s overall economic difficulties along with “continued asset deterioration and the Spanish government’s fiscal austerity plans.”
India to hold global bidding
India plans to hold global bidding by the middle of next year for developers to set up power plants that use a mix of solar and fossil fuels. “We propose a demonstration of solar-thermal hybrid plants,” Indian Ministry of New and Renewable Energy Secretary Deepak Gupta said at a conference yesterday in Mumbai. “We’re deciding right now how much capacity it should be.” Gupta said the plants will be allowed to use a mix of solar and natural gas or other fossil fuels depending on what is most suitable to the location.
35bn euros is fine: Ireland
Irish Chief Whip John Curran, a government minister and spokesman, said the 35 billion euros (US$46.5 billion) set aside for the country’s banks is “more than enough.” He made the comments in an RTE radio interview yesterday. The Irish government last month earmarked 35 billion euros for the banks as part of an international bailout. Anglo Irish Bank Corp chairman Alan Dukes was reported in the New York Times on Friday as saying that more may be needed, as mortgage defaults rise.
British firms plan to hire
More London companies are planning to return to normal hiring patterns over the next six months and fewer will have recruitment freezes, the Confederation of British Industry said. About 45 percent of companies plan to hire as normal over the period, compared with 11 percent a year ago, the -London-based lobby group said in a survey it conducted with KPMG LLP. Sixteen percent said that they would have a recruitment freeze, down from 26 percent a year ago, while the proportion of companies saying they would make redundancies over the next six months fell to 29 percent from 53 percent.
Dubai World head replaced
Dubai’s ruler has replaced the longtime head of Dubai World with his close aide and uncle as the debt-laden conglomerate works to retool its business. Sheik Ahmed bin Saeed al-Maktoum was named chairman of the sprawling conglomerate, whose holdings include seaports, high-end retailer Barneys New York and a stake in Las Vegas casino operator MGM Mirage, in a decree carried on Sunday evening by state news agency WAM. The order reshuffled the rest of the company’s board too, giving seats to top lieutenants of Dubai’s ruler who are charged with cleaning up the emirate’s financial troubles.
Mercedes’ sales up in China
Mercedes-Benz sales in the first 11 months of the year rose 119 percent to almost 129,500 units, according to an e-mailed statement from Mercedes-Benz (China) Ltd. Last month’s sales were 14,145 vehicles, the statement said.