The unemployment rate in the 16-nation euro zone soared to a ten-year high of 9.6 per cent in August, as the region continued to feel the tremors of the financial turmoil.
Euro zone -- a group of 16 nations that share the common currency euro -- has seen the jobless pace jump to 9.6 per cent in August, little higher than 9.5 per cent in July.
In August last year, the rate stood at 7.6 per cent. Eurostat, the official statistical agency for the European community, today said the unemployment rate is the highest since March 1999.
A staggering 15.165 million people were jobless in the region in August.
In the European Union region, the unemployment rate in August was at 9.1 per cent, the highest since March 2004. The same stood at nine per cent in July.
As many as 21.872 million people were without a job in the 27-nation European Union in August.
"Compared with August 2008, unemployment went up by 5.008 million in the EU and by 3.224 million in the euro area," Eurostat said in the statement.
Among the countries, the unemployment rate was the highest in Spain at 18.9 per cent and Latvia (18.3 per cent), while the lowest was seen in the Netherlands at 3.5 per cent.
Meanwhile, many of the major economies including France and Germany have exited recession and the region as a whole is slowly seeing signs of stabilisation.
Agencies
Showing posts with label Spain. Show all posts
Showing posts with label Spain. Show all posts
Thursday, October 1, 2009
Saturday, September 19, 2009
$2 tn in revenues for green businesses by 2020
Global revenues from climate-related businesses such as energy efficiency rose by 75% in 2008 to $530 billion and could exceed $2 trillion by 2020, HSBC Global Research estimated.
In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.
The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.
The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.
“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.
Agencies
In the 2006 Stern Review on the economics of climate change, climate-related revenues were forecast to climb to $500 billion by 2050. “We can see that this seemingly huge figure has already been surpassed well ahead of time as more and more businesses adapt their business model,” said Joaquim de Lima, global head of quant research for equities at HSBC.
The climate sector has surpassed the size of the global aerospace or defence industry, with the United States, Japan, France, Germany and Spain accounting for 76% of global climate revenues, the report found. For revenues to rise to $2 trillion, the way energy is generated and used needs to change and continued government support is needed.
The four core investment pillars will be low-carbon energy production, energy efficiency, control of water, waste and pollution and climate finance, the report said. Energy efficiency recorded the highest investment returns in the year to date at 30%.
“This is a very significant trend given the substantial share of climate stimulus funds that have been directed at energy efficiency and energy management by governments across the globe,” HSBC analysts said.
Agencies
Tuesday, February 24, 2009
Nokia, Qualcomm tie up after years in court battles
Top cellphone maker Nokia will use Qualcomm's chips in its advanced cellphones, the firms said on Tuesday, marking a further warming of ties between the former courtroom rivals.
The cooperation gives Qualcomm access to a major share of the smartphone market, while it enables Nokia to further lower production costs.
"In the end of the day Qualcomm needs Nokia as much as Nokia needs Qualcomm," said Gartner analyst Carolina Milanesi.
The deal marks the first time Nokia will use Qualcomm chipsets in its 3G phones, and brings the firms closer together after years of bitter disputes over intellectual property rights and royalty payments.
"We are very very excited about this opportunity," Andrew Gilbert, the head of Qualcomm's European business told the media in an interview. "We are going to compete for as much of their business as we can."
Nokia's key suppliers of 3G chipsets have been Texas Instruments and STMicro, which has spun off wireless chips into a joint venture with Ericsson.
Nokia and the new ST-Ericsson venture said on Tuesday they would cooperate on providing ST-Ericsson's U8500 chips for 3G smartphones using Symbian foundation software.
Nokia said on Tuesday it had tapped also Broadcom, its current supplier of second-generation technology chips, to supply 3G chipsets.
Nokia eyes U.S. Market
Nokia and Qualcomm agreed last July to a 15-year settlement that included a hefty 1.7 billion euro one-time payment from Nokia, ending a three-year legal battle where the firms raised dozens of cases against each other on three continents.
The agreement also comes against the backdrop of an ailing cellphone market, with 2009 sales set to drop as consumers rein in spending on new gadgets due to the economic recession.
Nokia said it would introduce the first model using Qualcomm chipset and Nokia's software in the middle of next year.
The phones would initially be for the North American market and work on third-generation networks and run on the Symbian operating system, the most widely-used smartphone software that is currently controlled by Nokia but will eventually be made royalty-free for all users.
Nokia shares were down 2.2 percent at 9.11 euros on a weaker Dow Jones Stoxx European Technology Index.
"I don't see the markets reacting since the products are expected to be sold only around mid-2010," said Nordea analyst Martti Larjo. "(But) at least the cooperation shows that Nokia is focusing its efforts on the North American market."
Nokia has long struggled in the U.S. market. North American sales dropped 20 percent year-on-year in the fourth quarter, and Nokia's North American market share of some 8.7 percent was well below its global figure of 37 percent.
Agencies
The cooperation gives Qualcomm access to a major share of the smartphone market, while it enables Nokia to further lower production costs.
"In the end of the day Qualcomm needs Nokia as much as Nokia needs Qualcomm," said Gartner analyst Carolina Milanesi.
The deal marks the first time Nokia will use Qualcomm chipsets in its 3G phones, and brings the firms closer together after years of bitter disputes over intellectual property rights and royalty payments.
"We are very very excited about this opportunity," Andrew Gilbert, the head of Qualcomm's European business told the media in an interview. "We are going to compete for as much of their business as we can."
Nokia's key suppliers of 3G chipsets have been Texas Instruments and STMicro, which has spun off wireless chips into a joint venture with Ericsson.
Nokia and the new ST-Ericsson venture said on Tuesday they would cooperate on providing ST-Ericsson's U8500 chips for 3G smartphones using Symbian foundation software.
Nokia said on Tuesday it had tapped also Broadcom
Nokia eyes U.S. Market
Nokia and Qualcomm agreed last July to a 15-year settlement that included a hefty 1.7 billion euro one-time payment from Nokia, ending a three-year legal battle where the firms raised dozens of cases against each other on three continents.
The agreement also comes against the backdrop of an ailing cellphone market, with 2009 sales set to drop as consumers rein in spending on new gadgets due to the economic recession.
Nokia said it would introduce the first model using Qualcomm chipset and Nokia's software in the middle of next year.
The phones would initially be for the North American market and work on third-generation networks and run on the Symbian operating system, the most widely-used smartphone software that is currently controlled by Nokia but will eventually be made royalty-free for all users.
Nokia shares were down 2.2 percent at 9.11 euros on a weaker Dow Jones Stoxx European Technology Index.
"I don't see the markets reacting since the products are expected to be sold only around mid-2010," said Nordea analyst Martti Larjo. "(But) at least the cooperation shows that Nokia is focusing its efforts on the North American market."
Nokia has long struggled in the U.S. market. North American sales dropped 20 percent year-on-year in the fourth quarter, and Nokia's North American market share of some 8.7 percent was well below its global figure of 37 percent.
Agencies
Monday, December 15, 2008
After credit crisis world now rattled by Madoff scandal
European investors face billions of dollars losses in the wake of disclosure of "Ponzi" scheme run by Bernard Madoff, now being investigated by the American authorities.
European banks, including Spain's Grupo Santander SA and France's BNP Paribas, were quoted by the Wall Street Journal as saying that their clients and shareholders face billions of euros of losses on investments, underscoring the global reach of the alleged Ponzi scheme run by the veteran New York money manager.
A ponzi scheme is a type of securities fraud where the promoter makes some sort of false or misleading statement about an investment (often including a guaranteed high rate of return) and pays off older investors with newer investors money.
Santander, the eurozone's largest bank by market value, said its clients had an exposure of 2.33 billion euros ($3.1 billion) to Madoff's investment funds, mainly through its Optimal Strategic US Equity fund.
The company, which has been relatively unscathed from global financial crisis, said it had hired Madoff's firm to execute the Optimal fund's investments. Santander vowed to "undertake the legal actions which may be needed to defend the interests of investors."
The Journal reported that BNP, France's largest bank by market value, said it could lose as much as 350 million euros as a result of the alleged fraud.
However, the bank said it has no investment of its own in the hedge funds managed by Bernard Madoff Investment Services. BNP Paribas, however, said it is exposed to these funds through its trading business and lending to hedge funds that had invested in Madoff's funds.
The losses, the Journal said, could prove particularly embarrassing for banks' private-banking businesses, which charge high fees to wealthy investors in return for what is supposed to be superior advice and due diligence.
More than two billion euros belongs to institutional investors and international clients of Santander's private-banking business, which provides services to wealthy individuals, it was quoted as saying. The remaining 320 million euros belongs to private-banking customers in Spain, where the bank is based.
Most of the European banks' exposures were on client investments they managed, rather than on the banks' own balance sheets, it said, adding that it's not yet clear how much, if anything, investors in Madoff's funds may be able to recover.
Exposures to Madoff's funds have also emerged among a growing number of smaller European private banks.
In a letter posted on its website, the Swiss private bank Reichmuth and Co said its clients had an exposure of some 385 million Swiss francs to Madoff funds.
The bank said Reichmuth Matterhorn, a fund that invests in other hedge funds, faced a potential loss of about 8.6 per cent on its exposure to Madoff. That amount represented about 3.5 per cent of the 11 billion Swiss francs Reichmuth & Co. has under management, the bank said, the Journal reported.
Source: Agencies
European banks, including Spain's Grupo Santander SA and France's BNP Paribas, were quoted by the Wall Street Journal as saying that their clients and shareholders face billions of euros of losses on investments, underscoring the global reach of the alleged Ponzi scheme run by the veteran New York money manager.
A ponzi scheme is a type of securities fraud where the promoter makes some sort of false or misleading statement about an investment (often including a guaranteed high rate of return) and pays off older investors with newer investors money.
Santander, the eurozone's largest bank by market value, said its clients had an exposure of 2.33 billion euros ($3.1 billion) to Madoff's investment funds, mainly through its Optimal Strategic US Equity fund.
The company, which has been relatively unscathed from global financial crisis, said it had hired Madoff's firm to execute the Optimal fund's investments. Santander vowed to "undertake the legal actions which may be needed to defend the interests of investors."
The Journal reported that BNP, France's largest bank by market value, said it could lose as much as 350 million euros as a result of the alleged fraud.
However, the bank said it has no investment of its own in the hedge funds managed by Bernard Madoff Investment Services. BNP Paribas, however, said it is exposed to these funds through its trading business and lending to hedge funds that had invested in Madoff's funds.
The losses, the Journal said, could prove particularly embarrassing for banks' private-banking businesses, which charge high fees to wealthy investors in return for what is supposed to be superior advice and due diligence.
More than two billion euros belongs to institutional investors and international clients of Santander's private-banking business, which provides services to wealthy individuals, it was quoted as saying. The remaining 320 million euros belongs to private-banking customers in Spain, where the bank is based.
Most of the European banks' exposures were on client investments they managed, rather than on the banks' own balance sheets, it said, adding that it's not yet clear how much, if anything, investors in Madoff's funds may be able to recover.
Exposures to Madoff's funds have also emerged among a growing number of smaller European private banks.
In a letter posted on its website, the Swiss private bank Reichmuth and Co said its clients had an exposure of some 385 million Swiss francs to Madoff funds.
The bank said Reichmuth Matterhorn, a fund that invests in other hedge funds, faced a potential loss of about 8.6 per cent on its exposure to Madoff. That amount represented about 3.5 per cent of the 11 billion Swiss francs Reichmuth & Co. has under management, the bank said, the Journal reported.
Source: Agencies
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