Santander takes over financial control of the Spanish department store chain El Corte Ingles for 140 million Euros. The alliance creates a big giant with nine million customers.
Banco Santander and El Corte Ingles have reached an agreement to Santander Consumer Finance (SCF), which is a branch of the bank takes over 51 percent of El Corte Inglés. The alliance will create a giant with around nine million customers.
The Spanish department store chain El Corte Inglés has been grappling with major economic problems. Recently, they reached an agreement with its lenders on debts of 3.8 billion Euros, which was 76 percent of the total debt.
The Spanish lenders Banco Santander, BBVA, Banco Sabadell, La Caixa , Bankia and Banco Popular , which together account for three-quarters of the chain’s debt financing – has approved an agreement for a loan to be paid by 2021.
El Corte Inglés, which is not listed, it has 98,000 employees. Spain‘s crisis had sales fall by 3.9 percent in 2011, while profit fell by 34 percent.
Chestnut harvest in full swing
Right now is the harvest of chestnuts as the best in the Valle del Genal or Genal Valley in the Ronda Mountains north of the Costa del Sol and Marbella. The area is a leader in Andalusia for chestnuts and the third largest in Spain.
Around 1500 families live in chestnut production in the Serrania de Ronda. From the middle of September and two months ahead harvested chestnuts. Several of the farms are small, of about three acres, while villages Igualeja and Pujerra have farms with land of 30 and 40 acres.
This year the harvest end up on four million kilos which is a good result compared to last year. Thanks to the recent winter precipitation becomes rich harvest more in the fall.
In the province of Malaga are the largest chestnut groves in the Valle del Genal with 4,000 hectares and 300 hectares in Yunquera in the Sierra de las Nieves.
Half of the crop stays in Spain while the other half is exported to Italy, Germany, Belgium, Holland and France.
Naval base of Rota is 60 years old – four missile shields installed
Naval base of Rota celebrated on Thursday 60th anniversary since the Spanish-American bilateral agreement was signed. Naval base sees a bright future. In February, installed the first missile destroyer USS Ross and that will create jobs for 1,100 military personnel and their families.
The new U.S. ambassador in Spain, James Costos, visited Rota to participate in the celebrations and an exhibition describing the military base’s history. It was the day the doors open and a military ceremony in which soldiers from the U.S. and Spain participated.
Ambassador confirmed that a first of the destroyers will be installed in Rota.
“The base of Rota is a symbol of our shared history. The installation of missile shields generates prosperity in the base in Spain when we are navigating the difficult waters because of the economic situation, “said James Costas.
Meanwhile, the U.S. will use the Navantia shipyard in Cadiz when it comes to maintenance and repairs. A total of four destroyers will be installed in Rota in 2014 and 2015.
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