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Telecom Italia overhauls board, elects new chairman

Telecom Italia investors elected a new chairman Wednesday and overhauled the company's board in a bid to bring greater transparency and efficiency to Italy's largest phone group. Giuseppe Recchi, outgoing chairman of oil group Eni, was elected as part of a restructuring of the board which saw independent directors favoured over executives from shareholder Telefonica, Italian media reports said. The revamp aims to give chief executive Marco Patuano greater flexibility in tackling the group's mammoth debts and funding investments to boost growth.

Bank of Spain denies report of stress tests this month

MADRID (Reuters) - The Bank of Spain has denied it plans to subject Spanish lenders to stress tests this month ahead of Europe-wide health checks following a report in newspaper Cinco Dias on Tuesday. "There is no pre-test," a spokesman at the central bank said. Cinco Dias reported that the Bank of Spain would conduct preliminary studies on 16 banks to better prepare the lenders for what are expected to be rigorous health checks of the industry in Europe later this year.

Spain's rescued Bankia sells Iberdrola stake

Spain's Bankia, rescued by the state from near financial collapse in 2012, announced Thursday it had raised 1.53 billion euros ($2.1 billion) by selling its stake in energy giant Iberdrola. It was the biggest single asset sale by Bankia and its parent BFA since the group was salvaged two years ago with a 20-billion-euro rescue, financed by Spain's European partners.

Spain's Bankia says will sell Iberdrola stake

Spain's state-owned bank Bankia, which was nationalised in 2012 to save it from collapse, said Wednesday it would sell its stake of 4.94 percent in Spanish utility Iberdrola. The stocks, one of Bankia's last remaining corporate stakes, are worth about 1.6 billion euros ($2.2 billion) at Ibedrola's closing price of 5.002 euros a share. The operation will be carried out through an accelerated book-building process, which involves offering shares in a short time period with little or no marketing, Bankia said in a statement.

Spain's Telefonica to roll out new LTE network in Mexico

Mexico City, Apr 9 (EFE).- The Mexican unit of Spain's Telefonica plans to roll out a new 4G LTE mobile-broadband network in Mexico that by 2015 will span 300 cities nationwide, covering 70 percent of the population, the company said in a statement. Telefonica Public Affairs and Regulation Director Carlos Lopez Blanco said Mexico's recent moves to open up its telecommunications sector will generate greater investment and more competition.

Spain's Telefonica to roll out new LTE network in Mexico

Mexico City, Apr 9 (EFE).- The Mexican unit of Spain's Telefonica plans to roll out a new 4G LTE mobile-broadband network in Mexico that by 2015 will span 300 cities nationwide, covering 70 percent of the population, the company said in a statement. Telefonica Public Affairs and Regulation Director Carlos Lopez Blanco said Mexico's recent moves to open up its telecommunications sector will generate greater investment and more competition.

Repsol's shareholders approve settlement with Argentina

Madrid, Mar 28 (EFE).- Spanish oil major Repsol's shareholders approved the compensation accord the company reached in February with the Argentine government over the 2012 nationalization of its YPF unit. The deal, which ends a two-year dispute over the expropriation of Repsol's 51 percent stake in Argentina's largest oil company, calls for Buenos Aires to pay the Madrid-based oil major $5 billion in dollar-denominated bonds maturing between 2017 and 2033.

Spanish companies look for LatAm business at Chilean air show

Santiago, Mar 27 (EFE).- A dozen Spanish companies are participating in the 2014 International Air and Space Show, or FIDAE, in Santiago, Chile, exhibiting innovative new aerospace products, defense equipment, such as armored vehicles, helicopter engineering gear and air traffic control systems. The Spanish firms are in a pavillion set up by the Spanish Defense, Aeronautics and Space Technology Companies Association, or TEDAE, with the goal of identifying partners and sourcing customers in Latin America.

Spain's economy to grow 1.2 pct in 2014, 1.7 pct in 2015, central bank says

Madrid, Mar 26 (EFE).- Spain's gross domestic product will grow 1.2 percent this year, thanks to the first increase in consumer spending since the economic downturn in the Iberian nation started, the Bank of Spain said Wednesday. Economic growth should accelerate in 2015, when Spain's GDP is expected to expand by 1.7 percent, the central bank said in its March Economic Bulletin. Growth this year will benefit from a positive trend in consumer spending, the Bank of Spain said.

Spanish economy to grow 1.2% in 2014, central bank says

Spain's economy will grow by 1.2 percent in 2014 after shaking off a long, job-destroying downturn, the nation's central bank predicted Wednesday. The bank's outlook for Spain, which boasts the eurozone's fourth-largest economy, paints a picture of gradual, modest recovery with stubbornly high rates of unemployment. "After the start of the recovery observed in the second half of 2013, we predict that the Spanish economy will continue to progress through this year," the Bank of Spain said in its monthly bulletin.
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