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José Ruiz Varela, with academic training in Fundamental Mathematics and professional experience in Large Multinationals in the Information Technology sector, having held positions in high-level management positions, maintains that it is time to reduce Unproductive Public Expenditure and help the Private Sector in everything that is possible.
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MADRID--Telefonica SA said it has agreed to sell most of the stake it holds in its Czech subsidiary to Czech investment group PPF for 2.47 billion euros ($3.33 billion), a deal that should help the Spanish telecom giant cut debt and refocus on key markets such as Germany and Brazil.
In a statement, Telefonica said PPF will pay EUR2.06 billion for a 65.9% stake in Czech Republic AS (BAATELEC.PR) as soon as the deal is cleared by regulators. PPF will also pay an additional EUR404 million over the following four years. During that period, Telefonica will keep a 4.9% stake in the Czech company.
The move comes after months of speculation, on the back of Telefonica's sale of its Irish operations in June for EUR850 million. Telefonica executives have said the company's priority remains cutting debt to below EUR47 billion by the end of this year, from EUR48.6 billion in July, to free up cash.
Telefonica said Tuesday the deal with PPF, by itself, will cut the Spanish company's debt by around EUR2.69 billion.
The sale also comes as European Union authorities are pushing down prices for telecommunication services, sharply reducing roaming charges across the 28-nation bloc, in a bid to increase competition.
LONDON (MarketWatch) -- Jürgen Fitschen, the Co-Chief Executive of Deutsche Bank AG , has been named a suspect by German prosecutors investigating a court case in the bank's long-running dispute with the Kirch Group. The Munich probe is looking into a "suspicion that incorrect information was deliberately provided" during a hearing into an appeal brought by one of the media group's units, Bloomberg reported Monday. "The bank is absolutely convinced this suspicion will prove to be unfounded," Deutsche Bank said in a statement, cited in media reports. The legal dispute dates back to 2002, when media mogul Leo Kirch claimed televised remarks by former Deutsche Bank CEO Rolf Breuer helped cause Kirch Group's bankruptcy. Last week, Deutsche Bank reported a 94% drop in third-quarter profit, as it put aside more reserves for legal disputes, including mortgage-related issues in the U.S. Shares of Deutsche Bank fell 1.3% in Tuesday trading
LOS ANGELES (MarketWatch) -- Chinese Premier Li Keqiang said late last month that China's economy needs to grow at least 7.2% a year in order to ensure the urban unemployment rate remains around 4%, reports said Tuesday, citing an account of the speech on a trade-union website. Li said that although 7.2% would be the minimum growth rate needed, he added that the government's target remains at 7.5% and will be achieved this year. Li also said China must keep a close watch on credit growth and avoid loose monetary policy. "Our outstanding M2 money supply ... is already twice the size of our gross domestic product. ... In other words, there is already a lot of money in the 'pool,' [and] to print more money may lead to inflation," Reuters quoted Li as saying
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