About 35,000 Santander customers have received the wrong bank statement, claims one report. The bank customers received the first page of their account but subsequent pages belonging to other clients. The bank reacted immediately by writing to all the effected customers, and informed the Financial Services Authority about the problem. The latter may impose a hefty fine due to a breach of data protection. A...

Shares in Europe and Asia have fallen on fears that the Irish debt might spread to other European countries. The bail-out money will come from the European Union. Following the bail-out of Greece, this is the second country to turn to the EU for financial support. Yet again banks are being targeted as a maneouvre in the next budget to improve this sector. A four-year budget plan should be tabled on...

Bloomberg reported last week that the Euro-zone’s smallest economy – Malta, and the largest economy – Germany, were the only two to register a boost in their “competitiveness and fiscal sustainability” during the past five years. Allianz chief economist Michael Heise claimed that “virtually all Euro-zone countries still face a massive task in getting their public...

Russia is moving towards the privatisation process of 900 state firms, a move that could raise up to Rb 1.8 trillion (USD60 billion/Eur43 billion). This action should counteract the country’s increasing budget deficit. Among the companies forming this group is the oil giant Rosneft and Russian railways, said the Deputy Prime Minister Igor Shuvalov. Major privatisations took place in Russia in...

The provider of global financial messaging services SWIFT has announced price cuts on its core service FIN with effect from 1 January 2011. CEO Lazaro Campos announced the reduction in line with SWIFT’s vision and mission for the next five years SWIFT2015, which should see further price cuts while committing to invest further in the security and the reliability of the product. The company has...

Germany’s giant bank, Deutsche Bank, said that it will raise € 9.8bn (USD 12.4bn) in new equity as it seeks new capital investment to take over the retail bank Postbank. Deutsche Bank already owes a third of the equity in Postbank, and the capital increase should secure the equity required for a much needed consolidation of the retail bank. Markets around Europe reacted to the news with a drop...

Eurostat published figures for retail trade for the month of July. Malta recorded a 2.9% boost following Portugal which recorded a 3% and France a 2.2% incease. Romania, Spain and Lithuania all registered a drop. Overall results show an increase in trade of 0.1% on the previous month, and 1.4% increase on July of 2009, within the Euro area.

A strong Japanese Yen has reached a record 15-year high against the US Dollar. This resulted in losses of Japanese shares on the stock market with Nikkei closing below 9000 points for the first time since May 2009. Exporters have expressed concern, and there are ongoing discussions between the governor of the Bank of Japan and the Prime Minister about possible government intervention.

Germany recorded an economic growth of 2.2% in the second quarter of 2010. This is the fastest growing economy ever recorded for the past 20 years and the highest since German reunification. Other Eurozone economies recording a growth in the same period were France at 0.6% and Spain at 0.2%. Italy’s economic growth remained constant at 0.4% as in the previous quarter, whereas Greece saw a drop...

European finance ministers have given their approval to Estonia to adopt the Euro as the country’s main currency as from 1 January 2011. The tiny Baltic state populated by 1.3m inhabitants will become Europe’s 17th member to adopt the single currency. Estonia has met the entry requirements concerning inflation, deficit, debt and interest rates. Of the EU’s 27 member states, 16 have...