After the euro debt crisis, Spain’s alpha-lender sought greener pastures in the Emerging Markets. That bet is coming home to roost.
It is impossible to overstate the importance of tourism to Spain’s economy.
To diversify from the euro debt-crisis, the biggest Spanish banks pushed deeply into Emerging Markets. Now, six years later, they’re in a new crisis.
To heck with the concerns of local citizens and city councils.
Banks are curtailing “cash services.” But why?
Turkish lira in free-fall, down 18% in two days.
Bad habits die hard.
The horribly botched IT upgrade hits the income statement.
The competitive advantage rideshare giants have over local taxi firms is their ability to burn cash, as investors eagerly subsidize each ride.
It’s a brutal environment.