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Over half of young Spaniards and Greeks are currently unemployed. In western Macedonia, an area in the north of Greece they are experiencing 72.5 per cent youth unemployment rate according to official European statistics released yesterday, with some Spanish regions not far behind. Both economies are in deep and prolonged recession. Ceuta, the North African autonomous Spanish enclave, reported that 70.6 per cent of 18-24 year olds were unemployed, and seven Spanish regions registered over 60 per cent. The average rate of youth unemployment in the EU is 22.9 per cent, but the strongest and weakest economies in Europe display…

Spain’s well known department store, El Corte Ingles, is in talks to resolve debt of €5 billion. El Corte Ingles, one of Spain’s largest employers and most venerable retailers, has been hit by the  economic crisis and been forced to cut prices to fight back against cheaper retailers, particularly in the food sector. In a statement, the store chain said the new debt could take the form of a syndicated loan and could also involve securitising consumer loans from its finance arm. The department store has long offered consumer financing through its own green store card. Morgan Stanley is leading…

IT is the end of an era for shoppers as one of the oldest and best known hypermarkets on the Costa del Sol closes its doors. Euromarket, also known originally as HiperEuropa, on the boundary of Fuengirola and Mijas Costa, was once one of the most popular and largest hypermarkets in the region. But now it has new owners, and it is expected to be re-opened under a new name. Dating back to the early 80s it was at one time the only option for expats in the area wanting to relive their UK-style shopping experience. It was part of…

INGENIOUS scientists looking for an eco friendly way of dealing with seaweed-strewn beaches are processing it ready to turn into bio fuel. They have developed a machine to wash, dry and compress seaweed into fuel pellets right on the beach. The 2,000 tonnes of seaweed washed up overnight at Playa de San Juan recently has highlighted the difficulties faced by local councils on a regular basis. Councils hastily remove the seaweed conscious that pristine beaches are vital to tourism. Once collected it can be processed for fertiliser, but seaweed contains more ethanol than corn and is increasingly used for biofuel…