¶7 June, 2009

Pollo Campero announces its foray into the Arabian Gulf

Guatemalan chain opened its first location in Barcelona, Spain, and prepares its next opening in Andorra and the Kingdom of Bahrain in the coming months.

Pollo Campero opened its first restaurant in Barcelona and third in Spain, located in the Heron City shopping mall in the Catalan town of Can Drago in alliance with the company Eat Out.

Al-Hazeem, president of JA Group Holding, will introduce Campero brand in the Middle East. Al-Hazeem wanted to witness the opening for the proximity to the same event will occur in the Kingdom of Bahrain.

The global economic crisis not slowing expansion plans Campero International, which this year plans to increase its network of restaurants in Indonesia, the first opening in Andorra, and his arrival at the next world with the help of Arabic Jamal A. Al-Hazeem y el grupo JA Holding, informed the Guatemalan chain through a press release.

According to plans Campero, the partnership with JA Holding lets you take your brand to 7 countries in Gulf Arabic and assemble a network of at least 35 restaurants.

Pollo Campero is the largest restaurant chain in Latin America, has to date more than 300 restaurants in 11 countries (Central America, Mexico, United States, Ecuador, Spain, China and Indonesia), serves more than 80 million meals per year and employs over 10 thousand people.

— elPeriodico, Guatemala

P.S. Google translate still needs some work…

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†16 May, 2009

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Sovereign Bancorp reports $817.3m loss

From the Boston Globe: Sovereign Bancorp reports $817.3m loss

Sovereign Bancorp … lost $817.3 million in the quarter, compared with a net income of $100.1 million in the same period a year ago. It also reported that it set aside $505 million for bad loans, up from $135 million a year ago. The Philadelphia-based holding company owns Sovereign Bank and was acquired in January by Spain’s Banco Santander.

The bank’s total allowance for loan losses was $1.3 billion at the end of the quarter. Sovereign also has a large exposure to soured investments: nearly $1 billion in unrealized losses on investment securities - losses it could have to write down as permanent in the future.

It had total assets of $78.1 billion …

Soverign Bancorp wasn’t one of the 19 stress test banks (assets are less than $100 billion) and they are now owned by Banco Santander. But this is an example of the next tier of banks - and of more losses coming.

This pie chart shows the breakdown of loans by category that are held for investment ($53.7 billion) from Sovereign Bancorp’s 10-Q SEC filing.

If we use the indicative loss rates from the Federal Reserve (more adverse scenario) for each loan category, this would suggest $4.0 to $5.3 billion in losses over the next two years. Note: this doesn’t include losses on investment securities.

As an example, the two year indicative loss rate for CRE, nonfarm, non-residential are 7% to 9%. Sovereign Bancorp shows $10.4 billion in assets in this category (excluding C&D), and that suggests two years indicative losses of $730 to $940 million. Soverign might do better or worse depending on their portfolio, but this suggests there are more losses to come.

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¶16 May, 2009

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Barcelona air is filled with drugs like cocaine

The rain in spain shows traces of cocaine. The air in Barcelona and Madrid is said to be laced with cocaine and other drugs.

Tests have found the air in the Spanish cities contains more illegal drugs than most European cities - most prominently cocaine.

A study by CSIC, (Consejo Superior de Investigaciones Científicas) also found traces of amphetamines, heroin, cannabis and LSD in the air.

But it was the level of cocaine which socked researchers, there was eight times the amount in Rome - 850 picograms per cubic metre of air compared to 100.

However even at this level it would take 1,000 years of breathing it in to be equal to one dose … sorry if I have just spoilt your holiday plans.

Barcelona air is filled with drugs like cocaine - Odd News | newslite.tv

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¶25 November, 2008

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Spain's Barcelo Buys 5 Star Hotel in Guatemala

Reportedly paid $42 million for the former Marriott Hotel

GUATEMALA CITY — Spain’s Barcelo Hotels & Resorts has acquired the Hotel Guatemala City, a luxury property previously operated by U.S.-based Marriott.

The Spanish hospitality and travel company rebranded the hotel as the Barcelo Guatemala City and began operating it on Monday.

Unconfirmed reports in the Guatemalan press said Barcelo paid about $42 million for the five-star hotel, which is located in Guatemala City’s main hotel district.

The hotel, Barcelo’s first in Guatemala, has 383 rooms and suites, as well as a spa, entertainment center and meeting rooms.

Barcelo operates four- and five-star hotels in Costa Rica, Nicaragua, Mexico, the Dominican Republic, Cuba, Ecuador and, now, Guatemala. EFE