Concerned over the forecast of yet another recession, Canada’s Finance Minister Jim Flaherty has urged the European leaders to take stern steps to tackle the menace of recession. It has come to light that
if Europe didn’t controlled its financial crisis then soon the Canadian economy would become the victim of it.

During a television interview, Flaherty said, "The avoidance of a recession depends on the ability of the Europeans to take the actions they need to take”. While addressing to the banking sector of the

Woori Finance Holdings Cooperation, which was established in 2001, is Korea's largest financial holding company in terms of assets, and seems it is going to expand its power outside the nation as well as it's going to team up with Spain's Banco Bilbao Vizcaya Argentaria SA to mark its presence in America.

It has recently come into light that Sara Lee Corp. (SLE) has finally agreed to sell its fresh bakery businesses in Spain and Portugal to Mexico's Grupo Bimbo S. A. B. de C. V. The deal has been finalized for EUR115 million in cash.

Sara Lee had a business of all kinds of household products and food brands. Now it aims to narrow its focus from this venture and has therefore decided to sell its bakery business off to BIMBO. MX.

Almost 15% profit is expected by Spain's Popular when it completely overtakes its competitor Pastor by the beginning of next year.

Latest reports have revealed that Gamesa from Spain has now signed a deal with a firm from China. This deal is for the investments in the energy sector, and there have been announcements of a new contract.

According to the new contract, the firm is going to build wind parks that shall be capable of supplying 200 megawatts of energy to the Huadian New Energy Development Company situated in Mongolia Province in China. This shall make use of turbines of 2.0 megawatt, revealed Gamesa.

The British rental-equipment firm, Lavendon Group has announced that its performance improved in the first-half of the year and the results were above the expectations of analysts. For the first-half of the year 2011, overall revenues of Lavendon increased 8% excluding ex-fleet equipment sales, as compared to the 106 million pounds last year.

It has been revealed according to a recent report that there is going to be an exchange of technologies in Spain and the United States. The United States is going to have this deal with Spain in order to build a more secure course of action against the possible threats to their nation.

The deal shall have an exchange of information, personnel as well as technology to make new benchmarks for dealing with threats from the world.

Though Finance Minister Elena Salgado is really worried about the surge in the borrowing costs but she still says that Spain won’t need a bailout as the yield on the country’s benchmark 10- year bond is at its highest level since
2000.

Undoubtedly, demand for Spanish debt is still strong but Ms Salgado is definitely worried as in an interview today on TVE television in Madrid, she said that “Of course, the yield worries me. We are not, nor will we be, on the verge of any bailout.”

Billionaire investor George Soros has recently announced about the foreseeable departure of Greece from the euro, upon which, Finance Minister Michael Noonan said yesterday that the European leaders think that they can efficiently avoid debt crisis in Ireland and Portugal but the main issue of concern for all is that Greece could trigger problems in larger economies such as Spain.

The U. K. electrical group Dixons Retail PLC revealed the huge loss it has suffered in Greece and Spain markets.

Dixons stated on its site that its Greek operations are about to end and the assessment of the Spanish business was also disclosed. The Spain market has provided the loss of GBP224.1 million, whereas the same country had helped last year by the profit of GBP112.7 million. The sales were down to down 2%.

Royal Philips Electronics, an electronics manufacturer gave out the profit caveat, by adding Kesa Electricals PLC and Home Retail Group PLC as the growing companies.