Volkswagen decides not to sue South Korea over sales ban
SEOUL Volkswagen decided against suing South Korea which last month suspended sales of most of its models and slapped a fine of 17.8 billion won (12.16 million pounds)on the German carmaker.
MADRID Nationalised Spanish lender Banco de Valencia BVA.MC, recently bought for 1 euro by the country's third-biggest bank, La Caixa (CABK.MC), will fire more than half its workforce, union UGT said on Monday.
Banco de Valencia plans to dismiss 890 employees, UGT said in a statement, and an official consulting period will begin on January 15. The lender fired 360 workers in 2011.
Banco de Valencia had no comment.
Spain's unemployment rate currently stands at one in four and banking unions expect 12,000 employees to lose their jobs in the sector this year.
Banks were badly hit when Spain's boom turned to bust five years ago, leading the government to seek a bailout for its ailing lenders in June 2012.
The country's biggest bank, Santander (SAN.MC), is reported to be planning to sack over 3,000 workers following its planned merger with Banesto BTO.MC, while 6,000 people will lose their jobs at nationalised Bankia (BKIA.MC).
Although job losses were expected when La Caixa bought Banco de Valencia, one of the lenders worst affected by the collapse of Spain's property boom, union UGT said it believed "cutting 890 jobs was not necessary".
The other three nationalised entities, Bankia, Catalunya Banc and Novagalicia Banco - which is also known as NCG Banco - must trim their balance sheets and cut staff as a condition of European aid for Spain's banking sector.
Catalunya Banc and Novagalicia Banco are expected to be sold early this year.
(Reporting by Andres Gonzalez and Clare Kane; Editing by Dan Grebler)
Mylan NV said it would launch the first generic version of its allergy auto-injector EpiPen for $300 (229 pounds), half the price of the branded product, the drugmaker's second step in less than a week to counter the backlash over the product's steep price.
LONDON In the last financial year before Britain voted to leave the European Union, the country gained more foreign investment projects than ever before, the government said on Tuesday.