Morning in brief: Spanish government to unveil austere budget

The Spanish government is expected to reveal an austere budget later today, while Apple has pledged to boost the working conditions of 1.2m of its Chinese workers.

International

The Spanish government will today unveil what is anticipated to be the most austere budget since the transition to democracy, reports the BBC. Spain has the highest unemployment rate in the eurozone, approaching 50% among 18-24 year olds.

Markets

Both European equity futures and the euro are up ahead of a two-day EU meeting which could result in the eurozone’s bailout fund being increased, says Bloomberg. European finance ministers will meet in Copenhagen to debate increasing the fund to over £700 billion.

 

Companies

Apple and Foxconn Technology Group have pledged to improve working conditions for around 1.2m labourers assembling iPhones and iPads in China, reports Reuters. The proposals include the hiring of tens of thousands of new workers, the elimination of illegal overtime, improvement of safety protocols and upgrading workers’ housing and other amenities.