News in brief: Eurozone jobless hits a record high, Fundraising starts at Spanish banks, Cheapskates a drag on Europe’s airlines, Investors move to oust Quarto boss

Eurozone unemployment reached a record high of 18.2 million in August as the 17-member single currency bloc heads towards recession, official figures showed today.

The unemployment rate, currently 11.4%, was also revised higher for June and July. Spain’s jobless count hit a painful 25.1% — the highest in the eurozone — although Germany’s remained stable at 5.5%. Experts warned of further rises ahead as fresh austerity measures kick in.

Fundraising starts at Spanish banks

Beleaguered Spain began the lengthy task of propping up its debt-laden banks today as the nation’s sixth-biggest bank set out plans to raise €2.5 billion (£2 billion).

The fundraising by Banco Popular came in the wake of an independent report warning that Spain’s financial institutions needed an extra €59.3 billion to weather a worsening recession. Despite the funding shortfall, shares in Spain’s leading banks rose today.

Cheapskates a drag on Europe’s airlines

Fewer passengers able to afford first and business-class flights will force European airlines to post a $1.2 billion (£740 million) loss this year, the International Air Transport Association said today. It warned that premium travel on the North Atlantic route fell 2.4% in July and down 3.5% for flights within Europe. Iata said: “European airlines are expected to post the largest loss of any region.”

Investors move to oust Quarto boss

Book publisher Quarto has set November 7 as the date for a showdown between founder Laurence Orbach and dissident shareholders trying to oust him as chairman and chief executive. Harwood Capital wants to install Tim Chadwick at the extraordinary meeting. Quarto insisted it has a “well thought out” succession plan. It called Chadwick “opportunistic” and “largely unsuccessful” in past roles.

Cadbury wraps up purple victory

Fewer passengers able to afford first and business-class flights will force European airlines to post a $1.2 billion (£740 million) loss this year, the International Air Transport Association said today. It warned that premium travel on the North Atlantic route fell 2.4% in July and down 3.5% for flights within Europe. Iata said: “European airlines are expected to post the largest loss of any region.”