MADRID: One of Spain’s ‘ghost airports’ — expensive projects that were virtually unused — received just one bid in a bankruptcy auction after costing some 1.1 billion euros ($1.2 billion) to build. The buyer’s offer: 10,000 euros. Ciudad Real’s Central airport, about 235 kilometres south of Madrid, became a symbol of the country’s wasteful spending during a construction boom that ended with the financial crisis of 2008, the year the airport opened. The operator of the airport went bankrupt in 2012 after it failed to draw enough traffic. Chinese group Tzaneen International tabled the single bid in Friday’s auction, Spanish news agency Europa Press said. The receiver had set a minimum price of 28 million euros. If no better bid is received by September, the sale will go through, the news agency said.
Toshiba Corp in soup
TOKYO: Japan’s financial watchdog plans to seek a financial penalty on Toshiba Corp, currently being investigated by an independent committee over accounting irregularities, Nikkei reported on Saturday. The Securities and Exchange Surveillance Commission (SESC) believes the firm falsified financial statements and will recommend as early as September that the Financial Services Agency impose a fine, the daily said, citing sources. A source familiar with the matter told Reuters that regulators will begin studying the case to weigh potential penalties after the committee announces its findings on Monday. An SESC spokesman declined to comment, while Toshiba officials were not available for comment.
Model S gets upgrade
NEW YORK: Tesla Motors says it’s adding a new ‘Ludicrous Mode’ to high-performance versions of its Model S electric car. CEO Elon Musk said on Friday that the upgrade will cost $10,000 for new buyers of Model S, whose base price is $70,000. Current Model S owners will be able to get the upgrade for $5,000 plus the cost of installation in next six months. It will allow the car to go from zero to 60 miles per hour in 2.8 seconds.