Archives for March 2011

March 31st, 2011

Low-cost airline Ryanair is to apply a €2 levy on every flight to cover the cost of EU laws requiring it to compensate passengers whose flights have been disrupted. The charge will increase the price of an average return flight with Ryanair by over 11%, from €34 to €38. The airline says ...

Continue reading Ryanair Puts Levy on All Flight Prices

March 31st, 2011

Holy Week, or Semana Santa, is fast approaching and preparations are near completion for the Easter traditions celebrated throughout Spain. In the southern region of Andalusia especially, it is a huge spectacle. Seville, the regional capital, hosts some of the biggest processions. Seville is also a convenient base for exploring Andalusia, making ...

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March 31st, 2011

With all the uncertainty surrounding Portugal's economy, many people are asking if Spain could be next to develop problems. I am uneasy about comparisons: the economic systems and the recent evolution of the two countries are very different. Why should Spain be compared to Portugal instead of, say, to the ...

Continue reading Reasons Not to Fear a Spanish Default

March 30th, 2011

The Bank of Spain has slashed its forecast for this year's public deficit from last year, due to the sharp government spending cuts. Austerity measures and structural reforms have eased concerns even as neighbour Portugal is seen on the verge of asking for aid. The public deficit for this year would ...

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March 30th, 2011

Spain's football league programme will go ahead this weekend after a Madrid court upheld a challenge from six breakaway clubs and blocked proposed strike action. "The court decides the official calendar for the first and second divisions should remain unaltered for the next round of matches," a statement from the court ...

Continue reading Court Blocks Spanish Football Strike

March 30th, 2011

Airport workers in Spain have called off 22 days of strikes which threatened to cause major disruption over the Easter holidays and into the summer. Union members voted to cancel the strike after receiving guarantees over job security and conditions. The strikes were called over concerns about the part-privatisation of national airport ...

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March 29th, 2011

In the last few years, as Spain's unemployment rate has risen, young Spanish men and women leaving university with a degree have started to look more and more for jobs in northern Europe. A typical 25-year-old graduate is finding it hard to find employment in current market conditions and many in ...

Continue reading Graduates Opting to Emigrate From Spain

March 29th, 2011

After fears last year that Spain could follow Greece and Ireland in requiring a bailout from the EU, 2011 has been a year of relative optimism for the Spanish economy. The government’s swift measures to cut the budget deficit and tackle Spain’s weak savings bank system have done much to warrant ...

Continue reading Economics – Spain: 1, Portugal: 0

March 29th, 2011

Norway's $544-billion sovereign wealth fund is planning to invest in Spanish companies, including smaller banks, a Norwegian central bank spokesman said on Saturday, but she declined to say how much it would invest. "We are planning to invest in Spanish companies including smaller Spanish banks," the spokesman told Reuters on Saturday. She ...

Continue reading World’s Second Biggest Sovereign Fund Eyes Spain

March 28th, 2011

Prince Charles, Prince of Wales, and his wife Camilla,  Duchess of Cornwall, have begun an official visit to Portugal, Spain and Morocco. Charles and Camilla will be in Portugal for the next two days, before arriving in Spain on Wednesday and finally visiting Morocco next Monday. They were meeting with Portuguese President ...

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March 28th, 2011

A Portuguese bail-out has been considered a racing certainty by many investors since the end of last year. Now the government has fallen, it seems inevitable. Portuguese politicians continued to insist on Thursday that they would not seek financial assistance but the amount of bonds that the country needs to sell ...

Continue reading What Will a Portuguese Bail-Out Mean for Spain?

March 25th, 2011

Airport workers in Spain have voted today in favour of calling off the proposed strikes announced by unions early last month. A total of 70 percent of votes from 13,000 employees were in favour of calling off the strike, with 29.7 percent of votes against and a handful of abstentions. It puts ...

Continue reading Spanish Air Traffic Strikes Officially Called Off

March 25th, 2011

Moody’s, the credit rating agency, has downgraded the senior debt and deposit ratings of 30 Spanish banks following its downgrade of the Spanish credit rating two weeks ago. The multiple downgrades announced on Thursday also reflect the declining systemic importance of smaller lenders and regional institutions, which has led Moody’s to ...

Continue reading Spanish Banks Resilient Despite Moody’s Downgrade

March 24th, 2011

The Spanish football league season might need an extension due to a threat by the National Professional Football League (Liga Nacional de Fútbol Profesional - LFP) to postpone matches next month in a dispute with the government. The LFP says it is proceeding with a strike on the weekend of April ...

Continue reading Football League Matches to be Postponed

March 24th, 2011

72 cases are being closely investigated in a scam involving individuals who are alleged to have been illegally paid money from a public fund set up to help companies pay for the early retirement of its employees. Police believe the fund of 647 million euros was created unlawfully, and that the ...

Continue reading Early Retirement Pay Off Scam