Archives for January 2012

January 31st, 2012

The rating agency Moody's anticipates a significant deterioration of credit due to the second wave of mergers in the Spanish financial system, a process that "will not be financed with public funds," although the Bank Restructuring Fund (FROB) remains in force. "The Government has clearly expressed its intention to limit public ...

Continue reading Moody’s Believe New Spanish Bank Mergers Will Affect Their Credit

January 31st, 2012

The Spanish Stock Exchange believes that Vueling, the low cost airline owned by Iberia, will be one of the companies to benefit most from the closure of Spanair, after seeing them lead the markets with their stocks rising by over 20%. Spanair had a market share in Barcelona, where they had ...

Continue reading Spanair Closure Sees Vueling Stocks Soar

January 30th, 2012

The number of unemployed in Spain has surpassed the 5 million mark for the first time, ending 2011 with 5,273,600 unemployed, according to the Labour Force Survey (EPA), released on Friday by the National Statistics Institute. The unemployment rate increased by 1.33 points to 22.85%, which is the highest it ...

Continue reading 2011 Closed with Highest Unemployed Rate Since 1994

January 30th, 2012

The Internal Market Commission of the European Parliament gave the go ahead on Thursday, to a draft directive that prohibits the granting of mortgages to consumers who do not have the capacity to repay the credit. The directive "on credit agreements for residential property" requires lenders to refuse loans which do ...

Continue reading EP Approves New Directive on Granting of Mortgages

January 27th, 2012

The world's largest social network is more than entertainment for its users. According to a report by Deloitte, Facebook generates 232,000 jobs in the European Union. The same study, which measures the employment and economic impact of Mark Zuckerberg's company, said that this accounts for 15,300 million euros of the ...

Continue reading Facebook Generates Jobs in Spain

January 27th, 2012

According to the Institution’s updated 'Fiscal Monitor' report, the International Monetary Fund (IMF) has drastically worsened its deficit forecast for Spain in 2012 and 2013 to 6.8% and 6.3% respectively, figures which double the 3% deficit target the Spanish economy must achieve in the next year. The organisation, chaired by ...

Continue reading The IMF Forecasts Spain’s Deficit at 6.8% this Year

January 26th, 2012

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, has called to "increase" but not "double" the European bailout fund, so that countries like Spain and Italy are not drawn into a liquidity crisis. At a conference in Berlin before the German Society for Foreign Policy, Lagarde said that ...

Continue reading IMF Calls for Increased Funding

January 26th, 2012

According to Social Security data, since 2008, the economic crisis has put 177,336 companies out of business in Spain, most of them small- and medium-sized enterprises, and especially in Murcia and Valencia, due to their dependence on the construction sector, while larger enterprises have demonstrated their ability to survive. This data ...

Continue reading How the Debt Crisis Has Affected Spanish Business

January 25th, 2012

The invoicing for electricity is to go back to being bi-monthly. This was proposed by the Ministry of Industry, Energy and Tourism as a draft royal decree establishing that the billing of domestic electricity consumers should be based on actual meter readings, taken every two months. With this new law, El ...

Continue reading Electricity Bills to go back to Bi-monthly

January 25th, 2012

The number of mortgages on homes fell 35.8% in November over the same month of 2010, reaching 28,113, one of the lowest figures of the series which started in 2003, the National Statistics Institute announced yesterday. With this year-on-year decline, mortgaged homes accumulated 19 months of declines. The drop, however, ...

Continue reading Mortgages Fall Again in 19 Months of Declines

January 24th, 2012

The main trade unions of the 16,000 Iberia ground staff, the CCOO and UGT, along with the TCP, the union of the 4,000 cabin crew, on Friday reached an agreement with the heads of Iberia to extend the guarantees of employment for both groups until 2014, with automatic extension until ...

Continue reading Iberia Flight Strikes Called Off

January 24th, 2012

The number of self-employed foreigners in Spain grew 4.8% in 2011, reaching 208,512, which is 9,580 more than a year ago, according to a study released yesterday by the National Federation of Independent Workers Associations (ATA). The report, which was drawn up from Social Security data, also shows that in 2011 ...

Continue reading Self-Employed Foreigners Increased by 4.8% in 2011

January 23rd, 2012

Before attending the G20 meeting to be held in Mexico over the weekend, Japan reiterated the need for Europe to make its "best efforts" to resolve the debt crisis in the eurozone. "As we have said many times, Japan is prepared to support European efforts to stabilise the financial markets, including ...

Continue reading Japan Calls for “Greater Efforts” from Europe

January 23rd, 2012

The Spanish Minister of Economy, Luis de Guindos, said that he believes that to tackle the economic crisis and fight against unemployment we must not forget the need to address, without delay, necessary structural changes. At the same time he criticised the current wage bargaining system and the wide range ...

Continue reading De Guindos Calls for Simplified Employment Contracts

January 20th, 2012

On the opening day of the International Tourism Fair in Madrid (Fitur) on Wednesday, the President of the Junta de Andalucía, José Antonio Griñán, highlighted the main results of the industry in the community. "Tourism is one of the economic engines of growth", stated Griñán, who added he believes the ...

Continue reading 2011 was Year of Consolidation for Andalusia Tourism