Archives for November 2012

November 30th, 2012

Ryanair announced yesterday that they are to cease operating 13 routes from Madrid and 4 from Barcelona during the next summer season as a result of the Spanish Airports Group, Aena’s, increase in airport taxes. During a press conference on the airline’s future operations, Ryanair's Vice President, Michael Cawley, announced that ...

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November 30th, 2012

The number of permits authorised on new constructions for residential use in Spain stood at 35,310 units between January and September 2012, which represents a decrease of 43.3% compared with the same period last year, when 62,393 authorisations were registered. According to data released yesterday by the Ministry of Development, of ...

Continue reading Building Permits for New Homes Fell by 43.3% to September

November 29th, 2012

In accordance with the recapitalisation plan backed by the Bank of Spain and the European Commission for next three years, Bankia will reduce its workforce by 6,000 people, representing 28% of the 20,126 employees of the entity, and also close 1,117 branches, 39% of their total. El Mundo reported that the ...

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November 29th, 2012

According to the latest figures provided by the tourism expenditure survey, Egatur, prepared by the Ministry of Industry, Energy and Tourism, in the first ten months of the year international tourists’ spending reached 49,866 million euros, which represented an improvement of 6.4% over the same period in 2011, with six ...

Continue reading Foreign Tourists’ Spending up 6.4% to October

November 28th, 2012

In the second quarter of 2012, online shopping in Spain reached a total turnover of 2,640.8 million euros, which was 13.7% more than for the same period of 2011. According to the latest e-commerce report, published by public organisation La Comisión del Mercado de las Telecomunicaciones (CMT), this is a ...

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November 28th, 2012

According to the latest forecasts from the Organisation for Economic Cooperation and Development (OECD), the Spanish economy will record a contraction of 1.3% in 2012 which will worsen next year to 1.4% as a result of the fiscal consolidation measures and the expected slowdown in the eurozone as a whole. ...

Continue reading OECD Predicts Tougher Times Ahead for Spain

November 27th, 2012

The number of new mortgages contracted for house purchases in September fell 32.2% compared to the same month of 2011, reaching 21,195 transactions. This latest figure marks 29 consecutive months of declines and a sharpened pace of decline, which in August was 28.5%. However, according to the data published by the ...

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November 27th, 2012

The European Investment Bank (EIB) has issued a loan for 500 million euros to the Official Credit Institute of Spain (ICO) aimed at financing investment projects undertaken by SMEs (small and medium-sized enterprises), mostly in the industrial and service sectors. This financing will be intended for use on investments and as ...

Continue reading Spanish SMEs Receive 1 Billion Euros Financing

November 26th, 2012

While participating in a banking conference in Frankfurt on Friday, the President of the European Central Bank (ECB), Mario Draghi, again defended the actions of his institution on the crisis, and stressed that when performing their work as European Banking Supervisor the board should have control over all banks in ...

Continue reading European Banking Supervisor Should Monitor All Banks, Says Draghi

November 26th, 2012

Social Security allocated 7,499 million euros in November for pension payments, which is 4.6% more than the same month of 2011, according to data released on Friday by the Ministry of Employment and Social Security. Of this amount, more than 5,128 million euros corresponded to monthly pensions (+5.3% compared to November ...

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November 23rd, 2012

After his meeting with the President of Brazil, Dilma Rousseff, the Spanish Prime Minister, Mariano Rajoy, highlighted the excellent health of relations between the two countries. Rajoy spoke to Rousseff about Spain's interest in the economic development of her country and in the investment projects being undertaken by the Brazilian ...

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November 23rd, 2012

According to the latest data released yesterday from the survey of tourist border movements (Frontur), in the first ten months of the year Spain received 52.1 million foreign tourists, which is an increase of 3.1% over the same period in 2011. However, in October 5.1 million international tourists visited Spain, which ...

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November 22nd, 2012

The Economy Minister, Luis de Guindos, said that the urgent measures adopted by the Government in order to alleviate the effects of evictions, will benefit more than 600,000 households, and has demonstrated willingness to introduce further improvements during the parliamentary handling of the decree. In statements to the press upon his ...

Continue reading 621,000 Families will Benefit from New Anti-Eviction Measures

November 22nd, 2012

The Spanish Government is preparing a reform of the immigration regulations, to facilitate residency in Spain for non-EU foreigners who buy homes of 160,000 euros and over. This project was announced by the Secretary of State for Trade, Jaime García-Legaz, and later clarified by the Prime Minister, Mariano Rajoy, and the ...

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November 21st, 2012

The Ministry of Employment and Social Security reported last week that their Plan to combat illegal employment and social security fraud has detected 20,051 fake employment contracts up to October, representing an increase of 55% over the same period last year. In addition, the inspectors’ actions verified the existence of ...

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