• Ryanair Announces Cutbacks to Routes Due to Rising Taxes

    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 …

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  • Building Permits for New Homes Fell by 43.3% to September

    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. …

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  • Bankia to Cut 6,000 Jobs and Close 1,117 Branches

    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 …

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  • Foreign Tourists’ Spending up 6.4% to October

    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 …

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  • OECD Predicts Tougher Times Ahead for Spain

    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 …

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  • New Mortgages Fell 32.2% in September

    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 …

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  • Spanish SMEs Receive 1 Billion Euros Financing

    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. …

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  • European Banking Supervisor Should Monitor All Banks, Says Draghi

    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 …

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  • Pension Payments Rise 4.6% in November

    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 …

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  • Spain Strengthens Relations With Brazil

    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 …

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  • Spain Received 52.1 Million Tourists to October

    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 …

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

    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 …

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  • Government to Grant Residency to Foreign Home Buyers

    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, …

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  • 20,051 Fake Job Contracts Uncovered to October

    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 …

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  • Operating Rules for “Bad Bank” Approved

    The Spanish Government’s Council of Ministers approved on Thursday a Royal Decree establishing the legal regime for asset management companies, within the framework of the agreements with European institutions for the recapitalisation of the Spanish banking system. This decision will …

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