Spain Business
Spain Business Brief - Monday May 5 2008
By h.b. - May 5, 2008 - 1:54 PM
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The Ministry for Housing is reported to be drawing up new ideas to fight the current financial crisis, and El País claims this will be based around new tax breaks. The paper says the Minister for the Economy, Pedro Solbes, will hold a meeting on Thursday this week to discuss the new ideas. The new Minister for Housing, Beatriz Corredor, has proposed that the tax breaks paid to those who renovate property be increased to 20%. The increased renovation of old buildings is considered as a way of getting work to those who have been laid off in the construction sector.
The Ebro Puleva company is reported to be studying the possibility of selling off its sugar business or to place it on the stock market. The company is giving itself 24 months to study the possibilities following predictions that the viability of the sugar business could be under threat in forthcoming years. Another possibility is handing over the operation to another European company. Shares in the company were suspended for a time today as the news was released.
The number of families in Spain who find themselves unable to pay their debt has tripled over the first quarter of the year compared to last – now standing at 66, while the number of companies in difficulties was 425 – up 78.6%. The numbers come from the INE, National Statistics Institute.
Meanwhile the Consumer Confidence Index in Spain fell by 9,3 points in April to an all-time low to reach 63.8. The index from the Official Credit Institute was started in September 2004.
Consumers are getting increasingly pessimistic about the future economic and employment situation.
And other sign of the slow-down – Car sales were down 11% for the year to April compared to last year. Over the first four months of the year 471,303 cars were registered. A year end fall of 8% is now being predicted.
According to a report in The Times today, Bankinter could acquire half of the Linea Directa business from the Royal Bank of Scotland. The paper says that talks are underway on the sale of the RBS insurance arm, but the bank has made no comment.
And finally,
A new report from the Spanish Chamber of Commerce has revealed that just one in ten companies in Spain say they can take advantage of the current strong Euro.
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