Spain Business
Spain Business Brief - Friday June 20 2008
By h.b. - Jun 20, 2008 - 1:15 PM
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The CNMV, National Council for Market Values, the regulatory body which oversees the Stock Market in Spain, has said it considers that the worst of the financial crisis has already passed.
Vice President, Carlos Arenillas, said he thought that a prolonged recession could be avoided although the adverse macro-economic effects could be felt for some time.
Meanwhile the ex Socialist Spanish Prime Minister, Felipe González, has said that the recent dynamism of Spain can be explained by the decentralisation of administration. González looks back at the last thirty years in the business newspaper ‘Cinco Dias’ today.
The National Competition Commission (CNC) in Spain is investigating three cases of alleged price fixing in the cosmetic industry. Among the companies under review are Unilever, Colgate and LÓreal, and if found guilty the fines issued against them could reach 10% of their turnover. The investigations have been opened after 13 inspections in the main headquarters of companies who work in the cosmetics industry. One of the investigations is set on gels, another on toothpaste, and a third on hair-care products.
Vueling President, Josep Piqué has said today that the merger of his airline with fellow Spanish low cost carrier Clickair, ‘is a question of days’. He gave the news to a meeting of shareholders.
The resulting company would be the third largest in Spain and reports indicate would keep the Vueling brand as that is the one currently trading on the stock market. He said shares would be valued between the two companies on an equal basis, and forecast that there would be an increased shareholding in the new airline from Iberia which currently holds 20% in Clickair.
100 shareholders in Accenture have been told by Hacienda tax authorities that they have to pay more in tax following the re-valuation of the shares in the company. Inspectors moved in after being tipped off by a member of the public. The shareholders say it was not their intention to defraud.
The Spanish Government has indicated that it would like part time and temporary employment agencies to help in the relocation of the unemployed in Spain. ‘Any help in reducing unemployment is welcome’ according to government sources quoted in El Mundo today. It comes after the Prime Minister said on the radio this week that the employment agency INEM could be more efficient. It currently finds only 7% of the job posts.
The employment department of the Catalan Generalitat government has rejected an application for temporary lay offs applied for by Seat, the company says as a consequence of the recent lorry drivers strike which saw a shortage in factory parts. A similar rejection was made against TV maker Sharp in Barcelona.
The regional government rejected the applications on the grounds that there was sufficient advance notice of the lorry drivers disruption.
And finally,
A study carried out by Club Touring in Belgium has concluded that the Belgiums like coming to Spain because the petrol is cheaper.
It comes as farmers from Girona, Lleida and Tarragona took their tractors out for a go-slow on the roads again today in protest at the higher fuel prices.
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