Spain Business
Spain Business Brief - Wednesday July 23 2008
By h.b. - Jul 23, 2008 - 12:41 PM
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The Spanish Government has announced that it is to purchase private land worth 300 million € in October for the construction of more assisted housing, known in Spain as VPO.
The Ministry for Housing wants to obtain land which can be built on immediately and land located in the areas of greatest demand.
The regional administrations and local councils will have a key role in the plan which was announced by the Minister for Housing, Beatriz Corredor, in the Cinco Dias Forum today, and which will be organised via a public land body, SERES.
Offers will start in October in a tender which will last for three months and which will evaluate each application, with the regions and municipalities agreeing on the criteria used to make the selections. The Ministry also wants to promote rental accommodation as a way of fighting the economic crisis.
Pedro Solbes, the Minister for Tax and the Economy, has commented that the plan has been drawn up to meet the needs of the Government and to develop policy, and not to help private companies.
The European Union has said it will give 10.5 million € to help re-locate the workers who lost their jobs with the closure of the Delphi car parts factory in Cádiz. The Spanish government and the Junta de Andalucía had asked for 15 million from the European Commission, but even so 1,500 people are set to benefit from the funding.
Vodafone has announced a plan to repurchase its own shares after a 13% fall on the markets yesterday when it announced quarterly results and said that its forecasts were lower because of the economic crisis in Spain. The company is to spend 1.265 billion on the plan.
Meanwhile Jazztel has announced a 4% reduction in its losses for the second quarter at 24.7 million €. Income for the company over the quarter was up 6% on last year at the same time at 82.6 million.
The industrial price index in Spain has risen to 9% in the year on year figure for June, pushed higher by foodstuffs, up 10%, and crude up 50%. The index was 1.1% higher than in May.
The Central Lechera Asturiana has said that it wants to lose 200 jobs, with more than 80% of the losses set to go in Andalucía. The company has informed the authorities that it wants to close its milk products factory in Sevilla at the end of the year.
The CAM, Caja de Ahorros del Mediterráneo, has launched on the Spanish Stock Market today with hardly any change in the launch price of 5.84 € a share. In early trading shares were up 0.17% at 5.85 €.
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