Spain Business
Spain Business Brief - Monday September 1 2008
By h.b. - Sep 1, 2008 - 12:12 PM
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Speaking on Telecinco television today, the Prime Minister, José Luis Rodríguez Zapatero has said that he will today ask for permission to address Congress on the economic crisis. He said he wanted to inform on the economic situation and the economic measures the government are taking to fight it, with particular reference to jobs.
Following Friday’s cabinet meeting, Deputy Prime Minister, María Teresa Fernández de la Vega, had said that the Government will continue to work too offset the consequences of the economic slowdown. She said however that the slowdown would continue and that the Government is aware that difficult quarters are on the way. She said the Government would work with realism and rigour, but without pessimism.
Car sales in August this year in Spain were down 41% on last year in what was the poorest number for the summer month since 1995.
Over the month around 58,000 vehicles were sold, with the biggest reductions being seen among private buyers. It’s the sixth consecutive month of falls for car sales in Spain.
The Colonial real estate company has announced losses of 2.381 billion for the first half of the year. The company says that it has reached the principal of an agreement with its banks to finance its debt which has now reached 8.991 billion.
The company had earlier warned that housing in Spain was set for a 30% fall in price.
Earlier the Reyal Urbis company announced losses of 331 million € for the first half of the year – nearly ten times greater than for the same period in 2007. The sale of assets by the company has reduced its debt to 4.725 billion €.
The sale of diesel in Spain for the month of June was 10% down on a year ago, with the fall in demand being linked directly to the new higher price. The number comes from the Ministry for Industry, Tourism and Trade.
El Corte Inglés has announced profits of 747 million € for 2007, an increase of 5.1% over the previous year. The company says that improvements were seen across the board as its workforce of 109,800 people served more than 649 million customers last year. The accounts for last year show the company invested 1.6 billion as turnover increased by 4.7% to reach 17.898 billion.
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