Business Brief
OECD has conditional praise for Spain and a political corruption case in France and the Deputy Governor of the Bank of England resigns.
Mar 14, 2017 - 6:38 PM
Spain Business Brief - Tuesday March 14 2017
OECD has conditional praise for Spain and a political corruption case in France and the Deputy Governor of the Bank of England resigns.
Mar 14, 2017 - 6:38 PM
The OECD has warned that poverty has increased ‘for the lack of quality employment’ despite increasing Spanish growth by two tenths to 2.5% for 2017.
‘Spain is enjoying a solid economic recovery’ opens the study presented in Madrid, but on the same page you can read ‘unemployment remains desperately high, above all the youngsters and long-term unemployed’. ‘Poverty has also increased, mainly due to the lack of quality employment, too short working days and lack of a decent income’.
The Congress Table has approved the support of the PP and Ciudadanos to veto the Government for its proposition for self-generated electricity, which among other matters wants the elimination of the ‘Solar Tax’, despite the party led by Albert Rivera had joined the rest of the opposition.
The veto of the Cabinet explains the proposal would suppose a decrease in income of 162 million € a year via the solar tax.
Telefónica announced yesterday an operation with the Dutch group KPN to donate 1.4% of their German portfolio in exchange for 6% of Telefónica Deutschland – an interchange of funds allows a greater share 69.2% in the profitable subsidiary.
British capital fund Intu Properties has confirmed the completion for the purchase of the Madrid commercial centre Xanadu for 530 million € from the Canadian group Ivanhoe Cambridge.
The stevedores have ruled out an agreement until the Decree Law arrives in Congress – the reform of the stowage will be submitted to a vote this Thursday. The unions believe the impossibility of a signed deal if both side have not met before the date, only expected a technical meeting between the lawyers of both parties.
CCOO has called a 24 hour strike this Thursday in the currency printer Imbisa, 80% owned by the Bank of Spain and 20% by the Royal Mint, after breaking the talks on the collective agreement, and alleging ‘new imposed conditions’ relative to the replacement of vacancies, and internal promotion, which has introduced ‘discretion in contracting which is contrast to the negotiated’
Seat registered an operative profit of 153 million € at the end of last year, in comparison to an operative loss of 10 million € the previous year, moving out of the red for the first time since 2007, according to Volkswagen.
The National Statistics Institute has confirmed the high increase in prices in Feb, with continuing rises in energy and food prices.
The INE maintains its provisional estimation of annual inflation of 3%, the highest level since Oct 2012.
The ECB target is 2%.
INTERNATIONAL STORIES
François Fillon, right wing candidate for the French presidential election, has been charged today for the diversion of public funds and undue appropriation of social assets, according to his lawyer.
The judges had arrived at the conclusion of the existence of ‘serious and consentient’ indications by which the candidate paid his wife, Penelope Fillon, as parliamentary assistant, without demonstrating she had ever worked for payment.
Two weeks ago François Fillon said he had been a victim of ‘political assassination’.
Charlotte Hogg, deputy governor of the Bank of England and responsible for the Bank and Markets, since March 1, has resigned to not revealing a conflict of interests by supporting her brother in Barclays, - a violation of the code of conduct.
IBEX 35 closed down 0.91% to 9,905.10
FTSE 100 closed up 0.33% to 7,367.08
Euro / Dollar closed down 0.17% to 1.064
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‘Spain is enjoying a solid economic recovery’ opens the study presented in Madrid, but on the same page you can read ‘unemployment remains desperately high, above all the youngsters and long-term unemployed’. ‘Poverty has also increased, mainly due to the lack of quality employment, too short working days and lack of a decent income’.
The Congress Table has approved the support of the PP and Ciudadanos to veto the Government for its proposition for self-generated electricity, which among other matters wants the elimination of the ‘Solar Tax’, despite the party led by Albert Rivera had joined the rest of the opposition.
The veto of the Cabinet explains the proposal would suppose a decrease in income of 162 million € a year via the solar tax.
Telefónica announced yesterday an operation with the Dutch group KPN to donate 1.4% of their German portfolio in exchange for 6% of Telefónica Deutschland – an interchange of funds allows a greater share 69.2% in the profitable subsidiary.
British capital fund Intu Properties has confirmed the completion for the purchase of the Madrid commercial centre Xanadu for 530 million € from the Canadian group Ivanhoe Cambridge.
The stevedores have ruled out an agreement until the Decree Law arrives in Congress – the reform of the stowage will be submitted to a vote this Thursday. The unions believe the impossibility of a signed deal if both side have not met before the date, only expected a technical meeting between the lawyers of both parties.
CCOO has called a 24 hour strike this Thursday in the currency printer Imbisa, 80% owned by the Bank of Spain and 20% by the Royal Mint, after breaking the talks on the collective agreement, and alleging ‘new imposed conditions’ relative to the replacement of vacancies, and internal promotion, which has introduced ‘discretion in contracting which is contrast to the negotiated’
Seat registered an operative profit of 153 million € at the end of last year, in comparison to an operative loss of 10 million € the previous year, moving out of the red for the first time since 2007, according to Volkswagen.
The National Statistics Institute has confirmed the high increase in prices in Feb, with continuing rises in energy and food prices.
The INE maintains its provisional estimation of annual inflation of 3%, the highest level since Oct 2012.
The ECB target is 2%.
INTERNATIONAL STORIES
François Fillon, right wing candidate for the French presidential election, has been charged today for the diversion of public funds and undue appropriation of social assets, according to his lawyer.
The judges had arrived at the conclusion of the existence of ‘serious and consentient’ indications by which the candidate paid his wife, Penelope Fillon, as parliamentary assistant, without demonstrating she had ever worked for payment.
Two weeks ago François Fillon said he had been a victim of ‘political assassination’.
Charlotte Hogg, deputy governor of the Bank of England and responsible for the Bank and Markets, since March 1, has resigned to not revealing a conflict of interests by supporting her brother in Barclays, - a violation of the code of conduct.
IBEX 35 closed down 0.91% to 9,905.10
FTSE 100 closed up 0.33% to 7,367.08
Euro / Dollar closed down 0.17% to 1.064
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