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Spain Business Brief - Tuesday May 6 2008
By h.b. - May 6, 2008 - 1:18 PM
ALSO SEE : • Spain Business Brief - Friday May 16 2008 - May 16, 2008 - 12:43 PM
• Spain arrests ten rip deal money launderers - May 15, 2008 - 4:28 PM

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Large jump in April unemployment for the first time in 24 years.
Unemployment in Spain increased by 1.6% in April, according to the Ministry for Employment, to take the number on the dole to 2,338,517. The number is up 37,542 over the month, after better figures in March because of the early Easter.
It’s the first increase in April for 24 years and comes as a result in the slowdown in the construction industry.
Minister for the Economy, Pedro Solbes, has admitted that unemployment is increasing faster than forecast – after the rise in April, although he underlined that new employment was still being created.

More bad numbers come from the Bank of Spain, which has forecast more unemployment, higher inflation and an increase in bad debts. The Bank has called on the government to insist on improving competitiveness in industry and the service sector, and to relocate the construction unemployed. The bank considers the moderation in consumer demand is meanwhile, positive.

The board of the troubled Colonial real estate company will today name three new members of the board to be given to the banks supplying the indebted company with credit. They will take up the shares, 24% of the capital, previously held by Luis Portillo, to cancel his debts. One will be named by La Caixa, another by Banco Popular and the rest of the banks will decide on the third.

Data from the Spanish Ministry for Industry, Trade and Tourism, shows how certain foodstuffs continue to rise dramatically in price. The price for April compared to a year ago for items such as sunflower oil, flour and milk are up between 23% and 40%.
In fresh food, lemons are now 38% higher than a year ago, canary island bananas up 19%, oranges up 14%, fresh chicken 13% and eggs 11%. Some items have fallen in price, such as olive oil, down 6%, tomatoes down 16%, and potatoes down 7.5%.

The Instruction Court 47 in Madrid has called the President of the Banco Santander, Emilio Botín, and the ex Minister for the Economy, and head of the International Monetary Fund, Rodrigo Rato, for their links to the purchase of 45.3% of the Aguas de Fuensanta by Banesto. The deal was for six million € for a company which was technically bankrupt at the time, and linked to the Rato family.
Judge José Sierra has called another 15 people to declare in the case with charges of false documentation and illegal enrichment on the table.


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ALSO SEE :
• Spain Business Brief - Friday May 16 2008 - May 16, 2008 - 12:43 PM
• Spain arrests ten rip deal money launderers - May 15, 2008 - 4:28 PM
• Spain Business Brief - Thursday May 15 2008 - May 15, 2008 - 12:40 PM
• Alcoy textile company in trouble - May 15, 2008 - 7:59 AM
• Spain Business Brief - Wednesday May 14 2008 - May 14, 2008 - 12:43 PM
• Spain Business Brief - Tuesday May 13 2008 - May 13, 2008 - 12:37 PM
• Spain Business Brief - Monday May 12 2008 - May 12, 2008 - 1:06 PM
• Spain Business Brief - Friday May 9 2008 - May 9, 2008 - 1:09 PM
• Spain Business Brief - Thursday May 8 2008 - May 8, 2008 - 12:31 PM
• Spain Business Brief - Wednesday May 7 2008 - May 7, 2008 - 1:30 PM