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Spain Business Brief - Friday July 4 2008
By h.b. - Jul 4, 2008 - 12:04 PM
ALSO SEE : • Spain Business Brief - Friday October 10 2008 - Oct 10, 2008 - 1:36 PM
• IBEX 35 falls below the 10,000 level - Oct 10, 2008 - 6:30 AM

The Madrid Stock Market - Archive Photo EFE
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More gloomy forecasts for the Spanish economy.
The employers’ organisation in Spain has doubled its previous forecast on the number of people who face joining the dole queue in Spain in the current economic slowdown.
The businessmen say that unemployment could increase by 800,000 in a year and if the Government does not take urgent action, the number could be double that and reach 1.5 million.
President of the Spanish Confederation of Business Organisations, CEOE, Gerardo Díaz Ferrán, made the prediction yesterday and said he was very worried about the second half of this year when the construction of housing already started is completed.
He described the measures announced by the Prime Minister in the face of the situation as ‘insufficient and timid’.

As expected yesterday the European Central Bank increased interest rates for the first time in a year, up a quarter point to 4.25%. The bank has made it clear that the control of inflation is its main priority, and the chance of more increases in the future has been ruled out, for now at least. The Madrid stock market rallied on the news.
Consumers organisations in Spain have criticised the decision which they described as another blow to household economies. The OCU consumer group advised people who were concerned to go to their bank and re-negotiate their loan conditions.

Consumers organisations FACUA, OCU and others are to ask the National Competition Commission, CNC, to apply the highest fines possible against the three main mobile phone operators in Spain, Movistar, Orange and Vodafone.
The consumers groups are convinced the three companies formed a pact between them and agreed a joint increase in the call establishment charge from 12 to 15 cents, when the Government introduced its new legislation to stop calls being rounded up.
The fine could reach a total of 13 billion € if the charges are proved, but the consumers groups think it difficult to present ‘credible arguments’.
FACUA calculates that the increase is bringing the phone companies a total of 78 million € a month.

Meanwhile Telefónica has announced the joining of ADSL services with 3G mobile internet connections in a single amount.
The monthly new tariff is aimed at the self-employed and ranges from 29.9 € to 67.9 €. Cinco Dias reports that although the charge will be fixed across the two services, Telefónica will still issue two bills so as not to run into problems with the regulatory authorities.


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ALSO SEE :
• Spain Business Brief - Friday October 10 2008 - Oct 10, 2008 - 1:36 PM
• IBEX 35 falls below the 10,000 level - Oct 10, 2008 - 6:30 AM
• Spain Business Brief - Thursday October 9 2008 - Oct 9, 2008 - 12:59 PM
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