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Spain Business Brief - Monday July 7 2008
By h.b. - Jul 7, 2008 - 12:54 PM
ALSO SEE : • Spain Business Brief - Thursday September 4 2008 - Sep 4, 2008 - 12:58 PM
• Spain Business Brief - Wednesday September 3 2008 - Sep 3, 2008 - 12:26 PM

The Bank of Spain - Archive photo Typically Spanish
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More on the economic slowdown in Spain.
International experts are saying that the Spanish economy is set to slow down even more. In terms of the GDP, Spain’s future is looking grim, with the latest OECD report forecasting a 0.9 % reduction in growth to take it to 1.6% this year and 1.1% for next, allowing countries such as Germany, France and the U.K. the chance to recover economic ground lost during Spain’s construction boom.
Meanwhile the Minister for Housing, Beatriz Corredor has called for responsibility from real estate promoters and for them to put their shoulder to the wheel to overcome the crisis, and adapt to meet it. The Minister considers the sector has grown in an unsustainable way because of speculative tension.
The EU is reported to be proposing a reduction in IVA on building to try and stimulate the sector. A similar reduction has been muted for the restaurant sector.

The Businessmen’s Circle says they think Spain will enter into recession at the end of the year. They want more measures from the Government and the link between wage increases and inflation broken.

The high level of family debt is being named as an obstacle to the recovery of the Spanish economy by many experts who also consider that the higher interest rates are not helping either.
However Spanish experts say that the State is strong but the Government could introduce more measures to help businesses get out of debt.

Gas Natural has increased its interest and strategic position in Italy with the purchase of Pitta for 30.25 million €. The company operates in the south of Italy and is the 5th to be purchased by Gas Natural since it entered Italy in 2002.

The ENEL company wants the 25% of Endesa owned by Acciona according to Italian press reports in el Corriere della sera. For such a deal to go ahead, valued at 10 billion €, there would have to be negotiations between Zapatero and Berlusconi.

The Spanish Supreme Court has ratified earlier rulings on the illegality of some of the old 906 premium rate phone lines in Spain. Many of the lines, erotic or tarot, obtained most of their income at the time from such numbers and now they should return the amount charged from those who have presented claims.

And finally,
Banco Santander is now the third largest bank in the Western World after overtaking the Bank of America. Ahead of them, HSBC and JPMorgan.


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ALSO SEE :
• Spain Business Brief - Thursday September 4 2008 - Sep 4, 2008 - 12:58 PM
• Spain Business Brief - Wednesday September 3 2008 - Sep 3, 2008 - 12:26 PM
• Spain Business Brief - Tuesday September 2 2008 - Sep 2, 2008 - 12:34 PM
• Spain Business Brief - Monday September 1 2008 - Sep 1, 2008 - 12:12 PM
• Spain Business Brief - Friday August 29 2008 - Aug 29, 2008 - 2:57 PM
• Spain Business Brief - Wednesday August 27 2008 - Aug 27, 2008 - 7:31 PM
• Ferrovial told to sell three of its United Kingdom airports - Aug 20, 2008 - 7:22 PM
• Spain Business Brief - Tuesday August 19 2008 - Aug 19, 2008 - 7:02 PM
• Spain Business Brief - Monday August 18 2008 - Aug 18, 2008 - 4:50 PM
• Spanish Government announces new measures to fight the economic slowdown - Aug 15, 2008 - 2:00 PM
• Spain Business Brief - Monday August 4 2008 - Aug 4, 2008 - 7:05 PM