Spain Papers Review - Thursday December 4 2008
The latest ETA killing dominates all the papers in Spain this morning.





Spain Business Brief - Thursday December 4 2008
Solbes asks the Spanish banks to be more generous to families and businesses.

Spain Business

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Spain Business Brief - Monday July 28 2008
By h.b. - Jul 28, 2008 - 12:26 PM

Pedro Solbes, Minsiter for Tax and the Economy - Archive Photo EFE

Pedro Solbes admits that inflation will continue to rise in Spain.

Spanish Minister for Tax and the Economy, Pedro Solbes, has said that inflation will continue to increase in Spain over forthcoming months. The current level of the IPC index is 5%. In his latest statement on the crisis, Solbes said he hoped that the fall in growth would touch bottom next year.
He made the admission this morning in a statement to Congress which had little new information. He called for calm in the face of the current difficulties, and said the bases of the economy remained firm, which he said allowed us to be ‘reasonably optimistic’ about the future, without playing down the ‘seriousness’ of the situation. Solbes called for optimism.

The number of properties being bought and sold in Spain continues to fall with the latest year on year rate down by 34%. The fall is by 21% for newly built property and as much as 43.6% for resale.
The number of mortgaged properties is down by 36% over the year and the average mortgage amount is also down by 6.6% at 140,861 €. The numbers from the INE National Statistics Institute come in their latest report for data for the month of May.

The CNE, National Energy Commission, has ended an investigation started in November 2007 into prices at the pumps in Spain by calling for more controls and supervision of petrol stations. The 34 page report falls short of naming irregularities or the possible pacting of prices, but does note that prices for fuel here are consistently higher than elsewhere in Europe.

The sale of shares to E.ON has multiplied the profits for Endesa by five. Net results were over 6 billion € compared to 1.25 registered in the first six months of last year. Income over the six months was up 30% year on year at 10.79 billion.

Profits for the BBVA bank have fallen by about 8%, because of extraordinary items, to 3.1 billion. 329 million has been put aside by the bank for early retirements.
In the first six months of the year repeating profit was up 11.6%, but the bad debt level was also up to 1.15%.

The Court in Barcelona has ratified a sentence which forces the largest producer of bread, Europastry, to pay 34,000 € in compensation to Panrico. They have to do so for using the brand ‘donut’ which is registered by Panrico.

El País printed a report yesterday noting that many multinational companies have warned about the seriousness of the economic crisis in Spain. The paper says that dozens of companies have sounded the alarm after the bursting of the real estate bubble, and mention Vodafone, Renault, Cemex, Royal Caribbean and 3M among others, with direct quotes from top executives.

Farmers protested in Jaén on Saturday about how prices of agricultural produce increases by as much as 1,000% from the farm to the shop shelf. The latest official data shows that the farmers only obtain between 31% and 55% of the final price of any fruit or vegetable. Much of the money goes to the middle men distributors, and in Spain half that market is controlled by just three large companies. The Union of Small Farmers, UPA, is demanding a new law of commercial margins to stop what they describes as an ‘abusive’ situation.

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