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.

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Spain Business Brief - Tuesday July 29 2008
By h.b. - Jul 29, 2008 - 1:00 PM

Talks on a merger between Iberia and British Airways - Archive Photo EFE

Several breaking financial stories in Spain today

Even more evidence of the real estate slowdown in Spain with the release today of the numbers of new homes to be started in the country. Over the first five months of the year only 143,918 licences to build new homes were granted – the number is 57.2% down on the year and is the lowest construction rate since 2000.
The number of flats to start construction is 59% down while the numbers of detached houses and villas is 43% down. The numbers are for the year to May.
Meanwhile the property promoters in Spain say that they will not be reducing their prices any more despite the continued fall in sales. The spokesman for the Association of Real Estate Promoters in Spain, APCE, Manuel Martí, claims that house prices have already fallen here by 30% since the start of the slowdown.

Speed limits on Spanish roads are to be reduced by 20% on access to large cities and on busy by-pass roads as part of a new plan to save energy which has been presented by the Minister for Industry Miguel Sebastián today. He also announced that public buildings would be kept at 26 degrees in the summer and 17 in the winter and that each home would be given two low-energy light bulbs as a gift.

Iberia and British Airways are holding talks on a merger. The regulatory body of the Spanish Stock Market, CNMV, decided to suspend the shares of the Spanish airline as a result of the news today.

Vueling has reduced its loses by 25% in the second quarter of the year, to 8.7 million €. Income for the airline over the time was more than 111 million €, 24% more than for the same time, April to June last year. Vueling has recently announced merger plans with the other Spanish low cost operator, Click Air.
Meanwhile pilots in Iberia are threatening strike action. The SEPLA union is meeting to day to discuss the situation claiming that 20 days have passed since the last talks with management.

The average wage in Spain rose by 4% in 2007 to stand at 20,157 €. The net labour cost to employers per worker was 27,406 € - also up 4% on the year. Best paid workers were found in industry.

Banco Santander has announced a 6% increase in profits for the first half of the year at 4.73 billion €. If the extraordinary items are removed from last year’s numbers, the net balance is a 22% increase in profits year on year. The bad debt level in the bank has now reached 1.34%.

Following the application for bankruptcy protection by the Master Cadena electrical appliance business, one of the shareholders in the company, HGM has announced plans to try and purchase the brand. The company has some 200 shops under the Master Cadena and Master Kitchen brands in Madrid, Castilla y León, Asturias and Galicia, as well as in the provinces of Toledo and Guadalajara.

And finally,
The Minister for Industry, Miguel Sebastián who has been telling us all summer to turn down the air conditioning and take off our ties, has himself worn a tie again in Congress. It’s understood he has done so at the insistence of the President of the Chamber, the Spanish equivalent of the British speaker, José Bono.

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