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 - Wednesday July 30 2008
By h.b. - Jul 30, 2008 - 1:51 PM

Gas Natural headquarters in Barcelona - Photo EFE

Gas Natural makes bid for 45 percent of Fenosa.

Gas Natural is to launch a take over bid for Fenosa at 18.33 € per share. The Gas Natural management decided to present the offer for the 45.3% of Fenosa currently up for sale by the ACS group. The price values the company as a whole at 16.8 billion.

The new merged airline British Airways / Iberia will have its headquarters outside both the U.K. and Spain where better financial incentives can be obtained. Ireland or Luxembourg are being named as possible front runners for the business because of the tax brakes they could offer.

The continued troubles in the international economy and the high price of crude has meant that the Spanish economy has continued its slowdown, with growth only 0.1% between April and June.
Minister for Tax and the Economy, Pedro Solbes, has said that growth will be around zero for the next few months although he did not think the economy would enter recession. He has also said that he would rather see more moderation in wages than an increase in unemployment.

Solbes has also confirmed that the man who is the Vice-President of the CNMV, the Spanish stock market regulator, Carlos Arenillas, wants to leave the post in October. He will go at the same time as the mandate of the current President of the organisation Julio Segura comes to an end. Arenillas time there has not been without certain controversy, and he says in a statement that he goes for ‘personal reasons’. He is married to the Minister for Education, Mercedes Cabrera, and many think that has been a conflict of interests.

Fernando Martín, the President of the troubled Martinsa group has applied for bankruptcy protection as an individual. He says the move will not affect his ability to run the company, and it comes as a request to lay off 234 people from Martinsa has been accepted.

Construction and services giant FCC has seen a 59% fall in profits because of extra ordinary payments and the crisis in the construction industry. In the year to June profits came in a just over 200 million €.
Meanwhile Acciona has announced a 15% fall in their profits at 314 million at 285 million before tax unto June.

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