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 - Thursday July 31 2008
By h.b. - Jul 31, 2008 - 12:42 PM

Archive Photo EFE

Inflation in Spain up to 5.3 percent for the advance figure for July.

The new advance IPC inflation number for July has been released this morning and it shows another jump up to 5.3%. The continued increase in petrol prices and the costs of some raw materials have sent the harmonised index even higher – up 0.2% on the month. It’s the highest number for inflation in Spain since 1997. The number was released by the INE, National Statistics Institute, which will publish the definitive number on August 13.

Meanwhile a new increase, the fifth consecutive one, to record levels for the Euribor index, now at 5.393% means that many of those who took out a mortgage six months ago will now face yearly payments which are 1,000 € more.
Experts says that the Euribor will moderate over the rest of the year.

The BBVA bank has said it expects the unemployment rate to reach 14% in 2009. The current level in Spain is 10.44%, and the Minister for the Economy, Pedro Solbes, has said that he thinks it will reach 12% next year. The BBVA also forecasts that growth will be 1.5% this year and 0.5% next year, and that house prices will be stable this year and fall 2.1% next year.

Telefónica says extraordinary items are the reason for its profits to be down by 6% to be close to 3.6 billion € over the first half of the year compared to last. Income was hardly changed over the six months, coming in at 28.15 billion.

Repsol YPF has announced a 24% increase in profits for the first six months of the year compared to last, thanks to the higher prices of crude oil. The company says the results come at a time of lower international margins and in the face of the weakness of the dollar against the Euro.

The Government has started a new plan, called VIVE, for those who want help obtaining a new car. The idea of the plan is to reduce the number of contaminating vehicles on the roads of the country and at the same time giving a boost to the troubled car dealers.
The VIVE (Vehículo Innovador, Vehículo Ecológico) plan can save interest payments of 1,040 € per car. Some of the conditions are that you must be exchanging a car which is at least 15 years old and must be scrapped, that the new vehicle costs less than 20,000 € including interest, and that you are purchasing 100% of the cost of the new car on credit. The new vehicle must have a CO2 emission level of less than 120g/km. It’s open to all people, self-employed, pymes and companies which employ less than 250 people.

The least productive workers in Spain, according to a report from Proudfoot Consulting, are those aged under 26. Those who were born in the 70’s are the most productive according to the research which questioned managers across 15 countries. Generally productivity is very low in Spain.

El Corte Inglés has won its appeal in the Madrid Provincial Court against the shareholder in the company, César Areces. It cancelled a previous ruling which ordered the company to buy his shares for 98.5 million, compared to the 35 million which they had offered him.

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