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

 smartphone/pda/iphone |  email this article |  printer friendly page
+ Larger Font | + Smaller Font

Spain Business Brief - Wednesday October 8 2008
By h.b. - Oct 8, 2008 - 1:02 PM

Miguel Ángel Fernández, Governor of the Bank of Spain - Photo EFE

Spain moves to protect savers and the banks.

The Spanish State is to guarantee savings up to a 100,000 € limit for bank accounts here. The Prime Minister, José Luis Rodríguez Zapatero, announced the decision of the cabinet last night, doubling the new EU wide guarantee level of 50,000 € which was agreed by the 27 member countries of the European Union.

Spain has also announced the idea of creating a fund for banks and savings banks worth 30 billion €, which could be extended to 50 billion € for the purchase of the assets of other financial entities and to help supply credit to companies and individuals. Zapatero hopes the new fund will inspire confidence in the economy.

Despite these measures the IBEX 35 stock market index followed others across Europe today falling some 4% after a few hours trading. The European markets were in turn following the 9.38% fall seen on the Nikkei, it’s largest drop in a single day since 1987.

The G.D.P. of the Eurozone has meanwhile shrunk by 0.2% in the second quarter, according to numbers released today. It’s the first registered fall in growth since the creation of the Euro currency. Consumer spending across Europe was also down by 0.2%.

Meanwhile the Governor of the Bank of Spain, Miguel Ángel Fernández, has said that the recovery of the Spanish economy will hardly be visible in 2009. He considers that the recovery will be slow and also subject to a large amount of uncertainty. He also commented that a restructuring process of the Spanish financial sector was ‘absolutely inevitable’.

Spanair has announced losses of 51.7 million € since the Barajas plane crash of one of its MD82 planes in Madrid on August 20. The losses come despite the airline reducing capacity by just under 13%, and follow a reduction in the number of bookings, especially just after the accident.
Now the SAS group which owns the airline says booking levels have returned to normal.
However, last month the company carried 680,000 passengers, 25% fewer than in September last year.

Meanwhile British Airways and Iberia pilots have signed an agreement to protect themselves in the face of the merger of the two airlines. Pilots union SEPLA in Spain and BALPA in the UK think the merger could see savings of 300 million pounds a year initially, rising to 650 million in the fourth year as routes are rationalised.

And finally,
The Lois jeans company has announced it closure in Spain. It means the loss of jobs for 435 workers at the company’s factories in Valencia and Ciudad Real. As yet there are no more details from the company, Sáez Merino.

 del.icio.us |  digg |  technorati |  yahoo | Stumble It!
Facebook | Reddit | Newsvine | Meneame | Wikio
Blink


ALSO SEE :
Spain Business Brief - Thursday December 4 2008
- Dec 4, 2008 - 12:35 PM
Spain Business Brief - Wednesday December 3 2008
- Dec 3, 2008 - 12:45 PM
Spain Business Brief - Tuesday December 2 2008
- Dec 2, 2008 - 12:44 PM
Spain Business Brief - Monday December 1 2008
- Dec 1, 2008 - 1:04 PM
Spain Business Brief - Friday November 28 2008
- Nov 28, 2008 - 2:08 PM
Spain announces eleven billion Euro spending plan on infrastructure
- Nov 27, 2008 - 5:50 PM
Spain Business Brief - Thursday November 27 2008
- Nov 27, 2008 - 12:34 PM
Spain Business Brief - Wednesday November 26 2008
- Nov 26, 2008 - 12:19 PM
Spain Business Brief - Tuesday November 25 2008
- Nov 25, 2008 - 1:06 PM
Spain Business Brief - Monday November 24 2008
- Nov 24, 2008 - 1:08 PM
Russian Lukoil set to become the largest shareholder in Repsol YPF
- Nov 24, 2008 - 5:34 AM