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 15 2008
By h.b. - Oct 15, 2008 - 12:33 PM

José Luis Rodríguez Zapatero in Congress today - Photo EFE

Zapatero says that bank mergers are likely in the financial crisis.

Speaking at the Spanish equivalent of Prime Minister’s Questions, the control session in Congress today, José Luis Rodríguez Zapatero has said that he thinks that bank mergers are probable given the ‘serious crisis’. He said that the Government would collaborate so that ‘a more rationalised, more efficient and more competitive map can be drawn up of our financial bodies’.
The leader of the opposition, Mariano Rajoy, has commented that control mechanisms are needed for the Government’s crisis plan.
The Government has admitted that its backing for the banks could see a hike in the public deficit towards 20% of G.D.P.

The comments by the Prime Minister have placed some of the Spanish savings banks at the centre of attention, where some integration has been forecast for some time.
Experts say consolidation in the sector similar to that seen in the 80’s is repeating itself now. Already confirmed are the disappearance of four entities – Banco de Castilla, Banco de Galicia, Banco de Crédito Balear and Banco de Vasconia will all vanish under the Banco Popular brand.

Meanwhile as the European Summit on the problem continues British Prime Minister, Gordon Brown has said that we should move on ‘to phase two of the crisis’ to guarantee interbank loans. Brown has also called for a reform of the International Monetary Fund and a strengthening for control mechanisms of the financial system.

The latest numbers for house prices in Spain show a fall in the third quarter of 1.3%, but for the year as a whole prices are still up by 0.4% on a year ago. The current average price for a square metre is 2,068.7 €.

The director of SIMO, the largest technology fair in Spain, has admitted defeat and said that the 2008 edition will not take place as planned next month. Santigao Quiroga said that the absence of some of the largest companies such as Microsoft, Telefónica and Vodafone this year had meant the what would have been the 48th edition fair was not sustainable. The number of confirmed exhibitors this year was just 260, well down from the 570 present at last year’s edition. Quiroga insisted that the fair would be back bigger and better in 2009.


Seat has announced that it wants to increase the time that its factories are closed as production needs to be slowed down. The Spanish car maker says that temporary sackings are inevitable and now want to lose 750 instead of the previously announced 500 because of the fall in car sales. Unions CCOO and UGT have called several weeks of strike action.

Air Europa has become the second Spanish airline, behind only the state carrier Iberia. Air Europa has overtaken Spanair in the September numbers after the latter suffered a fall in business following the Madrid Barajas tragedy. It’s the first time Spanair has been number two since its launch 20 years ago.

Servired and 4B are to merge their data processing systems. The two cash card systems have 85% of the market in Spain. They say they have taken the move so as to fight for their place on the European stage.

And finally,
El Corte Inglés has used this time of crisis to launch a new cheaper own brand goods in its supermarkets. The new ‘Aliada’ brand will be sold in El Corte Inglés, Hipercor and Supercor, and they say the launch comes now after two years of preparation.

 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