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Spain Business Brief - Monday November 17 2008
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By h.b. - Nov 17, 2008 - 1:40 PM
Stock markets fail to rally after Washington economic summit.
Stock markets have today ignored the results of the economic summit held in Washington over the weekend, with most markets trading down slightly.
The IBEX 35 in Madrid was down over 3% at mid-trading with falls led by Gas Natural, Santander and Sacyr Vallehermoso. One analyst in Madrid said ‘A statement full of good intentions and the promise to meet again soon does not serve to return confidence to the markets’.
Meanwhile the Euribor rate, used to set mortgages has fallen to 4.4%, a level lower than where it was a year ago. It means 20 € a month off the average mortgage from January and comes as the International Monetary Fund is demanding that the European Central Bank reduce rates even more.
Spain and Germany are reported to both be searching for solutions to the crisis in the car industry, with meetings taking place here between the Minister for Industry, Miguel Sebastian, and José Montilla, President of the Generalitat Catalan government, to talk about the planned 1,600 redundancies in Nissan in Barcelona.
Meanwhile Angela Merkel is talking to Opel executives about similar problems there. It comes amid reports that the European Union could make 40 billion € available to car manufacturers.
Construction company Tremón, has declared itself insolvent with a debt of 900 million €. The company Chairman, Rodríguez Elías, has not given any details. When other companies in the group are also considered, such as TRH hotels, the total debt could be as much as 1.2 billion €.
Employment in the Services sector has fallen by 1.3% according to the new numbers just released for September.
Spending was down for the fifth consecutive month, down 2.8% compared to the same month last year. The only areas were sales were up were the Basque Country, Aragón and Asturias.
Airports of Madrid, Barcelona, Bilbao, Vigo and Valladolid have all been affected by the second day of pilot strike action in Air France. Those travellers affected have been placed with other airlines. Some 20 flights to Spain are affected today.
A spokesman for the Russian state energy company, Gasprom, has denied the reports seen in the press last week, that they are interested in purchasing a 20% shareholding in Repsol.
And finally,
Another victim of the current financial crisis – the Christmas company dinner. Bookings are down and budgets are far tighter than in previous years. Assistant president of the Spanish Hostelry Federation, José Luis Guerra, said that he expected income to see a fall of between 3 and 3.5% compared to last year.
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Spain Business Brief - Monday November 17 2008
larger | smaller
By h.b. - Nov 17, 2008 - 1:40 PM
Madrid Stock Market - Photo EFE
Stock markets have today ignored the results of the economic summit held in Washington over the weekend, with most markets trading down slightly.
The IBEX 35 in Madrid was down over 3% at mid-trading with falls led by Gas Natural, Santander and Sacyr Vallehermoso. One analyst in Madrid said ‘A statement full of good intentions and the promise to meet again soon does not serve to return confidence to the markets’.
Meanwhile the Euribor rate, used to set mortgages has fallen to 4.4%, a level lower than where it was a year ago. It means 20 € a month off the average mortgage from January and comes as the International Monetary Fund is demanding that the European Central Bank reduce rates even more.
Spain and Germany are reported to both be searching for solutions to the crisis in the car industry, with meetings taking place here between the Minister for Industry, Miguel Sebastian, and José Montilla, President of the Generalitat Catalan government, to talk about the planned 1,600 redundancies in Nissan in Barcelona.
Meanwhile Angela Merkel is talking to Opel executives about similar problems there. It comes amid reports that the European Union could make 40 billion € available to car manufacturers.
Construction company Tremón, has declared itself insolvent with a debt of 900 million €. The company Chairman, Rodríguez Elías, has not given any details. When other companies in the group are also considered, such as TRH hotels, the total debt could be as much as 1.2 billion €.
Employment in the Services sector has fallen by 1.3% according to the new numbers just released for September.
Spending was down for the fifth consecutive month, down 2.8% compared to the same month last year. The only areas were sales were up were the Basque Country, Aragón and Asturias.
Airports of Madrid, Barcelona, Bilbao, Vigo and Valladolid have all been affected by the second day of pilot strike action in Air France. Those travellers affected have been placed with other airlines. Some 20 flights to Spain are affected today.
A spokesman for the Russian state energy company, Gasprom, has denied the reports seen in the press last week, that they are interested in purchasing a 20% shareholding in Repsol.
And finally,
Another victim of the current financial crisis – the Christmas company dinner. Bookings are down and budgets are far tighter than in previous years. Assistant president of the Spanish Hostelry Federation, José Luis Guerra, said that he expected income to see a fall of between 3 and 3.5% compared to last year.
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Please keep to the subject. Opinions published here are of our visitors, not the Typically Spanish team. Comments which go against Spanish laws or which are libellous are not allowed. We reserve the right to delete any comment we wish.
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Por favor, céntrate en el tema. Son las opiniones de los internautas, y no las de Typically Spanish. No está permitido verter comentarios contrarios a las leyes españolas o injuriantes. Reservado el derecho a eliminar los comentarios que consideremos fuera de tema.
