Spain Business Brief - Wednesday December 3 2008

Spain Business Brief - Wednesday December 3 2008
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By h.b. - Dec 3, 2008 - 12:45 PM

Archive Photo EFE

Consumer confidence falls in November in Spain.

The figure for the Consumer Confidence index in Spain has fallen 1.4 points in November to stand at its second worst level ever as the economic crisis continues, and more and more people fear being made redundant.
The new number is 48.7 after the slight recovery in October following falls in fuel prices. It compares to 76.1 a year ago. It bodes for what is being described in the Spanish media as ‘a modest Christmas’.

Meanwhile Minister for the Economy, Pedro Solbes, commenting on the current three million unemployed in Spain said that next year will be worse. He said there was ‘a certain consensus’ that 2009 will be worse than 2008.
The President of the Self-Employed Federation ATA, Lorenzo Amor, said a change in policy is needed as are new ways to develop new jobs.
CCOO union says it has not ruled out demonstrations if they become necessary.

Industry Minister, Miguel Sebastián, has asked for patience and has said that the reduction in the Euribor interest rate and petrol prices will inject 25 billion into the economy. He said that the Spanish government’s measures against the crisis would be seen to bear fruit in January.

Today Pedro Solbes goes on to meet with bank bosses to analyse the state aid being offered to them, and what they should do with it. The meeting is with top bosses of the Santander, BBVA, Caja Madrid and la Caixa.

The Government in Spain has said it is prepared to help car manufacturers here, but only if no jobs are lost. The undertaking was given in a meeting with car unions, and the Government said it was very alert to companies using the current crisis as an excuse to lose staff.

Andalucia had already come up with the idea as a possible measure to stimulate the stagnant real estate market some two weeks ago, but now it has been rejected by central Government. The idea of enforcing reduced registration and notary fees would, says the Ministry for Justice, only lead to greater job losses, and be of little help to small businesses.
Meanwhile the Housing Minister, Beatriz Corredor, has called on real estate promoters to reduce the price of property to increase sales. She rejected the suggestion that the Government should be buying up empty property.

Independent auditors have put the debt of the Martinsa company at 7.150 billion €. That puts the net worth of the company chaired by Fernando Martín at only 181 million, with its assets estimated to be 7.336 billion €.

And finally,
Yahoo! has sacked their General Director for Spain and Italy announcing that the post goes because of a re-structuring in the company to save costs. Nacho Azkoitia leaves the company at the end of January. He’s been in Yahoo! for three years.

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