Spain Finance & Business - Friday October 27 2006

Spain Finance & Business - Friday October 27 2006
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By h.b. - Oct 27, 2006 - 8:29 AM

Archive Photo EFE

New mobile phone and equity release regulations on the way

New regulations mean that those who want to keep their mobile phone number and change operator will see a far easier process and one which now has to be completed in four days. The Telecommunications Market Commission (CMT) are currently drawing up the new regulations on portability. So far Amena has been the biggest loser of clients with Vodefone the biggest gainer. With the Amena rebrand to Orange, that may now change.
Carrefour is today launching it own virtual mobile company with a flat rate charge of 0.15 €. The service is provided on the Orange network.
The fourth main mobile network run by Xfera, owned by Norweigan telecom, has announced they will start services at the start of December under the new brand name of Yoigo.
Meanwhile Telefónica shares are trading at a five year high on the stock market.

The monthly income which over 65’s obtain by mortgaging their home will be considered to be tax free, according to plans under a new mortgage law in Spain. The new product of asset release is now being sold in Spain by several companies, but remains currently unregulated under law. The new mortgage law will bring in the controls from next year.

Iberia has delayed its plans to offer zero commissions to travel agents. The plan now has a starting date of 2008.

Building group Sacyr Vallehermoso say they want to increase their share in Repsol YPF to 20%. They currently hold just over 9% and have applied to the National Commission for Market Values for the increase.

The German Economy Minister, Michael Glos, has accused the Spanish Government of using tricks to block the E.ON take over of Endesa. It comes as Spain has promised Brussels a response to the call for them to remove conditions on the take over, saying they will make a response in a few days.

Media Group PRISA has launched a take over for 100% of the Portuguese company, Media Capital. Prisa already holds a third of the shares and will pay 7.4 € cash for the remainder if successful.

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