Spain Business
Spain Finance & Business - Wednesday December 27 2006
By h.b.
Dec 27, 2006 - 8:16 AM

Those affected by the collapse of Air Madrid have called their first act of protest. It will take place at noon today (Wednesday) outside the Ministry for Health and Consumer Affairs. Many think their rights have been infringed by the Development Ministry suspending the low cost airline’s operations. A total of 13 different collectives will take part in the demonstration.
Meanwhile the Development Minister, Magdalena Alvarez, will talk to congress commission from 10am to explain the government’s actions in the case.

The Minister for the Economy, Pedro Solbes, has said that the per capital income in Spain will be well over the EU average by 2010. Solbes presented a new Stability Program last Friday.
He has increased his predictions for the growth of the economy, while the PP opposition has commented that the Government is trying to hang on until the end of the legislature.

Following the Gescartera scandal some years ago, the Catholic Church in Spain has once again been investing in the Stock Market. The El Mundo newspaper reports that investments have been made through the Sicavs company and have taken place in the energy, pharmaceutical and food sectors. The church is reported to have made a 16% return on its investments.

The General Council for Notaries in Spain has created a new body to collaborate with the tax authorities. It will have the task of analysing the public escrituras in the fight against fiscal fraud.

Industrial prices in Spain rose by 3.6% in November, unchanged on the previous month. There were cheaper prices in petrol refining and also in metal processing.

Carrefour, the French hypermarket chain has signed an agreement with the United States female clothing company, BCBG Max Azria. It means their fashions for the next season will be on sale in the company’s stores across six countries in Europe, including Spain. Azria purchased the Don Algodón brand just over a year ago.

And finally,
Five years after the introduction of the Euro, the Spanish people still have en estimated 1.8 billion Euros worth of Pesetas in their homes. The old currency can still be exchanged for free, but now only in the Bank of Spain. During the last year another 41 million € worth of pesetas came in.