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Spanish Finance News by Jurdy
Posted: 18 September 2008 01:05 AM  
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Grupo Prisa has said that it has received five offers for its Digital Plus(known as Canal+) pay satellite service. The bids have come in from Telefónica, Vivendi, Telecinco, Ono and BSkyB.

Canal+ is a Spanish pay television channel, launched in September 1990 on terrestrial television frequencies. The channel is operated by Sogecable. The main staples of Canal+ are Spanish football, bullfighting and recent movies.

In 1997 new channels using the Canal+ brand were launched in Spain. Just as on the other markets were Canal+ was present, the channels were named after colours: Canal+ Rojo (Canal+ Red) and Canal+ Azul (Canal+ Blue). A special channel broadcasting content in 16:9 aspect ratio was launched later on, but it was replaced by a time-shift channel in 2001. In 2003, the colour branding was abandoned and several movie and sports channels were launched.

In 2005, the Spanish government agreed on a change in the license terms for the channel. The permission to change the channel from a mostly encrypted channel into a 24 hour free-to-air channel was officially given by the council of ministers on July 29, 2005. From November 2005, its analogue terrestrial frequencies were given to Sogecable’s new channel named Cuatro (“Four”). Canal+ is available on the digital satellite television platform Digital+.

Grupo Ferrovial, S.A. (English: Ferrovial Group)is to sale Gatwick airport in London 2.5 billion €.

Spanish services and construction giant, owner of BAA has put Gatwick airport in London up for sale, obliged to do so by the British competition agency. The airport is valued at some 2 billion pounds, 2.5 billion €. It has a single runway, but despite that is handling 35 million passengers a year – last year’s number.
In June 2006, a Ferrovial-led consortium purchased the British company BAA Limited, for £10 billion.[5] BAA owns and operates seven British airports, including London Heathrow Airport, and operates or carries out retail management in several others.

New Mayor of Alicante

Sonia Castedo takes up her position as the first Lady Mayor of Alicante today with the idea of forming a cross-party pact with the administrations in an attempt to move large projects in the city forward.

The 37 year old Partido Popular mayor said yesterday that she would be keeping the team of councillors which had been chosen by her predecessor, Luis Díaz Alperi . he was mayor sine mid 90 with 13 years under his belt

more at jurdy @ fmplus dot es

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Posted: 03 October 2008 02:05 AM  
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Near a 40% of the Spanish homes already it has receiver TDT

37.4% of the Spanish homes count already on a terrestrial digital television receiver (TDT), of which a 32.4% are integrated in the television, when they lack two years less than so that the call takes place ’ blackout analógico’ , according to data of the National Institute of Estadística (INE). According to the survey on ’ Equipación and use of information technologies and comunicación’ in the homes, more than half of the Spanish houses they count on computer (63.6%), DVD (78.3%), video (62.9%), movable telephone (92.1%), fixed (81.3%) and television (99.7%). The report reveals that the use of the telephony is practically universal in the Spanish homes, since 99.2% of them have telephone, or fixed or movable. Thus, 74.1% of the houses count on both types, whereas only a 7.2% have fixed and 18%, only movable. The same happens to the television, present in a 99.7% of the Spanish homes. From them, 21.4% can receive channels through satellite dish, 15% through cable and 4.6% by ADSL or telephone line.

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Posted: 04 October 2008 01:37 AM  
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500 Megawatts Of Solar Capacity in 2009 by Spanish Government

The Spanish Government has announced its intention to raise the cap on subsidized solar energy projects for 2009 to 500mw, a higher limit than expected.

The Spanish solar energy sector is booming, sparked initially by Mother Nature, but fanned into life by government tax incentives. Spain’s installed Photovoltaic capacity has increased over 500% in the past three years, and it now has the second highest output in Europe, and the fourth largest globally. The sector employs more than 20,000 people.

INTERES, the Spanish foreign investment agency, characterises the subsidy program as follows: “The Renewable Energies Plan (2005-2010) as providing for the granting of incentives for investments by enterprises in technological innovation in the field of renewable energies, as well as the creation of lines of public aid, with a planned investment of approximately €23.6m.”

When the Renewable Energies Plan was first launched a cap of 400mw was initially put into place, to cover the entire period up to 2010. The scheme was heavily oversubscribed, resulting in the entire subsidy allowance being consumed within the first year, 2007. Both domestic and foreign companies involved in the development of the sector have been eagerly awaiting news of whether the subsidy system would be extended since the scheme was frozen last year.

The industry is expected to welcome the latest news of a raised cap to 500mw, announced by the government this week. A cap of 460mw was also set for 2010.

In addition to installation subsidies the government also enforces a fixed purchase rate for electricity produced using solar technologies. Whilst the installation subsidies have been extended, the fixed sale rates have been lowered from EUR 0.45 to between EUR 0.32 - EUR 0.34 kw/h, depending on the kind of installation.

more at jurdy @ fmplus dot es

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Posted: 05 October 2008 05:03 PM  
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Every year thousands of foreigners are tempted to set up a business in Spian, often thinking that they can prolong their holidays here but turth is 300 self-employed people are giving up their businesses are going to the wall every day in Spain. 

Self Employed in Spain starting to suffer in economic crisis . The National Federation of Autonomous Workers ATA saying that more than 300 a day have given up their business over the past five months.The Federation says in a report, that the worst ‘is still to come’.
Construction has been the most affected sector, losing some 22,358 workers over the first nine months of the year, some 4%. Agriculture follows with a 3% loss of 9,766 workers.
By regions, La Rioja has been most affected, followed by Navarra and the Valencia Region.

leader of the Partido Popular, Mariano Rajoy, speaking at the PP congress in Cantabria, has described the 2009 budgets as ‘a lost opportunity for spain

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Posted: 05 October 2008 10:36 PM  
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Will Spanish and uk banks do the same as Ireland and Now Germany followed

A German decision to back all savings would be likely to increase pressure on the UK government to do the same.

BBC business editor Robert Peston said there is confusion over the specific details of Germany’s plan.

He said should German Chancellor Angela Merkel be offering to underwrite the retail liabilities of German banks, it would reverberate all over Europe.

He added in such a situation the UK would be expected to make a similar guarantee.

The Chancellor of the Exchequer Alistair Darling has repeatedly pledged that he will do “whatever is necessary” to maintain stability in the British financial system.

Last week, the Financial Services Authority said it would be raising the limit to the amount of deposits that are guaranteed should a UK bank go bust, from £35,000 to £50,000 per banking group from this Tuesday.


Greece and Ireland have already announced similar commitments on savings.

http://news.bbc.co.uk/2/hi/business/7653813.stm

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Posted: 08 October 2008 01:07 AM  
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Again today we what to know whats happen to are money and is it back by Spanish Prime Minister meets with the country’s bankers

Yesterday evening Zapatero met with all the main bankers in Spain who all agreed on the solvency and solidity of the Spanish system. The Chairmen of the BBVA, Popular, Caja Madrid, La Caixa and Unicaja all attended, while the Banco Santander sent a top director. The bankers all described the meeting with the Prime Minister as ‘positive and fruitful’ as the occasion served to reinforce general confidence of citizens, savers and businessmen. Spanish Finance Minister, Pedro Solbes, At the meeting it was agreed to increase the guarantee to savers said the amount would be clearly above 40,000 €.

Britain will announce a rescue package for the UK banking system on Wednesday, finance minister Alistair Darling said.


Spanair loses 52 million euros after Madrid air crash (51.7Million Euros )  Spanair transported 680,000 passengers in September, 25.4 per cent less than during the same month in 2007. Demand went down 20.8 per cent this was due two Aircrash in Madrid - The Spanish airline Spanair has lost 51.7 million euros (70 million dollars) in ticket since after its MD-82 jetliner crashed in Madrid on August 20, killing 154 people, its mother -carrier SAS said Tuesday.
However, demand had gradually recovered and was now back to normal with cheap sale on there website over the last few weeks. Drunken Air Europa pilots are sacked The two pilots were reported to have been drunk and fighting in the street in Vigo last week.

European iGaming Expo, at Barcelona The event was highly successful with the organizers of the event, Clarion Gaming; announcing record numbers in attendance at EiG 2008. A total number of 1,544 delegates from over 60 countries attended through a variety of registration channels, which contributed to a 28% growth on last year’s trade show and reflected the expansion and renewed vigour created within the iGaming

Four Spain players nurse injuries after training. Spain finished Tuesday’s training session with four players nursing injuries ahead of World Cup qualifiers against Estonia and Belgium. The Spanish football federation said an initial prognosis indicated all four players should be available for Saturday’s match at Estonia and then against Belgium on Oct. 15.

Spanish coma patient sacked for failing to turn up to work.  A woman has been sacked from her job in Barcelona after failing to turn up to work despite her employers being informed that she was in a coma following a road accident. In a dismissal letter sent to her home informed that she had contravened a section of the workers’ statute relating to failed attendance and repeated tardiness. Lawyers from an employment union who have taken on the case said it was the worse breach of employment law they had come across.

jurdy

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Posted: 08 October 2008 10:42 PM  
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Six central banks, including the ECB , Bank of England, Usa Fed , The People’s Bank of China, the Bank of Canada, the Riksbank in Sweden and the Swiss National Bank have cut interest rates by half a percentage point in an effort to steady the faltering global economy , European Central Bank (ECB) trimmed its rate from 4.25% to 3.75%. this rate is what the banks can lead money from ECB
the move should help to cut business costs and ease the repayment burden on mortgage holders. that if bank pass the saveing on to you

Despite these measures the IBEX 35 stock market Again where hit again with most share down by 5%

Zapatero launches a preventative plan to rescue the bank with public money
President Zapatero called a press conference at the Moncloa Palace to confirm that the Spanish government will guarantee personal savings up to a new maximum of €100,000 euros. A €30 billion fund, which can be increased to €50bn, will also be created by buying “healthy” bank assets to ensure they can continue lending and day to day running .

The Spanish Met.  issued a warning of heavy and persistent rain from today and for the rest of the week in the area of the Mediterranean.
Rainfall of 200 litres per square metre is forecast in some areas. Met office spokesman, Ángel Rivera, said it was a typical storm as seen in the area every Autumn, and would be accompanied by high winds and rough seas in many places along the coast.
last year on the 6 oct 2007 saw worst storm on the island of Mallorca , winds gusting up to 110kph (about 65mph) destroying homes and injuring a number of people

jurdy

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Posted: 10 October 2008 02:32 PM  
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Hi Jurdy, thanks for the updates, I try to follow the Spanish news as much as possible but some of it gets lost in translation. I find your postings very helpful.

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Posted: 10 October 2008 07:17 PM  
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Will i dont post every day here but i try to keep the forum up to day thanks for the PMs and if you have any news you want included just pm me are Email me
jurdy.r at fmplus.es Www.fmplus.es

Spain Valencia flash flood Two British women died , there were named early on ,  a 47 year old mother, Lauren Cullen, and her 14 year old daughter also called Lauren
The storms in the Valencia area have dropped 60 litres of water per square metre in an hour,  causing flooding to tunnels, basements and garages in the city.

Three ferries with more than 400 people on board were stuck at sea unable to dock as the Valencia port was closed on Friday.
The fire service has rescued about a dozen people because of the adverse weather in the provinces of Valencia and Alicante.
and unsettled conditions are forecast to continue over the weekend

Today saw the start off the Volvo races The race will be officially started by King Juan Carlos and Queen Sofia who arrive in the city today , Alicante to Cape Town tomorrow

European stock markets continue to fall ovwe last two days The Spanish stock market has joined the falls being seen across Europe today, some falling by more than 8.5%, showing that the emergency measures carried out by Governments across the world have done nothing to rebuild confidence.

Former Mecano singer, Ana Torroja, and model-turned-actress, Esther Arroyo, were among seven people injured in a head-on collision on the N-340 freeway, roughly 10km from the town of Vejer de la Frontera (Cádiz), that occurred in heavy rain shortly after 9am this morning. and has undergone surgery at Puerto Real University Hospital.

Ballesteros, the winner of three British Opens and two Masters titles, was taken to La Paz hospital after briefly losing consciousness, the hospital said in a statement.

Ballesteros was admitted to hospital in Madrid last Monday
His condition was stable, and he was undergoing diagnostic tests, the hospital said. No further information on his condition or treatment would be made available under instructions from Ballesteros’ family.  Ballesteros was known for his brilliant improvisational play and was a stalwart of European golf, playing a key role in reviving the continent’s fortunes in the Ryder Cup both as a player and later as captain when he led Europe to victory over the United States in Spain in 1997.

Spaniard Ballesteros was elected to the World Golf Hall of Fame in 1999.

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Posted: 11 October 2008 07:28 PM  
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Nissan Motor Co is finalising plans to cut one third of its 4,300-strong work force at its Barcelona factory, Spanish daily El Pais reported , last week SEAT said it must lay off 1,250 employees
Car sale arre down for 2008

Ibex-35 closes week 21% down mainly bank share where hit.  Leaders of euro zone countries will meet in Paris tomorrow in a new European attempt to coordinate action. some Eu states have reported Retail sales see biggest drop in 24 years Ireland budget has been brought forward is to send out a clear message to the international community that Ireland will take the decisions necessary.

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Posted: 12 October 2008 09:48 PM  
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it the weekend time to get out the Sunday papers and watch tv , Are is it ?

well house price are falling across the world and set to fall by 30,000 but one house , if it had ears and could talk , the storys would be Entertainment but hit by the global credit crunch the couple had to take any 2million GBP cut in the price . The couple’s five-bedroom villa, which Victoria, 34, dubbed as the Casa Beckham, has been up for sale for 17 months, and there has not been a buyer interested in buying the 5million pounds mansion.

Both have been told that if they wish to sell the house, in the millionaires’ suburb of La Moraleja, which they had bought for 4.5million pounds in May 2005, they would have to lower the price. The Becks had spent an extra 500,000 pounds refurbishing it, but now with the market being down, they are selling it off at 3million pounds, setting them 2million pounds short.  Millions facing negative equity , expects that by the end of 2009 house prices will have fallen 30% from their peak in 2005-7

Spain Bad debt defaults Rise
Banco Sabadell sees a significant rise in debt defaults and mergers among Spanish banks due to the ongoing credit crisis, the chairman of Spain’s fifth largest bank told ABC daily in an interview.

EU leaders agree plan to tackle banking crisis
Eurozone leaders have agreed a set of measures to give greater liquidity to banks and restore confidence to the financial system. IMF chief warns EU must act together .


Spanish former golfer Ballesteros has brain tumour

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Posted: 13 October 2008 10:30 PM  
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Spain’s Iberia Airline booking were down 6% in September 08 on figgers off September 07 Iberia said, due to blaming weak demand and the difficult economic situation

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Posted: 14 October 2008 12:59 PM  
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Spain drafts EUR 100B rescue plan . The Spanish government outlines a plan to guarantee EUR 100B of bank debt. The cabinet approved guarantees for loans among the country’s banks up to 31 December, 2009.

Prime Minister Jose Luis Rodriguez Zapatero, after the special session of his cabinet, said the goal is to ensure that banks can access easily transferable cash.

The Socialist government is also still considering buying shares in banks, Zapatero said, while adding: “This is currently not necessary”.

He said that Spanish credit institutions were more stable due to strict controls.

Earlier in October, the Madrid government approved a fund of up to EUR 50 billion to provide money to banks in buying up assets.

Zapatero is to meet opposition leader Mariano Rajoy two day to discuss the government’s financial rescue package.

Eu is two see Ireland Minister for Finance Brian Lenihan will deliver his first Budget it Spending cuts of €2bn are expected. The Budget is likely to include new ways of raising money for the Exchequer, closing some State agencies and the cancellation or delay of big building projects
this Budget would due in Dec 2008 but was move due to bad economy in ireland

The US Treasury is to invest $250bn in a number of banks as part of a package of measures aimed at restoring confidence in its financial sector.

the market have been Reacting well to the good news with share up 3 - 4 % across EU with New york up in next hour

Irish budget link to this page here http://www.spainexpat.com/spain/forum/viewthread/3900/
this well be update later again to nigh

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Posted: 14 October 2008 10:32 PM  
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Average salaries in Spain 30% lower than the rest of the EU according to a study published today by Adecco and IESE with reference to figures taken from 2006.
The report shows that the average gross salary in the EU was 32,414 euros while in Spain it was 21,402 euros. Furthermore, it shows that in countries like Denmark, the UK or Germany that the average salary was over 40,000 euros a year compared to the average salary in Eastern European countries where it didn’t reach 10,000 euros.

Furthermore, the study underlined the fact that the difference between Spain and the rest of the EU has been increasing over recent years. Between 2002 and 2006 the average salary in the EU increased in real terms by 3.9% while in Spain it only went up by 1.3%.

Inflation falls in Spain to 4.5 percent Falls in the price of milk, bread and chicken have helped with the numbers. Last year at this time inflation was just under 3%

unemployment rate in Spain will be around 11.2% by the end of the year


UEFA has announced that Atlético Madrid have to close their ground, the Vicente Calderón Stadium for the next three Champions League matches.
Atlético Madrid have to close the Calderon for three Champions matches
It comes after what UEFA considers to be the serious incidents seen in the ground before the game against Olympique de Marseille. The next three Champions League matches will have to be played at least 300 kms away from Madrid. It’s understood that Atlético Madrid are to appeal the sentence.

As the financial crisis bites ever deeper into Spain’s once-booming housing market, estate agents are resorting to desperate measures
Some agents thought they had found the solution by holding “Dutch auctions” in which the auctioneer begins with a high asking price which is lowered until someone is willing to accept the price on offer. Spaniards are not buying . And many of those who want to buy can’t get mortgages .

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Posted: 14 October 2008 11:45 PM  
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Ryanair May Close Due to Regional Government’s Failures at Valencia Base

Ryanair, Europe’s largest low fares airline, today (14th Oct) announced that it may be forced to close its Valencia base following the failure of Regional Government (Conselleria de Turisme) to reply to Ryanair’s proposal on how to ensure the continued growth of passengers at Valencia and their repeated failure to meet with Ryanair.

Ryanair has set a deadline of this coming Friday, 17th Oct for a response from the Government before it makes its final decision on the future of its base at Valencia airport.

Since Ryanair began flying to Valencia in 2004 annual passenger numbers have increased each year. Ryanair currently operates 22 international routes to and from Valencia, all of which are at risk if Ryanair must close all operations to/from Valencia.

Ryanair is the largest airline flying to Valencia but, despite its importance to the local economy, the government has opted to support other airlines who have not provided a fraction of the growth which Ryanair has to the airport. Instead it has chosen to ignore all efforts by Ryanair to collaborate in ensuring the continued growth in passenger traffic at the airport.

jurdy

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Posted: 15 October 2008 09:41 PM  
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The Housing Ministry said prices fell 1.3 percent Spanish house prices fall again

Housing prices in Spain have fallen for a second straight quarter, the government said Wednesday, releasing more bad news about a real estate sector which had fueled a decade of economic growth but has now gone flat. A London-based economic research organization said the situation is actually much worse, with a housing price decline of 30 percent likely . The housing collapse has been devastating for the economy because construction and related industries accounted for up to 20 percent of Spanish GDP.

Underground petrol theft in Elche
The Compania Logistica de Hidrocarburos company has complained to the police that they have been robbed of petrol from the pipeline they own which runs between Cartagena and Alicante. They say that sophisticated thieves broke the pipe underground and installed a hidden tap above ground to take the fuel close to Elche, and that the theft was first detected some ten days ago, and that it had caused some contamination of the area
180 homes to be compulsory purchased for AVE construction between Elche and Orihuela

Two points for parking in disabled zone and fine to come in two law

Gibraltar wreck fuel detected on Tarifa beaches Police have arrested the captain and two officers of the cargo ship Fedra, which ran aground on the sheer cliffs of Europa Point last Friday in extreme weather

Spanish Stock Market soars by more than ten percent yesterday but loss out again today like most markets around the world

Air Europa has become the second Spanish airline, behind only the state carrier Iberia

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