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Spanish Business News

The latest business, economic,property, stock market and financial news from Spain. Keep up to date with what is happening with the Spanish economy, stock market, the economic crisis, the euro zone debt sovereign debt crisis and the Spanish property market.

EU to ban olive oil jugs from restaurants
18 May 2013

The small glass jugs filled with green or gold coloured extra virgin olive oil are familiar and traditional for restaurant goers across Europe but they will be banned from 1 January 2014 after a decision taken in an obscure Brussels committee earlier this week.

From next year olive oil "presented at a restaurant table" must be in pre-packaged, factory bottles with a tamper-proof dispensing nozzle and labelling in line with EU industrial standards.

The use of classic, refillable glass jugs or glazed terracotta dipping bowls and the choice of a restaurateur to buy olive oil from a small artisan producer or family business will be outlawed.

Read the full article at the Telegraph

Like 0        Published at 12:48   Comments (1)

Are there really 2.25 million unsold homes now in Spain?
15 May 2013

I've just been reading the latest article by Ambrose Evans-Pritchard of the Telegraph where he quotes a figure of 2.25 million as the number of unsold properties in Spain.  This is much higher than any other figures I've seen.  I think 1.6 million was the highest number I'd previously seen.  From the above mentioned article:

Madrid consultants RR de Acuna have a report coming out this month warning that the glut of unsold properties has risen to a fresh peak of 2.25m homes, including those in the hands of builders and banks, or in the eviction process.

"It will take 10 years to get rid of the stock. We're pretty sure that prices will bleed another 15pc," said Fernando Rodriguez de Acuna. "The market is broken, and the quoted prices in many areas are a fiction. You can't sell even if you offer a 50pc haircut. A lot of buildings will have to be knocked down and land is going to revert to farmland, or just to nothing."

Like 0        Published at 23:06   Comments (0)

Alcohol and tobacco taxes to go up in Spain
14 May 2013

According to El Pais, the Spanish government is likely to increase taxes on alcohol and tobacco as well as increasing environmental taxes:

The government has ruled out any further hikes in major taxes this year and is instead studying increasing special levies on items such as alcohol and tobacco along with environment taxes to help meet its deficit target for this year.

However, Finance Minister Cristóbal Montoro has already flagged that the temporary hikes in personal and corporate income tax introduced last year would remain in place in this year’s budget.

The government feels it has some scope to raise the overall tax burden, given that tax revenues in Spain currently account for only 36 percent of GDP, compared with an average of 46.5 percent in the euro zone as a whole.

Like 0        Published at 23:25   Comments (0)

Economy minister calls for deposits of over 100,000 euros to be given protection
14 May 2013

Spanish Economy Minister Luis de Guindos on Tuesday proposed that Europe should provide protection for deposits of more than 100,000 euros in the event of bank failures, arguing that the current guarantee limit of 100,000 euros is “artificial.”

Speaking to reporters in Brussels after a meeting of European finance and economy ministers, De Guindos said that guaranteeing bank deposits of 100,000 euros or less is not in doubt, but that there are moves to reach agreement providing protection for amounts of over 100,000 euros as well, in the case of exceptional circumstances and based on very strict rules.

“We have to send a very clear message: that deposits are adequately protected,” De Guindos said.

Read the full article at el Pais in English

Like 0        Published at 23:17   Comments (0)

British savers could face losses in eurozone bank stress tests
07 May 2013

 Uninsured depositors and bondholders in eurozone banks could face imposed losses following stress tests carried out before a “single-supervisory mechanism” headed by the European Central Bank begins work next June.

 Jeroen Dijsselbloem, the chairman of eurozone finance ministers, warned that that the ECB checks on the quality of banking assets could lead to banks being shut down, highlighting the need for eurozone agreement on bank resolution rules this summer.

The prospect of eurozone banks facing closure will alarm British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

“The first thing that the ECB will have to do when they take on their supervisory task is to have an asset-quality review of the main banks that will be under their supervision and I think very soon after that all the other banks in Europe as well because there is still the risk of contamination between banks,” Mr Dijsselbloem said.

“The outcome of that asset quality review we don't know yet, but it might be worrying. It might be worrying for some banks in some countries. We don’t exactly know. What I do know is that when we do have an outcome that is worrying, we need to have the instruments to deal with the problems.”

Read the full article at The Telegraph

Like 0        Published at 20:25   Comments (0)

Berlin rejects calls for domestic stimulus plan to help out Spain
01 May 2013

German Finance Minister Wolfgang Schäuble on Monday reiterated his government’s objection to launching a domestic stimulus package to help out struggling countries such as Spain boost exports, but in an encounter with Spanish Economy Minister Luis de Guindos he floated the idea of German companies investing in smaller Spanish ones to help create jobs.

After a meeting in a luxury hotel in Loja, in the province of Granada, Schäuble and De Guindos outlined the framework of a plan that would be developed outside the auspices of European institutions and under which German companies would inject funding into solid small and midsized Spanish enterprises (SMEs).

Such investment would be jointly “sponsored” by the German and Spanish governments. Schäuble said the main thrust of the plan is to tackle high unemployment in Spain, particularly among young workers, which the German minister said was a major concern for the government of Chancellor Angela Merkel.

Read the full article at el Pais in English

Like 0        Published at 20:11   Comments (0)

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