By Juan Pedro Marín Arrese, in Madrid | When it comes to conditions imposed on Greece, they are not so fierce as usually depicted. Axing 25% of minimum wages might seem a harsh therapy. But salaries pegged to this standard would still be 15% higher than in Portugal. As to supplementary pension schemes and holidays bonuses, ask the Portuguese how they feel on that. Closure of more than 100 state-controlled entities…
Julia Pastor, in Madrid | One of the fundamental structural reforms Spain needs to undertake within the next few years –and of the same importance and magnitude as the educational reform, the labour reform or the pension system–, is the one to solve the electrical tariff deficit. This is the deficit resulting from the difference between the existing elevated tariffs of the wholesale market that generates the electricity and what…
The happiness of Beijing residents is in recession for the fourth consecutive year. The reasons behind such state of mind are not exclusive of the Chinese capital and they represent the challenges the Communist Party will have to face during the year that has just begun in China. In Europe, the year 2012 exudes pessimism. Conversely, according to Chinese astrology, the symbolism attached to this mythological animal will bring power…
By Tania Suárez, in Madrid | The Spanish companies Ferrovial and Técnicas Reunidas (TRE) have joined forces to bid for British nuclear plants. According to UK Government, the British Nuclear Plan would entail a substantial £50 billion investment over the next decades. Ferrovial and TRE have already sealed a framework agreement to work together in large projects related to construction, engineering and operation of nuclear plants. Experts from Bankinter point…
By Juan Pedro Marín Arrese, in Madrid | It is only fair that banks being nationalised to save them from sheer collapse should follow a much restrictive pay policy on top executives and members of the board. After all, a huge amount of taxpayer money has been spent to fill the gaps derived from irresponsible management. The odd thing is that most culprits have already left the entities with their pockets…
By Tania Suárez, in Madrid | Most Spanish financial analysts agree in their perception of Santander and BBVA as being favoured by the financial reform presented on Thursday by the minister of Economy Luis De Guindos. As a matter of fact, their quotes are gaining value. The reform has been received favourably, although some analysts are still cautious. On the one hand, Sabadell’s point out that “demand has increased, but…
By Julia Pastor, in Madrid | The Spanish subsidiary of Siemens wants to transform Spain into the renewable energy provider for Central Europe. Spain is the European leader in green energy, specifically the number one in wind energy. In Europe, several countries have turned their back on nuclear energy, among them Germany, and are going to close their plants, and geopolitical instability due to the war for oil is already a…
MADRID | EP | Brazil is getting ready to host some of the greatest sport events in the world: the Football World Championship in 2014 and the Olympic Games in 2016. The modernisation of its airports for affairs of such extent means a very important investment effort for the country, so the president Dilma Rousseff has decided to privatise them. The Spanish construction companies have begun to take positions in…
LONDON | The London-based National Institute of Economic and Social Research on Friday put its baseline forecast for global growth on 3.5% for 2012. The NIESR gave next year a slightly higher growth rate probability of 4%. In both cases, the Institute assumes a downward revision of about 0.5 percentage point in each year compared to its last forecast. The NIESR warned that the financial instability resulting from the euro crisis, combined…
By Juan Pedro Marín Arrese, in Madrid | The outline of the financial reform, announced yesterday on Thursday by the Spanish minister of Economy, fails to provide the clue of what the government is aiming at. To begin with, the picture we were presented was one of sheer disarray: big holes in the balance sheets covered with meagre provisions and not a single tender word for the financial system. One…