Inditex founder, Amancio Ortega, is still the person with the largest fortune in Spain, with 70 billion euros, followed by his daughter Sandra Ortega and and Mercadona chairman, Juan Roig. The three business people top the list of the 100 biggest national fortunes drawn up by Forbes.
Spanish factories output accelerated in the month of October hitting the highest levels for a decade, according to the PMI. This rose to 55,8 points in October from 54,3 in September, noting the “negligible impact” of the political situation in Catalonia, although political uncertainty could be a drag on future expectations.
S&P published a specific note on Spain economy on 31/10 where it states that the recent events in Catalonia should not have any immediate impact on its rating nor its outlook (BBB+/Positive). At the same time, Moody’s published a note on Spain which is more cautious about the risks of implementing Article 155.
In Spain, companies should “express their future needs in the medium and long-term and transmit them to the education system. At the same time, the education sector has to contribute and help young people to get a job tomorrow. If this is not perfectly in sync, like a watch, it doesn’t work,” explains Francisco Belil, a Gas Natural board member and deputy chairman in Spain of the Bertelsmann Foundation.
From 15:25 last Friday afternoon, when the Catalan Parliament made its unilateral declaration of independence, events have speeded up. Three hours after the solemn, but sad proclamation, the Republic of Catalonia disappeared into thin air. Mariano Rajoy dissolved the regional parliament and fired Carles Puigdemont’s government by implementing Article 155 of the Spanish Constitution in the Senate. And the biggest surprise: a call for elections on December 21.
Ratings agency Fitch has warned that a property bubble is evident in the centres of Spain’s large cities. But it makes it clear that it does not anticipate any generalised bubble in housing prices in the country in the short-term. This is due to the high level of stock which still has to be absorbed and the restrictions on buying a home.
Whether it’s the initiative of the Catalan or Spanish government, Catalonia is this week heading for elections at the beginning of 2018. Some will say the elections are constituent towards obtaining independence and the new Republic of Catalonia. Others will hold the view that they are autonomous elections under the protection of the 1978 Spanish Constitution. In fact what they will be are elections to clarify the current real political map in Catalonia.
Hay Derecho Joven Editors and Javier Cuairán García) | While Mr. Jordi Sánchez, president of the Assamblea Nacional Catalana, and Mr. Jordi Cuixart, president of the Ómnium Cultural, known as the Jordis were sent to preventive prison without bail, Josep Lluís Trapero, the Mayor of the Catalan police Mossos, was granted provisional liberty without bail.
For the moment, Russia considers what’s happening in Catalonia as an internal issue and the country’s television channels are focusing on the violence in the region, without getting to the political issue itself. For the time being. Except if the problem stops being a domestic one and – for whatever reason- becomes an international one.
The next chapter of the “Catalan saga” was revealed today. Prime Minister Mariano Rajoy has now warned that on Saturday article 155 of the Constitution will be implemented to suspend Catalonia’s autonomy. And amid this endless craziness, Puigdemont says that if this finally happens, the declaration of independence will be declared.