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Spanish economy 12th January 2012

“Spain will do everything it needs to do,” says the minister of Industry to investors

By Julia Pastor, in Madrid | The second edition of the Spain Investor’s Day started on Wednesday. This event presents itself as “a unique project in Spain, the great personal encounter of the global investor with Spanish issuers and businesses. Its permanent objective is to present Spain at its highest level as the investors’ destination”. The meeting gathers major listed companies and major institutional investors in order to generate contacts,…

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Spanish economy 12th January 2012

Spain starts the year by placing €10bn: twice the expected, at lower rates

MADRID | Europa Press | The Spanish Treasury managed to successfully close the first auction of the year by placing almost €10bn in bonds, twice the expected amount and at lower than expected rates, thus continuing the good streak of the previous issuances. The agency’s expectations were far exceeded by the result as in the last auction. It had only expected to obtain between €4bn and €5bn. The demand was again…

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Spanish economy 11th January 2012

Rajoy to Spain’s banking sector: “be transparent and merge”

MADRID | In his the first interview granted to Spanish media as Prime Minister of the Spanish government and after a number of weeks of silence (which has been heavily criticised by the press), Mariano Rajoy explained to new agency Efe some details of his political and economic project for the country. Among many aspects, he spoke of the restructuring of the financial sector for which he announced a re-organisation plan,…

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Spanish economy 11th January 2012

Economic reforms could attract €3.2bn in venture capital to Spain

The Spanish Association of Venture Capital (ASCRI is the Spanish acronym) presented the results of the sector in 2011, when the investment of these firms in Spain reached €3.249 billion, 7% less than in 2010, but more than twice the amount invested in 2009. Venture capital  has 3,200 million euros to spend on new business investments in Spain, said on Tuesday Maite Ballester, president of ASCRI. Ballester believes that “the…

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Spanish economy 29th December 2011

Foreign tourists in Spain spend 8.1% more than in 2010

The amount of money spent by international tourists visiting Spain from January to November 2011 was €49.985 billion, that is 8.1% more than last year according to figures reported in the Survey of Tourist Expenditures (Egatur) of the Ministry of Industry, Tourism and Commerce. The average expenditure per tourist stood at €929 in the first eleven months, 0.2% more than during the same period in 2010, while average daily spending…

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Spanish economy 27th December 2011

De Guindos confirms that Spain will start the year in recession

MADRID | All the Spanish press reported the new Minister of Economy, Luis de Guindos’ statements when he confirmed on Tuesday what everyone already knew: that Spain would go into recession in 2012. According to his predictions, the first trimester of 2012 will register a negative growth, just like the last trimester of this year in which the GDP will decrease by between 0.2% and 0.3%. During the inauguration of…

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Spanish economy 22nd December 2011

Rajoy’s cabinet

MADRID | The new Spanish president Mariano Rajoy has announced the names of the 13 ministers who will make up his cabinet, the smallest in the history of democracy. The new government will have just one vice-presidency (the former Economy minister was also vice-president) that will be held by Soraya Sáenz de Santamaría, a 40-year old politician and the person known for being highly trusted by president Rajoy. Sáenz de…

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Spanish economy 21st December 2011

Spain liberalises online gambling sector

In May, the Spanish government passed a law that will transform and liberalise most sectors of the country’s online gambling market starting at the beginning of 2012. For most of the global market (over 90% of the experts surveyed) the future relevance of the Spanish online gambling market is high. Therefore it comes as no surprise that nearly all operators (ca. 80% of the operators surveyed) are likely to apply for…