[UPDATE] By Juan Pedro Marín Arrese, in Spain | The Spanish government will disclose on Friday its plans for a massive clean-up in mortgage-backed bad loans from banking balance sheets. This move is indeed highly welcome so long this overhaul doesn’t push too far eating all resources at hand. Once a €50 billion adjustment has been announced, markets will only settle for a substantially higher figure. In many cases, meeting such…
Acciona, Repsol, Iberdrola and Inditex are the only Spanish companies listed in the ranking of the 100 most sustainable companies in the world –’Global 100 Most Sustainable Corporations in the World 2012 ‘– that was presented during the celebration of the Davos World Economic Forum and developed by the magazine ‘Corporate Knights’. Acciona is the first Spanish company to appear in the ranking, where it stands at place 37, it is followed…
By Fernando Barciela, in Madrid | A small €24 million-turnover metal stamping company has become a €1.5 billion-turnover international corporation in 15 years. Its chairman Anton Pradera says that changing a company’s model isn’t difficult. Indeed. CIE Automotive sells 90% of its production outside Spain. Does this protect you from our domestic crisis? [Our emphasis.] That’s right. We are really happy now that we started our internationalisation at the very beginning of…
By Juan Pedro Marín Arrese, in Madrid | The Spanish Government has just approved a bill enshrining the budget golden rule by 2020. It aims to balance income and expenditure over the cycle, departing from that principle only in exceptional circumstances like a full-fledged recession. Such far away objective seems less than ambitious. Especially taking into account the loose path established to ensure that goal. Reducing debt by 2% only if…
BARCELONA | ESADE and BBVA Foundation in collaboration with PricewaterhouseCoopers on Wednesday opened the second edition of Momentum Project 2012. The initiative aims to contribute to the development of social entrepreneurship in Spain, creating a support network for these companies to consolidate, grow and increase their impact. In the first edition, Momentum funded seven projects with a €3 million capital injection through a finance tool designed by BBVA. The presentation in…
By Tania Suárez, in Madrid | Spain’s bill auction on Tuesday has been another success for the sixth time in a row. This time, the Spanish Treasury has placed €2,506.8mn in Treasury bills at 3 and 6 months and so, beats its target of €2,500mn. The yields have fallen almost half a point compared to December’s results. Specifically, the Treasury has sold €1.43bn of the €6.053,85mn demanded by investors in…
