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Spain Business Brief - Saturday August 21 2010
The European Competition Commissioner, Joaquín Almunia, has said that Spain has to increase taxes to continue to reduce the State deficit. He commented that the debate upto now on labour reform has not been ‘serious or rigorous’, and that all the countries with low fiscal pressure need to increase taxes to cover the debt.
The head of the Bundesbank has called on the European Central Bank to continue to finance banks in Europe, even though this will increase the debts of the financial system. The comment is of interest as Alex Weber is being seen as a possible successor to Jean Claude Trichet next year. Weber has said he thinks the extraordinary measures to help the banks should remain in place until at least the end of the year.
One of the ways the Spanish government intends to save more money comes with the announcement that they are to limit the 426 € monthly payment to the unemployed whose entitlement has expired, to those aged between 30 and 45 and with family responsibilities. There are no restrictions on those aged under 30 or over 45. The new limitation has already been attacked by the UGT union, which has complained of the fact that they were not consulted ahead of the announcement.
It has also been shown that only 30% of those to be granted the 426€ payment have found employment. 615,000 people in total have received the payment, but only 189,000 have found employment.
Some 8,000 youngsters in Spain who have received financial help from the state for their rent now have to return the money. They are being informed by SMS and letter. It comes as the AEAT tax authority has discovered that they could have been earning more than 22,000 € in income; the limit above which they would not be eligible for the payment.
Spanish Air Traffic Controllers have ratified the agreement reached last week between their union, USCA and AENA, the Spanish Airports Authority. The minimal agreement ends the threat of strike action in the sector, which has now agreed to accept the offer of an average wage of 200,000 € a year until 2013. Minister for Development, José Blanco, meets with the controllers to work out more details of the deal on September 3.
BAA, the British Airports Authority, which is a subsidiary of the Spanish company Ferrovial, has reached a deal to obtain 760 million € credit to refinance part of its debt. The new four year credit will help face part of the debt which has now reached 1.912 billion €.
Gonzalo Pascual is to leave his post as Deputy Chairman of the CEOE employers’ organisation. The organisation has as many as 21 Deputy Chairmen, but the change does not mean that Pascual will lose any rights on the executive committee or board of the organisation.
And finally,
The strike in Auto Res coaches, which started at midnight on Saturday, could affect some 4,000 passengers this weekend before it ends at midnight on Sunday. The workers are meeting the minimum service requirement of 30% of normal services.
The head of the Bundesbank has called on the European Central Bank to continue to finance banks in Europe, even though this will increase the debts of the financial system. The comment is of interest as Alex Weber is being seen as a possible successor to Jean Claude Trichet next year. Weber has said he thinks the extraordinary measures to help the banks should remain in place until at least the end of the year.
One of the ways the Spanish government intends to save more money comes with the announcement that they are to limit the 426 € monthly payment to the unemployed whose entitlement has expired, to those aged between 30 and 45 and with family responsibilities. There are no restrictions on those aged under 30 or over 45. The new limitation has already been attacked by the UGT union, which has complained of the fact that they were not consulted ahead of the announcement.
It has also been shown that only 30% of those to be granted the 426€ payment have found employment. 615,000 people in total have received the payment, but only 189,000 have found employment.
Some 8,000 youngsters in Spain who have received financial help from the state for their rent now have to return the money. They are being informed by SMS and letter. It comes as the AEAT tax authority has discovered that they could have been earning more than 22,000 € in income; the limit above which they would not be eligible for the payment.
Spanish Air Traffic Controllers have ratified the agreement reached last week between their union, USCA and AENA, the Spanish Airports Authority. The minimal agreement ends the threat of strike action in the sector, which has now agreed to accept the offer of an average wage of 200,000 € a year until 2013. Minister for Development, José Blanco, meets with the controllers to work out more details of the deal on September 3.
BAA, the British Airports Authority, which is a subsidiary of the Spanish company Ferrovial, has reached a deal to obtain 760 million € credit to refinance part of its debt. The new four year credit will help face part of the debt which has now reached 1.912 billion €.
Gonzalo Pascual is to leave his post as Deputy Chairman of the CEOE employers’ organisation. The organisation has as many as 21 Deputy Chairmen, but the change does not mean that Pascual will lose any rights on the executive committee or board of the organisation.
And finally,
The strike in Auto Res coaches, which started at midnight on Saturday, could affect some 4,000 passengers this weekend before it ends at midnight on Sunday. The workers are meeting the minimum service requirement of 30% of normal services.
(You can find a photo for this story at Typically Spanish - Click here)