Economy of Spain http://www.globalpost.com/taxonomy/term/26562/all en Spain launches housing plan for neediest eviction victims http://www.globalpost.com/dispatch/news/thomson-reuters/130117/eh-spain-launches-housing-plan-neediest-eviction-victims Evictions of those unable to keep up their mortgage payments have become increasingly common in recession-bound Spain and protest and campaigns to help vulnerable families grew last year after the suicides of several people whose homes had been seized.<p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130117/eh-spain-launches-housing-plan-neediest-eviction-victims" target="_blank">read more</a></p> Business Economy of Spain Public housing Social Issues Subprime mortgage crisis Spain Thomson Reuters Thu, 17 Jan 2013 19:30:00 +0000 5735777 at http://www.globalpost.com UPDATE 1-Spain's Inditex cuts supplier ties after Bangladesh fire http://www.globalpost.com/dispatch/news/thomson-reuters/130127/update-1-spains-inditex-cuts-supplier-ties-after-bangladesh-fir <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Adds Inditex measures in Spain)</p> <p>By Tomás Cobos and Serajul Quadir</p> <p>MADRID/DHAKA, Jan 27 (Reuters) - Leading global fashion retailer Inditex, parent of Zara clothing brand, said on Sunday it would stop working with two subcontracters after Bangladeshi officials said clothes with its labels were found in the wreckage of a deadly factory fire.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130127/update-1-spains-inditex-cuts-supplier-ties-after-bangladesh-fir" target="_blank">read more</a></p> Business Clothing Economy of Spain Labor Law Spain Technology Thomson Reuters Sun, 27 Jan 2013 19:45:34 +0000 5740237 at http://www.globalpost.com Spanish bank BBVA posts 44.2% drop in net profit http://www.globalpost.com/dispatch/news/afp/130201/spanish-bank-bbva-posts-442-drop-net-profit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish bank BBVA said on Friday that its 2012 net profit had plunged by 44.2 percent to 1.676 billion euros ($2.283 billion) owing to provisions taken against potential losses on real-estate loans.</p> <p>BBVA, the third-biggest Spanish bank by assets under management, emphasised however that its net banking income had increased by 15 percent to 15.122 billion euros.</p> <p>abb/wai/hd</p> Banco Bilbao Vizcaya Argentaria bank Business Economy of Spain AFP Fri, 01 Feb 2013 08:15:30 +0000 5742644 at http://www.globalpost.com Spanish bank BBVA posts 44.2% drop in net profit http://www.globalpost.com/dispatch/news/afp/130201/spanish-bank-bbva-posts-442-drop-net-profit-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish bank BBVA said on Friday that its 2012 net profit had plunged by 44.2 percent to 1.676 billion euros ($2.283 billion) owing to provisions taken against potential losses on real-estate loans.</p> <p>Madrid has ordered Spanish banks to clean up their balance sheets following the collapse of a property bubble in 2008 which have left them saddled with bad loans and foreclosed properties.</p> <p>The total amount of new provisions expected to be taken by Spanish banks in 2012 to cover potential losses has been estimated at more than 80 billion euros.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/spanish-bank-bbva-posts-442-drop-net-profit-0" target="_blank">read more</a></p> Banco Bilbao Vizcaya Argentaria BBVA Business Economy of Spain Provida AFP Fri, 01 Feb 2013 10:00:03 +0000 5742740 at http://www.globalpost.com Spanish bank BBVA posts 44.2% drop in net profit http://www.globalpost.com/dispatch/news/afp/130201/spanish-bank-bbva-posts-442-drop-net-profit-1 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish bank BBVA said on Friday that its 2012 net profit had plunged by 44.2 percent to 1.676 billion euros ($2.283 billion) owing to provisions taken against potential losses on real-estate loans.</p> <p>Madrid has ordered Spanish banks to clean up their balance sheets following the collapse of a property bubble in 2008 which have left them saddled with bad loans and foreclosed properties.</p> <p>The total amount of new provisions expected to be taken by Spanish banks in 2012 to cover potential losses has been estimated at more than 80 billion euros.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130201/spanish-bank-bbva-posts-442-drop-net-profit-1" target="_blank">read more</a></p> Banco Bilbao Vizcaya Argentaria BBVA Business Economy of Spain Provida AFP Fri, 01 Feb 2013 14:15:52 +0000 5743045 at http://www.globalpost.com Spanish registered unemployed rises to 4.98 mn in January http://www.globalpost.com/dispatch/news/afp/130204/spanish-registered-unemployed-rises-498-mn-january <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The number of Spaniards officially registered as unemployed rose to 4.98 million in January, according to Labour Ministry data released Monday, as the country's recession deepened.</p> <p>The number of officially unemployed in the eurozone's fourth-largest economy rose by 2.7 percent or 132,055 people over the month.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130204/spanish-registered-unemployed-rises-498-mn-january" target="_blank">read more</a></p> Economy of Spain Unemployment AFP Mon, 04 Feb 2013 09:00:09 +0000 5745111 at http://www.globalpost.com Spain banks say ready to turn corner after bleak year http://www.globalpost.com/dispatch/news/afp/130205/spain-banks-say-ready-turn-corner-after-bleak-year <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish banks are poised for a return to normal activity in 2013 after setting aside billions of euros last year in provisions against potential losses on real-estate loans which holed their bottom line.</p> <p>Combined net profit at the country's six biggest banks plunged in 2012 by 82 percent to 1.86 billion owing mostly to the rise in their provisions.</p> <p>Banco Popular, which unlike its larger rivals has focused largely on the domestic market, paid the heaviest price, recording its first annual loss in its history.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130205/spain-banks-say-ready-turn-corner-after-bleak-year" target="_blank">read more</a></p> Business Economy of Spain Late-2000s recession in Europe Subprime mortgage crisis AFP Tue, 05 Feb 2013 12:31:02 +0000 5746314 at http://www.globalpost.com Spanish banks say ready to rally after bleak year http://www.globalpost.com/dispatch/news/afp/130205/spanish-banks-say-ready-rally-after-bleak-year <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish banks are poised for a return to normal activity in 2013 after setting aside billions of euros last year in provisions against potential losses on real-estate loans which holed their bottom line.</p> <p>Combined net profit at the country's six biggest banks plunged in 2012 by 82 percent to 1.86 billion owing mostly to the rise in their provisions.</p> <p>Banco Popular, which unlike its larger rivals has focused largely on the domestic market, paid the heaviest price, recording its first annual loss in its history.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130205/spanish-banks-say-ready-rally-after-bleak-year" target="_blank">read more</a></p> Business Economy of Spain Late-2000s recession in Europe Subprime mortgage crisis AFP Tue, 05 Feb 2013 12:31:06 +0000 5746315 at http://www.globalpost.com Spanish property giant Reyal Urbis files for insolvency http://www.globalpost.com/dispatch/news/afp/130219/spanish-property-giant-reyal-urbis-files-insolvency <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish property firm Reyal Urbis, which is drowning under a debt pile of over 3.6 billion euros, filed Tuesday for insolvency, the latest in a string of collapses of real estate firms since a property bubble burst in 2008.</p> <p>It is Spain's second-biggest insolvency after Martinsa Fadesa defaulted on close to 7.2 billion euros ($9.6 billion) of debt in 2008, stranding thousands of unfinished real estate projects and helping to precipitate a banking crisis.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130219/spanish-property-giant-reyal-urbis-files-insolvency" target="_blank">read more</a></p> Business Economy of Spain EUR Europe Spain Technology AFP Tue, 19 Feb 2013 18:47:56 +0000 5760322 at http://www.globalpost.com UPDATE 2-Ferrovial expands UK presence with Enterprise buy http://www.globalpost.com/dispatch/news/thomson-reuters/130221/update-2-ferrovial-expands-uk-presence-enterprise-buy <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* To buy Enterprise for 385 mln pounds from 3i Group</p> <p>* First major acquisition since BAA in 2006</p> <p>* Doubles presence in British services sector</p> <p>* Shares down 0.7 percent</p> <p>By Tracy Rucinski</p> <p>MADRID, Feb 21 (Reuters) - Ferrovial is to buy British utility services company Enterprise Plc for 385 million pounds ($589 million) from 3i Group, the Spanish infrastructure group's first major purchase after a long debt-cutting drive.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130221/update-2-ferrovial-expands-uk-presence-enterprise-buy" target="_blank">read more</a></p> BAA Limited Business Economy of Spain Ferrovial Thomson Reuters Thu, 21 Feb 2013 10:45:29 +0000 5761919 at http://www.globalpost.com URGENT ¥¥¥ Spain economy shrank 1.4% in 2012: official figure http://www.globalpost.com/dispatch/news/afp/130228/urgent-spain-economy-shrank-14-2012-official-figure <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spain's economy shrank by 1.4 percent in 2012, a slightly better performance than the decline of 1.5 percent forecast by the government, official figures showed Thursday.</p> <p>But the data also showed the country's recession worsened in the final quarter of last year, as total economic output slumped 0.8 percent from the previous quarter.</p> <p>sg/ds/arp</p> Economy of Spain AFP Thu, 28 Feb 2013 09:00:45 +0000 5769434 at http://www.globalpost.com Spanish oil group Repsol posts lower 2012 profit http://www.globalpost.com/dispatch/news/afp/130228/spanish-oil-group-repsol-posts-lower-2012-profit <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Spanish oil giant Repsol, which is selling assets following the expropriation of its Argentine YPF subsidiary last year, on Thursday said its 2012 net profit fell 6.1 percent to 2.06 billion euros ($2.7 billion) despite a rise in production.</p> <p>The Madrid-based company blamed a decline in the value of its oil inventories, which it stocks as part of Spain's oil reserve, to 5.5 billion euros from 7.3 billion euros in 2011 for the drop.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130228/spanish-oil-group-repsol-posts-lower-2012-profit" target="_blank">read more</a></p> Economy of Spain Repsol YPF YPF AFP Thu, 28 Feb 2013 12:31:01 +0000 5769635 at http://www.globalpost.com Spain sees renewed investor confidence, healthy banks in '13, minister says http://www.globalpost.com/dispatch/news/agencia-efe/130303/spain-sees-renewed-investor-confidence-healthy-banks-13-minister-sa <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agencia EFE </div> </div> </div> <!--paging_filter--><p>Madrid, Mar 3 (EFE).- Foreign investors will regain their confidence in Spain this year, while the country's nationalized banks will start repaying the funds they received, Spanish Economy Minister Luis de Guindos said in an interview with Efe.</p> <p>"The future looks much better than it did a year ago," De Guindos said. "The Spanish economy's foundation is solid."</p> <p><a href="http://www.globalpost.com/dispatch/news/agencia-efe/130303/spain-sees-renewed-investor-confidence-healthy-banks-13-minister-sa" target="_blank">read more</a></p> Business Economy of Spain EFE Financial crisis Agencia EFE Mon, 04 Mar 2013 02:17:25 +0000 5772480 at http://www.globalpost.com Spanish investors and San Antonio eye investment http://www.globalpost.com/dispatch/news/agencia-efe/130303/spanish-investors-and-san-antonio-eye-investment <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agencia EFE </div> </div> </div> <!--paging_filter--><p>Washington, Mar 3 (EFE).- San Antonio, Texas, the seventh-largest city in the United States, wants to attract Spanish investment and the attention of Spain to its historic heritage, especially its Franciscan missions, a religious and cultural phenomenon unique in our time.</p> <p>San Antonio could quickly come to represent for the large Spanish companies an inviting port of entry into the United States, as Miami has been for many years, Spanish Ambassador to the United States Ramon Gil-Casares told Efe upon his return from an official trip to the south-central Texas city.</p> <p><a href="http://www.globalpost.com/dispatch/news/agencia-efe/130303/spanish-investors-and-san-antonio-eye-investment" target="_blank">read more</a></p> Economy of Spain Geography of Texas Texas Agencia EFE Mon, 04 Mar 2013 02:17:28 +0000 5772481 at http://www.globalpost.com Spain's economy contracts 0.80 pct http://www.globalpost.com/dispatch/news/agencia-efe/130303/spains-economy-contracts-080-pct <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agencia EFE </div> </div> </div> <!--paging_filter--><p>Madrid, Feb 28 (EFE).- The Spanish economy contracted 0.80 percent in the fourth quarter of 2012 as consumer spending continued to weaken, the National Statistics Institute, or INE, said Thursday.</p> <p>The decline in the gross domestic product (GDP) in the October-December 2012 period was five-tenths of a percent higher than in the previous quarter, the INE said.</p> <p>Employment fell at an annual rate of 4.7 percent in the fourth quarter, or one-tenth of a percent more than in the third quarter of last year, representing a net loss of approximately 805,000 full-time jobs in a year.</p> <p><a href="http://www.globalpost.com/dispatch/news/agencia-efe/130303/spains-economy-contracts-080-pct" target="_blank">read more</a></p> Business Economy of Spain Agencia EFE Mon, 04 Mar 2013 02:45:57 +0000 5772507 at http://www.globalpost.com