Economy of Spain | GlobalPost

Repsol profit climbs in first quarter 2013

Agence France-PresseMay 12, 2013 20:15

Spanish oil and gas group Repsol reported Thursday a boost in net profits in the first quarter of 2013, saying the gain would have been much greater but for last year's expropriation of its Argentine offshoot YPF. Repsol said net profit edged up 1.6 percent from a year earlier to 631 million euros in the quarter, assuming a constant cost of supplies (CCS) as is widely accepted for the reporting of financial results in the oil industry.

Spanish gov't, business woo investors on Wall Street

Agencia EFEMay 10, 2013 19:15

New York, May 10 (EFE).- Representatives of the Spanish government and some of the Iberian nation's corporate heavyweights were on hand here Friday for the Spain Economic Forum, held at the headquarters of Nasdaq. "The principal challenge of the Spanish economy in this difficult situation is to recover confidence in the capacity to grow in the framework of (European) monetary union," Jose Luis Malo de Malina, Managing Director for Economics, Statistics and Research at the Banco de España, told around 150 investors and analysts.

Spain's Repsol sees Q1 profit rise thanks to increased production, wider refining margins

The Canadian PressMay 9, 2013 04:45

MADRID - Spanish oil and gas company Repsol says its first quarter net profit rose 1.6 per cent thanks to increased production and better refining margins. The company said Thursday net profit for the first the three months was 631 million euros ($828 million), from 621 million euros a year earlier. Last year's figure included earnings from YPF, its former Argentine unit that was expropriated and nationalized. Excluding that unit, profit rose to 634 million euros from 458 million euros.

Telefonica posts 6.8 pct revenue growth in Latin America

Agencia EFEMay 8, 2013 22:15

Madrid, May 8 (EFE).- Spain's Telefonica earned 7.2 billion euros ($9.5 billion) in revenue in Latin America in the first quarter, representing organic growth of 6.8 percent relative to the same three-month period last year. Operating income for Telefonica's Latin America unit came in at nearly 1.1 billion euros, which represented organic growth of 7.4 percent, the company said in a regulatory filing.

Telefonica renews contract to rent network to cable firm ONO

Thomson ReutersMay 8, 2013 15:52

MADRID (Reuters) - Telefonica has signed a new contract with Spanish cable operator ONO allowing it to use its network for another 2-1/2 years to sell on phone services, a source familiar with the deal said on Monday. ONO and rival Jazztel, known as virtual operators because they do not own networks, are making headway in an increasingly competitive environment since the market shifted to convergent offers that bundle phone with television and internet services.

Minister: Spain's economy has reached "turning point"

Agencia EFEMay 6, 2013 10:15

Madrid, May 6 (EFE).- Spain's economy has reached a "turning point" and the April employment figures show a "positive" trend, Economy Minister Luis de Guindos said Monday. The Employment and Social Security Ministry reported that the number of unemployed people in Spain fell for a second consecutive month in April, with 46,050 fewer jobless people. The total number of unemployed dropped 0.91 percent to 4.98 million, the ministry said.

Banker: Reforms have put Spain's economy on sustainable path

Agencia EFEApril 30, 2013 16:45

Hong Kong, Apr 30 (EFE).- The reforms carried out in Spain in recent years have placed the country's economy on a sustainable and balanced path, the chairman of giant Spanish savings bank La Caixa told investors here Tuesday. Doubts about the Iberian nation's capacity for economic recovery "are dissipating," Isidro Faine said during the presentation in Hong Kong of "Spain: A Land of Opportunities," a report from the Spanish Business Council for Competitiveness, or CEC.

Spain's economy contracts 0.50 pct in 1st qtr.

Agencia EFEApril 30, 2013 09:26

Madrid, Apr 30 (EFE).- Spain's economy contracted 0.50 percent in the first quarter of this year, or three-tenths of a percent less than in the final quarter of 2012, the National Statistics Institute, or INE, said Tuesday. The gross domestic product contracted 2 percent in year-on-year terms in the January-March period, or one-tenth of a percent more than in the prior quarter. Spain's economy has now contracted for seven consecutive quarters, the INE said. GDP began falling in the third quarter of 2011 after staging a recovery that quickly stalled.

IMF praises Spain's latest deficit-reduction targets

Agencia EFEApril 26, 2013 17:53

Washington, Apr 26 (EFE).- The managing director of the International Monetary Fund, Christine Lagarde, hailed the Spanish government's announcement Friday that it will take longer than initially expected to meet EU-mandated targets for deficit reduction. "I strongly support the Spanish government's objectives of restoring a sound fiscal position while securing a recovery and creating jobs," Lagarde said in a statement.

Spain begs time to fix finances, eyes growth

Agence France-PresseApril 26, 2013 14:16

Spain forecast Friday it would climb out of its bitter recession in 2014 but needed two extra years to meet the European Union's target for reining in its public deficit. It announced its latest gloomy growth forecast for the current year along with a "stability plan" that aims to spur economic growth after more than a year of harsh cutbacks. The government said Spain's economy, the eurozone's fourth-biggest, would shrink by 1.3 percent in 2013 and timidly return to growth of 0.5 percent in 2014.