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Unemployment reaches 742,000 in Catalonia at the end of September, representing a rate of 19.43%

CNA

The Catalan Government considered the figures “worrying” but puts them to a “complicated” financial situation that has provoked an economic uncertainty. On Tuesday, the Government announced an action plan to reduce unemployment in the short term. In Spain, there are almost 5 million unemployed people, which represents an unemployment rate of 21.52%. Lleida has Spain’s lowest unemployment rate, set at 13.02%.

October 29, 2011 12:05 AM

Spanish banks will use their own resources to get the 26,121 million euros needed according to the new rules

CNA

The Spanish stock exchange celebrated the European Summit’s results by increasing 4.96% in a one day of trading. The main managers of the Spanish banks are convinced they will get the requested core capital with their own resources. In addition, they believe they will need 13.5 billion euros, and not 26.1 once the detailed calculations are made. Spanish financial circles consider the new rules, adopted to counteract French and German banks’ exposition to Greek sovereign debt, do not particularly benefit Spanish banks, which almost do not hold any Greek debt. In addition, as was the case with the stress tests, the criteria to analyse the bank situation ignores Spain’s proposals and imposes those benefiting German banks.

October 27, 2011 11:43 PM

Telefónica to provide Barcelona city with 4G broadband internet access in 2012

CNA

The Spanish telecommunications multinational commits to offering a 100 Mbps broadband wireless Internet connection throughout Barcelona city in 2012, which will multiply the current capacity by 14. 4G broadband is already offered in specific spots, such as trade fair venues, conference centres or at Barcelona Airport. However, its potential use throughout the city was one of the conditions for hosting the Mobile World Congress, which chose Barcelona as its organising city until 2018.

October 26, 2011 12:31 AM

Renault and Nissan to use Catalonia-based Ficosa’s gearbox in their new mid-range vehicles in their main markets worldwide

CNA

The Franco-Japanese company has chosen the Catalan car component manufacturer Ficosa as their only automatic gearbox supplier for all the new cars targeting a middle-class market segment. The agreement is for the European, North-American, South-American and Asian markets. It will represent a sales volume of 45 million euros for Ficosa. The news reinforces Greater Barcelona as a base for the automotive industry.

October 7, 2011 01:46 PM

Vueling to offer 370,000 more seats through Barcelona Airport this winter

CNA / Bertran Cazorla

The Catalan low cost airline, which is based in Barcelona, has announced new destinations from Barcelona, as well as an increase in frequency on other routes. Vueling’s President, Josep Piqué, presented the airline's latest news for next season. He also said that a low cost airline like Vueling is the only airline capable of stopping Ryanair’s expansion in Barcelona, in a clear reference to Spanair.

October 5, 2011 12:06 AM

Catalan economy grew by 0.7% from June 2010 to June 2011

CNA

Catalan GDP grew by 0.7% during the second quarter of 2011 compared to the same period in 2010. However, in the first quarter it grew by 1.1%. The export sector continues being the Catalan economy’s engine, while internal demand fell. Catalan GDP grew by 0.2% from the first to the second quarter this year, the same rate than for the rest of the European Union. At the end of 2010, Catalan GDP represented 209.7 billion euros, more than Finland’s, Portugal’s or Venezuela’s.

October 4, 2011 12:17 AM

The Spanish State to control savings banks Unnim and CatalunyaCaixa

CNA

After not having found the needed private investors to meet the required levels of core capital, the Bank of Spain’s Governor announced that the Spanish State would intervene in four savings banks, including two from Catalonia. The State will control 100% of Unnim and 90% of CatalunyaCaixa. Once the banks are streamlined, private investors will be offered shares. The European Commission has authorised the operation. Now, all Spain’s banks and savings banks have at least 8% core capital. Considering the global banking sector restructuring in Spain, the Spanish State has spent 19,000 million euros from the public finances.

September 30, 2011 11:42 PM

CaixaBank buys Bankpime’s banking and fund management business

CNA

Barcelona-based CaixaBank, the private bank of ‘La Caixa’, will pay 16 million euros for the purchase of both businesses. Bankpime is a bank for small and medium-sized companies. CaixaBank will control a total volume of 1,200 million euros. CaixaBank will buy Bankpime’s credit investment portfolio -which is worth 363 million euros-, the fund management business –with some 400 million euros traded, the 19 branches of the bank, and client deposits worth some 436 million euros.

September 30, 2011 10:28 PM

Read the latest updates and breaking news on business and economic matters from Barcelona and Catalonia here. Keep up to date with how the Catalan economy is performing, inflation levels, employment and unemployment, major business mergers, important company announcements, and the latest on Catalonia’s biggest enterprises such as Vueling, Wallbox, Grifols, Mango, and plenty of start-ups and international firms based here too.