Business

Catalan CaixaBank (La Caixa's private bank) will need €630 million while Banco Santander will be the bank with the highest capital requirement with €15.3 billion euros. The European Bank Authority (EBA) has tightened the core capital requirements and increased the limit up to 9% which forces European Union banks to recapitalise with €114.685 billion.

Discouraging hotel occupancy rates and low commercial trade during this year’s Puríssima holiday clearly display the effects of the financial crisis in Catalonia and the whole of Spain. The Catalan tourism sector senses that a change has taken place in the profile of visitors to the territory. They generally come from nearby areas, look for offers on the Internet and wait until the last minute to make reservations.

The wine sector foresees an increase of cava and wine consumption in Spain and Catalonia, as well as in the foreign market, during the upcoming Christmas holidays. The price adjustment, one of the measures used to fight the financial crisis, will help to sell one million more bottles compared to the same period last year, however producers predict purchases to be last minute.

With this operation, the Catalan Banc Sabadell becomes Spain’s fifth largest banking group. The Bank of Spain has decided to accept Banc Sabadell’s offer to purchase the CAM, a savings bank that was rescued and restructured. Banc Sabadell buys CAM after the savings bank completed a €5.25 billion regularisation process to balance its books. Banc Sabadell will take on 20% of the expected losses over the next ten years from CAM’s real estate properties.

IESE has been ranked the fourth best business school in Europe in 2011 and ESADE the seventh. Both Catalan education centres have improved their positions since last year’s FT ranking.

With a marginal increase of 111 people, unemployment stabilised last month. The Catalan Government believes the stagnation in the unemployment figures corresponds to the first effects of its action plan launched at the end of October. In Spain, unemployment increased by 59,536 people at the end of November. The latest data set a new historical record for unemployment in both Catalonia and Spain.

British skiers are able to access the Catalan Pyrenees as of December with direct flights to Lleida Airport. The Spanish Government has authorised the arrival and departure of non-Schengen flights, coming from the likes of the United Kingdom and Russia. However, the authorisation’s delay forced a Russian tour operator to cancel the flights for this season and postpone them until next year.

The Catalan capital is hosting the first edition of the ‘SmartCity Expo & World Congress’, which brings together more than 9,000 professionals to discuss interaction between new technologies, urban planning and citizen welfare. In addition, “the father” of electric cars in Asia, Professor Chan, stated that Barcelona has the “great potential” to become the electric car’s “open window to the world”. Last week, the Mayor of Barcelona, Xavier Trias, participated in the 10th Metropolis World Congress held in Brazil, where he met with Cisco Systems Vice President to build an innovation centre focused on smart cities in the Catalan capital.

The Catalan Government has signed an agreement with the main trade unions and business association to foster “negotiated flexibility” within the labour market. The aim is to provide companies with a greater flexibility framework while securing jobs. The President of the Catalan Government, Artur Mas, suggested the new Spanish Government follow Catalonia’s example of reaching an agreement with the social agents to improve the labour market.

The Barcelona-based airline’s operational benefit reached almost €61 million, which represents a 2% increase compared to the same period last year. Despite the oil price increases, the company maintains its benefits thanks to the high occupancy rate of its flights (more than 80%) and the activity at its international bases.

The Catalan Government and the Irish low-cost airline Ryanair have put an end to their dispute and have announced an agreement to operate from Girona-Costa Brava and Reus for the next five years starting in April 2012. Ryanair has guaranteed that in the first twelve months more than 3 million passengers will pass through Girona Airport and 500,000 through Reus Airport. However, it has one condition: the Spanish public airport operator AENA cannot increase taxes at neither Girona nor Reus airports. If that happens the agreement will become null and void. Ten days ago, Ryanair had completely abandoned Reus. Flights through Girona had been significantly reduced in the summer and they had cut the number of flights operating in the winter months.

The 50th edition of one of Europe’s most important nautical trade fairs came to an end having “exceeded” initial expectations “despite the complex economic situation”, said the show Director. The organisation has highlighted the preservation of trust in the exhibition, as the number of exhibitors only dropped by 5%. This year’s edition focused on boat innovation and engine efficiency to attract a public economically undermined by the crisis.

The Spanish Government decided that five members will be appointed by Catalan administrations and the business community, and four others will be nominated by the Spanish Airport Authority (AENA). However, decisions will be taken with a two third majority. It will decide on airport taxes, routes and other strategic aspects. 29.5 million passengers passed through Barcelona El Prat Airport in the first ten months of 2011, a figure already higher than that registered for all of 2010.

Catalan companies like Rieju, Gas Gas or Ossa are showing off their products and latest 2-wheel models at the Italian fair to emphasize Catalonia’s relevant position within the international motorbike development and production sector

The Catalan energy company reduced its debt to 54.4%, thanks to disinvestments. Gas Natural Fenosa ended the first nine months of the year with a net profit 0.3% lower than that in the same period in 2010. However, taking into account the effect of the disinvestments, the net profit increased by 11.6%.