Business

The Catalan Government has approved 3 new environmental taxes on the air pollution emissions of commercial flights, industrial gas and particle emission, and the nuclear production of electric energy. €50 million are expected to be raised per year once the law will be enforced, which is scheduled for mid-year. The Spokesperson for the Catalan Government, Francesc Homs, has admitted that flights at Barcelona’s El Prat Airport would likely be affected. However, he ensured that none of these 3 new taxes would have a negative impact on the consumers. The law specifies that the tax cannot affect pricing, neither for plane tickets nor for electricity, pointed out Homs. He then put in contrast the €98 million fees an airline can have to pay to the Spanish Airport Authority (AENA) with the €1 million in taxes that may be levied by the Catalan Government.

The Catalan economy has continued on a positive trend during the fourth quarter of 2013, also speeding up the recovery process. According to data released on Friday by the Catalan Ministry of Economy and Knowledge alongside the Catalan Institute of Statistics (Idescat), Catalonia’s GDP grew by 0.4% in the fourth quarter of 2013, while the Spanish average stood at 0.3%. In the whole year, the Catalan GDP has decreased by 0.6 %, while in 2012 it dropped by 1.3%. The continued good results in exports due to the increasing external demand and the improvement of the domestic demand have driven the economy forward.

At ten past twelve this Thursday morning, an Airbus A380 belonging to Emirates has landed at the first terminal of Barcelona’s El Prat Airport. It is the very first of such aircrafts, the largest in the world, to operate on a regular route in Spain. The A380 will allow Emirates to expand by 40% - with 2,200 additional seats per week - the current daily number of passengers flying between Barcelona and Dubai, a route which was launched two years ago. Emirates has decided to introduce the A380 in Barcelona due to increasing demands as well as to reinforce the company's commitment to an “important market for Europe” according to Emirates’ Vice-President of Commercial Operations in Europe, Thierry Aucoc.

The President of the Port of Barcelona, ??Sixte Cambra, said on Wednesday that the total container traffic had reached around one million TEUs for the full year (the reference unit for cargo ships, equivalent to 20 feet containers). “This is the record number of the best pre-crisis times, which happened in 2007” stated Cambra during an informational breakfast in Madrid. The President of the Port of Barcelona also underlined the change in trends since in 2007, in spite of the record number of containers, “more than 60% were imports; in 2013 over 60% were exported containers.”

In annual terms, there were 27,946 less registered unemployed people in January 2014 than in January 2013, meaning a 4.22 % drop. Seven consecutive months of decreases in the registered unemployed figures had not been achieved since June 2007. Besides, in monthly terms, the latest figures also show a positive trend. Indeed, January is traditionally a month where unemployment increases, with the only drop recorded since 1997, the beginning of the series, dating back to January 1998. In January 2014, unemployment grew by 8,999 people compared to December 2013, the mildest increase registered in that month since 2007. Referring to these latest figures, the Catalan Deputy Minister for Employment stated that he was “moderately optimistic”.

The management of Barcelona-based Almirall pharmaceutical multinational and trade unions have signed an agreement on Monday, reducing the initially planned number of laid-off employees from 250 to 180. The document, which has mostly been ratified in production and research centres in Greater Barcelona as well as by the marketing network, also provides specific compensations for the workers aged 55 years and over, and the maximum compensations set by the law for the rest of the laid-off staff. According to the General Workers Union (UGT), 30% of the laid-off employees will correspond to voluntary redundancies, which will be proportionally distributed among the different groups of workers.

An investment fund from Qatar has bought the Hotel Renaissance, located in the Eixample neighbourhood of the Catalan capital. Inici del formulariAccording to La Vanguardianewspaper, the transaction was closed at the price of €78.5 million. The Marriott Group will continue running the establishment as the agreement provides for a long-term management, but the Qatari buyer will participate in the most strategic decisions. The hotel passed from having four-stars when it belonged to AC Hotels, to five stars, after being purchased by the Marriott Group. Its workforce expanded considerably to reach a hundred employees after its re-opening in March 2012. The hotel features 211 rooms and had an average occupancy of 67 % during its first opening year.

Barcelona-based CaixaBank, Spain’s largest bank, has earned €503 million in 2013, representing a 118 % increase on 2012. The private bank mostly owned by La Caixa has left behind a 4-year-long downward trend in profits which can be traced back to December 2009, towards the start of the economic crisis. This result was successfully reached by trying to maintain a similar provision volume than in 2012, which resulted in consuming €7.5 billion, meaning 4.81 % less than what was spent last year. The integration of Banca Cívica and Banc de València have contributed to a growth of the market share to 27.4 %. The bank’s core capital, which is the main solvency indicator, stood at 12.9% according to Basel II regulations and at 11.7% according to Basel III regulations.

The economic crisis and especially the recession starting in 2009 have contributed to the growing weight of the underground economy in Catalonia and in Spain, according to a study presented on Wednesday by the Spanish Ministry of Finance’s Union of Technicians (Gestha). This study is entitled ‘L’economia submergida passa factura. Avançament del frau a Espanya durant la crisi’ (Underground economy takes its toll. Growing fraud in Spain during the crisis) and is led by Jordi Sardà, a professor at Tarragona’s Universitat Rovira i Virgili (URV). It reveals that according to the latest figures (from 2012) the underground economy has absorbed 24.6% of Catalonia’s GDP, hiding €47.36 billion. In 2009 the weight of illegal activity amounted to 22.3 %, meaning that between 2009 and 2012 some €4.6 billion were hidden.

Last year, Catalonia was the leading Autonomous Community in Spain for foreign tourism spending, which generated €14.02 billion, 13.4 % more than in 2012, according to the Tourist Expenditure Survey (EGATUR) of the Spanish Ministry of Industry, Energy and Tourism. The average spending per stay in Catalonia amounted to €903 per foreign visitor, 4.9% more than in 2012, while the daily spending was set at €120 per person, 1.4 % more than the previous year. Catalonia accounted for 23.7 % of foreign tourism spending in Spain, which reached €59.08 billion. Besides, tourism spending grew more in Catalonia than in any other Autonomous Communities in Spain and is well above the Spanish 9.6 % average increase over the previous year.

According to the Spanish Statistics Institute (INE), the 49.26 million overnight stays registered in 2013 amounted to a 1.82% increase on the previous year, thanks to a 5.34% rise for foreign guests. On the other hand, due to the economic crisis, the number of overnight stays for Spaniards fell by 6.82%. The number of visitors who stayed in one of Catalonia’s 2,122 hotels in 2013 reached a total of 16.240 million people, an increase of 0.02 % over 2012. The number of foreign guests also increased, by 3.62 %, while the number of Spanish visitors fell by 5.66 %. Catalan hotels registered a 55.55% occupancy rate, above the 55.51% posted in 2012.

Catalonia ended 2013 with an unemployment rate of 22.26% and a total of 820,400 people unemployed, according to the Active Population Survey (EPA) for the fourth quarter. In late 2013 Catalonia registered 64,700 fewer unemployed people compared to the last quarter of 2012. At Spanish level, the unemployment rate was set at 26.03 %, with a total of 5,896,300 unemployed people. At the end of 2013, there were 69,100 fewer unemployed than in the last quarter of 2012. Furthermore, between September and December there were 8,400 fewer jobseekers in Spain. In the same 3-month period there were 20,100 fewer jobseekers in Catalonia. The Catalan Deputy Minister for Employment stated that these figures were “the best since the start of the crisis” since “for the first time, the number of employed has increased and the number of unemployed has decreased”.

Banc Sabadell, the second largest banking company in Catalonia, has ended 2013 with a net profit of €247.8 million, three times more than in 2012, after consuming €1,736.6 million in provisions and allowances for non-payments of loans, impairment of property and other financial operations. Due to the new regulations of the Bank of Spain on credit repayment and the acquisitions of other banking companies, the percentage of delayed or unpaid loans has climbed to 13.63%, 46% more than in 2012. Without the refunding operations, it would have been fixed at 11.13 %. The bank’s core capital, which is the main solvency indicator, stood at 12% and, with the new Basel III, it was set at 10.1%. Jaume Guardiola, CEO of Sabadell, believes that this trend can be the “turning point” of a crisis that was first anticipated when the results for 2012 were announced.

In 2013, Catalonia was the first tourist destination in Spain. It received15.6 million foreign visitors, meaning 25.7 % of the total number of international tourists in Spain (one in four). The figure represents an 8% increase over the previous year. The Balearic Islands were in second place, welcoming over 11 million tourists (18.3%), a 7.2% increase. The Catalan Minister for Business and Employment, Felip Puig, stressed that tourist spending also increased significantly, generating €14.2 billion in 2013, that is to say 14% more than the previous year. At Spanish level, the number of foreign visitors reached a new record: Spain welcomed 60.6 million tourists in 2013, making it the third favourite travel destination in the world, behind France and the United States.

Barcelona’s next Mobile World Congress, which will take place from the 24^th to the 27^th of February, should be the “best edition ever”, according to the CEO of GSMA and Director of the event, John Hoffman. Indeed, 75,000 visitors are expected to attend the world’s most important fair in the mobile industry, meaning 3,000 more than in February 2013. Besides, so far, five weeks ahead of the opening, the number of online registrations is already 15% higher than last year. The economic impact on the Catalan capital will be an additional income of €356 million and the creation of 7,220 jobs. One of the highlights of this year’s edition will be the participation of Facebook-inventor Mark Zuckerberg, who will give a conference on the 24^th of February.