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Xavier Trias completes successful visit to China to promote investment in Barcelona

Paula Mateu / David Tuxworth

The Mayor of Barcelona, Xavier Trias has finished a seven-day visit to China. The aim of the trip was to promote Barcelona’s economy and attract new foreign investment in the Catalan capital. The Mayor spoke of the trip in a very positive light, pointing out the economic potential of Barcelona and highlighting the Chinese companies’ appreciation for the opportunity to invest in Barcelona.

Illegal street sales in Catalonia generate a turnover of about €100 million per year

Esther Romagosa / Laura Quintana

Illegal street sales, colloquially called in Catalonia ‘top manta’, is a daily problem that police and councils face and find difficult to solve. This non authorized business has a turnover of about €100 million per year. Coinciding with the beginning of the tourist season, the Confederation of Commerce of Catalonia (CCC) has started a new campaign called ‘Estirem de la manta’ (‘Pull the blanket’) to deal with this irregular practice. The objective: to raise awareness of the social and economic harm of this illegal activity with tourists and natives in order to tackle the problem. The CCC estimates that there are about 2,500 people currently working in this prohibited business in Catalonia.

CaixaBank, BBVA and Santander resist the stress test and would not require bailout money

CNA

Independent auditors state that in the worst possible scenario the Spanish banking system would need up to €62 billion. The Eurozone agreed to put at Spain’s disposal up to €100 billion if needed. In the most likely scenario, the Spanish banking system would require between €16 billion and €25.6 billion. Within the most stressed case, Spain’s three main banks would have enough resources of their own to face difficulties and would not need any additional funding. They are the Barcelona-based CaixaBank and the two international giants BBVA and Banco Santander.

CatalunyaCaixa would need an additional €4.5 billion to meet the last financial requirements

CNA

According to the Bank of Spain’s Deputy Governor, the Catalan bank would need an additional amount of €4.5 billion to meet the capital requirements of the last decree approved by the Spanish Government. Before this announcement, the Spanish State had already allocated €2.97 billion to rescue CatalunyaCaixa. Novagalicia would also need €4.5 billion. Combined, these €9 billion are to be added to the €19 billion for Bankia. The Spanish Government refuses to give the total figure required by the entire banking system, as it waits for the independent audit’s results. However, the IMF leaked that Spanish banks might need €40 billion.

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.