Business

The Catalan Minister for Agriculture believes that the EU offer of compensation to farmers does not include enough products to meet the general losses in the sector provoked by the cucumber crisis.

Tunisia will benefit from the greatest investment with 73 million euros for the Kairouan factory. Besides, Ciments Molins is aiming to penetrate into the Chinese market with “a small two million euro investment” in prefabricated products, as a start. 87% of the investments will be channeled abroad, specifically in Tunisia, México, Argentina, Uruguay, Bangladesh, and China.

A new study by the Catalan savings bank corrects and improves the previous economic forecast. It is now believed that in 2011, Catalonia will grow at a 1.1% annual rate, and at 1.6% in 2012. However, without the public sector budget cuts, the Catalan economy will grow at 2% this 2011. The export sector has reached historical maximums, and will lead economic growth. However, economic growth in 2011 will not be translated into an improvement in employment.

The unemployment rate decreased for the third consecutive month. However, last June the reduction was inferior to that experienced in June 2010. June is traditionally a good month for employment figures, because of the high number of tourism-related new contracts.

The new bank becomes Spain’s third financial institution for its stock exchange value and the ninth in the Ibex-35 Spanish index. CaixaBank is the result of Barcelona-based savings bank La Caixa’s transformation into a private bank in order to strengthen its structure and position in the market, after the sector restructuration. The day CaixaBank was listed for the first time on the stock exchange, the rating agency Moody’s improved CaixaBank’s appreciation. However, after an initial increase CaixaBank’s value dropped by 1.1%. It is the first Spanish savings bank that concludes its transformation and trade on the stock exchange.

Gamelab is organised in Barcelona for the first time and it will take place in the Catalan capital at least until 2015. It is the video game fair of Spain, which is the sixth market in the world. The trade fair contributes to consolidate Barcelona as a technology capital.

The Irish company has accused the local administration of not honouring current agreements, in place until 2013. The Catalan President has assured that the Government has absolutely “fulfilled” the current agreements and that the “problems started when these agreements wanted to be modified”. The low-cost airline is in a dispute with the Catalan Government over its continuity in Girona-Costa Brava; Ryanair is asking for an extra 7.5 million euros. The Catalan Minister for Transportation considered Ryanair’s attitude as “blackmail”. The Government announced this evening that it will freeze current negotiations with Ryanair until it has the “assurance” that the Irish company “fulfils what it signed”.

Sales abroad have been growing at a two-digit rate for 16 consecutive months, being the true engine of the Catalan economy and the main asset towards recuperating economic growth.

Red Eléctrica, the corporation that operates the electricity transmission system and electricity grid throughout Spain and the French company RTE start work this year. This key infrastructure will enable transporting solar power from Northern Africa to Central Europe.

The Catalan pharmaceutical company is the world’s leader in blood-derived products. After expanding in the United States by purchasing Talecris, Grifols needed a larger headquarters. It moved to three interconnected buildings in Sant Cugat del Vallès, in Barcelona’s Metropolitan Area. From the new facilities, Grifols will investigate stem cells and Alzheimer’s.

In larger cities, the new housing stock is much smaller and in Barcelona it is almost non existent. However, in other towns and rural areas the current stock will not be completely absorbed until 2015, according to a study from CatalunyaCaixa. Prices will stabilise in larger cities and still drop by 10% where the larger stocks are concentrated. The Catalan housing market is now in better shape than in the rest of Spain. In Catalonia the new housing stock decreased by 2,000 units, while in Spain as a whole it increased by 2%.

The company, that processes 1.2 million hams, is the first Catalan meat factory authorized to sell in the United States. As from next year, Pernils Llémena will start exporting to California and New York.

The trade fair focuses on entrepreneurs and company growth. It wants to switch business ideas and projects with investors. Bizbarcelona also provides advice to entrepreneurs who want to start their business. It takes place on June 15th and 16th in Fira de Barcelona’s Montjuïc venue.

A Barcelona-based newspaper announced in its Tuesday edition that the two Catalan savings banks would see a state intervention and would be nationalised by the Spanish Government and the Bank of Spain this summer. CatalunyaCaixa has denied the claims. Unnim also denied the rumours and reminded the press of the 30th September deadline set by the Bank of Spain to restructure its business and find additional capital.

The world’s leader chemical company is planning to invest 12 million euros in its Tarragona plant, the largest one in southern Europe. BASF Spain has its headquarters in Tarragona, and concentrates most of its plants and offices in Catalonia.