london

The renowned Hispanicist Paul Preston, Professor of International History at the London School of Economics (LSE), received an honorary PhD from Tarragona’s Rovira i Virgili University (URV) on Friday. Before the ceremony, Preston seized the opportunity to state that comparing the Spanish language's current situation in Catalonia to that of the Catalan language during Franco's dictatorship "is ridiculous". "In 35 years no one told me anything for not speaking Catalan", he said in perfect Catalan. Preston's remarks follow controversial statements by the Spanish Minister for Education José Ignacio Wert on Wednesday. In particular, the Spanish Minister was recorded stating that "the situation of Spanish [language] in the education system of Catalonia, limited to being used as a non-tuition language, like any foreign language, is comparable to the situation of Catalan [language] in the times they like so much to remember", referring to Franco's dictatorship.

Last April, Banc Sabadell filed a takeover offer on 100% of the shares of the UK lender TSB, partially owned by LLoyds. On Monday, the Catalan bank announced it had already exceeded the 75% minimum bid of the takeover offer, reaching 81.23% of TSB shares. However, this percentage is still likely to increase in the upcoming days, since there are 14 remaining days till the end of the takeover's acceptance period. In order to fund the transaction, the Catalan corporation will carry out a €1.61 billion capital increase (€1,607 million). Current shareholders have a preference call in this capital increase. Banc Sabadell, is one of the few banks to emerge stronger from a financial crisis that has redrawn Spain’s banking sector. Unlike many of its Spanish rivals, the bank is in good shape reporting a 50% increase in annual profits at the end of 2014 to €371.7 million. Since 2007, it has doubled in size and is now Spain’s 5^th largest bank. It achieved this mainly through an energetic programme of acquisitions in Spain and abroad. 

As was expected, the Constitutional Court has accepted the Spanish Government's appeal against the Catalan Law on External Action and Relations with the EU, which was approved last November and was already foreseen in the 2006 Catalan Statute of Autonomy. The Court's acceptance of a Spanish Government appeal automatically represents a temporary suspension of the legal measure for an initial 5-month period. The temporary suspension does not mean that the law will ultimately be suspended, but that there are enough reasons to study whether the Catalan law fits within the Constitution or not. According to the Spanish PM Mariano Rajoy, the law goes beyond the Catalan Government's attributions and invades the Spanish Executive's exclusive powers regarding international relations and the direction of Spain's external policy.

Last week, TSB announced Banc Sabadell's interest in purchasing all of the shares of the British bank, which is partially owned by Lloyd's. The board of the 6^th largest bank in the United Kingdom then said they would welcome the Catalan bank's takeover bid, which they set at £3.40 per share (equivalent to €4.80). This meant that Banc Sabadell would buy TSB for £1.7 billion, or €2.4 billion. At that time, the Catalan bank denied any definitive agreement had been reached and simply confirmed that there were some talks in progress. A week later, Banc Sabadell has finally announced and approved the takeover bid, on the same terms released last week. In order to fund the transaction, the Catalan corporation will carry out a €1.6 billion increase in capital. This purchase will significantly strengthen Banc Sabadell's internationalisation, dramatically increasing its presence in the UK and in London's financial circles.

On Thursday, Barcelona's City Council announced the inclusion of 228 historical and iconic commercial establishments in the new catalogue for protection of the city's urban heritage. However, 161 of the 389 shops initially identified were left out. The aim is to prevent the shops from disappearing due to the pressure of the rental market and therefore being transformed into a multinational franchise. The new catalogue, which will have 3 levels of protection, is part of a special plan for the protection and promotion of urban quality, due to be approved before the end of 2015 (because of May's municipal elections). The plan also identifies a series of areas where limited interventions will be allowed in order to preserve the quality of the urban environment. Among them are Ciutat Vella, Eixample's central area, Sagrada Família and the historical centres of Gràcia, Sant Andreu, Poblenou and Poble-sec.

TSB, which is the seventh-largest bank in the United Kingdom, confirmed on Wednesday that they have received a preliminary takeover bid of £1.7 billion (equivalent to €2.35 billion) filed by Banc Sabadell. The Catalan bank would have offered £3.40 per share (€4.80) and would be ready to buy the entire British financial entity, 50% of which is still owned by Lloyds. Sources from Sabadell have confirmed takeover talks, but they stressed that they are still preliminary in nature. After the news was released, shares of TSB increased by 26.4% while those of Banc Sabadell dropped by 7.5%, causing the Spanish Stock Exchange Authority (CNMV) to temporarily suspend trading in the Catalan bank. When Banc Sabadell returned on the stock market, its shares continued to decrease, dropping by 10.5%, but they partially recovered and ended the day with a 6.6% loss.

The Tate Modern launched on Wednesday 'Albert Serra: Divine Visionaries and Holy Fools', an event series on the Catalan maverick filmmaker. The show will be on until 20 March and will include an exclusive preview of his latest project 'Singularity', which he has been shooting the last few months. This project has been commissioned for the Catalan pavilion at the 56^th International Art Exhibition of the Biennale di Venezia. The Tate Modern-hosted event represents the first major showcase in the UK of Serra's work, a powerful and unique voice in contemporary cinema, as stated in the Tate Modern's presentation at the event. The show begins with the screening of his recent film 'Story of My Death' (2013) but the most awaited event will take place on Friday, when the Catalan director will premiere 'Singularity'.

Following the agreement reached last week between the President of the Catalan Government and leader of the governing centre-right pro-Catalan State coalition CiU, Artur Mas, and the President of the left-wing pro-independence party ERC, Oriol Junqueras, on calling early elections in September as a plebiscite on Catalonia’s independence from Spain, the Catalan Executive’s budget for 2015 is now closer to definitive approval. On Monday, the ERC MPs started to withdraw their full amendments to the different sections of the Catalan Government’s budget. Now, the ERC is asking the CiU and the Government to debate their specific amendments on precise programmes in order to have “a fairer budget” which is less regional and more that of a country in its “national transition”, they said.

The former European Commission’s Spokesperson for Economic Affairs during the Eurozone crisis, Amadeu Altafaj, is to become Catalonia’s Permanent Representative to the EU institutions. This position has been created as a way to increase the political weight of the already existing Catalan Government Delegation in Brussels in the middle of the debate about independence from Spain. Altafaj, who has also worked as Deputy Chief of Cabinet of the Commission’s Vice President for Economic and Monetary Affairs, Olli Rehn, since 2012, will now direct this delegation and become Catalonia’s voice in the EU institutions’ offices. On many occasions, Altafaj has been vocal about Catalonia’s self-determination, supporting it and emphasising that an independent Catalan State would be economically viable.

Between the 18^th and the 20^th of November, Barcelona is hosting the 4^th edition of the Smart City Expo World Congress. This year it will be the most international edition so far, with 400 cities from 5 continents represented, a 33% increase. Participating cities include Berlin, Munich, Boston, Chicago, New York and San Francisco, who are present at the Fira de Barcelona exhibition centre. The goal of reaching 9,000 visitors may be achieved, as nearly 700 people attended the opening ceremony on Monday. Companies are presenting technological applications for improving the sustainability, mobility and quality of life of everyday citizens. Applications being presented this year include drones for cities, technology to monitor free parking for busy commuters, and applications to assess air quality for the physically active and for choosing the best place to open a business.

The citizen participation process on independence has kicked off at 9am on November 9 despite the temporary suspension of the Constitutional Court. Finally, the 1,317 voting centres hosting 6,695 polling stations have opened their doors without major incidents, as has been confirmed by the Catalan Government. Long queues of voters were waiting to cast their ballot in a festive atmosphere from early morning. The vote is being run by 40,930 volunteers, but the Catalan Executive is actively behind the process. During the day it will offer turnout figures and it should announce the results on Monday. The ballot boxes are located in high-schools run by the Catalan Government or in municipal centres in small towns and villages. A delegation of international observers is monitoring the process. Several Spanish nationalist parties and organisations have filed judicial complaints asking for the vote to be stopped and members of the Catalan Government to be arrested. In addition, the Public Prosecutor Office – obeying the Spanish Government –asked the Catalan Police to identify the volunteers opening the voting centres, but the Catalan Government refused to do so as they had authorised volunteers to access public venues.

On Monday, the 'World Travel Market' (WTM) opened in London and Catalonia is participating with a 300 m² exhibition stand promoting a variety of its tourist destinations and highlighting its uniqueness with areas as diverse as the city of Barcelona, the Costa Brava and the Penedès wine region. The WTM is highly important in the tourism and travel industry, and represents a crucial opportunity for business networking and attractive investment. Catalonia’s participation strengthens its growing importance as a holiday destination for British tourists, who have increased by 4% and represent revenue of €1 billion in the first 10 months of 2014, the second largest after the French. Through the event, Catalan companies will mix with 5,000 other organizations from 200 countries, with an estimated 50,000 professionals from the industry participating.

South African Archbishop Desmond Tutu and Argentinian activist Adolfo Pérez Esquivel, both of whom were awarded the Nobel Peace Prize, as well as UK film-maker Ken Loach, Dutch sociologist Saskia Sassen, UK historian Paul Preston, American sociologist Richard Sennett, US writer Harold Bloom, Portuguese writer António Lobo Antunes, Irish activist Bill Shipsey and US former ambassador Ambler Moss have issued the 'Let Catalans Vote' manifesto. "A majority of Catalans have repeatedly expressed in different ways the wish to exercise their democratic right to vote on their political future" the document starts. Mentioning the positive examples of Quebec and Scotland, the signers stress that "to prevent the Catalans from voting seems to contradict the principles that inspire democratic societies". Finally, they urge the Spanish and Catalan governments to agree on a vote and "to negotiate in good faith based on the result".

Abertis, the international group which manages transport and telecommunications infrastructures, has announced it will list its telecom exchange business on the Stock Exchange in 2015. The Catalan company presented its new Strategic Plan for 2015-2017 to investors in London this week. The main objectives of the decision were to develop its business strategy, increase returns for shareholders and boost growth. The company currently owns 8,000 radio, television and mobile signal towers. Besides, Abertis presented its numbers for the first nine months of 2014 to the Spanish Stock Exchange Authority (CNMV), including a net profit of €560 million, an increase of 4.6%. The new Strategic Plan also envisages a dividend increase of 10% for its shareholders every year until 2017.  

The Catalan banking system boasts a strong image after the publication on Sunday of the 2014 EU-wide stress test results, issued by the European Banking Authority (EBA). All the financial entities based in Catalonia have sailed through the EBA stress test, showing they could face the most adverse economic developments with only their own resources. In the most difficult scenario, Barcelona-based CaixaBank – which is the largest bank in the Spanish market – reached a 9.3% equity ratio (CET1), Banc Sabadell got an 8.3% and Catalunya Banc an 8%. The minimum required was 5.5%, which was not reached by 24 of the 123 European banks analysed. Only one Spanish entity, Madrid-based Liberbank, would need additional capital in the worst case scenario.