madrid community

Barcelona-based Abertis to list its telecom division on the Stock Exchange in 2015

October 30, 2014 09:45 PM | ACN

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 Spanish Government downplays Catalonia's fiscal deficit and rejects reviewing its funding

July 23, 2014 09:34 PM | ACN

On Tuesday, the Spanish Finance Minister, Cristóbal Montoro, rejected to review the funding scheme of the Autonomous Communities to grant them more resources, despite the fact that the Catalan Government is under-budgeted. On Wednesday, the Spanish Finance Ministry downplayed Catalonia's fiscal deficit by issuing the so-called fiscal balances, which calculate the inter-territorial fiscal transfers, posting a significantly low Catalan contribution. According to the Spanish Government's new calculations, Catalonia gave away €8.46 billion in 2011, representing 4.35% of its GDP. The figure is significantly lower than the Catalan Government's calculations: €15.01 billion and €11.09 billion, using two complementary methodologies used by the Spanish Executive in 2008 and agreed among independent university experts.

Catalonia, the Basque Country and Castile and León lead transparency rankings, while Madrid is at the bottom

July 17, 2014 10:10 PM | ACN

The Catalan Government, alongside the executives of the Basque Country and Castile and León, is leading the index of Autonomous Communities in terms of transparency, according to a study issued on Thursday by the organisation Transparency International Spain. These three Autonomies scored 100 out of 100 in the study, which was based on 80 indicators. They were followed by La Rioja (96), Galícia (94) and the Balearic Islands (93). The Region of Madrid occupies the last position in the ranking, with 65 points, behind the Region of Múrcia (79), the Canary Islands (80) and Castilla-La Mancha (84). The average across Spain is 88.6 out of 100. The study called upon regional governments to indicate the exact location of various data and information about elected officials, political appointments, organisation and personal wealth.

Business associations criticise Madrid’s report for a lack of accuracy while stating that 1,060 companies left Catalonia

August 20, 2013 09:32 PM | ACN

Catalonia’s main SME association PIMEC and the Catalan Business Circle (CCN) have criticised the regional Government of Madrid for issuing a report not sufficiently backed-up by economic data. In addition, they have accused Madrid’s Finance Minister, who presented the report, of offering a politically-biased version by saying that companies have left Catalonia due to the self-determination debate. PIMEC and CCN stated they do not have data supporting Madrid’s statement. On the contrary, they have data proving that foreign investment has not reduced. In addition, CCN accused the Spanish Government of building a “Greater Madrid” as an economic centre, at the expense of other areas such as Catalonia. PIMEC emphasised the Catalan industrial tradition and the vigour of its economy, although admitted that taxation is higher in Catalonia than in Madrid.

1,060 companies moved from Catalonia to Madrid for tax reasons since 2010, according to Madrid’s Government

August 19, 2013 10:13 PM | ACN

In the last three years, 1,060 companies have moved their headquarters from Catalonia to the region of Madrid, according to a report published by Madrid’s regional Government. The report states that most of them took the decision because of the lower taxes that exist in Spain’s capital, compared to other areas such as Catalonia. Since 2010, 5,000 companies based in the rest of Spain decided to move to Madrid; 21.4% of them were from Catalonia. Paradoxically, 43 cents out of every euro paid in taxes in Catalonia is to pay for investments and services made in other parts of Spain, which turns into an annual fiscal deficit of 8.5% of Catalonia’s GDP, meaning that Catalans are obliged by the Spanish Government to give away €16.5 billion. Meanwhile, the Catalan Government is under-budgeted and obliged to implement severe budget cuts and raise taxes to balance the budget.

Madrid’s President alone in her push for recentralising Spain

April 11, 2012 01:45 AM | CNA / Gaspar Pericay Coll

Aguirre, President of Madrid's regional government, asked to return healthcare, justice administration and education powers, which are managed by the Autonomous Communities, back to the Central Government. Prime Minister Rajoy, the leader of the People’s Party (PP) –Aguirre’s party–, stated that a debate about the Autonomous Community model is “out of the question”. Furthermore the PP’s Catalan leader defended the current model, as Catalonia “exerts its self-government as established in the Constitution”. Besides, the Catalan President told Aguirre to return the powers she does not want to manage, but to leave Catalonia aside. He added that the current model was designed “to dilute Catalonia and the Basque Country’s self-governance claims”.