CaixaBank announces a restructuring plan with 3,000 job losses in Spain

February 25, 2013 11:06 PM | CNA

The Barcelona-based bank, CaixaBank, which leads the Spanish retail banking market, is planning to lay off 3,000 workers in order “to adapt to the current context” and “improve the efficiency” of its resources. According to the Catalan financial company, the reform is “necessary” after having taken over Banca Cívica’s network and as they absorbing Banc de València’s too. CaixaBank has engaged in formal talks with the unions, which could be on-going until late April. The objective is to negotiate the exact measures to adjust the staff numbers to the business volume.

Financial markets severely shaken by Spain’s financial outlook and Valencia’s request for assistance

July 20, 2012 09:08 PM | David Tuxworth / Laura Pous

A combination of Spain’s economic predictions and Valencia’s formal request to the central government for financial assistance shook the markets on Friday, despite the stringent the austerity measures passed this week and the approved deal to lend up to 100bn euros to the Spanish banking sector. The Spanish government expects an unemployment rate of 24.3% and a fall in GDP of -0.5% in 2013, expecting to be out recession by 2014 and 2015 with a GDP growth of +1.2% and 1.9% respectively. The Valencian Government has requested assistance from the Spanish Government, making it the first autonomous community to ask for emergency financing from the regional liquidity fund.

Formula 1 Circuit de Catalunya hosts Spanish GP for last time in its own right

May 11, 2012 08:34 PM | Adrià Attardi

This weekend, Catalonia’s Formula 1 track, located in Montmeló, in Greater Barcelona, will once again organise the Spanish Grand Prix. As from next season however, the race will combine its venue between Catalonia and Valencia. In 2013 the race will be held in Montmeló, but in 2014 Catalonia will leave its place to Valencia. The decision to alternate venues was taken by racing mogul Bernie Ecclestone some weeks ago as a solution to both circuits’ financial problems. CNA investigates whether the local economy could suffer losses due to this decision.

Catalunya and València to alternate the Formula 1 race every two years starting in 2013

March 9, 2012 11:14 PM | CNA

Bernie Ecclestone has confirmed that both circuits will share one Grand Prix from 2013. That year the race would be held in the Catalunya Circuit and València would not host any F-1 race. In 2014, it would be the other way around. Due to the economic crisis, the Catalan Government proposed this solution to the Valencian Executive in May 2011, but they refused. Now, Valencia’s Government has confirmed the agreement, which still needs some details to be confirmed such as the date in which it will be held. Catalonia has host a Formula-1 Grand Prix since 1991 in a racing circuit in Greater Barcelona. València organised its own Grand Prix from 2008 onwards.