Spain’s Financial System Shrank 3.7% In 2009
As per reports, Spainsh economic system contracted a little more in 2009 than previously predicted, contracting by 3.7 percent.
According to the statement issued by the National Statistic Institute (NSI) in the month of February, the economy fell by 3.6 percent in the last year (2009), however, the recent calculation consisted of new facts and figures that were not available at that time.
In the meantime, INE also affirmed a growth of 4 percent in the year 2006, 3.6 percent in 2007 and 0.9 percent in 2008.
Nepra announces 26 paisa per unit increase in power tariff
The National Electric Power Regulatory Authority (Nepra) has recently announced an increase of 26 paisa per unit in its power tariff for consumers of nine distribution firms of Wapda from the end of this month, mainly because of monthly fuel cost adjustment.
While talking to media, a spokesperson from Nepra said that the power firms had sought a surge of 52 paisa per unit under the fuel adjustment formula for July.
However, the power regulator sanctioned a growth of 26 paisa and rejected the remaining sought due to system losses, late payments and overall circular debt.
Resources all set to invest RM400M in Capex by 2012
Agro-based food producer QL Resources Bhd has recently announced to invest around RM400 million in capital expenditure (capex) by 2012, largely to promote the subsisting plant and machinery as well as to develop new plants in Vietnam and Indonesia.
While talking to media, the managing director of the company, Chia Song Kun, said that the spending would be used to further increase its core business sections, namely integrated livestock farming, marine product manufacturing and palm oil activities.
RAM predicts 7.4% growth in Spain’s GDP
RAM Ratings announced that Spain’s gross domestic product (GDP) is expected to increase by 7.4 percent for 2010 following the Government’s declaration that GDP increased by 8.95 percent in the second quarter of this year.
Moreover, the agency said in a report that the country’s GDP growth was likely to grow at a slower pace of 5.6 percent in the second half of the year, which was in proportion to potential output.
BBVA’s Q2 revenue slips 18%
Spanish bank BBVA has recently announced that its second-quarter total revenue has slipped 18 percent to euro 1.29 billion ($1.68 billion) as compared to the same period of the last year, as it set aside euro 250 million in provisions for insolvencies.
BBVA is the country’s second biggest lender after Banco Santander.
BBVA said in a note that its gross income during the period of April-June climbed by 2 percent to touch the mark of euro 5.58 billion.
Spain aims to reduce Future Photovoltaic subsidies by 45%
The Spanish government has recently announced that it has forwarded a proposal for a regulatory decree to Spanish national energy commission to reduce subsidies for future photovoltaic solar plants by around 45 percent.
The above declaration was made by the industry ministry of the country.
According to the new scheme, subsidies for open-field solar farms will be reduced by 45 percent, and those for large roof-top installations will come down by 25 percent.
Meanwhile, subsidies for small roof-top installations will reduce by 5 percent under the new scheme.
Spain aims to host 2018 World Cup
Buoyed by their success in the World Cup in 2010, Spain is ready to push for co-hosting the 2018 tourney with neighboring Portugal, Secretary of State for Sports Jaime Lissavetsky said Tuesday.
In an address to the Spanish Football Federation's (RFEF) general assembly meeting, Lissavetsky said, "Spain's next challenge is to organise the 2018 World Cup."
Spain and Portugal hope to pool their resources -- as Japan and South Korea did in 2002 -- for 2018 after Brazil hosts the next edition in 2014.
Spain's public spending proposals sanctioned by parliament
The Spanish parliament has decided that it has sanctioned a plan to cut public spending by 7.7 percent, which will form a key part of cruel budget plans for 2011 to be set out in September.
The plans will see public spending dropped down to 122 billion euros ($157.6 billion), excluding funds to Spain's autonomous regions, down from 132 billion euros in the existing year (2010).
The cut forms a vital part of the government's drive to cut its deficit to 6 percent by next year from 11.2 percent in 2009 and ease market worries that have dogged euro zone periphery countries this year.
Taiwan announces its most-valued basketball player
Center Tseng Wen-ting, who led Yulon Luxgen to its fourth title in the team's history last week, was named Most Valuable Player (MVP) of this year regular season for the first time in his career.
In the meantime, the player had also bagged the defensive player of the year award during the ceremony and was chosen as one of the five best players in the Super Basketball League (SBL), a seven-tam league that was set-up in 2003 and is country’s major basketball competition.
The 25-year old player led the league in rebounds and assists, a rare feat for a center.
Spain’s ruling party says lawmakers may reduce salary by 10%
According to some recent reports released by Spain’s ruling Socialist party, lawmakers in both chambers of Parliament have decided to reduce their salaries by 10 percent as a move to reduce the deflect.
While talking to media, the ruling party’s spokesperson in the lower chamber, Jose Antonio Alonso said that all parties in the chambers had decided to this at a meeting.
In the meantime, the parliament’s press office said that the deal in principle will be voted.
Telefonica to begin road show for Vivo deal
Telefonica, Spain's major telecommunications group, has recently announced that it will embark on a road show with the international institutional investors of Portugal Telecom to convince them of the benefits of selling PT's equity stake in Brazilian mobile operator Vivo to Telefonica.
In the meantime, the company has also offered EUR5.7 billion for PT’s 50 percent in Vivo, in which it has the other 50 percent, a premium of 145 percent to Vivo’s average market value prior to the bid which PT refused, saying that the stake was strategic to PT’s long term growth.
Report: Spanish cyclist Toni Tauler tests positive
According to local Spanish media reports, country’s track cyclist Toni Tauler, a silver medal winner at the Beijing Olympics, has tested positive for a banned substance.
Moreover, the sports newspaper AS published that the 36-year old was tested by the Spanish Cycling Federation before the world championships in Ballerup, Denmark in the month of March this year.
Further, the newspaper reported that the second analysis is to be carried out soon.
On the other hand, the federation refused to give any statement on the reports.
Spain’s Iberdrola sells three gas firms for $1.3 billion
Spain’s Iberdrola has recently announced that it has decided to sell three United States Gas utilities for $1.3 billion to lift up funds for construction of a transmission line joining New England and Canada.
As per the statement released by the Spanish electricity maker, Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co. are being sold to UIL Holdings Corporation, the Connecticut-based parent company of United Illuminating Company.
Spain newbies draw lots for unwanted No. 2 shirt
Spain’s uncapped Pedro and Javi Martinez drew lots to decide which of them has to wear the unwanted number two shirt at the World Cup.
While talking to reporters, Barcelona forward Pedro said, “Javi and I were the only ones left to choose a number as we were the last to arrive and the truth is that neither of us were particularly excited about wearing the number two.”
In the meantime, he also added, “SO we drew lots and I got it. In any case, it doesn’t matter and it won’t be a problem.”
Spain to place ban on smoking by 2011
According to reporters, smokers in Spain have a few more months to light up in country’s restaurants, bars and cafes.
The federal government had planned to tighten the rules on smoking in public places in 2010, but, the Health Minister Trinidad Jimenez said that tougher restrictions are unlikely to be in place before the starting of next year.
While talking to media, the minister said that reforms of a 2006 law that suggested ban on smoking in the workplace and country’s metro, amid other locations, would be presented to Congress at the starting of June and debated the same month.