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Barcelona-based Gas Natural Fenosa to make take-over of biggest energy distributor in Chile for €2.6 billion

ACN

The energy company Gas Natural Fenosa announced they have launched a tender offer for 100% of the share capital of the Chilean Compañía General de Electricidad (CGE), which represents a €2.6 billion purchase. The transaction is to be the biggest international  acquisition by the Barcelona-based company. The total size of the operation, including the consolidated debt of CGE and its subsidiaries, is approximately €6 billion. It expected to generate over €600 million gross profit next year. Purchase of CGE, which distributes electricity to 43% of the Chilean market, and has 2.5 million customers, will increase the Catalan company's presence in Latin America. Furthermore, this deal will allow Gas Natural Fenosa to meet its 2015 growth targets and strengthen its presence in Latin America.

October 13, 2014 08:32 PM

Nissan to hire 700 people in Barcelona and work 24/7 for the next 3 months

ACN

The factory that the Japanese car multinational has in Barcelona will be working 24 hours a day and 7 days a week for the first time in its 30 years of existence in order to produce the Pulsar saloon car and the NV200 van. In addition, it will hire 686 new temporary workers to deal with this production increase. As from the 20th of October, Nissan will hire 86 new staff that will strengthen the current night shift on week days, which will be covered by 500 workers in total. Furthermore in early January, 600 additional staff will be hired to work on the weekends until later March. Nissan decided to allocate the production of its Pulsar saloon car to Barcelona in February 2013, after the company and trade unions reached an agreement to improve competitiveness. Furthermore, in Barcelona in May 2014, it started to assemble its first electric van model.

October 8, 2014 08:07 PM

Catalonia's main employers' associations criticise the Spanish Government's 2015 budget: the lowest in 17 years

ACN

Pimec and Foment, Catalonia’s largest employers’ associations, have expressed outrage at the Spanish Government’s budget proposal for 2015 and its planned investment in Catalonia. Both Foment, which groups the largest employers, and Pimec, who represents small and medium-sized enterprises, have criticised that the Spanish Government has allocated to Catalonia only 9.5% of Spain’s total investment, despite it contributing 19% of the country's GDP and having 16% of its population. Spokespersons for both organisations have said the shockingly low budget is at odds with Catalonia’s high productivity and represents "a missed opportunity", both for economic growth and political dialogue, considering the independence debate. According to Ramon Adell, from Foment, Catalonia "as the engine of recovery, deserves a greater investment in infrastructure."

October 7, 2014 11:17 PM

Catalonia accumulates 15 consecutive months of annual unemployment drops, despite September’s rise

ACN

September’s registered unemployment figures have been positive for Catalonia, with all provinces registering overall annual figures showing jobs to be on the rise. For over a year, unemployment has been falling in the four Catalan Provinces, such as Girona for 14 months, Barcelona and Tarragona for 15 months, and for 16 in Lleida. Catalan figures registered an increase of 4,196 more people unemployed in September than in August, due to the termination of seasonal jobs. However, it represents the lowest rise in a September month since the crisis began. In annual terms, unemployment continues to decline, with 15 consecutive months of numbers falling, and 45,099 less unemployed this September than last year, representing a 7.26% drop. The number of contracts signed has risen by 15.6% in annual terms to reach a total of 224,717, of which there was an increase of 26.4% in permanent contracts.

October 2, 2014 09:46 PM

Ficosa confirms alliance with Panasonic, which will take 49% of the Catalan automotive company

ACN

Barcelona-headquartered Ficosa International S.A and Japan-based Panasonic Corporation signed an investment agreement on Tuesday to form a capital and business alliance through a €250 million operation. According to the official press release by Ficosa, as part of the capital alliance, Panasonic will take a 49% stake in the Catalan company. Ficosa is a company that specializes in automobile components, founded in 1949 in Barcelona, where the headquarters remain. It grew at a phenomenal rate and now has around 8,000 employees in 18 countries around the globe, with net sales of €925 million as of December 2013. It is best known for its gear-boxes and rear-view mirrors, of which it produces over 20 million a year. The goal of the alliance will be for both groups to develop projects towards a future self-driving car, while also being mutually advantageous from a business perspective.

October 1, 2014 08:09 PM

Catalan economy grows by an annual rate of 1.4% in the second quarter of 2014

ACN

Catalonia’s GDP recorded an annual increase of 1.4% in the second quarter of 2014, the best result since September 2008, according to official figures published on Friday by the Catalan Institute of Statistics (IDESCAT). The 1.8% increase in domestic demand means that the annual rate of Catalonia’s GDP is higher than Spain's average, and more than that of the European Union (EU28), both located at 1.2%. Not only is Government spending showing a favourable trend, but there has also been growth in the services sector, and those of industry and agriculture. From September 2014, the EU has set mandatory implementation of the new European System of Accounts (ESA 2010), which IDESCAT plans to have in place to coincide with the results of the GDP in the fourth quarter of 2014.

September 26, 2014 10:09 PM

Catalonia continues to lead foreign tourism, with a 7.5% increase in August

ACN

Tourism booms in Spain, with 9 million international visitors in August 2014, up by 8.8% since last year. Official data shows record breaking numbers, with August being the busiest month. In the first seven months of this year, tourists spent over €34.5 billion, the highest number in history. Catalonia is the most popular destination, attracting over 2.4 million tourists in August alone, a 7.5% increase from last year. Following Catalonia, the best results were seen in the Balearic Islands and Andalucía, all of which showed significant increases in recorded visitors for this year. August has been the busiest month on record, with tourists mainly coming from France and Italy, while over the whole year, the most frequent visitor continues to be British.

September 22, 2014 09:48 PM

Catalan exports growing faster than ever, with the 6.9% in July marking an all-time record

ACN

Last July, Catalonia broke its export record ever achieved in a single month, reaching €5.67 billion. This marked a 6.9% growth from the same month in 2013. Furthermore, Catalan sales abroad reached another record high in the period between January and July of 2014, at €35.44 billion, an increase of 2.6% from last year's same period. Meanwhile, exports have increased throughout the rest of Spain by 1.3% between January and July in their 2013 figures. Nowhere is the export growth faster than in Catalonia, which counts for 25.2% of Spain's total.

September 18, 2014 09:09 PM

The Catalan Government to allocate €240 million until 2020 to help 300,000 young people find jobs

ACN

The Catalan Government will invest €240 million until 2020 in a project to help 300,000 young people find work.  The aim of the programme is to provide a work placement, professional training or an internship for all young people aged between 16 and 24 who have not worked or received any training in the last 30 days, nor participated in any education program in the last 90 days. The programme will also target those under 30 who have a disability of at least 33%. The Catalan Minister for Business and Employment, Felip Puig, has estimated that there are 110,000 young Catalans who are currently eligible for the programme, and has promised to make the fight against youth unemployment a priority within his department.  

September 11, 2014 12:23 AM

Housing prices in Catalonia increase by 1.6% in the second quarter

ACN

The value of homes in Catalonia increased by 1.6% during the second quarter of this year compared to the same period in 2013, according to the House Price Index of the Spanish Institute of Statistics (INE). In relation to the first quarter of this year, prices registered a 1.8% increase between March and June, whilst cumulatively over this year there was a 1.3% increase in property value in Catalonia. However, the prices of new flats rose by 8.7%, whilst second hand properties only saw a 0.1% growth in their value. In Spain as a whole, the House Price Index reached a 0.8% rate in annual terms, the first time this has happened at Spanish level since March 2008. 

September 8, 2014 10:53 PM

Barcelona El Prat Airport overtook Madrid Barajas once again in August

ACN

For the second consecutive year, Catalonia's main airport hosted more passengers than its Madrid competitor during the month of August, becoming the busiest airfield in Spain. 4.24 million people travelled through Barcelona El Prat last August, representing an 8.6% increase on the figure from the previous year. Meanwhile, 3.99 million travellers passed through the Adolfo Suárez Madrid-Barajas Airport (a +5% growth). In the last few years, the Catalan airport has consistently been gaining passengers, particularly attracted by Barcelona's tourist and business activities as well as by the increase of inter-continental flights, while Madrid's airport was losing passengers for a number of years. However, in the last few months, the Spanish capital has started to gain passengers again, although at a slower pace than Barcelona. The first time the Barcelonan airport overtook Madrid's was in August 2013.

September 8, 2014 10:44 PM

Cirque du Soleil and PortAventura might work together again after a successful summer show

ACN

Cirque du Soleil and PortAventura theme park have announced that they are pleased with the success of the show 'Kooza', which the Canadian circus company has been performing at the Catalan resort every day this summer, and will consider future collaborations together. PortAventura was the first resort in Europe to host a show from this world-famous entertainment company. From July the 11th this year up until last Saturday, more than 100,000 people attended the show performed by Cirque du Soleil. As a result of this success, the two companies have agreed to meet again soon to talk about future collaborations. For PortAventura, with nearly 4 million attendees per year, this cooperation is a step towards consolidating its overriding strategy of attracting more international brands and consolidating its position as one of the best family entertainment destinations in Europe.

September 4, 2014 09:00 PM

Registered unemployment drops 6.6% in annual terms in Catalonia but grows 0.6% on last month

ACN

At the end of August there were 571,616 people registered as unemployed in Catalonia, which represents 40,042 fewer job-seekers than the previous year, a 6.55% reduction, according to figures released on Tuesday by the Spanish Ministry of Employment and Social Security. This is the 14th consecutive month registering unemployment drops in annual terms. However, coinciding with the end of the summer holiday's peak, the number of job-seekers increased in monthly terms. At the end of August there were 3,385 more unemployed people than at the end of July, which represents a 0.6% growth. In the whole of Spain registered unemployment increased by 8,070 individuals, reaching 4,427,930 people. At the same time, the affiliation to Social Security has decreased for the first time in 6 months, dropping by 97,582 people.

September 2, 2014 08:16 PM

CaixaBank buys Barclays' Spanish unit for €800 million, with estimated restructuring costs of €300 million

ACN

Barcelona-based Caixabank has come to an agreement with Barclays Bank PLC to buy Barclays Bank SAU for €800 million. The purchase of Spain's banking business of the UK company includes 550,000 new customers, a network of 270 branches and nearly 2,400 employees. However, the agreement excludes Barclay's Spanish investment banking business and Barclaycard, which will remain in the hands of the British entity. It is expected that the transaction will become effective later this year. The restructuring process following this acquisition will cost CaixaBank an estimated €300 million. However, the elimination of duplications is expected to save the Catalan bank €70 billion gross in 2015, €80 billion in 2016 and €150 million a year from then on.

September 1, 2014 09:37 PM

Housing prices rise again in annual terms after 6 years of continuously dropping in Spain

ACN

The real estate market has stopped its downward trend and has started its recovery in Spain. Housing prices already registered an increase in September of 2013 in quarterly terms, but now the prices grew for the first time in annual terms, a phenomenon not registered for the last 6 years. By the end of June 2014, prices grew by 0.97% compared to June 2013. In quarterly terms, housing prices increased by 1.53% compared to March 2014. Since the start of the economic crisis in 2008, housing prices have plummeted an average of 32% throughout Spain, with prices equivalent to those registered in 2003. In the second quarter of 2014, Catalonia was the Autonomous Community with the second highest number of housing sales, registering 11,980 operations.

September 1, 2014 07:17 PM

Read the latest updates and breaking news on business and economic matters from Barcelona and Catalonia here. Keep up to date with how the Catalan economy is performing, inflation levels, employment and unemployment, major business mergers, important company announcements, and the latest on Catalonia’s biggest enterprises such as Vueling, Wallbox, Grifols, Mango, and plenty of start-ups and international firms based here too.