Business

Catalan pharmaceutical company Almirall has announced on Tuesday it will buy Aqua Pharmaceuticals, an American company specialised in dermatological treatments. The $328 million transaction reflects the Catalan multinational’s strategy to diversify its activities, by establishing itself in a sector that will be a “key platform for growth”. Aqua Pharmaceuticals has a portfolio of well known brands for treating acne and skin rashes. This year the total sales of the American company’s products are expected to generate $127 million. According to a statement to the National Securities Market Commission (CNMV), Almirall intends to continue employing the same Aqua management team, to benefit from their experience in the U.S. market.

Housing prices increased by 0.8% in Catalonia during the third quarter of 2013, which is the first quarterly increase in the last three years. However, despite the positive figures, in annual terms prices at the end of September were 8.1% lower than those registered 12 months ago, due to the price falls registered in the second half of 2012 and the first 6 months of 2013. Between July and September 2013, prices of newly-built flats and houses in Catalonia rose by 5.7%, while those of second-hand housing were still decreasing (-0.3%). However, overall figures suggest that the real estate market may have reached the bottom and that its recovery might be about to start. In the whole of Spain, housing prices rose by 0.7% in the third quarter of 2013.

1 million passengers are expected to use the new direct High-Speed Train between Barcelona and Paris within a year. The Spanish Transport Minister Ana Pastor, her French counterpart Fréderic Cuvillier and the Catalan Minister for Planning and Sustainability Santi Vila, have described the High-Speed connection as a “milestone” that will further develop the bond between states and develop their economy. The very first direct train from Barcelona to Paris circulated last Sunday, connecting seventeen cities between the two states. Both Catalan and French ministers have stated they had taken measures to accelerate the construction of the Perpignan-Montpellier section, where trains are still circulating at a regular speed, making journeys significantly longer.

Next February, the Mobile World Congress (MWC), the world’s most important event in the mobile industry, will open its doors in Barcelona for the 9^th consecutive year. The major companies in the sector will introduce new products or give conferences on applications designed for many innovative uses. By hosting the fair each year at least until 2018, Barcelona, named Mobile World Capital, is looking to become an international leader in this industry. The city has also created a HUB to develop the sector even further. The 2014 edition of the fair expects to break all records. The Director of the MWC, John Hoffman, stated that 75,000 visitors were expected, meaning 3,000 more than last year. Besides, once the fair will be over, it is estimated the local economy could have gained €340 million from it.

Barcelona’s El Prat Airport has again registered positive passenger figures in November with the number of people transiting through its facilities reaching 2.38 million, 4.5% more compared to November 2012. Furthermore, the number of intercontinental passengers grew by 22.8 %. According to the Spanish Airport Authority (AENA), El Prat is currently on an upward trend. On the other hand, Madrid Barajas Airport registered 2.98 million passengers in November, representing a 5.3 % decrease compared to the same month last year. Since January 2013, 32,903,000 passengers have transited through Barcelona El Prat, a 0.2% decrease compared to the first eleven months of 2012. At Spanish level, the figures registered a 3.9% drop due to the economic crisis.

Multinational corporation T-Systems has officially unveiled one of its four operations centres at world level, based in Barcelona. The German company has invested €2.5 million in the centre, creating 170 new jobs in 2013. 350 more employees are expected to be hired in 2014, according to T-Systems. The Catalan Minister for Business and Employment, Felip Puig, who also attended the press conference, stressed that T-Systems is “one of the Catalan Government’s most valuable partners in the field of technology”. Puig added that the Catalan Executive and the German multinational had signed various agreements, lasting from 6 to 10 years, which were worth € 400 million and would generate 2,000 jobs.

Italian Investindustrial has sold 49.9 % of its stake in PortAventura amusement park to KKR, a US investment fund. With this operation Investindustrial has incorporated a long-term partner in the project, while making sure to be the majority shareholder with 50.1 %. The transaction will be effective in January 2014 and is only awaiting regulatory approvals. In the long-term strategy, PortAventura is looking for other agreements to broaden the range of leisure activities and develop further at international level. A few weeks ago it was made public that Investindustrial would join the BCN World project by building and managing 3,000 hotel rooms. Besides, it has been announced that the Cirque du Soleil would give daily shows in PortAventura from the summer of 2014.

Biocat, the organisation responsible for coordinating and promoting the life sciences sector in Catalonia, presented the 2013 Biocat report in Barcelona. Since its creation in 2006, by the Catalan Government and the Barcelona City Council, Biocat has sought to consolidate the life sciences sector by bringing together researchers, companies and other professionals in the field of biotechnology and biomedecine from Catalonia and other countries in the world. With 65 % of its biotechnology, pharmaceutical and medical products sold on the international market, the Catalan ‘Bioregion’(biocluster) is amongst the leaders in the sector. The cluster is currently made of 512 companies, meaning twice as many as in 2000, 56 research centers dedicated to life sciences or related disciplines, 17 university hospitals and 11 universities offering training in biosciences. It also relies on numerous other technology poles. This year’s report stressed the significant increase in private funding for the Catalan BioRegion over the last 4 years (€ 5.7 million to € 25.6 million) while highlighting the drop in public aid.

Catalan entrepreneurs and businesspeople are coming back home from India after making hundreds of contacts and discussing potential business opportunities that might help the Catalan economy to recover even faster. Motor, biofarma and IT enterprises have completed a very successful Asian tour and expect to open business on the continent within the next few months.

Catalonia’s tourism revenues in October amounted to € 1.25 billion, which is to say 20.5 % more than the same month last year. These latest figures, registered by the Tourist Expenditure Survey (EGATUR), were released by the Spanish Ministry of Industry on Wednesday. The survey confirms Catalonia’s leading position for tourist expenditure in Spain. Indeed, it accounts for 22.8 % of the total Spanish tourism revenues. This October, visitors spent an average of €936 during their stay in Catalonia, meaning a 8.3 % increase compared to October 2012; €132 per day, which represents a 3.7% increase. From January to October 2013, total revenues derived from tourism in Catalonia have amounted to 12.67 billion. The survey stressed that the French market had been the main contributor to the increase in tourist expenditure. 

Samvardhana Motherson Peguform, which produces components and materials to build cars, has announced a €30 million investment in Catalonia, during the business trip of a delegation led by President of the Catalan Government Artur Mas. The Samvardhana Motherson Group, based in Noida, already owns 4 factories in Catalonia, from the former German company Peguform – which was purchased in 2011 by the Indian multinational. €25 million will be invested in rebuilding and enlarging its Polinyà plant, in Greater Barcelona, which produces car paint and was accidentally burned last September. The remaining €5 million will be allocated to upgrading its Ripollet plant, also based near the Catalan capital. In fact, Barcelona is one of the main hubs in Europe in the car industry, with several manufacturing companies building vehicles and components.

The telecommunications company Cronos Group, based in Hong Kong, is opening its European offices in Barcelona to offer services throughout the continent and worlwide. According to the Catalan Ministry of Business and Employment, the company is expected to create 25 new jobs in the first year operating from the Catalan capital. Currently 10 people are already working in Cronos’ Barcelona offices. The project received the assistance of the Catalan Government’s programme ‘Invest in Catalonia’, which focuses on attracting foreign investment and international business. Cronos’s Managers explained they have decided to settle in Barcelona because it had become the world capital of the mobile phone and of telecommunications, since each year it organises the main international event in this sector. Furthermore, Cronos Group praised the talent and skills of Catalan workers.

Speaking to the Economic Affairs Committee of the European Parliament, the European Commissioner for Employment, Lázló Andor, said that Spain should profit from its decentralised organisation to help fight youth unemployment. He suggested that the rest of Spain’s Autonomous Communities should follow the examples of Catalonia and Navarra to improve employment levels among youngsters. The European Commissioner said that Spanish authorities should take note of the plans launched by Catalonia and Navarra, where the youth unemployment situation “is better than the national average”. However, despite these levels being lower than in most of Spain, youth unemployment in Catalonia is worryingly high, at more than 53% in July.

Over 4,000 people have visited the 27^th edition of the World Electric Vehicle Symposium (EVS27), which is the main international congress and trade fair in this field. It was held from the 17^th to the 20^th of Novemberin Fira de Barcelona’s Gran Via venue. According to the organisers, this year’s edition which took place in the Catalan capital for the first time was “the most successful” and also “the most international”, with attendees from 58 countries, 1,300 delegates and 232 exhibitors. During the fair, the major brands exhibited their new electric models while the latest technologies for electric vehicles, especially batteries and charging systems, were also on display. Meanwhile, the World Electric Vehicle Association (WEVA) awarded on Wednesday afternoon the E-Visionary Prize, distinguishing Malaga (Spain), Indianapolis (US) and the Japanese Goto islands as the three most sustainable urban environments in the world.

Catalan pharmaceutical company Grífols has purchased 21.3% of Belgian biotech company TiGenix for €12 million through the subscription of a capital increase. TiGenix is a leading company in the field of cell therapy. The agreement settled on the appointment of two Grífols Members on TiGenix’s Board and a preferential right to negotiate the development and commercialization of all TiGenix products, with the only exception of advanced-medicinal product ChondroCelect. Earlier this month, Grífols had already strengthened its therapeutic arsenal by buying part of the Diagnostics unit of Swiss multinational Novartis for $1,675 million.