business

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.

In 2015, Catalonia will receive the lowest investment from the Spanish Government in the last 17 years, in relative terms. The Executive chaired by Mariano Rajoy will only spend 9.5% of the territorial investments in Catalonia, despite the fact that the Autonomous Community accounts for 19% of Spain's GDP and 16% of the country's population. The percentage is even lower than last year's, when Rajoy allocated 9.6% of the territorial investments to Catalonia, which leads Spain's economy. In the current political climate, when the relation between Catalonia and Spain is seriously questioned by a majority of Catalans, such figures are far from supporting the "better together" way.

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.

40 municipalities in Barcelona's Metropolitan Area, are to half the price of public transport during incidents of high air pollution. This is part of a Catalan Government plan for the improvement of air quality with the goal to fight climate change, affecting 4.3 million people. The main objective of the plan is to reduce emissions of nitrogen oxides (NOx) and of particle matter less than 10 microns in diameter (PM10). The plan also includes the promotion of rail travel and increasing highway tolls and the fares of municipal parking within these areas by 25% on polluted days. In addition, there will be tax breaks for those industries achieving lower emissions. The measures are aimed at the mobility of people and goods, industrial activity, and citizens’ habits.

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.

This year, Barcelona will be the focus of the Beijing Design Week (BJDW), to be held between the 26^th of September and the 3^rd of October in the Chinese Capital. The international exhibition will dedicate 8 spaces to Barcelona, the biggest being 79 Tank, a 3,500 square metre pavilion housed in an old gas tank. The BJDW will devote a total of 5 exhibitions, 17 conferences and more than 20 activities to the design made in Barcelona. In addition, alternative design will also be present during this week-long event that brings together the capitals of China and Catalonia: 3 small projects will to take place in District Dashilar, one of the oldest neighbourhoods of Beijing. The BJDW event that last year attracted 5 million people, previous invites have included London (2011), Milan (2012) and Amsterdam (2013), making Barcelona the 4^th largest city to be chosen.

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.

This week, the Port of Barcelona has become the world cruise capital, hosting the Seatrade Med 3000, an international conference bringing together 3,000 professionals from the all around the world. It is the leading conference in the field of Mediterranean cruise and is taking place between the 16^th and 18^th of September. This adds to Barcelona’s existing reputation as the European and Mediterranean cruise capital, confirmed with the arrival last Saturday of the world’s largest cruise liner, the Oasis of the Seas, whose first stop after leaving the Caribbean was the Catalan city. Home both to the Oasis of the Seas and the international Seatrade Med 3000 means Barcelona is making nautical headlines worldwide.  

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.  

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. 

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.

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 11^th 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.

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.

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.

This Saturday the European Society of Cardiology (ESC), the most world's most important heart specialist conference, will begin in Barcelona. Up until the 3^rd of September the Catalan capital will host 30,000 cardiology specialist participants in a summit where 4,500 new studies will be presented about the latest discoveries in vascular diseases, which cause 47% of deaths in Europe. The Catalan Minister for Health, Boi Ruiz, said that efforts should be concentrated on reducing the "inequality" between different areas of the world which register mortality rates that are "unreasonably different".