business

The 50th edition of one of Europe’s most important nautical trade fairs came to an end having “exceeded” initial expectations “despite the complex economic situation”, said the show Director. The organisation has highlighted the preservation of trust in the exhibition, as the number of exhibitors only dropped by 5%. This year’s edition focused on boat innovation and engine efficiency to attract a public economically undermined by the crisis.

Eurofragance is a Catalan company that belongs to a very specific economic sector: the fragrance market. Specialising in producing scents for food and bathroom products, this company with its headquarters in the Barcelona Metropolitan Area exports 90% of its products. Its creations can be found around the world but especially in the Middle East and emerging markets

The Catalan energy company reduced its debt to 54.4%, thanks to disinvestments. Gas Natural Fenosa ended the first nine months of the year with a net profit 0.3% lower than that in the same period in 2010. However, taking into account the effect of the disinvestments, the net profit increased by 11.6%.

The main Catalan bank allocated 1.953 billion euros for insolvencies and raised its core capital to 11.8%, 2.9 percentage points more than the ratio it had in December 2010. These operations made their net profit decrease by 16.6% compared to the previous year. Besides, CaixaBank announced that Mexican billionaire Carlos Slim will quit its board to rejoin that of the bank’s industrial holding ‘Criteria CaixaHolding’. Slim’s seat will be occupied by former Chairman of Citigroup and the New York Stock Exchange John S. Reed.

The Catalan multinational company Abertis announced its results for the first three first quarters of 2011. Abertis’ net profit increased by 5.9% compared to the same period in 2010. The Barcelona-based company also announced that the segregation of Saba Infrastructures is complete.

More than thirty Chinese companies and investment agencies have visited Barcelona in search of business opportunities. The Catalan capital is a gateway to the European market for Asian companies, thanks to its sea port, airport, geographic location and a dynamic and well connected economy. In addition, Barcelona is also a leading centre in the Euro-Mediterranean Area.

The Catalan capital is considered the best city for quality of life. However, it does not reach the top 5 regarding telecommunications, international transport, and market access.

In Spain as a whole housing sales dropped by 38%.New-build apartment sales in Catalonia fell by 35% in August, compared to the same month in 2010.

The Franco-Japanese company has chosen the Catalan car component manufacturer Ficosa as their only automatic gearbox supplier for all the new cars targeting a middle-class market segment. The agreement is for the European, North-American, South-American and Asian markets. It will represent a sales volume of 45 million euros for Ficosa. The news reinforces Greater Barcelona as a base for the automotive industry.

Catalan GDP grew by 0.7% during the second quarter of 2011 compared to the same period in 2010. However, in the first quarter it grew by 1.1%. The export sector continues being the Catalan economy’s engine, while internal demand fell. Catalan GDP grew by 0.2% from the first to the second quarter this year, the same rate than for the rest of the European Union. At the end of 2010, Catalan GDP represented 209.7 billion euros, more than Finland’s, Portugal’s or Venezuela’s.

Sales abroad accumulate 19 consecutive months of two digit increases compared to the same period last year. In July, exports increased by 14% in relation to July 2010. The export sector is becoming the main engine of the Catalan economy, together with tourism.

The car is inspired by the car ‘Up!’ that Volkswagen presented at the Frankfurt Motor Show. Car manufacturer SEAT is based in Greater Barcelona, which is the main automobile cluster in Spain.

26 new knowledge-intensive companies have set their offices in Barcelona’s 22@district over the first half of this year. The innovation district has more than 1,500 companies and increased its turnover by 5.4% against the 2008 census.

Thanks to this purchase, Sabadell United Bank, the US branch of the Catalan Banc Sabadell, significantly increases its size. Lydian Private Bank has assets worth 1,607 million dollars, client deposits of 1,224 million dollars and loans worth some 383 million. Sabadell is particularly strong in Florida, where it already has its US headquarters.

Barcelona-based Gas Natural Fenosa enlarges its capital with 515 million euros invested by the multinational North-African company, Société Nationale (Sonatrach).