Monday, July 19, 2010

Bank debt worse since 1995

Bad debt in Spain has reached its highest level since June 1995 with the number for May climbing to 5.707%. It means that the amount of doubtful credit increased by 476 million € in just a month.

Once again it is the Caja savings banks which carry most of the bad debt, according to the data published today by the Bank of Spain. They have had a bad debt level over 5% for the past 14 months.The total volume of doubtful credit at banks, savings banks and cooperatives is now 95.291 billion €.

The Bank of Spain considers credit as doubtful when an individual or a company goes three consecutive months without payment.According to the Spanish Chambers of Commerce, 85% of Pyme small businesses are ‘sweating’ to find finance. They say that the number of companies applying for grants is up, and many are finding it had to get paid by pubic bodies. As many as 85.4% said they had come across the problem in the second quarter of the year.

Air traffic controllers have denied that the high numbers of workers from Barcelona off sick on Sunday, and to a lesser extent again today, is an undercover strike. Delays have been seen as a result, most on flights to Barcelona, Alicante and the Baleares. An investigation has been ordered by the Minister for Development, José Blanco, but the controllers are adamant that all the sick leave is accredited and any delays are ‘normal and less than in other countries’

Telefónica has taken the first step to break its alliance with Portuguese Telecom. A firm of lawyers has been taken on to try to dissolve the alliance the Spanish company has with its Portuguese counterpart in the Brazilian company Vivo.Counterfeit Euros are still being produced, but on a lower scale than before. During the first six months of this year there was a 13% fall in the number of fake notes impounded by the authorities. Even so, over the first six months of the year a total 370,000 fake notes were taken out of circulation, according to the European Central Bank.Gas Natural Fenosa has won the tender to improve the energy efficiency in the Ministry of Industry building in Madrid. Savings of at least 10% are now expected in the ‘Cuzco complex’ building which is also home to some of the offices for the Ministry for the Economy and Hacienda.The President of the CEOE employers’ organization, Gerardo Díaz Ferrán, faces court after five employees of the Air Comet company are demanding their pay dating from October and November last year, when he was still the owner of the airline. The first case reaches court in Madrid on Wednesday next week.And finally,Filling your car tank with petrol or diesel will cost you about 10 € more than a year ago. Over the past 12 months diesel has risen in price by 19% and petrol by 13%.Read more:

No comments: