Government in talks with banking sector to jumpstart credit flow to companies

The administration of Prime Minister Mariano Rajoy is in talks with the banking sector to get credit flowing again to companies in order to create jobs and help pull the nation out of recession, sources said.

In a visit to Madrid two weeks ago, the European Union commissioner for economic affairs, Olli Rehn, identified as a bottleneck in the Spanish economy the fact that credit is excessively restricted and too costly. Outstanding credit in Spain has fallen 10 percent since 2009.

NEW LAW ABOUT OBLIGATION TO REPORT ASSETS ABROAD

From February 1st until April 30th tax residents in Spain are obliged to report on the following groups of assets and rights abroad they had in 2012 (in case the assets of a group are exceeding 50000€):

1) Bank accounts, credit accounts or any other  financial product in any institutions located abroad.
2) Securities, rights, insurance and annuities deposited, managed or obtained abroad.
3) Real estate and real property rights of ownership located abroad.

Failure to comply with this reporting requirement tax offense qualifies as very serious. Infringement shall constitute the following conduct of the taxpayer:

Justice minister does partial backtrack on court charges

Justice Minister Alberto Ruiz-Gallardón told lawmakers in Congress on Tuesday that he plans to partially modify controversial court filing charges that his department recently introduced.

The fees for basic legal measures such as divorce petitions have raised the hackles of members of the judiciary system itself, who have argued it restricts access to justice to the well-off.

"We are aware that Spaniards are going through bad times,"

European Central Bank president Mario Draghi said Tuesday that he understood the frustrations felt by many Spaniards because of the government’s harsh reforms but asked for patience because they will “take time” to produce positive results.

Speaking at a news conference after meeting behind closed doors with deputies in Congress, the ECB chief said that he came to Spain “to listen as well as recognize all the efforts” that are being undertaken by the government.

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Bankia to speed up branch closures

Nationalized bank Bankia said Monday it plans to speed up the process of branch closures as part of the slimming down of its operations required under the European bailout for the banking sector.

In a statement posted on its website, Bankia said it now plans to close 1,100 offices this year instead of spreading out the process over three years as initially planned. Bankia’s restructuring also calls for the laying off of 4,500 workers

Overseas investment in Spanish debt suffers biggest fall in 16 years

As fears about the euro subsided, the improvement in foreign investor confidence in Spain toward the end of last year was not enough to offset a massive sell-off of government debt capital in the first nine months of 2012.

According to figures released Monday by the Treasury, public debt in the hands of overseas investors at the end of 2012 was down 56.8 billion euros from a year earlier at 224.662 billion, the biggest fall in 16 years.

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A registered trademark gives the exclusive use of that name, providing its owner the capability:

• -To create "Trademark Value" (Goodwill), an active intangible for the company
• -To offer licenses and franchises
• -To be differentiated from competitors
• -To be protected from third parties using an equal or similar name, exercising the legal actions that correspond
• -To protect the Internet domain name
• -To impede others attempting to register similar trademarks
• -To have priority over third parties wanting to register their trademarks, in countries which do not require registration

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Cabinet aproves legislation that removes regional barriers to trade

 

The Cabinet on Friday approved a draft bill creating a single market that will allow companies and professionals in Spain to offer their goods and services across the country.

Under the proposed legislation, it will be sufficient for a company that has obtained a license from one of the regional governments to sell goods that comply with technical specifications to do so in the rest of the country.

Unemployment hits yet new record high at the end of 2012

Unemployment in Spain reached record highs in the last quarter of 2012 as the recession deepened due to the government’s austerity drive to trim the public deficit.

According to the Active Population Survey (EPA) for the fourth quarter, released Thursday by the National Statistics Institute (INE), the number of people out of work fell just short of six million at 5.965 million as the jobless rate rose from 25.02 percent to 26.02 percent, both records for the current historical series, which dates back to 1976.