Spain and the EU

Latest business news about Spain and the European Union.

Spain launches EUR 50bn bank reform — 03 February 2012, 16:44 CET

Spain's conservative government Friday launched a major clean-up of the country's troubled banks, approving a law that obliges them to set up a financial safety net totalling 50 billion euros.

Spain unveils EUR 50bn bank sector clean-up — 02 February 2012, 19:49 CET

Spain's government unveiled reforms Thursday that will oblige banks to clean up their bad loans by building up provisions and capital reserves totalling 50 billion euros.

Spain pays lower rates in EUR 4.56bn bond issue — 02 February 2012, 12:12 CET

Spain's borrowing rates tumbled Thursday in a sale of its medium-term bonds, the central bank said, a fresh sign of easing market confidence as the country fights to stabilise its finances.

Fold-up car of the future unveiled at EU — 24 January 2012, 20:20 CET

A tiny revolutionary fold-up car designed in Spain's Basque country as the answer to urban stress and pollution was unveiled Tuesday before hitting European cities in 2013.

EU's Rehn demands Spain meet 2012 deficit target — 24 January 2012, 17:05 CET

EU economic affairs commissioner Olli Rehn on Tuesday told Spain it must meet its existing target for its 2012 public deficit, despite the figure for 2011 likely coming in higher than expected.

Spain calls on EU to do more to boost growth — 22 January 2012, 22:52 CET

The European Union must do more to boost economic growth and not focus solely on austerity to slash debt levels to defend the euro, Spain's new foreign minister said in an interview published Sunday.

Five Somalis detained in Spain after alleged navy attack — 21 January 2012, 21:23 CET

A group of Somali suspected pirates were in jail in Spain Saturday pending trial following an attack on a Spanish warship, authorities said.

Spanish fold-up car to be unveiled at EU — 19 January 2012, 20:39 CET

A tiny revolutionary electric fold-up car designed in Spain's Basque country as the answer to urban stress and pollution is to be unveiled next week before hitting Europe's cities in 2013.

EU president defends crisis funds after downgrade — 17 January 2012, 18:41 CET

EU President Herman Van Rompuy defended Europe's emergency financial rescue fund on Tuesday after it received a credit rating downgrade and said European leaders would review its size in March.

Spain's new leader vows major reforms by mid-February — 17 January 2012, 22:32 CET

Spain's new right-leaning prime minister, Mariano Rajoy, vowed Tuesday to launch urgent reforms of the budget, labour market and banks by mid-February.

Spanish navy repels pirate attack in Indian ocean: ministry — 13 January 2012, 10:59 CET

A Spanish navy ship fought off a gun attack by pirates on the Somali coast Thursday, then chased and captured six of the attackers while one was reported killed, authorities said.

Spanish navy routs pirate attack in Indian ocean: ministry — 12 January 2012, 18:02 CET

A Spanish navy ship Thursday fought off a gun attack by pirates in the Indian Ocean, then chased and captured six of the attackers while one was reported killed, Spain's defence ministry said.

EU urges new spending squeeze in Spain — 11 January 2012, 15:35 CET

The EU's economy commissioner Olli Rehn said Wednesday that the EU executive expects Spain to take fresh measures to curb public spending this year, including radical job-market reforms.

Spain fishermen protest Morocco trawling ban — 09 January 2012, 17:47 CET

Hundreds of fishermen demonstrated in southern Spain Monday against a ban on them trawling in Moroccan waters which threatens their livelihoods.

Spain's Santander says meets 9% EU capital requirement — 09 January 2012, 13:52 CET

Santander, Spain's biggest bank and the eurozone's largest by capitalisation, said it has brought its core reserves up to 9.0 percent, meeting stricter funding requirements set by the European Banking Authority.

Spain reveals deficit over-run, enacts EUR 8.9bn in cuts — 30 December 2011, 18:57 CET

Spain's new right-leaning government imposed Friday 8.9 billion euros in a first round of spending cuts, saying the deficit had far overshot a 2011 target.

Spain's Repsol announces EUR 2.7bn share buy-back — 20 December 2011, 12:06 CET

Spain's biggest oil group Repsol said Monday it will buy back 2.7 billion euros of its own shares held by building group Sacyr Vallehermoso, which is seeking to raise cash to pay heavy debts.

Spain's new leader vows EUR 16.5bn cuts — 19 December 2011, 16:13 CET

Spain's incoming prime minister Mariano Rajoy vowed on Monday to slash the public deficit by 16.5 billion euros to calm financial markets with deep cuts to rescue the economy from crisis.

Spanish builder selling EUR 2.7bn stake in Repsol: FT — 19 December 2011, 10:57 CET

Indebted Spanish builder Sacyr Vallehermoso is trying to unload a 10 per cent stake in oil giant Repsol, worth about 2.7 billion euros, the Financial Times said on Monday.

Spain orders fishermen back to port after Morocco ban — 15 December 2011, 22:29 CET

Scores of Spanish fishing boats sat stuck in port Thursday after being banned from Moroccan waters, making fishermen fear for their jobs in Spain's already troubled economy.

Morocco says scrapped EU fishing deal will hurt ties — 15 December 2011, 16:41 CET

The scrapping of an EU-Morocco fisheries deal will hurt relations but could spell an opportunity for local fishing fleets, the north African country's fisheries minister said on Thursday.

Spain fishermen stuck in port after Morocco ban — 15 December 2011, 16:22 CET

Spanish fishing boats returned to port on Thursday after a ban on them trawling in Moroccan waters, which threatens the livelihood of hundreds of fishermen and deepens Spain's economic misery.

Spain demands EU compensation in fishing row — 15 December 2011, 16:41 CET

Spain said Thursday it will ask for compensation from the EU after the European Parliament cancelled a deal giving its trawlers special access to fish in Moroccan waters.

Spanish bank CAM likely 'has EUR 12bn losses' — 14 December 2011, 23:17 CET

Failed Spanish savings bank Caja Mediterraneo likely has losses of about 12 billion euros, far more than first thought, the bank that bought it said on Wednesday.

Spain busts huge euro forgery network: police — 13 December 2011, 15:04 CET

Spanish police broke up one of the biggest forging scams in Europe, seizing 1.5 million euros ($2 million) in fake bank notes and arresting dozens of suspects, officials said on Tuesday.