5/25/2016, 11:35 AM (Source: TeleTrader)
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Spain: Business activity picks up in March

The Spanish Business Turnover Index (BTI) increased 1.5 percentage points in March. When adjusted for seasonal and calendar factors, the activity rose 1.2% from February, according to figures provided by the Instituto Nacional de Estadistica (INE) on Wednesday.

Electricity and water supply, sewerage and waste management registered the greatest increase of 5.2%. Trade followed, rising 1.7%. Market non-financial services registered the lower increase of 0.7% for the one-month period.

Adjusted for seasonal and calendar variables, the BTI rose 2.1% compared to March 2015. Market non-financial services expanded 5.0%, trade followed up 3.9%, and extractive and manufacturing edged up 0.4%. Electricity and water supply, sewerage and waste management index dropped 9.6% year over year.

Spanish entrepreneurs hope to expand in a market with perspective: Cuba. Representatives of more than 50 companies visited the Caribbean island country last week. Energy companies like Acciona, Gamesa, Gas Natural, Iberdrola, but mostly renewable players like Solaria and Fersa, can profit from Cuban government's decision to develop alternative energy production, using solar and wind power. Unlike the companies from the United States, Spanish firms have a lot of experience in the renewable energy industry. There are also stronger ties – not merely cultural and linguistic: exports to the island grew 38% in 2015, to reach a record €964 million.

The IBEX 35 index added 1.71% to 9,070 points by 11:25 a.m. CET. Biosearch rose 5.49% and Banca Popular climbed up 5.07%. Genera de Alaquiler de Maquinaria plunged 8.33% and Sniace dropped 4.32%.


Image: Solor power plant opening in Seville - EPA / Julio Muñoz

Baha Breaking News (BBN) / ZR