As per reports, Spainsh economic system contracted a little more in 2009 than previously predicted, contracting by 3.7 percent.

According to the statement issued by the National Statistic Institute (NSI) in the month of February, the economy fell by 3.6 percent in the last year (2009), however, the recent calculation consisted of new facts and figures that were not available at that time.

In the meantime, INE also affirmed a growth of 4 percent in the year 2006, 3.6 percent in 2007 and 0.9 percent in 2008.

The National Electric Power Regulatory Authority (Nepra) has recently announced an increase of 26 paisa per unit in its power tariff for consumers of nine distribution firms of Wapda from the end of this month, mainly because of monthly fuel cost adjustment.

While talking to media, a spokesperson from Nepra said that the power firms had sought a surge of 52 paisa per unit under the fuel adjustment formula for July.

However, the power regulator sanctioned a growth of 26 paisa and rejected the remaining sought due to system losses, late payments and overall circular debt.

Agro-based food producer QL Resources Bhd has recently announced to invest around RM400 million in capital expenditure (capex) by 2012, largely to promote the subsisting plant and machinery as well as to develop new plants in Vietnam and Indonesia.

While talking to media, the managing director of the company, Chia Song Kun, said that the spending would be used to further increase its core business sections, namely integrated livestock farming, marine product manufacturing and palm oil activities.

RAM Ratings announced that Spain’s gross domestic product (GDP) is expected to increase by 7.4 percent for 2010 following the Government’s declaration that GDP increased by 8.95 percent in the second quarter of this year.

Moreover, the agency said in a report that the country’s GDP growth was likely to grow at a slower pace of 5.6 percent in the second half of the year, which was in proportion to potential output.

Spanish bank BBVA has recently announced that its second-quarter total revenue has slipped 18 percent to euro 1.29 billion ($1.68 billion) as compared to the same period of the last year, as it set aside euro 250 million in provisions for insolvencies.

BBVA is the country’s second biggest lender after Banco Santander.

BBVA said in a note that its gross income during the period of April-June climbed by 2 percent to touch the mark of euro 5.58 billion.

The Spanish government has recently announced that it has forwarded a proposal for a regulatory decree to Spanish national energy commission to reduce subsidies for future photovoltaic solar plants by around 45 percent.

The above declaration was made by the industry ministry of the country.

According to the new scheme, subsidies for open-field solar farms will be reduced by 45 percent, and those for large roof-top installations will come down by 25 percent.

Meanwhile, subsidies for small roof-top installations will reduce by 5 percent under the new scheme.

Buoyed by their success in the World Cup in 2010, Spain is ready to push for co-hosting the 2018 tourney with neighboring Portugal, Secretary of State for Sports Jaime Lissavetsky said Tuesday.

In an address to the Spanish Football Federation's (RFEF) general assembly meeting, Lissavetsky said, "Spain's next challenge is to organise the 2018 World Cup."

Spain and Portugal hope to pool their resources -- as Japan and South Korea did in 2002 -- for 2018 after Brazil hosts the next edition in 2014.

The Spanish parliament has decided that it has sanctioned a plan to cut public spending by 7.7 percent, which will form a key part of cruel budget plans for 2011 to be set out in September.

The plans will see public spending dropped down to 122 billion euros ($157.6 billion), excluding funds to Spain's autonomous regions, down from 132 billion euros in the existing year (2010).

The cut forms a vital part of the government's drive to cut its deficit to 6 percent by next year from 11.2 percent in 2009 and ease market worries that have dogged euro zone periphery countries this year.

Center Tseng Wen-ting, who led Yulon Luxgen to its fourth title in the team's history last week, was named Most Valuable Player (MVP) of this year regular season for the first time in his career.

In the meantime, the player had also bagged the defensive player of the year award during the ceremony and was chosen as one of the five best players in the Super Basketball League (SBL), a seven-tam league that was set-up in 2003 and is country’s major basketball competition.

The 25-year old player led the league in rebounds and assists, a rare feat for a center.

According to some recent reports released by Spain’s ruling Socialist party, lawmakers in both chambers of Parliament have decided to reduce their salaries by 10 percent as a move to reduce the deflect.

While talking to media, the ruling party’s spokesperson in the lower chamber, Jose Antonio Alonso said that all parties in the chambers had decided to this at a meeting.

In the meantime, the parliament’s press office said that the deal in principle will be voted.