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.

Telefonica, Spain's major telecommunications group, has recently announced that it will embark on a road show with the international institutional investors of Portugal Telecom to convince them of the benefits of selling PT's equity stake in Brazilian mobile operator Vivo to Telefonica.

In the meantime, the company has also offered EUR5.7 billion for PT’s 50 percent in Vivo, in which it has the other 50 percent, a premium of 145 percent to Vivo’s average market value prior to the bid which PT refused, saying that the stake was strategic to PT’s long term growth.

According to local Spanish media reports, country’s track cyclist Toni Tauler, a silver medal winner at the Beijing Olympics, has tested positive for a banned substance.

Moreover, the sports newspaper AS published that the 36-year old was tested by the Spanish Cycling Federation before the world championships in Ballerup, Denmark in the month of March this year.

Further, the newspaper reported that the second analysis is to be carried out soon.

On the other hand, the federation refused to give any statement on the reports.

Spain’s Iberdrola has recently announced that it has decided to sell three United States Gas utilities for $1.3 billion to lift up funds for construction of a transmission line joining New England and Canada.

As per the statement released by the Spanish electricity maker, Connecticut Natural Gas Corp., Southern Connecticut Gas Co. and Berkshire Gas Co. are being sold to UIL Holdings Corporation, the Connecticut-based parent company of United Illuminating Company.

Spain’s uncapped Pedro and Javi Martinez drew lots to decide which of them has to wear the unwanted number two shirt at the World Cup.

While talking to reporters, Barcelona forward Pedro said, “Javi and I were the only ones left to choose a number as we were the last to arrive and the truth is that neither of us were particularly excited about wearing the number two.”

In the meantime, he also added, “SO we drew lots and I got it. In any case, it doesn’t matter and it won’t be a problem.”

According to reporters, smokers in Spain have a few more months to light up in country’s restaurants, bars and cafes.

The federal government had planned to tighten the rules on smoking in public places in 2010, but, the Health Minister Trinidad Jimenez said that tougher restrictions are unlikely to be in place before the starting of next year.

While talking to media, the minister said that reforms of a 2006 law that suggested ban on smoking in the workplace and country’s metro, amid other locations, would be presented to Congress at the starting of June and debated the same month.

As per the official figures, Spanish house prices slipped on a slower pace in the first quarter of 2010.

Moreover, talking to media, the Ministry of Housing said that house prices declined 4.5 percent year on year in the first quarter of this year as compared to 6.2 percent in the last quarter.

Further, the fall eased for the third quarter, and it was the sixth fall in a row. Costs declined by 8.2 percent a year ago.

House prices slumped 1.3 percent on a quarterly basis.

Meanwhile, some more studies also showed fall in Spanish house prices.