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.

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.

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.

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.

According to the data revealed by the Banks of Spain, their bad loans has been increased to almost 2 billion euros (US$ 2.80 billion) to a 14-years high in the month of February as economic crisis disturbed borrowers struggled to service debts.

Further, the Non-performing loans (NPL) increased to 5.3 percent of total non- credit card debt at Spains' banks and some of the financial institutions in the month of February this year, from 5.2 percent in January, whilst total lending has surged slightly to 1.76 trillion euros.

According to the recent releases made by the Spanish environmental chiefs, it was said that the country will break its EU-enforced traffic pollution limits.

Moreover, officials told reporters that recent population growth has dissatisfied its hopes to meet the terms with legislation imposed by Brussels in 2001.

Further, it said, “We are breaking all of Brussels’ limits, except for sulphur dioxide.”

In the meantime, they also blamed a higher than desired growth in the demand for energy in the past couple of years.

Spain’s largest utility Iberdrola (IBE. MC) has recently released in a report that it has managed to generate 15.4 percent more electricity in the first quarter of this year from the same period last year, mainly due to growth in hydropower.

According to the statement released by the company, it had generated 42,454 gigawatt-hours of electricity all over the world in the first three months of this year, of which hydropower totaled for 20.8 percent and which had increased by 135.1 percent, year-on-year.

According to the data released, Spanish home sales increased in the month of February, but the country’s battered real estate market remained in the doldrums as property costs continued to decline.

Moreover, house sales increased by 18.7%, the National Statistics Institute announced that for the largest monthly growth since the index was created in 2007.

It was also second successive month of increases after an increase of 2.1% in the month of January.