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Fitch Ratings has downgraded Andorra’s Short-Term Foreign Currency (STFC) IDR to ‘F3’ from ‘F2’

Fitch Ratings has downgraded Andorra’s Short-Term Foreign Currency (STFC) IDR to ‘F3’ from ‘F2’, reports agency. Under EU credit rating agency (CRA) regulation, the publication of sovereign reviews is subject to restrictions and must take place according to a published schedule, except where it is necessary for CRAs to deviate from this in order to …

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Business and Economy

Fitch affirms 3 Andorran banks

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDR) of Credit Andorra, Andorra Banc Agricol Reig (Andbank) and Mora Banc Grup, SA (MoraBanc) at ‘BBB’, ‘BBB’ and ‘BBB-‘ respectively; the Outlooks are Stable on all of the IDRs. A full list of rating actions can be found at the end of this rating action …

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The number of registered in the employment service of Andorra in May 2016 was 15% lower compared to the same period in 2015

The number of registered in the employment service of Andorra in May 2016 was 15% lower compared to the same period in 2015, stated the department of statistics of Andorra (594 person against 699 persons last year).

The number of applicants has decreased by almost two times over the past 3 years. For comparison – 905 …

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The Council of Ministers of Andorra approved a new rule that eliminates the previous bill in relation to the nationality requirements of the directors of INAF

The Council of Ministers of Andorra on Wednesday approved a bill that eliminates the previous requirement of the government of Andorra in relation to the nationality of Directors of the National Institute of Finance (INAF). It was stated by the minister of finances of Andorra Jordi Cinca. Under the prior requirements, the directors of the …

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Starbucks opens its first cafe in Andorra

Starbucks opened its first cafe in Andorra. The U.S. Ambassador to Spain and Andorra James Costos at the opening ceremony of the cafe said that “Andorra is a great place to do business and to invest in”.

According to him, the government of Andorra did much to liberalize the economy and to create favourable conditions for foreign …

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Andorra La Vella (Llacuna cultural centre) will host the second conference of young entrepreneurs

On May, 19, 18:30, Andorra La Vella (Llacuna cultural centre) will host the second conference of young entrepreneurs with the participation of the City Hall´s junior consul Marc Pons and Andorran writer Neus Arqués.

Among the participants – members of Businessmen’s Association of Andorra (Confederació Empresarial Andorrana). 

The conference logo – is  “How to make your …

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The conference on the development of e-Commerce in Andorra took place on 12th May in the office of Andorran business Association

The conference on the development of e-Commerce in Andorra took place on 12th May in the office of Andorran business Association (Confederació Empresarial Andorrana). The event was organized by the consulting company Baker & McKenzie with the Andorran law firm Augé Grup. The purpose of the conference is to analyse the future development of this market …

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The government of Andorra approved the second bond issue worth 100 million euros in accordance with the terms of the second program of issuance of government debt securities

The government of Andorra approved the second bond issue worth 100 million euros in accordance with the terms of the second program of issuance of government debt securities, reports the Government. According to the Minister of finances of Andorra Jordi Cinca, second edition is needed for collecting funds for the refinancing of public debt issuances …

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About 300 people have applied for cash withdrawal during the first working day of the new Andorran Vall banc

About 300 people have applied for cash withdrawal during the first working day of the new Andorran Vall banc, on 11th May. This bank was established as a result of the restructuring of Banca Privada d’Andorra on the basis of “uninfected” customer assets. The crisis associated with BPA lasted 14 months.

As the President of Vallbanc …

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Jordi Mora Magriñà became the new President of Andorran Morabanc, replacing his predecessor Francesc Mora Sagués

Photo: Morabanc

Jordi Mora Magriñà became the new President of Andorran Morabanc, replacing his predecessor, Francesc Mora Sagués.

Francesc Mora worked in Мorabanc for 20 years, last six years as President. Under his chairmanship, the Bank managed to increase the capitalization of its subsidiaries in the United States and Switzerland, as well as hold a …

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