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Spain

Bank of Spain improves economic growth outlook for 2019

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The reason for this uptick is the fact that the economy has demonstrated “greater strength than anticipated,” said Óscar Arce, the Bank of Spain’s head of research, at a news conference. From now on the pace of growth will gradually slow down, according to the supervisor, which also warned about the risks to the job market from the minimum wage ... Read More »

Spanish police bust drug ring that smuggled cocaine-laced plastic

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MADRID: Spanish police have busted a cocaine-smuggling ring that dodged detection by mixing the drug with industrial plastic pellets before chemically removing it in three specially designed laboratories. Twelve people were arrested as part of the operation announced on Wednesday, which police hailed as the country’s biggest-ever seizure of cocaine-processing infrastructure. One of the laboratories, which are located in Madrid ... Read More »

Rijeka port completes first phase of Zagreb Deep Sea Container Terminal

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Rijeka port authority has completed the first phase of the construction of the Zagreb Deep Sea Container Terminal on May 23, with a total investment of €112.5 million ($126 million), of which €84 million ($94.1 million) was covered by a World Bank loan and €28.5 million ($31.9 million) was allocated from the Croatian state budget. The Zagreb DSCT was implemented ... Read More »

Spain creates nearly 600,000 jobs in a year, but unemployment rises in first quarter

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The Spanish labor market is proving to be more resilient than most people expected at a time of internal and external uncertainty. While unemployment grew in the first quarter of 2019, the Spanish economy has created 596,900 jobs over the past 12 months, representing a 3.14% increase, according to data released on Thursday by the National Statistics Institute (INE). This ... Read More »

TUI warns of 2019 headwinds from Spain overcapacity, 737 MAX grounding

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TUI said its first-half losses deepened due to airline overcapacity for Spain and the grounding of its 15 Boeing 737 MAX planes. These two issues could plague the Anglo-German tour operator over the rest of the year. TUI said it needed clarity over the status of its grounded planes by the end of May or it will take another hit ... Read More »

Police in Spain seize 2.7 tonnes of hashish

This undated handout photo released on September 14, 2016 by Guardia Civil shows bales of hashish at the Cartagena seaport seized by Spanish Civil Guard off the Spanish Murcia region coast.
The Spanish Civil Guard said on September 14, 2016 they seized this weekend 14.5 tons of hashish and arrested two people, one Bulgarian and one Dutchman, aboard a sailboat sailing off the southeast Spanish coast of Murcia region. / AFP PHOTO / Guardia Civil / HO / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT "AFP PHOTO / GUARDIA CIVIL " - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS

A three-year joint operation by Spanish and Italian police has resulted in the seizure of 2.7 tonnes of hashish in the Spanish region of Andalusia. Forty-four people have been arrested and more than 70,000 euros weres seized, along with illegal firearms. Those arrested were mostly suspected members of the Italian ‘Ndrangheta group and the Spanish “Los Castanas Clan”. They face ... Read More »

Spain creates nearly 600,000 jobs in a year, but unemployment rises in first quarter

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The Spanish labor market is proving to be more resilient than most people expected at a time of internal and external uncertainty. While unemployment grew in the first quarter of 2019, the Spanish economy has created 596,900 jobs over the past 12 months, representing a 3.14% increase, according to data released on Thursday by the National Statistics Institute (INE). This ... Read More »

Airbus considers legal action against Germany over Saudi ban: sources

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Airbus is considering suing the German government as its freeze on arms exports to Saudi Arabia means the company is unable to complete a border security system for the Gulf state, two people familiar with the matter said. In October, Germany decided to reject future arms exports licenses to Saudi Arabia over the killing of journalist Jamal Khashoggi, and to ... Read More »

A Rebound in the European economy is forecast for 2019

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Elaborating economic premises is not an easy task, especially if the object of analysis involves a compendium of countries such as those that make up the European Union. Although often these approaches are not decisive, they are an important source of consultation when you plan to invest in this part of the world. The large countries that comprise this community ... Read More »

Jailed Catalan leaders ease position on post-election coalition talks

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BARCELONA: Four Catalan leaders on trial over a 2017 bid to split their region from Spain have said separatists should be more flexible about entering negotiations on forming the next Madrid government after a April 28 national election. Socialist Prime Minister Pedro Sanchez is forecast to win the most seats in the vote, but could need Catalan separatists’ backing to ... Read More »

Spanish economy set to keep growing despite global uncertainty

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The Bank of Spain on Wednesday issued its projections for the Spanish economy to 2021, and warned that any government that comes out of the April 28 election should prepare the public accounts for a potential downturn. Despite a global slowdown, particularly in the euro zone, the Spanish economy remains “notably dynamic,” said the supervisor in its quarterly report. While ... Read More »

‘Carlyle agrees to buy 30 percent stake in Spain’s Cepsa’

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Private equity firm Carlyle Group LP has agreed to buy a 30 percent stake in Spanish oil and gas company Cepsa from an Abu Dhabi sovereign wealth fund in a $3.6 billion deal including debt, the Financial Times reported on Sunday, citing people with knowledge of the transaction. The sale gives the business a total enterprise value of $12 billion, ... Read More »

Spain Tops Global Health League But All Is Not Well For Expats

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A WORLD health index has declared Spain to be the fittest nation on the planet. Last year the University of Washington’s Health Metrics Institute ranked the country second in its healthy nations league. Now another major rating agency, the Bloomberg Healthiest Country Index, has gone one better and placed it top of its rankings. The index classifies nations according to ... Read More »

Spain received record-breaking 4.2 million tourists

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The tourism boom continues unabated in Spain. The month of January set a new historical record for both tourist arrivals and spending: nearly 4.2 million visitors came to Spain, a 2.2% rise from the same month last year, and they spent a total €4.7 billion, 3.6% more than in January 2018. The strong January figures come on the back of ... Read More »

Spanish economy set to keep growing despite global uncertainty

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The Bank of Spain issued its projections for the Spanish economy to 2021, and warned that any government that comes out of the April 28 election should prepare the public accounts for a potential downturn. Despite a global slowdown, particularly in the euro zone, the Spanish economy remains “notably dynamic,” said the supervisor in its quarterly report. While exports have ... Read More »

Iberdrola starts work on $340 million Spanish solar plant

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Spanish utility Iberdrola has commenced work on a 500-megawatt (MW) solar photovoltaic power plant in Badajoz, Spain. The facility, Iberdrola’s first photovoltaic plant in Europe, will use 1.5 million panels spread across a 1,000-hectare site. The company will invest around 300 million ($340 million) euros in the development. Set to be fully operational by 2020, the Núñez de Balboa plant ... Read More »

‘Carlyle in final talks to clinch $3.4 billion deal for Cepsa stake’

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Private equity firm Carlyle Group is ahead of other contenders to buy a 30 percent stake in Spain’s Cepsa for up to 3 billion euros ($3.4 billion), just four months after owner Mubadala shelved a listing of the energy company, three sources familiar with the matter. Carlyle, whose energy and natural resources division includes funds such as Neptune Energy, could ... Read More »

Spain received record-breaking 4.2 million tourists in January

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The tourism boom continues unabated in Spain. The month of January set a new historical record for both tourist arrivals and spending: nearly 4.2 million visitors came to Spain, a 2.2% rise from the same month last year, and they spent a total €4.7 billion, 3.6% more than in January 2018. The strong January figures come on the back of ... Read More »

Spain & Britain ink Gibraltar tax deal ahead of Brexit

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A fiscal treaty regarding disputed Gibraltar has been signed by Spain and Britain. Hailed as “massively significant” by Gibraltar’s leader, it is part of a deal sealed in November between London and the EU on Brexit. The deal must now be approved by the Spanish cabinet and ratified by the parliaments of both countries. Gibraltar’s leader Fabian Picardo said the ... Read More »

Britons face five-hour airport queues in Spain with no-deal Brexit

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British tourists to Spain could face airport queues of five hours or more after a no-deal Brexit, according to analysis by Which?, and the consumer group suggests travellers should take food, water and even nappies to survive prolonged delays. Alicante airport, which serves Benidorm and other Costa Blanca resorts, is likely to be the worst-affected airport, and Which? said visitors ... Read More »