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Rising oil prices threaten Spain’s economic growth model

MADRID: For more than three years, Spain’s inflation rate has been below the euro-zone average and even lower than that of Germany, the bloc’s most competitive country. Over this period, the Spanish government has consistently pushed the line that employment creation in the country has been the result of this low inflation rate, and while it may be a coincidence, ... Read More »

Gibraltar suffers gambling tax blow

GIBRALTAR: Britain and Gibraltar are regarded as one EU state in terms of a key aspect of the single market, said the EU’s top lawyer, in a decision that might affect the rocky entity’s status after Brexit. A statement from the advocate general to the European Court of Justice, Maciej Szpunar said he “takes the view that, for the purposes ... Read More »

IBM revenue fall dims upbeat profit forecast

MADRID: International Business Machines Corp (IBM.N) reported its 19th straight quarter of declining revenue, but forecast full-year earnings above Wall Street estimates due to growth in newer areas such as cloud-based services and analytics. However, investments to drive growth in the cloud business and the company’s shift to a subscription-based as-a-service model hit its operating gross margin by 1.8 percentage ... Read More »

Spain spends €850m to improve port access

MADRID: A total of €850∙5m is to be spent on rail projects in 2017-21 under an investment programme to improve land access to ports that was unveiled by Development Minister Íñigo de la Serna on January 9. Freight traffic moving to and from ports by rail has grown by 43% since 2011, according to the Ministry of Development, and is ... Read More »

Spain to extradite suspected Mexican drug lord to US

MADRID: Juan Manuel Muñoz Luévano, suspected of carrying out operations for Mexican drugs cartel the Zetas in Spain, is to be extradited to the US where he is wanted over alleged offenses including drug trafficking, illegal possession of weapons and money laundering. Muñoz, also known as El Mono (The Monkey) was arrested by Spanish police at his Madrid home in ... Read More »

Spain inflation highest in more than 3 years

MADRID: Spain’s inflation accelerated more than initially estimated in December, final data published by the statistical office INE showed Friday. Inflation rose to 1.6 percent in December from 0.7 percent in November. This was the highest since July 2013, when inflation was 1.8 percent. Prices have increased for the fourth consecutive month. The flash estimate showed 1.5 percent inflation in ... Read More »

Spanish ethanol faces crunch year as consumption falls

MADRID: Spanish fuel ethanol consumption continued to decline in November, dropping to a seven year low, with domestic output facing an uncertain 2017. Spanish ethanol consumption fell to just under 21,000t (5,500 b/d) in November, a decline of 7pc on the year, according to strategic reserve Cores, the lowest level for the month since 2009. Taken over the first 11 ... Read More »

Spain posts new record with 75m visitors in 2016

MADRID: Officials in Spain say the number of tourists visiting the country has soared by 10 percent in 2016, setting a record figure for the fourth consecutive year as economic concerns and terrorism fears continued to lure visitors away from rival Mediterranean destinations. Energy and Tourism Minister Alvaro Nadal said Thursday that 75.3 million tourists arrived in Spain last year. ... Read More »

Spanish persimmon production set to double within 3 years

MADRID: With rising demand, little competition, and production set to soar in the coming years, the future looks bright for Spain’s persimmon industry. A commercial representative from major grower KakiFresh Nature said the current season was winding down and had been a success in all the destinations. “There is more and more fruit being produced every year which is filling ... Read More »

Spain’s energy companies to pay town councils

MADRID: The Supreme Court has ruled that town councils should charge the electricity and gas companies for using the public domain for their energy transport installations, at a rate of between 3,000 and 12,000 euros per linear metre a year. This is what the court has set down in five legal rulings, putting an end to a long dispute between ... Read More »

Spain grabs tax from Monaco

MADRID: Football Leaks release of information continues with news that French football team Monaco has had to agree to pay a large amount of tax to the Spanish government based on profits from transfers. According to the official view of the Spanish government, Monaco is considered to be a tax haven and as such levies 19 per cent tax on ... Read More »

Drugs worth €1.5m intercepted in postal system during 2016

MADRID: Criminals are increasingly trying to use Ireland’s postal service to traffic drugs into the country, a Herald investigation can reveal. There has been a massive increase in the amount of drugs being seized in the country’s postal system over the last three years by customs officers. Exclusive figures obtained by the Herald show that up until November 7 more ... Read More »

Moroccan woman arrested for smuggling a migrant into Spain inside a suitcase

MADRID: A Moroccan woman is in custody after she tried to smuggle a 19-year-old migrant from Gabon across the Spanish border, stuffed inside a suitcase. The Spanish Civil Guard arrested the woman in Ceuta, a Spanish enclave next to Morocco, last week, the Mail Online reported. Spain’s two enclaves in Morocco, Ceuta and Melilla, are often used as entry points ... Read More »

Moroccan woman arrested for trying to smuggle migrant

MADRID: A Moroccan woman has been arrested for trying to smuggle a 19-year-old migrant from Gabon across the border with Spain curled up inside a suitcase. The Spanish Civil Guard arrested the woman in Ceuta, a Spanish enclave next to Morocco, on December 30. It comes as around 1,100 sub-Saharan African migrants today tried to cross into Spain from Morocco ... Read More »

Oil company warns strike will further cripple T&T economy

MADRID: The State-owned oil company, PETROTRIN, says it is cannot afford to meet the wage demands of the Oilfield Workers Trade Union (OWTU) that has warned of industrial action at the start of the new year. “The cost impact of this is projected to increase the salary/wage bill by approximately TT$165 million (One TT dollar =US$0.16 cents) at the end ... Read More »

Spanish left wing activists on trial in Greece

MADRID: The trial of two Spanish left-wing activists begins today in Greece, El Pais reports. Local human rights lawyers will take their defense, watched closely by the Spanish Foreign Ministry. They could face people smuggling charges. The two left-wing activists were arrested in the port of Igoumenitsa, Greece, as they tried to smuggle eight refugees to Spain on Wednesday, El ... Read More »

Trade between Dubai, Spain reaches AED3.4b in H1

MADRID: The total trade between Dubai and Spain reached AED3.4 billion during the first half of this year, senior Dubai Customs has revealed. ‘Imports, exports and re-exports stood at AED2.77 bn, AED389 million exports, and AED271 mn respectively,’ said Ahmed Abdul Salam Kazim, Director of Strategy and Corporate Excellence at Dubai Customs, as he briefed a visiting Spanish delegation which ... Read More »

Spanish operators call on govt to reduce tax burden

MADRID: Spain’s three leading telecommunications operators – Telefonica, Orange and Vodafone – are set to form a common front to call on the country’s new Minister of Energy, Tourism and the Digital Agenda, Alvaro Nadal, to reduce a tax burden that no other sector has to support, reports El Pais. The operators will join equipment manufacturers and other companies in ... Read More »

New tax measures approve in Spain

MADRID: The Council of Ministers has approved Royal Decree-law 3/2016, of 2 December, that introduces different measures in order to comply with the objectives established by the European Union in the Council Recommendation of 21 June 2013 and mitigate the negative effects of an excessive government deficit in the Spanish Economy. These are the most important measures approved for Corporate ... Read More »

Spanish pork exports growth continues

MADRID: Growth was biased towards the second quarter, though shipments were still up 16 per cent on the year during the July-September period. Export growth has been enabled by strong Chinese demand, coupled to expanding Spanish production; at over 3 million tonnes, production was up 6 per cent on the year during the January to September period. Volumes shipped to ... Read More »