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Ibiza ecstasy pill smuggling Brit jailed for 6 years and fined £500,000 after trying to claim lost drugs haul

LBIZA: A Brit drug mule who tried to sneak a record 35,000 ecstasy tablets into Ibiza has been jailed for six years and fined almost half a million pounds. Cops swooped on 38-year-old drug dealer Ian Smith when he turned up to claim a lost suitcase at an airport on the party island popular with British tourists. Airport police ordered ... Read More »

Spain’s unemployment rises in Q1

MADRID: Spain’s unemployment rose by 11,900 people in the first quarter of the year according to data of the Inquest into the Active Population (EPA) released on Thursday by Spain’s Statistical Office (INE). The total number of unemployed people stood at 4,791,400 in the country, which meant a 12 percent fall year-on-year, 653,200 fewer unemployed people. The INE reported that ... Read More »

Spain’s home mortgages rise by 15.9% in Feb

MADRID: The number of home mortgages granted to prospective buyers in Spain increased by 15.9 percent in February 2016 when compared with February 2015, according to data published by Spain’s Statistical Office (INE) here the other day. According to the INE, a total of 24,887 home mortgages were granted in the second month of the year, with the amount of ... Read More »

Santander jumps as bank beats profit estimates, builds buffer

MADRID: Banco Santander SA jumped to the highest in four months after first-quarter results beat estimates on lower provisions as the Spanish lender boosted its capital buffer. Net income fell 5 percent to 1.63 billion euros ($1.84 billion) from 1.72 billion euros a year earlier, the bank said Wednesday. That beat the 1.5 billion-euro average estimate in a Bloomberg survey ... Read More »

Spain joins UK in scheme to clamp down on tax evasion and corruption

MADRID: Several more countries and offshore territories have joined a scheme to clamp down on tax evasion and Spain joins UK in scheme to clamp down on tax evasion and corruptioncorruption launched by the continent’s biggest nations, Britain’s finance ministry said here the other day. Nineteen additional authorities have agreed to automatically share information on who ultimately owns companies after ... Read More »

Anyone travelling to Spain after July 1 will be hit with up to £70 ‘tourism tax’ just for visiting

BENIDORM: Spain has set a new record for visitors, with 29.2 million visitors in June, 4.2% more than the same period in 2014. Spain is also expected to be the main destination of tourists seeking a value-for-money all-inclusive holiday after the Tunisia attack. Brits have been left furious after authorities agreed the new duty for ‘sustainable tourism’ in March, long ... Read More »

Spain: Princess Cristina’s tax fraud accuser jailed, no bail

MADRID: A Spanish judge ordered the leader of the anti-corruption group that filed tax fraud charges against Princess Cristina jailed without bail amid allegations the group sought a payoff of 3 million euros ($3.4 million) to drop the case and end her ongoing trial here the other day. Manos Limpias (Clean Hands) director Miguel Bernad is under investigation for extortion, ... Read More »

Spain’s AVE off the rails costing €70,000m so far with a €27,000m spend planned

MADRID: The cost of Spain’s high speed railway set to be built in the near future has been calculated at €27,000 million. To date, the country has already poured €70,000 million into its AVE service, while each kilometre of track costs €11 million to build and €150,000 per year to maintain. While an El Pais article claims ‘no Spanish AVE ... Read More »

Spain probes list of Swiss bank accounts provided by Germany

MADRID: An official with Spain’s tax authority says Germany has provided a list of Spaniards with Swiss bank accounts and that officials are investigating to determine whether those on the list complied with income tax laws. The official said Wednesday that the list was received in recent days but could not provide details on how many Spaniards were on it ... Read More »

Spain negotiates new deadline for deficit target: reports

MADRID: Spain is negotiating a new deadline for the country’s deficit target, local media reported on Tuesday, citing sources from the Spanish government. Spain’s acting Minister Luis de Guindos talked to European Union’s Economic and Financial Affairs Commissioner Pierre Moscovici at the International Monetary Fund (IMF) summit in Washington about giving Spain more time to balance its accounts. Meanwhile, de ... Read More »

Spain Opens Doors for European Exports of Stone Fruits to China

MADRID: The Spanish Ministry of Agriculture, Food and Environment and the Chinese administration have officially signed a protocol that will allow EU countries export peaches, nectarines, prunes other stone fruits to China. According to, Spain will now become the first European Union country capable of exporting certain stone fruits to this attractive market. For some organizations such as Afrucat, ... Read More »

Spain’s construction sector sees impressive growth

MADRID: Houses are springing up in their thousands as Spain’s construction sector gets into full swing. While building permits increased by 39% in January, the number issued specifically for flats rose by 48% compared to the same period last year. In total 4,774 residential permits were granted this January, and 1,201 of those were for single family homes (a 20% ... Read More »

Konecranes Will Deliver Three More RTGS to MSC Terminal Valencia, Spain

VALENCIA: This will be Konecranes’ third RTG delivery to the Mediterranean Shipping Company (MSC) Terminal Valencia. When the three RTGs on order go into operation, MSC Terminal Valencia will operate a fleet of 18 Konecranes RTGs. The cranes will be delivered by spring 2017. Sven Valentin, Terminal Manager of MSC Terminal Valencia, commented: “Our Konecranes RTGs are central to the ... Read More »

Spain’s public debt reaches 100% of GDP in Feb

MADRID: Spain’s public debt reached 100.01 percent of the country’s gross domestic product (GDP) in February, according to data published on Friday by the Bank of Spain. The debt rose by 9.732 billion euros (10.98 billion U.S. dollars) since January to 1.081 trillion euros, which represented 100.01 percent of GDP and surpasses the Spanish government prediction for this year, 98.2 ... Read More »

Spain: Princess Cristina’s tax fraud accuser is arrested

MADRID:  Spanish police on Friday arrested the leader of an anti-corruption group that brought criminal tax fraud charges against Princess Cristina amid allegations the group had asked for a big payoff to drop the case. Miguel Bernad, leader of the Manos Limpias (Clean Hands) group, was taken into custody by financial crimes officers at his Madrid home, according to a ... Read More »

Puig revenue rises by +9% to €1,645 million in 2015

MADRID: Puig net revenues in 2015 reached €1,645 million, a +9% rise in reported net sales and a +2% rise on a like-for-like and constant currency basis. However, profit before tax fell sharply, down -26% year-on-year (see table), representing 11% of revenues. Net income amounted to €126 million, or 8% of sales. The company said that profits were hit by ... Read More »

Spain’s consumer prices fall by 0.8% in March

MADRID: Spain’s consumer prices fell by 0.8 percent in March when compared to March 2015, according to Consumer Price Index data confirmed on Wednesday by Spain’s statistical office (INE). The figure is the same as that of February, when Spain’s consumer prices fell by 0.8 percent compared to February last year. According to the INE, transport prices fell by 5.3 ... Read More »

Spain eyes 20% exports growth

MADRID: Spain expects exports to the Philippines to grow by 15 percent to 20 percent in 2016, as more Spanish companies are expected to establish presence in the country. Spanish embassy economic and commercial counselor Enrique Feas said major Spanish construction companies were watching the developments of the public-private partnership  projects in the Philippines, with a goal of participating in ... Read More »

Spain: Andalusian strawberry exports up 133%

MADRID: The earlier start of Huelva’s strawberry campaign has had a clear impact on exports, which have soared during the first months of the production period, growing by 133%. This increase in the supply of strawberries in both European and non-European markets has caused prices to be reduced by half compared to the previous campaign, raising concerns in Huelva’s strawberry ... Read More »

Gibraltar’s bucking the economic trend

GIBRALTAR: Gibraltar continued to buck the economic trend for Europe with GDP growth at around 8% for 2015 and virtually full employment. In the last 30 years the Rock’s economy has undergone a huge transformation from one dominated and reliant upon the garrison and related public sector activities to an economy which is driven by the private sector. The three ... Read More »