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T&T‘s GDP declines by 6.7% in 1H

MADRID: T&T‘s gross domestic product (GDP) has declined by an estimated 6.7 per cent in the first half of the year, Dr. Sandra Sookram, Deputy Governor, Monetary Operations at the Central Bank said yesterday. Like most energy exporting countries, T&T’s weak economic performance in 2015 and mid 2016 has stemmed largely from the energy sector. In addition to the impact ... Read More »

Spanish police bust smuggling ring

MADRID: Six thousand Ukrainians have been illegally smuggled into Britain via ferries from Ireland, Spanish police have revealed. Spain’s national police force announced yesterday that they had smashed the biggest people-smuggling ring transporting Ukrainians into the European Union and to their final destination of Britain. The gang successfully introduced 6,000 Ukrainians into Britain by issuing the immigrants with false ID ... Read More »

Barclays sells off Spanish, Portuguese credit card business

MADRID: Barclays has completed the sale of its Spanish and Portuguese credit card business as the bank charges ahead with asset disposals as part of a company-wide overhaul. The bank said that its £1.2 billion Barclaycard consumer payments business was “sold at a small premium” to Spanish online bank WiZink. WiZink, previously known as Bancopopular-e, is owned by Varde Partners ... Read More »

Mitula Group faces huge revenue increases

MADRID: Aggregator Mitula Group estimates its full-year revenue in FY2016 to come in around $28 million AUD ($21 million U.S.) for a nearly 40-percent rise from FY2015, reported Reuters. But, the group might pump even faster in FY2017. It expects FY2017 revenue to come in at around $40 million AUD ($30.4 million U.S.) – a 45-percent jump from $21 million ... Read More »

Sun Pharma’s Q2 profit rises by 90%

MADRID: Healthcare major Sun Pharmaceutical Industries   ‘ consolidated profit shot up 90.2 percent year-on-year to Rs 2,471 crore in the quarter ended September 2016, driven by operating income and lower finance cost. Revenue during the quarter grew by 20.2 percent to Rs 8,265.1 crore compared with Rs 6,873.3 crore in same quarter last fiscal and revenue excluding other operating income ... Read More »

Spanish government pledges budget stability

MADRID: Spain’s new council of ministers will work for job creation reforms and budget stability, it has said after its first meeting. The centre-right People’s Party, led by Manuel Rajoy, has now formed a government after two inconclusive general elections had left him in charge of a caretaker administration. Rajoy was eventually able to take office due to parliamentary abstentions ... Read More »

Spanish iGaming revenue increases €100m in 3Q

MADRID:  The Spanish iGaming market recorded overall GGR growth of 22.23 per cent in Q3 versus a year ago, according to figures released by gambling regulator La Dirección General de Ordenación del Juego’s (DGOJ). This was driven by increased player activity and the strong performance of all products excluding poker, which recorded a 4.34 per cent fall in GGR compared ... Read More »

Spanish Acciona’s profit increases 109% in 9 months

MADRID: Spanish infrastructure and renewables group Acciona SA (BME:ANA) boosted its net profit for January-September 2016 by 109.3% to EUR 348 million (USD 314m). The company said Friday the bottom line result includes EUR 711 million in extraordinary gains, such as from the merger of Acciona Windpower and Nordex SE (ETR:NDX1). Acciona is now the main shareholder in the combined ... Read More »

Real Madrid returns 20m euro ‘illegal aid’ payment

MADRID: Real Madrid, one of the world’s richest clubs, have returned 20.3 million euros to Madrid city council after the EU said it constituted “illegal” state aid, city officials said Friday. In a statement, the city council said it would inform the European Commission it had received the sum, which is equvalent to $22.6 million, in line with its obligation ... Read More »

Arsenal’s Sanchez faces Spanish tax fraud accusation

MADRID: The agent of Arsenal and Chile star Alexis Sanchez has insisted the forward has done nothing wrong after becoming the latest high-profile footballer to face accusations of tax fraud by the Spanish authorities. Spanish newspaper El Periodico reported on Wednesday that Sanchez is accused of defrauding the public purse of 983,443 euros ($1 million) during 2012 and 2013 when ... Read More »

Spain inflation may rise to 2% in 2017

MADRID: Spanish think tank Funcas said this week it forecasts an average annual inflation rate in Spain of 1.5% in 2017, although it is feasible that this could reach 2% in one month or other during the first half of next year due to factors like the uptick in oil prices. But in spite of higher inflation and the fact ... Read More »

Spanish producers to ship fruit, veg in TEUs for first time

MADRID: Fruit and vegetable exporters from Las Palmas will run a pilot test this harvest which might mean the end for chartered vessels. Fedex and Aceto will operate with two boats, instead of three as they did in previous years, to export a third of their products in containers of a regular line. This year, Fedex and Aceto will stop ... Read More »

Ten Spanish firms to export 800,000 kg of fruit to China

MADRID: A total of ten Extremaduran companies have exported 800,000 kilos of fruit to China during the first year in which the region has been able to ship fruit to the Asian giant. The president of the Association of Fruit Growers of Extremadura (Afruex), Miguel Ángel Gómez, said that the outcome has been positive, as the volume exported has been ... Read More »

Telefonica pay-TV clients decrease in Spain

MADRID: Telefonica’s pay-TV subscriber numbers in Spain took a small if increased hit in this year’s third quarter, according to financial results announced Thursday in Madrid. But Europe’s biggest telecom in revenue terms remained rather  “optimistic” about its TV business going forward, Telefonica Chairman-CEO Jose-Maria Alvarez Pallete and Chief Financial Officer Angel Vila said in conference call with analysts. Telefonica’s ... Read More »

Spain’s ‘Sun Tax’ may be scrap

MADRID: Spain’s new minority government is set to herald a new wave of gigawatt-scale renewable tenders and its lack of a majority may even lead to the lifting of a controversial ‘Sun Tax’ on solar self-consumption. Spain has been rudderless without a government since last year, but the Socialist Party (PSOE) has finally voted to allow the conservative Popular Party ... Read More »

Spain aims to attract more Chinese tourists

MADRID: Tourists from around the world flock to Spanish coasts in search of sun, sea and sangria. But during the quieter winter months, Spain’s tourism revenue drops. Now the country is seeking to reinvent itself as a cultural tourism destination in a bid to attract high spending Chinese tourists. It’s more than just the sun, sand and shopping that draws ... Read More »

Chinese Xiaomi deny any deals with Spanish firm Zetta

MADRID: Chinese smartphone manufacturer Xiaomi has denied doing any deals with the troubled Spanish firm Zetta Smartphones, which is currently under attack in Spain for allegedly passing off Xiaomi phones as original products and selling them on at inflated prices. Xiaomi told Spanish national newspaper El País that until the scandal broke out on 16 October, it had had no ... Read More »

Man jailed for tax fraud in Spain

MADRID: Lawyers who acted for Sean Connery have been handed lengthy prison sentences after being convicted of tax fraud following an inquiry sparked by the sale of the actor’s Spanish home. Luis Juega Garcia was sentenced to nine years and three months jail after being convicted of four tax crimes after a long-running trial at a court in Malaga. Hector ... Read More »

Yahoo revenue rises 6.5% in Spain

MADRID: Yahoo Inc reported better-than-expected quarterly adjusted profit on Tuesday, a boost for the beleaguered company whose deal to sell its core business to Verizon Communications Inc has been shaken by a massive data breach. Verizon’s general counsel said last week that the hack, which affected at least 500 million email accounts in 2014, could have a material impact, possibly ... Read More »

Spanish pork sector production reaches to 3.9m tonnes

MADRID: Spanish production in the pork sector in 2015 reached close to 3.9 million tonnes, the highest figure in the country’s history, representing a value of €5.7 billion. As reported by financialfood.es, over 46 million animals have been slaughtered, 10 million more than in the year 2000. These figures place Spain in the fourth place as the world’s biggest producer ... Read More »