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Spain to miss budget deficit targets again: Finance ministry

MADRID: The finance ministry said it informed the European Commission that it provisionally forecast its budget deficit at 3.6 percent of gross domestic product (GDP) from a previous 3.1 percent target. It noted a backdrop of political instability after two inconclusive elections inside a year and eight years trying to haul itself back into shape following the 2008 economic crisis. ... Read More »

Spanish DHL to launch new service to export fruits, vegetables to China

MADRID: The Spanish subsidiary of DHL Supply Chain will launch a new service to export fruits and vegetables to China. This new export service aims to simplify the logistics operations for companies in the Spanish fruit and vegetable sector, following the agreement signed between the Ministry of Agriculture and the Chinese authorities that will allow the export of stonefruit to ... Read More »

Finland-Spain tax treaty faces delay

MADRID: The introduction of a new double tax avoidance treaty between Finland and Spain will be delayed by at least one year due to the ongoing political stalemate in Spain. The Finnish Finance Ministry announced on October 7 that the application of the agreement, which was expected to begin on January 1, 2017, will now not happen until the beginning ... Read More »

Ex Colombia star arrested over cocaine smuggling to Spain

MADRID: Former Colombia international Diego Osorio has been arrested for allegedly trying to smuggle more than a kilogram of cocaine aboard a flight to Spain. Osorio represented Colombia at the 1992 Olympic Games and in the 1991 and 1993 Copa Americas. He was a defender for several leading Colombian teams, mostly with Medellin’s Atletico Nacional. Police alleged the drugs were ... Read More »

Sky’s quarterly revenue rises in Spain

MADRID: Pan-European pay TV giant Sky, in which Rupert Murdoch’s 21st Century Fox owns a 39 percent stake, on Thursday reported higher fiscal first-quarter revenue and slower subscriber growth than in the year-ago period. “As expected, we had a quieter start to trading due to [soccer tournament] UEFA Euro 2016 and the Summer Olympics, offset by a stronger September, meaning ... Read More »

Spain’s seafood cannery expects to increase revenues by EUR840m

MADRID: Spain’s seafood cannery Grupo Calvo expects to end the year with revenues of EUR840 million (USD925.8 mln), “double the revenue we used to achieve just 10 years ago”, said chief executive Mané Calvo García-Benavides. This year the group expects to end the year with sales topping 107,000 tonnes and this figure is set to increase further in the years ... Read More »

Spain’s tax authorities request to Switzerland for UBS bank information

MADRID: Spain’s tax authorities have made an official request to Switzerland for information on UBS bank account holders in Spain, the bank confirmed on Friday. “Spanish tax authorities have filed a request for international administrative assistance in tax matters with the Swiss Federal Tax Administration,” UBS said in a short statement on its website for the bank’s Spanish business. Switzerland’s ... Read More »

Spain’s Vodafone launches new unit for single service offering

MADRID: Vodafone Spain has created a new unit, Vodafone Servicios, to provide a unified structure and ensure that it is able to present customers with a single bill for all the services they receive from the group. Vodafone said that the goal of the reorganisation was to simplify and improve the experience of customers by enabling them to receive a ... Read More »

Spain to increase advance tax payments for large companies

MADRID: While Acting Treasury Minister Cristobal Montoro said the decree was a return to a fractional payment system in place from 2012-15, the new regime could require more companies to pay more in advance by practically doubling the 12 percent rate previously applied only to the taxable income of companies with more than 20 million euros in sales. “Companies didn’t ... Read More »

Spanish Hog Market’s prices increase

MADRID: The average carcass weight of pigs is 1.5 kilos lower than last year. At the end of this summer, pigs have lost more weight than in previous years. The pig population has dropped 1.8 per cent among the Top 12 EU Producers, and the demand is higher. Germany’s pig population dropped 3.4 per cent (current population 27,146,000 with 1,917,000 ... Read More »

Bitcoin miners in Spain see 47% taxation profits

MADRID: Bitcoin and cryptocurrency miners in Spain will see taxation of their profits, a recent notice issued by the country’s National Directorate of Tax revealed. First reported Spanish industry publication CriptoNoticias, the new directive would require all cryptocurrency miners to register themselves with Spanish authorities before submitting taxes on mining-earned profits. Citing reasons for the new tax measures, the report ... Read More »

Spanish Tax Office seize 100,000kg tobacco worth €16m

MADRID: In a joint investigation between the Guardia Civil and the Spanish Tax Office, an organisation which was smuggling tobacco plants into Spain and then drying and distributing it has resulted in the arrest of 13 people and the seizure of 100,000 kilos of tobacco valued at €16 million, the largest seizure of its kind ever. In an operation which ... Read More »

Spanish annual inflation positive for first time since 2014

MADRID: Spanish annual inflation crept into positive territory for the first time since 2014 in September, a preliminary measure shows, but it still fell short of economists’ forecasts. Consumer prices rose 0.8 per cent from the previous month on an EU harmonised basis, up from no change in August, but still slightly below the 0.9 per cent rise forecast by ... Read More »

Amazon Spain’s Dia launches fresh food trial

MADRID: Amazon Spain has partnered with supermarket chain Dia to launch a fresh food sales trial in a Dia store in Madrid, reports website Alimarket. The 1,000 square-meter establishment in the Cuatro Vientos suburb will have a dedicated area with workers preparing the fresh food orders received from Amazon customers, said the report, citing a number of unnamed sources. The ... Read More »

Spain aims to increase company tax receipts by around €6b

MADRID: Spain’s caretaker government is aiming to increase company tax receipts by around €6 billion to help tackle its financial problems, reports El Pais. The budget deficit has risen this year to over €36 billion, equivalent to 3.27 percent of GDP, finance ministry data revealed on Tuesday. The European Commission decided in July to cancel sanctions against Spain and Portugal ... Read More »

Vodafone Spain increases revenue by 4% to €3.866.8b

MADRID: Vodafone Spain increased revenue by 4 per cent to €3.866.8 billion but incurred in €207 million losses as of the end of March against €159.8 million the previous year. The rise in losses is because of the costs from the redundancies following the acquisition of the cable company ONO and the investments in ultra high speed networks. Vodafone registered ... Read More »

Spanish exports growth increases rapidly in Q1

MADRID: Spanish exports managed to dodge the slowdown in world trade in the first half of the year. According to the latest data from the World Trade Organisation, exports from the 70 biggest economies (which account for 90% of global GDP) fell 5.6% to 6.4 trillion euros in the first half of 2016 from a year earlier, the lowest level ... Read More »

Vietnam’s tuna exports to Spain decrease 57%

MADRID: According to Vietnam customs data, in the first seven months of the year Vietnam’s tuna exports to Spain totalled USD3.7 million, down 57% compared with the same period the year before. Spain’s lower purchases of Vietnam’s processed tuna and tuna loins/fillets were partially offset by larger imports of fresh/live/frozen tuna. According to Vasep, Spain is the seventh largest buyer ... Read More »

Spanish Mercadona purchases 150,000 tonnes orange

MADRID: Mercadona has increased its purchase of Spanish oranges to more than 150,000 tons for the 2016 campaign – 20% up on last year’s buy. This increase has been due to a new commitment of the Valencian chain to freshly squeezed orange juice. This service is still in its tryout period in supermarkets at Juan Roig, although it is being ... Read More »

WLAN Market grows 9.4% during 2Q in Spain

MADRID: Enterprise WLAN Market grew 9.4% year over year in Q2. Consumer worldwide wireless local area network (WLAN) market revenue increased 3.1% year over year in Q2, registering growth for the first time since 2014, according to the IDC. The enterprise WLAN Market increased 9.4% year over year in the quarter, representing its strongest growth in more than two years. ... Read More »