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Anxiety over Brexit damage to UK-Spain bilateral trade

MADRID: The British Chamber of Commerce in Spain fears that the Brexit result will damage trade and investment worth €30 billion between the two nations. The Chamber said Spanish companies invest 21 percent of the total foreign investment in the UK while British companies invest 14 percent of their entire foreign investment in Spain. “The British Chamber of Commerce in ... Read More »

Spain : Exports grow by 1.8% and deficit falls by 28.2% to April

MADRID: In turn, imports fell by 0.8% to 88.93 billion euros. In terms of volume however, the increase was greater (up 4.6%), due to prices falling by 5.2%. As a result, the trade deficit from January to April amounted to 5.58 billion euros, down 28.2% on the figure posted in the same period of 2015 and the second-lowest figure for ... Read More »

Dick Scheringa to list new company via reverse takeover

MADRID: A businessman who set up an independent bank which collapsed in 2009 following reports about mis-selling and expensive life insurance policies is to list his new company on the Amsterdam stock exchange. Dick Scheringa, a former policeman who founded DSB bank, will list CS Factoring through the reverse takeover of investment company Lavide. CS Factoring buys up outstanding invoices ... Read More »

25% of Spain’s high-speed AVE train stations used by less than 100 people per day

MADRID: Large sections of Spain’s high-speed railway are deserted, according to new data. In total, one in four AVE stations are used by less than 100 passengers a day. Two stations in Valencia, Tequen-Utiel and Villena, have come under particular criticism for their lack of use. Both welcome around 20 passengers per day, despite a combined cost of €24 million ... Read More »

Spain’s house prices continue to rise

MADRID: House prices rose by 0.1% in April compared to last year, property appraisal firm Tinsa has revealed. It is a more moderate increase than the year-on-year growth recorded in February and March of this year which saw price hikes of 2.1% and 0.8% respectively. Cumulatively between January and April, Spain’s prices rose by 1.9% on the same period last ... Read More »

Spanish stock market down due to British EU membership referendum

MADRID: The Spanish stock market index Ibex-35 lost 1.5 percent in the week as a whole due to the impact of a likely Brexit on the markets. “Investors are cautious,” said professor Eduardo Martinez Abascal from IESE Business School, “if Britain leaves (the EU), everybody agrees the index will suffer important losses.” About this week’s results, Abascal said, “the index ... Read More »

Inditex posts rise in profit

MADRID: Spanish clothes retailer Inditex, owner of the Zara store chain, on Wednesday reported a 6 percent rise in its first-quarter net profit due to higher sales worldwide. The world’s largest fashion retailer by sales said profit for the quarter ending April 30 rose to 554 million euros (US$621 million) from 521 million euros a year earlier. The company, which ... Read More »

Spain’s public debt surpasses 100 percent in record high

MADRID: Spain’s public debt rose above 100 percent in the first quarter to its highest level in 20 years, the central bank said Wednesday as Madrid faces an EU sanctions threat for public overspending. Debt as a proportion of economic output hit 100.5 percent in the first quarter up from 99.2 percent at the end of 2015, the bank said ... Read More »

Fitch: Spanish banks focus on costs to offset earnings pressure

BARCELONA: Spanish banks remain focused on managing costs down to offset likely continued earnings pressure in 2016, says Fitch Ratings. Banco Santander, BBVA, Liberbank and Unicaja, among others, have announced plans to close branches and reduce staff levels, in some cases by 15% or more. ECB figures show that the number of inhabitants per local branch in Spain, at around ... Read More »

Home sales hit record

MADRID: Home sales jumped the most since 2008 in April as the nation’s economy continues to recover from the financial crisis. Transactions increased 29 percent in the month from the year earlier period, the National Statistics Institute said on Thursday. That was the fastest clip since the institute started publishing the data in January 2008. A separate report showed that ... Read More »

Three Spanish companies enter top 100 ‘most valuable brands in the world’ list

MADRID: Spanish companies Zara, Santander and BBVA have been ranked in Forbes’ 100 most valuable brands in the world. Fashion retailer Zara came 53rd, while banking groups Santander and BBVA ranked 72nd and 94th respectively. Zara’s brand value has risen 13% from last year to an estimated €9.38 billion. Apple was the most valuable brand worth an estimated €136 billion, ... Read More »

Spain’s foreign tourism spending increases by 4.3 pct in April

MADRID: Foreign tourists spent a total of 5.647 billion euros (6.437 billion U.S. dollars) in Spain in April, which meant a 4.3 percent increase on a year-on-year basis, Spain’s Statistical Office (INE) said Monday. The INE said that the average spending per tourist and visit stood at 927 euros, which meant a 6.2 percent fall year-on-year, while the average daily ... Read More »

Spain airport security guard held for drug smuggling

MADRID: A security guard at Malaga airport on Spain’s Costa del Sol has been arrested on suspicion of helping to smuggle marijuana to Britain, police said on Sunday. He was arrested at the airport last week with two other men who were trying to board a flight to London’s Gatwick airport with 4.5 kilos of marijuana in their hand baggage, ... Read More »

Spain’s car sales rise by 12.5% in Jan-May

MADRID: Sales of new cars in Spain rose by 12.5 percent in the first five months of the year when compared with the same period of a year earlier, according to data released on Wednesday by Spain’s automobile industry organizations. According to the Association of Car Manufacturers (ANFAC), the Federation of Association of Dealers of the Automotive sector (FACONAUTO) and ... Read More »

Spain: FreshCut achieves 45% increase in revenue

MADRID: FreshCut, based in Galicia, Spain, is fully involved in the marketing of healthy products made from fruit and vegetables, which are exported to France, Andorra and Portugal. The company, part of the group Frutas Nieves, increased its turnover by 45% in 2015 compared to the previous year, reaching one million Euro. The reason for this significant increase in sales ... Read More »

Spain’s consumer prices fall 1% in May

MADRID: Spain’s consumer prices fell by 1 percent in May when compared with the same month of a year earlier, according to advanced data of the Consumer Price Index (CPI) published on Monday by Spain’s Statistical Office (INE). The figure was 0.1 percent higher than that of April, when prices fell by 1.1 percent year-on-year, the INE said, pointing out ... Read More »

Spain’s economy to grow up to 3 pct in 2016

MADRID: Spanish acting Minister of Economy and Competitiveness Luis de Guindos expects the country’s economy to grow up to 3 percent in 2016, local media reported on Friday. De Guindos, who commented new growth data published by Spain’s Statistical Office (INE), explained that he did see any sign of slowing down as the Bank of Spain had pointed out this ... Read More »

Spain hopes to open new fishing markets in far east and the US

MADRID: Spain is hoping to open new fishery markets in China, India and the US. Secretary-General of Fisheries Andres Hermida said China and India are attractive because of the sheer volume of growing customers, while the US market expects a higher quality, something that Spain can deliver. He was speaking at the Seafood Expo Globo in Brussels, one of the ... Read More »

Spanish exports grow in value

MADRID: New data published by Fepex has showed that Spain’s fresh fruit and vegetable exports climbed in year-on-year value during the first quarter of 2016, despite a drop-off in volumes. According to information from the Department of Customs and Excise, fresh produce exports brought in some €3.7bn, growth of 5.8 per cent on the same period last year. Volumes actually ... Read More »

Spain to remain on watchlist for intellectual property rights violators

MADRID: Spain will remain on the US watchlist of countries which violate intellectual property rights. The US praised the country’s recent advancements, including the creation of an Intellectual Property Committee this year, but warned that it must continue to improve the effectiveness of its operations. Spain only left the ‘blacklist’ in 2012. Intellectual property rights allow people to protect their ... Read More »