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Spanish trade delegation to arrive Iran on Sept 6

TEHRAN: A 70-memebr Spanish trade delegation is scheduled to arrive in Iran on September 6 for a three-day visit to study investment opportunities in the country. Spanish Industry, Energy and Tourism Minister Jose Manuel Soria will lead the delegation, which will consist of Spanish traders and businessmen mainly active in the field of implementing infrastructure, development and road building projects. ... Read More »

Spanish banks net profits rise by 73% to €1.2b in Q2

MADRID: Major Spanish banks reported a surge in quarterly net profits on Friday as earnings soared in a sector that just three years ago had to be bailed out. BBVA, Spain’s second-biggest bank by market capitalization, said net profits rose 73 percent to €1.2 billion ($1.3 billion) in the second quarter. The third-biggest, CaixaBank, said its net earnings doubled to ... Read More »

Spain CPI falls by 0.4% in August

MADRID: Spain’s consumer prices fell by 0.4 percent in August when compared with the same month of a year earlier, according to advanced data from the Consumer Price Index (CPI) published here the other day by Spain’s statistical office (INE). The INE reported that prices fell especially due to lower prices of electricity and gasoline. According to data, Spanish consumer ... Read More »

MADRID: Spanish IT and consulting company Indra said it won a contract to provide a system to manage the public bus service in the Mexican industrial hub of Monterrey. Indra said in a statement that it will implement the most advanced version of its Operations Assistance System, known by its Spanish initials as SAE, to improve the efficiency, safety and ... Read More »

Foreign tourists spend $41.5bn in Spain in first seven months

MADRID: Foreign tourists spent a total of 37.1 billion euros (about 41.5 billion U.S. dollars) in Spain in the first seven months of the year, according to data released here the other day by the Spanish ministry of industry, energy and tourism. The figure indicated a 7.7-percent increase when compared with the same period of a year earlier, with average ... Read More »

Spanish property market continues stabilization

MADRID: Further evidence was provided last week by Spain’s notaries of the gradual return to good health of the Spanish residential property market, whose provisional figures for the month of June show that a total of 37,641 homes were bought and sold during the month. Spanish property market continues stabilizationThis represents an increase in activity of 19.4% compared to the ... Read More »

Spanish tourism to set a new tourism record in 2015

MADRID: The bumper year for the Spanish tourism sector continued last month, with the latest figures published by the government showing that more people visited Spain from abroad than ever before during any month of July. The total of 8.8 million tourists represented a healthy increase of 6.3% in comparison to July 2014, and after seven months of the year ... Read More »

Spanish customs boat fires shots in Gibraltar’s waters

MADRID: It is alleged that four shots were fired at the Gibraltar-registered boat on Saturday, in what is a third such incident in as many weeks The government of Gibraltar has reacted furiously to reports of Spanish customs officials firing shots at a pleasure boat within the territorial waters of the British dependency. It is alleged that four shots were ... Read More »

Spanish economy remains on the road to recovery,GDP 1% in July

MADRID: Provisional data released on Thursday by Spain’s central statistical institute (INE) showed that the Spanish economy remains on the road to recovery, with growth of 1% in Gross Domestic Product (GDP) when Spanish economy remains on the road to recoverycompared to the previous quarter. Growth of 0.9% was recorded during the first quarter of 2015. The latest figures show ... Read More »

Spanish tax reform to boost economy, tax receipts

MADRID: Spain’s Secretary of State for Finance, Miguel Ferre, said on August 18, 2015, that tax reforms implemented in July will boost tax revenue by 6.2 percent in 2016. The reforms included changes to personal income tax rates and thresholds. Since July, the minimum rate was set at 19 percent and the maximum rate at 45 percent. In addition, the ... Read More »

Spain must increase indirect taxes: IMF

MADRID: The International Monetary Fund (IMF) has said that Spain should expand the indirect tax burden to boost the economy and put debt on a downward path. The IMF has recommended that Spain raise excise duties and environmental levies, and gradually phase out value-added tax (VAT) concessions. The Fund said in its 2015 Article IV consultation report for Spain that ... Read More »

Spain’s stock market index down 3.2% as Asia panic grips investors

MADRID: Spain’s Ibex 35 stock market index suffered a steep fall as trading opened on Monday morning, losing 3.2 percent of its value to fall below 10,000 points – its lowest level since January. Monday’s plunging stock market is a further headache for the Spanish index, which suffered a 5.6 percent fall last week, plummeting to its lowest levels since ... Read More »

Spain’s exports surge by 4.9% in H1

MADRID: Spanish exports rose by 4.9 percent in the first semester of the year when compared with the same period of a year earlier, local media reported here the other day. According to the ministry of economy and competitiveness, exports reached 125.122 billion euros (138.085 billion U.S. dollars), hitting a record high and rising by 4.9 percent in comparison with ... Read More »

Spanish fruit exports to EU up 8% from Jan-May

MADRID: Spanish fresh fruit and vegetable exports to the EU increased by 8% between January and May 2015 compared with the same period of 2014, totalling 5.5 million tonnes, while exports to third countries decreased by 18% during the same period, reaching 359,220 tonnes, according to updated data released by the Directorate General of Customs of the Ministry of Finance ... Read More »

Spanish Customs arrests 3 illagle Africans from a car’s hidden compartment

MADRID: Three young African men who squeezed into hidden compartments in a car to enter a Spanish territory in North Africa were found in critical condition by Customs police, the Spanish government said on Friday. Photos released by the Interior Ministry showed one of the migrants curled up in the spare wheel well of the vehicle, which had been turned into ... Read More »

Spain national ports authority approves 29 projects from PTAF fund

SPANISH PORTS: Spain’s National Ports Authority has approved a total of 29 projects to benefit from the Port Terrestrial Accessibility Finance Fund. These will be eligible for a total of €466.8m, which will be available until 2019, of which €113.7m will be made available in 2016. Of the funding, €441.5m relates to rail connections and €25.3 million to upgraded road ... Read More »

Spanish PYPSA wins $12m Pemex deal for providing offshore services

MADRID: Spanish engineering firm Grupo Profesional Planeacion y Proyectos, has signed a $12 million-plus deal with Mexico’s state oil firm Pemex to provide services for some of its offshore projects, according to the EFE agency. The group, known as PYPSA, will consult on the use of less corrosive composite materials in platform construction for Pemex projects in the waters off ... Read More »

Spain expects to be a top job creator in 2016

MADRID: Projections released on Thursday predicted that Spain will be one of the top job creators among advanced economies in 2015 and 2016. According to the Organization for Economic Co-operation and Development (OECD), a group of the world’s advanced economies, Spain is expected to see job growth of 2.9 percent this year and 2.8 in 2016. This put Spain second ... Read More »

Spanish Customs confiscates 100Kgs marihuana, nabs nine

MADRID: Nine members of the Hell’s Angels in the province of Málaga and people closely related to the group have been arrested during a Customs and Guardia Civil drugs raid in which 100 kilograms of marijuana and two firearms were seized, following an investigation which began in late 2013. The Costa del Sol chapter of the Hell’s Angels have been ... Read More »

Spanish property rental prices increase 4.8% in July

MADRID: As the property market in Spain begins to recover rental prices are gradually starting to increase, having Spanish property rental prices increasefallen steadily over recent years in line with sale prices. The latest data published by show that the average rental price in Spain in July was €7.10 per square metre per month, an increase of 4.8% compared ... Read More »