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Spanish Business News

The latest business, economic,property, stock market and financial news from Spain. Keep up to date with what is happening with the Spanish economy, stock market, the economic crisis, the euro zone debt sovereign debt crisis and the Spanish property market.

Uber Suspends Its Uber Pop Ride-Sharing Service In Spain
04 January 2015

Uber has suspended Uber Pop in Spain, the company confirmed today, after it received confirmation of a court ruling that bans its ride-sharing service in the country.

Uber Pop, a European version of Uber X that uses everyday vehicles and provides bill-splitting options for passengers, arrived in Spain in April, and it has been under pressure for months in the country and in a number of other markets in Europe in recent times.

France will outlaw the service from January 1, and it has been banned in The Netherlands and Belgian capital Brussels too.

Uber said it is “temporarily suspending” the service in Spain after it receiving notice of an injunction against it. A court upheld a complaint from the Association Madrileña Del Taxi made earlier this month.

The company said it is “respecting the law” with its suspension, but it intends to appeal the ruling and also work with authorities for the future.

Read the full article at TechCrunch.com



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French air traffic controllers vote for six-day strike next week
20 June 2014

France's two biggest air traffic controllers' unions have voted to go on strike from Tuesday in an announcement which will infuriate millions of holidaymakers.

Tourism officials estimate that 17.1 million Britons travel to France every year – many of the during the summer months. France attracts more foreign tourists than any other country in the world.

The six-day strike called by SNCTA and Unsa-ICNA comes amid an ongoing rail protest that is the biggest industrial action in years.

Air traffic controllers warned of "a heavy disruption" of flights from June 24 to 29. A minimum service of 50 per cent of scheduled flights will be maintained, according to France Info – but the controllers say they expect many cancellations.

ABTA, the British travel association, was meeting on Friday to work out whether all flights across French airspace would be affected, or just ones landing in France.

Source: The Telegraph



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New Ryanair rules can make it harder to check in
18 May 2014

Changes to Ryanair’s online check-in process have infuriated Which? members who have been unable to check in for both legs of their journey in advance, without paying an extra charge.

Online check-in with the budget airline is now only available between seven days and two hours before departure for those who choose not to pay £5 or £10 for allocated seating.

This means passengers who are travelling for more than a week and don't pay for allocated seating can only check in for the outward journey - not the return journey - before they leave the UK.

Those who pay the extra fees can now check in up to 30 days prior to their flight.

Previously, Ryanair allowed customers to check in and print boarding cards up to 15 days before their departure – long enough to cover a fortnight’s holiday.

Which? member, Paul Morrison said: ‘It’s incredibly inconvenient because it means that if you have a holiday which is longer than seven days, you have to spend some of it finding somewhere to go online and print out your return boarding pass.’

Those who can’t check in while they are away will face a fee of £70 per person to do so at the airport where they will catch their return flight. 

Read the full article at Which?



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Ryanair flight attendant sacked for eating a sandwich
22 March 2014

A DECISION by Ryanair to sack a steward who ate a €5.50 sandwich while working has been upheld by Madrid’s city court.

Madrid-based Juan Francisco Montes Montesinos was dismissed in 2011 after he failed to follow the discount airline’s food purchasing protocol.

He neither informed other crew members he was eating, nor paid for the ham, cheese and tomato baguette as required by the company’s regulations.

The steward has appealed twice, first to the labour court in Madrid and most recently to the city’s court of law.

Both judges dismissed his appeal on the basis the low-cost airline operates according to Irish law, and the steward was hired through a job agency in Oslo.

Source: The Olive Press



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Untaxed work equal to 25pc of GDP in Spain
29 January 2014

Untaxed transactions in Spain have surged to equal nearly a quarter of the country's output as unemployed workers scrape a living in the black economy.

The cash economy has flourished since 2008, when the collapse of a building boom hurled Spain into a double recession, a report by Treasury experts and academics said.

Cash transactions carried out behind the taxman's back in 2012 hit nearly €253bn, or 24.6pc of gross domestic product, according to the report released by GESTHA, a tax inspectors' union.

That year the conservative government announced it aimed to save €150bn over three years through spending cuts and other austerity measures that sparked mass street protests.

Five years of stop-start recession have driven Spain's unemployment rate to 26pc, which has "contributed to a rise in the level of the black economy and fraud", they said.

Source: The Telegraph



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Corruption list puts Spain six points lower on scandals
03 December 2013

A key global survey of international perceptions of official corruption has put Spain down six points to 40th place after a series of recent scandals.

Only Syria, in the middle of a civil war, lost more points in the survey, carried out by the Berlin-based Transparency International.

The list of 177 countries put Denmark and New Zealand top with 91 out of 100.

The UK is ranked in 14th place, up from 17 last year, with a score of 76 points out of 100.

Scandals involving cash channelled to Spain's politicians and its royal family saw the country lose points.

Source: BBC News



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Millions in Spain have electricity cut during economic crisis
27 November 2013

The number of Spanish homes that saw their electricity cut off has more than doubled since the start of the economic crisis  More than 1.4 million households in Spain saw their electricity supply cut off last year for failure to pay their bill.

The number of disconnections has more than doubled since 2006, new statistics show, providing stark evidence of how deeply Spaniards are suffering in the economic crisis.

The cost of electricity has soared by 60 per cent in the last five years while the average household income has decreased by 8.5 per cent, according to information provided by Spain’s National Statistics Institute (INE).

Source: The Telegraph



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European Commission Statement on Gibraltar Border situation
15 November 2013

"Today the European Commission sent letters to the authorities of Spain and the United Kingdom addressing the issues raised by the border and customs controls between Spain and Gibraltar.

During the past years, the Commission has received a series of complaints about the checks made by the Spanish authorities at the border with Gibraltar. To better understand the specificities of the crossing point of La Línea de la Concepción, the Commission organised a technical visit on 25 September 2013.

On the basis of its observations during this technical visit and of the information provided by both authorities, the Commission has not found evidence to conclude that the checks on persons and goods as operated by the Spanish authorities at the crossing point of La Línea de la Concepción have infringed the relevant provisions of Union law.

The management of this crossing point is nevertheless challenging, in view of the heavy traffic volumes in a relatively confined space and the increase in tobacco smuggling into Spain. The Commission believes that the authorities on both sides could take further measures to better address these challenges, and is addressing three recommendations to both Member States.

In its letter to Spain, the Commission recommends: 1) to optimise the physical space available on the Spanish side of the crossing point in view of ensuring a greater fluidity of traffic (and in particular to review the traffic organisation on entry into Spain and on exit from Spain in order to increase the number of vehicular lanes for travellers or to make better use of the existing lines); 2) to optimise risk-based profiling: carrying out more targeted checks, based on a refined risk analysis, in order to reduce the large amount of random border controls and 3) to develop the exchange of information with the United Kingdom on tobacco smuggling.

In its letter to the United Kingdom, the Commission recommends: 1) to develop risk-based profiling (in particular Gibraltar should ensure non-systematic and risk analysis-based checks on travellers and their belongings upon exit from Gibraltar at the crossing point of La Línea de la Concepción); 2) optimising legislation and safeguards in view of contributing to an efficient fight against tobacco smuggling and 3) develop the exchange of intelligence on tobacco smuggling with Spain.

Lastly, as for any border crossing point, the Commission is of the opinion that the results in fighting smuggling and cross-border crime as well as maintaining a smooth flow of traffic can best be achieved through daily cooperation between the authorities working on each side of the border. The Commission thus encourages all relevant authorities to strengthen their constructive dialogue with their counterparts for this purpose.

The Commission will continue to monitor the situation at the crossing point of La Línea de la Concepción and has asked to receive information from both authorities within six months on how the recommendations have been taken into consideration.

The Commission reserves the right to reconsider its position should the situation change or evolve and also to pay another visit to the crossing point of La Línea de la Concepción if appropriate in the future."



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Another HUGE pedestrian queue getting out of Gibraltar today
01 November 2013

Another massive queue to get out of Gibraltar today.  I've seen some bad queues in recent weeks but this is the biggest I've seen yet.  The pedestrian queue stretches up past the back of the scooter queue.

This is a screen grab from the webcam taken a few minutes ago.



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Property sales plunge 15.4% and Mortgage approvals down 41.7% in August 2013
29 October 2013

According to INE, the National Statistics Institute, home sales fell by a massive 15.4% in August compared to August of the previous year.  Even more staggering is the fall of 41.7% in mortgage approvals in August compared to the already low figure for August 2012.

So despite the propaganda being spouted by the Spanish government and estate agents, it doesn't look like there is going to be any housing market recovery any time soon.  I still think prices have got a long way to fall before people will be tempted to buy in Spain.  There still seems to be a lot of over priced properties around, with vendors asking unrealistic prices.

 



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