Euro Weekly News - Costa de Almeria 18 - 24 July 2019 Issue 1776
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FINANCESTAT OF<br />
WEEK<br />
28<br />
€936.5 million<br />
www.euroweeklynews.com • 27 June - 3 <strong>July</strong> <strong>2019</strong><br />
This is the amount Santan<strong>de</strong>r has agreed to pay<br />
Allianz group for its 60 per cent share in joint<br />
venture Allianz Popular.<br />
Spain escapes<br />
EU law fine<br />
SPAIN has been ‘let off’ an €80<br />
million fine for <strong>de</strong>lays in implementing<br />
its new mortgage law.<br />
The <strong>Euro</strong>pean Commission<br />
has informed the <strong>Euro</strong>pean<br />
Court of Justice that the law has<br />
now been brought in correctly,<br />
so it is withdrawing the case<br />
and possible fine.<br />
Political instability, the situation<br />
and repeated elections have<br />
been blamed for the <strong>de</strong>lay in<br />
implementing the legislation<br />
that brings Spain into line with<br />
EU regulations, which should<br />
have come into force in March<br />
2016.<br />
Trump threat over Google tax<br />
PRESIDENT Donald Trump has<br />
told Spanish PM Pedro Sanchez the<br />
US will react “very harshly” if plans<br />
for a ‘Google Tax’ go ahead.<br />
The warning came on the eve of<br />
this week’s G20 summit and is<br />
aimed at Spain and France in particular,<br />
as well as other <strong>Euro</strong>pean nations<br />
who may consi<strong>de</strong>r such a<br />
charge.<br />
US Tra<strong>de</strong> Representative Robert<br />
Lighthizer, who is the main advisor,<br />
negotiator and spokesman for Trump<br />
in the area of tra<strong>de</strong>, was speaking to<br />
a Senate committee when he issued<br />
the warning.<br />
By Dilip Kuner<br />
He said that “Presi<strong>de</strong>nt Trump<br />
will respond very harshly” against<br />
<strong>Euro</strong>pean countries that insist on applying<br />
tax pressure that, in his opinion,<br />
“discriminatorily penalise<br />
American companies.”<br />
The US ambassador to Spain,<br />
Duke Buchan, wrote to the Spanish<br />
government last November to ask<br />
that a proposed new tax be withdrawn,<br />
saying that Sanchez should<br />
not try to impose such a tax without<br />
international agreement within the<br />
Organisation for Economic Development<br />
Cooperation (OECD).<br />
The government has said that it<br />
plans to create a new tax as soon as<br />
possible because it consi<strong>de</strong>rs it necessary<br />
for Google and other digital<br />
platforms to pay more than they currently<br />
do. It hopes to raise €1.2 billion<br />
annually.<br />
Nadia Calviño, Spain’s Minister<br />
of Economy and Business, said: “It<br />
is a priority to jointly address the<br />
special challenges posed by the taxation<br />
of new business mo<strong>de</strong>ls of digital<br />
platforms. The government assures<br />
that this <strong>de</strong>claration does not<br />
change the plan to create the new<br />
tax.”<br />
BUSINESS EXTRA<br />
MONEY SPINNER: Sports make big contribution.<br />
Sports spend<br />
on the rise<br />
SPORTS tourism was worth €2.44 billion to Spain in 20<strong>18</strong>, up<br />
10 per cent on the previous year.<br />
According to figures in the Annual Sports-Related Statistics report<br />
from the Ministry of Culture and Sport, €1.41 billion of that<br />
came from visitors to the country, compared with the €1.26 billion<br />
spent in 2017.<br />
Tourists resi<strong>de</strong>nt in Spain spent €1.03 billion on sport-related<br />
trips, compared with €957 million the previous year.<br />
In total, 4.1 per cent of all trips ma<strong>de</strong> for leisure, recreational or<br />
holiday purposes by Spanish resi<strong>de</strong>nts were for sports purposes.<br />
The number of sports clubs increased in 20<strong>18</strong> to 67,512, a rise<br />
of 0.7 per cent in 2017.<br />
Cash <strong>de</strong>al for<br />
machine firms<br />
BASQUE automotive group CIE<br />
Automotive has spent 58 million<br />
acquiring two companies <strong>de</strong>dicated<br />
to the machining of parts in Celaya,<br />
Guanajuato State (Mexico).<br />
It has bought Maquinados <strong>de</strong><br />
Precisión <strong>de</strong> México and Cortes <strong>de</strong><br />
Precisión <strong>de</strong> México, whose Ebitda<br />
(gross operating margin) is expected<br />
to reach €16 million by the end<br />
of <strong>2019</strong>. Jesús María Herrera, CEO<br />
of CIE Automotive, explained that<br />
the purchase will allow it to expand<br />
significantly physically and commercially<br />
in the future.<br />
The companies are being paid for<br />
in cash.<br />
Price rise<br />
slowdown<br />
INFLATION in Spain dipped<br />
on the back of lower than expected<br />
electricity and fuel<br />
prices in May to a year-onyear<br />
rate of 0.8 per cent from<br />
1.5 per cent the previous<br />
month, according to the National<br />
Statistics Office.<br />
Big exposure<br />
THE eurozone financial system,<br />
including banks, investment<br />
funds, pension funds and<br />
insurance companies, has a total<br />
exposure to companies affected<br />
by anti-emissions regulations<br />
of €720 billion, says<br />
the ECB.<br />
Breaks price<br />
SOCIAL media use, checking<br />
personal emails plus unscheduled<br />
coffee and cigarette<br />
breaks cost Spanish<br />
companies €3.3 billion a<br />
year in lost time, according<br />
to a study by work analysts<br />
A<strong>de</strong>cco, although unions say<br />
breaks can increase productivity.<br />
Call for closer banking ties<br />
SPAIN’S central bank has called for closer banking<br />
ties within the EU and in particular a euro<br />
zone <strong>de</strong>posit insurance scheme and stabilisation<br />
fund.<br />
It says that <strong>Euro</strong>pe as a whole faces significant<br />
financial risks from ageing populations, low productivity,<br />
high national <strong>de</strong>bt and a Brexit-related<br />
economic slow-down.<br />
The Bank of Spain said that the <strong>Euro</strong>pean Deposit<br />
Insurance Scheme (EDIS) would make the<br />
financial sector more resilient and be the final<br />
part to a full banking union within the eurozone.<br />
Speaking in a presentation of the bank’s annual<br />
report Governor Pablo Hernan<strong>de</strong>z <strong>de</strong> Cos<br />
said: “It is necessary to complete (the) revision<br />
of the Economic and Monetary Union to avoid<br />
the single currency still being exposed to tensions<br />
in case of high-calibre disturbances.”