News about Economy & Business

11/05/2022 Prime Minister Pedro Sanchez (L) and Minister of Economic Affairs Nadia Calvino during question time in Parliament. Photo: Eva Ercolanese/PSOE.

CONSUMER PRICES

High inflation spreads to all goods and services in Spain

The Nomad Today 5/13/22

The main source of concern amid the current inflationary drift is that it does not only affect energy and groceries

FILED - 05 January 2015, US, Las Vegas: A visitor holds an LG G Flex 2 smartphone at the consumer electronics show CES 2015. The South Korean electronics manufacturer LG is closing its loss-making mobile phone business. Photo: picture alliance / dpa

BUSINESS

Lower profits for Spain's telecom giant Telefonica in Q1

The Nomad Today/dpa 5/12/22

At the end of the first quarter, net financial debt moved down by 23.3% to €27.453 billion on a year-on-year basis

10/05/2022. The Minister for Territorial Policy and Government Spokesperson, Isabel Rodríguez, and the Minister for Defence, Margarita Robles, during her speech at the press conference after the Council of Ministers. Photo: La Moncloa.

BUSINESS

Spain launches line of guarantees to ensure liquidity of companies

The Nomad Today 5/11/22

This line, with a maximum amount of €10 billion, supports access to funds for companies affected by increasing energy and raw material costs due to the war in Ukraine

FILED - 22 August 2020, Mecklenburg-Western Pomerania, Mukran: Wind turbines trun in the wind in the Baltic Sea. Spanish-German firm Siemens Gamesa and energy firm Iberdrola have signed agreements to maintain wind turbines totalling 1,928 MW at 69 of the energy group's wind farms in Spain and Portugal for a period of between three and five years. Photo: Jens Büttner/dpa-Zentralbild/ZB.

BUSINESS

Wind turbine maker Siemens Gamesa's net loss widens

The Nomad Today/dpa 5/5/22

Order intake fell from €5.5 billion to €1.2 billion in the second quarter

Workers placing solar panels to produce energy on a roof. Photo: Pixabay.

ENERGY CRISIS

Spain proposes mandatory solar panels to cut Russian energy imports

The Nomad Today/dpa 5/5/22

Public buildings, factories, supermarkets and other buildings with flat roofs must be equipped with solar panels, the energy ministers of 5 member states said

06 March 2022, Russia, Saint Petersburg: The logos of various payment systems with Sberbank written on them are pasted on a window of a store. Russia's largest bank - Sberbank - wants to ensure that people can pay and withdraw money with their cards even after Visa and Mastercard credit cards are switched off. Photo: Igor Russak/dpa.

WAR IN UKRAINE

European subsidiary of Russia's Sberbank wound down due to sanctions

The Nomad Today/dpa 5/4/22

Sberbank Europe said €926 million ($924 million) has been paid out by the Austrian deposit insurance to customers in Europe

27/04/2022. The Deputy Prime Minister and Minister for Economic Affairs Nadia Calvino (C), during question time in Parliament. Photo: Eva Ercolanese/PSOE.

ECONOMY - GDP

Government drastically cuts growth forecast for the Spanish economy

The Nomad Today 4/29/22

The Government Delegate Commission for Economic Affairs has updated the 2022-2025 Stability Program for submission to the European Union

BUSINESS

High costs and low sales hit Amazon

The Nomad Today/dpa 4/29/22

A net loss of $3.8 billion in the first-quarter, compared with a profit of $8.1 billion during the same period a year ago, was largely driven by its investment in electric carmaker Rivian

23 March 2022, Spain, Lugo: truck drivers protest with their vehicles as the transport sector entered its 10th day of an indefinite strike, called nationwide by the Platform for the Defence of the National and International Road Freight Transport Sector, to protest the unacceptable working conditions and fuel price surge. Photo: Jesús Hellín/EUROPA PRESS/dpa.

ECONOMY - GDP

Spanish economy growth slows down as domestic consumption collapses

The Nomad Today 4/29/22

In the January-March period, the Spanish GDP grew only 0.3%, compared to 2.2% and 2.6% in previous quarters

The Nokia campus in Espoo (Finlnad): Photo: Nokia.

BUSINESS

Nokia first quarter profits down, net sales rise

The Nomad Today 4/28/22

The company reported a 17% decline in profits, to €219 million ($231.9 million), compared to €263 million in the same quarter a year ago

29/03/2022. The First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, appears before the media, at the press conference after the Council of Ministers. Photo: La Moncloa.

CONSUMER PRICES

Spanish inflation moderates to 8.4% in April due to fuel discount

The Nomad Today 4/28/22

Not everything was a slowdown, the prices of food and non-alcoholic beverages continued their upward trend

FILED - 13 December 2019, Algeria, Algiers: Abdelmadjid Tebboune, then Newly elected Algerian President, speaks during a press conference. In the diplomatic conflict with France, Algerian President Abdelmadjid Tebboune has adopted an intransigent stance towards the former colonial power. Photo: Farouk Batiche/dpa.

ENERGY CRISIS

Algeria threatens Spain with breaking the gas supply contract

The Nomad Today 4/27/22

Morocco has asked for support to guarantee its energy security on the basis of trade relations and Spain has responded to the request, which has caused irritation in Algiers