News about Economy & Business

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

25 April 2022, France, Clermont-Ferrand: A view of entrepreneur Elon Musk Twitter's account displayed on a smartphone screen. Twitter announced on Monday that it has entered into a definitive agreement to be acquired by Tesla founder Elon Musk in a transaction valued at around $44 billion. Photo: Adrien Fillon/ZUMA Press Wire/dpa.

SOCIAL MEDIA

German digital experts fear more hate speech after Musk buys Twitter

The Nomad Today/dpa 4/27/22

Despite its bests efforts, Twitter also has a major problem with hate and disinformation

SOCIAL MEDIA

Elon Musk's $44-billion bid to buy Twitter is accepted

The Nomad Today 4/25/22

Musk made the non-binding proposal to acquire all outstanding common stock of Twitter not already owned by him earlier this month

Woman-engineer-factory-production-plant-team-work-by-pexels

ECONOMY

Spanish producer price inflation logs strongest pace since 1976

The Nomad Today 4/25/22

Producer price inflation (PPI) advanced to 46.6% in March, from 41.2% in the previous month

FILED - 19 April 2021, Hessen, Frankfurt_Main: A signpost with the words "Deutsche Bundesbank" stands outside the main gate of the Bundesbank's headquarters in Frankfurt am Main. Photo: Arne Dedert/dpa.

WAR IN UKRAINE

Recession predicted in Germany if Russian energy imports stop

The Nomad Today 4/22/22

Gas supplies would be particularly hard to replace, leading to supply shortfalls

Image: Screenshot of the Netflix access system.

BUSINESS

Netflix loses 200,000 subscribers, shares plunge 20%

The Nomad Today/dpa 4/20/22

The company suspended its service in Russia and wound down all Russian paid memberships, losing some 700,000 subscribers

FILED - 13 August 2021, Brandenburg, Gruenheide: Elon Musk, Tesla CEO, speaks during his visit to the construction site of the Tesla Gigafactory. The billionaire owner of electric car manufacturer Tesla Inc, Elon Musk, has offered to buy all of the outstanding shares in the social media platform Twitter. Photo: Patrick Pleul/dpa-Zentralbild/POOL/dpa.

BUSINESS

Twitter limits Musk's potential stake to 15% with 'poison pill'

The Nomad Today/dpa 4/18/22

The billionaire founder of Tesla already owns a more-than 9% stake in Twitter

05/04/2022. The First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, at the press conference after the Council of Ministers. Photo: La Moncloa.

ECONOMY

Electricity price soared 108% in Spain, driving inflation to 9.8%

The Nomad Today 4/13/22

Significant increases were also recorded in the prices of fish and shellfish, legumes and vegetables, milk, cheese and eggs, and meat

WAR IN UKRAINE

Nokia leaves Russia citing Moscow's war on Ukraine

The Nomad Today/dpa 4/12/22

Meanwhile German electronics retailer Ceconomy is looking for solutions for its Russian investment in M.video due to the war

ECONOMY

Spain industrial output rises strongly driven by consumer goods

The Nomad Today 4/11/22

February's industrial production figures are the last for a period not influenced by the invasion of Ukraine and the subsequent economic sanctions on Russia, which last month triggered a spike…