Economy & Business in The Nomad Today

TECHNOLOGY

Amazon announces closure of its Kindle bookstore in China

The Nomad Today/dpa 6/3/22

Amazon isn't the only American company to have scaled back its operations in China, with other tech giants having limited services or exited from the country entirely due to increased competition and…

ECONOMY

Eurozone manufacturing growth for May comes in at 18-month low

The Nomad Today/dpa 6/2/22

Spain and Germany registered stronger improvements in May

30 May 2022, Belgium, Brussels: European Commission President Ursula Von der Leyen speaks to media upon his arrival to attend a special meeting of the European Council at the European Union headquarters. Photo: Nicolas Maeterlinck/BELGA/dpa.

BUSINESS

Eurozone economic confidence rises slightly in May

The Nomad Today/dpa 5/31/22

Amongst the largest EU economies, the ESI rose markedly in Spain and, to a lesser extent, in France and Italy

Shopping cart in a supermarket. Photo: Pixabay.

BUSINESS

Spanish retail sales recover unexpectedly in April

The Nomad Today 5/27/22

Month-on-month, retail sales grew 5.3% in April, in contrast to the 4.3% decrease in March

FILED - 17 May 2021, United Kingdom, Gatwick: Passengers prepare to board an easyJet flight to Faro, Portugal, at Gatwick Airport in West Sussex. Budget airline EasyJet announced higher revenues and a narrower loss for the first half of the year on Thursday, despite fuel price concerns, as the travel industry continues its recovery from the pandemic. Photo: Gareth Fuller/PA Wire/dpa.

AIRLINES

Software failure grounds 200 easyJet flights

The Nomad Today/dpa 5/27/22

The disruption has left holidaymakers stranded abroad and complaining about the lack of notice they were given

24/05/2022. Spain's First Vice-president and Minister for Economic Affairs Nadia Calvino. Photo: La Moncloa.

TECHNOLOGY

Spain aims to become hub for microelectronics and semiconductors

The Nomad Today 5/27/22

Nadia Calviño stressed that the shortage of semiconductor production in Europe means a reliance on Taiwan, the United States, South Korea, Japan and China, which is a situation that must be reversed

ENERGY

Siemens offers to buy rest of Spanish wind subsidiary Gamesa

The Nomad Today 5/23/22

The offer is the equivalent of around 4 billion euros

BUSINESS

Siemens Energy considers total takeover of Spanish subsidiary Gamesa

The Nomad Today 5/20/22

In a statement earlier this month, Christian Bruch, chief executive of Siemens Energy, said Gamesa's results had been "disappointing"

A Netflix user with the TV remote. Photo: Pixabay.

BUSINESS

Netflix cuts 150 jobs after subscriber slump, revenue slowdown

The Nomad Today/dpa 5/18/22

The company did not say what departments would be affected by the cuts, though most of the job losses are in the US

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