Economy - Page 12
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Why Filling Up in Hong Kong Now Costs Over €200
Hong Kong has become the most expensive place on the planet to buy petrol, with a full tank for a standard car now exceeding €200. Local taxes, geography and urban policy have pushed prices far beyond European levels.
US job market contracts in July despite Wall Street surge
The US lost 23,000 jobs in July, defying forecasts and lowering the labor force participation rate. Persistent inflation and a weaker job market now put the Federal Reserve in a difficult position.
Spanish Notary Clarifies: Giving Money to Children Is Tax-Neutral, But Not Tax-Free
Transferring money to children in Spain does not affect their income tax, but it does require careful attention to donation tax rules. Regional differences, documentation, and deadlines can make a big impact on what families owe.
AIReF Flags Surge in Dual IMV and Unemployment Subsidy Claims After 52
Spain’s AIReF has found that the number of people over 52 receiving both the Ingreso Mínimo Vital and unemployment subsidies has doubled. The government is urged to reassess the overlap, but no immediate legal changes are planned.
Madrid Government Lists Chamberí Penthouse for €6.7 Million
Planifica Madrid has put a luxury penthouse in Chamberí up for sale at €6.7 million. The property was bought for temporary office use during renovations. Four Gran Vía properties are also being sold.
Junts Accuses PSC Government of Failing Catalonia’s Core Services
Junts per Catalunya has sharply criticized the PSC-led government at the halfway point of its term. The party claims Salvador Illa’s leadership has worsened key sectors in Catalonia. Infrastructure, housing, and education are at the center of the dispute.
Porsche SE Backs Volkswagen’s Plan to Cut 100,000 Jobs by 2030
Porsche SE has endorsed Volkswagen’s sweeping restructuring plan, which includes cutting 100,000 jobs worldwide and closing four German factories by 2030. The move aims to restore profitability and sharpen the group’s competitive edge.
Porsche Turns to China’s XPeng to Meet EU Emissions Targets
Porsche has partnered with Chinese EV maker XPeng to count its CO2 emissions for 2026 and 2027, aiming to comply with stricter EU regulations. The move reflects mounting pressure on European brands as electric vehicle sales slow and regulatory deadlines approach.
SpaceX Share Unlock Doubles Free-Float After Record IPO
Over 900 million SpaceX shares become available for trading after a lockup period. The move more than doubles the free-float and follows a sharp drop in the stock price. Investors and employees now face new decisions amid ongoing volatility.
Publix Reports Drop in Comparable Sales as Food Prices Rise
Publix saw only slight sales growth in the second quarter, with comparable-store sales falling. Rising food prices and economic pressure are changing how customers shop. The company’s net earnings increased, but internal stock value dropped.
Spain Publishes Official List of 130 Electric Cars Eligible for Full Auto+ Aid
Spain’s government has launched the Auto+ subsidy, offering up to €4,500 for buyers of select electric and plug-in hybrid cars. Only models meeting strict European manufacturing criteria qualify for the maximum grant.
Tax Cuts in Valencia: Who Really Benefits from PP and Vox Policies
The Generalitat’s new tax cuts promise relief for millions, but the main gains go to those with large estates. Public budgets face a significant shortfall as a result.
Revolut Founder Faces €17.5 Million Lawsuit Over €350 Million Superyacht
Nik Storonsky, CEO of Revolut, is being sued in London for €17.5 million by yacht broker Cecil Wright & Partners, who allege they enabled the purchase of a €350 million superyacht. Storonsky’s family office denies any obligation to pay.
Geely E2 Launches in Spain With a Price That Shakes the Market
Geely’s E2, China’s top-selling electric car, is set to roll off production lines in Valencia. With a limited-time offer starting at €13,990, the move puts pressure on European manufacturers as the autumn sales season approaches.
Porcelanosa Holds €863 Million Revenue Amid Global Instability
Porcelanosa closed 2025 with €863 million in sales, steady profits, and a sharp rise in industrial investment. The group faced US market setbacks but saw strong growth in Iberia and industrialized construction.
Leapmotor B10 Surges to Top as Spain’s Best-Selling Electric Car
The Leapmotor B10 has overtaken rivals to become Spain’s most popular electric car in July. With local assembly set to start in Zaragoza, the model’s success could reshape the country’s EV market and manufacturing landscape.
Nvidia CEO: Data Centre Boom Drives Soaring Demand for Skilled Trades
Jensen Huang, CEO of Nvidia, says hundreds of thousands of skilled tradespeople will be needed to build the infrastructure for artificial intelligence. As Spain already faces shortages in these professions, the surge in data centre construction is set to intensify competition for qualified workers.
Ducati Sale Drama: Italian Bid Sparks Clash with Volkswagen
Ducati’s future is at the center of a heated dispute after an Italian investment group claimed to have made a €2.5 billion offer, while Volkswagen firmly denies any sale talks. The standoff leaves the fate of the legendary brand uncertain.
Junqueras Calls for Long-Term Expert Teams in Catalan Education
Oriol Junqueras urges cross-party deals to create stable expert teams in education and infrastructure. The plan aims to protect key sectors from political turnover and ensure consistent funding. Social and economic agents would also have a voice.
Spain Opens Applications for New Auto+ Electric Vehicle Grants
Spanish residents can now apply for Auto+ subsidies to buy electric and plug-in hybrid vehicles. The program promises faster payments, retroactive eligibility, and a simplified digital process for individuals seeking cleaner transport options.
Technical Glitches Disrupt Launch of Spain’s Auto+ EV Subsidy
The first day of Spain’s Auto+ subsidy for electrified vehicles was marred by platform failures and missing eligible brands. With funds already in high demand, buyers and dealers are left scrambling for clarity.
Bogaris Sevilla Norte Opens with Action, Guaw and Popeyes
Bogaris Sevilla Norte has officially opened its doors along the SE-20, bringing more than 11,200 square metres of new retail and dining options to the city. The first phase features Action, Guaw and Popeyes, with Planet Fitness and Izumo set to join soon.
Spain Faces €13.5 Billion Road Repair Crisis as Heavy Trucks Worsen Damage
More than 34,000 kilometers of Spanish roads require urgent rebuilding after years of underfunding. Heavy truck traffic is accelerating deep ruts and cracks, while the government’s new plan aims to address a €13.5 billion maintenance shortfall.
Pablo Vázquez, Key Adviser to Feijóo and Head of Reformismo 21, Dies at 60
Pablo Vázquez Vega, economist and close adviser to Alberto Núñez Feijóo, has died at 60. He led Reformismo 21, the main think tank linked to the Partido Popular. His passing leaves a gap in the party’s strategic direction.
New Flexible Retirement Law Offers Bonuses for Returning to Work
A major change to Spain’s retirement rules will allow pensioners to return to part-time work with significant financial incentives. The new law, effective August 28, 2026, introduces bonuses of up to 25% for those who meet specific conditions.
How Soviet Crab Experiments Changed the Barents Sea Forever
In 1961, Soviet scientists released thousands of red king crabs into the Barents Sea, hoping to create a new fishing industry. Decades later, the species has transformed the region’s marine life and become a lucrative export for Norway, but at a lasting environmental cost.
Seville’s Historic Corralones Face Eviction Amid Tourist Development Push
Artisans and artists in Seville’s corralones are under pressure as developers seek to replace workshops with tourist accommodation. Residents report harassment and demand urgent protection from authorities.
Europe’s Car Industry Faces Historic Job Cuts Amid Chinese Competition
Major European automakers are cutting nearly 150,000 jobs by 2035, driven by falling sales in China, rising trade barriers, and the rapid transition to electric vehicles. Germany and its flagship brands are at the center of this upheaval.
Electric Car Prices Drop as Gas Models Get More Expensive
A major study finds that electric vehicles in Germany have become significantly cheaper in real terms, while gasoline and diesel cars have grown more expensive. The shift is driven by industry maturity and changing consumer options.
Former Ulma Group CEO Iñaki Gabilondo Dies Suddenly at 62
Iñaki Gabilondo, who led Ulma Group for 16 years, has died unexpectedly at 62. His passing leaves a mark on Gipuzkoa's business and cooperative landscape. The funeral will be held on Tuesday.
Fisherman Battles 2.5-Meter River Giant in São Paulo
Roberto do Carmo Jesus spent 45 minutes fighting a 160-kilo pirarucú in the Marinheiro River, São Paulo. The catch, too large for his boat, comes as Brazil tightens rules on this invasive species outside the Amazon. The story highlights the growing impact of non-native fish in Brazilian waters.
Repsol Warns of Diesel Supply Risks as Summer Approaches
Repsol’s CEO has raised concerns about Europe’s ability to secure enough diesel and kerosene this summer. While Spain is better prepared, other EU countries face heightened vulnerability due to refinery closures and global tensions.
Rental Caps Lifted in Granollers Amid Housing Shortage
Granollers and other Catalan cities are leaving the list of regulated rental zones. Agencies report a lack of available flats, while new limits arrive in Tordera. Authorities and property experts warn of a deepening rental crisis.
La Carlota Factory Faces Hiring Surge as 10,000 Apply for Jobs
Grupo Aviserrano’s new poultry plant in La Carlota has received nearly 10,000 job applications, but the hiring process remains open. The company aims to fill production and specialist roles as it prepares for a September launch with an initial workforce of 300–500 employees.
Canary Islands to Morocco: The €47 Million Undersea Cable Changing Atlantic Connectivity
A new undersea fibre optic network will soon connect Gran Canaria, Lanzarote, Fuerteventura and Morocco, promising faster, more resilient digital links. The €47 million investment is set to transform communications between Europe and Africa, with completion expected by 2028.
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