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Weekly Report

Business Over Tapas (Nº 179)

Business Over Tapas (Nº 179)

By Lenox Napier and Andrew Brociner - enviado por José Antonio Sierra (CCLAM)

sábado 01 de octubre de 2016, 02:06h

01OCT16.- A digest of this week's Spanish financial, political and social news aimed primarily at Foreign Property Owners: With Lenox Napier and Andrew Brociner. Consultant: José Antonio Sierra. For subscriptions and other information about this site, go to businessovertapas.com - email: [email protected] - ***Now with Facebook Page (Like!)*** Note: Underlined words or phrases are links to the Internet. Right click and press 'Control' on your keyboard to access. Business over Tapas and its writers are not responsible for unauthorised copying or other improper use of this material.

Editorial:

The final lines from the second general elections in six months are now being written. Will Pedro Sánchez fall in the next few days, or soldier on: his dream from earlier this week to lead the PSOE to some agreement with Podemos and the independents now in tatters? In short, has the mass resignation of over half of the executive (Wednesday, here) caused the final whistle for Sánchez? Could a new executive and party leader (Susana, are you there?) give the Government to Rajoy? What on earth would the 5.5 million voters for Sánchez think about this reversal? The El País reports that the seventeen who resigned on Wednesday say that he should go, but... didn’t they just resign?

Can Mariano Rajoy continue, strengthened by the Galician results, or will he be toppled to make way for a different political solution to the impasse, with Alberto Núñez Feijóo offered as the new presidential candidate and more likely winner of an election? Could the news items surrounding the various corruption cases involving the PP finally bring Rajoy down?

There are only a few weeks left before Spain must face fresh (and perhaps fruitless) elections once again – it might be nice to have some different candidates.

Housing:

‘Banks in Spain may be left with no alternative but to cut the price of repossessed Spanish homes on their books in order to attract more buyers, as part of the Bank of Spain’s plans to force banks to reduce their real estate exposure. From 1 October, Spanish banks will be required to increase provisions against their repossessed property portfolios and real estate divisions, with the regulator planning to increase their property sales rates, which they can only do by lowering prices...’. From Property Investor Today.

‘Many foreigners are often frustrated by the fact that you can’t check sold house prices online in Spain like you can in other countries. The reason being ... is because of data protection laws in Spain. You can, however, get fairly accurate valuations online for a fee...’. From Mark Stücklin’s Spanish Property Insight.

‘Vendors, help your property stand out from the crowd and look more attractive to potential buyers with a Certify Legal report from Tinsa – Spain’s leading appraisal company. Tinsa have created a new due diligence report with foreign vendors in mind. Called Certify Legal, the service is offered in English and can give vendors an edge over others trying to sell their homes in this competitive market...’. From Mark Stücklin’s Spanish Property Insight.

Tourism:

From Vilaweb (in English): ‘Barcelona struggles to achieve balance between benefits of tourism and complaints about illegal apartments. Barcelona receives up to 30 million visitors each year’. The article begins: ‘In times of crisis, it could be thought that the revenue generated by tourism would be welcomed. However, the increasing number of reported incidents of noise, public urination and nudity in some spots of the city centre is too much to handle...’.

From The Olive Press: ‘A Chinese hotel group has got its eyes on the Costa del Sol. The Wanda group met with senior officials of the MarbellaTown Hall, to see how they can best begin to build in Spain...’.

Here’s an article at Marca España about the Parador hotels. ‘...At present, there are 95 Paradors in Spain, reaching every autonomous community except the Balearic Islands. What is more, they can be found in nine World Heritage cities. Half the properties are part of outstanding architectural environments, while others are set in some of the most interesting natural areas or national parks in Spain...’.

A discussion session with executives of several tourism companies will be organized at the first day of the World Travel Market to be held in London from 7 to 9 November, to analyze the potential impacts of Brexit. Report at Hosteltur here.

Finance:

‘Madrid As EU Financial Capital: An Idea Burning In The Flames Of Spain’s Political Drama’. Like many other capital cities in Europe, that would like to take over from London as the financial capital of the European Union. The Corner picks up the story: ‘Spain wants to get involved and can’t, although both Madrid and Barcelona have their aspirations. But Spain has now been without a government for over 300 days, and all that situation implies, in terms of budgetary issues and good corporate governance, is taking its toll. The promotional activities attempted by regional governments like Madrid are futile, as Rajoy’s government is a partner with too many asterisks beside its name. And this translates into a complete lack of any influence...’.

Following a determination in EU law, temporary contract workers are liable for compensation. El Confidencial warns that some two million erstwhile short-term workers who had lost their jobs in the last twelve months are now claiming indemnities from companies. Story here.

The Spanish bank bubble, described at The Corner here. ‘...Spain, of course, has also entered the Twilight Zone of the corporate debt world. According to Bloomberg, Spanish companies have issued EUR16bn of negative yielding debt: EUR4.9bn related to Telefónica, EUR3.9bn to Gas Natural Fenosa, EUR2.9bn to Iberdrola, EUR1.7bn Red Electrica, EUR1.3bn at Abertis, EUR750m at Amadeus and EUR470m at Enagas...’.

From El País in English: ‘Spain’s public deficit rises to 3.27% of GDP in first seven months of year. Finance Ministry figures raise doubts over Spain’s ability to meet targets set by Brussels’.

Politics:

‘Regional elections held in Galicia and the Basque Country on Sunday have done nothing to clear up the political scenario in Spain, where in all probability voters will soon be asked to go to the polls again for a record third time. Following the Socialist Party (PSOE)’s dismal results in both regions, party leader Pedro Sánchez has decided to put his leadership to the vote at a party conference on October 23…’. From El País in English (if he lasts that long). No one is more against the PSOE than the PSOE, says an article at Zona Crítica which discusses the internal breakdown within the party (as Susana Díaz pushes herself as an alternative leader). From newcomer El Independiente: an article about Felipe González, who says that he doesn’t understand why Pedro Sánchez just doesn’t let the PP govern… ‘I feel tricked by Sánchez’, he says. On Wednesday afternoon, a number of members of the PSOE executive resigned (slightly over half, counting two previous resignations), leaving the future of Sánchez even more in the air and the Party even more divided (El Mundo, here). A possible new PSOE leader (besides the incorrigible ‘Susanita’), is the President of Castilla-La Mancha, Emiliano García-Page (here). (NB, the situation is very fluid).

Earlier this week, Unidos Podemos had said that it would attempt to reach an agreement with Pedro Sánchez from the PSOE to form a government, ‘late, under difficult conditions and circumstances…’. As the latest intrigue develops within the PSOE, Pablo Iglesias says ‘I told Pedro Sánchez to watch out for Felipe Gonzalez’.

(Comment from Per Svensson): Result for PP in Galicia is too flattering for Rajoy, more a support for their leader in the region, Feijoo. He is now the heir apparent to Rajoy. Ciudadanos has been smashed in both regions. The Socialists are further weakened, with Podemos replacing them as opposition leaders in both regions.

Rita Barberá, now a senator for the ‘Grupo Mixto’ (independents), was photographed on Tuesday in her first day at the Senate with her new ‘group’, she was fast asleep.

Corruption:

EU auditors warn of "waste" in Spanish maritime ports. The European Court of Auditors estimates that 394.2 million euros of European funds have ended up ‘underexploited’ in infrastructure. The story here.

The BBC tells a story of ‘How Spanish activists landed ex-IMF head Rodrigo Rato in court’ here. The story is also covered by El País in English with the headline: ‘Ex-IMF chief in the spotlight as Bankia credit card trial gets underway. Rodrigo Rato and 64 other defendants are accused of misusing millions of euros from the failed lender’ here.

Spain is the European country with the most corrupt politicians of all, says a report here.

Catalonia:

The President of the Generalitat, Carles Puigdemont, has called for a referendum on the independence of Catalonia for late September 2017. More here.

Brexit:

‘Millions more Britons living abroad will be entitled to vote in the next general election after Theresa May committed to changing the law before 2020. At present expatriates must have registered in a British constituency within the past 15 years to qualify for a vote. The rule helps to explain why of the 5.5 million British citizens living abroad fewer than 20,000 are registered to take part in elections, according to the Electoral Commission...’. Found at The Times here.

We are now in the phoney war period between the Brexit vote and the British government invoking Article 50 of the European Union Treaty to begin negotiating to leave the EU. And nobody – neither citizens nor governments – knows what’s going to happen next. It was best summed up by the Ulster Unionist leader Mike Nesbitt at the British Irish Association conference in Oxford earlier this month when he said: “We went on a fact-finding mission to Brussels recently. It was a failure. There are no facts.”...’. From Two Irelands Together. (Thanks to José Antonio Sierra).

According to the El Cano Royal Institute, whatever the future may hold, they’ll carry on speaking English in Brussels.

Media:

The ‘Canon AEDE’ and how Google reacted by dropping its useful Google News aggregator in late 2014. How the Spanish media lost plenty of visitors (and therefore advertising revenue) through their actions. A useful study at Nada es Gratis and, in English, at the Social Science Research Network, in PDF format: ‘What Do News Aggregators Do? Evidence from Google News in Spain and Germany’ here.

The OJD is the official print audit for newspapers. The August figures show an alarming drop in copies for El País, El Mundo and the ABC over the same month last year: El País fell by 18.6% for example. Thus, Spain’s biggest newspaper sold a daily average of just 172,956 copies in August. More on this at PR Noticias.

Michael Robinson: ‘the Media talk of freedom of expression, but what we really practice is brainwashing’. An article at Media-tics.

Various:

Manos Limpias, the highly litigious far-right group whose leader Miguel Bernard is now in prison for extortion, says that the ex-King of Spain offered them two million euros to drop their case against Princess Cristina in the Noos Case. The story at 20 Minutos here.

‘Three weeks into fall and already sick of homework? Spain may have a tactical answer. CEAPA, a kind of mega-PTA representing the parents of school kids across the country, has recommended that fed-up students go on a homework strike. Under the terms of the strike, participating parents "will formally ask schools not to set homework over November weekends," explained a statement from CEAPA, a collection of parent associations from across Spain...’. Found at Atlas Obscura.

How much does it cost to build a kilometre of cycle path, or underground line, or motorway, or even a tramway or a high-speed railway? The answers are all here at Ballena Blanca.

‘Ten facts you probably didn't know about Spanish wine. Wine blogger Timmer Brown lifts the lid on everything you (probably) didn't know about Spanish vino’. Article at The Local.

Some journalists make it all up; some manipulate their material and some use fake photographs to make a point. Vozpópuli shows how it’s done in an article here.

Almería has the cheapest shopping basket in Spain, says La Voz de Almería. The Alcampo supermarket apparently having the cheapest food prices of them all. The ‘Organización de Consumidores y Usuarios’ has analysed almost 1200 supermarkets across Spain and concludes that the most expensive are in Las Palmas de Gran Canaria. More here.

‘An expat who scammed dozens of investors in a bogus truffle scheme has died, leaving a string of investors millions out of pocket. The untimely death of Wendy Smart – aka Wendy Jeffery – has left countless backers in the UK and Spain wondering where their investment has gone...’. More at The Olive Press.

See Spain:

‘For something so romantic and, equally, for a language so often associated with poetry and romance, the everyday Spanish for ‘sunset’ always sounds a little clumsy to me. Nevertheless, it is what it is. And if you want to talk about a sunset in Spanish, you usually refer to it as ‘la puesta del sol’. One translation of puesta is ‘setting’ (it also means ‘put’), so I guess the literal translation of this is ‘the setting of the sun’. Which makes sense, of course. It just seems a bit too literal. Language aside, Madrid is famous for its puestas del sol. I have often wondered why this is...’. Found at Thinking Spanglish.

Letters

Hi Lenox, Re the torrefacto thing, most Brits don't like the strong flavour so I recommend they ask for their coffee corto de cafe; that usually fixes things. In Málaga, though, things are simplified. The cafe con leche en vaso de caña y corto de cafe I usually ask for in Madrid becomes, on the Costa de Sol, una sombra doble. Best, Jake.

Just a thought... If Catalonia were to leave Spain (we'll know soon enough), then the numbers used by Government agencies would immediately change. For example, Spanish tourism would fall by 25%, unemployment would rise by 1%, Spain's GOP would fall by around 20% and the population would fall by 7.5 million, land mass by 16.2% and - Heh! - Real Madrid would win all the Liga games... Richard

Finally:

The Spanish hypocrisy: according to a video promoting the Salón Erótico de Barcelona.

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