The King and I
THE Mayor of Palma, Jaime Martínez Llabrés, was received in an audience with King Felipe VI in Palma on Thursday, July 27, as part of the traditional reception of the monarch to the authorities of the Balearic Islands at the Almudaina Palace .
During the meeting, which was held in a cordial atmosphere, the mayor explained to King Felipe VI the main features of the government programme of the new council for the next four years, "vertebrates in culture, sport and natural environment".
Martínez Llabrés was able to briefly explain to the monarch some specific projects, such as GESA, linked to contemporary art, and measures foreseen in the government's housing programme. During the meeting, they also agreed on "Palma's need to have a promenade in good condition".
In hot water TAKING A STAND
THE average temperature of the Balearic Sea on Monday, July 31, was 27.86 centigrade, according to statistics from the SOCIB coastal observation agency, little over 0.5 degrees higher than the average for the entire Mediterranean sea, which was 27.22 centigrade.
The average temperature in the western side of the Mediterranean was 26.52 centigrade.
The temperatures were compared against those taken between 1982 to 2015, in order to make historical comparisons. The temperature on Monday was 2.54 degrees higher than normal.
Overall, the Mediterranean was 2.01 degrees warmer than average, and the western Mediterranean was 2.09 degrees warmer.
THERE are just two municipalities in Mallorca which allow bullfighting and these are Inca and Palma.
In edition 1986 of Euro Weekly News, we published an article in which it was suggested that there was to be a bullfight in Inca on Sunday July 30, however this event never took place, thanks in part, it is believed, due to complaints from animal rights supporters.
There is however a bullfight expected to take place in Palma on Thursday August 10 and thanks to this prior warning, local protest
group Mallorca Against Bullfighting (MAB) was able to alert national group AnimaNaturalis to what is due to happen.
This gave them time to make a formal request to allow a protest and, this having been approved by local government will take place at 11am on Sunday August 6 outside of Cort (Balearic Parliament building) in Palma. An application is also being considered which would allow a further protest to take place on August 10 outside the Palma Bullring. The idea is to try to
persuade those thinking of attending to actually turn away but if this protest does take place, organisers expect supporters of the fights including members of the Vox political party to hold a counter demonstration as they have in the past. The Facebook group Mallorca Against Bullfighting now has some 1,500 members and has made it clear that an estimated 80 per cent of Spaniards who have a view want to see bullfighting banned and members are in the main Spanish.
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Credit:
Natasha
Retzmann
MAB
Scene from a previous protest
Llabrés with King Felipe VI
Credit: Palma City Council
Clean sea
ON Sunday, July 30, more than fifty volunteers removed 17.5 kilogrammes of microplastics and other waste from the coast. The initiative was carried out by Blue Marina, the environmental sustainability programme of Puerto Portals. Volunteers went into the water with kayaks and paddle surfs to help with the cleanup. Most of the waste collected was microplastics, but iron, cans and other materials were also retrieved from the surface and the sea bed. The activity started at 5pm from the Puerto Portals Sailing School and involved cleaning the entire area of the port, up to Illetas. Puerto Portals stated that every year more than eight million tonnes of plastics are dumped into the ocean and the participants of the sailing school collect some 350 kilogrammes of waste from the coast every summer.
Sweden meets Mallorca Helping business
PALMAACTIVA has paid €581,510 from the latest voucher campaign for the commercial revitalisation of Palma in the last week. This figure corresponds to nearly 60,000 vouchers.
The first payment of €411,430, which corresponded to 41,143 vouchers, was paid on 25 May. In total, the city council has allocated €992,940 to businesses throughout the campaign.
According to the councilor for economy and commerce, Lupe Ferrer, all the PalmaActiva staff "have made a great effort to vali
date the more than 99,000 vouchers redeemed".
The general director of Commerce, Toni Fuster, affirmed that "in the short
Heritage rediscovered
THE government of Mallorca announced Thursday, July 27, that it will open the monastery of Bellpuig, in Artà, to the public, while excavations of the archaeological site continue.
During a visit to the restoration works at Bellpuig, the minister of culture, Antònia Roca, together with the island's director of heritage, Ramón Martín, said that the goverment will carry out all the tasks that are required to be able to open the doors of Bellpuig while excavations continue. The bell will also be erected.
time that has passed in this legislature, it has been possible to speed up the processing of the payment of these vouchers, as requested by the trade unions" .
The PalmaActiva discount voucher campaign had a budget of €1 million, and ended with 99,294 vouchers redeemed out of a total of 100,000 vouchers available.
This meant direct sales of €2,678,252. The campaign started on March 27 and lasted until May 23.
TEN members of Specsavers in Karlskoga Sweden visited the Specsavers store in Santa Ponça, as part of a team building trip to Mallorca.
They chose to visit Mallorca for teambuilding particularly because they wanted to visit a country in Europe which had a Specsavers and see how the brand worked outside of Sweden. The team tries to go once a year on a teambuilding trip to visit other stores in the world.
They loved their visit to the island, particularly praising the sea and the friendly locals and really enjoyed their visit to the store.
Martin Blake Director of Specsavers Ópticas in Santa Ponça commented, “It was great to welcome the team from Sweden to the store and get to know how they work. A big thank you from us for choosing Mallorca for their team building and taking the time to visit. All the team really enjoyed the Swedish chocolate too!”
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The Campaign Poster
Team building in Mallorca
Palma City Council
Bird strike
A EUROWINGS Airbus A320, from Mallorca to Graz (Austria), was climbing from Palma’s runway on Thursday, July 27, when the aircraft received a bird strike, prompting the crew to stop the climb at 5000 feet and return to Palma for a safe landing.
Air rescue
A GUARDIA Civil helicopter was called on Friday, July 28 to rescue a Frenchman who had fallen down a cliff at Coll Baix in Alcudia.
The Guardia's mountain rescue unit and firefighters went to the scene. The man was taken to hospital with leg and back injuries.
Petrol thief
A 33yearold man has been arrested for stealing petrol from vehicles parked in Palma. He drilled into tanks to steal the fuel and was discovered by one of his victims, who called the police.
Tram ride
FERROCARRIL de Sóller SA invited the visiting Sahrawi children and their foster families to travel to Sóller and the Port of Sóller on their train and tram. The visit took place on Monday, July 31, when the Sóller Train left Palma on an enjoyable return trip.
Police heroes
POLICE saved the life of a young man in Palma on Tuesday, August 1. The man had fallen through a glass door and was bleeding heavily. Officers discovered him on the floor in shock, and applied a tourniqet to stem the bleeding then called an ambulance.
Price rise
VALUES of homes in Palma had an annual rise of 17.64 per cent compared to last year. The Balearic capital registered a price of €4,285 per square metre, making it the fourth most expensive provincial capital in the whole of Spain.
Titanic moments
THE Titanic Foundation brings its exhibition "Titanic, The Reconstruction" to the Sala Magna del Pueblo in Palma from Saturday, August 5, as part of its international tour.
The star of the exhibition is undoubtedly the largest and most detailed reconstruction of the Titanic in the world. On a scale of 1:30, it is 4.2 metres tall, 12 metres long and 2.7 metres wide. In addition, this reconstruction has an open starboard side so you can look inside and see what the ship looked like.
Another highlight is the original Titanic car, the Brush
The Titanic Model
Foundation, is made up not only of the reconstruction of the largest Titanic model in the world, but also of documents, images and original objects, including an original sized replica of the Marconi cabin, the painting "The Dream of the Titanic" by the Cantabrian painter Enrique Gran, personal objects of the last survivor, as well as the space dedicated to paying tribute to the Musicians of the Titanic. It is open from 11am to 2pm, and entrance is €12.
The exhibition runs until Sunday, September 24.
Less queues Shipwreck looted
THE public prosecutor's office of Mallorca is demanding two years in prison for a German diver. The man is accused of looting a 1stcentury Roman shipwreck off the coast of Porto Cristo.
The man denied diving to the boat at his trial in Palma on Thursday, July 27, and claimed he found the items "very close to the beach".
The 52yearold, was arrested by the Guardia Civil on January 30, 2019. A patrol found him armed with a metal detector as he was emerging from the water.
He admitted he had "pieces of metal and ceramic" with him, but denied stealing them from the wreck. "I found them on the beach" he said.
61 STORIES IN THIS WEEK’S EDITION
THE government of Mallorca has stated that the BusVao lane does not comply with the regulations of the Ministry of Transport and, therefore, they assume that it is "illegal". The accident rate has also increased in the past year.
THE government of Mallorca has extended the operation of the Magaluf mobile Technical Vehicle Inspection (ITV) station until the end of the year. This has allowed 3,000 appointments to be released for August and 4,000 for September.
After his arrest, the diver told officers he had other pieces at home and offered to show the artefacts to them. Officers found several boxes full of coins, rings, earrings and pieces of metal in his apartment. The lost property allegedly came from different beaches on the island.
The move, announced on Wednesday, July 26, comes with the aim of reducing waiting time, which until this week exceeded two months. Appointment slots can already be requested from next week. Up to 45,000 vehicles use the Magaluf ITV station every year, explained the interior minister of mobility, Fernando Rubio. "The closure of the station was a serious problem because people could not make an appointment, and driving with an expired ITV is punishable”, said Rubio, who also explained that the provisional station in Magaluf will be operational until the end of the year, which is when all the concessions will be reviewed with the company that manages the service on the island.
No to tax rise
THE government of the Balearic islands has opposed a proposed increase in airport charges from Aena in 2024. The government considers that flights are essential for the islands, and that the increase in charges will affect the public.
The Association of Airlines, IAG Iberia and the employers' association PIMEM are also opposed, arguing that it will harm the Balearic economy, airlines and tourism. Vice president and spokesman for the executive, Antoni Costa, said at a press conference on Friday, July 28, that
“The Government does not welcome the increase in rates and we ask that it not occur. If they have to go up, make the Balearic islands an exception”. “Using air transport in the Balearic Islands is a necessity and the increase in taxes will end up being paid by the citizens”, said Costa. The Board of Directors of Aena has approved a tariff proposal to the National Commission of Markets and Competition (CNMC) for 2024, which would mean an increase in airport taxes of 4.09 per cent.
Minister Fernando Rubio addressed the meeting on Monday, July 31. He said “The Ministry of Transport instructions for these lanes say specialised lanes will be used on motorways, dual carriageways, conventional and collector roads. They are designed for urban buses with short routes and many stops.". “We went from 16 accidents in 2022 to 28 in 2023, in the direction of the airport where there is no BusVao the accident rate decreased from 23 to 19 accidents”, said Fernando Rubio.
Rubio explained that the entities have met four times, and that they have daily contact with the government delegation and the DGT.
D24, manufactured in Detroit in 1909.
The exhibition, the only official exhibition of the Titanic
NIBS
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EXTRA
Lane no go YOUR EWN HAS
Credit: Titanic Foundation
A diver surfaces
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Credit: NaturePix/Pixabay
Regatta begins
No more graffiti
IN order to address what he has declared will be a priority for his administration, Mayor Jaime Martnez has established a crossdepartmental unit at Palma town hall to eradicate the city's graffiti, he announced on Friday, July 28.
Belén Soto, the councillor for infrastructure, is bringing together and coordinating several departments at the town hall that had previously worked independently. Other departments include the police, the departments for citizen engagement and mobility, the Emaya municipal services agency, and others.
A pilot project will be launched in a part of the city centre in September. This will cover buildings and structures of different types that
require different cleaning treatments and administrative processing.
A listed building, for instance, needs authorisation from the Historic Centre Commission. Specific treatment is necessary for certain types of stone.
The town hall will be examining laws which apply to private buildings. At present, they cannot act unless there is permission from owners. There will be tougher penalties.
The town hall intends classifying graffiti vandalism as "very serious", for which the maximum fine under law will be applied €3,000. In the case of listed buildings, criminal proceedings will be initiated.
AFTER a few days of practice, the Copa del Rey de Vela, which is in its 41st year, got underway on Monday, August 1, in the bay of Palma. A total of 1,500 sailors will compete during the course of the fleet's sixday battle, against 100 teams from 16 different nations. It is one of the eight categories that the regatta offers.
The Real Club Nautico de Palma and the Royal Spanish Sailing Federation organised the 41st Copa del Rey MAPFRE, which was sponsored by MAPFRE and in conjunction with the Balearic government, Palma city council, the port author
RESERVATIONS for luxury restaurants in Mallorca have fallen by an average of 5 per cent this summer, compared to 2022.
This was confirmed by the president of Mallorca CAEB Restaurant Association, Alfonso Robledo and in the specific case of Palma the president of the Hotel Association of Palma and Cala Mayor (ASPHAMA), Javier Vich. However, the occupancy of these es
ity, and the Balearic Sailing Federation. Due to the level of competition, it is the primary sporting event hosted on the Islands. The presence of King Felipe VI at the helm of the Aifos, the Navy sailboat that competes in the Majorica ORC1 category with fourteen other boats from six countries, is noteworthy in addition to the heritage that has already been established over the course of the regatta's 41 editions. As a result, for another year, the King serves as the best regatta ambassador, which coincides with the Royal Family's customary summer visit to Marivent.
Being frugal
tablishments continues to be high, at around 70 per cent, and some still have a waiting list.. Robledo also said that the areas of Mallorca in which reservations in high end catering establishments are falling the most are Andratx,
PROVERB OF THE WEEK
Puerto Portals, Soller and Port Adriano. Robledo also said that turnover has been reduced by around 8 per cent.
“Last year dining out was a rampant expense, bottles of champagne, etc. Now it is back to normal”, he stated. Most come from Germany, Austria, Switzerland, the United Kingdom and the United States.The average cost for clients ranges between €80 and €140 euros per person.
THE new conservative government in Palma is serious about language policy. The Popular Party (PP), with the support of the rightwing party Vox, changed the rules on the use of the Spanish and Catalan languages on Thursday, July 27 during a council meeting.
While Catalan always had the priority in communications with residents, information will now be offered in Catalan and Spanish in equal measures.
In practice, this means that anyone who emails the town hall with a request in Spanish can expect the answer to be in Spanish as well, and vice versa in Catalan.
Previously, an answer in Spanish had to be requested by anyone requesting information. In addition, the address of the official city council website will be changed. The domain name palma.cat will be replaced by palma.es, however both domains still direct to the city councils website in either Catalan or Spanish at the moment.
420 Micro breweries in Spain.
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Credit: Wallpaper Flare
Graffiti in Palma
Bi lingo
“If it ain’t broke, don’t fix it.”
This means that if something is working reasonably well, there is no need to change or replace it, just leave it alone. The expression originated in the USA in the 20th century, and is attributed to Thomas Bertram Lance (1931-2013), who was a close adviser to Jimmy Carter during his 1976 campaign.
One hundred teams compete
Credit: Cope del Rey
Sporting commitment
KING FELIPE VI, Queen Letizia, and their children
Princess Leonor and Infanta Sofia visited the Jardines de Alfàbia in Bunyola on Monday, August 1.
The Royal Family arrived at 8pm, and Cristina Zaforteza, a member of the family who owns the estate, accompanied them on their tour. The Jardines de Alfàbia, which is open to the public from March to October, is one of the oldest estates on the island.
The monarch, Queen Letizia, Princess Leonor and Infanta Sofía toured the estate for over an hour, and the three ladies were "surprised" that King Felipe had not visited before.“We really enjoyed it”, the King said. “We liked it very much. We should have come earlier. It has been worth it. It is wonderful that it has been preserved for so many centuries”.
The Royal Family at the Jardines de Alfàbia
The hostess showed the royals around the lush gardens, which are clearly influenced by English landscaping, albeit with the island's usual vegetation, such as orange trees and palms, among dozens of other species. After that, the royal family toured the manor house of the estate.
On Thursday, July 27, the King received the mayor of Palma, Llorenç Galmés Verger, president of the
council of Mallorca, at the Royal Palace on the occasion of the start of the Royal Family's stay on the island.
Meanwhile, on Monday, July 31, the King arrived early at the Real Club Nautico in Palma and embarked on the Spanish Navy sailing yacht, Aifos. A sea breeze arrived during the afternoon, which enabled the King to enjoy his time on board.
THE deputy mayor of sports for Palma, Javier Bonet, met with representatives of three of the five clubs that currently use the courts of the Palau Municipal d'Esportes de Son Moix for their official matches on Friday, July 28.
Accompanied by the general director of sports, David Salom, the councillor spole to a delegation from the Palma Volleyball Club, headed by its president, Carlos García, the general manager of Palma football, José Tirado, and the representatives of the Fibwi Palma basketball team Guillem Boscana (president) and Jordi Mulet (general manager).
During the meetings, Javi Bonet reiterated the city council's commitment to Palma's sports organisations in order to, as he stated, “be by their side with the intention of helping them achieve their goals".
As is well known, these three clubs share the facili
ties of the municipal sports hall of Son Moix, which, from this season, will also host two other entities, Palma Basket and Azul Marino Mallorca Palma female basket team.
pointed out that the agreement with these last two clubs "establishes that they will use the facilities to play their commitments for the season, as long as the availability of the courts allows it".
Learning the ropes
THE Copa del Rey MAPFRE has organised a series of educational workshops aimed at younger children, so that they can discover about the world of regattas and how the competition works, while learning about sustainability.
As reported by the organisers of the event in a statement on Saturday, July 29, they will add to their collaboration with TrueWorld, aimed at raising awareness among the youngest about the importance of caring for the oceans.
The activities will be carried out within the frame
work of MAPFRE's Corporate Social Responsibility programme. Among the initiatives promoted during the regatta, the children will discover about the operation of the competition in the 41st Copa del Rey.
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In this regard, Bonet EWN 3 - 9 August 2023 5 NEWS euroweeklynews.com
Royals enjoy holiday fun
Different denominati ons of euro banknote.
Credit: The Royal Household
More homes
Summer sounds
DURING summer evenings in August, visitors can look forward to a varied programme in the courtyard of the Convent of Sant Domingo during the festival of Pollensa.
the Austrian lute player and baroque harpist
Christina Pluhar.
On Saturday, August 12, is the concert of the Balearic Symphony Orchestra with the Dutch soprano
Judith van Wanroij and the choir of the Balearic University.
All concerts commence at 10pm. Tickets from €16 are available from www.festivalpollenca.com.
THE deputy mayor of urban Planning, Óscar Fidalgo, announced during a council meeting held on Friday, July 28, that the mayor of Palma, Jaime Martínez Llabrés, has sent a letter to the general director of SEPES, Fidel Vázquez, urging him to proceed with the signing of a binding contract between SEPES and the government detailing the deadlines for the development and construction of the former military
quarter of Son Busquets.
With the request, the mayor is taking the lead which will allow progress in the construction of 830 social housing projects at the site and which, according to Óscar Fidalgo, "the previous government team did nothing to speed up the actions".
The urban planning council reminded the opposition that "there is no written document that links Son Busquets with
Palma City Council and SEPES. It has started from eternal fiction far removed from reality, since, in administrative law, verbal contracts are prohibited, they are only valid when they are a signed document".
"If we manage to create social housing, green areas and facilities in Son Busquets it will be thanks to the quick actions of this government team”, concluded Fidalgo.
The British conductor, Daniel Harding, who is taking part in the opening concert, was in charge of the German Philharmonic orchestra in Bremen until 2003 – who will coincidentally be giving the closing concert at this year's festival.
On Saturday, August 5, Harding will conduct the Chamber Orchestra of Europe. The orchestra, based in London, has 60 members from different European countries and received the German music prize "Opus Klassik" for the concert recording of the year in 2018.
The concert on Tuesday, August 8, is the awardwinning ensemble "L'Arpeggiata" under the direction of
COMMENCING last Thursday, July 27, Casal Solleric in Palma began hosting an exhibition, "OnesOlasWaves", a collective exhibition from 15 artists, all women, curated by Jesús Alcaide.
The curator of the exhibition summarised it by saying that the exhibition opens this Thursday the 27th "The exhi
Clean sheets
HOTELIERS in the Balearic island had a last minute reprieve from a threatened laundry workers strike late on Monday, July 31.
The strike was set to begin at 7am on Tuesday, but on Monday afternoon employers and unions agreed on improved working conditions for the 1,500 employees in Mallorca and its neighbouring islands.
The new collective agreement allows for a minimum wage of €1,200 backdated to July 1. In 2025, the salary will then increase to €1,300 per month, and in 2026 it will rise again to €1,385.
The agreement is valid until 2027. Until now, the vast majority of employees in the industry only earned the state minimum wage of €1,080.
In addition to improved pay, unions were also able to ensure that employees are entitled to two days off a week from 2024, or one and a half days in companies with fewer than 25 employees.
A right to a 15minute break during the working day was also agreed.
Womens art
bition is a visual tour in which 15 artists, all women, propose different relationships with the aquatic environment and with liquid”.
Alcaide added "there are photographs, sculptures, visuals and works by estab
lished artists such as Àngels Ribé, a classic Catalan conceptual artist, and others much younger. We can also find a great presence of Mallorcan artists such as Laia Ventayol, Cristina Moreno and Mar Guerrero”.
The exhibition is a compendium combining which different connections can be established between contemporary artistic production and the subjects of aquatic, the sea, liquidity, fluids and the fluvial landscape, as well as how thinking about the ocean transforms the way we understand our world today.
729 Blue flag beaches in Spain.
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Jaime Martínez Llabrés
Credit: Palma City Council
Bilateral agreement
FOLLOWING Brexit, the British Government has had to discuss the future of overseas training with each EU member and on Wednesday August 2, an agreement between Britian and Spain which had been signed on July 3 came into force.
This is a bilateral agreement on cooperation in matters of education and access to university and other higher education institutions, following close collaboration between Spain’s Ministry of Education and Vocational Training and Ministry of Universities in Spain and the UK Department for Education and Foreign, Commonwealth and Development Office.
The agreement was signed by the British Ambassador to Spain, Hugh Elliott, on behalf of the UK, and the Spanish Minister of Education and Vocational Training, Pilar Alegría, and the Spanish Minister of Universities, Joan Subirats, on behalf of Spain.
According to the British Em
bassy in Madrid, this agreement enables students with UK qualifications (including Alevels and equivalents) to access universities in Spain without the need for the Spanish general university entrance exam. Additional entry require
ments will only be necessary for certain competitive courses, as was the case prior to the UK’s withdrawal from the EU. In addition, students from the Spanish education system can continue to access UK universities and other higher education institutions with addi
tional legal certainty. The agreement also establishes a framework to increase cooperation between the UK and Spain in the field of education and is symbolic of both countries desire to build on their strong education links.
Police uncover match fixing
A JOINT investigation involving the National Police, LaLiga and Europol, has uncovered a criminal organisation specialising in matchfixing.
A report from the National Police on Thursday, July 27 revealed how they investigated a criminal organisation dedicated to matchfixing within the Royal Spanish Football Federation (RFEF).
Together with LaLiga and Europol, officers of the National Police arrested a total of 17 people. In Melilla, 11 suspects were detained and six in Granada.
Among those arrested were officials and players of a third division RFEF football team, for allegedly committing the crimes of belonging to a criminal organisation, corruption between private individuals in the field of sport, fraud, money laundering and false documentation.
The investigation began last February when the Directorate General for the Regulation of Gambling, informed officers of several alerts received from different online gambling platforms. Multiple bets
had been placed from Melilla on specific results of football matches played by a team from the city.
Simultaneously, LaLiga reported an anonymous communication received through its whistleblower channel, in which they reported suspicious practices of the same football team.
Investigators soon uncovered a complex criminal network, showing that the president of the team himself, managed the rigging, by involving players he trusted. The players also used third parties to place the bets and thus avoid being linked to the bets placed and the matches played.
Police investigations also showed that the same sports club has been the beneficiary of subsidies which were used fraudulently to increase the amounts to be collected. Seven football matches are still being investigated and further arrests have not been ruled out, and the total amount swindled from the bookmakers cannot yet be quantified.
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Ambassador Elliott and Minister Alegria.
Credit: Spanish Ministry of Education
Threat to Iberian Imperial Eagle
ONE of Spain’s most iconic birds of prey, the Iberian Imperial Eagle is at risk of extinction due to the water shortage.
Also known as the Spanish Imperial Eagle, its survival
could be at risk due to a lack of water in the protected Doñana area in Andalucia, according to a news source on Wednesday, July 26.
The large raptor is exclusive to the Iberian Peninsula
and only lives and breeds in Spanish and Portuguese territory. But SEO/BirdLife has warned that the water shortage Doñana is currently undergoing is bringing one of the national park’s most iconic threatened birds of prey, the Iberian Imperial Eagle, closer to extinction.
In the 1960s the species was listed as ‘critically endangered,’ with only 30 pairs remaining, all located in Spain.
However, thanks to conservation efforts over the years its population in the peninsula as a whole revealed that there were 821 pairs found in Spain and 20 in Portugal in 2021 and 2022.
The conservation of this bird of prey has historically been one of the priority objectives in the conservation of Doñana’s wildlife, although data from the latest breeding census in 2023 has pointed to a situation of decline.
Of the eight territories oc
cupied in 2023, seven pairs have started breeding, but four of them have failed completely, and of the six chicks born this year, three have died in the nest for various reasons, meaning that only three Iberian Imperial Eagle chicks have fledged this year in Doñana.
Head of the SEO/BirdLife Technical Office in Doñana, Carlos Davila, said: “Doñana is suffering an unprecedented biodiversity crisis associated with the scarcity of rainfall and, above all, the overexploitation of its the urgency and seriousness of the situation.”
Calls for help with gluten-free
A PETITION has been launched that calls on the Spanish govern ment to help out with the price of gluten free products, which are considerably higher than standard ones.
People who suffer from Coeliac disease can only eat products with out gluten, but to do so they have to pay more for basic foodstuffs such as bread, writes Change.org.
Change.org is an internet platform that allows users to
create and sign petitions in order to raise awareness and influence decisionmakers.
Xavier Villegas from Barcelona has highlighted an issue which perhaps people who do not suffer from Coeliac disease are not aware of. In an appeal to the Spanish government, the statement reads: ‘We are calling on the political forces in the Spanish Congress of Deputies to include an amendment in the State Budget to ensure that glutenfree products are taxed at 4 per cent VAT.
‘At present, these products are considerably more expensive, and we do not receive any kind of rebate or subsidy.
We need financial support to address this excessive cost overrun, similar to what is offered in other European countries.
‘Help us to ensure that products essential to our diet are available to everyone affected by coeliac conditionyour signature can make a difference in defending the rights of people with coeliac condition!’
So far the petition has gathered over 2,700 signatures, with a little more help this can they hope to get to 5,000 and more, in order to present a compelling case.
Gluten-free products cost more than standard ones.
At risk of extinction.
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Inflation update and planning ahead to protect our savings
It has been two years now since inflation began to climb and we were soon noticing the higher cost of living. Prices peaked last autumn and the situation is improving now. Spain’s Consumer Price Index has returned to normal levels, but in the UK it only dropped below 8% in June.
EU and Spain inflation
After hitting 10.6% last October, overall EU inflation fell to 5.5% in June. Prices have been largely driven, both up then down, by energy costs.
The European Central Bank expects inflation to continue to improve as energy prices fall, food inflation moderates and supply bottlenecks ease, though under current projections it will remain about the bank’s 2% target through to 2025.
Spain’s Consumer Price Index returned to ‘normal’ levels (i.e. close to the 2% target) in June, falling from May’s 3.2% to just 1.9%. Transport and housing inflation are in negative territory but food inflation, though improv-
By Cathal Rochford, Partner, Blevins Franks
ing, remains high at 10.3% .
Unless they are negative, falling inflation rates do not mean that prices are falling, they are just rising less slowly than 12 months previously.
UK inflation
The UK has endured persistently high inflation, but the Consumer Price Index finally fell below 8%, with the
June 7.9% rate beating expectation. Though the lowest since March 2022, it’s still far above the 2% target and the highest in the G7. Fuel prices are falling but food inflation remains stubbornly high at 17.4%.
Earlier in July the Bank of England governor acknowledged consumer prices inflation still unacceptably high but should fall “markedly” over the rest of the year.
Inflation and your savings and retirement income
While falling inflation is very welcome news, we can’t become complacent about the inflation risk and how the rising cost of living affects us over time, particularly when retired.
While the impact of high inflation is quickly noticeable, low inflation is insidious. It seems harmless at the time, but slowly but surely, compounded over the longer-term, erodes the spending power of your savings and income.
As a basic illustration, if you have €50,000 in a current account with no
growth, and inflation is 3% every year, after 10 years its value will have fallen to around €37,000. After 20 years it’s around €27,500 and after 30 just €20,555. That’s a 59% reduction in purchasing power.
Unless your savings grow each year, they will buy you considerably less as the years go by. You need to plan to protect our savings and future income from the rising cost of living – making sure your money lasts as long as you do should be an integral part of your financial planning for retirement.
You need to invest in assets that are usually expected to keep up with inflation over the medium to long term. While you may become more averse to investment risk in retirement, inflation is also a risk to your savings. Reduce investment risk by building a suitable welldiversified portfolio around your risk tolerance, circumstances and objectives.
Work with a wealth management adviser to follow a disciplined investment process:
• Establish your goals and time horizon and objectively calculate your attitude to risk.
• Construct a suitable, well-diversified portfolio to achieve your investment plan and objectives.
• Use quality investment managers.
• Review your portfolio annually to keep it on track.
• Be patient and stick with your plan – it is time in the market, not timing the market, that is likely to help you achieve your longer-term goals.
• Hold your investment portfolio within an arrangement that is tax efficient in Spain.
Seek advice from an advisory firm which provides holistic strategic financial planning advice to integrate your investment planning with your tax and estate planning.
CPI data as at 19 July 2023
Keep up to date on the financial issues that may affect you on the Blevins Franks news page at www.blevinsfranks.com.
EWN 3 - 9 August 2023 9 FEATURE euroweeklynews.com
The Galician Stick
UPON entering the confines of rural Galicia, one of the first things that jumps out is the use of the stick. No, it’s not a cane. This stick doesn’t sport a brass or curved, crooked handle. It’s just a long stick young or old; everyone has one. Coming from a stickless society in the US, the need for one on a ramble down a country lane seemed off. Sure, all the pilgrims walking the Camino de Santiago through Galicia use walking poles on their epic journeys. But the Galician stick bearers weren’t pilgrims. They are women in aprons or men in pullovers and flat caps. Like something
from another century. So, what’s with the stick, I wondered.
It turns out, sticks aren’t what they seem. They are often heirlooms handed down from a parent or grandparent to an adult child. Cherished. So the stick carried by our neighbour to herd her cows from one field to another might well be over 100 years old. And I’m pretty sure these wooden rods are filled with magic. Our neighbour stopped by to deliver vegetables. She had her stick, and we exchanged pleasantries. When she left, I noticed she had left her stick. Surely, I would see her later. I
put it into the umbrella stand and forgot about it. But there was a knock shortly she was back. “This was my Mother’s stick,” she told me. She wanted to make sure our dog didn’t get it.
We woke up one morning recently to a stick standing just inside our front door. It caught my eye, and I went over to examine it. The top had a knot smoothed over with years of use by some invisible hand. But where had it come from? I asked my husband, Jeff, and he knew nothing about it.
It seems Galicia provided us with a stick, knowing we are here to stay.
Kelli Field is an American expat writer/blogger living in rural Galicia, and a volunteer for Age in Spain. Some of her other writing about moving to and living in Spain can be found at www.vivaespanamovingtospain.com.
741).
A HEALTH alert was issued in Spain after the detection of a high level of an unauthorised pesticide in a batch of watermelons being delivered from Morocco.
In a statement published on Monday, July 24, on its official Twitter account, FACUAConsumers in Action reported: 'the detection at border
Watermelon worries
control of a batch of watermelons from Morocco in which a high level of methomyl, an unauthorised pesticide'.
This warning was initially issued by RASFF, the European Rapid Alert System for
Food and Feed. It said the watermelons that came from Morocco allegedly contained traces of an insecticide in proportions that exceeded the limits established in Europe.
'Specifically, in a proportion of 0.38+/ 0.19 mg/kgppm, when its Maximum Residue Limit (MRL) is established at 0.015 mg/kgppm', explained FACUA.
According to the consumer organisation, RASFF qualified the incident as 'serious', but does not know the origin from where the affected watermelons were distributed.
Methomyl is a substance that is used as a pesticide and can have serious consequences in some cases. The symptoms of poisoning by this substance are headaches, dizziness, nausea, vomiting, excessive sweating, tremors, muscle weakness and blurred vision.
Mixing methomyl with alcohol consumption can impact the central and peripheral nervous system, as well as cause kidney failure.
EWN 3 - 9 August 2023 euroweeklynews.com NEWS 10
If you’d like to get in touch with Age In Spain, we can be reached at info@ageinspain.org (+34 932 209
BUSINESS EXTRA
Cleaned out
BRITISH shoppers are buying less soap, according to Reapp, the supermarket retail app. Leading chains have reported a drop in sales of these items owing to the cost of living crisis, with soap sales falling by 48 per cent in the first six months of 2023 and handwash by 23 per cent.
Up and down
ENDESA registered an €879 million firsthalf net profit, 4 per cent less than the same period last year. Revenues of €13.12 billion fell 11.6 per cent due to this year’s lower electricity prices although earnings before interest, taxes, depreciation, and amortisation improved by 27 per cent to €2.48 billion.
More jobs
EL CORTE INGLES increased its workforce by 3.69 per cent last year and now has 81,434 employees 50,674 of whom are women and 30,760 menin its stores, supermarkets and travel agencies. The increase in staff was mainly due to the chain’s acquisition of Logitravel, the company explained.
Not so bad
BRITAIN is on course to outperform Germany this year, the International Monetary Fund (IMF) said, after its gloomiest predictions for the UK economy did not materialise. The IMF foresees that the UK economy will grow by 0.4 per cent this year, confirming forecasts that were initially published last May.
Low-flying
HEATHROW AIRPORT did not return to profit in this year’s first half despite increased passenger numbers. The airport, which reported a £139 million (€162.8 million) adjusted pretax loss for the first half of 2023, blamed the Civil Aviation Authority, which capped the amount it could charge airlines for each passenger.
STAT OF WEEK €607 million
net profit for Spain’s state-owned airports management company Aena during the first six months of this year, compared with €559 million during the same period in pre-pandemic 2019.
Record half-year for bank
Linda Hall BANCO SANTANDER’S
€5.241 billion firsthalf results were the best in the bank’s history and 7.1 per cent more than the same period in 2022. This would have risen to 11.7 per cent without the impact of the €224 million windfall tax charged on 2022’s profits and paid this year.
The JanuaryJune figures exceeded analysts’ estimates who predicted a €5.151 billion profit, and the markets responded with shares rising almost 2 per cent on July 26 when the figures were announced.
Continual increases in interest rates, introduced
over the last year by the European Central Bank (BCE) to combat inflation, boosted Santander’s performance in Europe.
“We are making good progress towards our goals of simplifying business procedures and making the most of our global
PUTIN’S expropriation of Danone and Carlsberg’s Russian assets could do his ambitions more harm than good.
“He is shooting himself in the foot because this will actually help the West to push back Putin by damaging the Russian economy,” reasoned Mark Dixon, founder of the Moral Rating Agency (MRA).
“It will bring Russia closer to a desert island economy,” he said. “The forced separation of democratic and undemocratic economies is critical for democracy to survive and prevail,” he declared, adding that the expropriated companies deserved their comeuppance.
“Danone and Carlsberg continued to profit from Russia after the invasion of
Still going
LEO MESSI’S Spanish companies had a €59.77 million turnover in 2021, the year he left FC Barcelona and moved to Paris San Germain.
Limecu España 2010, which handles Messi’s companies and image rights, made a €6 million profit in 2021, €550,000 less than the previous year, according to accounts recently published in Spain’s Registro Mercantil, equivalent to Companies House in the UK.
Limecu, which deals primarily with image rights, is administered by Rodrigo Martin Messi, the footballer’s brother who manages most of his business interests.
strengths,” Santander’s executive president Ana Botin said.
The bank’s gross income rose 11.5 per cent to €28.01 billion, bolstered by growth in net interest income, which rose 13.6 per cent to €20.92 billion. Net fees and commissions rose 4.3 per
cent to €6.103 billion.
It is on these two areas that government calculates its temporary windfall tax charged on banks’ activities inside Spain, which is Santander’s principal market. During the first half of the year, the domestic market accounted for €3.161 billion in net interest income and €1.413 billion in net fees and commissions.
Europe was the group’s principal driving force during the first six months. Spain, whose customer base increased by 362,000, contributed €1.132 billion, displacing Brazil as the bank’s traditional source of nonSpanish earnings.
A desert island economy
leave Russia and ironically they have now been forced out by the very dictator they were propping up.”
Corporate watchdog MRA was created to remove Russia from Ukraine, using this momentum to help prodemocracy Russians get Putin and his regime out of the country.
NEW government procedures targeting promoters of tax avoidance schemes fall short, recruitment experts maintained.
“Holding responsible the directors of companies involved in promoting tax avoidance is something we called for and welcome,” Tania Bowers, Global Policy Director at the Association of Professional Staffing Companies (APSCo), said. Businesses knowingly involved in fraud were unlikely to be swayed by additional criminal charges. Instead, their access to recruitment should be cut off, Bowers suggested.
“Complete transparency is required to ensure no firm inadvertently partners with a noncompliant business due to lack of information,” she added.
Good figures
STELLANTIS reported recordbreaking firsthalf earnings of €10.92 billion, a 37 per cent increase on 2022.
With a €98.37 billion turnover, the global group attributed its success to increased demand and stabilised supply chains, although earnings benefited from higher vehicle prices, chief financial officer Natalie Knight said.
Ukraine and have therefore supported the Russian economy, which pays for that invasion,” he said.
“They have resisted our pressures to
Keeping afloat
THE UK government plans to boost sales of Britishmade ships with £500 million (€583.46 million) in credit guarantees.
The Department of Trade will assist borrowers who wish to buy UKbuilt vessels in a bid to boost Britain’s languishing yards.
Shipbuilders working for the defence sector are helped by longstanding orders from the Royal Navy, but the civilian industry has a hard time competing with cheaper yards overseas, including Spain.
Companies in the running to profit from the new scheme include Harland & Wolff, a name forever associated with the Belfast shipyard where the Titanic was built, and Cammell Laird, which produced the €200 million (€233.3 million) polar research vessel that a public poll wanted to call Boaty McBoatface. Wight Shipyard, which builds the Thames Clipper river buses, could also benefit.
The latest expropriations would actually help the West by damaging the Russian economy, the organisation said, describing it as a “positive” development.
“Putin’s behaviour is reprehensible, but he is unwittingly harming Russia,” Dixon added.
Package deal
A UK government scheme obliging packaging manufacturers to meet the cost of recycling their products has been deferred from October 2024 to 2025.
The decision was the result of wideranging talks with the industry and taking into account consumers and businesses’ problems in the current economic context, environment minister Rebecca Pow explained.
The additional year will be used to discuss the scheme’s design with industry, reducing the cost of implementing Extended Producer Responsibility (EPR) wherever possible.
“Producers are already beginning to use less packaging and adopt easiertorecycle formats,” Pow said.
“We expect this to continue, ensuring that costs are not passed onto households later on.”
The group, the world’s third mostimportant vehicle manufacturer which owns Peugeot, Fiat and Jeep, produces approximately 850,000 cars annually in Vigo, Zaragoza and Madrid.
Chief executive Carlos Tavares described the first six months of 2023 as “impressive” but admitted that Stellantis would have to cut costs to maintain profitability.
Moving up
THE International Monetary Fund (IMF) increased its growth outlook for Spain to 2.5 per cent.
This is one percentage point above the IMF’s original prediction and half a percentage point above the Spanish government’s own forecast.
“In general, instability is never good for the economy,” the IMF’s chief economist Pierre Gourinchas said on July 25.
“I believe that we need to wait and see how the process ends and where Spain’s population wants to go with the results of these elections,” Gourinchas said in reference to the July 23 poll.
euroweeklynews.com • 3 - 9 August 2023
ANA BOTIN: Bank making good progress, executive chairwoman announced.
CARLSBERG: Head office in Copenhagen (Denmark).
FINANCE 12
Photo credit: Ana Botin
Tougher measures call
Photo credit: carlsberggroup.com
DOW JONES
3M 111,19 113,14 5,61M American Express 163,60 168,54 163,17 3,94M Amgen 236,05 238,48 234,31 2,42M Apple 193,22 197,20 192,55 46,89M Boeing 233,75 238,67 231,83 11,97M Caterpillar 258,30 261,10 256,82 2,28M Chevron 159,66 162,47 159,22 6,45M Cisco 53,00 53,88 52,85 15,61M Coca-Cola 62,44 63,26 62,38 11,42M Dow 54,94 55,03 53,80 8,08M Goldman Sachs 354,51 360,54 354,17 2,00M Home Depot 329,71 333,43 328,93 2,58M Honeywell 196,41 204,12 195,65 6,57M IBM 142,97 143,38 141,90 6,33M Intel 34,55 35,03 34,11 51,04M J&J 173,69 174,29 172,04 12,13M JPMorgan 156,02 158,78 155,55 10,25M McDonald’s 295,19 298,90 291,51 4,50M Merck&Co 105,27 107,62 105,17 9,78M Microsoft 330,72 341,33 329,05 39,40M Nike 107,67 110,23 107,40 6,53M Procter&Gamble 152,11 154,60 151,91 7,17M Salesforce Inc 225,15 230,14 224,01 4,26M The Travelers 174,87 175,97 173,61 1,42M UnitedHealth 505,23 510,50 503,13 3,03M Verizon 33,55 34,61 33,54 28,04M Visa A 234,44 238,66 232,96 8,16M Walgreens Boots 30,63 31,32 30,50 8,26M Walmart 159,16 160,64 159,13 4,41M Walt Disney 85,36 86,88 85,19 16,59M InterContinental 5.722,0 5.724,0 5.654,0 34,82K Intermediate Capital 1.423,00 1.450,00 1.418,00 31,34K Intertek 4.392,0 4.394,0 4.220,0 71,55K ITV 71,10 73,90 70,74 1,77M J Sainsbury 282,20 285,70 281,60 288,96K Johnson Matthey 1.824,2 1.847,0 1.809,5 35,09K Land Securities 647,40 652,80 643,60 108,45K Legal & General 235,60 238,10 235,27 1,08M Lloyds Banking 45,20 45,47 44,81 39,89M London Stock Exchange 8.532,0 8.564,0 8.454,4 56,47K Melrose Industries 522,00 524,21 518,80 371,58K Mondi 1.354,50 1.364,00 1.349,00 110,61K National Grid 1.040,50 1.046,10 1.039,00 370,28K NatWest Group 247,20 248,09 237,50 8,73M Next 7.064,0 7.096,0 7.058,8 15,39K Ocado 950,40 960,66 934,80 324,20K Persimmon 1.180,5 1.184,0 1.163,5 222,57K Phoenix 558,00 561,00 556,40 194,90K Prudential 1.094,50 1.101,00 1.084,50 659,18K Reckitt Benckiser 5.892,0 5.916,0 5.880,0 552,19K Relx 2.651,00 2.662,00 2.629,00 550,75K Rentokil 633,80 637,60 621,20 531,32K Rightmove 550,60 554,60 533,60 692,31K Rio Tinto PLC 5.150,0 5.215,0 5.137,0 933,81K Rolls-Royce Holdings 193,35 194,55 186,45 10,37M Sage 937,40 943,60 934,20 144,71K Samsung Electronics DRC 1.374,00 1.388,00 1.368,00 2,87K Schroders 461,3 465,5 459,5 265,62K Scottish Mortgage 707,40 714,60 702,60 400,90K Segro 767,20 772,80 759,20 806,09K Severn Trent 2.561,0 2.579,0 2.559,0 48,53K Shell 2.330,0 2.361,5 2.328,1 2,85M Smith & Nephew 1.186,00 1.192,50 1.182,50 261,29K Smiths Group 1.688,00 1.694,00 1.684,50 97,95K Spirax-Sarco Engineering 11.055,0 11.067,7 10.940,0 5,93K SSE 1.678,00 1.707,50 1.677,00 300,96K St. James’s Place 972,30 988,22 969,20 651,05K Standard Chartered 745,20 757,20 718,40 2,38M Taylor Wimpey 115,50 115,75 114,30 965,72K Tesco 260,80 262,50 260,00 6,92M Tui 598,00 601,50 587,00 373,80K Unilever 4.217,0 4.234,7 4.177,5 1,52M United Utilities 1.002,50 1.009,50 998,40 111,02K Vodafone Group PLC 75,67 76,25 75,55 5,37M Whitbread 3.467,0 3.481,0 3.458,0 61,22K WPP 846,60 857,60 844,20 204,44K Most Advanced View, Inc. +44.36% 1.63M Powertap Hydrogen Capital Corp. +31.19% 165,571 The St. Joe Company +18.13% 667,944 QuantumScape Corporation +14.30% 54.511M Align Technology, Inc. +13.38% 3.473M Alpha Services and Holdings S.A. +12.76% 37,732 Nextracker Inc. +12.41% 5.33M Textron Inc. +11.87% 4.514M Nippon Shinyaku Co., Ltd. +9.81% 15,956 STMicroelectronics N.V. +9.67% 22,504 Celestica Inc. +9.42% 5.2M Most Declined Perficient, Inc. -26.06% 1.473M Teleperformance SE -16.37% 149,679 NovoCure Limited -15.89% 2.705M Crocs, Inc. -14.61% 10.472M Neste Oyj -14.41% 33,002 Sunnova Energy International Inc. -11.71% 14.321M Hertz Global Holdings, Inc. -11.65% 10.304M ExlService Holdings, Inc. -11.60% 756,997 Hexagon AB (publ) -10.91% 80,708 AMC Entertainment Holdings, Inc. -10.85% 39.182M Oceaneering International, Inc. -10.83% 2.671M COMPANY PRICE(P) CHANGE(P) % CHG NET VOL
C LOSING P RICES 1 A UGUST 3I Group 1.988,50 1.998,00 1.983,00 383,14K Abrdn 235,30 237,80 234,20 740,68K Admiral Group 2.233,0 2.279,0 2.232,3 80,07K Anglo American 2.386,5 2.427,5 2.382,5 292,00K Antofagasta 1.633,50 1.650,00 1.621,00 54,85K Ashtead Group 5.646,0 5.734,0 5.638,0 51,71K Associated British Foods 2.066,0 2.085,0 2.060,0 303,30K AstraZeneca 11.123,3 11.214,0 10.796,0 462,92K Auto Trader Group Plc 638,00 638,40 628,20 239,55K Aviva 392,10 395,80 391,40 1,62M B&M European Value Retail SA551,60 559,00 549,60 205,29K BAE Systems 927,20 936,40 919,20 333,57K Barclays 155,30 156,70 153,04 14,16M Barratt Developments 460,00 463,50 457,60 96,51K Berkeley 4.359,0 4.378,0 4.343,0 8,42K BHP Group Ltd 2.403,50 2.430,00 2.398,00 159,15K BP 474,10 479,70 473,35 5,49M British American Tobacco 2.654,6 2.673,5 2.646,0 306,84K British Land Company 338,10 339,70 334,80 230,46K BT Group 124,55 125,65 123,55 9,21M Bunzl 2.882,0 2.899,4 2.864,0 47,15K Burberry Group 2.216,0 2.245,0 2.193,0 164,52K Carnival 1.286,6 1.298,5 1.282,0 76,17K Centrica 132,85 135,55 132,55 4,03M Coca Cola HBC AG 2.347,0 2.371,0 2.338,0 55,02K Compass 2.023,00 2.039,00 2.020,00 586,51K CRH 4.591,0 4.645,0 4.576,0 169,25K Croda Intl 5.924,0 5.938,0 5.826,0 32,30K DCC 4.529,0 4.631,0 4.521,0 17,48K Diageo 3.428,0 3.439,0 3.412,8 1,61M DS Smith 308,00 309,30 306,98 785,97K EasyJet 453,20 457,47 447,00 760,32K Experian 3.034,0 3.052,0 3.007,0 123,75K Ferguson 12.540,0 12.690,0 12.400,0 12,29K Flutter Entertainment 15.140,0 15.310,0 15.055,0 85,80K Fresnillo 605,60 615,28 605,00 102,36K Glencore 464,95 470,55 461,40 2,21M GSK plc 1.401,00 1.410,20 1.395,68 449,72K Halma 2.253,0 2.273,0 2.249,0 64,16K Hargreaves Lansdown 875,60 884,80 872,40 205,57K Hikma Pharma 2.098,00 2.107,00 2.078,00 24,13K HSBC 649,90 655,30 643,80 4,67M IAG 161,60 162,30 157,00 17,93M Imperial Brands 1.861,00 1.867,00 1.851,00 139,15K Informa 763,00 776,40 760,80 183,74K COMPANY PRICE(P) CHANGE(P) % CHG. NET VOL COMPANY CHANGE NET / % VOLUME US dollar (USD) ........................................1.0992 Japan yen (JPY) 153.09 Switzerland franc (CHF) 0.9558 Denmark kroner (DKK) 7.4523 Norway kroner (NOK) 11.204 MAKE THE MOST OF YOUR MONEY WITH US See our advert on previous page 0.85522 1.16797
C LOSING P RICES 1 A UGUST Units per € COMPANY PRICE CHANGE OLUME(M) NASDAQ C LOSING P RICES 1 A UGUST M - MILLION DOLLARS THE ABOVE TABLE USES THE CURRENT INTERBANK EXCHANGE RATES, WHICH AREN’T REPRESENTATIVE OF THE RATE WE OFFER currenciesdirect.com/mallorca • Tel: +34 687 906 226 EWN 3 - 9 August 2023 euroweeklynews.com FINANCE 14
LONDON - FTSE 100
Euro
EUR/GBP: Up from £0.85 to £0.86
EUR/USD: Up from $1.09 to $1.11
The euro wavered in the last week of June as European Central Bank (ECB) interest rate expectations fluctuated in response to hawkish comments from ECB President Christine Lagarde and weaker-than-expected Eurozone inflation.
EUR exchange rates continued to trade sideways at the start of July amid some lacklustre Eurozone data releases.
The euro found its footing again in the middle of the month, with the single currency being bolstered by its negative correlation with the US dollar. The resulting movement even carried EUR/USD to a new 15-month high.
However, the single currency then faltered again in the second half of July, amid a lack of notable Eurozone data and a resurgent US dollar.
CURRENCY OUTLOOK: POUND ROCKED BY FLUCTUATING BOE RATE BETS, US DOLLAR STRIKES MULTI-MONTH LOWS
Unsurprisingly, the ECB’s next interest rate decision will be the primary focus for EUR investors over the next month. While a 25bps hike is widely expected, the euro could face some headwinds if the ECB appears more cautious regarding the potential for further increases.
Pound
GBP/EUR: Down from €1.16 to €1.15
GBP/USD: Up from $1.27 to $1.28
Trade in the pound was highly erratic over the past month, amid speculation regarding future Bank of England (BoE) interest rate hikes.
At the end of June, Sterling was still being pressured by fears the BoE may tighten the UK into a recession to bring inflation under control.
However, these fears began to fade as we entered July, with GBP exchange rates being buoyed by speculation the BoE may deliver another 50bps rate hike in August. Expectations for which were compounded by
a record increase in UK wage growth. Sterling subsequently plummeted as we entered the second half of the month. The publication of weakerthan-expected UK inflation figures triggered a correction in the pound as GBP investors repriced their bets for the BoE’s next rate decision.
Looking ahead, it looks unlikely the pound will be able to retest its recent highs in the near future. In addition to the BoE likely delivering a more modest 25bps rate hike next month, the bank may hail June’s CPI figures as a ‘turning point’ in its fight
against inflation.
US Dollar
USD/GBP: Down from $0.78 to $0.77
USD/EUR: Down from €0.91 to €0.89
The US dollar was supported in late June by some hawkish comments from Federal Reserve Chair Jerome Powell. In which he hinted the bank could deliver another couple of rate hikes by the end of 2023.
However, these Fed rate hike bets were quickly dampened by the publi-
cation of weaker-than-expected US payroll figures.
The US dollar then plummeted to a 15-month low against both the euro and the pound in the middle of July. The plunge came as US inflation cooled at a faster-than-expected pace and further undermined Fed rate hike bets.
The ‘greenback’ subsequently rebounded as we entered the second half of the month as demand for the safe-haven currency was strengthened by risk-off flows.
The Fed will deliver its latest interest rate decision in the last week of July. Another 25bps rate hike if expected, but if the Fed signals its hiking cycle has run its course the US dollar is likely to tumble.
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EWN 3 - 9 August 2023 15 FINANCE euroweeklynews.com
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POUND TRADING: Was highly erratic over the past month.
ASK THE EXPERT Peter Loveday Contact me at euroweekly@currenciesdirect.com
When does humour become not funny?
BUYING GOODS ONLINE OUR VIEW
I have always been convinced that the British sense of humour has been one of our most commendable and enduring assets. Through the horror of two World Wars and all the disasters and conflicts that have beset us over the years, the Brits have always managed to find some way to raise a smile out of even the most tragic circumstances.
The skill of our comedians and cartoonists is such that their humour never sets out to undermine these situations, merely eases their seriousness by lightening the mood and in doing so allows those affected to hopefully surmount their problems more easily.
The British sense of humour, sometimes indefinable and unique, has always been a bit of a mystery to the rest of the world and often something that most foreigners simply can't get their heads around. Some years ago, I wrote that whatever the
terrorist or our enemies can throw at us nothing will ever rob us of our most commendable and enduring gift, our humour. Well I was wrong. At the time of writing that particular piece we weren't being strangled by the despicable, destructive, and downright traitorous yolk of the PC brigade.
Not content with changing their fellow citizens from a nation that prided and flourished through its policies of oratory freedom into a herd of sheep, watching every word they say and almost frightened to open their mouths in case they offend somebody, this utterly superfluous bunch of time and woke wasters have finally managed to turn their attack on one of the most dearly loved jewels of our culture, our purveyors of comedy.
Subsequently most comedians are simply not funny anymore. Jokes that retain reference to classism, ageism, ableism, homophobia, biphobia, transphobia, xenophobia or Islamophobia are just not allowed on public platforms.
For the new breed its ok to repeat appalling swear words, or even un
dermine white culture, but step out of line against a minority and you can bid your career goodbye.
One TV channel I tune into actually presents (with a large cautionary notice) a wonderful selection of early brilliant British comedy shows. ‘Benny Hill’ ‘Till Death do Us Part’ ‘Hale and Pace’ to name but a few. Many contain racist humour but they are glaringly non contemptuous, simply frivolously humorous. What I find truly disturbing about this whole PC farce is just how far this Orwellian situation is allowed to go.
Another bunch of them have now issued guidelines instructing schools that eightyear olds be taught that all genders can have periods to avoid...... wait for it. ‘Offending girls who identify as boys’! Well, frankly if I had my way, I would prosecute these morons for child abuse. Unfortunately, as a member of a majority, nobody is allowed to listen to me!
Keep
Love
DURING lockdown, few of us were able to go shopping in person and ended up buying large amounts of product online.
This activity made many large businesses upgrade their websites to offer a wider and faster range of services and many of us still buy a great deal of material online.
There has certainly been some return to personal shopping although it is telling that Amazon have recently closed two of their selfservice, cashless physical supermarkets as it would appear that they were not proving popular.
It can be difficult to buy online from the UK because of Brexit and unless the store you are purchasing from has registered for European VAT and is shipping goods below a certain value, there is often a delay and the possibility of the purchaser having to pay customs duties.
Online stores situated within the European Union can supply goods to any other EU State which means that local online sellers should in theory become more competitive.
One of Spain’s largest fashion giants has until recently used Correos for delivery and the Spanish Post Office has generally been very efficient but now they have changed and are using other couriers who presumably offer a cheaper service.
We have readers who complain that despite paying for home delivery, couriers simply state that they have tried to deliver and couldn’t so have left the goods at a central point for collection which may be several kilometres away. If the purchaser doesn’t collect the goods, then they are returned to the seller and refund can take anything up to a month which is no good for anyone.
Liberty Seguros resolves some queries about home insurance
Q. Is Home Insurance obligatory in Spain?
A. No, it is not obligatory, but it is certainly highly recommended. Nowadays, very few properties are without home insurance. However, every customer’s needs are different. This is why Liberty Seguros has created additional coverages to allow customers to tailormake their home policy, from the most basic cover to a wide range of additional guaranties and services to make sure that you only pay for what you really need.
Q. Does Liberty Seguros Home Policy include Public Liability cover for me and my family?
A. Yes, as long as the property contents are insured in the home policy. The policy Includes a standard cover that can be extended up to €1 million.
Q. Does Liberty Seguros Home Insurance Cover Tenant Vandalism?
A. Yes, you can add an optional cover: ‘act of vandalism by tenants’ guarantee, with up to €3,000 cover, which will allow you to forget about any hassle and get a profitable rental income.
Q. Are my garden and its contents covered by my home insurance?
A. Yes, Liberty Home Insurance has a specific standard cover for garden and terrace furniture, that can be extended up to €12,000. Our policy also includes a garden reconstruction guaranty, including replanting of trees.
Q. What should I consider to calculate my home policy contents amount?
A. This will always depend on the size of the property, the property use, number of people living at the property, etc, but please make sure that you consider, at least, the following: Kitchen furniture and appliances, furniture and softfur
nishings for every room, clothes and personal belongings.
Do not forget that jewellery and valuable objects are considered part of the contents cover, but you will need to consider the value of each item.
Q. What should I do in case of a home insurance claim?
A. Please make sure that you and any other person at home is safe and can move to a safe place. Then, take steps to minimise any damage and contact your Home Insurance Assistance Department to report the claim (Liberty’s 24/7 home assistance phone number is 900 556 000).
Make sure that you provide your insurance policy number and details of the claim; and inform about what, when and how it happened.
Please be aware that claims should usually be reported no later than seven days after the claim date.
For more information, simply call 913 422 549 or visit: quote.libertyexpatriates.es/en and ask for a quote.
EWN 3 - 9 August 2023 16 euroweeklynews.com FEATURE
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LETTERS
Spanish culture shocks
OVER the weekend we shared a funny TikTok video created by Patry Ruiz, expressing some of the main culture shocks that people endure when getting used to Spanish culture.
Amongst these are the common misconception for the afilador as the ice cream van, the late Spanish dinner time of 10 PM, and the custom to throw nap
Comments
“How time has no consequence.”
Steve
Busby
“Going all the way round a roundabout in the outside lane.”
Jill
“Car indicators lack of use.”
Fred
kins and toothpicks on the floor at certain cafes or bars. Our honorable mention went to the conundrum that is successfully handling Spanish roundabouts. We had a scroll through the comments section of this post on our Facebook page to see if our readers related to this comedic video as much as we did.
Stevens
Harding
“When boarding a ferry in Barcelona for the Canaries in 1976, even though you were first in the queue having slept half the night outside the ticket office one get's shouted at (in Spanish so not a clue!) by the ferry boarding lady for apparently boarding before all the old ladies all wearing black, hauled out and told to stand over there, again, not a clue why, until everyone had boarded, the doors closed and ferry boarding lady just walked off without saying a word!!! I was both perplexed and fuming mad!!!”
Richard J Dodds
“Throw napkins on the floor??? Not everywhere in Spain! That's weird!” I lived in Granada for a while (I'm from Galicia), and used to visit a bar before lunch, the floor was covered in peanut shells and napkins, I was in shock, they said this was done because it gave the impression that it was a busy venue I have no idea if that was the real reason, I had never seen it before”.
Blanca Hermida
“Blanca Hermida I still don’t get it and I’ve been here 20 years! Someone still has to pick them up!”
Gordon
O'Keeffe
“Roundabouts are way better than busy signaled intersections…we need more of em in the US, especially when multiple streets come together at different angles and ramps for freeways”.
Paz Arboleda
“Malaga is clean, no napkins on the floor or streets”.
Vivian Bolboreta
“no, 10 is not dinner time….”
Paulo Leitao
“Nothing ‘strange’, I’m in their country”,
Jimmy
Simmons
“Think, why the roundabouts would have many lanes if you only can use the exterior one?”, Maximiliano Solórzano (with an attached article from the DGT)
“Maximiliano Solórzano don’t need to use only the external lane, but you can only exit from this lane. So think how to do it”
Vicen Jimenez
“Vicen Jimenez of course external lane must be used for enter and exit… but here is used always…even if you need to do a U turning..”,
Maximiliano Solórzano
“Maximiliano Solórzano and? The law says everytime you can travel and the right line you must. On any Road. Roundabout or not. It’s obligatory.”
“Paulo Leitao sure it is. Have your first beer and tapa at 8 and the last at 12… that averages out ”
Ben Merghart
“Maria Cruz I live in Granada and they do this as it shows it is busy (like you said). You are spot on.”,
Stephen Proctor
“Steve Busby Time has a different consequence from the one you’re used to.”
Liz Read
Letters should be emailed to yoursay@euroweeklynews.com or make your comments on our website: euroweeklynews.com Views expressed and opinions given are not necessarily those of the EWN publishers. No responsibility is accepted for accuracy of information, errors, omissions or statements.
xxxxxx
EWN 3 - 9 August 2023 euroweeklynews.com HOROSCOPES/LETTERS 20
House-sitting with free pet-sitting Tropical fish
MANY of our pet owners in Spain choose checked petsitters from our listings. Our House sitMatch sitters are checked, they are pet lovers and they won’t charge you a cent for the house or petsitting services. Instead, they offer a fair exchange, free accommodation for free pet care. It’s a win win! The housesitters are for free when you are a member of the Housesitmatch network.
If you’re planning a trip register now as a member of our network to find an affordable home and pet care solution. Whether your trip is short or long, you’ll know that sometimes you must leave pets at home. Young and senior pets in particular benefit from staying at home, so they can follow their routines undisturbed. Join our pet and housesitting network, and the sitters come for free!
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HAIRLESS cats, with their striking appearance and enchanting personalities, are increasingly catching the fancy of pet lovers across the UK. While these unusual felines share many characteristics with their furcovered counterparts, they require specific care.
Notably, without a fur coat, hairless cats, such as
TROPICAL fish, with their vivid colours and graceful movements, offer a unique petowning experience. They turn home aquariums into underwater kingdoms, full of activity and stunning natural beauty.
However, keeping these aquatic jewels requires particular care and a steady commitment. Unlike more traditional pets, fish require a carefully controlled environment. The water in their tanks must be kept clean and at the right temperature and pH level. Equipment such as heaters, filters, and sometimes air pumps are crucial to maintaining these conditions.
The diet of tropical fish varies widely, with some species requiring live food and others subsisting on flakes or pellets.
Understanding each
species’ dietary needs is vital to ensure their health and vitality. Tropical fish also have specific social behaviours. While some fish are peaceful and thrive in a community tank, others might be aggressive or territorial.
Thorough research before purchasing can prevent potential conflicts and stress within your aquarium.
Caring for hairless cats
the Sphynx, are vulnerable to temperature changes. They seek warmth during colder months and can easily get sunburnt in the summer. It’s critical to ensure they have access to cosy
spots in the house and are protected from excessive sun exposure.
Their lack of fur also means more frequent baths are needed. Dirt and oils, which would normally be
absorbed by fur, can build up on their skin. However, bathing should be balanced with the risk of skin dryness. Feeding hairless cats a balanced diet is paramount.
Like all cats, they are obli
gate carnivores, requiring a highprotein diet. However, due to their higher metabolism, hairless cats may require more frequent feedings. Hairless cats are known for their sociability and playful nature. Plenty of interactive toys and stimu lating playtime are essential for their well ing.
One significant aspect of fish ownership often overlooked is their potential lifespan. With proper care, some tropical fish species can live for over a decade. They are a longterm commitment and should be treated as such.
In conclusion, while maintaining an aquarium may seem daunting, the rewards are manifold.
Despite the extra care required, owners of hairless cats will attest to the unique bond they share with these extraordinary pets. The joy of sharing your home with a hairless cat is truly a unique experience, filled with countless rewards.
A truly unique experience.
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Moving from the blues
RIYAD Mahrez has completed his move from treblewinners Manchester City to AlAlhi in the Saudi Pro League.
The Algerian international striker and captain sealed a £30m deal last Friday, July 28, according to the respected football transfer expert, Fabrizio Romano.
He tweeted: 'Official, confirmed. Riyad Mahrez joins Al Ahli on permanent transfer from Man City for £30m fee #AlAhli Contract until June 2027, agreed days
of 236 appearances in all competitions, with 59 assists thrown in for good measure.
He accumulated a stunning array of 11 medals, including winning the Premier League four times, two FA Cups, three Carabao Cups, the Community Shield once, and the highlight, the Champions League last season.
Mahrez arrived at the Etihad Stadium in a £60m switch from Leicester City, making him the most expensive African footballer in history. He had already won the Premiership at the King Power Stadium with the
His departure comes after City captain Ilkay Gundogan left to join La Liga giants Barcelona in Spain. Pep Guardiola has a habit of allowing top players to leave the club, as he proved when Raheem Sterling joined Chelsea.
Brazilian forward Gabriel Jesus and the versatile Ukrainian Oleksandr Zinchenko both left last Summer to join Mikel Arteta at Arsenal.
Doubt still remains about the future of Portuguese star Bernardo Silva, who is being chased by several clubs. England back Kyle Walker is also known to be on the radar of Bundesliga outfit Bayern Munich.
In the meantime, Guardiola has so far only brought in the Croatian midfielder Mateo Kovacic from Chelsea in the latest transfer window.
Unstoppable Verstappen
DUTCH F1 champion Max Verstappen is simply unbeatable this season as he proved by winning the Belgian Grand Prix at Spa Francorchamps on Sunday, July 30.
As a result, he enters the summer break an astonishing 125 points ahead of his Mexican teammate Sergio Perez. Sundays victory starting from 6th on the grid was Verstappen's eighth consecutive chequered flag of the season and Red Bull's 12th out of the 12 races staged so far.
After the teams reassemble to continue the campaign, Verstappen faces what will undoubtedly be chaotic 'orange' scenes as he enters his home race in Zandvoort for the Dutch Grand Prix.
A win on home soil at the end of August will draw him level with another Red Bull legend, Sebastian Vettel, who previously racked up nine wins in a row on his way to a world title.
Sergio Perez crossed the finishing line in second to earn Red Bull yet another one two and to consolidate his place behind Verstappen in the table. The rest of this season now is really just a case of who will finish second.
Charles LeClerc restored some glory to Ferrari by claiming the remaining spot on the podium, albeit some 10 seconds distant from Perez.
Lewis Hamilton had the consolation of recording the fastest lap in his Mercedes while finishing fourth, some 17 seconds behind the Frenchman. He remains one point behind Spain's Fernando Alonso in the driver's table, who placed fifth this afternoon.
Another British driver, Lando Norris, clinched seventh in the McLaren, continuing the good form he showed in Hungary last time out.
EWN 3 - 9 August 2023 euroweeklynews.com SPORT 24
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Manchester City flag.