• Issue No. 2001 • 9 - 15 November 2023
ILMAINEN
GRATIS
GRATIS
GRATIS
VRIJ
FREI
GRATUITO
GRATIS G
LIVREE
FFREE
GRATIS S
G GRATUIT
SPAIN’S GRAND TOUR Shared miracle
Gothic eye
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MALLORCA’S La Seu Cathedral, famed for its ‘eye of the Gothic’, cap tivates viewers during its Festival of Light. There are only two chances a year to wit ness it, one of them be ing Saturday, Novem ber 11, where a stunning display un folds at dawn. The sun’s rays penetrate the rose window’s 1,115 panes, casting a multicoloured figure of eight on the portal’s inner facade. This architectural marvel, one of Europe’s largest, orchestrates a fleeting but breathtak ing light show that’s uniquely Mallorcan. As the ‘Cathedral of Light’, La Seu offers a moment of magic, embracing the island’s cultural and spiritual heritage.
La Seu Cathedral.
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Mallorca
MALLORCA witnessed a medical first on Monday, October 30, at Juaneda Hospital, with the birth of Derek, a 3.3kg baby boy. In a European first, two mothers, Azahara and Estefania, shared pregnancy via the INVOcell Juaneda Fertility method. This technique allows both women a unique emotional bond by carrying the embryo at different stages. The Juaneda team, with over 15 years in invitro fertilisation, led by Felipe Gallego and including Dr Gustavo Carti and Dr Miriam Mateos, offered the couple this cuttingedge option. ‘Proud mothers Azahara and Estefania rejoiced at his arrival’, cele brating a new chapter in assisted reproduction.
MALLORCA’S SA CALOBRA: A favourite for cyclists.
MALLORCA is on the brink of welcoming back the Vuelta España, Spain’s premier cycle race. Spearheaded by local politicians, including Vice President Pedro Bestard and Vox representatives Toni Gili and David Gil, the movement is gaining momentum. Discussions with the Balearic Islands Cycling Federation (FCIB) have paved the way for potentially reintroducing Mallorca as a key stage. Bestard, responsible for Environment, Rural Envi-
ronment, and Sports, is confident, stating, ‘From the department that manages Vox, we are going to take all the necessary steps to make it possible for a stage of the Cycling Tour of Spain to be held in Mallorca’. The initiative aims to fuse sport with tourism and celebrate Mallorca’s environmental wonders, such as the Serra de Tramuntana. Gili, overcoming past political resistance, is committed to continue working, so that
Mallorca can once again host a stage of the Vuelta Ciclista a España. Gil highlighted the island’s global appeal as a tourist hotspot, while the FCIB has shown a keen interest in forwarding the proposal to the Spanish Cycling Federation. Mallorca’s integration into the Vuelta España could enhance its international profile and offer economic and cultural benefits, marking a triumphant return to its cycling tradition.
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Tapas Titans
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MALLORCA’S finest chefs, Igor Rodriguez, Tama ra Lumbreras, and Andres Moreno, are stirring up a storm in Valladolid, vying for the prestigious Na tional Tapas Champion title. The trio, showcasing Mallorca’s rich gastronomic heritage, presented their signature dishes to the jury on Monday, November 6, with the results eagerly anticipated on Wednesday, November 8. Rodriguez, the acclaimed head chef at El Ban darra and TaPalma jury president, brings forward the innovative ‘Alos Blut’, a takoyakiinspired skewer steeped in brut arros broth. Lumbreras, from Ocre and recent Tapa Fusion Food Award laureate, offers the ‘Eclair mundano’, an inventive fusion of local palo bun filled with smoked eel mousse and sobrasada kimchi. Lastly, Moreno, hailing from Bocana, entered the fray with the awardwinning ‘Panallet de Sobrassada de Mal lorca’, a delightful blend of almond paste and so brasada rolled in pine nuts. With culinary creativi ty at its peak, these chefs are not just competing for a title but are ambassadors of Mallorca’s unique flavours, turning the competition into a stage for local pride and innovation.
TAMARA LUMBRERAS’ PINCHO: ‘Eclair mundano’.
Safer beaches M A L LO R C A’S vigilant lifeguards and innovative safety measures have led to a remarkable decrease in beach incidents, cele brating a triumphant close to the 2023 season at the Technical Confer ence on Beach Safety in Andratx. Sebastia Sure da, the General Director of Emergencies and Inte rior, praised this year’s achievements. The Balearic Islands witnessed a significant 36.8 per cent reduction in drowning victims, with only 24 cases reported. Joan Pol, Head of Emer gency Service 112, shared that ‘Record’ fig ures of 776 lives have been saved since the in ception of the Beach Safety Regulation in 2005. Despite high tourist numbers and ideal condi
VIGILANT LIFEGUARDS: Beach safety conference, Andratx.
tions, there was a no table decrease in both incidents and mortality rates. With 36 fatalities, the islands saw a reduc tion in deaths by 10 from last year. The success is attributed to extended service hours, vigilant surveillance, and proac tive measures like 129,087 selfprotection actions. Highlighting technolog
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Horse protest Credit: caib.es
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ical advancements, a Spanish company, Gen eral Drones, demonstrat ed a rescue drone, fur ther enhancing safety protocols. Additionally, improvements to the Safebeach app have strengthened emergency responses and beach management, confirming the Balearic Islands’ ded ication to safeguarding its residents and visitors.
ON Saturday, November 4, Palma wit nessed over 200 animal activists who took to the streets to rally against horsedrawn carriages. Organised by the Progress in Green party and nu merous animal rights groups, the protesters gathered on Paseo del Borne, expressing collective outrage against the city council’s rejection of electric buggies. ‘Mallorca does not want horse bug gies’, echoed through the streets, from Paseo del Borne to the cathedral and finally the town hall. Guillermo Amengual deplored the situation, stating, “the exploitation of galley horses in Palma had its days num bered, but PP and Vox have decided to perpetuate the suffering of the ani mals,” and branded it an “absolute shame.” Conversely, the carriage drivers ar gued they’ve been unjustly vilified, with allegations of mistreatment clouding their traditionhonoured pro fession. “Every day we feel attacked, both politically and in the media,” highlighting the ‘misinformation and lies’ that sully their image, unlike their counterparts in Sevilla and Berlin. The contention underscores a deep rooted struggle between the preser vation of tradition and the advance ment of animal welfare.
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STORIES IN THIS WEEK’S EDITION
NIBS EXTRA Marratxi Fair MARRATXI’S 22nd Autumn Fair and 10th Siurell Race have been hailed as a huge success after the event drew around 10,000 visitors and 430 runners, respectively, celebrating local traditions with artisanal stalls, sports, music, and family activities. Proceeds from the race aid ed the Balearic Childhood Cancer Parents’ Association.
Travel scam THE female manager of a travel agency in Mallorca was detained for defrauding numerous clients out of €78,000 through fraudulent bookings. The arrest follows a police probe into com plaints of unpaid reserva tions and false documents. Investigation continues, with potential for more vic tims and arrests.
Language please BALEARIC President Marga Prohens faced a backlash for attending London’s World Travel Market amid a con tentious language policy shift. The opposition has slammed the new educa tion reform allowing lan guage choice, accusing Pro hens of fostering ‘linguistic segregation’ in collusion with Vox, despite her de fence of bilingual respect.
Tourism triumph THE Balearic Islands have led Spain’s tourism boom in September, with revenue hitting €2.5 billion, up 19.4 per cent from 2022. Nation al figures also break records at €11.2 billion, a 16.9 per cent jump from 2019. American visits surged by 27.4 per cent, endorsing Spain’s appeal to longhaul markets.
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Supermarket expansion ALDI has bolstered its pres ence in Mallorca with a third store in Palma, mark ing the company’s 13th on the Balearic Islands. The supermarket chain announced on November 3, that the new store was open for business on Calle de Uruguay, the new super market spans over 1,100 square metres and employs a team of 16, cementing AL DI’s commitment to local growth and job creation. Gerard Ochogavias, head of ALDI Expansion in the area, expressed his delight: “We are very happy to inau gurate our third supermar ket in Palma which brings our shopping experience closer to the residents.” The store boasts nearly
REMEMBRANCE DAY: A solemn occasion.
THIRD STORE: New Aldi supermarket in Palma.
2,000 products, emphasis ing local and national pro duce, with offers on essen tials like the Mallorca sobrasada and semicured Mahon cheese to celebrate the launch. Embracing sustainability, the new outlet features en
ergysaving LED lighting, au tomated systems for food preservation, and plans for solar panel installation. Operating from Monday to Saturday, it reflects AL DI’s pledge to affordability and environmental respon sibility.
Viva Mallorca
MALLORCA was showcased at the world’s leading wedding convention in Las Vegas. From November 6, Alacena de Genestra Catering highlighted the Balearic’s largest island as a topnotch event and wedding destination at the Wedding Merchants Business Academy. Mallorca promoted its allure as a haven for yearround celebrations, not just sum mer events. The Wedding MBA, renowned as ‘the largest conference for wedding profession als in the world’, hosted industry gurus for a threeday extravaganza of exhibitions and seminars, uncovering the latest wed IN a swift act of municipal justice, Palma City Hall has slapped a hefty €700 fine on a taxi driver for over charging a passenger on Playa de Palma. The driver, caught by police in August, incorrect ly applied Tariff 4, the higher rate meant for night and offterritory trips, on a short journey that should have been charged at the cheaper city rate. The misdemeanour only cost the passenger a few euros more, but has now resulted in a serious penal ty for the driver, compris ing €600 for a major in fraction and €100 for a minor one. The city’s statement decried the act as a smear on the industry and Palma’s reputation,
Image: Finestrat Ayuntamiento / Facebook
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ding industry trends. Mallorca’s charm, with its unique venues, profession al services, and direct US flights, combines with Alacena de Genestra’s blend of Mediterranean delights and local ingredi ents from Michelinstarred Chef Andreu Genestra, promoting a gastronomic her itage at par with the best in the Mediter ranean. This convention marks a pivotal moment for Mallorca and Alacena de Genestra Catering, as they championed the island’s standing as a premier wedding locale, im bued with Mediterranean enchantment and culinary distinction.
Taxi tax stating, the taxi driver not only brought his industry into disrepute but also tar
nished the city’s image, they claimed. This stern punishment underscores Mallorca’s commitment to fair play and transparent tourism practices.
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Armistice Day ON November 11 every year, Armistice Day is commemo rated in memory of the end of the First World War. Also known as Remem brance Day, it is a solemn occa sion celebrated in many coun tries around the world to honour the historic signing of the armistice agreement be tween the Allies and their last remaining enemy, Germany. In the Commonwealth it is more commonly known as Re membrance Day, while in the United States, it is called Veter an’s Day. When was the armistice signed? It was officially signed by the Allied Supreme Commander, French Marshal Ferdinand Foch, at 5.45am on November 11, 1918, at Le Francport near Compiègne in northern France. The armistice came into force at 11am Central Euro pean Time (CET), on the 11th hour of the 11th day of the 11th month. It represented a commitment to cease fighting between both sides and brought an end to hostilities that had been going on since 1914 on land, sea, and air. How did WWI start? Increasing diplomatic ten sion between the European powers reached breaking point on June 28, 1914, when Gavrilo Princip, a Bosnian Serb, assassinated Archduke Franz Ferdinand, the heir to the Aus troHungarian throne. As a result, AustriaHungary held Serbia responsible, and declared war on July 28 of the same year. Russia quickly came to the defence of Serbia which dragged Germany, France, and Britain into the conflict by August 4. In Novem ber that year, the Ottoman Empire also joined in. Honouring Veterans on Armistice Day
Armistice Day serves as a poignant reminder of the sacri fices made by countless indi viduals during the First World War and to all military person nel who have sacrificed their lives for their countries in sub sequent conflicts. The traditional British, Cana dian, South African, and AN ZAC commemoration is for a minute’s silence to be held on the 11th hour, of the 11th day, of the 11th month. Observances typically in clude ceremonies at war memorials, military parades, and the laying of wreaths to honour the fallen. In Great Britain, the National Service of Remembrance is always held on the nearest Sunday to November 11 at the Cenotaph on Whitehall in London. This year, it will take place on Sun day 12. Starting at 11am, the service will commemorate the contribution of British and Commonwealth military and civilian servicemen and wom en involved in the two world wars and later conflicts. Why are poppies recognised as a symbol of remembrance? Inspired by the famous war poem ‘In Flanders Fields’, writ ten by Lieutenant Colonel John McCrae, red poppies are often worn as a symbol of remem brance. After seeing poppies grow ing in the battlescarred fields of Ypres in Belgium, the Cana dian doctor composed the now famous poem in the spring of 1915, shortly after losing a friend. As described on the Royal British Legion’s website, red poppies are a show of support for the Armed Forces commu nity, those currently serving, and exserving personnel and their families. They also serve as a symbol of remembrance for all those who have fallen in conflict.
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IN a spirited presentation at London’s World Travel Market this week, Mayor Juan Antonio Amengual of Calvia, Mallorca, showcased the town’s year-round appeal, transcending its summertime fame. Joined by Deputy Mayor Elisa Monserrat and tourism experts, the team championed Calvia’s versatility as a Mediterranean jewel, offering more than just its sunlit shores. The delegation’s mission was to dispel the MALLORCA’S business landscape is booming with seven local tycoons gracing the ranks of Spain’s rich list. Miquel Fluxa, of Iberostar Hotels, is the 11th wealthiest, despite his fortune dipping by £200 million to £2.5 billion. Iberostar’s continues its expansion into Latin America. Simon Pedro Barcelo Vadell, at 20th, runs the globe-spanning Barcelo Group. With 278 hotels in 25 countries, its value rocketed by 21 per cent last
Calvia’s charm
confines of seasonal tourism. Calvia, a haven with 15 ‘Q’ flags for beach quality, entices not only with its pristine sands but also its diverse tourism portfolio. “It seeks to attract gastronomic, active, cultural, sports, luxury tourism, meetings, conferences and events.”
Mallorca’s Rich List year, and now stands at £1.6 billion. Carmen and Luis Riu of RIU Hotels & Resorts pair up at 38th, their wealth at £960 million. Post-pandemic, their business doubled its income, showing remarkable resilience. Juan and Carlos March Delgado are almost neck and neck at 39th and 40th, with £950 million and £930 million respectively. Their
Banca March shares and Corporacion Financiera Alba investments keep their fortunes robust. Gabriel Escarrer’s family holds 52nd place with £720 million. Their 54.3 per cent share in Melia Hotels points to a recovery, with a 25 per cent increase in recent months. Finally, Isabel Garcia at 73rd, with £500 million, continues the Piñero legacy in hotels, which started as a small agency in Murcia
As Europe’s eco-tourism torchbearer, Calvia partners with establishments like St Regis Mardavall to repurpose over 16 million litres of water yearly. These strides in sustainability underscore the town’s dedication to preserving its paradisiacal charm.
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Moreover, with a vigilant Local Police force collaborating with the Guardia Civil, Calvia emerges as a safe haven, which in 2023 was free from the perils of ‘balconing’ and other unsafe tourist activities. In essence, Calvia’s allure lies not just in its climate but in its commitment to sustainable, secure, and diverse experiences. This Mallorcan gem offers a perennial promise of an idyllic escape.
Coastal clean-up IN a triumphant close to the 2023 season, the Ministry of the Sea and the Water Cycle’s coastal cleaning service has successfully cleared 27.81 tons of waste from the Balearic shores. The campaign, spanning from June to September, maintains the pristine condition of the islands’ beaches and coves, culminating in an average daily haul of 195.82 kg of waste.
Boozy blitz
A RECORD-BREAKING beer-drinking spree took place recently at Bamboleo restaurant, Playa de Palma, Mallorca. Fifty-five German tourists, including 13 women, downed 1,234 glasses, breaking the previous record of 1,111 beers. Organised by tourism guru Kai Uwe Kahmann, the event had participants communicate via two WhatsApp groups. Although they exceeded their time by 90 minutes and cost a hefty €2,838, the event remained orderly and good-natured. Reportedly the group later celebrated their victory at Megapark.
Mallorca, leading the waste collection, saw Pollenca at the forefront with 3,227.45 kg of waste removed. Not far behind were Capdepera and Alcudia, with significant contributions from Felanitx and Palma. The collected waste predominantly consisted of plastic, accounting for nearly half of the materials, followed by wood and a variety of other detritus. The dedicated efforts have surpassed last year’s results by 7.6 tons, illustrating an enhanced commitment to environmental health. Moreover, the service responded to 23 environmental emergencies, including fuel spills and targeted waste retrieval, showcasing their vital role in preserving Mallorca’s natural beauty and maritime safety.
PROVERB OF THE WEEK
“Great Scott!”
Famous quote from Back to the Future which was made in 1985. While it's unclear exactly why director Zemeckis and writer Bob Gale went with ‘Great Scott!’ for Doc Brown's trademark phrase, it was born out of a belief that the character should have one.
Waste retrieved from Balearic waters.
This year’s absence of the Portuguese Man O’ War has been noted, although other species continued to be a concern in recreational waters. As the season wraps up, the Balearic coasts stand cleaner and more inviting, thanks to the unwavering dedication of the coastal cleaning brigades
Jan 1, 1985 First mobile call in UK made by Ernie Wise to Vodafone.
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ON Monday, November 6, the first of two days, at the World Travel Market in London, Palma’s mayor, Jaime Martinez Llabres, presented a tourism model poised to elevate the city’s year-round appeal. Emphasising culture, sports, and sustainability, the mayor was joined by key figures such as Deputy Mayor Javier Bonet and Foundation President Pedro Homar and engaged with the A ssociation of British Travel Agencies (ABTA) and local leaders to shape a tourism narrative that resonates with the British market. Martinez Llabres expressed, “The line of tourism promotion that has been undertaken in Palma fully coincides with the expectations of a market as important to us as the British market.” He noted Palma’s aim to sustain a visitor-friendly environment throughout the year, enriched by its cultural heritage and sporting events. Furthermore, the mayor clarified that increasing tourist numbers isn’t about peak figures but achieving a balanced influx across all seasons. He reiterated the city’s objectives of infrastructure improvement to maintain service
Credit: palma.es
Palma’s London promotion Price freeze Council announces price freeze for 2024.
Credit: conselldemallorca.cat
WORLD TRAVEL MARKET: Presenting Palma’s year-round appeal.
quality, addressing security, mobility, and cleanliness. Palma’¡s bid to become the 2032 European Capital of Culture and its MALLORCA is gearing up for an action-packed 2024 with a newly approved roster of 67 sporting events. Fernando Rubio, Minister of Territory, Mobility and Infrastructures, chaired the formation of the Commission for NonPermanent Route Activ-
focus on premier sporting events underscore the island’s ambition for excellence and diversity in its tourism offerings.
ities, marking an increase from the previous years’ schedules. Alongside Rafel Oliver, the Island Director of Activities, Rubio highlighted the diverse lineup which includes cycling, athletics, motorsports, mountain events, and triathlons.
IN a decisive move, the Council of Mallorca, led by President Llorenc Galmes, will inject €43 million to maintain next year’s urban solid waste rate at €114 per ton, countering Tirme’s proposed hike to €225. Galmes declared, “we cannot and will not allow the citizens of Mallorca to bear the cost of the irresponsibility and disastrous management of the previous government team.” This freeze is bolstered by the regional government advancing €11 million. Amidst the CPI rise, soaring Euribor, and subsidy cuts, this support aims to shield residents from the fiscal storm. The Council’s subsidy is a definitive stance against cost-ofliving increases.
Sporty Mallorca The calendar showcases new additions such as the ‘Challenge Volta a Mallorca Femenina’ (cycling) and the night march ‘21st
Voltera Nocturna 2024’ (walk), starting in Felanitx. Notably, the authorisation criteria set forth ensure no overlap of events on the same day and restricts sports tests on Sundays during peak summer months and significant holidays. Reflecting on the com-
mission’s decisions, Rubio emphasised, “This is the case of cycling, athletics, motoring, mountain or triathlon federations, among others.” With such a vibrant schedule, Mallorca is poised to offer a thrilling year for athletes and spectators alike.
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THE Son Moix Olympic indoor swimming pool has benefited from a series of improvements, just in time for the festive season. The Municipal Sports Institute (IME) has dutifully delivered the upgrade of Son Moix’s deep pool on schedule, which reopened its doors on Wednesday, November 1. Activities resumed on Thursday, giving enthusiasts the chance to dive back into swimming and aqua-gym classes. The refurbishment, costing €115,252, also included the changing areas which now have been fitted with L E D lighting, modern shower systems, retiling of the men’s section, and improvements to the air conditioning system. These improvements herald a brighter, more sustainable era for Son Moix, ensuring that the local community and holidaymakers can dive into quality aquatic activities all year round.
Credit: juliazara/Shutterstock.com
Pool revival
Hunting season has now resumed.
Game on
AFTER an eight-year ban, hunters in Palma rejoiced as legal game hunting resumed. Thursday, November 3, saw a return with roughly 400 hunters in attendance, according to the Palma Hunting and Shooting Club. Regions including Na Burguesa and Genova are now open for hunting wood pigeons and partridges among others, every Thursday and Saturday. Although celebrated by some, it has drawn criticism from many who see the decision as a step in the wrong direction. The Club’s president, Jose Antonio Bonet, assured, “We have all the papers in order,” underscoring the legal requirements and the involvement of young enthusiasts, “From the age of 14, they can have a li-
cence and come hunting accompanied by an adult.” The inclusion of one young man, who joined the hunt with his grandfather, marks a generational bridge in the sport.Despite the celebratory mood, political and environmental concerns linger. The Vox party’s motion, backed by the PP, overturned the 2016 hunting ban, sparking debate. Neus Truyol of Mes per Palma and Xisco Ducros of the Socialist party voiced worries about ecological impacts, urging for a thorough assessment. Mayor Jaime Martinez proceeded with the controversial change, integrating Palma into the regulated hunting areas. The day marked a commitment to traditional hunting, whilst supporting local businesses post-hunt.
M A L L O R C A’ S M o n i c a Calzetta Ruiz clinched the women’s crown at the Veteran’s World Championships in Italy. She secured gold in the over50 category with a record of eight wins, two losses, and a c r u c i a l l a s t r o u n d draw. “Resilience is the cor nerstone of success,” Calzetta reflected, at tributing her recovery from defeats and focus on selfimprovement as key to her victory. Supported by her hus band and coach, Inter national Master Sergio Estremera, her success underscores the rise of women in sports. Calzetta stands against the scrapping of the Spanish Women’s Championships, empha sising equality and the fight for respect within the chess community.
Credit: Monica.CalzettaRuiz/Facebook.com
Chess triumph
MONICA CALZETTA: Secured gold in the over-50 category.
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Entrepreneur hub PALMA’S councillor for Economy and Commerce, Lupe Ferrer visited the fully occupied PalmaActiva Busi ness Centre. This municipal beacon of enterprise houses 16 premises, seven offices, and a coworking space, all bustling with 50 local en trepreneurs. Ferrer urged, “I want to encourage en trepreneurial people to sub mit applications to be able to settle in our business cen tre, which offers many ad vantages such as price, loca tion and networking.” She highlighted the cen
tre’s competitive edge of af fordability, prime location, and a collaborative environ ment. A rotation system en sures new applicants can ac cess spaces promptly, with coworking spots readily available. Emphasising the centre’s support for the creative economy, Ferrer invited newcomers to join the vi brant mix of sectors already represented. Applications are open yearround, fostering a dy namic community where the creative economy flour ishes. Credit: palma.es
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FULLY OCCUPED: PalmaActiva Business Centre.
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Working with the community since 1985 LAST week’s edition of Euro Weekly News was number 2,000 which was a major milestone in the history of the paper which was first published as The Entertainer on July 11 1985. Throughout this edition, we will be featuring several stories from 35 years ago just to give a taste of what was happening, some items tragic, some nostalgic, some important and some which are just amusing. We are known as the People’s Pa per and above all else, we are com mitted to communicate, educate and entertain our much respected readership and provide an outlet for our advertisers, old and new. Keeping in contact with the com munity across all of the areas where the newspaper is issued is really im portant and we issue the newspa pers 52 weeks in the year regardless of national holidays, economic downturns and of course the pan demic. How things have changed in 35 years and one of the most obvi ous has been the fact that many of the team now work remotely, something which really gathered momentum because of the lock down and the need to keep the pa pers running which of course also led to the extension of our website so you can read the papers online. This event can’t be allowed to pass without mentioning our longest serving team member Linda Hall Gonzalez who has been writing for
• Mary Casnello Look forward to every Thursday! • The Canary News Superb. Congratulations! An Epic Achievement! • Edward Timon Magnificent! No small task at all. Well done all round, really some thing to be very proud of.
Celebrating the 2000th edition.
the papers for more than 30 years and whose continued involvement we value greatly. To celebrate the 2,000th edition, those of us who work out of our Head Office sat together and toasted our achievement with an old fash ioned slice of celebratory cake be fore adjourning to a local Spanish restaurant where we enjoyed typical first class Spanish hospitality. We had one incredible surprise when unbeknown to the directors of the company, much valued advertis er José of Club del Sol tennis, padel and squash club created a brand new advert for his regular Costa del Sol front page piece which stated; Congratulations on your 2000th is sue of Euro Weekly News The success of our business is be cause we have been advertising with you for over 20 years, every week.
Navigating forward with Edition 2001 Dear Readers, As we unveil Edition 2001, we, Michel and Steven Euesden, publishers of Euro Weekly News, reflect on our remarkable journey and the essence of our mission, now encapsulated in this signifi cant number. Over three decades ago, our mission was born: to help nonindigenous individuals seamlessly integrate into Spain’s diverse com munities. We aimed to bridge cultural and lin guistic gaps, a purpose that still guides us to day. At our core, we’re committed to raising aware ness for the needy and vulnerable within our com munity. We believe in the power of storytelling to illu minate hidden issues, amplifying the invaluable work of local charities, championing noble causes, and sharing narra tives of resilience. In a world often marred by negativity, we remain resolute as a beacon of hope. Amidst the chaos, we firmly believe there’s an abundance of hope, inspiration, and positivity. Euro Weekly News is your sanctuary,
where stories warm your heart, celebrate your community, and rediscover innate goodness. Our mission transcends information; it seeks to empower you. We equip you with insights to thrive in your chosen homeland, navigate Span ish culture, and participate actively in local communities. As we present Edition 2001, we are pro foundly grateful for your trust. Your reader ship drives our enduring commitment to ex cellence. Our resolve remains unwavering, our mission resolute, and our dedication to serving you, our cherished readers, stronger than ever. Thank you for being part of the Euro Weekly News family. Together, we will illuminate the path, of fer hope, and celebrate the remarkable stories that enrich our community, our lives, and our world. With sincere thanks and a commitment to the future,
Michel and Steven Euesden Publishers Euroweekly News
• Joy Finnell King Congratulations !!!!!!!! • Linda Miller I love having my EWN through e mail. • Vivien Sutcliffe Euro Weekly Newspaper Thank you. For me the community spirit and information has been in spired. I retired to Southern Spain in 2001. Onwards and upwards Team EWN. • Jan Leaver Congratulations! x • Christine Climent Congratulations to you all, here’s to many more years EURO WEEK LY NEWS • Mary Kavanagh Kirby Love EWN. Feel something is miss ing if I don’t get my copy. It’s a mine of information. Long may it continue. Thanks. • IrishArtist Michael Thanks so much for sharing this! Yes, your weekly newspaper is a great resource for all of us on the coast and long may it continue! • Chris McGovern It’s a fabulous weekly paper, thank you so much. I’m amazed by the quality and information that is in it. • Lois Bennett Always pick up a copy & look on line • Stephen Tiley Congratulations loved reading it and still catch up online. Great pa per.
FEATURE
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Protect and grow your wealth Whether you have capital to invest, or it’s time to review your portfolio to keep it on track, there are five key aspects to address for successful investment. 1) Tax and estate planning considerations A tax-efficient structure can keep most of your investments in one place and provide legitimate protection from paying too much tax. Ensure as much of your hard-earned wealth as possible is placed in the most suitable structure to limit your tax liabilities. Also consider your estate planning wishes, so your capital can be passed to your heirs as easily and tax efficiently as possible. Here in Spain, with a foreign tax and succession system and various changes over the years, it is crucial to take advice from someone who is well-versed in the nuances of the Spanish regimes and how they can impact your wealth. 2) Your appetite for investment risk Of course, no risk often means
By Cathal Rochford, Partner, Blevins Franks
no returns. And arguably even bank accounts carry risk, as we saw with the last banking crisis. We also have inflation risk, where the rising cost of living erodes the spending power of bank deposits over time. Most of us recognise that for some of our assets, exposure to market movements gives us a better chance of outperforming inflation and producing real returns over the medium to long term.
However, the starting point has to be to obtain a clear and objective assessment of your appetite for risk. Otherwise, the result will be an investment portfolio that is not suitable for you. There are some sophisticated ways of evaluating your risk appetite, involving psychometric assessments and consideration of your other assets and the investment objectives. 3) The optimum investment portfolio Every set of investments can be forecast to display a given amplitude of risk. Low amplitude, less investment risk but also lower likely returns. A higher amplitude of risk brings greater potential returns but also higher investment risk. The key is ensuring your investment portfolio matches your attitude to risk. It is extremely difficult to effectively assess your own risk profile; you will benefit from third party professional objective guidance. Otherwise your portfolio may be
too risky or too cautious for you. Another key initial step is to establish your objectives. Are you looking for income, growth, or preserve your wealth for children? What is your time horizon? Your adviser should then help you build a portfolio to match your risk profile and objectives. 4) Diversification The next component is to ensure your investments are suitably diversified and not over-exposed to any given asset type, country, sector or stock. By spreading across different asset types (such as equities, government bonds, corporate bonds, property, cash) and geographical markets, you give your portfolio the chance to produce positive returns over time without being vulnerable to any single area or stock underperforming. This sound investment approach can be extended by utilising a 'multi-manager', approach. 5) Reviews
Finally, review your portfolio around once a year to re-balance it, which your adviser should do as part of their continuing service. As asset values change, your portfolio can shift away from the one designed to match your risk profile and objectives, and you may need to adjust your weighting. Consider if your circumstances have changed and the implications for your portfolio. Regular re-balancing helps control risk and can have a positive effect on portfolio performance. Five key principles which applied well can help you have the peace of mind to sleep at night, while your investments and investment managers work to your requirements. Summarised tax information is based upon our understanding of current laws and practices which may change. Individuals should seek personalised advice. Keep up to date on the financial issues that may affect you on the Blevins Franks news page at www.blevinsfranks.com.
10 EWN 9 - 15 November 2023
DENMARK Royal designer QUEEN Margrethe II of Denmark, with 50 years on the throne, unveils a surprising role as a costume designer for Netflix's ‘Ehrengard: The Art of Seduction’, released in September 2023. Remarkably, she didn't accept payment for her creative contributions, showcasing her dedication to the craft alongside her royal duties.
Green partnership DENMARK's Ambassador Prytz highlighted the establishment of a Green Strategic Partnership with Vietnam, showcasing Denmark's commitment to support Vietnam's green transition. This partnership, the fifth of its kind globally, aims to facilitate synchronised green development at all levels in Vietnam. Vietnam will participate in the Just Energy Transition Partnership and the adoption of the National Power Development Plan VIII.
NORWAY
euroweeklynews.com
EURO PRESS THE NETHERLANDS
Credit: Twitter
Unusual poll station AFTER the collapse of the Dutch coalition government earlier this year, the Netherlands are hosting elections on November 22, with an unexpected twist. One of the poll stations available will be none other than the iconic Anne Frank House! It will be closed to the public on that day and open to voters from 9am to 7pm.
TikTok craze TIKTOK is at it again. Now, the platform is
GERMANY
The Dutch Treat. making the traditional Dutch ‘crompouce’ into the latest ‘must eat’. A crompouce is a sweet Dutch treat that is a mix between a croissant and a tompouce. One local baker has said that thanks to the recent social media swarm he currently sells more than 400 a day!
FRANCE
EUROPEAN PRESS
IRELAND Potato shortage ACCORDING to the Irish Farmers' Association, this year’s potato harvest has been described as ‘the worst in living memory’. Continuous rainfall and subsequent flooding have left 60 per cent of the potato crop unharvested. The agricultural disaster could cause significant economic strife for the potato industry, affecting farmers and consumers alike.
Lotto alert AN Irish Lotto player in Emyvale, Co. Monaghan, has yet to claim their €1 million prize from the August draw, sparking concern. With the deadline just two weeks away, the National Lottery is urging ticket holders to come forward. Ticket holders have been urged to recheck their numbers in order to secure the life-altering sum.
PORTUGAL
Christmas tree
Brit extradited
Language battle
Tourists rescued
A 63-FOOT Norway spruce is en route to the US Capitol's West Lawn as the 2023 Christmas tree. It will be adorned with thousands of local ornaments, and light up the Capitol after Thanksgiving in the 53-year tradition of the US Capitol Christmas Tree initiative.
LAST week, a 70-year-old British citizen was extradited to Germany in connection with the alleged murder of an individual who was discovered deceased in a bathtub on January 2 in 1979. The victim's last known whereabouts were on December 30, 1978. It is suspected the victim met his demise as a result of being struck with a bronze pestle.
IN the latest step in a long-running battle over whether to make the French language more inclusive, President Emmanuel Macron has urged its speakers "not to give in to the zeitgeist" by using gender-neutral nouns. His comments this week come as the Senate voted in favour of a proposal to ban so-called inclusive writing from official texts.
FIVE tourists were rescued from the Algar Seco caves, in Lagoa, on Portugal's Algarve, after being trapped by strong waves during the remnants of Storm Domingos. A seriously injured 28-year-old German was rushed to Faro Hospital. Four other Czech nationals suffered minor injuries, with two of them being sent to Portimão hospital for observation.
Norway’s spaceport NORWAY has taken a giant leap in the satellite launch race with the inauguration of the Andoya Spaceport, situated north of the Arctic Circle. Isar Aerospace's ‘Andoya Spaceport’ aims to be Europe's first fully operational orbital launch site. Crown Prince Haakon presided over the ceremony, marking a significant milestone in European space exploration.
ITALY
Legal pot
5 Star flight
THE German government has approved legislation aimed at legalising recreational cannabis by the end of this year, albeit with certain restrictions. The proposed law is currently under review by the German Parliament. If passed, it would grant adults the ability to cultivate their own marihuana plants for personal use within their own private residences or designated registered non-profit social clubs.
AIR FRANCE has now introduced new menus in La Premiere and long-haul Business cabins. Michelinstarred chefs Renaut and Pic create dishes on Paris departures, while Jean-Charles Bredas designs the Business menu for select international stations. These menus prioritise fresh, local ingredients and French origin for meat, poultry, dairy, and eggs. Sustainable fish is sourced from Paris departures, and vegetarian options are available.
BELGIUM
FINLAND
Unemployment up THE unemployment rate in Portugal rose to 6.5 per cent in September, according to provisional estimates published by the National Institute of Statistics (INE). That figure is 0.4 percentage points higher than in the corresponding month of 2022. It is also 0.1 per cent points more than it was in August. However, the number of people employed was the: 'highest since records began'.
SWEDEN
Rental taxes
Treble tour
Sled innovations
Record time
THE Italian government plans to increase taxes on short-term rentals by those who rent more than one flat, according to Reuters. The move comes in the wake of criticism of Airbnb and other rental platforms for contributing to a shortage of affordable housing for residents in popular tourist destinations. However, the government has scaled back its initial plans, as earlier drafts included a tax increase even for individual flats.
BELGIUM native and Manchester City football player, Kevin De Bruyne, took the gobsmacking FOUR trophies that his team won last season back to his hometown of Ghent, Belgium last Wednesday. After surprising players by visiting his former club he also attended an event with 700 fans at the Bikloke Music Centre. The footballer said he was “proud to be home”.
IN Rovaniemi's Sled Fair, the spotlight was on the electric sled by Aurora Powertrains Oy, attracting sledding enthusiasts. Despite the interest, concerns over the practicality of long-distance trips without charging stations remain, highlighting the early development stage of electric sleds compared to traditional gasoline snowmobiles.
CROSS-COUNTRY skiing on natural snow has started in record time this winter in Sweden. Kläppen in Sälen was the first to open just over three weeks ago. Now, Lindvallen in Sälenfjällen has opened, with a total of four kilometres of tracks for free-riding prepared. In Dalarna, the Idre fjäll facility has also opened early.
Earthquake fear FEAR has gripped residents of Pozzuoli, a town near Naples and around the volcanic area known as the Campi Flegrei (from the Greek for burning), since a supervolcano sparked a swarm of earthquakes. There were more than 1,000 earthquakes in September and about 500 smaller ones so far in October. The government has been planning for a possible mass evacuation of tens of thousands of people.
Daring dealers DRUG dealers in Belgium have become so daring that once drugs have been seized by Customs, they are trying to steal them back as they are often impounded for some time before destruction. The government is to be lobbied to make it a requirement that they are destroyed within days of seizure.
Cyber security CELEBRATING its fifth year, the Cyber Security Nordic event commenced in Helsinki, focusing on Europe's cybersecurity. The event featured prominent experts and discussions, with a pivotal panel scheduled to discuss the challenges of countering Europe's escalating cyber threats.
€50,000 prize SWEDISH artist Lap-See Lam is one of five candidates compete to win Finland's biggest art prize, Ars Fennica 2023. With their work currently on display at the Kiasma Museum of Contemporary Art, on November 22, one of them will walk away with €50,000. Lam has created a fairy tale for four walls and one floor, about children who are captured by an underwater monster that forces them to satisfy his hunger, with children.
FINANCE Bargain price AURELIUS GROUP, which has offices in five European coun tries, is reportedly negotiating the purchase of the Body Shop from owners, the Brazilian com pany Natura & Co. If the deal goes through Aurelius would pay less than the £400 to £500 million (€459.9 to €574.6 mil lion) quoted in some media re ports, Reuters said.
Tower power VIRGIN MEDIA O2 (VMO2), the TelefonicaLiberty Global joint venture, is selling a 16.67 per cent minority holding in their mobile tower company, Cornerstone (CTIL), to GLIL Infrastructure. The telecoms company, which will re ceive approximately £360 million (€413 million), will maintain a 33.3 per cent stake in CTIL.
TSB stars THE TSB bank refunded 94 per cent of customers’ claims for au thorised push payment fraud last year, compared with Monzo’s 6 per cent, the Payments System Regulator revealed. Banks should return customers’ losses unless they suspect negligence, with stricter rules planned for next year to balance inconsisten cies in refund policies.
Taking a toll SPANISH infrastructure multina tional Ferrovial’s income in creased to €6.2 billion in the first nine months of the year, 12 per cent up on 2022. Its construction division grew by 8.5 per cent, but motorway concessions were responsible for the great est increase of 41.1 per cent, bringing a €700 million gross op erating profit.
Cost-cutting ONLINE derivatives trading plat form, IG Group, is planning hun dreds of redundancies as it reor ganises operations with a 10 per cent reduction in its global workforce, the company an nounced. By eliminating 300 jobs plus introducing additional measures, the company expects to make annual savings of £50 million (€57.5 million).
euroweeklynews.com • 9 - 15 November 2023
STAT OF WEEK
€20 billion
in profits during 2023’s first nine months for Spanish banks whose shares are quoted on the Bolsa (Stock Exchange), 24 per cent more than during this period last year.
Off the Grey List GIBRALTAR is close to re moval from the Grey List. Countries on the Grey List are those which the Finan cial Action Task Force (FATF) considers fail to prevent ille gal activities that threaten the integrity of the interna tional financial system. T Raja Kumar, the FATF president, confirmed that Gibraltar had satisfied its ac tion plan and, subject to an onsite inspection, would be removed from the Grey List at FATF’s next Plenary ses sion in February 2024. An onsite inspection is the final step prior to removal from the list. The news would be widely welcomed by the
Photo credit: Nigel Feetham X
BUSINESS EXTRA
12
NIGEL FEETHAM: Gibraltar’s Justice, Trade and Industry minister in Paris.
community and was further evidence of the measures that Gibraltar has taken to meet FATF standards, gov ernment sources said. “Everyone in Gibraltar will be delighted by this news and warmly welcome this highly positive out
VODAFONE is bidding farewell to its Spanish subsidiary after more than a quarter of a century. The UKbased communications in vestment firm Zegona will pay €4.1 bil lion in cash assets for Vodafone España, together with up to €900 million in Zeg ona preference shares that will be re deemable within six years of finalising the deal. Zegona announced on October 31 that it had entered into ‘committed debt financing of €4.2 billion and a com mitted revolving credit facility of €0.5 bil lion and an equity placing of up to €600 million’. Eamonn O’Hare, Zegona’s Chairman
come,” commented Justice, Trade and Industry minister Nigel Feetham, as he ad dressed a FATF plenary meeting in Paris on October 27. “I wish to thank all of those authorities who have worked tirelessly in this pro
cess and continue to sup port us in our work to ad dress these action points and remove Gibraltar from the Grey List at the earliest possible opportunity,” the minister said. “We now look forward to welcoming the inspectors for the onsite visit in the coming months and the subsequent confirmation by FATF of Gibraltar’s re moval from the Grey List in February 2024. “We have totally com mitted to this process and look forward to continuing to engage with the FATF as we further develop our strategies in our fight against economic crime.”
Vodafone España takeover Photo credit: Flickr/Wei-Te Wong
VODAFONE: Spanish subsidiary sold to Zegona Communications.
and chief executive said the company was “very excited about the opportuni ty to return to the Spanish telecoms market.” O’Hare went on to explain that the
“financially attractive” acquisition of Vodafone was the company’s third deal in Spain after successful turnarounds at Telecable and Euskaltel. “With our clearly defined strategy and proven track record, we are confi dent that we can create significant value for shareholders,” he said. Financial daily Cinco Dias quoted in dustry insiders who said that Vodafone, which was formerly so successful, was eventually pushed aside following a se ries of bad decisions both by the parent company and its Spanish subsidiary.
Covid answers
Another upgrade Planned sale off
THE government is not obliged to compensate the hospitality industry for losses caused by the Covid restric tions. The Supreme Court reject ed appeals by thousands of bar, café and restaurant own ers after considering evidence from several of the compa nies involved and the lawyers who represent the State (Abo gacia del Estado). Although the Constitutional Tribunal declared that some aspects of the State of Alarm were unconstitutional, these sentences were no basis for claiming compensation from the State, said judge Carlos Lesmes who announced the Supreme Court’s conclusions.
NEXT expects fullyear profits of £885 million (€1.01 billion) after turnover rose by 4 per cent between July and late October. This is £10 million (€11.5 million) more than the company’s previous estimates and was also the fourth time in five months that the retailer, which now owns several high street brands, has up graded its forecast. A warm September discouraged sales of coats and knitwear, but compared with the same period in 2022 these in creased by more than 11 per cent from midOctober onwards once tempera tures began to fall. Next’s share price grew by more than 3 per cent on November 1 after the com pany announced that it foresaw fullyear sales increasing by 3.1 per cent to £4.7 bil lion (€5.4 billion) which was 2.6 per cent more than earlier calculations.
NUEVA PESCANOVA owner Abanca has dropped plans to sell the frozen seafood company. “We have put the process on hold,” the bank announced after negotiations to sell an 80 per cent stake to Canadian company Cooke fell through. Employees of the company, which is currently negotiating 76 redundancies, welcomed the sale which Nueva Pescanova also re garded as ideal. Friction arose after Cooke com missioned an exhaustive audit and cancelled the deal. Pescanova’s new chief executive Jorge Escudero said the project was so valuable that Abanca was in no hurry to divest itself of the compa ny and would renew the search for an industrial partner ‘later on’.
Increased Prisa profits EL PAIS publisher Prisa posted pretax profits of €121 million for the first three quarters of 2023. This was 75 per cent more than the same period last year, with ‘robust growth’ in business, in come and margins in line with tar gets for 2023 and its 20222025 strategic plan, the Spanish multi national announced. Revenue rose to €679 million between January 1 and Septem ber 30, a 16 per cent increase compared with last year. Prisa’s operating margin of 17.9 per cent of revenue six percent age points more than by the end of September 2022 continued its ‘positive tendency’, the company said.
Hammers’ deal THE Gold family are selling part of their 25.1 per cent holding in West Ham United. Vanessa Gold, who became the club’s joint chair on the death of her father, David Gold, has as signed Rothschild & Co put out feelers for buyers. The Golds are the Hammers’ thirdlargest shareholders after David Sullivan (38.8 per cent) and Czech billionaire Daniel Kretinsky (27 per cent), who paid between £180 and £200 million (€207 and in €230 million) in 2021. Sources cited by the Guardian suggested that the Golds would sell up to 10 per cent or possibly more depending on the offer.
UK classics for the US FORTNUM & MASON intend to expand in the US as demand grows for British tea, jam and other groceries. Fortnum’s chief executive Tom Athron announced plans to open a warehouse in the US so it can sell directly to retail ers. Athron told The Telegraph that approximately 30 per cent of the international customers who visited the Piccadilly store were from America. “What we want to do in much the same way as we’ve done in the EU is to put some of our own stock on the ground,” he said.
FINANCE
14 EWN 9 - 15 November 2023
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CLOSING PRICES 6 NOVEMBER
% CHG.
NET VOL
COMPANY
-17,00
-0,84%
855,07K
InterContinental
5.688,0
+4,20
+2,57%
669,91K
Intermediate Capital
1.400,00
2.493,0
-4,0
-0,16%
197,74K
Intertek
3.850,6
Anglo American
2.184,5
+29,0
+1,34%
464,30K
ITV
Antofagasta
1.359,00
+2,00
+0,15%
151,34K
Ashtead Group
4.927,0
+52,0
+1,07%
Associated British Foods
2.139,0
+34,0
AstraZeneca
10.282,0
-80,0
COMPANY
PRICE(P)
CHANGE(P)
3I Group
2.002,48
Abrdn
167,45
Admiral Group
% CHG.
NET VOL
-182,0
-3,10%
141,46K
+16,00
+1,16%
274,90K
+39,0
+1,02%
51,10K
66,50
+1,36
+2,09%
1,02M
J Sainsbury
281,00
+9,20
+3,38%
2,14M
227,26K
Johnson Matthey
1.573,5
+31,5
+2,04%
41,77K
+1,61%
146,93K
Land Securities
613,90
+8,40
+1,39%
575,56K
-0,77%
158,54K
Legal & General
222,90
+0,40
+0,18%
7,97M
Lloyds Banking
42,38
+0,60
+1,44%
30,33M
London Stock Exchange
8.320,0
-40,0
-0,48%
78,68K
494,90
+7,00
+1,44%
517,30K
-4,00
-0,30%
264,30K 632,93K
Auto Trader Group Plc
627,20
+2,20
+0,35%
340,60K
Aviva
405,19
-1,00
-0,25%
2,08M
PRICE(P)
CHANGE(P)
1.14807
0.87093
Units per €
US dollar (USD) ........................................1.0699 Japan yen (JPY)........................................160.02 Switzerland franc (CHF) ...........................0.9635 Denmark kroner (DKK) .............................7.4617 Norway kroner (NOK) ...............................11.860
B&M European Value Retail SA539,80
+7,20
+1,35%
563,68K
Melrose Industries
BAE Systems
1.104,00
-2,00
-0,18%
782,84K
Mondi
1.345,00
Barclays
134,85
+1,64
+1,23%
10,95M
National Grid
1.000,00
0,00
0,00%
NatWest Group
185,70
+3,90
+2,15%
6,29M
Next
7.377,5
+120,0
+1,66%
44,39K
DOW JONES
Ocado
535,00
+25,80
+5,07%
523,84K
CLOSING PRICES 6 NOVEMBER
Persimmon
1.110,2
+37,5
+3,50%
295,10K
COMPANY
PRICE
CHANGE
CHANGE% VOLUME(M)
Phoenix
469,10
+1,40
+0,30%
378,04K
Prudential
889,00
+17,40
+2,00%
1,04M
3M American Express Amgen Apple Boeing Caterpillar Chevron Cisco Coca-Cola Dow Goldman Sachs Home Depot Honeywell IBM Intel J&J JPMorgan McDonald’s Merck&Co Microsoft Nike Procter&Gamble Salesforce Inc The Travelers UnitedHealth Verizon Visa A Walgreens Boots Walmart Walt Disney
92,31 150,85 266,59 177,57 192,01 239,12 148,76 52,75 57,09 48,99 313,76 294,53 186,43 147,01 37,70 150,24 141,42 266,85 102,85 348,32 105,08 151,44 208,11 168,95 536,13 35,90 243,25 21,50 165,52 83,29
+1,75 +4,40 +5,75 +3,60 +2,63 +7,29 +4,78 +0,56 +0,65 +0,78 +6,60 +7,90 +2,44 +1,61 +0,41 +1,55 +2,48 +4,88 0,00 +2,25 +4,20 +1,83 +4,20 -0,33 +4,53 +0,50 +4,67 +0,87 +0,65 +2,22
+1,93% 2,62M +3,00% 3,11M +2,20% 2,47M +2,07% 71,89M +1,39% 4,30M +3,14% 5,70M +3,32% 11,06M +1,07% 17,43M +1,15% 13,08M +1,62% 3,74M +2,15% 2,60M +2,76% 3,60M +1,33% 3,03M +1,11% 3,79M +1,10% 35,26M +1,04% 5,33M +1,78% 9,44M +1,86% 4,11M 0,00% 5,38M +0,65% 24,21M +4,16% 8,06M +1,22% 5,86M +2,06% 4,96M -0,19% 1,28M +0,85% 2,34M +1,41% 24,67M +1,96% 6,27M +4,22% 9,18M +0,39% 5,09M +2,74% 11,48M M - MILLION DOLLARS
Barratt Developments
440,20
+8,00
+1,85%
892,76K
Berkeley
4.242,0
+64,0
+1,53%
18,31K
BHP Group Ltd
2.388,00
-21,00
-0,87%
176,28K
BP
497,45
-1,15
-0,23%
6,58M
British American Tobacco 2.527,0
+15,0
+0,60%
362,87K
British Land Company
326,20
+8,20
+2,58%
498,50K
BT Group
122,11
+4,70
+4,00%
9,63M
Bunzl
2.939,0
-1,0
-0,03%
31,09K
Burberry Group
1.736,0
+13,0
+0,75%
143,34K
Carnival
883,4
+9,8
+1,12%
101,91K
Centrica
155,40
-2,20
-1,40%
17,62M
Coca Cola HBC AG
2.130,0
+26,0
+1,24%
61,67K
Compass
2.072,68
-29,00
-1,38%
302,50K
CRH
4.669,0
+34,0
+0,73%
54,15K
Croda Intl
4.465,0
+24,0
+0,54%
DCC
4.667,0
+5,0
+0,11%
Diageo
3.204,5
+20,0
DS Smith
288,71
EasyJet
Reckitt Benckiser
5.484,0
-62,0
-1,12%
176,05K
Relx
2.848,00
-41,00
-1,42%
469,53K
Rentokil
443,20
+16,60
+3,89%
5,61M
Rightmove
469,10
-4,70
-0,99%
1,21M
Rio Tinto PLC
5.359,0
+5,0
+0,09%
250,37K
Rolls-Royce Holdings
222,74
-0,80
-0,36%
5,17M
Sage
976,20
-15,20
-1,53%
304,74K
Samsung Electronics DRC 1.332,00
+12,00
+0,91%
3,72K
+4,9
+1,28%
325,03K
Schroders
389,0
106,96K
Scottish Mortgage
673,87
+5,00
+0,75%
496,32K
36,40K
Segro
769,00
+20,40
+2,73%
674,88K
+0,63%
324,66K
Severn Trent
2.690,8
+22,0
+0,82%
189,47K
+0,30
+0,10%
295,19K
Shell
2.706,5
-61,5
-2,22%
1,41M
387,00
+10,00
+2,65%
967,71K
Smith & Nephew
991,00
+29,00
+3,02%
1,12M
Experian
2.624,0
+16,0
+0,61%
240,53K
Smiths Group
1.633,50
+9,00
+0,55%
73,35K
Ferguson
12.683,0
-105,0
-0,82%
11,05K
Spirax-Sarco Engineering 8.420,0
+74,0
+0,89%
15,75K
Flutter Entertainment
13.745,0
+400,0
+3,00%
159,03K
SSE
1.698,50
+15,00
+0,89%
436,61K
Fresnillo
551,80
+6,20
+1,14%
107,24K
St. James’s Place
665,00
+4,40
+0,67%
323,55K
Glencore
440,90
+0,55
+0,12%
3,56M
Standard Chartered
620,50
-0,40
-0,06%
1,83M
GSK plc
1.400,00
+3,80
+0,27%
786,55K
Taylor Wimpey
113,88
+1,95
+1,74%
9,74M
Halma
1.887,5
+5,0
+0,27%
518,21K
Tesco
275,90
+1,90
+0,69%
3,16M
Hargreaves Lansdown
744,30
+17,20
+2,37%
341,91K
Tui
445,20
+13,60
+3,15%
364,05K
Hikma Pharma
1.859,00
+23,50
+1,28%
54,15K
Unilever
3.880,5
-21,0
-0,54%
263,31K
HSBC
603,80
+2,50
+0,42%
4,84M
United Utilities
1.088,00
+6,50
+0,60%
211,97K
IAG
149,50
+1,75
+1,19%
6,17M
Vodafone Group PLC
77,88
+0,66
+0,85%
8,37M
Imperial Brands
1.807,00
+19,00
+1,06%
137,38K
Whitbread
3.240,0
-72,0
-2,17%
170,09K
Informa
719,20
-3,20
-0,44%
237,05K
WPP
744,00
+16,20
+2,23%
500,63K
currenciesdirect.com/mallorca • Tel: +34 687 906 226 THE ABOVE TABLE USES THE CURRENT INTERBANK EXCHANGE RATES, WHICH AREN’T REPRESENTATIVE OF THE RATE WE OFFER
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COMPANY Most Advanced Roku, Inc. Shopify Inc. Palantir Technologies Inc. Affirm Holdings, Inc. Informatica Inc. JFrog Ltd. ADT Inc. Lightspeed Commerce Inc. Gildan Activewear Inc. DoorDash, Inc. Fastly, Inc.
CHANGE NET / %
VOLUME
+30.74% +22.36% +20.44% +19.48% +17.85% +16.56% +16.49% +15.92% +15.75% +15.67% +15.58%
39.924M 42.696M 168.822M 24.616M 1.834M 1.954M 5.956M 1.621M 1.381M 12.31M 6.857M
-42.13% -31.86% -16.97% -16.12% -15.82% -15.76% -13.56% -13.07% -12.82% -12.66% -12.62%
56.717M 10.199M 3.599M 9.859M 4.106M 2.32M 7.183M 7.911M 179,512 1.086M 1.297M
Most Declined Confluent, Inc. Remitly Global, Inc. Inari Medical, Inc. Procore Technologies, Inc. Tenable Holdings, Inc. Regal Rexnord Corporation KBR, Inc. BorgWarner Inc. Markel Group Inc. Belden Inc. Schneider National, Inc.
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FINANCE
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BUSINESS EXTRA Shopping early JOHN LEWIS said shoppers were preparing for Christ mas earlier this year, with sales of seasonal ranges 10 per cent higher than usual in October. Although total holi day spending will rise by 3.4 per cent to £110 billion (€126.17 billion), GlobalDa ta’s analysts predicted that British households would spend less and choose cheaper items this year.
Bank puzzle SPAIN’s high street banks Santander, BBVA, Caixa Bank, Sabadell, Bankinter and Unicaja are reporting record profits and paying out the highestever divi dends although Santander, BBVA, CaixaBank and Sabadell have between them lost 250,000 share holders in the first nine months of 2023. The excep tions are Bankinter and Uni caja.
9 - 15 November 2023
EWN 15
Slowdown for Aston Martin Game over ASTON MARTIN announced that it will be delivering fewer cars than planned this year. The company ex pects to sell 6,700 DB12 models in stead of 7,000 after supply chain and software problems affected production of the sports cars produced at the Gaydon (Warwickshire) works. Delays in DB12 deliveries were responsible for a £48.4 million (€55.6 million) loss
Aston Martin shares went down by more than 15 per cent immediately af ter the November 1 announcement, falling to their lowest level since May. r alk rW Prices had rallied /M C it: C d during the first six months e r to c Pho of this year in the wake of deals with Geely in China ASTON MARTIN: ‘Exceptional demand’ for DB12 model. and the USbult Lucid, but dropped by more than 50 in the third quarter of this £38 million (€43.7 million) per cent since August. year, compared with the that analysts had predicted. Despite the thirdquarter production delays, Aston Martin said that it can still meet its target of an annual £2 billion (€2.3 billion) in INDITEX founder Amancio Ortega, who per cent stake in Telefonica, the gov sales by 2025. is still its majority shareholder, turned ernment would like to see 5 per cent Chief executive Amedeo down a government proposal to invest state ownership of Telefonica without Felisa stressed “exceptional in Telefonica. the State Industrial Holding Company demand” for the DB12 and According to insiders quoted by finan (Sepi) having to meet all of the €1 bil said that the company cial daily, El Economista, Spain’s incum lion cost. would be posting “signifi bent government had a disappointing Ortega’s Pontegadea investment cant growth” compared to response from Ortega in its strategy to company recently denied that it was in last year, “driven by an in ensure that Telefonica remains Spanish. touch with the government although El crease in volumes as well as With Saudi Arabia’s ST telecommuni Economista sources insisted that con higher gross margin,” ac cations company now possessing a 9.9 tacts had taken place. cording to UK media re ports.
Ortega says no to proposal
LONDONbased EY con firmed that it will no longer audit the Codere New Top co gaming company or its subsidiaries. In an audit dated April 21, EY referred to the “existence of materi al uncertainty that the group can continue as a functioning business” after Codere Newtopco acknowl edged net losses of €477 million in the 13 months ending in December 2022.
Fashion ASOS online fashion re tailer announced that sales would probably fall by 15 per cent over the coming year after report ing a £300 million (€344 million) loss last year. As shares dropped to 365p (€4.19) analysts foresaw that ASOS would need to raise new cash, possibly by selling its Topshop brand, as net losses reached £648.5 million (€744.3 million).
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The Tao philosophy LEAPY LEE SAYS IT OTHERS THINK IT I’VE been an advocate of the Tao philos ophy for many years. Although I always respected the Christian and other be liefs, none ever really sparked any per sonal recognition of the whys and wherefores of life. Wandering some what blindly through the religious rea sons, explanations and different ideas for our manifestation never really left me any more knowledgeable of the true purpose of our existence. And then, completely out of the blue, I was introduced to the Tao philosophy; a remarkable belief which reveals the order and wisdom of individual life and the way it harmonises with the universe as a whole. Gradually it all became clear. I know that sounds a bit loopy from Leapy, but it was true. Our soul or spiri tual fragment is all a part of the one cre ation. Complicated? Not really. Imagine tak ing a bottle or a glass phial and filling it
with sea water. You then seal it and re turn it to the sea. Although it is separate it is still a part of the oneness. When it breaks, it once more rejoins the vast ocean it originated from. And that’s it. When the human body dies it releases the soul back into the creation. Once you come to terms with this you can set out on any journey that the manifestation you have chosen to exist in is capable of. The whole scheme of things slowly unfolds. Five to eight hun dred lifetimes are considered the ‘norm’. Each time it leaves the body the soul or spark moves slowly through the seven levels, which each contain seven levels, until the created ultimately be comes the creator. The whole belief enables you to live either a full and purposeful life, or if you choose, one that appears to construct nothing at all. Many a young soul attains high success, while older souls often pre fer to tend the gardens of their accom plished employers. To label me a racist is actually ridiculous. I truly believe that for an individual spirit to traverse the levels of creation it needs to experience every thing. Murderer, victim, success, failure,
black, white, yellow, dying in violence, or at peace. The Tao philosophy even ex plains phobias. If you have a fear of horses it may be that in a past existence you were trampled underfoot by a steed in some conflict or another. Talking of wars, don’t think because of my lack of column comments I’m not deeply in volved in views of the horrendous con flict between the Israeli community and Hamas. In modern warfare civilians are always the victims. Forty million died under the policies of Hitler and Western leaders of the Second World War. Tunnelling is al so not a new idea. The Japanese adopted the same tac tics in Okinawa, resulting in the deaths of thousands of their tragic ‘human shield’ civilians above ground. It’s the unfortunate nature of these disputes. Of course under Tao beliefs it’s not those that die that are the true victims, they simply revisit the ocean of their creation. It is the survivors who are truly suffering. May the cosmos help them all. Keep the faith Love Leapy. leapylee2002@gmail.com
Leapy Lee’s opinions are his own and are not necessarily representative of those of the publishers, advertisers or sponsors.
FEATURE
from Year 1985
GIBRALTAR GATEWAY
Image: Alvaro German Vilela / Shutterstock.com
16 EWN 9 - 15 November 2023
IN a significant historical turn of events, the border be tween Gibraltar and Spain, which had been closed for 16 years during the rule of General Francisco Franco, was officially reopened in Border reopened. February 1985. The closure of the border was enforced on June 8, 1969, by General Francisco Franco, who held the position of political lead er, Caudillo, in Spain. This decision came shortly after Gibraltarians had over whelmingly voted to remain a part of the British Crown. Franco’s intent was to exert pressure on Gibraltar with the hope of forcing it into submission. However, his plan ultimately failed. It wasnt until 1985 that the border would see a com plete reopening, a condition set during Spain’s accession to the European Economic Community. The closure of the border stands out as one of the most transformative events in the history of modern British Gibraltar.It has had a profound and lasting impact on Gibraltar’s relationship with Spain. This year marks a significant milestone, with 54 years having passed since the border’s initial closure, and 41 years since its partial reopening in 1982. The memory of this period continues to shape the dy namics between Gibraltar and Spain, serving as a testa ment to the resilience of the people of Gibraltar in the face of adversity.
FEATURE/NEWS
euroweeklynews.com INTERVIEW
Why Europeans move to Spain Each week, we plan to speak to a European who has made the decision to settle here and as part of the ongoing series, we spoke to 24-year-old Niamh Eades who left the UK as a youngster to move to Alicante. AS a wide-eyed five-year-old in 2004, Niamh bid farewell to her Derbyshire roots and embarked on a thrilling adventure with her parents to a tiny Spanish village north of Alicante. “I can remember being really excited about the move because a promise had been made, the promise of a horse. My passion for these majestic creatures had ignited long before, and this move was a dream come true,” she confirmed. Niamh underwent a transformation, from British school desks to Spanish classrooms, armed with a three-month intensive Spanish course. These were the foundational steps of a life that would lead Niamh to Alicante University, where she pursued a degree in computer engineering. Today, she finds herself navigating the data streams of a media company as a data analyst. It seems Niamh’s childhood dream never waned as she confirms: “I share my world with two horses and two ponies among other rescue animals.” When asked about any challenges of living in Spain, Niamh confesses, “Being a
Niamh Eades.
horse owner in Spain (legally) is a nightmare, but worth every hurdle. “And, what makes it all worthwhile is the weather, which is a bonus for animal lovers who spend most of their time outdoors.” When asked if there was anything about Blighty that Niamh misses, she confirmed: “I miss the London musical theatre scene, but Madrid’s theatre scene has witnessed a remarkable evolution in the past five years. “Still, the quirkiest discovery I’ve made about Spanish life is the need to eat popcorn while watching musicals.”
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EWN 17
€100 on offer THERE is no question that prices have been rising dramatically across the world and sadly we in Spain have been hit, although per haps not as hard as some other coun tries. If you don’t have a great deal of money coming in, have fami lies to feed or are alone and don’t want to just cook for yourself, a little treat oc casionally which gets you out and about is worth considering. We at Euro Weekly News believe it is our role to help readers consider all of their options and also perhaps spread a little festive cheer by sponsoring a read er’s survey with a difference. For all that Franco can be blamed for, he is credited with the concept of creating the famed Menu del Dia as a way of showcas ing Spanish regional cooking and in 1965, he passed a law requiring certain restau rants, especially those in the newly emerg
Choose your favourite Menu del Dia and receive €100.
ing tourist areas, to offer a reasonably priced lunch. The concept was taken up across Spain and by the 1970s most towns had at least one or two restaurants offering this three course meal at an eco nomic price. There are still plenty of cafés, ventas and restaurants offering the Menu del Dia and we want to hear all about your favourite. What’s more, the person who submits the best recommendation will receive €100 from EWN to spend in that estab lishment. Your email to editorial@euroweekly news.com will help others to find the best meal deal and also promote your favourite restaurant to other readers with the best recommendation announced in our De cember 7 edition.
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20 EWN 9 - 15 November 2023
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FEATURE
COMMUNITY
COMMENTS
AS people in Europe live longer, there is an ever increasing number of elderly people who have worked for the required number of qualifying years and are entitled to receive a State Pension. It appears that although British pensioners will see the triple lock benefit increase their pensions above inflation in April of next year, many still receive far less than their Spanish counterparts. The rules concerning State Pensions are without doubt complicated and this has been proven by the conflicting comments that we have received on our website. Simply visit https://euroweeklynews.com/2023/11/01/spanishpensioners-get-double-uk-amount/ if you want to see the article which has received almost 85,000 views so far.
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In reply to Geoffrey Buxton
Definitely a major bone of contention Geoffrey. I am two years behind you and I worked from the age of 17 until I was 72 and my body said enough is enough. It is scandalous that we have a two-tier pension system, why is our old pension not good enough for the new pensioners. We should be on a level playing field, either raise the old one or lower the new one, we are all the same pensioners. Give me a political party that guarantees a one pension system and they will have my vote. Peter Selston
I live in Spain, worked for 13 years, also 37 years paid in UK, total pension received €1,300 per month before tax. Michael
I’m 77 years old, and get a lower pension than people retiring today, although I worked longer, why do we have a two-tier pension that has the older people worse off or are they just waiting for us to die. Geoffrey Buxton
John Ensor, your closing comment of “solely relying on the state” is a tad offensive. I worked and contributed to the system for 50 years. This was at the levels set by government and my expectation was and is that I should receive a pension that enables me to live above the breadline. I’m mid-70s, still working two part time jobs and paying tax on every pound I earn.
Max state pension in Spain is nearing €2,900. Michael
Looks like Spanish pensioners are better off than Spanish workers then. Lucky to have more than €1,100 per month. James O’Donnell
Well, isn’t that a surprise? You do not need much more income to be taxed in the UK so I would be surprised if Spanish pensioners did not enjoy being members of the tax club. Philip
Are Spanish pensioners taxed? £26,000.00 IS A LARGE SUM. Irish old age pension far less. Mary Rita Foster
The UK pension is so poor because people in the UK don’t kick off and just accept that all of the main parties don’t care for the UK people. They only care about their international profile. Giving foreign aid and gold plating their own pension. They should be totally ashamed. But, they just don’t care. David White
That’s rubbish! I’m a Spanish pensioner and I don’t get anything as much as that. And yes, I am taxed on the pension. Do you mean the sum ineuros John? Maria Angeles García
Ivan Baker
Comments 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.
KEEPING pets at home with petsitters is a great and af fordable solution. And usually pets prefer it, to be in a famil iar space with familiar smells and routines maintained. And those of you familiar with us know that we have maintained good value for our customers in the last 10 years Yes, we are nearly 10 years old! And in all that time we have only ever raised our prices once. Standard membership is still only £69 per year! Not bad for free petsitting in your own home. If you’re planning a trip in the next few months register now to find petsitters in time. Earlier is better than later. Whether your trip is short or long, you need to prepare. All pets in particular benefit from staying at home, so they can follow their routines undis turbed. Join our pet and housesitting network, and the
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dates when you want to go away. Sitters apply and you choose. How does it work? HouseSitMatch can help you find suitable sitters. Join our network for a small annual fee. You get ID checked for safety and then build your advert say ing when you are going on holi day. Housesitters see your ad vert, they respond and you choose the sitter who’ll care for your pets. Trustpilot Testimonials 4.9 / 5 Excellent 10 out of 10 for housesit match.com I have had nothing but good and helpful service from the people who run this site, and my experience has been excel lent. Tristram Cosgrave Dog and cat owner, Malaga How do you join? Please register online via our website www.Housesit match.com.
Need a pet or house-sitter? Get in touch. House-sitting can be a win-win for both parties, free house and pet-sitting, and the experienced and checked sitters get free accommodation! Register as either house-sitter or homeowner with a 20% discount using coupon code 20EWN – Reader exclusive offer. To find a house pet-sitter go to www.HouseSitMatch.com.
www.euroweeklynews.com • 9 - 15 November 2023
Pet plays vital role A SPANISH couple who cam paigned to have their dog as one of their wedding guests succeeded. A recent story told of one couple’s fight to have their ca nine family member share the unique occasion of their wed ding. Happily, on Saturday, October 28 in Vitoria, their wish came true as Conchi and Roberto celebrated a historic day with their beloved dog, Mak as ring bearer, wrote a news source. Mak wasn’t just any guest. Adorned in a smart tailcoat, he had the significant role of carrying the rings and accom panying the couple down the aisle. According to attendees, he behaved great at all times. Conchi and Roberto’s deci sion to have Mak play such an integral part in their wedding was not taken lightly. It in volved relentless efforts until finally, they obtained the green light from Vitoria City Council. A petition on change.org
Credit: Change .org
PETS Pets prefer it at home with pet-sitters 22
CELEBRATING: The happy couple with Mak.
championed by the couple garnered over 34,000 signa tures. The newlyweds turned heads with their avantgarde fashion choices. The bride stunned in a long fuchsia and silvergrey dress with an im pressive train. The groom, not to be outdone, donned a black suit with silver sequin embellishments, chains on
the lapel, and a fuchsia shirt that mirrored his bride’s dress colour. In a world where traditions evolve, this Vitoria wedding certainly set a precedent. With Mak'’s role shining a spotlight on the possibilities for pets in ceremonies, it’s a significant step towards more inclusive celebrations that tru ly involve all family members.
Choosing the best pony
Make sure it’s well trained.
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OWNING a horse can be a fulfilling experience for both adults and children, offering unique opportu nities for bonding and learning. When consider ing a pony for a child, it’s essential to make an in formed choice that en sures the safety and hap piness of both the young rider and the animal. Here are some tips to guide you: Seek Recommenda tions: Start by asking friends, family, or local equestrian clubs for pony recommendations. Expe rienced horse owners can provide valuable insights into reputable farms and suitable ponies. Assess Your Child’s Ma turity: Consider your child’s physical and emo tional maturity. Riding and caring for a pony re quires a certain level of responsibility, strength, and coordination. Ensure your child is ready for the commitment and has the necessary capabilities to
handle a pony. Match the Pony to the Child’s Size: The size of the pony should be ap propriate for your child. A smaller pony is often more manageable and less intimidating for a be ginner. Evaluate Your Budget: While affordability is im portant, don’t compro mise on safety and quali ty. Invest in a pony that is welltrained and has a good temperament. Opt for an Experienced Pony: A pony with experi ence in handling young riders can make the learning process smoother. An experi enced pony is likely to be more patient and forgiv ing. Communicate with the Previous Owner: Before finalising your decision, speak with the pony’s previous owner. Under standing the pony’s histo ry, behaviour, and quirks can help you prepare for its arrival.
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SPORT
IT took Novak Djokovic just one hour and 38 minutes to overcome Bulgaria’s Grigor Dimitrov in the final of the Paris Masters on Sunday, November 5. Sunday’s effortless 64 63 victory over his unseeded op ponent was the 36yearold’s 40th Masters win and the 97th title of his glittering ten nis career. One week before the ATP Tour Finals in Turin, the leg endary Serbian star’s perfor mance surely send an omi nous warning to the rest of the field ahead of the season’s big finale. Despite a break of almost
Credit: Leonard Zhukovsky/Shutterstock.com
Djokovic lands 40th Verstappen storms to victory Masters title
NOVAK DJOKOVIC: Played in the Paris Masters final.
two months, Djokovic showed incredible form in his 58th Masters final. He must surely arrive in the Italian city as favourite to retain the icon ic trophy that he lifted last year for the sixth time. After inflicting defeat on the 32yearold former world number three, in the post match interview, Djokovic said: “It’s incredible to be able to win it after quite challeng ing circumstances this week. “I basically came back from the brink of losing three
matches in a row so I’m very proud of this one considering what I’ve been through this week,” the Serb enthused. Should he be victorious in Turin, then Djokovic will end the season as the number one tennis player in the world for a recordextending eighth time. After Italy, Djokovic will head to Malaga in Andalucia, where he will represent Ser bia in the finals of the Davis Cup which is being played on the Costa del Sol.
RED BULL driver Max Verstappen was in a class of his own as he stormed to victory in the Brazilian Gran Prix in Sao Paolo on Sun day, November 5. In the process, the Dutch world champi on extended his own record for the most wins in an F1 season, now taking the che quered flag an incredible 17 times in the current campaign. A safety car was deployed after Mag nussen and Albon came together at the start of the race. After the restart, apart from a brief period of pressure from Lando Norris until Lap 8, Verstappen was always going to be the winner at Interlagos. Equally, the British McLaren driver claimed an easy and untroubled second place. Fernando Alonso made amends for some poor results in recent races by taking the final podium spot, the 106th of his stun ning career. The Spanish former world champion looked like finishing third but he suddenly found himself locked in a battle with Red Bull’s Sergio Perez in the closing laps. Alon so’s Aston Martin eventually crossed the finishing line just 0.053s ahead of the Mexi can. Lance Stroll brought the other Aston Martin home in an excellent fifth position, followed by Carlos Sainz in the Ferrari and
Credit: Ev. Safronov/Shutterstock.com
24 EWN 9 - 15 November 2023
Max Verstappen in a class of his own.
Pierre Gasly’s Alpine in seventh. Britain’s Lewis Hamilton ended a miser able weekend for Mercedes by finishing eighth. His teammate George Russell had to retire due to the car’s powerunit overheat ing. Japan’s Yuki Tsunoda completed another fine day’s racing by clinching ninth in for Scuderia AlphaTauri, with Esteban Ocon rounding out the top 10 in the other Alpine. In a bizarre moment, after lining up alongside Verstappen at the front of the grid, Ferrari’s Charles LeClerc spun off the track during the formation lap. The French driver later blamed his withdrawal on a hy draulic failure.