Latest news with #ElEconomista
Axios
01-07-2025
- Business
- Axios
Spain's Renfe departs from Texas rail project
A Spanish railway company has pulled out of the bullet train project that aims to connect Dallas and Houston. Why it matters: The departure is another setback for the project, which hasn't started construction amid eminent domain challenges, investor changes and federal funding cuts. Flashback: Texas Central Railway in 2018 named Renfe, with routes covering about 9,300 miles in Spain, as an early operator for Texas' future bullet train. Central Japan Railway was chosen to provide the technology. The latest: In April, the U.S. Department of Transportation ended a $64 million grant to Amtrak for the rail project, saying the project is "a waste of taxpayer funds." A Fort Worth-based company joined the project as a lead private investor. But Renfe has liquidated its American subsidiary that was part of the Texas train project, writing off 4.5 million euros in losses, per the Spanish newspaper El Economista. The intrigue: The 240-mile route would get travelers from Dallas to Houston within 90 minutes, per Texas Central. The project is estimated to generate billions of dollars in revenue. Between the lines: Renfe's closure of its American subsidiary indicates the company isn't expecting any returns from the project, El Economista reports.
Local Spain
23-06-2025
- Business
- Local Spain
What will happen to Spain's petrol prices amid escalation Iran-US conflict?
The world is closely watching the escalation of the conflict between Israel and Iran. In mid-June, Israel began targeting Iranian military and nuclear sites, while Iran retaliated by firing hundreds of missiles and drones back at them. Then on Saturday June 21st ,the United States launched an unprecedented attack on Iran, bombing three nuclear sites in the Persian nation. This is likely to have a major impact on the global energy supply. The Iranian Parliament has approved a proposal to close the Strait of Hormuz in response to the US's attacks. The Strait of Hormuz is a maritime corridor which is crucial for the global economy. At just 30 kilometres wide, it carries one-fifth of the global oil output and 30 percent of the liquefied natural gas, which supply a large part of the world. Iran is the world's ninth-biggest oil-producing country with around 3.3 million barrels per day. It exports just under half of that amount and consumes the rest. The United Arab Emirates, Saudi Arabia, Kuwait and Iraq all depend on this strait to export their hydrocarbons. Also, around one in three barrels of crude oil worldwide passes through this passage, making it a critical route for international supply. If Iran follows through on its threat and blocks the Strait, even if only partially or briefly, oil and gas prices could increase sharply. This in turn would put financial pressure on global consumers and industry. According to El Economista, it means that oil trade would be reduced by approximately 15 percent. Since the attacks began, the price of oil has already increased by around 5 percent. This is not because the Strait has already closed, but just due to the mere threat of it closing. How would Spain specifically be affected? Thankfully, the country does not directly import oil from Iran, but it doesn't mean that it will escape the fallout. Spain depends on suppliers in countries such as Nigeria, the United States, Saudi Arabia, and Mexico, some of whom buy will be affected by the closure of the Strait. If the Hormuz Strait is blocked, it will mean higher prices for gasoline and diesel in Spain, affecting the transportation sector and generating inflationary pressure on the economy, with widespread price increases. Electricity could also become more expensive, given Spain's partial dependence on natural gas and oil. In fact, Spain just like every country in Europe, would be affected by the decision. According to Ipek Ozkardeskaya, senior analyst at Swissquote Bank. "Many remain optimistic that Iran will avoid a full-blown retaliation and regional chaos, to prevent its own oil facilities from becoming targets and to avoid a widening conflict that could hurt China - its biggest oil customer'. But "if things get uglier" the price of US crude could even spike beyond $100 (€87.10) per barrel, she said. Warren Patterson, head of commodity strategy at ING Research, told Spanish news agency Europa Press that this scenario increases the risk of shipping blockages and affects crude oil flows from the Persian Gulf. According to his projections, a significant disruption to these shipments could push the price of a barrel to $120 (€104.49) and if the restrictions continue toward the end of the year, it surpass the all-time highs reached in 2008. If the price of a barrel of crude oil goes up to $150 (€130.64), petrol costs in Spain could go up to €2.20 per litre, just as it was years ago when the Spanish government gave a fuel subsidy of 20 cents per litre.
Bloomberg
11-06-2025
- Business
- Bloomberg
Spain's Grid Denies Report It Mishandled Voltage Before Blackout
Spanish grid operator Red Electrica denies it took any action that was out of the ordinary in the minutes before a blackout hit the country on April 28. Red Electrica says it operated the power cable connected to France in line with protocol, in a statement. The grid operator says a full report hasn't been published by the group Entose even though it was cited by local newspaper El Economista.
Morocco World
01-05-2025
- Business
- Morocco World
Morocco Offers Up to 30% Tax Incentives for Foreign Investors
Doha – Morocco is increasingly becoming an attractive investment destination as it strengthens economic and cultural ties to neighboring countries. In an interview with Spanish news outlet El Economista, Karim Zidane, Morocco's Minister of Investment, outlined the country's investment strategy and opportunities. 'Morocco has become a reference destination for investment in both Africa and the Mediterranean region, thanks to a combination of structural factors and strategic reforms driven under the vision of His Majesty King Mohammed VI,' said Zidane during the 'Morocco & Spain – Investing Together For a Sustainable & Shared Future' event in Madrid. The forum, organized by the Morocco-Spain Economic Council (CEMAES) in collaboration with Morocco's Ministry of Investment and the Moroccan Agency for Investment and Export Development (AMDIE), aimed to promote joint investment between the two countries. The minister pointed to Morocco's political and macroeconomic stability, strategic geographic location, and modern infrastructure network as key strengths. This includes world-class ports like Tanger Med, high-speed rail networks, and integrated industrial zones. 'Beyond Africa, our continent of belonging, the quality of our infrastructure now rivals that of several European countries, and even surpasses them in some segments,' he noted. Priority investment sectors Priority sectors for investment include the automotive industry, aeronautics, electronics, agribusiness, pharmaceutical and textile industries, and offshoring. Emerging strategic sectors such as renewable energies — particularly green hydrogen — digitalization, information technologies, and circular economy are also gaining importance. The automotive industry has experienced spectacular growth over the past decade, becoming the country's leading export sector. Morocco currently has a complete ecosystem that includes two manufacturers (Renault and Stellantis) and more than 250 major international manufacturers. Regarding renewable energy, Zidane stated that 'more than 40% of our energy mix comes from renewable sources, and we have already built major solar and wind projects in our country, such as the Noor project in Ouarzazate.' Morocco presents major opportunities for investment across energy infrastructure, production, transport, and export. The country has implemented structural reforms to improve its investment climate, with the cornerstone being the new Investment Charter adopted in late 2022. This charter establishes a modern, transparent, and equitable regulatory framework for domestic and international investors. 'Morocco offers incentives that can reach up to 30% of the total investment amount,' Zidane explained. These include direct investment subsidies granted based on each project's characteristics, geographical location, and sector of activity. The country also provides 'tax exemptions for the first years for new companies or those established in specific zones.' World Cup and Industry 4.0 driving growth Zidane also talked about how major international sporting events are accelerating Morocco's development. 'These sectors are experiencing accelerated momentum today, driven by the prospect of major international sporting events that Morocco is preparing to host,' he said. He added that these include the 2025 African Cup of Nations and, above all, the 2030 World Cup 'which we will have the pleasure of organizing jointly with Spain and Portugal.' The minister also addressed the challenges Morocco faces in attracting more foreign investment, including the need for continued development of high-value-added sectors and integration of new technologies in value chains. 'The challenge of education and technical training continues to be relevant, especially in emerging sectors such as renewable energies or Industry 4.0,' Zidane noted. 'To attract more foreign investment, it is essential to continue promoting a highly qualified workforce prepared for the sectors of the future.' He added that the joint World Cup bid with Spain and Portugal 'embodies this spirit and reflects our mutual trust in the ability to build high-level projects together.' Strategic advantage with US and EU trade In the current global climate with changing US trade policies, Morocco finds itself in a unique position. 'The relations between Morocco and the United States are based on historical bonds of trust, reinforced by long-term economic and strategic commitments,' Zidane said. Morocco is the only African country with a free trade agreement with the United States, in effect since 2006, guaranteeing preferential access to the American market for a wide range of goods and services. 'Only nine countries in the world have free trade agreements with both the United States and the European Union, offering a dual gateway to two of the largest global markets,' the minister added. Zidane noted that Morocco was fortunate not to appear on the 'Liberation Day' tariff table introduced by the Trump administration. He sees this as an opportunity for European and Spanish companies to relocate to Morocco to continue exporting to the United States. 'In this new international context, characterized by the search for resilience and diversification, Morocco offers a clear, solid, and future-oriented value proposition,' the minister asserted. He envisions opportunities for trilateral Morocco-Europe-United States co-investment based on complementary advantages and converging strategic interests. In the context of nearshoring, Morocco's proximity to Europe — particularly Spain at just 14 km away — combined with its stability, infrastructure quality, trade openness, and competitive operating costs position it as a natural partner for value chain relocation. 'We propose a model of strategic relocation, based on sustainability, agility, and reinforced regional integration,' Zidane explained. 'Morocco doesn't just bring production centers closer to major markets: it offers a strategic relocation model.' 'The diplomatic relations between Spain and Morocco are going through an exceptional moment, and we have a 'window of opportunity' that we must seize so that economic relations between our countries continue to grow,' Zidane concluded. While Spain has been Morocco's leading trading partner for more than a decade, he believes the potential for investment is even greater. Read also: Morocco Spotlights Investment Opportunities at 'Morocco Now' Conference in Madrid Tags: Foreign investment in MoroccoKarim ZidaneMinistry of Investment
Yahoo
14-04-2025
- Business
- Yahoo
Ryanair threatens to axe number of flights to Spain amid ongoing row
Ryanair has threatened to slash even more flights to Spain in a tense ongoing battle over tax. The budget airline's CEO Eddie Wilson warned it would end routes by the winter if the airport authority, Aena, does not lower fees to operate in its "empty" facilities, in an interview with El Economista, reports It adds to a bleak situation for regional airports after Ryanair removed 800,000 seats this summer, which Wilson said were reallocated to "better options" financially. READ MORE: 15 day warning to passengers travelling to Birmingham New Street Get breaking news on BirminghamLive WhatsApp, click the link to join The CEO told the Spanish news outlet: "There will be more cuts in the winter of 2025, and even more in the summer of 2026, because it doesn't make sense to continue investing in loss-making operations. He continued: "The rational decision is to move traffic to where access costs are falling, not rising, so we will continue to do so gradually." Mr Wilson added: "We have no plans to invest in regional airports because their pricing structure is broken." Blaming "excessive fees", Ryanair announced it would close operations at Jerez and Valladolid this summer, and reduce routes from Santiago de Compostela, Asturias, Cantabria, and Zaragoza. The airline added 1.5 million seats at more tourist-oriented destinations instead, such as Madrid, Malaga, and Alicante. Airport fees in Spain, which are decided by state-owned Aena and have been frozen since the pandemic, were increased by 4.09% last year due to inflation. Mr Wilson clarified the airline is not asking for "subsidies or special treatment for Ryanair", but a model with competitive rates for all airlines, arguing that regional airports needed low costs and fares to stimulate growth. Ryanair wants Aena to "share the risk" by giving discounts for three or four years on certain routes, before increasing rates when both parties are sure the demand is there. Mr Wilson previously said: "Aena's excessive airport charges and lack of viable incentives for growth continue to harm Spain's regional airports, limiting their growth and leaving huge areas of airport capacity unused." Last Wednesday, Aena's president, Maurici Lucena, told shareholders: "Changing fares on a whim by Aena or due to spurious pressure from an airline would be a serious illegality."
