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Gulf Today
5 days ago
- Business
- Gulf Today
Spain's unemployment rate falls to lowest since 2008 to 10.29%
Spain's unemployment rate fell to 10.29 per cent in the second quarter of 2025 from 11.36 per cent in the preceding three months, data from the National Statistics Institute (INE) showed. The rate was at the lowest level since the first quarter of 2008, when it stood at 9.6 per cent, INE said. It also represents the lowest rate in a second quarter since 2007. Economists polled by Reuters had forecast that the rate would decline to 10.7 per cent. The April-June period tends to be the strongest quarter for employment in Spain, as the tourism sector usually sees high activity before the traditional summer slump hits other industries. After adding over 500,000 new jobs in the quarter, the country surpassed the milestone of 22 million formal workers for the first time. Labour Minister Yolanda Diaz told SER radio the data was very positive but called on employers to improve salaries, which she said were far below those of other European countries despite a high cost of living. Meanwhile Spain's trade deficit widened 42.46 per cent in the first five months of 2025 from the same period a year earlier, to 21.52 billion euros ($25.04 billion), the Economy ministry said on Friday. Imports over the period increased by 4.3 per cent to 184.91 billion euros, while exports rose 0.8 per cent to 163.38 billion euros, the ministry said. Spain's economy is a strong and developing one, characterized by its robust labour market, a growing focus on green energy, and increasing foreign investment. It is the 14th largest economy in the world by nominal GDP and the fifth largest in Europe. The country is a member of the European Union and the Eurozone, and it has a mixed capitalist economy with a strong service sector, particularly tourism, and a significant industrial base The Spanish government announced a €200 million ($232.03 million) financial package to bolster its investments in Mauritania, along with the launch of the digital platform 'Kantara' aimed at fostering direct connections between economic players in both countries. The announcement came following the conclusion of the first high-level session between Mauritania and Spain, which included the Mauritanian-Spanish Business Council, and was attended by Mohamed Ould Cheikh El Ghazouani, President of Mauritania, and Pedro Sánchez, Prime Minister of Spain. According to the Mauritanian Information Agency, the closing session featured pledges and investment commitments. In his remarks, Sanchez said the €200 million package will be channelled into loans for green projects, feasibility studies, risk mitigation instruments, and project implementation tools, particularly in the field of energy transition. He also announced that Spain will appoint its first economic and trade representative in Mauritania as of 1st September. President El Ghazouani emphasised that Mauritania offers a wide range of promising investment opportunities in key sectors such as fisheries, agriculture, livestock development, extractive industries, infrastructure - including roads, bridges, airports, and public buildings - as well as in services, gas, and mining. Earlier the Opec Fund for International Development (Opec Fund) and the Islamic Republic of Mauritania have signed a landmark Country Partnership Framework Agreement to cooperate on key development initiatives during the period 2025-2027, earmarking $120 million in new development financing focusing on the country's development priorities. The funding will finance critical projects that contribute to projects promoting renewable energy, clean water, food security, improved transport and clean cooking. In addition the Opec Fund is pledging to provide up to $500,000 in grants for capacity-building, project preparation and technical assistance. Opec Fund President Abdulhamid Alkhalifa said during a visit to the capital Nouakchott: 'We are proud to help improve the lives of people and communities for a more resilient future. Our commitment to Mauritania is focused on bolstering key sectors of the economy.' 'Technical assistance and strong project preparation are vital to mobilise additional development funding, enable public-private partnerships (PPPs) and attract private sector investment.' The Ministry of Economy and Tourism has signed two Memoranda of Understanding with the Spanish Patent and Trademark Office and the Moroccan Industrial and Commercial Property Office, aimed at strengthening cooperation in the development of intellectual property (IP) in the UAE in line with international best practices. The MoUs were signed in the presence of Abdullah Bin Touq Al Marri, Minister of Economy and Tourism, during the UAE delegation's participation in the Sixty-Sixth Series of Meetings of the Assemblies of the Member States of the World Intellectual Property Organisation (WIPO) in Geneva. Agencies
Yahoo
13-06-2025
- Politics
- Yahoo
Spanish PM's far-left ally wants 'reset' after corruption case
By Inti Landauro and Corina Pons MADRID (Reuters) -Spain's Labour Minister Yolanda Diaz, who leads the ruling coalition's far-left junior party Sumar, called for a "reset" of government on Friday after a corruption investigation forced out a close aide of the prime minister. Prime Minister Pedro Sanchez has apologised to Spaniards and promised an investigation of his Socialist Party but also resisted critics' calls for a snap election after Thursday's resignation of the party's number three Santos Cerdan. A Supreme Court judge has asked Cerdan to testify over accusations, which he denies, of being involved in the awarding of public works contracts for kickbacks. The fragile government has faced a series of scandals including a high-profile probe into whether Sanchez's wife Begona Gomez used her status to sway business dealings. "This legislature needs an authentic reset," Diaz told reporters. "We will demand right now a meeting of the government coalition ... the only possible way out is a U-turn to take the legislature towards social policies." Sumar pulls the coalition policies leftwards, pressing for less spending on defence and stronger worker protection, for instance. "Forgiveness is not enough," Diaz added, without specifying further what she wanted the government to do. Sanchez's coalition struggles to get any initiatives, such as budget bills, approved by lawmakers. A sombre-looking prime minister said in his address late on Thursday that he regretted trusting Cerdan. He took over as prime minister in 2018 after the biggest corruption investigation in Spain's democratic history netted scores of people linked to the then ruling People's Party, leading to the ejection of Prime Minister Mariano Rajoy. Since then and after two elections in 2019 and 2023, Sanchez has ruled in minority coalitions.
Reuters
13-06-2025
- Politics
- Reuters
Spanish PM's far-left ally wants 'reset' after corruption case
MADRID, June 13 (Reuters) - Spain's Labour Minister Yolanda Diaz, who leads the ruling coalition's far-left junior party Sumar, called for a "reset" of government on Friday after a corruption investigation forced out a close aide of the prime minister. Prime Minister Pedro Sanchez has apologised to Spaniards and promised an investigation of his Socialist Party but also resisted critics' calls for a snap election after Thursday's resignation of the party's number three Santos Cerdan. A Supreme Court judge has asked Cerdan to testify over accusations, which he denies, of being involved in the awarding of public works contracts for kickbacks. The fragile government has faced a series of scandals including a high-profile probe into whether Sanchez's wife Begona Gomez used her status to sway business dealings. "This legislature needs an authentic reset," Diaz told reporters. "We will demand right now a meeting of the government coalition ... the only possible way out is a U-turn to take the legislature towards social policies." Sumar pulls the coalition policies leftwards, pressing for less spending on defence and stronger worker protection, for instance. "Forgiveness is not enough," Diaz added, without specifying further what she wanted the government to do. Sanchez's coalition struggles to get any initiatives, such as budget bills, approved by lawmakers. A sombre-looking prime minister said in his address late on Thursday that he regretted trusting Cerdan. He took over as prime minister in 2018 after the biggest corruption investigation in Spain's democratic history netted scores of people linked to the then ruling People's Party, leading to the ejection of Prime Minister Mariano Rajoy. Since then and after two elections in 2019 and 2023, Sanchez has ruled in minority coalitions.
The Star
13-06-2025
- Politics
- The Star
Spanish PM's far-left ally wants 'reset' after corruption case
Spanish Labour Minister Yolanda Diaz gestures at an event in Madrid, Spain, June 13, 2024. REUTERS/Violeta Santos Moura/File Photo MADRID (Reuters) -Spain's Labour Minister Yolanda Diaz, who leads the ruling coalition's far-left junior party Sumar, called for a "reset" of government on Friday after a corruption investigation forced out a close aide of the prime minister. Prime Minister Pedro Sanchez has apologised to Spaniards and promised an investigation of his Socialist Party but also resisted critics' calls for a snap election after Thursday's resignation of the party's number three Santos Cerdan. A Supreme Court judge has asked Cerdan to testify over accusations, which he denies, of being involved in the awarding of public works contracts for kickbacks. The fragile government has faced a series of scandals including a high-profile probe into whether Sanchez's wife Begona Gomez used her status to sway business dealings. "This legislature needs an authentic reset," Diaz told reporters. "We will demand right now a meeting of the government coalition ... the only possible way out is a U-turn to take the legislature towards social policies." Sumar pulls the coalition policies leftwards, pressing for less spending on defence and stronger worker protection, for instance. "Forgiveness is not enough," Diaz added, without specifying further what she wanted the government to do. Sanchez's coalition struggles to get any initiatives, such as budget bills, approved by lawmakers. A sombre-looking prime minister said in his address late on Thursday that he regretted trusting Cerdan. He took over as prime minister in 2018 after the biggest corruption investigation in Spain's democratic history netted scores of people linked to the then ruling People's Party, leading to the ejection of Prime Minister Mariano Rajoy. Since then and after two elections in 2019 and 2023, Sanchez has ruled in minority coalitions. (Reporting by Inti Landauro and Corina Pons; Editing by Andrew Cawthorne)
Straits Times
13-06-2025
- Politics
- Straits Times
Spanish PM's far-left ally wants 'reset' after corruption case
Spanish Labour Minister Yolanda Diaz gestures at an event in Madrid, Spain, June 13, 2024. REUTERS/Violeta Santos Moura/File Photo MADRID - Spain's Labour Minister Yolanda Diaz, who leads the ruling coalition's far-left junior party Sumar, called for a "reset" of government on Friday after a corruption investigation forced out a close aide of the prime minister. Prime Minister Pedro Sanchez has apologised to Spaniards and promised an investigation of his Socialist Party but also resisted critics' calls for a snap election after Thursday's resignation of the party's number three Santos Cerdan. A Supreme Court judge has asked Cerdan to testify over accusations, which he denies, of being involved in the awarding of public works contracts for kickbacks. The fragile government has faced a series of scandals including a high-profile probe into whether Sanchez's wife Begona Gomez used her status to sway business dealings. "This legislature needs an authentic reset," Diaz told reporters. "We will demand right now a meeting of the government coalition ... the only possible way out is a U-turn to take the legislature towards social policies." Sumar pulls the coalition policies leftwards, pressing for less spending on defence and stronger worker protection, for instance. "Forgiveness is not enough," Diaz added, without specifying further what she wanted the government to do. Sanchez's coalition struggles to get any initiatives, such as budget bills, approved by lawmakers. A sombre-looking prime minister said in his address late on Thursday that he regretted trusting Cerdan. He took over as prime minister in 2018 after the biggest corruption investigation in Spain's democratic history netted scores of people linked to the then ruling People's Party, leading to the ejection of Prime Minister Mariano Rajoy. Since then and after two elections in 2019 and 2023, Sanchez has ruled in minority coalitions. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
