
Madrid to host grand prix as Formula One announces 2026 calendar
HONG KONG: Spain will host two Formula One grands prix in 2026, with the new race in Madrid joining Barcelona, after organizers on Tuesday announced the calendar for a season that could bring big changes on the grid.
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Asharq Al-Awsat
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Poland Manager Probierz Resigns after Row with Lewandowski
Poland manager Michal Probierz resigned from his position on Thursday, four days after star striker Robert Lewandowski said he will no longer play for the national team under him. The 36-year-old Barcelona striker said his trust had been betrayed and he was very hurt by the way Probierz told him he was being replaced as team captain, Reuters reported. Lewandowski, Poland's record goal-scorer, said on Monday that he received a short call from Probierz as he was putting his children to sleep and that a statement about him losing the captaincy appeared soon after on the Polish Football Association website. Probierz decided to replace Lewandowski as captain with midfielder Piotr Zielinski. "I have come to the conclusion that in the current situation the best decision for the good of the national team will be my resignation from the position of coach," Probierz said in a statement. "Performing this function was the fulfilment of my professional dreams and the greatest honor in my life."


Asharq Al-Awsat
a day ago
- Asharq Al-Awsat
Zara Owner Inditex Reports Weaker Than Expected First-quarter Sales
Zara owner Inditex missed expectations for its first-quarter sales on Wednesday, adding to doubts about the ability of the fast-fashion retailer to keep delivering strong sales growth in an uncertain economic environment. Inditex also reported a slower start to its summer sales, with revenue growth of 6% from May 1 to June 9, compared to a 12% growth in the same period a year ago, Reuters said. The company reported revenues of 8.27 billion euros ($9.44 billion) for its first quarter ending April 30, missing analysts' average estimate of 8.36 billion euros, according to an LSEG poll. Fears of resurgent inflation and an economic slowdown triggered by tariffs have already dampened consumers' enthusiasm for shopping in the United States and elsewhere. Cooler weather in Spain, which accounts for 15% of Inditex's global sales, has also probably hurt the retailer's performance, according to Bernstein analysts.


Arab News
a day ago
- Arab News
Spain's economy minister says ‘overtourism' challenges need to be addressed
MADRID: Spain could receive as many as 100 million tourists this year, according to some projections, which the country's economy minister said poses challenges for the country's residents that the government can no longer afford to ignore. Last year, Spain received a record 94 million international visitors, making it one of the most visited countries in the world. 'It's important to understand that these record numbers in terms of tourism also pose challenges,' Economy Minister Carlos Cuerpo said in an interview Tuesday with The Associated Press. 'And we need to deal with those challenges also for our own population.' Tourism is a key sector for the Southern European nation's economy, which grew faster than any major advanced economy last year at 3.2 percent, and is projected to grow at 2.4 percent this year, according to the Bank of Spain, well ahead of the expected eurozone average of 0.9 percent. But a stubborn housing crisis in which home and rental costs have skyrocketed in cities such as Madrid, Barcelona and elsewhere has led to growing frustration about one aspect tied to tourism in particular: the proliferation of short-term rental apartments in city centers. The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Signs at demonstrations with slogans such as 'Get Airbnb out of our neighborhoods' point to the growing anger. In response, the government recently announced it was cracking down on Airbnb listings that it said were operating in the country illegally, a decision that the company is appealing. 'We are a 49 million-inhabitants country,' Cuerpo said. The record numbers of tourists illustrate the 'attractiveness of our country, but also of the challenge that we have in terms of dealing and providing for a good experience for tourists, but at the same time avoiding overcharging our own services and our own housing,' he said. The Bank of Spain recently said the country has a deficit of 450,000 homes. Building more public housing is critical to solve the problem, Cuerpo said. Spain has a lower stock of public housing than many other major European Union countries. 'This is the key challenge for this term,' the minister said of the country's housing woes. On the possibility of more US tariffs on EU goods, the top economic policymaker for the eurozone's fourth-largest economy said he believed the EU still wanted to reinforce economic ties with the US 'From the EU side, we are constructive but we are not naive,' Cuerpo said, adding that the bloc would pursue 'other routes protecting our firms and industries' if no agreement with the Trump administration can be reached. A 90-day pause on tariffs announced by the EU and the US is slated to end on July 14. About halfway through that grace period, US President Donald Trump announced 50 percent tariffs on steel imports. The US has also enacted a 25 percent tariff on vehicles and 10 percent so-called reciprocal tariffs on most other goods. On how Spain's current housing woes got here, the minister said a steep drop in construction in Spain following the 2008 financial crisis played a role. So did population growth due to immigration, Cuerpo said, and pressures from an increase in the number of tourists. While building more housing is key, the minister advocated for an all-of-the-above approach, including regulating Spain's housing market and short-term rental platforms. 'For us, there's no silver bullet,' he said.