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Bloomberg
a day ago
- 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."
The Independent
14-04-2025
- Business
- The Independent
Warning Ryanair could cut even more flights to popular holiday destination
Ryanair is considering cutting more flights from medium and small Spanish airports next winter and in 2026 if operator Aena does not lower its fees, newspaper El Economista reported on Monday citing the Irish airline's CEO Eddie Wilson. Regional airports "need low fees to stimulate growth", Wilson told El Economista in an interview, "otherwise the formula will not work", he said, adding that the company would not invest in loss-making operations. In January Ryanair announced that it is scaling back its flight services in Spain by around 800,000 seats this summer citing 'excessive fees' from airports. The budget carrier said it planned to reduce its traffic in the country by 18 per cent, which equates to around 12 routes after complaining of Spain 's airport operator Aena's charges and lack of incentives for growth. While the Spanish government decided to freeze airport charges for five years during the Covid-19 pandemic in 2021, Ryanair claims that Aena has attempted to increase charges every year despite this, especially at Spanish regional airports. Due to this, the airline said it would cease operations at Jerez airport in southern Spain and Valladolid airport further north and remove one aircraft based in Santiago. Ryanair CEO Eddie Wilson said at the time that the airline increased its capacity in Spain to boost tourism and employment following the government's commitment to recovery post-Covid. 'However, Aena persists with unjustified rate increases and refuses to implement effective incentive systems to support Spain's regional growth, prioritising foreign investment in airports in the Caribbean, the UK and America', he said. The largest European airline in terms of passenger numbers said in January that it would reduce flights at seven regional airports in Spain this summer and cancel some 800,000 passenger seats compared to the previous year. Madrid, Malaga and Alicante, according to El Economista.
The Independent
14-04-2025
- Business
- The Independent
Ryanair could cut even more flights to Spain next year, CEO warns
Ryanair is considering cutting more flights from medium and small Spanish airports next winter and in 2026 if operator Aena does not lower its fees, newspaper El Economista reported on Monday citing the Irish airline's CEO Eddie Wilson. Regional airports "need low fees to stimulate growth", Wilson told El Economista in an interview, "otherwise the formula will not work", he said, adding that the company would not invest in loss-making operations. In January Ryanair announced that it is scaling back its flight services in Spain by around 800,000 seats this summer citing 'excessive fees' from airports. The budget carrier said it planned to reduce its traffic in the country by 18 per cent, which equates to around 12 routes after complaining of Spain 's airport operator Aena's charges and lack of incentives for growth. While the Spanish government decided to freeze airport charges for five years during the Covid-19 pandemic in 2021, Ryanair claims that Aena has attempted to increase charges every year despite this, especially at Spanish regional airports. Due to this, the airline said it would cease operations at Jerez airport in southern Spain and Valladolid airport further north and remove one aircraft based in Santiago. Ryanair CEO Eddie Wilson said at the time that the airline increased its capacity in Spain to boost tourism and employment following the government's commitment to recovery post-Covid. 'However, Aena persists with unjustified rate increases and refuses to implement effective incentive systems to support Spain's regional growth, prioritising foreign investment in airports in the Caribbean, the UK and America', he said. The largest European airline in terms of passenger numbers said in January that it would reduce flights at seven regional airports in Spain this summer and cancel some 800,000 passenger seats compared to the previous year. Madrid, Malaga and Alicante, according to El Economista. A spokesperson for Aena declined to comment, though the company in January called Ryanair's arguments "spurious" and said its fees were among the lowest in the region.
