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The Star
4 days ago
- Business
- The Star
Telefonica in exclusive talks to sell its Mexican unit to Beyond ONE, sources say
FILE PHOTO: The logo of Spanish telecom company Telefonica is displayed at its headquarters in Barcelona, Spain May 3, 2025. REUTERS/Nacho Doce/File photo LONDON (Reuters) -Spanish telecom giant Telefonica is in exclusive talks to sell its Mexican business to Beyond ONE, the owner of Virgin Mobile Mexico, three sources with knowledge of the negotiations said. TheSpanish company has accelerated plans to reduce its exposure in Spanish-speaking Latin America, where profitability is lower than the cost of capital, and to focus instead on four main markets undernew CEOMarc Murtra. Telefonica declined to comment. Dubai-based digital services provider Beyond ONE did not immediately respond to requests for comment. The sources said that a deal was not certainand askednot to be identified because the matter is confidential. The Mexican business could be worth 520 million euros ($609.28 million), according to a research note published by Kepler Chevreux in June. Beyond ONE acquired Virgin Mobile Latin America, a mobile virtual network operator (MVNO) with clients in Mexico and Colombia, in 2023 for an undisclosed amount. One of the sources said the creation of a new antitrust commission - proposed by Mexico - could delay any telecoms deal because it will createuncertainty about getting regulatory proposed body would have power over telecoms companies. Telefonica has said it want to focus on the four core markets of Brazil, Britain, Germany and Spain, with Murtra planning to unveil a new strategy for the company in the second half of this year. It agreed to sell its Argentina unit to Telecom Argentinafor $1.245 billion in February, and is working with advisors for a sale of its business in Chile and Ecuador. It also reached an agreement in May to sell its Uruguay business for $440 million to Luxembourg-based Millicom International. ($1 = 0.8535 euros) (Reporting by Andres Gonzalez and Amy-Jo Crowley; Additional reporting by Federico Maccioni in Dubai; Editing by Tommy Reggiori Wilkes and Rachna Uppal)
The Star
14-07-2025
- The Star
Spaniards struggle to enjoy their own beaches in tourist deluge
FILE PHOTO: Tourists and locals enjoy the Barceloneta beach in the sunset during the autumn weather in Barcelona, Spain September 26, 2024. REUTERS/Nacho Doce/File photo MADRID (Reuters) -International holidaymakers are keeping Spaniards off their own sun-kissed beaches due to ever-rising hotel and rental prices during an unprecedented tourism boom. Spain's top 25 Mediterranean and Atlantic coast destinations saw local tourism drop by 800,000 people last year whereas foreign visitors rose 1.94 million, according to previously unreported official data reviewed by analysis firm inAtlas. The trend looks sure to continue as the world's second-most visited country - after France - anticipates a record 100 million foreign visitors this year. "Prices have risen outrageously. The whole Spanish coast is very expensive," said Wendy Davila, 26. She cancelled an "exorbitant" trip with her boyfriend in Cadiz on the south coast for a cheaper visit to the inland city of Burgos, famed for its Gothic cathedral and the tomb of 11th century commander El Cid. "Now you don't go on holiday wherever you want, but whereveryoucan," added Davila, who is nostalgic for childhood beach holidays in Alicante on the Mediterranean. With a population of 48 million - half the number of foreign visitors each year - Spain relies heavily on tourism, which contributes more than 13% of GDP. But protests are growing over housing shortages exacerbated by mass tourism - and could be exacerbated by the indignity for Spaniards being priced out of their favourite holidays. Hotel prices have risen 23% in the past three years to an average of 136 euros ($159) a night, according to data company Mabrian. Beachfront rentals have also climbed 20.3% since mid-2023, according to price monitoring firm Tecnitasa, with most of them booked out for the summer by the first quarter. "It is becoming increasingly difficult for Spanish holidaymakers to afford beachfront tourism rentals," said Tecnitasa Group President Jose Maria Basanez. Foreign tourists stayed an average of eight nights at top Spanish beaches last year, with locals only affording half that time and spending a quarter of the money, inAtlas said. In fact resort hotels are modifying down their forecasts for this summer, even despite the foreign boom, partly because places where residents tend to take their holidays expectslowersales. Spaniards also made near 400,000 fewer trips to the country's major cities in 2024 compared to the previous year, while foreign tourist visitsthere increased by almost 3 million. GOING INLAND Aware of the brewing discontent and disparities, Spain's socialist government is encouraging international tourists to explore inland attractions to address overcrowding and diversify. "If we want to continue to be leaders in international tourism, we have to decentralise our destinations," Tourism Minister Jordi Hereu said at the launch of a first campaign to highlight Spain's lesser-known charms in June. "We want Europeans and those from other continents to rethink their idea of the Spain they love and visit so much." Spaniards have a strong tradition of escaping for family holidays in the hot summer months, but they are turning more to Airbnb rentals than hotels, and swapping Catalonia or the Balearic Islands for lesser-known destinations in Andalucia or Castille and Leon where prices are lower and mass tourism is yet to hit. Last year, 1.7 million more Spaniards holidayed in generally more affordable inland areas, according to inAtlas. In the mountain town of El Bosque for example, 100 km from the beaches of Cadiz on the Atlantic, the number of Spanish tourists increased by 22% last year. "There may be a certain displacement effect," said Juan Pedro Aznar, professor and researcher at the Madrid-based Esade business school, noting Spaniards' lower purchasing power compared to British and German tourists. For some Spaniards, it is best to avoid the summer crowds altogether. Nurse Maria de la Jara will stay in Madrid this summer, only going south to visit family in Cadiz once the busy season is over. "I used to go to my family's house, but there are more and more foreign tourists in Cadiz and when a cruise ship arrives, the population doubles," said the 51-year-old. "It's overwhelming." ($1 = 0.8561 euros) (Reporting by Corina Pons, additional reporting by Ana Cantero; editing by Aislinn Laing and Andrew Cawthorne)
Straits Times
14-07-2025
- Business
- Straits Times
Spaniards struggle to enjoy their own beaches in tourist deluge
Find out what's new on ST website and app. FILE PHOTO: Tourists and locals enjoy the Barceloneta beach in the sunset during the autumn weather in Barcelona, Spain September 26, 2024. REUTERS/Nacho Doce/File photo MADRID - International holidaymakers are keeping Spaniards off their own sun-kissed beaches due to ever-rising hotel and rental prices during an unprecedented tourism boom. Spain's top 25 Mediterranean and Atlantic coast destinations saw local tourism drop by 800,000 people last year whereas foreign visitors rose 1.94 million, according to previously unreported official data reviewed by analysis firm inAtlas. The trend looks sure to continue as the world's second-most visited country - after France - anticipates a record 100 million foreign visitors this year. "Prices have risen outrageously. The whole Spanish coast is very expensive," said Wendy Davila, 26. She cancelled an "exorbitant" trip with her boyfriend in Cadiz on the south coast for a cheaper visit to the inland city of Burgos, famed for its Gothic cathedral and the tomb of 11th century commander El Cid. "Now you don't go on holiday wherever you want, but wherever you can," added Davila, who is nostalgic for childhood beach holidays in Alicante on the Mediterranean. With a population of 48 million - half the number of foreign visitors each year - Spain relies heavily on tourism, which contributes more than 13% of GDP. But protests are growing over housing shortages exacerbated by mass tourism - and could be exacerbated by the indignity for Spaniards being priced out of their favourite holidays. Top stories Swipe. Select. Stay informed. 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Beachfront rentals have also climbed 20.3% since mid-2023, according to price monitoring firm Tecnitasa, with most of them booked out for the summer by the first quarter. "It is becoming increasingly difficult for Spanish holidaymakers to afford beachfront tourism rentals," said Tecnitasa Group President Jose Maria Basanez. Foreign tourists stayed an average of eight nights at top Spanish beaches last year, with locals only affording half that time and spending a quarter of the money, inAtlas said. In fact resort hotels are modifying down their forecasts for this summer, even despite the foreign boom, partly because places where residents tend to take their holidays expect slower sales. Spaniards also made near 400,000 fewer trips to the country's major cities in 2024 compared to the previous year, while foreign tourist visits there increased by almost 3 million. GOING INLAND Aware of the brewing discontent and disparities, Spain's socialist government is encouraging international tourists to explore inland attractions to address overcrowding and diversify. "If we want to continue to be leaders in international tourism, we have to decentralise our destinations," Tourism Minister Jordi Hereu said at the launch of a first campaign to highlight Spain's lesser-known charms in June. "We want Europeans and those from other continents to rethink their idea of the Spain they love and visit so much." Spaniards have a strong tradition of escaping for family holidays in the hot summer months, but they are turning more to Airbnb rentals than hotels, and swapping Catalonia or the Balearic Islands for lesser-known destinations in Andalucia or Castille and Leon where prices are lower and mass tourism is yet to hit. Last year, 1.7 million more Spaniards holidayed in generally more affordable inland areas, according to inAtlas. In the mountain town of El Bosque for example, 100 km from the beaches of Cadiz on the Atlantic, the number of Spanish tourists increased by 22% last year. "There may be a certain displacement effect," said Juan Pedro Aznar, professor and researcher at the Madrid-based Esade business school, noting Spaniards' lower purchasing power compared to British and German tourists. For some Spaniards, it is best to avoid the summer crowds altogether. Nurse Maria de la Jara will stay in Madrid this summer, only going south to visit family in Cadiz once the busy season is over. "I used to go to my family's house, but there are more and more foreign tourists in Cadiz and when a cruise ship arrives, the population doubles," said the 51-year-old. "It's overwhelming." REUTERS
The Star
08-07-2025
- Climate
- The Star
More than 18,000 people in lockdown as wildfire rages in Catalonia
A helicopter helps to extinguish an ongoing wildfire in Xerta, which is one of the confined villages in the Tarrragona province in Catalonia, Spain, July 8, 2025. REUTERS/Nacho Doce XERTA, Spain (Reuters) -Spanish authorities ordered more than 18,000 residents of the northeastern Tarragona province to remain indoors on Tuesday and several dozen were evacuated as a wildfire raged out of control, consuming almost 3,000 hectares (7,413 acres) of vegetation. Large parts of Spain are on high alert for wildfires after the country experienced its hottest June on record. Two people died in a wildfire on July 1 in the region of Catalonia where Tarragona is located. The latest fire broke out early on Monday in a remote area near the village of Pauls, where strong winds and rugged terrain have hampered firefighting efforts, authorities said. An emergency military unit was deployed early on Tuesday alongside more than 300 firefighters working in the area. "Since midnight, firefighters have been battling the blaze with gusts of wind reaching up to 90 kilometres per hour (56 miles per hour)," Catalonia's regional firefighting service said, adding that the strong Mistral wind was expected to ease by the afternoon. Overnight, fire engines raced the winding roads of the Pauls Mountains, surrounded by flames, as crews assessed and tried to contain the blaze. In the neighbouring villages of Xerta and Aldover, residents spent a sleepless night as the flames threatened their homes. "(There has been) a lot of fear and a lot of crying because we are already on the edge of the fire. Last night, because of the wind that was blowing the fire and the smoke, we couldn't leave our house. Terrible, this has never been seen before," Rosa Veleda, 76, told Reuters. Authorities said they had prevented the fire from spreading across the Ebro River, which would have worsened the situation. Approximately 30% of the affected area lies within the Ports Natural Park, and officials are investigating the fire's origins. (Writing and additional reporting by Emma PinedoEditing by Andrei Khalip and Gareth Jones)
Straits Times
08-07-2025
- Climate
- Straits Times
More than 18,000 people in lockdown as wildfire rages in Catalonia
Sign up now: Get ST's newsletters delivered to your inbox A helicopter helps to extinguish an ongoing wildfire in Xerta, which is one of the confined villages in the Tarrragona province in Catalonia, Spain, July 8, 2025. REUTERS/Nacho Doce XERTA, Spain - Spanish authorities ordered more than 18,000 residents of the northeastern Tarragona province to remain indoors on Tuesday and several dozen were evacuated as a wildfire raged out of control, consuming almost 3,000 hectares (7,413 acres) of vegetation. Large parts of Spain are on high alert for wildfires after the country experienced its hottest June on record. Two people died in a wildfire on July 1 in the region of Catalonia where Tarragona is located. The latest fire broke out early on Monday in a remote area near the village of Pauls, where strong winds and rugged terrain have hampered firefighting efforts, authorities said. An emergency military unit was deployed early on Tuesday alongside more than 300 firefighters working in the area. "Since midnight, firefighters have been battling the blaze with gusts of wind reaching up to 90 kilometres per hour (56 miles per hour)," Catalonia's regional firefighting service said, adding that the strong Mistral wind was expected to ease by the afternoon. Overnight, fire engines raced the winding roads of the Pauls Mountains, surrounded by flames, as crews assessed and tried to contain the blaze. In the neighbouring villages of Xerta and Aldover, residents spent a sleepless night as the flames threatened their homes. "(There has been) a lot of fear and a lot of crying because we are already on the edge of the fire. Last night, because of the wind that was blowing the fire and the smoke, we couldn't leave our house. Terrible, this has never been seen before," Rosa Veleda, 76, told Reuters. Top stories Swipe. Select. Stay informed. Singapore NDP celebrations to be held at 5 heartland sites, including Bishan and Punggol, on Aug 10 Singapore NDP 2025: Tank that bumped into traffic light lost steering and braking power due to faulty part Singapore SIA flight from Brisbane to Singapore diverted to Perth due to technical issue Singapore New Draft Master Plan could reignite developers' interest to buy land Singapore AI cannot supplant learning, it must enable it: Desmond Lee Asia China warns Trump on tariffs, threatens retaliation on supply chain deals Multimedia 'I suspect he's cheating': She finds proof when spouses stray Opinion Here's what happened after some US schools started locking up students' phones Authorities said they had prevented the fire from spreading across the Ebro River, which would have worsened the situation. Approximately 30% of the affected area lies within the Ports Natural Park, and officials are investigating the fire's origins. REUTERS
