Latest news with #PedroSánchez
Euractiv
15 hours ago
- Business
- Euractiv
Brussels launches legal action against Spain over bank merger powers
MADRID – The European Commission has launched an infringement procedure against Spain for granting the government sweeping powers to block bank mergers, a move Brussels says violates EU law. The move follows the government of Prime Minister Pedro Sánchez's decision to halt a proposed takeover of Banco Sabadell by BBVA and Banco Sabadell for three years. With €719.45 billion in assets, BBVA is Spain's second-largest bank while Banco Sabadell ranks fourth, with €244.42 billion. In a formal letter sent to Madrid, the Commission said the legal framework used to block the proposed merger breaches core EU rules on the freedom of establishment and movement of capital. The Spanish authorities now have two months to respond. If the reply is deemed unsatisfactory, the Commission may escalate the case by issuing a reasoned opinion, Euractiv's partner Servimedia reported. The EU executive also criticised Sánchez government for overruling the Spanish Competition Authority (CNMC), which had conditionally approved the bid. EU sources cited by Spanish media say a 2014 banking law and its 2015 implementing decree give the economy ministry excessive discretionary power over banking operations – an area that falls under the exclusive competence of the European Central Bank. According to the Commission, this undermines EU financial regulation and legal certainty for cross-border banking deals. (cs, de)
Gulf Today
16 hours ago
- Business
- Gulf Today
Spain allocates $232.03 million to support investments in Mauritania
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. The agreements cover several strategic areas, including digital transformation, talent development, and enhanced coordination in industrial property and patent registration. They also seek to harness advanced technologies, such as artificial intelligence, to support patent search and classification processes. Minister Bin Touq highlighted the UAE's continued commitment to building a comprehensive IP ecosystem and fostering global partnerships. He noted that collaboration with Spain and Morocco represents a significant milestone in exchanging technical knowledge, streamlining registration procedures, and adopting modern compliance standards. Earlier the UAE Ministry of Investment and UN Trade and Development (UNCTAD) have signed a Memorandum of Understanding (MoU) to strengthen cooperation in investment policymaking, research, and sustainable economic development. This partnership underscores the UAE's commitment to harbouring an investment-friendly environment and reinforcing its role as a global business hub; and aligns with UNCTAD's commitments to ssupport countries to effectively access the benefits of a globalised economy. Through this collaboration with UNCTAD, the UAE is advancing the vision outlined in the National Investment Strategy 2031, strengthening its position as a premier global investment hub by capitalising on its world-class infrastructure, ease of doing business, progressive regulatory frameworks and strategic geographical location. The MoU was signed by Mohammad Abdulrahman Alhawi, Under-Secretary at the UAE Ministry of Investment, and Nan Li Collins, Senior Director of Investment and Enterprise at UNCTAD. The UAE Ministry of Investment and UNCTAD will establish a framework for cooperation to enhance investment policymaking, facilitate capacity-building initiatives, and promote sustainable economic growth. WAM
Sahara Media
18 hours ago
- Politics
- Sahara Media
رئيس وزراء إسبانيا يشيد في نواكشوط بفوائد الهجرة "المنظمة" صحراء ميديا
FILE - Spain's Prime Minister Pedro Sanchez poses for a portrait after an interview with The Associated Press at the Moncloa Palace in Madrid, Spain, June 27, 2022. Spanish Prime Minister Pedro Sánchez says that he will consider resigning after what he calls 'spurious' corruption allegations against his wife led to a judicial investigation being opened on April 24, 2024. Sánchez said in a letter posted on his X account that while the allegations against his wife Begoña Gómez are false, he is canceling his public agenda until Monday when he announce whether he will continue or step down. (AP Photo/Bernat Armangue, File)
Bloomberg
20 hours ago
- Politics
- Bloomberg
Catalan Ally Becomes Stability Force in Spain as Sánchez Falters
As Prime Minister Pedro Sánchez faces the toughest political crisis of his tenure, rocked by corruption probes into two top aides, one of his most trusted allies is stepping up with a message of support: look ahead and march on. 'Apologies have been made and measures against corruption have been put on the table,' Salvador Illa, regional president of Catalonia, said in an interview with Bloomberg, speaking in his offices in a medieval palace overlooking Barcelona. 'Now the government needs to carry on with its road map.'
Local Spain
20 hours ago
- Politics
- Local Spain
'We owe a lot to them': Spain's PM highlights immigration benefits
Immigration Spain's Prime Minister Pedro Sánchez on Wednesday highlighted the benefits brought by immigrants during a visit to Mauritania where he spoke after anti-immigrant unrest in a Spanish town. Sánchez, stood alongside Mauritania's President Mohamed Ould Cheikh El Ghazouani, told reporters that Spain and other rich countries owe a lot to migrants for their development. Mauritania has however become a key staging post for undocumented migrants who take a dangerous sea route from West Africa to Europe, with many heading for Spain. "Today, the progress and good economic situation of Spain owes a lot to the contribution made by immigration, to the people who have come to develop their life plans there," Sánchez said. The Spanish leader called for closer cooperation with countries like Mauritania "to guarantee migration that is safe, regular, organised, that mutually benefits our societies". He spoke as Spanish authorities seek to calm several nights of troubles in the town of Torre Pacheco where migrants have been the target of violence since an attack on a 68-year-old man last week. Spain's far-right has seized on the unrest to call for deportations of migrants. Sánchez has defended the role of migration and in August last year went to three West African nations, including Mauritania, seeking to develop "circular migration" that brings trained workers that Spain needs for its economy. Thousands of would-be migrants have died in recent years seeking to make the sea trip from Mauritania and other North African states to Spain and other European Mediterranean countries. According to the Spanish charity Caminando Fronteras, nearly 10,500 people died at sea in 2024 alone. Some 46,800 African migrants arrived in Spain's Canary islands in 2024, according to official figures, though numbers have fallen this year. Spanish and Mauritanian officials on Wednesday signed four accords on transport and infrastructure, welfare, cybersecurity and national parks, the Spanish government said in a statement.
