Latest news with #Spanishgovernment
Daily Mail
4 days ago
- Politics
- Daily Mail
Sharp spike in migrant arrivals to Spain's Balearic islands raises fears archipelago could be new gateway into Europe
The Balearic Islands are facing an unprecedented surge in migrant landings, fuelling fears the Mediterranean holiday hotspot could be turning into a major new gateway for irregular migration into Europe. In the space of three days this week, 639 migrants reached the islands - comprising Mallorca, Menorca, Ibiza and Formentera - aboard 38 small boats. So far this year, 4,500 migrants have arrived there, according to the Spanish government. The startling figures mark a 170 per cent jump on the same period in 2024. This is also more than 500 per cent higher than in 2023. Amid the looming migration crisis, authorities in the islands say they have been left to cope with the issue alone, with limited support from the government. The majority of the boats are believed to have left from Algeria, signalling that the central Mediterranean route is gathering pace while the once-busy flow from Mauritania to the Canary Islands has collapsed. 'Where is the government of (Pedro) Sanchez?' Balearic regional leader Marga Prohens posted on X on Wednesday, referring to Spain 's prime minister. She called for increased law enforcement resources and cooperation with Algeria. Madrid said last month it would improve the Balearics' capacity to absorb arrivals. Alfonso Rodríguez, Madrid's regional representative in the Balearics, shot back that calm seas and criminal gangs exploiting security gaps were behind the rise. He said it was part of a wider Mediterranean pattern. Arrivals in the Canaries, meanwhile, have fallen by 46% in January-July of this year, largely thanks to tightened controls by Mauritania. Eighty per cent of arrivals to Spain in the first quarter of last year were headed to the Canary Islands, making the journey the most heavily used migration route to Europe this year. Vicent Mari, President of the Council of Ibiza, last year called for a crackdown on illegal migration, telling a Town Hall that the 'situation requires care services that are neither prepared nor sized to deal with this issue'. 'We need the provision of the necessary surveillance and resources to prevent and control this massive arrival,' he told the audience. Bárbara González del Río, Migration Specialist at Save the Children Spain, warned that officials are anticipating a 'significant increase in crossings during the summer months'. 'As long as there is a need in the countries of origin, people will continue to move, and the migratory flow towards Europe will continue to exist,' she said, according to the newspaper. Migrants reaching the islands tend to leave Algeria's coastline, where patrols are lighter. The majority are Somalians who aim to escape conflict and food shortages. Among those who have arrived is a 20-year-old South Sudanese called Konestory, who paid $2,000 and endured 46 hours of travelling time to get to the islands. Although he told Reuters the boat faced adversities such as food shortages, getting lost, and 'a lot of waves', he was 'happy' to have arrived on the islands. Last month, the government announced plans to boost the Balearics' capacity to process new arrivals. Majorca media says new arrivals are often left to sit in public parks for hours before they are taken to mainland Spain Yet local media in Mallorca reports that dozens of new arrivals have been left sitting in public parks for hours due to a lack of shelters, before being put on ferries to mainland Spain. In June, a murder investigation was launched after several migrants were found in Mallorca with their hands and feet bound. They are believed to have been attempting the difficult journey from North Africa to Europe. The huge increase has worsened an existing political clash between Prohens and the Sánchez government over the redistribution of unaccompanied child migrants who arrive in the Canaries. Prohens has been a staunch advocate for hardline immigration policies, saying last year that there was a 'total lack of control' when it comes to small boat arrivals.
Wall Street Journal
08-08-2025
- Business
- Wall Street Journal
Spain's BBVA Reviews Projected Synergies From Sabadell Takeover Deal
Banco Bilbao Vizcaya Argentaria is reviewing the financial benefits of its proposed takeover of Banco Sabadell SAB 0.28%increase; green up pointing triangle after the Spanish government imposed conditions and Sabadell shareholders approved the disposal of its U.K. operations. BBVA's BBVA 0.42%increase; green up pointing triangle year-long pursuit of its smaller peer has faced opposition from Sabadell's management and the Spanish government, which in June said it would clear the deal if the entities and assets of the two banks are kept separate and operated independently for at least three years.
Fast Company
29-07-2025
- Science
- Fast Company
The massive blackout in Spain, Portugal, and France exposed a global power crisis. Now what?
On the morning of April 28, large parts of Spain, Portugal, and southern France went dark. A massive blackout left millions without power, halting trains mid-track, cutting mobile networks, and rattling the foundation of one of Europe's most advanced energy grids. In the days that followed, experts and media outlets scrambled to explain what had happened. Was it a cyberattack? Human error? A structural failure? More than two months later, official investigations are ongoing. Early statements by the Spanish government confirmed that although no single cause has emerged, it wasn't a cyberattack. While the exact cause remains under review, one thing the energy industry agrees on is clear: This can't keep happening. 'A relentless cycle of evolution' 'Power systems are not only extremely complex, they are also in a relentless cycle of evolution—with new parts coming in and old ones going out—all while remaining stable and dependable 24/7,' says Richard Schomberg, special envoy for smart electrification at the International Electrotechnical Commission (IEC).
Mint
29-05-2025
- Business
- Mint
Telefonica Chairman's M&A Ambitions Face Old Debt Challenges
(Bloomberg) -- Telefonica SA's new chairman is running into an old problem. After the better part of a decade focused on cutting debt, the company still doesn't have the cash it needs to chase deals and growth. The Spanish phone carrier is looking for diverse ways to simplify its structure by buying out partners in joint ventures and reorganizing certain operations to make itself more flexible for potential deals in the European telecommunications industry. Executive Chairman Marc Murtra, who took over in January, has ordered a strategic review to be unveiled in the second half of the year. But even after cutting net debt by €23 billion ($26 billion) over nine years, the company is still one of the most leveraged large telecom carriers in Europe and holds the lowest investment-grade credit rating from three major ratings firms — limiting its ability to raise funds. Murtra has said repeatedly that maintaining investment grade is a must. 'The problem is they don't have a lot of flexibility,' said New Street Research analyst James Ratzer. 'The leverage situation is not great.' Telefonica declined to comment. A dividend cut could help free up funds, but the company hasn't signaled that's under consideration. Major shareholders, including the Spanish government and CriteriaCaixa SA, are open to considering a capital increase to pay for acquisitions or cut debt, Bloomberg has reported. Murtra has accelerated long-standing plans to divest most Latin American operations and pledged to focus on Europe and Brazil. He is looking at ways to potentially buy out partners in at least two joint ventures - the VMO2 carrier in the UK and a Brazilian fiber-broadband operator, Bloomberg has reported. By selling Latin American assets, Telefonica can focus more on core operations, which 'could support higher leverage than the previous configuration of the group,' Chief Financial Officer Laura Abasolo said this month. 'More free cash flow coming from other geographies improves credit quality,' she said. Murtra says consolidation would help Telefonica and European rivals gain much needed scale in its existing markets — this means doing deals in the UK, Germany and Spain. Telefonica owns 50% of VMO2 and a hypothetical acquisition of Liberty Global's 50% stake would put its debt ratio at about 4.3 times earnings before interest, taxes, appreciation and depreciation, Ratzer estimates. Since the two partners created VMO2 in 2021, they have struggled to retain market share in both broadband and mobile. 'There's no way the company can live with that type of leverage,' Ratzer said, adding that a rights issue to fund such a deal would be 'very material' at '€18 billion or so' and still wouldn't significantly reshape the UK market. Genuine consolidation would require buying smaller upstart fiber broadband operators. In Germany, Telefonica could potentially try to buy 1&1 AG, but its main shareholder hasn't shown interest in selling in the past. Local operations have struggled with strong competition, especially over the last few quarters. In Spain, potential targets could include Digi Communications NV's local unit and Vodafone Espana, owned by British buyout firm Zegona Communications Plc, although Telefonica said May 21 that there were no negotiations for Vodafone. The business has been struggling to grow profit in the country for years and has long been posting sales growth below inflation. So far, the few signals about Murtra's plans have yet to convince creditors. Several Telefonica bonds led by a 1.715% note due in 2028 traded wider than normal relative to peers in the days after the news of the VMO2 plans. The company's five-year senior credit default swaps widened by the most in more than five years on May 14. 'Many investors seem comfortable with the name, this is also reflected in the solid market capitalization,' said ING's Technology, Media and Telecommunications credit strategist Jan Frederik Slijkerman. 'However, spreads moved strongly wider on the headlines about potential acquisitions. This shows that investors are not really open to the idea of Telefonica taking on more debt.' More stories like this are available on
Reuters
31-01-2025
- Business
- Reuters
Spain's defence company Indra buys satellite operator Hispasat
MADRID, Jan 31 (Reuters) - Spain's defence company Indra ( opens new tab agreed to buy 89.7% of satellite operator Hispasat from Redeia ( opens new tab for 725 million euros ($752.26 million), the company said on Friday in a filing to the stock market regulator. The deal still requires regulatory approvals. Government-controlled Redeia, principally engaged in the energy sector, focuses on the management and operation of high-voltage electricity transmission grids. Indra, which is 28% owned by the Spanish government, has recently focused on its defence and aerospace businesses to benefit from European countries' increased military budgets following heightening world tensions. ($1 = 0.9638 euros)
