Daily Brief

Spain Today – Thursday 21 March 2024

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1 month ago

Mar 21, 2024

Mark Nolan

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Making the Spanish news headlines on Thursday is Pedro Sánchez: “We are growing five times more than the euro zone average”, WhatsApp messages are valid evidence to demand the repayment of a loan, and for every 100 companies incorporated in 2023, 28.7 were liquidated.

Plus, home purchase data will be the financial focus on Thursday.

Contents (click to jump ahead)

Spanish News Headlines

The President of the Government highlights that Spain has one of the lowest inflation rates in the European Union and highlights that the Executive is redistributing growth with fiscal responsibility, thanks to the country’s good economic performance. Sánchez has also highlighted the Executive’s management to improve coexistence in Catalonia.

During the control session in the Congress of Deputies, the President of the Government, Pedro Sánchez, highlighted the actions of the Executive in economic matters. “Spain is in better shape than the European Union: we are growing five times more than the euro zone average,” he assured in his response to deputy Alberto Núñez Feijóo, of the PP Parliamentary Group.

“We have one of the lowest inflations, 21 million Social Security affiliates and we have a temporary employment rate of 16%,” continued Sánchez, who anticipates that 2023 will close with a public deficit of 3.7% of the Gross Domestic Product.

The Court of 1st Instance No. 6 of Granollers has deemed that WhatsApp messages are valid evidence to demand the repayment of a loan and requires payment of costs and a debt of €5,000, for which there was no written contract.

The ruling resolves the case of a verbal loan in which, after failing to obtain payment, the plaintiff went to court with the bank receipts of the transfers made by Bizum and transfer, as well as the conversations held through WhatsApp in which the former friend recognised the debt.

In 2023, 114,538 companies were established in Spain, 8.9% more than in 2022, with 105,214. This is stated in the report entitled Creation of companies in 2023 and business survival between 2007 and 2023, carried out with data from the Notarial Statistical Information Centre (CIEN), which positions 2023 as the year with the highest creation of companies since 2008.

The data indicate that of the 114,538 companies created last year, 83,356 (73% of the total) were created with a founding capital of between 3,000 and 4,000 euro and practically all of them acquired the legal form of Limited Liability Company (SRL). In general terms, this group makes up the niche of microenterprises and SMEs that concentrate the vast majority of the Spanish business fabric.

The rest of the new companies, established with a higher founding capital, reached 31,182 (27% of the total).

To read these articles in full, visit SpainToday.news

Business, Markets and Statistics

The home purchase and sale data for January and the auction of medium and long-term debt will be the main references in Spain on a day in which the PMI indicators for March in the main economies will also come to light. In the eurozone, the publication of the January balance of payments also stands out, while in the United Kingdom and Switzerland their respective central banks hold their monetary policy meetings.

In the business field, Bankinter holds its general meeting of shareholders.

Back in Spain and the day starts with the INE publishing the statistics on transfers of property rights for January. Next, the Public Treasury auctions 3-year bonds and 8- and 20-year obligations.

Plus, Bankinter holds its general meeting of shareholders, at the same time that the Real Estate Financing Forum is held, with the participation of representatives from the Bank of Spain, Asprima, Caixabank, Santander and Aedas Homes, among others.

In the UK we will find out the Family Resources Survey and income dynamics statistics, the post-pandemic excess mortality in England, Council Tax Levels set by Local Authorities in England 2023/24, pupil absence in schools, 2022/23, and ORR stats on rail usage.

In the Eurozone, the ECB publishes its 2023 report on supervisory activities, followed by the balance of payments for January, and finally, its second Economic Bulletin of the year.

The manufacturing PMI, services PMI and composite PMI for March come to light.

The European Council meeting begins. EU leaders will discuss continued support for Ukraine, security and defence and the current situation in the Middle East, among others. A Euro Summit is held in parallel to the session.

We will also have results from NEXT, Nike, Direct Line Insurance, Porsche SE, BMW, and FedEx.

Things to Do Today

For petrolheads, Guardamar del Segura will host a wide range of classic motors, cars and motorbikes, in the XII Fiesta del Motor Clásico de Guardamar del Segura taking place on 23 March 2024, starting at 10 a.m. in the Plaza del Ayuntamiento where, in addition to the exhibition of participating classic cars and motorcycles, there will be live music, paella to eat, and drinks.

Finally, the Iberia Motor Fest brings classic and unusual vehicles together at La Vila Joiosa on 22^nd, 23^rd, and 24^th of March 2024.

Aircraft fans can look forward to the Patrulla Aguila aerobatic team performing locally in the San Javier Airshow, taking place from 3rd-5th May – Festival Aéreo San Javier – over the playas de Santiago de la Ribera, San Javier, Murcia. They are also at the DIFAS 2024, taking place in Oviedo on 1 June, and on 15th June, the 50º Aniversario del ALA 14, in Albacete, where a competition is open to design a Eurofighter livery.

The Patrulla Acrobática de Paracaidismo del Ejército del Aire (PAPEA) parachutists perform on 31st March at the Conmemoración de “El Encuentro” de Alcantarilla, in Murcia, before the team head overseas in April to attend the 5th FAI World Indoor Skydiving Championship, in Macau, China.

For more local events, pick up The Leader newspaper every Monday, and This is Torrevieja for Torrevieja events.

Local Markets

Thursday markets are held in Alicante, Bigastro, Campoamor (Orihuela Costa), El Altet (Elche), Gran Alacant, Lo Pagan (San Pedro del Pinatar), Rojales, and San Fulgencio (La Marina).

The roads will of course be busy around those locations.

Traffic and Travel

The same as last week, the weekend is going to be busy on the roads particularly around winter leisure areas, which includes second homes, but mostly the mountainous regions for winter sports. We will have the full details of the busiest times in tomorrow’s bulletin.

The Easter traffic plan starts in a few days too. We will have the full details shortly, but it is important to remember that Thursday next week as a holiday in some places, Friday is everywhere, then the following Monday is in other locations, and so traffic will get busier around those times as people take a break from the norm.

For information and updates about driving in Spain, visit N332.es

Official Websites for Travel Information

For live traffic reports, visit the DGT traffic map
For weather warnings, consult AEMET
DGT Twitter account
AEMET weather related road information
Aemet Twitter account
For flight information, check the AENA airport operator’s website

Weather

Always check the weather where you are before embarking on a trip. Here are the official sources for alerts and warnings.

On This Day

2014, Adolfo Suárez Illana announces that his father, the former president of the Government Adolfo Suárez, is urgently hospitalised.

1991, in the Autonomous Community of Madrid, the segregation of part of the municipal area of Colmenar Viejo is approved to create a new municipality called Tres Cantos.

1937, the Battle of Guadalajara (Spanish Civil War) ends.

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The post Spain Today – Thursday 21 March 2024 first appeared on Mark Nolan´s Podcast.