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Hollande’s bad choice?

Business 1

AT the beginning of last week, the Pound was sticking around the 1.15 mark. This was partly down to the UK services PMI being lower than forecast. But it wasn’t helped by comments from French President, Francois Hollande, who offered his opinion that the “UK has made a bad choice at a bad moment” in […]

European Court calls time time on the dear help-lines

Business 3

Understanding the law THERE is more good news for consumers from the European Court which, fortunately, seems to be the guardian of consumers’ rights. One German company, specialising in electrical equipment, had a website offering after-sales telephone numbers with a 0180 prefix (similar to 902 in Spain). The cost of a call to this special […]

Madrid in black Brexit summary

Business 2

A LEAKED Madrid report suggests that a hard Brexit could wreak havoc on Spain’s economy, with “innumerable repercussions” on Britons living in Spain. The report, written by Spain’s Brexit commission, says Britain’s divorce from the union will leave Spain hugely exposed economically, and will have an impact on everything, from fishing rights to the careers […]

Fixed-rate loans a bonus

Local 15

AT the end of January, Spanish mortgage repayments fell after 12 months of negative rates. The Euribor (Euro Interbank Offered Rate) was at a record low of -0.094%. And, as most Spanish mortgages are based on this, it means that repayments for home-owners have been going down for some time. With more investors taking advantage […]

C&A to close stores, and open elsewhere

Local 9

MAJOR clothing chain C&A plans to close down 23 “loss-making” branches, which means redundancy for 16% of its staff. The Dutch firm, which has been operating in Europe for 175 years and in Spain for 34, intends to open other stores in Spain, but in other locations. As part of what C&A Iberia’s general manager […]

Consumers and Spanish banks

Business 1

SPAIN has a legal structure governing the banking and financial services sector. This is a body of administrative law, and the legal framework incorporates rules and regulations on the control and financing of banks. An important part of the legal framework is the Ley Hipotecaria. This is the Mortgage and Land Law, incorporating the registration […]

Hotel boom is a bonus

Business 2

LAST week, the pound gained ground against all of its major counterparts, and, since the Supreme Court ruled that Mrs May cannot trigger Article 50 without an act of parliament, it went from strength to strength. Following last Friday’s first meeting between the Prime Minister and President Trump at the White House, Mrs May emphasised […]

UNDERSTANDING THE LAW

By Mariano Zunino Siri (lawyer) WILL THE BANKS FREELY REFUND THE FLOOR CLAUSES WRONGLY CHARGED? THE ROYAL DECREE-LAW 1/2017 The government approved on 20th January 2017 the Royal Decree-Law 1/2017 in relation to the proceeding to refund the floor clauses. In relation to this Royal Decree-Law it might be necessary to recall that neither the […]

Tourists ignore Brexit

Business 2

DESPITE the volatility of sterling to euro, the highest, overall tourist expenditure in 2016 (Jan-Nov) came from the UK at 21% of the total, with an expenditure of over 15bn euros. This good news means that tourists from the UK were not letting Brexit affect their holidays; nor were they put off by getting fewer […]

Cadbury’s switch to Poland takes biscuit

Business 1

THE American owner of Cadbury’s has broken a seven-year pledge by making some portion of the company’s iconic Dairy Milk chocolate bars in Poland, rather than at its British base. The Mondelez brand, which was created by Kraft, is making large 300gm bars of Dairy Milk, and some classic size 9gm bars. This move defies […]

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