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☆ Spanish top court chief's resignation nudges parties to end 4-year stalemate
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +2 min

MADRID, Oct 10 (Reuters) - The head of Spain's supreme court stepped down on Monday, creating a vacuum at the helm of one of the country's key institutions and nudging the two main political parties towards ending a four-year stalemate over judicial appointments. Appointing CGPJ members requires a three-fifths majority in parliament, which has proved impossible without the support of the People's Party. In Spain's increasingly polarised political landscape, there have been few agreements between the two main parties, which have spent the past four years accusing each other of acting in bad faith. "We've moved forward to reach a joint renewal of the CGPJ and Constitutional Court in a new framework with new criteria deepening their independence," Nunez Feijoo said on Twitter. Register now for FREE unlimited access to Reuters.com RegisterReporting by Inti Landauro, additional reporting by Emma Pinedo and David Latona; editing by Barbara Lewis and Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Strengthening the case for another 75 basis point increase, German inflation jumped to 10.9% this month, far beyond expectations for a reading of 10%. "There is no easing in sight, and next year the inflation rate is only likely to fall because energy prices are unlikely to rise again as strongly as this year, partly due to government intervention," Commerzbank economist Ralph Solveen said of the German inflation figures. While few governors ventured to estimate where interest rate hikes could end, de Cos said that models suggest a significantly lower terminal rate than markets now expect. "On the basis of current information, the median terminal rate value across models is at 2.25%-2.50%," de Cos said. Rate hike talk is intensifying even as recession fears rise.

☆ Siemens Gamesa to cut 2,900 jobs as part of its turnaround
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

MADRID, Sept 29 (Reuters) - Wind turbine maker Siemens Gamesa (SGREN.MC) plans to cut 2,900 jobs, mostly in Europe, as part of a plan to return to profitability, it said in a statement on Thursday. Siemens Gamesa has done an organisational review to identify synergies across several functions, and to adjust the manufacturing footprint and capacity to match market demands, the company said. "Around 2,900 positions will be impacted globally, particularly in Siemens Gamesa’s major European countries: Denmark (800), Germany (300), Spain (475) and the United Kingdom (50)," it said in its statement on Thursday. The deal awaits final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017. Register now for FREE unlimited access to Reuters.com RegisterReporting by Emma Pinedo; Editing by Inti Landauro and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

"Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the BoE warned. One source at the Treasury said Kwarteng would not resign, and the government would not reverse its policy. A second person familiar with the situation said Truss still backed Kwarteng and they would announce further economic reforms soon. One source at the meeting said Kwarteng had asked the assembled finance bosses what they could do to calm markets. U.S. bond giant PIMCO said it would have less confidence in sterling than it did before last Friday's announcement.

"Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the British central bank said. By 2:48pm (1348 GMT) it was trading down 0.5% at $1.0679, a fall of 12% in the last three months. The BoE said it would return to its plan to sell bonds and its launch was only postponed until the end of October. RESTORE ORDEROn Monday the BoE said it would not hesitate to raise interest rates and was monitoring markets "very closely". But the slide in bond prices continued unabated on Wednesday, prompting the BoE to make its move.

"Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability," the central bank said in a statement that immediately eased pressures on soaring British government bond yields. The Bank of England said on Monday it would not hesitate to raise interest rates and was monitoring markets "very closely". Earlier on Wednesday 30-year British government bond yields rose above 5% for the first time since 2002. "An irresponsible, destructive fiscal policy." In his remarks on Tuesday, BoE Chief Economist Pill said financial market upheaval would have a big impact on the economy and would be factored into the Bank's next forecasts.

☆ Spanish court formally sends Shakira to trial for tax fraud
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

The 75th Cannes Film Festival - Screening of the film "Elvis" Out of Competition - Red Carpet Arrivals - Cannes, France, May 25, 2022. REUTERS/Sarah MeyssonnierMADRID, Sept 27 (Reuters) - A Spanish court on Tuesday formally ordered Colombian superstar Shakira to stand trial on accusations that she failed to pay 14.5 million euros ($14.31 million) in income taxes, a court document released on Tuesday showed. The Esplugues de Llobregat court on Tuesday confirmed the trial will go ahead on a date still to be announced. "The order to send Shakira to trial is just another step in any proceedings of this kind. Shakira vowed last week to fight what she claimed were "false" accusations by Spanish authorities and added that she had already paid what the Spanish tax office said she owed before they filed a lawsuit.

Endive farmers Emmanuel Lefebvre and Christophe Mazingarbe walk in a field of endive plants in Bouvines, France, September 15, 2022. Across northern and western Europe, vegetable producers are contemplating halting their activities because of the financial hit from Europe's energy crisis, further threatening food supplies. Surging gas prices are the biggest cost vegetable farmers cultivating inside greenhouses face, farmers said. HEADING SOUTHFarmers are not just contending with spiralling energy prices. read moreEven in sun-flushed countries like Spain, fruit and vegetable farmers are grappling with a 25% increase in fertiliser costs.

☆ Prado lists artworks seized during Spanish Civil War, eyes restitution
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

MADRID, Sept 20 (Reuters) - Spain's Prado Museum on Tuesday published a list of 25 artworks seized during the 1936-39 civil war and under Francisco Franco's dictatorship, and announced a research project that could lead to the works being returned to their legitimate owners. Among the works are paintings by 17th century Flemish artist Jan Brueghel the Younger and Spanish impressionist Joaquin Sorolla, according to the list. The findings of the research, to be led by senior professor and expert on cultural heritage and the Civil War Arturo Colorado, are expected by early 2023. More than half a million people died during the Spanish Civil War and an estimated 150,000 were killed later in repression by Franco's 1939-75 dictatorship, historians estimate. One of the capital's most famous landmarks, the Prado contains over 7,000 of the world's finest paintings and other works of art.

Luis de Guindos, vice-president of the European Central Bank, speaks during a Reuters Breakingviews event in New York, U.S., April 25, 2019. Register now for FREE unlimited access to Reuters.com RegisterEven though higher interest rates are boosting banks' financial margins, De Guindos said that a banking levy right now could have negative side-effects. "We could find ourselves in a situation that requires higher provisions" from banks to cope with higher loan losses. "We don't have to look just at the short term, let's look beyond it," De Guindos said, warning of the risks to the companies most affected by the energy crunch. The Spanish government wants the legislation approved before the end of the year.

☆ Further interest rate hikes will depend on data, ECB's de Guindos says
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterVice-President of the European Central Bank (ECB) Luis de Guindos gives a statement during the second day of the Informal Meeting of EU Ministers for Economics and Financial Affairs in Berlin, Germany September 12, 2020. Odd Andersen/Pool via REUTERSMADRID, Sept 19 (Reuters) - The exact number of further interest rate increases by the European Central Bank will depend on upcoming macroeconomic data, ECB Vice-president Luis de Guindos said on Monday. read more"Monetary policy always tries to act to fight inflation, that will have an effect on consumer spending and investment by companies...and further interest rates increases will depend on economic data," de Guindos told a financial event in Madrid. "Inflation is the biggest pain for European population," he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jesús Aguado and Emma Pinedo, editing by Andrei KhalipOur Standards: The Thomson Reuters Trust Principles.

Similar numbers fled in Greece as a blaze fuelled by gale-force winds raged in mountains north of Athens. ABOVE 40CIn Spain, where emergency crews were fighting fires in five regions, national weather service AEMET also forecast higher temperatures. REUTERS/Stelios MisinasTreasury Minister Simon Clarke said Tuesday's "remarkable, unprecedented" record served as "a reminder ... of the importance of tackling climate change." British engineers raced on Wednesday to fix train tracks that buckled in the heat after firefighters worked through the night to damp down wildfires. In southern Europe, far larger wildfires continued to rage.

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