Spain

Next week, it's all central banks. Interest rate-setters in Tokyo, Washington and London are growing more nervous due to the Middle East war escalate. Oil prices have returned to $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Samuel "Indyk" and Alun John are in London. Lewis Krauskopf is in New York. DOUBLE TROUBLE Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi...

The latest LSEG 'I/B/E/S' data on Wednesday showed that estimates for blue-chip European companies have?improved. Soaring energy sector?profits will help a deliver the best growth in over three years. According to a data set based on 77 company results and market expectations for those who have not yet reported, companies on Europe's benchmark STOXX 600 Index are expected to post earnings growth of 17.3% during the second quarter. The aggregate growth rate is 7.2%, excluding the estimated 122.6% growth rate for the energy sector. The blue-chips in Europe are expected to grow by 11.5%. This is their highest rate since...

According to LSEG's forecasts, published Thursday to coincide with the start of reporting season, a surge in energy sector profits will help European blue-chip companies to post their highest earnings growth in more than three years. LSEG IBES data predicts that companies in Europe's benchmark STOXX 600 index will report earnings growth of 16.7% during the second quarter. This is based on?results from 28 companies, and market estimates for those whose results are not yet in. The rate of growth excluding energy companies is a modest 6.4%. The European energy'majors' are reportedly?posting profits that are more than 125% greater year-on-year....

The Portuguese Environment Minister said that Moeve and Galp, Spain's refiners, should?invest and commit to the viability of Sines as part of a planned merger of their operations. Moeve has been in talks with Galp since January to create two joint ventures. One will operate 3,500 fuel stations in the Iberian Peninsula. The other will combine Galp's refinery located in southern Sines, Spain, with Moeve refineries located in Huelva, Spain, and Algeciras, in southwest Spain. Moeve will hold the majority of shares in Europe's largest refining company, while Galp retains a mere?over 20 percent. Environment Minister Maria da Graca Carvalho...

Rescuers spent the night on Friday searching for thousands of missing Venezuelans and hundreds trapped under rubble after two of the largest earthquakes to hit Latin America in modern history shook areas around Caracas. The government did not provide a total estimate of casualties from the magnitude 7.2 to 7.5 earthquakes that struck 160 km (100 mi) west of Caracas, on Wednesday. The U.S. Geological Survey predicts more than 10,000 deaths. A website designed to track missing persons and shared by leaders of the opposition in the politically polarized country listed more than 49.600 people who were unaccounted for. The...

After two powerful earthquakes in?Venezuela on Wednesday, governments and humanitarian groups have started sending cash, teams of rescuers, and other aid. The death toll is expected to increase. According to the latest statistics, the back-to-back earthquakes, measuring 7.2 & 7.5 in magnitude, struck roughly 160 km (100 miles), west of Caracas. They damaged at least 250 buildings, and trapped about 200 people. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was in charge of coordinating the deployments by international teams to search and rescue urban areas. He said that "the...

After two powerful earthquakes in Venezuela on Wednesday, governments and humanitarian groups around the world have started sending cash, teams of rescuers, and other types of aid. The number is expected to rise. At least 250 buildings were damaged by the two quakes that struck Caracas in a distance of?160km (100miles). The latest count shows 200 people still trapped under debris. U.N. HUMANITARIAN AFFAIRS OFFICE Tom Fletcher, the U.N.'s chief of aid, said that the office for humanitarian affairs was responsible for coordinating the deployment international search and rescue teams. He said that "the coming days will need a massive...

Spanish renewable energy company, 'Audax Renovables' announced on Thursday that it plans to make a voluntary takeover bid for Norway's Elmera Group. The bid is valued at 4.5 billion Norwegian crowns (US$456 million). Elmera also said that another strategic player had made a non-binding offer with a "significantly" higher price. Early trade saw Elmera's shares up by about 43% while Audax's shares fell 1.4%. The Norwegian 'company' said in a press release that it had entered into an?exclusive agreement and due diligence agreement? with the unnamed interested party, adding that this process has been ongoing for several weeks. * Elmera...

Officials from Venezuela's PDVSA state oil company and Spanish energy group Repsol have signed a "crude and gas agreement" to boost production in the northwestern part of Venezuela. Hector Obregon, PDVSA president, said that at an event held at the Government Palace, the deal offers "exploration" opportunities on the eastern shores of Lake 'Maracaibo where the two companies already operate the Petroquiriquire Joint?Venture, which could add 20,000 barrels of light crude per day to the current average production of around 40,000?bpd. In comments broadcast by state television, he said that the additional crude would supply the Paraguana Refining Center, which...

Santos, Australia’s No.2 oil &?gas producer said on Monday that it had?reached first oil in its Pikka project, located in Alaska, U.S.A. Shares of the Adelaide-headquartered company rose as much as 3.1% to A$8.12, their highest ?since April 13, while the broader S&P/ASX 200 benchmark index ?was down 1.4% by 0450 GMT. Stocks of the Adelaide-based company rose as much as 3.1% to A$8.12, their highest level?since April 13, while the broader S&P/ASX 200 benchmark index?was down 1.4% by 0450 GMT. Craig Sidney is a senior investment advisor at Shaw and Partners. He said, "This announcement is positive in light...

Moeve, the Spanish energy company, reported on Thursday a 7% rise in its first-quarter earnings. The company cited strong performance across its core businesses and soaring profits in its energy division due to the Iran War which caused a spike in oil and fuel prices globally. The?company that was formerly Cepsa, one of Spain's biggest refiners, booked a net profit of 147 million euros ($173million) in the third quarter. This compares to 138 million euro a year earlier. In a press release, CEO MaartenWetselaar stated that "Moeve delivered a solid quarter of results shaped by heightened geopolitical uncertainties?and volatile oil...

Portugal's Finance Minister Joaquim Mirando Sarmento announced on Tuesday that the government would ask parliament for approval to impose a "windfall tax" on energy companies who benefited from an increase in energy prices due to the Iran War. Portugal, Germany, Italy and Spain, as well as Austria, wrote to the European Commission in April to ask for a similar tax on a "European" level. However, Brussels let individual countries decide. Miranda Sarmento, the Portuguese Minister of Foreign Affairs, said that Portugal would "seek to achieve the highest level of coordination possible" with other countries. Miranda Sarmento, speaking to reporters in...

The temperatures were expected to rise again in France and Spain on Wednesday, in the fourth heatwave of summer. This will increase the risk of wildfires, which have already forced people to evacuate in large numbers, burned through forests, and killed wildlife. Weather agency AEMET in Spain said temperatures 'were expected to hit 40 degrees Celsius on Wednesday, 104 degrees Fahrenheit, at least six regions were on orange alert. This is the second highest level. Meteo France predicts that temperatures in France's southwest, which has been devastated by fires, will rise from 33 C to 42 C. Dry winds in...

On Monday, firefighters battled wildfires that threatened the French city of Bordeaux and its wine region, while crews struggled to control forest fires in Spain, which have been raging for the past week. This is the result of an incredibly hot, dry summer in Western Europe. Authorities in France have evacuated 220,000 people including tourists and residents. In Spain, nearly 100,000 people have been asked to leave their homes. Authorities say that the French fires, which started last week near the Atlantic Coast, are only 15 kilometers (9.3 miles), from the entry points of the Bordeaux metropolitan area. Jerome Steffe...

On Sunday, wildfires spread towards the outer reaches of Bordeaux in the heartland of France's winelands as France and Spain battled fires that forced hundreds of thousands of people to evacuate. Authorities have ordered the evacuation of 220,000 people from?France?, while more than 75,000 in Spain were evacuated and 30,000 others told to shelter in place. Fires in France have destroyed the Cap Ferret Peninsula on the Atlantic Coast, a popular tourist attraction. They also spread to areas around Bordeaux where firefighters are trying to stop the flames reaching the regional capital. The fire was about 15 kilometres from the...

On Thursday night, the Spanish government declared a state of emergency after a series wildfires threatened communities in and around Madrid. The Interior Ministry stated that the decision was made due to the simultaneous outbreaks of multiple fires and adverse weather conditions, as well as the need to mobilize large resources from various public administrations. This increased the complexity of civil protection and firefighting efforts. Scientists have linked climate change to the increasing severity of wildfire seasons in Spain and southern Europe. Scientists have found that the excessive vegetation growth after unusually heavy spring rains has dried up in extreme...

Twelve people died on July 9 trying to escape wildfires in the southern Spanish mountain village of Bedar. Regional officials claimed that some?of those who died had refused to stay at home. Five residents and survivors said they never received any advice. Two others, who did receive warnings when the fire, one of Spain's most deadly, approached, reported that these came through church bells, WhatsApp Groups and home visits by local officials in a piecemeal manner. Bob Layton, an?old British technical manager?, claimed he did not receive any warnings or instructions on how to deal with the fire. He drove...

Wildfires raged uncontrollably in Spain's central province of?Guadalajara on Monday. They burned for a fifth day and became the largest fire of the year. Forecasters warned that an approaching heatwave could increase?fire risk?across the country. Scientists have linked the trend to climate change. Spain and southern Europe face increasingly severe wildfire season. This fire occurs less than two week after a deadly wildfire in Almeria province near Bedar killed 13 people. It was one of Spain's most devastating fires in recent decades. As the La Mierla fire in Guadalajara Province expanded to over?26,000 acres, authorities evacuated an additional three municipalities...

Local authorities reported that a wildfire spread rapidly through several towns near Frejus, France, on Sunday. It threatened homes and forced the evacuation of several hamlets due to'strong winds' and drought conditions. BFM TV reported that local prefect Simon Babre said, "The fire spread very quickly in this heatwave and extreme dryness." Prefect's Office said that the fire had burned about 180 hectares (445 acres), by Sunday evening. Television images showed large flames behind hillside villas that are typical of the French Riviera. Thick black smoke billowed over pine and cypress trees. The fire forced the suspension of train services...

F irefighters, backed by 30 planes, struggled to contain a fire in northeastern Spain that has destroyed an area as large as San Francisco. The wildfire forced the evacuation of over 1,000 people. Recent heatwaves have left the vegetation tinder dry across most of Europe. The recent heatwaves in Europe have caused temperatures to reach unprecedented levels, which scientists attribute to climate change. They are also causing crop damage, wildfires and thousands of deaths. According to Climate Monitor, on Friday the average high temperature across Western Europe was predicted to be 28.5 degrees Celsius (81.5 degree Fahrenheit), a 4.2 C...

Authorities announced on Monday that six victims of one of Spain's most deadly wildfires in recorded history have been identified. Meanwhile, forensic teams continued to work on confirming the identities of six other people through DNA analysis. Authorities said that the victims included a married Spanish and British couple. Other victims identified include a British woman and man, a French woman, and a Belgian. All of the victims were adults. The death toll now stands at 13. A 93-year old British woman died from burn injuries in hospital Sunday. Seven people were also?injured by the fire, which scorched approximately 7,000...

Officials said that strong winds will exacerbate the fires. The European Union announced on Monday that it would be sending four waterbombing planes from Sweden and Cyprus to France, as well as more than 100 firefighters to assist emergency teams near Perpignan. Ursula von der Leyen, President of the European Commission, said on X that "Europe stands with France". In a post to?X, Pierre Regnault de la Mothe, the local prefect, said that the fire had injured 16 people including four firefighters and burned 4,600 hectares (11,367 acres) of land in the foothills near the French Pyrenees. The early summer...

Luis Montenegro, the Prime Minister of Portugal, said on Friday that Portugal had asked the EU and Morocco for extra firefighting aircraft in case wildfires grew during the current heatwave. He explained that the unusual decision was not prompted by a lack of resources but rather by an "exceptional" situation in the near future, when "the entire country faces a high risk of wildfires." He told a press conference that it was better to have support from our EU allies, and neighbours, than divert resources away from the parts of the country they were currently deployed in. This is why...

Barcelona has begun giving out heat-monitoring wristbands to outdoor workers as an early warning system of health risks. Around 1,400 bracelets have been distributed by the?city to staff who work outdoors. This includes street cleaners and lighting crews as well as park workers, waste management staff, and employees of street cleaning companies. Pep Llimona is the prevention coordinator for the city's Parks and Gardens service. The bracelet detects the worker's body temperature, and will emit a vibration and sound if the wearer is in danger. The workers must stop working if this happens. As temperatures soared in Spain, a number...