Costa News Spain Breaking News | English News in Spain.
UK Bonds plunge fast
On Tuesday, July 1, UK bonds and sterling fell dramatically amid concerns over the future of Finance Minister Rachel Reeves. The 10-year gilt yields experienced their largest surge since 2022 and sterling fell over 1%. After Reeves appeared emotionally charged during a major fiscal reform in Parliament, market uncertainty followed.
EU merge clash escalates
EU countries are pushing against Brussels on cross-border banking mergers. Italy cited national safety to limit UniCredit’s bid for Banco BPM while Spain received EU warnings over BBVA’s acquisition of Sabadell. The European Commission claims that such resistance undermines the efforts to create a single banking market in the EU.
Spain leads temporary employment
Recent reports show that Spain is the country most dependent on temporary employment agencies (ETTs). These agencies employ 4.1% of Spain’s workforce, which is significantly higher than Germany’s 2.8% or France’s 2.7%. A large part of the workforce in industries such as logistics, agriculture, hospitality, and industrial is made up of temporary workers. This is due to seasonal demand and fluctuations. Spain uses ETTs in a significant way, but other EU countries such as the Netherlands have a higher share of temporary workers hired through agencies. This highlights Spain’s flexible but precarious employment market structure.
Sánchez Advisor Faces Charges
Pedro Sánchez’s right hand man Santos Cerdán, has been jailed amid a corruption probe. Accused of involvement in a kickback scheme linked to public contracts, Cerdán’s detention has intensified political pressure on the Spanish government. The investigation continues, raising questions about possible wider implications for Sánchez’s administration.
Market growth investigation begins
The UK Parliament launched an inquiry to examine the rapid growth in private markets since 2008’s financial reforms. The investigation will examine the impact of traditional banking, regulatory oversight and potential risks. Authorities are aiming to maintain financial stability, protect investors and ensure transparency in the face of expanding private market activity.
Heathrow fire is under scrutiny
Recent research has revealed that the fire in March 2025 at Heathrow Airport’s North Hyde substation was caused by an easily preventable fault. National Energy System Operator found that moisture was present in transformer components for years, but it wasn’t properly addressed. Deteriorated fire suppression systems at the substation date back to 2022. The fire forced closure of the airport and affected over 1,300 flights. Ofgem, the energy regulator, launched an investigation on National Grid Electricity Transmission. It also ordered an independent audit for critical infrastructure.
€460M Crypto ring dismantled
Spanish police dismantled a €460 million crypto fraud ring, arresting five suspects. The operation involved complex laundering via global networks and targeted more than 5,000 victims around the world. Authorities continue to investigate in order to discover more details and stop future scams within the cryptocurrency industry.
Sabadell warns of dividen risk
Josep Oliveru, Banco Sabadell president, made it clear to shareholders that those who accept BBVA takeover offers will not get the additional dividend related to the sale of TSB. The €0.50 per share payout, part of a €3.8 billion plan to reward shareholders, will only go to those still holding shares when the dividend is paid. Sabadell uses this to convince investors to reconsider their decision to accept BBVA’s offer ahead of a crucial vote on August 6th.
Oh-No Not Greggs!
The shares of British bakery chain Greggs dropped over 12% after a profit warning tied to the recent heatwave. The soaring June temperatures, exceeding 33°C, led to fewer customers visiting stores, hurting sales despite higher demand for cold drinks. Greggs is expecting its operating profit for the full year to be lower than last. The company is continuing its expansion plans by opening 87 new stores and closing 56 others in the first half 2025.
Hacienda extends IRPF deadline
Hacienda (the Spanish tax agency) has extended the deadline by which mutualistas can request refunds from IRPF. (income tax) is still applicable for 2019-2022. This extension was made after the Senate delayed in passing legislation allowing a combined payment of 2025. Mutualistas may continue to submit refund requests through Hacienda’s online portal while the new law is awaiting Senate approval, expected in July. This provides relief to a large number of taxpayers looking for reimbursement.
AstraZeneca’s CEO leaves UK
Pascal Soriot, AstraZeneca CEO, is reported to be looking at moving the company’s listing on the London Stock Exchange to the United States. The dissatisfaction stems from the UK’s regulatory framework and NHS rebate scheme. AstraZeneca trades on the US stock exchange via American Depositary Receipts. However, a complete move could have a negative impact on the London Stock Exchange as well as the UK’s life sciences industry. The company is yet to inform the UK government of these discussions. AstraZeneca’s shares rose by 2.7% after the news.
