All posts by Luis Moreno

Moreno Luis - is a business and economics reporter based in Barcelona. Prior to joining the BNE24 he was economics editor of the BBC Spaine and worked as an economics and political reporter for Murcia Tuday.

Spanish public debt closed 2023 as the fourth highest in the EU and broke a new record in February by exceeding €1.6 trillion

In 2023, Spain made progress in reducing its public debt, thanks to stronger economic growth than anticipated. However, despite this improvement, the country still found itself among the EU member states with the highest debt ratios, finishing the year in fourth place. While the debt-to-GDP ratio decreased to 107.7%, it is still far from the European objective. Furthermore, the volume of debt continued to increase and reached new records in the early months of 2024, surpassing 1.6 trillion euros in February.

Spain’s public debt level decreased for the third consecutive year, going from 111.6% of GDP in 2022 to 107.7% in 2023, which was slightly better than the government’s forecast of 108.1%. The deficit was also reduced from 4.7% of GDP in 2022 to 3.6% in 2023, in line with the eurozone average and slightly higher than the EU average. Despite these improvements, both indicators still exceed the thresholds set by European fiscal rules, which have been suspended since the start of the pandemic.

While the decrease in the debt ratio aligns with the trends seen in the eurozone and the EU as a whole, Spain’s data remains above average and continues to rank poorly compared to other countries. In 2023, only Greece, Italy, and France had higher debt levels than Spain. However, these countries did see improvements compared to 2022.

The reduction in Spain’s debt-to-GDP ratio was primarily driven by the country’s 2.5% economic growth, which helped mitigate the increase in debt volume. In absolute terms, the debt increased from 1.50 trillion euros at the end of 2022 to 1.58 trillion euros a year later.

Unfortunately, the volume of debt has continued to grow in the first months of 2024, setting new records. In February, the debt of all public administrations increased by 1.2% compared to the previous month, reaching 1.6 trillion euros, the highest figure ever recorded. This growth has been mainly driven by increased spending and inflation.

The State and regional governments have taken on more debt, while the debt of city councils decreased slightly and the Social Security debt remained stable. The State’s liabilities, which account for 90% of the total, increased by 1.3% compared to January. Regional governments also resorted to external financing, raising their debt by 1.2% since January. On the other hand, the debt held by municipalities decreased by 0.5%. The debt of the Social Security increased in annual terms due to loans provided by the State to finance its budget imbalance.

Trial of Daniel Sancho, live | The defendant's statement focuses a key week in his trial in Thailand

The trial against Daniel Sancho in Thailand enters a crucial phase this Tuesday, as the final witnesses from the Prosecutor’s Office are set to testify. Sancho, a Spaniard accused of the murder of Edwin Arrieta, will have the opportunity to present his side of the story for the first time during this intense week. Pleading not guilty, Sancho will stand before the judge in the Samui Court, located in Southern Thailand, as two forensic doctors and the police officer who interrogated him, Lieutenant Colonel Somsak Norud, take the witness stand. The sessions are expected to continue until Wednesday or Thursday when Sancho’s father, Rodolfo Sancho, will also testify.

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Trial of Daniel Sancho, live

The UN recommends that UNWRA improve its neutrality in the selection of personnel

The UN agency for Palestinian refugees (UNRWA), which Israel accuses of colluding with Hamas, must improve its impartiality in the selection and behavior of its personnel, as well as the use of its facilities and vehicles, according to the report commissioned by the UN to enhance its functioning.

Before the report’s release, Secretary General António Guterres issued a statement expressing his acceptance of the specific recommendations outlined in the report. He then entrusted the agency’s commissioner general, Phillipe Lazzarini, with preparing an action plan to implement these recommendations.

The report, which was made public on Monday, was prepared by an ad hoc commission chaired by former French Foreign Minister Catherine Colonna. This commission was formed after Israel accused twelve UNRWA agents of participating in terrorist attacks alongside Hamas in October.

Nonetheless, the report indirectly emphasized that the agency is indispensable for the Palestinians’ human and economic development, thereby challenging Israel’s call for its termination.

During a press conference, Colonna clarified that her commission was not responsible for verifying the specific case of the twelve accused UNRWA agents. Another investigation led by the UN Department of Internal Affairs is handling that. Colonna further stated that she has not seen any evidence supporting Israel’s accusations.

The Colonna report’s recommendations aim to address neutrality concerns within UNRWA. These concerns include the “increasing politicization among its staff,” the exploitation of its facilities and resources for political or military purposes, the presence of “anti-Semitic content” in some school textbooks, and the misuse of unions by employees to exert pressure on management.

Specific recommendations include increasing the number of international (non-Palestinian) personnel in middle management positions, promoting gender diversity, enhancing collaboration with other UN agencies, facilitating regular meetings between management and staff, and undergoing periodic reviews at UN headquarters in New York or Geneva.

Upon the report’s release, the Israeli government once again criticized UNRWA, reiterating long-standing accusations, such as claiming that 2,135 agency agents are members of Hamas or Islamic Jihad.

In response to Israel’s accusations in January, 16 donor countries, including major contributors, suspended their funding, causing the agency to suddenly lose $450 million. Since then, most countries have resumed funding, but countries like the United Kingdom and France awaited the release of the Colonna report before doing so.

The United States, historically the largest donor, completely halted funding and Congress subsequently prohibited its resumption until at least March of next year.

Colombian designer Nancy González is sentenced to 18 months in prison for smuggling bags with animal skin

Colombian bag designer, Nancy González, who gained fame for her exclusive designs worn by celebrities such as Salma Hayek and Victoria Beckham, has been sentenced to 18 months in prison in the United States. She pleaded guilty to smuggling leather goods made from the skins of endangered animals, as revealed in court documents. The smuggling operation took place between February 2016 and April 2019, according to the Department of Justice. The exotic and endangered animal skins used for the bags, including alligator and python, are protected under the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). González and her company, Gzuniga Ltda, along with two other individuals, conspired to illegally import the designer bags from Colombia to the United States. The bags, with an average retail price of over $2,000, were smuggled into the country and displayed in González’s Manhattan showroom for high-end retailers to purchase for resale.

The Prosecutor's Office and Trump's lawyers validate the bail of 175 million dollars that he paid to avoid the seizure of his assets

The New York State Prosecutor’s Office and the legal team representing former President Donald Trump have come to an agreement today to validate the $175 million bail that Trump deposited in early April to prevent the seizure of his assets. This payment was made in the context of a tax fraud case against Trump and his Trump Organization, where they are accused of inflating the value of their assets.

The agreement was reached after the New York State Attorney General’s Office, led by Letitia James, raised concerns about the payment and requested its annulment. The Prosecutor’s Office had doubts about the financial stability and credibility of Trump’s insurer, Knight Specialty Insurance Company (KSIC), considering it insufficiently secure and verifiable to support the bail.

Prior to entering the court, Trump criticized James for questioning his ability to secure $175 million in cash. He confidently stated in a press statement on his social media platform, Truth Social, that he has ample financial resources to meet the bail requirements.

After the court hearing, Trump staunchly proclaimed his innocence, dismissing the payments made to his former lawyer Michael Cohen as a mere “accounting” matter, which he believes is of lesser significance from a legal standpoint.

Using an analogy, he stated, “If a lawyer sends you a bill, and you pay the bill, and there’s a small line in the book, maybe two words long, it’s not like you can tell the whole story of your life.” Trump was referring to the payments recorded on behalf of the Trump Organization to hide the alleged bribe given to a porn actress.

Furthermore, Trump asserted that he is leading the polls and is “beating” President Joe Biden in the upcoming November elections. He attributed the legal actions against him to an attempt to hinder his campaign, declaring, “That’s why they are trying to remove me from the race.”

Two 17-year-old Palestinians arrested for running over and attempting to shoot in Jerusalem

A car crash and failed shooting attempt occurred this Monday near the central bus station in Jerusalem, resulting in three minor injuries, according to a statement from the police force. The incident was allegedly perpetrated by two 17-year-old Palestinians who armed themselves with a homemade submachine gun before attempting to open fire. However, the weapon jammed, and the attackers threw it away in their escape.

The accident took place in the Romema neighborhood of East Jerusalem, an area claimed by Palestinians as their capital but currently under Israeli Army control. Shortly after the incident, two Palestinians from Hebron, a city in the occupied West Bank, were arrested as suspects. They had hidden in a closed business before being apprehended following extensive searches conducted by Border Police and a helicopter.

The three injured individuals, identified as Menachem Mendel Fisch, Yosef Yitzhak Hershenboim, and a 15-year-old boy, received medical care from the Israeli emergency service Magen David Adom. Their injuries were minor, primarily affecting their heads and faces. Two of them have already been discharged from Shaare Tzedek hospital.

Surveillance camera footage captured the attack, showing the car accelerating towards a group of people and running them over. Violent incidents, such as attempted stabbings or attacks on military checkpoints and Israeli security forces, happen regularly in Jerusalem, particularly in its eastern part that is under Israeli military occupation.

The escalation of violence in Jerusalem and the West Bank has been linked to Israel’s airstrikes on the Gaza Strip, which resulted from a devastating attack by the Hamas terrorist group. Palestinian health authorities report a death toll of more than 34,000 people in the Israeli assault, while at least 1,400 Israelis lost their lives.

Doctors Without Borders denounces a volunteer injured during the Israeli operation in the West Bank

Doctors Without Borders, an NGO providing medical aid, has reported that one of its volunteers sustained a leg injury during the Israeli Army’s incursion into the West Bank refugee camp of Nur Shams in Tulkarem. The volunteer faced seven hours of difficulty reaching the hospital due to increasing movement restrictions in the area. “An MSF-trained paramedic volunteer was shot in the leg while on duty. Due to hostilities, it took seven hours to reach the hospital,” said coordinator Itta Helland-Hansen.

The violence unfolding in the refugee camp, where an Israeli operation has resulted in 14 deaths, has been condemned by MSF. The NGO took to Twitter to denounce the death of a minor who suffered a fatal gunshot wound. “A member of our staff performed CPR on a 16-year-old boy after he was shot in the head, but was unable to save him,” said Helland-Hansen.

MSF has observed an escalation in violence and movement restrictions, including blockades of ambulances, in the West Bank. “People with life-threatening injuries cannot wait to get to hospitals. Attacks against healthcare workers and disruption of access to healthcare are unacceptable,” added MSF.

Von der Leyen affirms that "Europe must be simpler, faster and cheaper"

The European Commission (EC) president, Ursula von der Leyen, has emphasized the need for Europe to be “simpler, faster, and cheaper” in order to maintain its competitiveness in the global market. Speaking at the Hannover Fair, an influential industry event, she highlighted the importance of providing fiscal relief to companies and reducing bureaucracy. Von der Leyen also emphasized the need to facilitate easier access to capital and enhance energy independence. She expressed optimism about investments in the liquefied gas market, which she believes will lower prices and promote renewable energy production. Additionally, the EC president emphasized the importance of qualified labor and advocated for training programs that support women, the elderly, and migration.

While discussing commercial issues, Von der Leyen mentioned challenges such as China’s subsidies for electric vehicles and protectionist measures taken by the United States, Mexico, and Turkey. She emphasized the EU’s commitment to fair and equitable conditions for trade and warned of potential defensive measures to address abuses. The EC president also emphasized the expansion of commercial networks through new agreements and investment packages.

German Chancellor Olaf Scholz acknowledged the stagnation of the German economy in recent years but outlined positive indicators such as low inflation, expected drops in interest rates, and historically low unemployment rates. He highlighted Germany’s progress towards becoming an ideal destination for companies and achieving its renewable energy goals.

The Hannover Fair, which focuses on technologies for climate neutrality, digitalization, and automation, features participation from 4,000 companies worldwide. This year, Norway, the guest country, will showcase digital technologies, sustainable solutions for the transformation industry, and clean energy alternatives like renewables, hydrogen, and carbon capture and storage processes.

Ukraine claims to have bombed the oldest ship in the Russian navy: it served in both world wars

The Ukrainian Armed Forces have reported that they initiated an attack on the Russian rescue vessel Kommuna, the oldest operating ship of its kind. The incident occurred in Sevastopol, Crimea, leaving the ship temporarily out of commission, according to officials in Kyiv.

Dmitro Pletenchuk, spokesperson for the Naval Forces of the Ukrainian Armed Forces, stated, “The extent of the damage is currently being assessed, but the ship is incapable of fulfilling its duties.”

In a Facebook statement, the spokesperson warned, “This action will be repeated until the Russians either run out of ships or withdraw from Crimea.” It appears that an anti-ship missile was used in the attack.

Mijailo Razvozhaev, the governor of the Russian authority in the city, confirmed the attack on the ship. However, he assured that the attack was repelled and the damage was minimal, caused by debris from the anti-ship missile that landed on the ship’s deck in flames.

The Kommuna, which has been in service for 111 years, was involved in both World Wars and has served the Russian Empire, the Soviet Union, and present-day Russia.

Tram accident at Universal theme park leaves 15 injured, one critical

A dozen individuals were injured, one of them critically, in a tram accident at Universal Studios Hollywood on Saturday night, according to authorities and the Los Angeles Times.

The crash occurred when the fourth car of the tram collided with a track while descending near a parking lot, as stated by Lt. Maria Abal of the Los Angeles County Sheriff’s office.

“There was an issue with the brakes,” said Abal. “However, we are still uncertain about the exact cause.”

Fourteen people in total sustained injuries, with one person suffering severe injuries, according to Fredrick Fielding, the public information officer for the Los Angeles County Fire Department.

Moreover, Abal mentioned that at least four passengers were taken to the hospital with injuries that were not deemed life-threatening.

In a statement released on Saturday night, the theme park acknowledged that an incident had occurred, resulting in “multiple minor injuries.”

“We are working to assist our guests and ascertain the factors that caused the accident,” stated Universal Studios Hollywood in response to the Times.

Abal mentioned that the park’s tram has a seating capacity of over 100 individuals; however, it remains uncertain how many individuals were aboard during the incident. The California Highway Patrol will conduct an investigation into the accident.