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Finance News Roundup May 31, 2025

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Instant online payment. Credit: DavideAngelini – Shutterstock

Bizums tracked

Beginning January 1, 2026, Spains Tax Agency will gain full access to all Bizum transactions involving businesses and self-employed people, regardless of amount. The already approved act eliminates the previous €10,000 threshold for banks to report Bizum transactions, intending to curb tax fraud with the platforms growing use in commerce, hospitality, and services.

In 2024, Bizum transactions doubled for the fifth consecutive year, with 58 million transfers totalling €3.107 billion, averaging €53.56 per transaction. The Tax Agencys move targets undeclared income, as some businesses have used Bizum to bypass the €1,000 cash payment limit, according to Cristina Godín of Sincro consultancy. 

Ignacio Arráez, vice president of the Spanish Association of Tax Advisors, welcomes the anti-fraud measure but warns of overreach, when he mentioned that monitoring even small €5 transactions may burden businesses disproportionately. He cites the General Tax Laws emphasis on balancing fraud prevention with minimal compliance costs.

Stat of the week: €900 is the average amount a citizen of Spain has to spend on holidays per year.

Retirement at 70

Denmark has become the first European nation to set its retirement age at 70, now with rising life expectancy (81.7 years).

With overwhelming parliamentary support, the reform follows a 2006 welfare package tying pension age to demographic trends. However, public unease grows, with critics like some calling it “unrealistic” for manual labourers. Trade unions and left-wing parties oppose the three-year increase from 67, already among the world’s highest. While over half of Danes favour working past retirement, gradually reducing hours, concerns continue about politicians’ pensions, allowing retirement at 60 for some MPs, including Prime Minister Mette Frederiksen.

Blackout blame

There were warning signs of the massive blackout that hit Spain in April 2025 much earlier than claimed despite Red Eléctrica’s claim of no prior anomalies, Systems detected voltage irregularities on Iberdrola’s 66,000-volt grid at 11.01am, peaking at 73,600 volts.

Automatic disconnections occurred at 11.09 and 11.46, with a second shutdown at 12.33 coinciding with the national “zero energy” event. Reports came in of oscillations for two weeks before. With damages estimated over €1 billion, a dispute rages between utilities and Red Eléctrica over who’s responsible for Spain’s worst-ever blackout.

Lagarde eyes WEF

Christine Lagarde, president of the European Central Bank (ECB), is reportedly considering heading the World Economic Forum (WEF) after her term, according to the Financial Times. Sources claim she discussed succeeding WEF founder Klaus Schwab, who resigned last month amid misconduct allegations. However, ECB sources insist Lagarde, whose non-renewable term ends October 31, 2027, is committed to completing her mandate. Previously, Lagarde served as IMF managing director (2011–2019) and French finance minister.

Beyond Wealth

Banco Santander has introduced ‘Beyond Wealth’, an independent advisory unit targeting ultra-high-net-worth clients with assets likely above €20 million. Led by Carmen Gutiérrez, formerly of Julius Baer, and Sol Moreno de los Ríos, previously with CaixaBank, the unit rebrands Santander’s Private Real Estate Advisory & Management. Santander’s aggressive recruitment from competitors like CaixaBank and Julius Baer, along with a new Madrid centre for Latin American wealth, reinforces its private banking push.

Crypto Expansion

Major US banks are exploring cryptocurrency ventures through pilot programmes and limited trading, encouraged by regulatory support, according to industry executives. While strict rules previously limited their involvement, banks remain cautious, hesitant to lead due to potential regulatory shifts. If one bank succeeds without issues, others may follow with small-scale projects. JPMorgan Chase’s CEO, Jamie Dimon, dismissed significant expansion or crypto custody. Meanwhile, President Trump’s executive order establishes a budget-neutral bitcoin reserve, hoping to stockpile digital currencies without taxpayer costs.

Foreign property targeted

Spain’s government has proposed a law to curb non-EU residents’ property purchases, blamed for soaring housing prices. From 2026, a new “Complementary State Tax” will double the cost of homes for non-resident buyers, applying a 100 per cent tax on the property’s price, offset by existing regional taxes. Excluded are businesses and professionals. The measure, sparking debate among British investors (8.7 per cent of foreign buyers), aims to cool the market, though non-residents represent only 1.6 per cent of transactions.

Airbnb crackdown

Spain has ordered Airbnb to remove over 65,000 holiday rental listings for violating regulations, claiming missing license numbers and unclear ownership details. Consumer Rights Minister Pablo Bustinduy wants to curb the housing crisis blamed on short-term rentals. Airbnb plans to appeal, questioning the ministry’s authority.

Summer Workforce

El Jamón supermarkets plan a 20 per cent staff increase for summer, reaching 4,700 employees in Huelva, Cádiz, and Málaga. New hires will support seasonal supermarket opening by late June, while some staff relocate to coastal stores, improving service and local economies.

BYD drop

Shares of Chinese electric carmaker, BYD, fell in May after announcing 20-34 per cent price cuts on batteries. The move, aimed at boosting growth over profitability, also impacted Chinese EV makers like Li Auto and Geely, as BYD strengthens its market leadership.

Martini’s back

Bacardi is bringing back Martini’s premium image in line with Spain’s “tardeo” trend, as the aperitif market grows 5 per cent, reaching €270 million. A new, eco-friendly Martini bottle, reduces emissions and optimises logistics. “Martini Atrévete a Ser” campaign and Terrazza Martini events launch summer 2025.

Freelance debt

In Spain, 25 per cent of freelancers (796,000) owe Social Security for underpaying in 2023, following a shift to income-based payments. The Ministry reviewed 3.7 million cases, issuing 1.6 million adjustments. Over two million freelancers faced no changes. The government aims to address disparities through ongoing reforms.

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€17 Million And No Winners: EuroMillions

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Tonight’s EuroMillions draw has concluded without a jackpot winner, meaning the top prize of €17 million will roll over to next Tuesday’s draw, where it is expected to exceed €26 million.

The winning numbers of this Friday’s 20th June draw were the following nº: 05, 08, 24, 37, 47, with the Lucky Stars being 03 and 09.

While no participant matched all five numbers and both Lucky Stars required to claim the jackpot, several participants did walk away with substantial prizes. Notably, one winning lottery ticket in Spain matched five numbers and one Lucky Star, earning the second-tier prize of approximately €172,609.

In addition, Spain’s exclusive raffle “El Millón” saw one lucky ticket holder win €1 million with the code QKV94144.

This follows Tuesday’s historic draw in which a single ticket purchased in Ireland scooped the record-breaking €250 million jackpot, resetting the prize pool for tonight’s game.

The EuroMillions draw continues to attract millions of hopefuls across Europe, and anticipation is already building for next week’s draw, which offers another chance at a life-changing sum.

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Rafael Nadal Crowned Marquis By King Felipe VI

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Spanish tennis icon Rafael Nadal, newly named Marquis of Llevant de Mallorca by King Felipe VI. Credit : Facebook – Rafa Nadal

It’s not every day a tennis legend trades his headband for a marquis’s crown, but that’s exactly what’s just happened in Spain. For the first time since he took the throne eleven years ago, King Felipe VI has dusted off one of the monarchy’s oldest traditions—handing out new noble titles. And leading the pack? None other than Rafael Nadal, the pride of Mallorca and one of the greatest athletes Spain has ever produced.

You heard right: the man who made Roland-Garros his second home is now officially the Marquis of Llevant de Mallorca. The announcement came as part of a special royal honours list released on June 19, celebrating the king’s anniversary with a bang. If you’ve ever wondered what it takes to get knighted in Spain these days, apparently, being a global sports icon and a top-notch ambassador for your homeland does the trick.

From the tennis court to nobility: Nadal’s newest win

Rafa Nadal might be used to holding up trophies, but now he’s got something even rarer—a title no one else has ever had. The Marquis of Llevant de Mallorca is a brand-new honour, tailor-made for the tennis star, and it’s named after the beautiful part of the Balearic Islands where he grew up. Not a bad way to mark your retirement, is it?

Felipe VI praised Nadal—and the five other honourees, as ‘examples of excellence’ who make Spain proud. It’s a big statement and a big gesture, but anyone who’s seen Nadal play or met him off-court knows he’s the real deal: humble, passionate, and always flying the Spanish flag.

There’s another bonus, too: Nadal gets to create his own coat of arms, and when he’s no longer around, the title passes to his eldest son, Rafael Junior. Yes, the legacy is set in stone—or maybe in marble.

A Royal connection: Nadal and the spanish monarchy

If you follow Spanish celebrity circles, you’ll know that Rafa and the royals go way back. It was King Juan Carlos I who first spotted his talent, and over the years, Nadal’s become a familiar face at royal gatherings and even private family holidays in the Balearics. It’s a friendship built on mutual respect—and probably a bit of healthy competition at the dinner table!

Who else made the list? A mix of icons

Nadal isn’t the only new marquis in town. The honours list also included Jaime Alfonsín, who’s been by the king’s side for years as his private secretary (he’s now also a Grandee of Spain, which is as fancy as it sounds); Luz Casal, the iconic singer; Carlos López Otín, a pioneering scientist; Teresa Perales, the paralympic swimming superstar; and Cristina García Rodero, an award-winning photographer.

It’s a who’s-who of Spanish talent, and each one represents the modern face of Spanish excellence—arts, science, public service, and, of course, sport.

What’s it like to be a Marquis in 2025?

So, what does a marquis actually do these days? Don’t expect Nadal to start wearing a feathered hat or riding a white horse through the streets of Manacor. Modern Spanish nobility is much more about setting an example than throwing fancy balls. These new titles are a nod to people who represent the very best of Spain—on the world stage, in their communities, and in the stories they tell about the country.

It’s a far cry from the old days of kings and castles, but it’s a tradition that still means a lot to Spaniards—and gives the rest of us something to talk about over coffee.

What’s next for Rafael Nadal as Spain’s new marquis?

With his new marquis title, Rafael Nadal is starting a new chapter, and you can bet he’ll take it just as seriously as his tennis. For now, he hasn’t made a fuss about it on social media, but if you’re anywhere near Mallorca, don’t be surprised if you see a little more spring in his step.

One thing’s for sure: whether he’s holding a racket or a royal decree, Nadal remains a symbol of Spanish pride and resilience. As for King Felipe, this new batch of marquises sets a precedent—honouring the people who help put Spain on the map for all the right reasons.

Stay tuned with Euro Weekly News for more celebrity news

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Many Fall Ill At Ascot This Past Week

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The grandiosity of the Royal Ascot has been a tricky one this week due to the extreme heat, as dozens of racegoers were treated for heat-related issues amid soaring temperatures. On Wednesday’s Ladies’ Day alone, at least 42 people required medical attention on-site, with one individual having to hospitalised with suspected heatstroke, then again if we mix sun and alcohol we can expect no good to come from it! 

The prestigious five-day racing event, renowned for its elegance, fashion, and royal appearances, was met with a heatwave sweeping southern England. Temperatures climbed to nearly 30°C, yes, those of us in Spain may laugh but this left spectators sweltering in their formal attire. Emergency services and medical tents remained busy, treating symptoms ranging from dizziness and dehydration to full-blown heat exhaustion.

In response, organisers deployed extra misting fans, increased access to free drinking water, and installed shaded rest areas across the grounds. Officials issued repeated announcements encouraging people to drink plenty of fluids (and by that I don’t mean a good old glass of bubbly) and sun protection. Despite the conditions, more than 40,000 guests attended Wednesday’s proceedings.

The UK Health Security Agency issued an amber heat-health alert during the week, warning of risks to vulnerable individuals, particularly young and the elderly

Racing Carries On

Despite the challenging heat, the horse races have continued uninterrupted.  Of course they would, why would running at a flat out gallop in 30º heat affect the horse? Trainers and veterinarians remained on high alert, but emphasised that the thoroughbreds were coping well with the conditions and that they couldn’t just stop the races especially as the bets had already been placed, and as you all well know, money before animal welfare!  (I might have thrown that last bit in). 

Race officials took proactive steps to protect the horses, including installing mobile misting units, providing over 3,000 litres of iced water, and watering the track overnight to maintain “Good to Firm” going, because if anything is going to bring a horse down it would just be the condition of the track and not the intense heat.

Leading trainers, including those from Aidan O’Brien’s stables, said horses are generally well-conditioned and able to tolerate the heat, provided post-race cooling measures are in place. Then again he’s not a horse so how would he know?

Thankfully, Thursday’s Gold Cup went ahead without incident, with Godolphin’s Trawlerman claiming victory in a record time of 4:15.02.

Royal Ascot, a staple of the British summer social calendar, may now be forced to reconsider its approach to climate extremes. While the spectacle and racing have endured, the week has underscored the growing need for preparedness as high temperatures become more frequent. Hopefully in these preparations they will also reconsider the hours in which the races are held avoiding the hottest hours of the day so that the horses may be a little more comfortable. 

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