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Spain's Government Rubber-Stamps Energy Price Cap Which Needs European Commission Sign-Off – Olive Press News Spain

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SPAIN’S Council of Ministers formally approved a price cap on Friday that limits gas prices used to produce electricity.

The 12-month concession granted by the European Union to Spain and Portugal needs a final ratification by the European Commission.

That process could take up to a fortnight, according to Ecological Transition Minister, Teresa Ribera.

Once that happens, the measure will be published in the Official State Bulletin and then kick-in the following day.

Teresa Ribera said: “The cap will start at €40 per megawatt-hour for six months before rising month by month until reaching an average of €48.80 per megawatt hour.”

The electricity wholesale market price is expected to drop to €130 per megawatt-hour, well below the €200 figure that it has been at for the last few months.

The cap will impact on both domestic and commercial electricity users who have their bills linked to a ‘regulated rate’ tariff.

It’s believed that around 35% of domestic consumers- 10 million people- will benefit.

The change will help up to 70% of commercial electricity users.

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Business & Finance

NEW – Finance Seminars From Chorus Financial – Olive Press News Spain

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This column has been a great way for people to get their questions answered, and I have hopefully helped many expats make some wise financial decisions over the years! When I take time to reflect about all the questions we get asked, it really is astonishing just how complex life can be when it comes to your finances in Spain. This has then made me sit back and really think about how we can continue to educate people in the right way, to make sure they make the right decisions when it comes to their savings, investments, and pensions.

For that reason, we have decided to introduce Investment Seminars from our office in Benijofar. The seminars will be held every other Thursday, starting from 26th May. They will be a great opportunity to come along and hear from our expert team where you will be able to ask questions or talk to an adviser on a 1-2-1 basis.

Chorus

So along with my Money Matters column, where you can send me your questions, you will now have the opportunity to come along to one of our seminars, where you can meet the team and get a better understanding about how best to structure your finances in Spain.

If you would like to send me a question, feel free to email t.storer@chorusfinancial.com or if you’d like to attend our next seminar, give us a call on 965 641 163

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Currencies Direct Keeps You In The Financial Loop – Olive Press News Spain

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Swings and roundabouts

GBP/EUR exchange rates seesaws on Ukraine concerns and central bank rate speculation

The Pound Euro (GBP/EUR) exchange rate continued to trade in a wide range through the second half of April as developments in Ukraine as well as shifting Bank of England (BoE) and European Central Bank (ECB) interest rate expectations infused the pairing with volatility.

This has seen the pairing trade in a range of between €1.18 and €1.20.

Euro 3
Pound to Euro trading has continued to fluctuate.

Photo: PxHere.

What’s been happening?

The past couple of weeks have seen central banks back in focus, as market expectations for future interest rate hikes from both the BoE and ECB have shifted.

This resulted in the pound stumbling amid a notable fall in BoE rate hike bets after the latest UK retail sales figures reported an alarming plunge in retail sales in March. The worrying fall in sales growth reinforced fears that a fall in consumer spending could leave the UK at risk of a recession in the summer, prompting GBP investors to reprice their expectations for several more rate hikes in 2022.

At the same time, a series of hawkish speeches from ECB policymakers, such as Vice President Luis de Guindos who claimed an interest rate hike in July is ‘possible’ has resulted in EUR investors reassessing their expectations for how aggressively the bank could begin to tighten its monetary policy.

This speculation was stoked by the latest Eurozone consumer price index, which reported inflation in the bloc soared to a new record high in April.

Meanwhile, events in Ukraine have also continued to influence the GBP/EUR exchange rate through the second half of April.

EUR investors were particularly unsettled by Russia’s move to block gas exports to Poland and Bulgaria, amidst fears it could also cut off energy exports to other countries in the EU over their refusal to pay in roubles.

What do you need to look out for?

A key focus over the next couple of weeks will be the outcome of the Bank of England’s May policy meeting.

While the BoE is expected to deliver its fourth consecutive rate hike in May as it seeks to tame domestic inflation, the bank’s forward guidance may act as the main driving force behind the pound.

A cautious outlook from the BoE would undoubtedly dent expectations for future interest rate hikes, and in turn push the GBP/EUR exchange rate lower.

Meanwhile events surrounding the war in Ukraine will continue to have a major impact on GBP/EUR.

This could see the euro face some considerable headwinds if Russia extends its gas export ban to other countries such as Germany.                                       

Protecting against volatility

At Currencies Direct we’re here to talk currency whenever you need us, so get in touch if you want to know more about the latest news or how it could impact your currency transfers.

Since 1996 we’ve helped more than 325,000 customers with their currency transfers, just pop into your local Currencies Direct branch or give us a call to find out more.

For more information visit: https://www.currenciesdirect.com/en

Find you local office in Spain here.

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Eyeprint: Giving A Personalised Service To Every Client – Olive Press News Spain

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EYEPRINT in La Cala de Mijas is a one stop shop to make your business stand out.

The workshop covers all types of merchandise and products suitable for big and small companies alike.

Whether you are looking for personalised business cards for your newly started small business or are an established company looking to give your workspace an upgrade with sleek looking transparent vinyl on the windows, Eyeprint has the tools to make it happen.

Businesses across a whole range of industries across the Costa del Sol have benefited from the services of Eyeprint.

Eyeprint 1
Photo: Eyeprint.

Eyeprint can also kit out your business with the best product labels, brochures, light boxes signs on the side of your building, and even billboard designs. Aside from these products, they also create interior design magazines and brochures.

A wide selection of the very best materials are at the team´s disposal to create something magical for the client. 

A personalised experience for each client is at the heart of the operation. Clients are invited to come into the workshop to meet with Roxy and the team to ensure the finished product perfectly matches their needs. Eyeprint will take your idea and turn it into reality.

Another of Eyeprint’s key values is community.

The company is dedicated to supporting other small businesses in La Cala de Mijas, as well as regularly working with local charities.

To get in touch to find out how Roxy and the Eyeprint team can take the vision for your business to the next level, call (+34) 665 804 321, email info@eyeprint.es or visit www.eyeprint.es.

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