Business
Spain’s economy minister says ‘overtourism’ challenges need to be addressed
Spain’s Economy Minister Carlos Cuerpo speaks during an interview with The Associated Press at the Economy Ministry in Madrid, Spain on June 10. (AP)
MADRID, June 11, (AP): Spain’s economy minister says the millions of tourists who visit the country every year present a challenge for Spain’s residents that the government can no longer afford to ignore. Last year, Spain received a record 94 million international visitors, making it one of the most visited countries in the world. It could receive as many as 100 million tourists this year, according to some projections.
“It’s important to understand that these record numbers in terms of tourism also pose challenges,” Economy Minister Carlos Cuerpo said in an interview Tuesday with The Associated Press. “And we need to deal with those challenges also for our own population.” Tourism is a key sector for the Southern European nation’s economy, which grew faster than any major advanced economy last year at 3.2%, and is projected to grow at 2.4% this year, according to the Bank of Spain, well ahead of the expected eurozone average of 0.9%.
But a stubborn housing crisis in which home and rental costs have skyrocketed in cities such as Madrid, Barcelona and elsewhere has led to growing frustration about one aspect tied to tourism in particular: the proliferation of short-term rental apartments in city centers. The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Signs at demonstrations with slogans such as “Get Airbnb out of our neighborhoods” point to the growing anger.
In response, the government recently announced it was cracking down on Airbnb listings that it said were operating in the country illegally, a decision that the company is appealing. “We are a 49 million-inhabitants country,” Cuerpo said. The record numbers of tourists illustrate the “attractiveness of our country, but also of the challenge that we have in terms of dealing and providing for a good experience for tourists, but at the same time avoiding overcharging (for) our own services and our own housing,” he said.
The Bank of Spain recently said the country has a deficit of 450,000 homes. Building more public housing is critical to solve the problem, Cuerpo said. Spain has a lower stock of public housing than many other major European Union countries. “This is the key challenge for this term,” the minister said of the country’s housing woes.
Assistant Foreign Minister for European Affairs Sadiq Mohammed Marafi , Deputy Minister of Foreign Affairs of Lithuania Audra Plipeti, Kuwaiti Ambassador to Germany assigned to the Republic of Lithuania Reem Mohammed Al-Khaled, and Romanos Davidonis, Ambassador of the Republic of Lithuania to the United Arab Emirates.
BERLIN, July 22: The State of Kuwait and Lithuania signed Monday a memo of understanding (MoU) aiming at holding political consultations between both countries. Kuwaiti Assistant Foreign Minister for Europe Affairs Sadiq Marafi and Lithuanian Vice Minister of Foreign Affairs Audra Plepyte signed the MoU in the Lithuanian capital, Vilnius, the Kuwaiti Embassy in Germany said in a press release, a copy of which was obtained by KUNA.
Following the singing, both sides held the first round of political consultations about bilateral economic and investment relations, according to the release. They also looked into the exchange of expertise in scientific, medical, and governance fields, along with major regional and international issues. The Kuwaiti Embassy in Germany said in a statement obtained by Kuwait News Agency (KUNA) that the MoU was signed in the Lithuanian capital, Vilnius, by Assistant Foreign Minister for European Affairs Sadiq Marafi and Lithuanian Deputy Foreign Minister Audra Plepyte. The statement added that following the signing, the two sides held the first round of consultations, with the Kuwaiti side headed by Assistant Foreign Minister for European Affairs Sadiq Marafi and the Lithuanian side led by Deputy Foreign Minister Audra Plepyte.
According to the statement, the two sides discussed ways to enhance bilateral relations at all levels, especially in the economic and investment sectors, in line with Kuwait’s Vision 2035. The meeting also covered opportunities for exchanging expertise in the scientific, medical, and governance fields, as well as key regional and international issues, including opportunities for cooperation in international forums. The Kuwaiti side was represented in the consultations by Reem Al- Khaled, the Ambassador of the State of Kuwait to Germany and non-resident Ambassador to the Republic of Lithuania, and Ramunas Davidonis, the Ambassador of the Republic of Lithuania to the United Arab Emirates and non-resident Ambassador to the State of Kuwait. (KUNA)
A person stands near an electronic stock board, left top, showing Japan’s Nikkei index at a securities firm on July 22, in Tokyo. The traffic signs read: No Crossing. (AP)
BANGKOK, July 22, (AP): World shares were mixed on Tuesday after U.S. stock indexes inched to more records at the start of a week of profit updates from big U.S. companies. Germany’s DAX lost 0.5% to 24,186.14 and the CAC 40 in Paris gave up 0.4% to 7,768.46. Britain’s FTSE 100 edged 0.1% lower, to 9,009.34. The futures for the S&P 500 and the Dow Jones Industrial Average were virtually unchanged.
In Asian trading, Japan’s benchmark surged and then fell back as it reopened from a holiday Monday following the ruling coalition’s loss of its upper house majority in Sunday’s election. The Nikkei 225 shed 0.1% to 39,774.92. Analysts said the market initially climbed as investors were relieved that Prime Minister Shigeru Ishiba vowed to stay in office despite the setback
. But the election’s outcome has added to political uncertainty and left his government without the heft needed to push through legislation. A breakthrough in trade talks with the US might win Ishiba a reprieve, but so far there’s been scant sign of progress in negotiating away the threat of higher tariffs on Japan’s exports to the US beginning Aug 1.
“Relief may be fleeting. Ishiba’s claim to leadership now rests on political duct tape, and history isn’t on his side. The last three LDP leaders who lost the upper house didn’t last two months,” Stephen Innes of SPI Asset Management said in a commentary. Elsewhere, Hong Kong’s Hang Seng rose 0.4% to 25,082.78, while the Shanghai Composite index advanced 0.6% to 3,581.86.
South Korea’s Kospi sank 1.3% to 3,169.94, with investors concerned over the Aug. 1 deadline for making a deal with U.S. President Donald Trump or facing 25% tariffs on all the country’s exports to the US. Australia’s S&P/ASX 200 added 0.1% to 8,677.20.
India’s Sensex gained 0.1%, while In Thailand, the SET sank 1.1% after the government named Vitai Ratanakorn as the new future governor of the central bank. He is viewed as likely to be less independent than the current governor, raising concerns about the bank’s independence, analysts said. Vitai will replace Sethaput Suthiwartnarueput, when his term as governor ends in September.
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