Spain

Markets have largely shrugged off events in Catalonia. They are probably correct to do so.

After all, Catalonia is unlikely to become independent, at least for the foreseeable future. There does not appear to be a majority in the region in favour of independence (although that could change). Constitutionally, Spain is a unitary, indivisible state, so there is currently no legal route to independence. And international opposition to independence, at the margin, makes it more difficult.

Harvard Business Review has released its annual list of the 100 best-performing CEOs and this year’s top performer is Pablo Isla, head of Spanish retailer Inditex, best known for its flagship fashion brand Zara.

“We think it’s important to recognize leaders who are delivering strong financial performance and creating sustainable businesses over the long term – not just quarter to quarter,” said HBR Editor in Chief Adi Ignatius.

Spain’s Banco Santander said Wednesday it will take over struggling Banco Popular Espanol for the symbolic price of 1 euro, creating the country’s largest bank by lending and deposits, according to a press statement.
"This means that Banco Popular will operate under normal business conditions as a solvent and liquid member of the Santander Group with immediate effect," the board said.

The Catalan Government decided on Tuesday to formally request negotiations with the Spanish government on the terms and conditions for carrying out the independence referendum.

In the next few days, the Catalan President, Carles Puigdemont, will send a letter to the Spanish Prime Minister, Mariano Rajoy, which will include the text approved on Tuesday at the Executive Council of the Catalan government, the Catalan Minister of Presidency and Government Spokesperson, Neus Munté, explained in declarations to the press.

A Spanish court is probing seven former executives of HSBC’s private Swiss bank on suspicion of money laundering following an investigation of documents in the ‘Swissleaks’ scandal on bank-supported tax evasion, legal sources have said.

In an order dated January but not published until now, the National High Court named seven persons under suspicion of "persistent money laundering and criminal association" who in 2006 and 2007 held senior positions at the Swiss subsidiary of HSBC.

According to a court document released on Thursday, the suspects include two former heads of HSBC private banking operations, Christopher Meares and Clive Bannister. HSBC declined to comment.

In a new study of tourist-friendly countries released Thursday by the World Economic Forum (WEF), European economies dominated the top-10 rankings, with Spain leading the pack, indicating the region was well placed to attract overseas visitors and create tourism jobs.

France took second place, followed by Germany, while the U.K. placed fifth, Italy ranked eighth and Switzerland was tenth.

The Alpine country lost 4 positions referred last survey in 2015. The Swiss index of tourism competitiveness stood at 4.9 on a scale that goes from 1 to 7, while two yeras ago, it was equal to 5 points. Switzerland lost ground (43rd position), especially in the exploitation of natural resources, while it remains the number one in the global ranking relative sustainable environment.

UBS said Spain asked Switzerland for help in tax matters on Friday,agency Reuters reported. Similar requests came from France and the Netherlands earlier this year.

Last month, however, the Federal Court has given the green light to the delivery of data to the Netherlands for a UBS Dutch client, disavowing the TAF that was opposed in March.

Spain moved virtually to Las Vegas, becoming the reference country in the European gambling. The second quarter 2016 data recorded a real boom. In the period April-June the Spanish played online games € 2.73 billion, representing an increase of 2.6% compared to the first quarter of the year and even an increase of 32.8% over the same reference period of 2015. Net sales amounted to 98.8 million euro, up 56.3% on the period April to June 2015. Active player numbers rose by 31.8 percent.