UK bonds are rushing in
The UK bonds and pound rolled sharply on Tuesday, July 1st. Gold leaf yields in 2010 were the biggest surge since 2022, with Sterling down more than 1%. Market uncertainty followed political uncertainty after Reeves appeared emotional during a major fiscal policy reversal in Congress.
EU merge conflicts escalate
EU countries are being pushed back to Brussels over cross-border bank mergers. Italy cited national security to limit UnicRedit’s bid for Banco BPM, and Spain faced EU warnings after scrutinizing BBVA’s Sabadell acquisition. The European Commission argues that such resistance undermines efforts to build a unified banking market across the bloc.
Spain leads temporary employment
Recent reports show that Spain is most dependent on temporary labor institutions (ETTs) among the major European Union countries. Approximately 4.1% of Spain’s workforce is employed through these institutions. This is particularly higher than Germany’s 2.8% and France’s 2.7%. The industrial sector, along with agriculture, hospitality and logistics, relies heavily on temporary workers for seasonal and fluctuating demand. Spain’s use of ETT is important, but other EU countries, such as the Netherlands, are seeing even more shares of temporary employment through institutions. This highlights Spain’s flexible but often unstable labor market structure.
Sanchez Advisors face charges
Santos Serdan, the man on Pedro Sanchez’s right hand, was jailed during a corruption investigation. Cerdán’s detention accused of involvement in a kickback scheme related to public contracts has intensified political pressure on the Spanish government. The investigation continues, raising questions about possible broad impact on Sanchez’s administration.
Market growth research begins
The UK Parliament has launched a survey on the rapid growth of the private market since financial reforms in 2008. This study examines traditional banking practices, regulatory oversight, and the impact on potential risks. Authorities aim to ensure transparency during the expansion of private market activities, protect investors and maintain financial stability.
Heathrow fire under scrutiny
Recent reports show that the fire at the Northhide Current Substation at Heathrow Airport in March 2025 was caused by a preventable failure. Operators of the National Energy System have revealed that the moisture in the transformer components, identified several years ago, is not being properly addressed. Additionally, the fire extinguishing system at the substation has not been in use since at least 2022. The fire forced the airport to close, affecting thousands of passengers, over 1,300 flights. In response, the Energy Regulator of Gem began an investigation into National Grid power transmission and ordered an independent audit of critical infrastructure.
€460 million crypto rings have been dismantled
Spanish police dismantled a 460 million euro code fraud ring and arrested five suspects. The operation covers more than 5,000 victims worldwide and involves complex laundry through a global network. Authorities are continuing their investigation to reveal more details about the cryptocurrency sector and prevent future fraud.
Sabadell warns of Dividen’s risk
Banco Sabadell president Josep Oliu has revealed that shareholders accepting the BBVA acquisition offer will not receive additional dividends that cannot be linked to the sale of TSB. The 0.50 euro per share payment, part of the 3.8 billion euro plan to reward shareholders, will only be sent to those who still hold the stock if the dividend is paid. Sabadell uses this to encourage investors to think twice before agreeing to a BBVA bid ahead of the crucial vote on August 6th.
Ah, not Greg!
British Bakery chain Gregs has dropped by more than 12% in its stock after earnings warnings related to the recent heatwave. The June rise above 33°C has resulted in fewer customers visiting the store, and sales have been tragic despite high demand for cold drinks. Although sales rose 6.9% in the first half, Gregs now expects full year operating profit to be slightly lower than last year. The company continues its expansion plans and opened 87 new outlets in the first half of 2025, closing 56.
Hacienda extends IRPF deadline
Hacienda, a Spanish tax agency, has extended the deadline for mutual payments to request a refund for IRPF (Income Tax) The period from 2019 to 2022 is still eligible. This extension follows a delay in approval of the law allowing a single total payment in 2025. The new law awaits Senate approval in July, but Coexistence can continue to file refund applications through Hacienda’s online portal. The move provides relief to many taxpayers seeking a refund.
Astrazeneca CEO leaves the UK
Astrazeneca CEO Pascal Soriot is reportedly considering moving the company’s stock market list from London to the US. This is due to complaints about the UK’s regulatory environment and the NHS rebate scheme. While Astrazeneca is already trading in the US via US deposit receipts, the full move could affect the London Stock Exchange and the UK’s life sciences sector. The company has not yet notified the UK government of these discussions. Astrazeneca stock rose 2.7% following the news.
