The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae11 hours ago
Prime Minister Mariano Rajoy’s ruling conservative Popular Party used its outright majority to approve a series of amendments from the Senate, thus clearing the tight-fisted budget.
Budget Minister Cristobal Montero said the budget was a “guarantee” that Spain would meet its target of axing the public deficit to 5.3 percent of economic output this year from 8.9 percent last year.
To achieve the goal, the central government would have to contain its deficit to 3.5 percent of output, regional governments to 1.5 percent and municipalities to 0.3 percent.
However, Spain’s economy is in a recession with unemployment at 24.4 percent, complicating the deficit task as tax income is constrained and expenses mount for items like jobless benefits.
The International Monetary Fund cast doubt over the 2012 goal in a report on Spain’s economy this month, saying it “will likely be missed” despite considerable efforts.
IMF staff projected Spain’s deficit would “significantly overshoot targets and fall only gradually over the medium term,” it said, warning that revenue to the state may be weaker than expected.
The Fund said Spain had lost credibility last year by missing its target of reducing the deficit to 6.0 percent of output. This was exacerbated, it said, by Spain insisting all was well until almost the end of the year.
The campus is set to become the largest dedicated hub for AI and technology companies in the Middle East and North Africa
uae11 hours ago
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The fund is designed to finance the production of artistic and creative works in film, music, performances, and video games
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This inclusive community service is available daily on Al Hamriya Beach from 6.00am to sunset
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