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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on August 5, 2022

    Featured image for article about Top Stories

    By Marco Trujillo and Silvio Castellanos

    MADRID (Reuters) – Ice is a hot commodity in Spain, with supermarkets limiting how much people can buy and bars running low on cubes for sangrias and cocktails due to scorching heatwaves and high energy prices.

    At the start of the year, ice makers held back from producing their usual stockpiles because of soaring power bills and uncertainty about summertime demand following the COVID pandemic.

    But tourism has bounced back to coincide with one of Spain’s hottest summers on record, with a third successive heatwave likely to be declared this week.

    The sizzling temperatures, coupled with the resurgence of socialising in cities and villages across the country, means ice is in high demand.

    Ricardo Blasco, the owner of one of Madrid’s oldest ice manufacturers, Blasco Ice, said his power bills have risen 50% – 60% since early this year and he had delayed the start of production from March to May to partly offset increased costs.

    His factory runs 24 hours a day, seven days a week but is unable increase production further. Blasco says the worry of letting down clients who are ringing daily to seek more is keeping him awake at night.

    “It’s hard not being able to satisfy everyone even if you want to,” he said. “We really are doing everything we can.”

    Empty supermarket freezer shelves where bags of ice should be are now common across Spain, with consumers turning to petrol stations and smaller corner shops to find supplies.

    Mercedes Nieto, the owner of a bar in Madrid’s trendy Chueca neighbourhood, said when her usual distributor ran out of ice she sought more from a local Chinese store which had raised prices, and also supermarkets, but they had run out.

    “If this carries on, we are going to have real problems keeping open a cool drinks store,” she told Reuters as she mixed mojitos.

    Some supermarkets, including Spain’s biggest retailer Mercadona, have limited sales to five bags per person. Another chain, Consum, only allows two.

    “The increased demand due to the high temperatures is leading to hoarding,” a Mercadona spokesperson said.

    (Reporting by Marco Trujilo and Silvio Castellano, additional reporting by Jon Nazca and Aislinn Laing, writing by Emma Pinedo. Editing by Jane Merriman)

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