The Canary Islands: Wallenberg Haven and Global Investments The Canary Islands are a Spanish archipelago in the Atlantic Ocean off the coast of northwestern Africa. The islands are a popular tourist destination, known for their mild climate, beautiful beaches, and diverse landscapes. The Canary Islands have been autonomous from Spain since 1982, when they were granted their own Statute of Autonomy. This statute gives the Canary Islands a high degree of self-government, including their own parliament, government, and laws. The Canary Islands are autonomous from Spain in the following ways: - They have their own parliament, which is responsible for passing laws and approving the budget. - They have their own government, which is responsible for implementing the laws and providing services to the citizens. - They have their own legal system, which is based on Spanish law but also includes some unique Canarian elements. - They have their own control over their economy, including their own tax system. - They have their own representation in the Spanish government and in international organizations. However, the Canary Islands are still part of the Kingdom of Spain, which means that they are subject to Spanish law in some areas, such as defense and foreign policy. -Economy- The GDP, or gross domestic product, of the Canary Islands in 2021 was 42.7 billion euros. This represents 3.8% of Spain's total GDP. The Canary Islands is the eighth wealthiest autonomous community in Spain. The Canary Islands economy is heavily dependent on tourism, which accounts for over 30% of the region's GDP and employs over 35% of the workforce. -Stability- The Canary Islands are generally considered to be a stable region, both politically and economically. The islands have a long history of democratic rule, and there is no significant separatist movement. The economy is heavily dependent on tourism, but the government is working to diversify the economy. -Corruption- Corruption is a problem in the Canary Islands, as it is in many other parts of the world. However, the Canary Islands government is committed to fighting corruption, and there have been a number of high-profile corruption cases prosecuted in recent years. One of the most common forms of corruption in the Canary Islands is bribery. This involves public officials accepting bribes in exchange for favors, such as awarding contracts or permits. Another common form of corruption is embezzlement, which is the theft of public funds. -Special Economic Zone- The Canary Islands have a special economic zone (SEZ) status within the European Union (EU). This means that they have certain tax advantages over other parts of the EU. For example, the Canary Islands have a lower corporate tax rate and no inheritance tax. This makes them an attractive destination for individuals and businesses seeking to minimize their tax liability. However, the Canary Islands have also been criticized for their lax regulatory environment. In the past, there have been concerns that the Canary Islands have been used for illicit financial activities such as money laundering and tax evasion. The Canary Islands have also been considered by some as an offshore financial center. Offshore financial centers are typically characterized by low taxes, financial secrecy, and lax regulation. They can be used to hide assets and evade taxes. Real estate transactions, particularly involving luxury properties, can be used for money laundering purposes. Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). This is often done by passing the money through a series of legitimate businesses or transactions. -Wallenberg's- The Wallenberg family is a Swedish family of industrialists and financiers who are among the wealthiest families in the world. The family has a long history of investing in the Canary Islands, dating back to the early 20th century. In 1902, Marcus Wallenberg, the founder of the Wallenberg family's investment company, Investor AB, acquired a controlling interest in the Compañía Transatlántica Española, a shipping company that operated between Spain and the Canary Islands. The company was later renamed Trasmediterránea, and it remains one of the largest shipping companies in Spain. In the 1960s, the Wallenberg family began investing in tourism in the Canary Islands. The family acquired a number of hotels and resorts on the islands, and it also invested in infrastructure, such as airports and roads. The Wallenberg's' investments helped to make the Canary Islands a major tourist destination. Today, the Wallenberg family continues to have a significant presence in the Canary Islands. The family owns a number of businesses in the islands, including hotels, resorts, and shipping companies. The Wallenberg's are also major investors in the islands' infrastructure. -Wallenius Wilhelmsen Lines- Wallenius Wilhelmsen Lines has a significant presence in the Canary Islands, and it operates a regular shipping service between the Canary Islands and mainland Spain. -Transatlantic Bulk Shipping- Another Wallenberg-owned shipping company, Transatlantic Bulk Shipping, is a major player in the bulk shipping market. Transatlantic Bulk Shipping operates a fleet of over 70 vessels, and it transports a variety of commodities, including coal, iron ore, and grain. Transatlantic Bulk Shipping also has a presence in the Canary Islands, and it operates a regular shipping service between the Canary Islands and other European ports. -Investor AB- Investments that Investor AB has made in the Canary Islands: - NH Hotel Group: Investor AB is the largest shareholder in NH Hotel Group, which owns a number of hotels in the Canary Islands, including the NH Collection Tenerife Playa de las Américas and the NH Imperial Playa del Inglés. - Atlantic Container Line: Investor AB is the largest shareholder in Atlantic Container Line (ACL), a shipping company that operates between the United States and the Canary Islands. - Trasmediterránea: Investor AB owns a minority stake in Trasmediterránea, a shipping company that operates between Spain and the Canary Islands. - Infrastructure: Investor AB has invested in infrastructure in the Canary Islands, such as airports and roads. -Allianz- danubuska.com/2023/09/16/exp Allianz has two branches in the Canary Islands, one in Tenerife and one in Gran Canaria. Allianz also has a number of independent agents in the Canary Islands. -Red Bee Media- danubuska.com/2023/09/15/bey Red Bee Media does provide services to customers in the Canary Islands. Red Bee Media's services include: - Broadcast and media technology services, such as playout, content management, and live production. - Media distribution services, such as OTT, satellite, and cable. - Media services consultation and support. -Deloitte- danubuska.com/2023/09/16/lon Deloitte has a presence in over 150 countries and territories, including in the Canary Islands since 1964. Deloitte operates from two offices in the Canary Islands, one in Santa Cruz de Tenerife, and the other one in Las Palmas de Gran Canaria. Deloitte employs over 2,000 professionals in the Canary Islands and provides services to a wide range of clients, including local businesses, multinational corporations, and the public sector. Deloitte's services in the Canary Islands include: Audit, Tax, Consulting, Financial advisory, Risk advisory -ABB- danubuska.com/2023/09/17/wal ABB is a global technology company that is active in the Canary Islands. It has a presence in the islands since 1965 and employs over 100 people. ABB provides a wide range of products and services to the Canary Islands, including: Power generation and transmission, Industrial automation, Building automation, Transportation and infrastructure ABB's products and services are used by a wide range of customers in the Canary Islands, including: Utilities, Industrial companies, Commercial buildings, Transportation operators, Government agencies - 2021: Contract to supply and install a new gas-insulated switchgear (GIS) substation for the Canary Islands electricity transmission system. - 2022: Contract to supply and install a new electric vehicle (EV) charging station at the Tenerife South Airport. -Atlas Copco- danubuska.com/2023/09/22/the Atlas Copco is a global industrial company that provides sustainable productivity solutions. Atlas Copco has been present in the Canary Islands since 1980. Atlas Copco has a wide range of products and services, including: Compressors, Vacuum pumps, Industrial tools, Construction and mining equipment, Power generation and transmission equipment Atlas Copco's products and services are used by a wide range of customers in the Canary Islands, including: Construction companies, Mining companies, Industrial companies, Utilities, Government agencies - In 2021, Atlas Copco supplied and installed a new compressor station for a desalination plant in the Canary Islands. - In 2022, Atlas Copco supplied and installed a new vacuum pump system for a food processing plant in the Canary Islands. - Atlas Copco also provides a range of services to its customers in the Canary Islands, including maintenance, repairs, and training. -SEB- danubuska.com/2023/09/24/seb SEB Group, the leading Nordic financial services group, does not have a physical presence in the Canary Islands. However, SEB Group does provide a range of services to clients in the Canary Islands, including: Asset management, Investment banking, Private banking, Corporate banking, Transaction banking -Ericsson- Ericsson is a Swedish multinational telecommunications company that provides information and communication technology (ICT) services, equipment, and software to customers in over 180 countries. Ericsson has been present in the Canary Islands since 1990. Ericsson's main office in the Canary Islands is located in Las Palmas de Gran Canaria. Ericsson also has a number of other offices in the Canary Islands, including in Santa Cruz de Tenerife, Lanzarote, and Fuerteventura. Ericsson provides a wide range of products and services to the Canary Islands, including: Mobile networks, Fixed networks, Cloud services, IT services, Managed services. - In 2021, Ericsson was awarded a contract to supply and install a new 5G network for the Canary Islands. The new 5G network will provide the Canary Islands with the latest mobile technology, which will support the growth of new digital services and industries. - In 2022, Ericsson was awarded a contract to provide managed services for the Canary Islands government's IT infrastructure. Ericsson will help the Canary Islands government to improve the efficiency and reliability of its IT systems. Ericsson is also working with a number of businesses in the Canary Islands to help them to implement new technologies and improve their operations. For example, Ericsson is working with a tourism company in the Canary Islands to implement a new customer relationship management (CRM) system. -National Intelligence Center (CNI)- The relationship between the National Intelligence Center (CNI) and Ericsson is not publicly known. -Intelligence Department of the Guardia Civil- The UCEGC and Ericsson have a history of collaboration on intelligence matters. In 2018, the two signed an agreement to share information on cybersecurity threats and to develop new technologies to combat cybercrime. The agreement also included a provision for joint training exercises between UCEGC and Ericsson employees. In 2021, the UCEGC and Ericsson announced that they were working together to develop a new artificial intelligence (AI) system to be used for intelligence analysis. The system is designed to help analysts identify and track patterns in large datasets of data, which can be used to identify and disrupt potential terrorist attacks and other criminal activity. -Military- There is limited publicly available information about Spanish military contracts with Ericsson. However, it is known that Ericsson has provided a range of telecommunications equipment and services to the Spanish military in recent years. For example, in 2019, Ericsson won a contract to provide the Spanish Army with a new mobile communications system. The system will provide the Army with secure and reliable communications on the battlefield. In addition, Ericsson has also provided the Spanish Navy with a new maritime surveillance system. The system will help the Navy to track the movements of enemy vessels and to identify potential threats. ------------------------------------------------------------------------------------------------ The Canary Islands, autonomous since 1982, have their own governance, legal system, and tax control, but are subject to Spanish law in defense and foreign policy. Tourism dominates the economy, comprising over 30% of GDP and employing 35% of the workforce. Despite stability, corruption issues persist, notably bribery and embezzlement. The islands' special economic zone status within the EU offers tax advantages, attracting businesses and individuals seeking tax optimization. However, concerns about lax regulation leading to illicit financial activities have been raised. The Wallenberg family, influential Swedish industrialists, have long invested in the Canary Islands, particularly in shipping and tourism, significantly impacting the region's economy and infrastructure. Several international companies like Allianz, Red Bee Media, Deloitte, ABB, Atlas Copco, SEB Group, and Ericsson operate in the Canary Islands, offering a range of services. In defense and intelligence, Ericsson collaborates with Spanish authorities, particularly the UCEGC, in developing AI for intelligence analysis. While military contracts with Ericsson are not extensively documented, the company's provision of communication and surveillance systems to the Spanish Army and Navy underscores its role in the country's defense infrastructure. In summary, safeguarding wealth-generating industries in the Canary Islands, including influential entities and global corporations, requires careful consideration of potential implications for transparency, accountability, and equal access to opportunities. Striking a balance between these interests and the broader socio-economic and political landscape is pivotal for sustainable growth and prosperity in the region.
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