The port of Palma hosted this Thursday the Telefónica Innovation Day, a conference that brought together about 200 professionals from companies, public administrations, and startups to show how new technologies can transform the economic activity of the Balearic Islands. The company presented nearly 20 digital solutions applied to sectors such as tourism, industry, mobility, education, health, and security.

Approximately 120 employees of Telefónica España, Telefónica Móviles, and Telefónica Soluciones will be eligible to relocate to the Balearic Islands as part of the company's workforce reduction plan (ERE). The ERE will affect seven companies within the group, and according to company estimates, around 5,500 people will be laid off. It will also have a cost of approximately €2.5 billion (before taxes), as reported by the Spanish National Securities Market Commission (CNMV). "The present value of the expenditure for the workforce reduction plans across all affected companies is estimated at a total provision of €2.5 billion, before taxes," the CNMV explained.