In Spain

Ferrovial Closed 2019 with a Profit of 268 Million Euros

Renta 4 | Ferrovial (FER) obtained a net profit of 268 million euros last year, which managed to settle in “black numbers” and thus reverse the losses with which it had closed 2018 and had been justifying over the first three quarters of 2019, thanks to the capital gains from the sale of the Ausol highway in Malaga.

Spain Achieves A Partial Victory In The Largest Renewable Lawsuit

The arbitration proceedings started by a series of funds grouped under The PV Investors against Spain within Uncitral (a UN dependent body) have concluded. There was a minimum sentence of € 90M against the Spanish State, compared with the € 1.910 Bn claimed by the litigants. The ruling obliges the litigants to pay costs (of £13M) without any recourse, unless under very exceptional circumstances.

Spain Government Plans To Control Rental Prices

The Spanish Ministry of Transport, Mobility and Urban Agenda will put to Parliament before the summer an initiative to allow for the control of rental prices in those areas which have experienced exorbitant rises. With this measure, town councils and autonomous communities could put temporary ceilings on rentals in those areas where they are considered to have become very expensive. In Berlin, the cap on rental prices came into effect this very week, with the same objective as the Spanish proposal.

Tourism’s Fall To Damage The Italian Economy; Possible Disruptions In Industry Can Affect European Partners

According to the latest aggregate Tourism Satellite Account from Eurostat, tourism consumption in Italy amounted to 146.33 Bn€, while the country’s GDP entered 2020 with a negative drag effect of 0.2%. European partners must be more worried about the potential upheaval in the country’s industry: the second largest in Europe. The key is that almost a third of its production is intermediate goods. Therefore any disruption in Italy’s manufacturing activity would be trasmitted to their European counterparts.

Real Estate Investment In Spain, In Highs Since 2007

The real estate investment, excluding the purchase of the first or second residence, has reached maximum levels since 2007 in the fourth quarter of 2019, according to the latest survey of the confidence of the Spanish investor of the manager J.P. Morgan AM.

Renewable Transactions In Spain Rose 14% In 2019 To Over €23 Bn

The value of the 63 transactions recorded in Spain in the area of renewable assets amounted to 23.067 billion euros in 2019, up 14% from a year earlier, according to Mergermarket data analyzed by KPMG. For the international services firm, this increase is due to the ‘boom’ in green energy in recent years, which has meant that the sector’s assets are “going through a sweet moment, whether they are in the operation or development phase and are breaking records in sales transactions.”

Amid Spanish Farmers’ Protests, The EU Budget Cuts Agriculture And Cohesion Funds Significantly

Bankia Estudios| The initial proposal of the European Council for 2021-27 budget includes a significant cut with respect to the previous budget (1.16% of GDP in 2014-20). The budgetary debate takes place amid strong protests that the agricultural sector in Spain has been carrying out for almost a month. The falls in agricultural income in 2019 (-9%) and the fear of this decrease in CAP support are behind the malaise of the Spanish farm sector, but it is not the only reason.

Spain will impose a 5% tax on foreign and Spanish companies’ digital services

Spain Pushes Ahead A Regulatory Sandbox For The Banking Sector’s Digital Transformation

The draft law for the digital transformation of the financial system is a long-awaited measure by the banking sector. The project anticipates the implementation of a test bench or regulatory sandbox, which is instrumental in promoting innovation in financial services. It is also a tool for the competition authorities, as it allows for synchronization between supervisory practices and financial regulation and the current pace of innovation and digital transformation.

Madrid Caves In To US Pressure By Freezing The Google Tax

J.P. Marín- Arrese | The Spanish government has tabled a proposal for a Google tax but will refrain from applying it till the year-end. They boasted not so long ago that nothing could deter it from taxing the tech companies. When confronted with the task of delivering its promise, courage seems to falter even if Washington has issued no explicit warning. Presumably, the French discomfiture conveyed a stern lesson of what happens to anyone defying the US.