Spanish economy

Spanish SMEs provide jobs for 71% of social security contributors

700,000 SMEs close 2023 with losses

As many as 700,000 SMEs, 23%, closed with losses in 2023, compared to 64% that closed with profits, as announced this Tuesday by the barometer of the General Council of the Colleges of Administrative Managers. The barometer was developed during the week of February 5 to 9, through consultation among 6,000 administrative managers. According to their data, 26% of SMEs invoiced less in 2023 than in 2022, compared to 47%…


Talgo

Talgo confirms possible takeover bid talks at €5/share: recommendation from Buy to Sell

Hungarian consortium Ganz-MaVag Europe Zrt. (Magyar Vagon) confirmed on Friday that it is holding talks and negotiations for a possible takeover bid for 100% of Talgo (TLGO) at €5/share without an agreement having been reached yet. The talks focus on the financing of Talgo (TLGO) subject to change of control. As the National Securities Market Commission (CNMV) does not allow the offer to be made subject to the condition of…


Unicaja2

Unicaja denies any merger with Banco Sabadell on the table

Alphavalue / Divacons| Unicaja shares rose 3.46% yesterday following news that Banco Sabadell was interested in a merger. According to El Confidencial, Josep Oliu, chairman of the Catalan bank, has held talks at the highest level with the Bank of Spain about a possible merger, with plans to locate the merged entity’s headquarters in Malaga, where Unicaja has its headquarters. According to the news story, Unicaja’s main shareholder, the Unicaja…


banks general 777x400

The theoretical record of banking profit in Spain in 2023

Aurelio Medel (5 Días)|Foreign business covers a fall of more than 30% in profit and credit in Spain since 2007, a historic year for the sector. Since then, 27,850 branches have closed and 115,000 jobs have fallen. The fanfare that occurred last week with the publication of banking results is the product of two contradictory exigencies. On the one hand, the Government wants to show that these are exaggerated profits…


Spanish mortgages market

House purchases and sales in Spain fall 11.2% in 2023, mortgages 21.3% according to notaries

The purchase and sale of homes in Spain went down 11.2% in 2023 compared to the previous year and the granting of new mortgage loans to purchase a home decreased by 21.3%, according to data released by the General Council of Notaries.Altogether, in the Spanish real estate market, 640,451 purchase and sale operations were reached.By type of housing, apartment sales reached 492,498 units (-10.5% year-on-year), while single-family homes fell to…


Spain industrial production

Industrial production in Spain falls 0.8% in 2023

The General Industrial Production Index (IPI) fell by an average of 0.8% in 2023, thus breaking the streak of positive rates of the last two years, as reported on Wednesday by the National Statistics Institute (INE).Specifically, the 0.8% fall recorded in 2023 contrasts with the 2.4% increase in 2022 and 7.1% in 2021. The latter was an atypical year due to the return to normality following the end of pandemic…


Inditex crece compressor 1

Inditex to pay up to €1,000 bonus per sales assistant again this year

Norbolsa| The company has agreed with the trade unions to repeat the payment of the annual bonus of €1,000 per shop assistant in Spain (the same as in the previous year). There are 28,000 workers. This bonus, linked to turnover targets and paid once a year, in February, already existed before the pandemic, although the amount was lower, up to €540 per year.


acerinox industria acero

Acerinox buys 100% of American company Haynes International for $798 M

Acerinox has informed the National Securities Market Commission (CNMV) that it has reached an agreement to acquire 100% of the American company, Haynes International, which specialises in high-performance alloys. Haynes market consensus expects company sales in 2024 of $649 million and EBITDA of $96 million. The expected synergies amount to $71 million. The price amounts to $798 million (30% of Acerinox’s market capitalisation), equivalent to an enterprise value of $970…


tractorada 1

Spanish farmers cut 20 roads before protests called by agricultural unions begin

The countryside is rising up. And without waiting for the official call for protests, which the three large agrarian organisations, Asaja, COAG and UPA, are preparing to imitate in Spain the discontent seen in France, Germany, Italy or Greece, roads throughout the country were brought to a standstill this Tuesday. They come out to demand a more flexible Common Agricultural Policy (CAP). They lack a clear leader and many admit…


grifols edificio

Grifols addresses some governance recommendations and announces appointment of Nacho Abia as new CEO

Renta 4| Grifols (GRF) has announced the appointment of Nacho Abia as the new CEO, replacing Thomas Glanzmann who will continue in the role of executive chairman. Nacho Abia, who will take up the position as of April 1, has more than 25 years of experience in the management of multinationals in the sector, having previously been responsible for global strategy at the listed Japanese company Olympus Corporation, a leader…