Fernando Gopnzález Urbaneja | Words have meaning. To define well is to begin to understand. The government has announced as the star measure of its economic programme to control inflation a new tax figure called the “windfall profits tax” which, for the moment, will be levied on around twenty energy companies with a high turnover (the figure has not been specified) and on banks in general, which are not many…
Fernando Gonzalez Urbaneja | Economics textbooks have a heading to add to the chapter on inflation: the one dictated by Dr Pedro Sánchez before Parliament. After warning that inflation (10% annual rate) is the most worrying problem for the government, he deployed a series of “anti-inflationary” measures, among them, new taxes for banks and energy companies on extraordinary profits . The president spoke about his concern about the influence of…
Link Securities | The daily elEconomista.es made echo on Monday of a risk report Grifols presented to the US regulator SEC. In the document, the Spanish multinational pharmaceutical company admitted the recovery could be threatened by the pressure from a competition which has increasingly more resources and already offers solutions similar to those of the listed Catalan firm. Grifols warns in the report that its rivals are tough: “Our main competitors…
“Sánchez is capable of competing with Johnson in his race of compulsive liars” says the former editor of El País. Hours before the debate on the State of the Nation begins in the Spanish Parliament, Juan Luis Cebrián, the former first editor of the well-known “government newspaper” – El País – has published a very harsh article (“Las cenizas de la Nación”). In it he points out, for example, that…
Imports of gas from Algeria fell by 41.11% in the first half of 2022 compared to the same period the previous year. Meanwhile, purchases of this raw material from Russia increased by 3.2% year-on-year in the first six months of the year, according to the latest data from Enagás’ Boletín Estadístico, corresponding to June. Specifically, in the first half of the year Spain bought 55,962 gigawatt hours (GWh) of gas…
Morgan Stanley | Enagas will present its strategic plan 2022-2030 this week. We are not very positive ahead of this presentation as we expect the company will flag the potential growth in hydrogen. This is something which we believe is very long-term and seems already to be reflected in the price at 20 euros/share. Meanwhile the visibility with regard to financing is very limited. In the most optimistic scenario the…
“Sánchez could not stand that for two years in a row, 2021 and 2022, the growth rate of the Gross Domestic Product has been revised downwards, in the first quarter of the year. This has triggered the dismissal of the president of the National Institute of Statistics, Juan Manuel Rodríguez Poo. A discreet and honest professor of Fundamentals of Economic Analysis at the University of Cantabria, appointed president of the…
Telefónica España workers have almost unanimously rejected the proposal to voluntarily opt for a four-day working week, which entailed a corresponding pay cut, although the company compensated with a 20% bonus. With just four days left before the deadline to join the plan, barely 1% of the workforce has signed up, according to EL PAÍS today, citing sources in the negotiations. The main reason for this lack of interest on…
Norbolsa | Iberdrola (IBE) has won Contracts for Difference (CfD) for 16 renewable energy projects in Scotland, England and Wales via a renewables auction in the UK. The company obtained a contract for the offshore wind farm East Anglia Three for 1.400 MW, five onshore wind projects for a total of 396 MW and ten solar photovoltaic sites for a total of 326 MW. In this way, Scottish Power has ensured…
Renta 4 | On Thursday after the market’s close, Repsol published operating figures for Q2’22, during which the price of Brent (113,9 USD/b) rose 65.1% year-on-year and 11.4% quarter-on-quarter. Meanwhile the price of gas (7,2 USD/Mbtu) was up 157.1% year-on-year and 44% quarter-on-quarter. We recall that in its guidelines for 2022, the Spanish oil and gas group considers levels of 70 USD/b and 3,7 USD/Mtbu, and that the sensitivity to…