Fernando González Urbaneja | Airports are returning to their pre-covid activity and bursting at the seams. This is not an exceptional occurrence; it is happening in many other public services, for example, in health consultations and the ensuing events (tests, operations, etc.). It was foreseeable, the pandemic reduced staff numbers and accumulated tasks. In the case of health care, it produced delays, both voluntary and forced, which are now returning…
Unions are proposing wage rises in line with inflation (above 8% in Spain), spurred on by a Labour Minister in a constant election campaign. Meanwhile, Industry Minister, Reyes Maroto, has just pushed through an agreement that allows a historic company, Galletas Siro, which lost 47 million last year and stopped paying its employees’ salaries last May, to avoid bankruptcy. After the improvements in the original adjustment plan, the agreement includes…
The first large shipment of maize from Ukraine since the Black Sea ports were blockaded by the Russian navy when the war began – 109 days – has arrived in Spain. Yesterday, Monday, the ship Alppilia docked in the port of La Coruña, where 18,000 tonnes have been transported in what has meant the first shipment of cereal for feed which will alleviate the lack of feed suffered by Spanish…
CdM |Inditex (ITX)’s first quarter results released on Wednesday beat expectations; the net profit figure reflects the provision for the suspension of activity in Russia and the Ukraine. Main figures compared with Bloomberg consensus: Sales 6.742 billion euros (+36.4%) vs 6.237 billion expected. Gross Margin 4.054 billion euros (+36.9%) vs 3.713 billion (e). This means a margin of 60.1% vs 59.9% in Q1 2021 and 59.5% expected. EBITDA 1.917 billion…
A week after Philea, the European association of foundations which brings together more than 10,000 foundations from all over the continent, met in Barcelona (30 May-1 June), the General Assembly of the Spanish Association of Foundations was held. In a harsh statement, it echoed the complaints of several foundations that “have expressed the constant and numerous difficulties they encounter in relation to the operation and lack of attention by the…
Repsol’s Board of Directors today approved the sale of a 25% stake in Repsol Renewables (Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile, and Portugal) to the consortium formed by the French insurance company Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partner (EIP) for €905 million. The transaction values Repsol’s renewable business at €4.383 billion, including debt…
The Maghreb country adopted new reprisals after Sánchez’s speech in Congress and his “unjustifiable” turnaround on Western Sahara. The Professional Association of Banks and Financial Institutions (Abef) announced late on Wednesday night the freezing of direct debits for foreign trade operations of products to and from Spain as of Thursday 9 June, reports ‘Tout sur l’algerie’. The circular does not establish any kind of exception for transactions, and therefore opens…
J.C. Ureta (Renta 4) | A first argument would be that there has also been some good news. China has relaxed its anti-virus restrictions and seems determined to abandon the “zero Covid” policy. In addition, China’s forward PMIs, although still below 50, have improved markedly and could be back above 50 in June. It seems the Chinese government is once again concerned about growth and has understood the zero tolerance…
Intermoney | Ferrovial (Hold, Target Price 24 euros) would be finalising the sale of Amey, its services division based in the UK, for close to 234 million euros. This is according to information on Tuesday from daily Cinco Días, citing Sky News. The buyer would be a consortium of funds and venture capital firms, specifically One Equity Partners and Buckthorn Partners. It is expected that the process will be closed…
Acerinox confirmed on Monday the breakdown of talks with Aperam, owned by the Mittal family (with 40% of the capital), in an operation that, in the eyes of the market, has lasted two sessions and four days. Although the contacts have lasted for several weeks. Aperam would have taken the first step in its intention to launch a takeover bid for 100% of Acerinox’s capital, but neither the form nor…