Spanish Economy News | The Corner .eu

Spanish economy 6th April 2022

Spain’s hotels hope to beat pre-Covid levels this Easter week; Meliá, amongst the firms to play the recovery

Bankinter | The big Spanish hotel chains foresee occupancy levels this Easter week beating those prior to the virus. They all coincide in that the outlook is optimistic, despite the uncertainty fuelled by the conflict and escalating fuel prices. And in the majority of cases, they are are confident of exceeding or being very clost to pre-Covid levels during the Easter break. In some case, bookings are up 15% on…

Spanish economy 5th April 2022

Almost One Million People Live In Precarious Conditions In The Barcelona Area, Warns Cáritas

The instability and precariousness of employment and the increasing obstacles to accessing housing pushed 885,000 people, 32% of the inhabitants of the Barcelona area, into social exclusion in 2021. This is 300,000 more than in 2018, according to data handled by Càritas as a result of a survey of 1,800 citizens carried out by the Foessa foundation. The results for the area of the diocese of Barcelona, which includes the…

Spanish economy 5th April 2022

Risk of larger provisions will be offset by the increase in rates and margins; Caixabank remains top pick

Morgan Stanley | We expect that the impact of the war will be reflected mainly in provisions. Now we are assuming zero growth in commissions this year vs +3% previously. We believe that the risk of greater provisions will be offset by the upside in rates and margins. Net Interest Income will be weak in Q1. However, it will touch bottom before picking up again from Q2 onwards thanks to…

Spanish economy 4th April 2022

The Feijóo Enigma And The Electoral Advance

Fernando González Urbaneja | The same PP leaders who last year closed ranks with Casado as a firm candidate for the Moncloa (the polls were favourable to them at the time) have applauded with the same intensity another leader who emerged from a fratricidal internal crisis that was hardly exemplary. A crisis with a few victims (Casado and his few loyalists) that has weakened the party, several of its leaders…

Spanish economy 4th April 2022

Unemployment Fell By 2,921 People Last Month, The Worst Month Of March In The Historical Series; Permanent Contracts Increased

The number of unemployed registered in the offices of the public employment services fell by 2,921 in March (-0.09%), twenty times fewer than in the same month of 2021, when the number fell by 59,149 people. This year’s decline is the smallest in the historical series, since 1996. Until now, it was that of 2013, when unemployment fell by 4,979 people. In seasonally adjusted terms, registered unemployment rose in March…

Spanish economy 4th April 2022

ACS will `propose to its board a new share issue of up to €600 M for a dividend payment which could reach 2 euros/share

Intermoney | On Thursdsay after the market’s close, ACS (ACS) (Buy, Target Price 40 euros) registered its forthcoming AGM announcement with the CNMV. The meeting will take place on May 6 at second call. Whatsmore, the construction firm also made public its board’s proposals, which envisage an issue of new shares worth up to 600 million euros. This is a traditional move to make a dividend payment, and the capital…

Spanish economy 1st April 2022

Turkey Gives The Green Light To BBVA’s Takeover Bid For 50.15% Of Garanti

Turkey’s securities supervisor (Capital Markets Board) has authorised BBVA’s takeover bid for the 50.15% it does not own in Turkish subsidiary Garanti, the bank has informed the National Securities Market Commission (CNMV). The offer will begin on 4 April and end on 29 April. BBVA, which owns 49.85% of Garanti’s capital, announced the takeover bid in November last year. It made the offer at 12.20 Turkish liras per share, with…

Spanish economy 1st April 2022

Finance Ministry Optimistic… With The Highest Public Deficit In Europe (6.9%)

Fernando González Urbaneja | The Finance Minister, always cheerful and confident, has presented the budget execution for 2021 with her usual optimism. The deficit stands at 6.9%, three points less than the previous year, a point and a half less than the government’s forecast. The minister gives herself a good mark, a top A, and the media receive the data with not a little optimism, 28% less than the previous…

Spanish economy 1st April 2022

Grifols shares rose 10% amid rumours of a possible bid from Private Equity firms

Renta 4 | According to website Betaville, there would be some Private Equity groups interested in acquiring the Spanish pharmaceutical firm. On Wednesday afternoon, Class A shares in Grifols (GRF) but especially those of Class B, plus the ADRs rose sharply (up to 10%). That said, the ADR ended up losing almost half of the gains. Behind the surge in the share price was the fact that Betaville suggested that…

Spanish economy 31st March 2022

Brussels Pressures Spain To Decouple Pensions From The CPI

Brussels’ concern about the unsustainability of Spain’s pension reform is growing. This comes amidst spiralling inflation and at a time when it has to validate Minister Escrivá’s reform to authorise the transfer of 12 billion euros from the second tranche of the Recovery Plan. The government has yet to ask the European Commission for the payment of the second tranche of the Recovery Plan, the largest, almost 12 billion euros….