Fernando González Urbaneja | It is like a creditors’ meeting, which never comes at a good time. The government has too many bills coming due for which it is short of liquidity, i.e. votes and parliamentary and social support. The weekly control session in Congress demonstrated the loneliness and, above all, the feeling of incomprehension, mental fatigue and surprise of a Prime Minister who is not short of self-esteem. Nothing…
Telefónica Tech will buy 100% of Incremental, a partner of Microsoft in the UK, for up to £175 (around 209 million euros). With this acquisition, Telefónica Tech will considerably increase its scale in the UK and its offer of Microsoft technologies. Incremental has its headquarters in Glasgow, another 3 offices in the UK, in Bulgaria and India. The company was founded in 2016 and has had strong growth rates both…
Eight days after the strike by lorry drivers and hauliers, the fishing sector has organised a strike along the Spanish coast until today, Wednesday, protesting against the rise in fuel prices: 200 fishermen’s associations, 40,000 members, of which 9,000 are boat owners, are taking part in the strike. The fishermen’s guilds began a strike on Monday, in protest against rising fuel prices. The fishing fleet will remain moored until today…
Fernando González Urbaneja | With these three words (values?) Morocco is convincing the countries that count that its plan to integrate the Sahara into its territory is worthwhile. That it is the best option for resolving a problem entrenched in the United Nations for half a century. One of the last stages of the decolonisations which have taken place in the 20th century with bloody and dramatic conflicts. Decolonisation processes…
Spain has received during 2021 a total of 28.785 billion euros in foreign investment. The Community of Madrid is the region that leads in attracting funds from abroad, with 20.943 billion, 73% of the total, according to data revealed yesterday by the Ministry of Industry, Trade and Tourism. These 28.785 billion euros that Spain has attracted in foreign investment in the year as a whole represent an increase of 17.7%…
Morgan Stanley | The figures are not available in all areas but we estimate that the telecos’ exposure to the spike in energy costs for the marjority of the stocks is around 1-2% of sales (on average). To give a more complete view, using as a reference the margins and Capex, for an operator with an EBITDA margin of 38% and Capex of 19%, a cost of energy x2 would…
Luis Alcaide (Capital Madrid) | The current account balance of payments recorded a surplus of 8.428 billion euros in 2021, when exports grew by 21% and imports by 24%, with China as the leading supplier (11.9% of our imports vs. 9.6% for Germany and 9.1% for France). In the face of the avalanche of unquieting news, Spain’s political and economic health in the first months of this year 2022 and…
Bankinter | IAG will grant Globalia a 100 million euros loan. At some point in the future, it could convert that into an up to 20% stake in Air Europa. This loan will give Iberia exclusivity in negotiations. Analyst team’s opinion: Neutral impact. On the one hand, this provides Iberia with more time to reach an agreement and block the entry of a third party. In practice, it implies putting…
Oriol Aspachs (CaixaBank Research) | The outbreak of war in Ukraine has occurred at a time when things were looking favourable for the Spanish economy. Economic activity gained traction during the course of the past year and in Q4 it grew by a significant 5.2% in year-on-year terms. In addition, the impact of the new wave of infections caused by the Omicron variant was lower than feared. The high proportion…
On 1 October 2016, the day the PSOE executive kicked Pedro Sánchez out of the party’s general secretariat (his subsequent revenge would be merciless) El País defined Sánchez’s profile in its editorial “Saving the PSOE”: “The inevitable and legitimate dismissal of Pedro Sánchez is the only way out for the party”. “The departure of the PSOE’s secretary general, Pedro Sánchez, is essential…. Sánchez has not turned out to be a…