In this period, the company has advanced in the decarbonisation objectives laid out in its 2021–2025 Strategic Plan. The plan and related actions have enabled the company to benefit from the incipient recovery in demand, still below 2019 levels, and the improvements in raw material prices. As a result, Repsol was obtain positive cash flow in all business segments and a net debt reduction of 6%. Adjusted net income, specifically…
The 2Q 2021 unemployment rate stood at 15.26% against 15.98% in the previous quarter, according to data released today by Spain’s National Statistics Institute. The activity rate improves to 58.6% quarter-on-quarter. On the other hand, the number of jobless people decreases to 3.5 M (-3% q/q), while the number of employed people increases by +464,900 to 19.7M (+2.4%).
Acciona’s renewables division has been listed on the stock exchange for less than a month (its debut on the trading market was on July 1) and has already announced its first international deal. Acciona Energía and SSE Renewables have agreed to explore offshore wind opportunities in Poland as the country seeks to progress the deployment of around 6GW of offshore wind energy by the end of the decade. For that purpose, both companies, who are already cooperating on the exploration of offshore wind opportunities in Spain and Portugal, have now signed a Memorandum of Understanding (MoU) in order to formalize a 50/50 joint venture for the Polish market.
The Council of Ministers on Tuesday approved the non-financial spending limit, the ‘spending ceiling’, for the State Budget for 2022. This remains at 196.142 billion euros, in line with the figure recorded a year earlier, including extraordinary transfers to the Social Security (of 18.396 billion), to the autonomous communities, and part of the European funds. The government has also maintained its public deficit forecast of 8.4% of GDP for this…
Revenues increased 8% and net operating income grew 13% on a constant currency basis. The group earned €22.7 billion in total income in the first half of 2021, up 8% year-on-year in constant euros(excluding currency movements). Net operating income grew by 13% year-on-year in constant euros to €12.3 billion, as lending and deposits increased by 2% and 4%, respectively, also in constant euros. Underlying profit in the first half nearly…
Funcas believes that the Spanish banking sector would still have to make provisions amounting to 12,000 million euros in the income statements of 2021 and 2022, and expects an increase in doubtful credit between the end of 2022 and early 2023.Specifically, Funcas estimates that the “peak” of doubtful credit will be reached between the end of 2022 and the beginning of 2023, with a subsequent recovery, so that NPLs will be close to, but slightly above, pre-Covid-19 pandemic levels in 2024.
WisdomTree | The Bloomberg Commodity Total Return (BCOM TR) Index posted its third consecutive month of gains in June 2021, capping the quarter with a 13.3% q-o-q gain, the strongest since Q4 2010. Demand for commodities is rising as pandemic era restrictions are being lifted, while bottlenecks are providing supply challenges. Not all commodity sectors performed equally in the reporting month (which ended 16th July), with precious metals sliding 3.6%,…
Nick Ottens (Atlantic Sentinel) | It agreed to put Gibraltar in the Schengen Area to avoid the need for border controls… Did the British not read the fine print when they signed their Brexit deals? Not only do they regret agreeing to a lay a customs border down the Irish Sea to avoid the need for passport checks and inspections of goods on the Ireland-Northern Ireland border; they also have…
Ferrovial’s Environment division recorded annual sales of 1.018 billion euros in 2020, gross operating profit of 130 million, including dividends, and had an order book of 2.177 billion at year-end. The company has a workforce of 16,000 employees and manages 140 recycling plants where it processes 5.6 million tonnes of waste each year. It also does street cleaning, selective collection and maintenance of green areas in more than 600 Spanish…
Vaccination against Covid-19 began in Spain exactly on December 27, 2020. Seven months later, the country has passed the milestone of 25 million immunized, and specifically as of July 22, the Spanish public health system has surpassed the United Kingdom (53.39%), the United States (48.28%), Germany (48.18%) and France (44.07%) in percentage of vaccinated population (54.32%) and is above the European average (36.79%), according to the Our World in Data ranking (University of Oxford). Also, Spain already occupies the second position in the ranking of the 5 countries with more than 10 million inhabitants that immunize the fastest, after Chile, which has managed to protect 62.19% of its population against the coronavirus.