Norbolsa | Faes Farma (FAES) held its shareholders’ meeting on Tuesday, where it endorsed the appointment of the new CEO Eduardo Recoder de la Cuadra, who will take up his new position on 1 September. On the other hand, the company reported that it is studying the purchase of a European pharmaceutical company, without giving additional data. As for the new Derio plant, they recalled that it will come into…
Intermoney | Aena (Hold, PO€170) announced yesterday, after the market close, an upgrade of its guidance traffic growth in Spain for 2024, which it now forecasts to be +8.3% compared to 2023, compared to its previous estimate of between +3.8 and +7.1%, published last March. This guidance would imply traffic for this year of around 307 million passengers, or +11% over the pre-pandemic 2019 figure. Assessment: The increase in traffic…
BancaMarch: ECB Executive Board member Isabel Schnabel has said that the threat of potential price shocks makes it impossible to commit to a fixed path for the level of interest rates. The monetary authority expects a process with ups and downs in price changes, although Schnabel said that recent progress points in the right direction. She added that now that inflation is easing, wage growth is gradually declining and there…
In June alone, Social Security has had to spend more than double the amount the state devotes to the defence budget over the course of a whole year. In total, €25,171.5 million was spent on the payment of contributory pensions, as the €12,751.5 million paid out each month were added to the €12,420 million needed to pay the extra summer salary. The €25,171 million that the June payments have meant…
The PSOE and the PP have each chosen ten names to form the new General Council of the Judiciary (CGPJ). The body will thus be renewed after five and a half years of political deadlock, as these names will be endorsed by Congress and the Senate, with a three-fifths majority, because the votes of the Socialists and the PP will be sufficient. The new General Council of the Judiciary will…
Can you imagine taking out a loan to open a bank deposit? Well, that is what Spain is doing to fill the pension fund with 7 billion. Last year, the pension system needed to borrow 50 billion from the state to meet pension payments. This 50 billion shortfall is exactly 3.6% of GDP. And it is exactly the figure for the Spanish public deficit in 2023. But that is no…
Alphavalue / Divacons | China’s fiscal revenue fell 2.8% in the first five months of 2024 from a year earlier, accelerating from a 2.7% decline in the January-April period, official data showed yesterday, as weak demand weighs on the economic recovery. Fiscal spending rose 3.4% in the first five months, compared with a 3.5% increase in the first four months, according to Finance Ministry data.
Banc Sabadell: According to the press, IATA is claiming in the Supreme Court that the Covid expenses be subtracted from the basis for calculating fares and that the increase approved this year (4%) by the Council of Ministers be annulled. The amount would be €1,000 million for the period 2023-2025 (6% capitalisation of Aena), given that the airlines estimate that fares should be 12% lower than they are now. Aena…
Intermoney: According to various media reports, Nobina, one of Sweden’s leading transport operators, has awarded CAF (Buy P.O. €42) the supply of 88 electric buses of various Urbino intercity and city models for the regions of Skåne, Värmland, and the city of Malmö. The total amount of this order will exceed €50 million. CAF continues to consolidate its position in Sweden, following several contracts won last year, including the supply…
Bankinter | Acerinox (ACX) resumes activity in Europe. The agreement for the new agreement allows the resumption of activity at the Algeciras Plant, after 137 days of strike. Analysis: The agreement ends the strike that has continued for the last four months, during the negotiation of the Collective Bargaining Agreement. Stainless Steel losses in Europe amounted to €31 million in EBITDA in 1Q2024. The Group obtained an EBITDA of €111…