On Wednesday, the Council of Ministers approved a 3.8% revaluation of pensions for 2024, as a result of the average CPI recorded between December 2022 and November of this year. In addition to the general rise of 3.8%, minimum pensions will once again rise above this figure and, according to the new Social Security Minister, Elma Saiz, next year they will increase by between 5% and 14%. The high range…
Link Securities| The Spanish National Markets and Competition Commission (CNMC) has just opened a disciplinary case against Repsol (REP) for offering additional discounts to its customers, according to the finance and business daily, Expansión. For the CNMC, this practice that the oil company has carried out through the companies Repsol Comercial de Productos Petrolíferos, S. A., Repsol Directo, S. A., Repsol Customer Centric, S. L., Solred, S. A., Campsa Estaciones…
In its Audit Report on the measures of the Administration on the implementation of the Recovery and Resilience Plan, sent this week to Las Cortes – and reported by the newspaper El Mundo – the Court of Auditors calls for more transparency: “There are no published data that allow us to have knowledge of the funds that reach the final recipients”, says the Court of Auditors, despite the execution reports…
Link| According to the final reading of the data, released by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) grew by 0.3% in 3Q2023 compared to the previous quarter, in line with its preliminary estimate and with the expectations of FactSet’s consensus analysts. In 2Q2023 GDP expanded 0.4% quarter-on-quarter. That of 3Q2023 is the lowest quarter-on-quarter growth rate achieved by Spanish GDP since 1Q2022. In 3Q2023, gross fixed…
Alphavalue / Divacons| The Dutch financial institution announced new targets in its energy transition financing strategy. The bank will stop financing oil and gas extraction by 2040 and aims to triple financing for renewables by 2025. This is a step forward from the previous policy adopted by the bank last year, which sought to end financing for new oil and gas fields and restrict financing to any related infrastructure. On…
Link Securities| The company has signed the largest credit line in its history, for €5.3 billion, with 33 financial institutions, according to the business and financial daily Expansión. The loans, which will be used to refinance debt and boost new investments, are linked to a reduction in emissions and an increase in the percentage of women in senior positions. The credit line has a duration of five years, with the…
The agreement that has been reached between Telefónica and the unions was made possible by reducing the number of people affected by the ERE (redundancy proceedings) and improving the conditions. The ERE will finally be aimed at 3,421 people, 2/3 of the initial total, 2,958 workers from Telefónica España, 397 from Telefónica móviles and 66 from Telefónica Soluciones. The workers will receive between 52% and 68% of their salary until…
The good performance of the stock market in the final stretch of 2023 has fuelled hopes of a recovery in IPOs in 2024, with eight Spanish companies awaiting the evolution of the markets to decide whether to place part of their capital with investors and stock market funds. A long list of Spanish companies are hoping to clear the hurdles to make their IPOs in the coming months: Puig, Hotelbeds,…
Intermoney| CAF informed the CNMV on Thursday that it has been chosen by the Italian operator ATM Milano for the supply of 105 electric buses. These are 18-metre Urbino articulated buses, which will be delivered in the first half of 2025. This contract is in addition to the one signed with the Sicilian company AMTS Catania for the delivery of another 42 electric buses. Specifically, the agreement covers the supply…
Bankinter: Ecofin reaches a political agreement on the reform of fiscal rules. Once revised, it will have to go through Parliament and the Council; it is expected to come into force in 2024. Each country will present its own fiscal plan with a fiscal adjustment period of four years, extendable to seven years, to allow for strategic investments and reforms. The single indicator for the whole adjustment period will be…