The British asset manager Cinven will buy the Spanish real estate portal, in a transaction that values the company at €2.9 billion, making it the largest acquisition in the history of an online company closed in Spain. The price at which the transaction has been finally closed implies multiplying by 2.2 the valuation of Idealista when the Swedish fund EQT took control of the company in September 2020, for €1.3…
The Conference Board’s consumer confidence index declined in June, although somewhat less than expected: specifically, this indicator stood at 100.4 from 101.3 previously and slightly above the 100 expected. This lower confidence was mainly explained by the decline in the expectations component (73 versus 74.9 previously), as the reading of the current situation improved (141.5 versus 140.8 previously). Still in the US, the S&P Case-Shiller index of house prices in…
Alphavalue/DIVACONS | The company announced the start-up of its third biomethane plant in Spain, which will increase its renewable gas production capacity to 29 GWh per year, an amount equivalent to the gas consumption of about 6,000 homes, according to a statement yesterday. On the other hand, Ángel Simón, CEO of Criteria Caixa, said that “one of the first initiatives, if not the first” of Criteria’s Strategic Plan is to…
Gregor MA Hirt Global CIO Multi Asset (Allianz GI) | French President Emmanuel Macron called a snap general election following the success of far-right parties in the EU elections in June. The first round of the election is to be held on 30 June followed by a final round a week later. According to the polls, the governing party – President Macron’s Renaissance – is set to lose power although…
In a year, 2023, of global decline in Foreign Direct Investment (FDI) and, despite the modest economic growth experienced by the region, Latin America maintained its position in this category, with a slight decrease of 1% in the arrival of foreign capital. The US, Spain, the Netherlands and Luxembourg were the main investors in Latin America during a year in which global FDI contracted by 2%, to 1.3 billion dollars….
Caritas, the Catholic Church’s organisation for helping the needy, assisted 1,327,298 people in Spain last year, 50% of whom (around 670,000) were in employment, i.e. they were working poor. Moreover, one out of every three people assisted was in an irregular administrative situation, according to the Caritas Confederal Report. The document details that, during 2023, Caritas invested a “record amount” of €486.5 million, which is €29.3 million (6.4% more) than…
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…