Alicia García Herrero (Natixis) | China’s so-called Two Sessions, the country’s most important annual political gathering, marked a transition this year. Held in early March, it included the final work report – or summary of government business – delivered by outgoing Prime Minister, Li Keqiang, who after two five-year terms as China’s prime minister, handed over to Li Qiang. Against this backdrop, Li Keqiang’s 2023 work report was blissfully short,…
Taxpayers face the 2022 income tax return campaign that starts today with the decrease in real salary caused by the generalised rise in prices (8.5% in 2022) and the cold progressivity of the Personal Income Tax (IRPF), that is, what they are going to have to pay extra for the rise in salaries, despite having a lower real salary. Deflating the personal income tax brackets by 8.5% to adjust them…
Imports of natural gas to Spain from Russia soared by 151.4% in February compared to the same month last year, reaching 5,465 gigawatt hours (GWh), according to data from the Corporation of Strategic Reserves of Petroleum Products (Cores). Russia is the third largest supplier of natural gas to Spain, with 17.2% of the total for the month. However, the volume of gas from Russia to the country was lower than…
Deutsche Bank : The recent credit event in the US banking sector has caused considerable uncertainty about the outlook for policy rates. However, financial authorities have reacted strongly. In addition, the US labour market remains solid and inflation is becoming entrenched. In our view, this continues to justify a “higher for longer” official rate outlook. Although two-year US Treasury yields are falling from their cycle high, they remain, along with…
Last year, Endesa explained in a report that “cases of electricity fraud linked to marijuana plantations have doubled in the last four years”. Endesa closed 2021 with 1,636 cases of fraud linked to marijuana plantations, twice as many as in 2018. In 2022 it registered 1,800 cases. The damage is immense because the average consumption of a plantation is equivalent to that of 80 homes. The last plantation dismantled by…
A study prepared with data from the Mercantile Register by Axesor’s economic research bureau indicates that in March this year a total of 11,946 mercantile companies were set up in Spain, compared to the 11,224 created in March the previous year. This represents a growth of 6.4% compared to the same month last year. Axesor points out that “the Spanish economy is resisting both inflationary pressures and the uncertainty generated…
In a Significant Event communicated to the CNMV, the Board of Directors of Cellnex (CLNX) informed that it has received the resignations of Mr Bertrand Boudewijn Kan and Mr Leonard Peter Shore, in their capacity as independent directors, citing “irreconcilable differences with the Board in relation to the management, governance and succession process of the Company”. In their announcement, Mr Bertrand Boudewijn Kan and Mr Leonard Peter Shore stated that…
Alphavalue / Divacons | Sareb has completed a decade since its creation. With the results known since 2022, the entity has already reduced the debt guaranteed by the State by €20,301 million, 40% of the total, so that at the end of 2022 the outstanding debt was €30,481 million. Since 2021, the State took control of the company through the FROB (Spanish Executive Resolution Authority), and its debt has had…
Link Securities | Bloomberg reported on Thursday that, according to the ECB’s monthly survey, inflation expectations for the next 12 months fell to 4.6% in February from 4.9% in January. In addition, inflation expectations for the next three years fell to 2.4% from 2.5% the previous month. In addition, according to the survey, economic growth expectations for the next 12 months continued to rise, from -1.2% to -0.9%. Meanwhile, 12-month…
Iberdrola announced on Tuesday a major sale of natural gas assets in Mexico, putting an end to several years of tensions with the country’s government. As the company, headed by Ignacio Sánchez Galán, informed the CNMV late in the afternoon, the subsidiary Iberdrola México and the state fund Mexico Infrastructure Partners (MIP) have signed an agreement of intent whereby a trust headed and managed by MIP will acquire 8,539 MW…