The average price of electricity in the wholesale market will rise this Monday by 16.76% and will mark its most expensive record in history, an average of 442 euros/MWh. This is amid the heat of the rise in the price of natural gas due to the impact of the war in Ukraine. It will thus surpass the previous all-time high of 383.67 euros/MWh, which was reached on 23 December. Furthermore,…
Nick Ottens (Atlantic Sentinel) | Western Europe refused to see the risks. Eastern Europe refused to invest in renewables. Australia, Canada, Europe, Japan and the United States have imposed unprecedented economic sanctions on Russia since it invaded Ukraine, banning Russian airlines and state media, cutting off Russian banks from the SWIFT financial system and freezing the assets of Russian oligarchs and the Russian Central Bank. The one step European countries…
Podemos is raising the tone of its disagreement with the PSOE within the Government over Spain’s position on the Russian invasion of Ukraine. The minister and secretary general of UP, Ione Belarra, upped the ante in her challenge on Sunday. She called the Socialist Party a “party of war” for having decided to send arms to Ukraine, as the vast majority of European countries have done. With this accusation, the…
Alicia García Herrero (Natixis) | Asia is far from Ukraine, but the conflict with Russia has rippling effects far beyond borders. From the SWIFT ban to the chip blockade, the West and Asian economies have further sanctioned Russia. Although the financial linkages between Russia and Asia are limited, spillovers on the economy cannot be discounted. In this note, we analyze the impact of Russia’s aggression in Ukraine on key non-financial…
it reached its historical maximum.
The labour reform boosts permanent contracts to almost 22% of the total and more than doubles them with respect to 2021. In the last year, unemployment accumulated a record drop of 897,105 people, which is 22.4% less jobless. The number of unemployed registered in the offices of the public employment services (formerly Inem) fell by 11,394 unemployed in February (-0.3%), its best rebound in this month since 2015, when unemployment…
Crédito y Caución | Five markets are particularly poised to offer new opportunities for exporters and investors as the global economy continues its bumpy post-pandemic recovery: Côte d’Ivoire, Israel, Qatar, Taiwan and Uruguay. All five markets meet three criteria: good GDP recovery prospects, effective containment of the pandemic, and increased institutional stability of their economic policies and institutions. We expect Côte d’Ivoire to enjoy one of the highest GDP growth…
The 34 largest companies in Spain, with the exception of Inditex, which will publish its figures in March, have declared a combined net profit of more than 54.995 billion euros. This is the highest ever for the Spanish selective index. It is also the first time it has exceeded 50 billion. In 2010, it came within a hair’s breadth with 49.499 billion. The big winner in 2021, by far, is…
According to data from the agricultural organization Asaja, Spain annually imports almost 30% of the corn it needs from Ukraine. “The Spanish agricultural sector will undoubtedly be one of the victims. Our imports of cereals and sunflower, as well as basic means of production such as manure and fertilizers, will be seriously affected, which will imply a new increase in production costs for the sector”, the association pointed out. In…
Spain, after being one of the last European countries to close its airspace to Russian airlines, will limit the sending of offensive weapons to Ukraine just to the agreement adopted by the European Union. It does not plan to increase the defence budget, as other EU governments will do in response to the Russian invasion of Ukrainian territory. This was announced on Monday by Prime Minister Pedro Sánchez, in an…