Relevant News Item

Relevant News Item 27th December 2023

Competition Commission opens proceedings against Repsol for possible abuse of dominant position by offering additional discounts

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…

Relevant News Item 26th December 2023

Iberdrola signs largest-ever loan, €5.3 billion, with 33 banks

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…

Relevant News Item 26th December 2023

Agreement between Telefónica and unions to reduce workforce by 3,421

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…

Relevant News Item 23rd December 2023

CAF wins contracts in Italy worth €120 million

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…

Relevant News Item 22nd December 2023

New EU fiscal rules: expenditure path to be single indicator for whole adjustment period

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…

Relevant News Item 21st December 2023

Telefónica joins long list of state-controlled companies: at 10% it is low down in the range

Morgan Stanley| On Tuesday, the Spanish government decided to order state-owned SEPI to buy up to 10% of Telefónica (TEF), ending a 26-year period of no government control of Telefónica since its privatisation in 1997. However, Nawar Cristin points out that, after this purchase, Telefónica joins a long list of state-controlled companies and that 10% is at the lower end of the range. Moreover, the announcement has not come as…

Relevant News Item 21st December 2023

Government dynamites social dialogue by giving priority to regional collective agreements

The Government has inserted the priority of regional agreements that it promised the PNV (Basque Nationalist Party) into the unemployment benefit decree. The CEOE employers’ association is the main party affected by the Executive’s concessions to the PNV. The social partners are protesting against the approval of the change in the Workers’ Statute, which bows to nationalist demands that give primacy to regional agreements when they are more beneficial to…

Companies, Relevant News Item 12th December 2023

Deoleo aims to double growth in India to 8m litres in 2026 from 4m sold in 2022

Link Securities| The company wants to double its size in India, where it is growing by more than 10% a year, over the next three years, Expansión reports today. It wants to sell eight million litres in 2026, compared to four million in 2022. Deoleo is increasing its diversification with the Figaro Baby line, and will launch a shampoo to take advantage of the cosmetic use of olive oil in…

Relevant News Item 11th December 2023

Outrage at COP28 over OPEC’s attempted blocking of fossil fuel deal

BancaMarch: There is outrage at COP28 over OPEC’s attempt to block the fossil fuels deal. The 200 countries attending the summit are discussing phasing out fossil fuels as a major cause of climate change. The OPEC Secretary General urged in his letter to OPEC members to reject any proposed COP28 agreement affecting fossil fuels. One of the summit delegates has described this move as a “sign of panic”. Saudi Arabia…

Relevant News Item 11th December 2023

Tezanos at the CIS, or it never rains but it pours

Fernando González Urbaneja | Among the government’s first appointments (ratifications) was that of José Félix Tezanos (77) as president of the Centro de Investigaciones Sociológicas (CIS). Of course it is legal; it is the government’s right to choose whomever it pleases for a post in the state organisation chart, as long as it does not incur legal grounds of ineligibility. But what smells of scorched earth are the explanations of…

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