BBVA Reseacrh | Turkish economy grew by 7.4% yoy in 3Q21, resulting in a growth rate of 11.7% in the first three quarters of the year. 2021 GDP growth will likely reach 10.5-11%, beating our current 9.5% forecast. Though, recent currency shock and accompanying tighter financial conditions will likely weigh on the downside for 2022 growth. The quarter-on-quarter growth rate accelerated to 2.7% after growing by 1.5% in 2Q21. Domestic…
Luis Alcaide | Angela Merkel’s departure from the German chancellery raises the question of the attitude of the Symaphoric coalition (Social Democrats, Greens and Liberals) towards the European integration process. In the meantime, Italian Prime Minister Mario Draghi and French President Emmanuel Macron signed an extensive bilateral agreement in Rome (60 pages, including both foreign policy and defence policy and a series of concrete economic agreements). This strengthens the role…
Two months after the elections, the “traffic light” coalition – formed by social democrats, ecologists and liberals – has reached an agreement to govern the country, with Olaf Scholz, Merkel’s former finance minister, as chancellor. The agreement leaves seven ministries to the SPD, including defence and housing, as well as the power to appoint the next president of the Bundesbank. This post could go to Isabel Schnabel, currently on the…
Renta 4 |The five main European telecommunication operators ((Telefónica, Orange, Vodafone, Deutsche Telekom and Telecom Italia) would be trying to establish an alliance which would allow the sharing of the open radio access network (Open RAN). This is an architecture which prioritises the interoperability of infrastructures allowing for the development of more efficient mobile communications. In a report, the operators given five recommendations for this development: these include guaranteeing political…
BancaMarch |The Spanish power company, via its UK affiliate Scottish Power, is to sign up to a consortium with other groups to analyse future opportunities to export green hydrogen from Scotland to Germany. The project is called Scot2Ger and has been commissioned by Scotland’s business association Scottish Enterprise. It also has the backing of the Scottish government and other public bodies. Scottish Power will specifically take charge of creating a…
More than 3 million passengers used Heathrow airport in October, encouraged by the easing of UK travel restrictions prior to the Autumn half-term holiday. Spanish infrastructure group Ferrovial is the largest stakeholder in Heathrow, with 25 percent.
The number of companies with foreign parent companies in Spain amounts to 19,675, according to the study carried out by Informa D&B (a subsidiary company of Cesce), leader in the provision of Commercial, Financial, Sectorial and Marketing Information. This figure represents only 1.38% of the country’s business network as a whole, but they sell more than 215,000 million euros, 17% of the total turnover. In terms of the number of…
This week, awareness of climate change and its consequences hits harder than ever before thanks to COP26. While European countries have arguably started to take climate considerations into account in their budgets, there is still a long way to go. Here is an interesting analysis by the rating agency Scope on the costs and consequences of climate change for countries, their economies and their sovereign ratings, including Spain.
Distributors from 13 different countries have launched the Ready4H2 initiative to support the development of a hydrogen market that will contribute to the transformation of the continent’s energy infrastructure and the fulfilment of the EU’s climate neutrality goals. The participating Spanish companies are: Nedgia (from the Naturgy group), Nortegas, Madrileña Red de Gas, Redex and Gas Extremadura.
The business climate in Germany’s automotive industry has worsened slightly. The ifo barometer for the industry fell to 8.5 points, down from 9.8 points in September. In July, the indicator had stood at 28.7 points. “Manufacturers and their suppliers have very different takes on the current situation,” says Oliver Falck, Director of the ifo Center for Industrial Organization and New Technologies. Business for manufacturers continues to be very good; the…