Top Stories

In Spain

Spains productivity

Spanish economy 5th March 2024

Spanish government to create National Productivity Council to address challenge of increasing this indicator

Banca March: Economic growth, salaries and fiscal policy are some of the issues addressed by Spain’s Minister of Economy. As Carlos Cuerpo said, the ministry is comfortable with the GDP growth forecast of 2% for 2024, above the estimates of other international institutions – IMF (1.5%), Eurostat (1.7%), OECD (1.5%) -. On the other hand, he explained that, in order to tackle the challenge of increasing productivity, a National Productivity…

unemployment office

Spanish economy 5th March 2024

Unemployment in Spain falls by 7,452 in February

According to data published yesterday by the Ministry of Labour, the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) fell in February compared to January, by 7,452 people (-0.27%), to 2,760,408 unemployed. In seasonally adjusted terms, unemployment fell somewhat more, by 28,249 persons. In February 2023 unemployment rose by 2,618. Over the last 12 months, unemployment in Spain has fallen by 150,607 persons…

stock markets 777x400 1

Spanish economy 4th March 2024

Norwegian Pension Fund raises its stake in Spanish stock market to €12,407 M, up 23% from the previous year

Link Securities| The Norwegian Pension Fund has €12,407 million invested in companies listed on the Spanish stock exchange, according to the 2023 report from Norges Bank Investment Management (Nbim), up 23% from the previous year, Expansión newspaper reports today. Among its investments, it holds 3.36% (3.59% in 2022) of IBERDROLA (IBE), valued at €2,491.2 million; 2.26% (3.36% in 2022) of BANCO SANTANDER (SAN), valued at €1.355.6 million; 2.84% (2.09% in…

spain congress

Spanish Politics 4th March 2024

PP calls for immediate resignation of President of Congress for involvement in corrupt masks plot

The Balearic government presided by Francina Armengol, now president of the Congress, paid €3.7 million to the corrupt scheme of Koldo García (then advisor to the all-powerful Minister of Transport and Secretary of Organisation of the PSOE, José Luis Ábalos, who last week left the PSOE and joined the mixed group in Congress) a week after its technicians verified that the masks purchased were of poor quality and unusable for…

BOGAS

Interviews, Spanish economy 1st March 2024

“Spain has a good energy plan but if things don’t change, it won’t be fulfilled”

José Bogas, ENDESAS’s CEO, explains in Consejeros magazine that “295,000 million of investment is needed for the period 2021-30, and we have many years ahead of us when when we are not investing at this pace. Of these 295,000 million, 118,000 million are for renewables; 85,000 for energy efficiency, but almost nothing has been done so far; 53,000 for networks, which is more than 5,000 every year and we have…

aena barajas3CM

Spanish economy 1st March 2024

Aena say IAG’s takeover of Air Europa would strengthen Barajas hub and Spanish economy

Link Securities| The president of Aena, Maurici Lucena, has defended the increase in airport taxes by 4.09% from 1 March despite obtaining record profits in 2023, which he has justified, in part, by the “efficiency” in its operations, the newspaper Expansión published yesterday. He argued his position because it complies with the law that regulates Aena and, secondly, out of respect for Aena’s shareholders. In addition, Lucena has expressed his…

guindos

In Spain 1st March 2024

De Guindos warns “open bar is over” in eurozone fiscal policy

Banca March| After years in which the monetary authority has been in charge of acquiring the debt of member countries and fiscal rules were frozen, the flexibility granted to fiscal policies must now be limited in order to contribute to lowering inflation and debt ratios. This has been repeatedly conveyed by the President and the Vice-President. However, she pointed out that the reduction of public deficits should be carried out…

inflationCM copia

Spanish economy 29th February 2024

Inflation in Spain falls to 2.8% in February due to lower electricity prices; core inflation at 3.4%

Renta 4| The Consumer Price Index (CPI) rose by 0.3% in February compared to the previous month but cut its year-on-year rate by six tenths to 2.8%, due to lower electricity prices and stable food prices, according to data released on Thursday by the National Statistics Institute (INE) and reported by Europa Press. On the other hand, fuel prices rose in February. With the fall in the year-on-year CPI in…

Spain seizes good moment in risk premium to issue 10 year syndicated bond

Spanish economy 29th February 2024

ICO to channel 40,000 million in loans from second part of Next Generation funds

The European funds will be used for the green and digital transition of companies, as well as to facilitate social housing and the audiovisual sector. The mobilisation will be carried out through five funds: ICO-Green (€22,000 million), loans to households, private and public companies for sustainable projects and energy efficiency, among others; ICO-Enterprise (€8,150 million, of which €1,000 million is earmarked for tourism) to strengthen the growth of companies, especially…

CAF Bombardier

Spanish economy 29th February 2024

CAF’s 2023 turnover to be €3,825m, up 21%, due to higher sales in both rail and buses

Norbolsa| The company presented full year results, with revenues exceeding estimates to €3.825M (21% versus FY22 and +4% against FY23e), thanks to higher sales in both rail (€3.006M versus €2881M) and buses (€819M versus €804M). Margins improved to an EBIT margin of 4.7%, in line with expectations, in what seems to be a recovery for Solaris. Net profit was +13% higher than expected at €89M (€77M FY23e), thanks to financial…