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Spanish economy 24th January 2024

Bank of Spain warns of risks to tourism sector and conditions necessary to maintain competitiveness

BancaMarch: The Governor of the Bank of Spain (BdE) warns of the medium-term risks to the tourism sector and the conditions necessary to maintain competitiveness. Pablo Hernández de Cos spoke at the 10th Tourism Innovation Forum, referring to the importance of an economic policy framework that favours legal certainty. In a context of high growth in unit costs, which particularly affects a labour-intensive sector, coupled with falling productivity, this could…

In Spain 24th January 2024

Fugitive Puigdemont amnesties himself: government invents – and includes in the amnesty – terrorism that respects human rights and violates them ‘unintentionally’

The amnesty law is closed with a legal trick that consists of distinguishing different degrees in the crimes of terrorism. Those accused of this crime will be exonerated if there was no “direct intent” to provoke “serious human rights violations”. This inclusion of terrorist crimes within the perimeter of the amnesty law as long as “manifestly and with direct intent” the terrorists have not caused “serious violations of human rights”…

Spanish economy 24th January 2024

Talgo concludes buyback programme with acquisition of 2.5 million shares representing 1.99% of share capital

Link Securities | The railway manufacturer informed the National Securities Market Commission (CNMV) yesterday that, following the latest acquisitions reported yesterday, it has reached the maximum monetary amount established in the Buyback Programme, having invested €9,999,521.35 and acquired a total of 2,517,562 shares representing 1.99% of Talgo’s share capital. Thus, the company announces the completion of the Buyback Programme. Talgo is currently bidding for a contract from state-owned operator Deutsche…

In Spain 24th January 2024

Social Security debt rises by €90,000 to €106,000 million with Sánchez governments

And this year the State will once again come to the rescue of the pension system with an injection of €43,000 million in order to be able to meet the promised payments. At the end of September, the Social Security coffers accumulated a debt of €106 billion euros, almost four times more than the €27 billion it had at the end of 2017. And that is before taking into account…

In Spain 23rd January 2024

Almost 294,000 precarious civil servants “emerge” as Government raises public employment by 10%

The number of public administration workers has risen by 10.7%. This is after the statistics compiled by the Civil Service Department added 294,000 workers with temporary or very short-term interim contracts, as well as trainees. Although the adjustment was made when these competences depended on the Ministry of Finance, it only became known when they were transferred to the Ministry of Digital Transformation, headed by José Luis Escrivá. The new…

Spanish economy 22nd January 2024

IAG to invest €6 billion in Spain over next five years to introduce new lower-emission aircraft, among other goals

Link Securities| The holding company IAG plans to invest €6 billion in Spain over the next five years to renew its fleet and advance its commitment to decarbonisation, Expansión newspaper reported on Friday. This is one of the messages conveyed by the airline group’s CEO, Luis Gallego, to Prime Minister Pedro Sánchez at their meeting in La Moncloa. IAG has already invested another €5 billion in the last five years….

In Spain 22nd January 2024

Home sales in Spain fall by 15.1% in November, 9.3% for year as a whole

Alphavalue / Divancons| Home sales and purchases recorded a 15.1% drop last November compared to the same period last year, to a total of 46,888 transactions, their lowest figure for this month since 2020, against a backdrop of higher interest rates. These figures put the annual cumulative fall in transactions up to November at 9.3%. By type, 19% of the dwellings transferred by sale and purchase were new and 81%…

Spanish economy 22nd January 2024

Minister for Transport and Sustainable Mobility sees Aena being authorised to raise airport taxes by 4.09% as “inexorable”

Link Securities| The Minister of Transport and Sustainable Mobility, Óscar Puente, sees it as “inexorable” that Aena (AENA) will be authorised to raise airport taxes by 4.09% as of 1 March, according to the newspaper Expansión. “It is a listed company and we must apply the rules that we have given ourselves, for legal certainty”, he said during his speech at an event of the New Economy Forum. This increase,…

Spanish economy 22nd January 2024

Spanish banks’ profitability rises to 11.92% in 3Q23, now at all-time high, says Bank of Spain

CdM | Spanish banks achieved an annualised return on equity of 12.3% in the third quarter of 2023, compared to 11.92% in the previous quarter and 10.25% in the same quarter of 2022, according to supervisory statistics on credit institutions published on Friday by the Bank of Spain, and reported by Europa Press. This profitability figure is still far from the 14.88% recorded in the first quarter of 2021, although…

Spanish economy 22nd January 2024

Naturgy chairman praises Blackrock: “there is alignment of interests and long-term vision”

Alphavalue/DIVACONS| The president of the energy company, Francisco Reyes, praised Blackrock for giving stability to the companies and affirmed that “there is alignment of interests and long-term vision”. He said this in an interview on Thursday at the 54th annual meeting of the World Economic Forum in Davos (Switzerland) and in the wake of Blackrock’s acquisition of the US fund Global Infrastructure Partners (GIP), which owns a 20% stake in…