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OCDE recurso TC

In Spain 30th November 2023

OECD lowers 2024 growth forecast for Spain to 1.4% and calls for greater fiscal adjustment

The OECD has revised down to 1.4% its economic growth forecast for Spain in 2024, a figure well below the 2% expected by the government. In its half-yearly Outlook report published on Wednesday, the Organisation for Economic Co-operation and Development (OECD) sends a clear message to Pedro Sánchez’s new government: further budgetary adjustment is needed to keep public debt under control. The report stresses that “stronger and sustained fiscal consolidation…

sanchez elections

In Spain 29th November 2023

Foreign multinationals ask Sánchez for economic and regulatory stability to attract investment

Foreign multinationals established in Spain yesterday asked the Prime Minister, Pedro Sánchez, for a stable macroeconomic policy that is predictable and reduces the regulation that affects the work of companies, with the aim of attracting more foreign investment. The Multinacionales con España (Multinationals with Spain) association, which brings together around 60 large foreign companies operating in the country, presented the President of the Government, Pedro Sánchez, with a report on…

bancos espanoles

In Spain 28th November 2023

Spanish banking: NPLs stable at 3.56% in September 2023; BBVA, Sabadell and Caixabank, preferred stocks

Bankinter : NPLs remain stable despite the adverse denominator effect of the fall in the stock of credit (+0.03% month-on-month; -3.31% year-on-year; -2.99% YTD/2023). Most importantly, the balance of non-performing loans stands at €42,081m (+0.05% month-on-month; -9.2% year-on-year) and accumulates a decline of -2.5% YTD/YTD (vs €43,159m in Dec 2022). This is good news because: (1) there is no significant deterioration in credit quality despite rate hikes and inflation. It…

comisioneuropeaTC

In Spain 28th November 2023

Brussels calculates Spain has only spent €20,000 million of €37,000 EU funds received

Spain has spent around €20 billion of the grants from the Recovery and Resilience Mechanism (RRM), the main instrument of the Next Generation EU, in the first three years of implementation. These are the estimates of the Commission itself and set out in its latest revision of the Budgetary Plan sent by the Spanish government in October. Brussels has already disbursed €37 billion of the €80 billion expected up to…

endesa enel

Spanish economy 27th November 2023

Brookfield, BlackRock, Schroders and Masdar to bid for 49% of an Endesa PV portfolio valued at €2.4 billion

Link Securities | Brookfield, BlackRock, Schroders and Masdar are competing for a 49% stake in Endesa’s renewables portfolio, in a deal that could be worth around €1.2 billion, as the total portfolio is valued at around €2.4 billion, according to today’s edition of Expansión newspaper. In the final stretch of the bidding for these assets are also the Danish fund AIP Management and the Thai state-owned oil company PTTEP. The…

ManfredWeber

In Spain 27th November 2023

“It’s crazy that the Spanish government is supervised by a body from Geneva” assures Manfred Weber

In an interview published in La Vanguardia, the president of the European People’s Party considers that the creation of a commission in the Congress to “check the sentences of the independent courts” breaks with the rule of law in Spain. And he explains that “For us, as EPP, it was important to have an exchange of views on the issue. I was quite surprised. I was quite surprised that the…

mapfre masmovil acuerdo

Spanish economy 26th November 2023

Mapfre and MásMóvil sign agreement to offer more than 15 M potential customers wide range of insurance products

Link Securities| The MásMóvil group and Mapfre (MAP) have signed an agreement to offer the telecommunications company’s customers a wide range of innovative insurance products, according to Expansión newspaper on Thursday. Thanks to this agreement, Mapfre will attract more than 15 million potential customers in Spain to whom it will offer its home, civil liability and commercial insurance products, which will soon be available to private customers, the self-employed and…

Congreso

In Spain 26th November 2023

Spain: Somebody please bring down the tension

Fernando González Urbaneja | The electoral tension is over… at least until the next time. Which is close, but deserves some respect, some time to rest. The government is legitimately constituted, everyone has played their cards and made their commitments, the cards have been dealt, and it would be a good idea to give a little leeway while the positions reached settle… At least a Christmas truce, until the new…

sales

In Spain 24th November 2023

Company sales fall further to 8.3% in September, largest decline since 2021

The turnover of companies fell by 8.3% last September compared to the same month in 2022, extending by 1.4 points the year-on-year decline experienced the previous month, according to the Business Turnover Index (ICNE) published this Thursday by the National Statistics Institute (INE). With September’s decline, the steepest since February 2021, business sales have now posted six consecutive months of year-on-year declines after 25 consecutive months in positive territory. All…

Telefonica nubecillas

In Spain 23rd November 2023

Telefónica España and trade unions begin negotiation of Collective Agreement for Related Companies, as well as voluntary redundancy plan

Alphavalue / Divacons | The National Markets and Competition Commission (CNMC) has opened for public consultation its proposal to deregulate the nine high-performance submarine broadband connection routes where Telefónica is obliged to offer other trunk line operators at prices determined by the CNMC, the agency said in a statement yesterday. In addition, it was reported in Cinco Dias that Telefónica España and the unions are to start negotiating today the…