In Spain

unemployment spain

Spain’s tangled unemployment figures: 2.7 million people or 3.2 million?

According to data provided by the Ministry of Labour, the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) fell in December by 27,375 people (-1%). In year-on-year terms, unemployment fell in December by 130,197 people (-4.59%), to 2,707,456 people, the lowest figure for this month since 2007. These figures, however, should be qualified. According to the USO trade union, the tangle of data…


Nadia proud spain

Calviño’s legacy… Is it historic?

Fernando González Urbaneja| Nadia Calviño’s legacy after four and a half years at the helm of the Spanish economy is “historic”, as she herself concluded to journalists. Historic because of the excellent results of her policy, which is that of its president, since in this government nothing is unconnected to Pedro Sánchez. Juan Francisco Martín Seco, however, has reached another conclusion in the article published in “La República” a few…


globaldominion edificio

Global Dominion to sell Valdecarretas photovoltaic park for more than €37m, with associated debt of around €30m

Banc Sabadell| Global Dominion (DOM) announced that it has reached an agreement for the sale of the Valdecarretas photovoltaic park (Zamora, Spain) to Renewables Japan Co. The transaction has been closed for more than €37 million (EV). The park, which has an installed capacity of c.38 MW, has been in operation since last June. Assessment: Positive news with limited impact. The transaction is not surprising given that Dominion had already…


gasolina

2023 ends with petrol prices in Spain at lowest average in almost two years

BancaMarch: Gasoline has said goodbye to 2023 in Spain at its lowest average price level in almost two years. Three days to go before the end of the year, petrol was averaging €1.532 per litre this week, the lowest level in 2023 and in almost two years, as only in the week of 20 January 2022 was the price lower than this. On the other hand, and still according to…


energy sector

Major confusion in energy sector over details of “solidarity” levy’s implementation

Link Securities| The reform of the tax on large energy companies (Repsol, Iberdrola, Endesa, Naturgy and Cepsa) is generating monumental confusion in the sector, the newspaper Expansión publishes in today’s edition. To date, and despite the fact that the reform has theoretically come into force on 1 January 2024, nobody knows exactly how it will be applied. Thus, energy companies are urging the government to clarify when the reform of…


Retail Eurozone

Spain’s November retail sales rise 5.2% year-on-year, beating 3.9% forecast

BancaMarch : Consumer spending continues to grow strongly in Spain. This morning retail sales for November were published, which advanced at a rate of +5.2% year-on-year, beating the +3.9% forecast. Moreover, the previous month’s figure was revised upwards by three tenths of a percentage point to +5.3%. With these figures, private consumption will continue to support activity at the end of the year.


Indra Tecnocom

Indra considers raising €800m from sale of Minsait’s assets to finance possible purchase of part of Hispasat

Alphavalue/DIVACONS | The Spanish IT services and consultancy company is considering the acquisition of a stake in satellite operator Hispasat, which is partly owned by state-controlled network operator Redeia (RED), Cinco Días newspaper reported on Thursday citing unidentified market sources. Indra is considering raising €800 million from the sale of assets of its technology unit Minsait to finance the deal. On the other hand, the Council of Ministers authorised the…


CarlosCuerpo

Carlos Cuerpo replaces Nadia Calviño at Economy Ministry

Pedro Sánchez has announced that Carlos Cuerpo, secretary general of the Treasury and International Finance, will replace Nadia Calviño at the head of the Ministry of Economy, Enterprise and Trade, following her departure to chair the European Investment Bank (EIB). On the other hand, the Minister of Finance, María Jesús Montero, the PSOE’s number two and until now fourth vice-president, will become first vice-president. The new minister holds a degree…


spanish PM pedro sanchez

The happy Spain that Sánchez sees

Fernando González Urbaneja| Pedro Sánchez proposes an account of his political management full of successes; he contrasts with his predecessors and sees a Spain that had no horizon and was all black until his arrival and then a bright, sunny panorama as a result of his management. It must be assumed that he believes this and defends his work with enthusiasm. After his speech to the press at the Moncloa,…


pensioners

Pensions to rise 3.8% in Spain in 2024

On Wednesday, the Council of Ministers approved a 3.8% revaluation of pensions for 2024, as a result of the average CPI recorded between December 2022 and November of this year. In addition to the general rise of 3.8%, minimum pensions will once again rise above this figure and, according to the new Social Security Minister, Elma Saiz, next year they will increase by between 5% and 14%. The high range…