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Nadia proud spain

In Spain 27th December 2023

Court of Auditors warns of opacity of European funds: “There is no data on what reaches the final recipients”

In its Audit Report on the measures of the Administration on the implementation of the Recovery and Resilience Plan, sent this week to Las Cortes – and reported by the newspaper El Mundo – the Court of Auditors calls for more transparency: “There are no published data that allow us to have knowledge of the funds that reach the final recipients”, says the Court of Auditors, despite the execution reports…

Investment

Spanish economy 27th December 2023

Investment in Spain falls 0.6% in 3Q23 despite European funds

Link| According to the final reading of the data, released by the National Statistics Institute (INE), Spain’s Gross Domestic Product (GDP) grew by 0.3% in 3Q2023 compared to the previous quarter, in line with its preliminary estimate and with the expectations of FactSet’s consensus analysts. In 2Q2023 GDP expanded 0.4% quarter-on-quarter. That of 3Q2023 is the lowest quarter-on-quarter growth rate achieved by Spanish GDP since 1Q2022. In 3Q2023, gross fixed…

Shorts and shares on credit, a problem of information

Spanish economy 26th December 2023

Eight companies hope to go public in Spain in 2024

The good performance of the stock market in the final stretch of 2023 has fuelled hopes of a recovery in IPOs in 2024, with eight Spanish companies awaiting the evolution of the markets to decide whether to place part of their capital with investors and stock market funds. A long list of Spanish companies are hoping to clear the hurdles to make their IPOs in the coming months: Puig, Hotelbeds,…

FeijooyRueda

In Spain 22nd December 2023

PP calls elections in Galicia on February 18

Fernando González Urbaneja| There is no electoral truce. On 18 February the PP will put its majority in Galicia at stake in elections that are being brought forward by five months. The last elections were held in July 2020, coinciding with the Basque elections and following the European elections a year earlier, which produced an unprecedented multi-party result with nine groups winning seats and the PSOE’s 33% majority (thirteen points…

spains economy

In Spain 21st December 2023

Bank of Spain expects Spain’s GDP to grow 2.4% in 2023, 1.6% in 2024 and 1.9% in 2025

Link Securities| The Bank of Spain (BdE) yesterday published its quarterly report in which it released its new macroeconomic forecasts. Thus, BdE analysts now expect Spain’s Gross Domestic Product (GDP) to grow by 2.4% in 2023 (2.3%; previous estimate; 5.8% in 2022); 1.6% in 2024 (1.8%; previous estimate) and 1.9% in 2025 (2.0%; previous estimate). As regards inflation, these analysts now expect inflation to average 3.4% in 2023 (3.6%; previous…

Madrid Stock Exchange revision

In Spain 21st December 2023

Spanish listed companies pay dividends worth €27,443 million in 2023, up 18.8%

The Spanish stock market has risen by more than 20% since last January. And as of November, companies listed on the Madrid Stock Exchange had distributed dividends worth €27,443 million, an amount that represents an increase of 18.8% compared to 2022. If the amortisation of treasury stock is added to the payment in cash or shares, the remuneration exceeds €40 billion. Thanks to these figures, the Spanish stock exchange has…

Telefónica

In Spain 20th December 2023

Government orders Sepi to buy 10% of Telefónica to become main shareholder

The State Industrial Ownership Corporation (Sepi), the public body controlled by the Government through the Ministry of Finance, will take up to 10% of the capital of Telefónica (TEF), which will make it the largest shareholder of the telecommunications operator, ahead of Caixa, BBVA and Saudi Arabia’s STC. The Sepi informed the CNMV on Tuesday in a note in which it stated that “the Council of Ministers in its meeting…

ACS novisimo

Spanish economy 20th December 2023

ACS formally begins process of selling services subsidiary Clece, valued at up to €700 M

Link Securities| ACS (ACS) has formally started the sale process of its services subsidiary Clece. The banks that the group has hired to lead the divestment, Bank of America (BofA) and Société Générale, distributed the sale booklet (infomemo) among potential buyers last week, according to market sources and as reported by the digital newspaper elEconomista.es. Among the recipients are both funds and industrial groups specialising in service activities. The transaction…

spain poverty oxfam

In Spain 19th December 2023

Spain scores worst on child poverty in the European Union

Some of the world’s richest countries experienced sharp increases in child poverty between 2014 and 2021, according to data published by UNICEF’s research office Innocenti. Spain’s rate remains stable, but stands at 28%, which leaves our country in 36th place out of 39 (only above the United Kingdom, Turkey and Colombia) in the overall league table of high-income countries – European Union (EU) and Organisation for Economic Co-operation and Development…

endesa novisimo

Spanish economy 19th December 2023

Moody’s confirms Endesa’s long-term credit rating at “Baa1”; short-term remains at “P-2”

Link Securities| Moody’s affirmed Enel’s long-term credit rating at “Baa1”, while maintaining Enel’s short-term rating at “P-2”. The rating agency said the rating confirmation mainly reflects Enel’s prospects of restoring its financial profile to a level in line with the current “Baa1” rating. The rating continues to reflect the Enel group’s large scale and geographic diversification, as well as the group’s business model, which will continue to be predominantly driven…