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globaldominion edificio

Spanish economy 20th July 2023

Phone House, subsidiary of Dominion, plans redundancy proceedings for 304 employees

Intermoney| Phone House Spain, a subsidiary of Dominion (DOM), has notified the workforce and the relevant authorities of its intention to initiate redundancy proceedings (ERE in its Spanish initials) for economic, productive and organisational reasons. This redundancy plan would affect 304 employees at 67 sites in Spain, employing 452 people. In the framework of the negotiations, which will end tomorrow, Thursday, the company is offering the affected workers a severance…

indra helicopter

Spanish economy 19th July 2023

Indra and Oesía team up to modernise new generation systems and services for Armed Forces, Police and Civil Guard

Link Securities| The Oesía group, a Spanish multinational company dedicated to industrial and digital engineering, and the technology and defence company Indra have signed a strategic collaboration agreement by which they will combine key technological capabilities to improve the global offer of new generation systems and services for the Spanish Armed Forces and Security Forces, which will improve the positioning of both companies in the international market and European programmes….

Global debt

Spanish economy 19th July 2023

Spain’s public debt rises to €1.54tn, up 27.5%, under Sánchez’s government

Public debt has risen from €1.20 to €1.54 trillion during the last five years of socialist government. It has risen by €332,768 million, 27.5% from the €1.2 trillion at which it closed in 2018. According to data from the Bank of Spain (BdE), which was reported yesterday by Europa Press, in absolute terms the debt of all public administrations in Spain reached €1.541 trillion in May, which represents a new…

vivienda

Spanish economy 19th July 2023

House sales in Spain fall by -6.4% year-on-year in May, compared with previous month’s -8.1%

Alphavalue / Divacons| The sale and purchase of homes recorded a -6.4% drop in May compared to the same month last year, to a total of 56,137 operations, according to the National Statistics Institute (INE) on Friday. With this annual decline, which is almost two points lower than that recorded in April (-8.1%), the sale and purchase of homes has now been negative for four months. By segment, it is…

RealState 1

Relevant News Item, Spanish economy 18th July 2023

New outlook for the Spanish real estate sector: slowdown in the housing market

Judit Montoriol Garriga (Caixabank Research) | The Spanish real estate market began to slow down in mid-2022 with the shift of direction of monetary policy. Although the ECB has raised benchmark interest rates by 4 pps for the moment, the pace of the slowdown has been gentler than anticipated, leading us to improve the sector’s outlook for 2023. Nevertheless, we continue to expect a significant slowdown in the Spanish real…

Europe SMEs

Spanish economy 18th July 2023

Inflation means 60% of SMEs unable to increase sales in 2023 says CEPYME

According to the CEPYME Barometer #LaPymeHabla of July, corresponding to the first half of 2023, 59.12% of SMEs are unable to recover their sales. Cepyme describes a scenario of economic recovery with an uneven impact on companies, which responds both to accumulated inflation and rising labour and tax costs and to the weakening of consumption in the final stretch of 2022 and early 2023, on the basis of an incomplete…

cnmv

Spanish economy 17th July 2023

CNMV chairman acknowledges damage to corporate governance caused by Indra, NH and Unicaja cases

F.R. “There have been specific cases in the last year that have had a very negative impact on the perception of the quality of governance of some large Spanish listed companies. And I don’t want to beat around the bush: I am referring, among others, to Indra, Unicaja and NH. With different nuances and peculiarities, these are cases where independent directors have been the adjustment variable for shareholder changes, changes…

nadia calvino bruselas

Spanish economy 14th July 2023

Brussels requires Spain to publish list of 100 biggest beneficiaries of EU funds, 14 countries already have

The European Commission is warning Spain for not having yet published the list of the 100 largest final beneficiaries of Next Generation EU funds, an obligation for all Member States as of this year. Half of the countries have already made their lists public, but 13 countries – including Spain – have yet to do so. “We are addressing the Member States that have not yet sent the list, asking…

Enagas headquarters

Spanish economy 14th July 2023

Enagás awards logistics services contract for LNG plant at El Musel (Gijón) to Endesa

Link Securities| Enagás (ENG) has awarded Endesa (ELE) the logistics services for the El Musel liquefied natural gas (LNG) plant in Gijón, according to Europa Press. This step marks the end of the binding phase of the capacity allocation process (Open Season). A total of 13 bids were received between 5 and 30 June, the period during which this final part of the process took place. The logistics services offered…

cnmv

Spanish economy 13th July 2023

CNMV bans CFD advertising in Spain: over 70% of investors lose money

The CNMV has published its new guidelines for the marketing, distribution or sale of CFDs and other leveraged instruments to retailers, which were approved this week by the CNMV’s Executive Committee. The new measures, which will be published in the BOE in the coming days, include “the prohibition of CFD advertising aimed at retailers or the general public, the sponsorship of events (including sporting events), as well as brand advertising…