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Spanish economy 26th June 2023

Spain CO2 emissions up 5.7% in 2022

Beyond the constant propaganda, greenwashing… the post-Covid economic reopening and growth (by 5.5%) led to an increase in emissions (also up 5.7%) according to the Sustainability Observatory. Spanish carbon market emissions in 2022 grew by 9%, accounting for 34.1% of the country’s total emissions (which grew by an estimated 5.7%). In Europe, by contrast, emissions in the market in 2022 decreased by 7%.(In 2021, something similar happened: Europe decreased market…

Spanish economy 25th June 2023

Benetton family now Cellnex group’s largest shareholder again after increasing stake to 9.903%

The Benetton family, through its holding company Edizione, has announced that it has increased its stake in the Spanish telecommunications tower company Cellnex (CLNX) from 8.205% to 9.903%, according to Expansión newspaper. In this way, the Italian family, which was the reference shareholder of CLNX a few years ago, once again becomes the largest shareholder of the group, overtaking the activist fund TCI, which had raised its stake in recent…

Spanish economy 25th June 2023

Portugal’s Sovena and Ybarra’s manufacturer interested in bidding for Deoleo

Link Securities | The Portuguese company Sovena and the Andalusian company Migasa, which markets brands such as Ybarra and Musa, are considering participating in the operation and submitting indicative proposals for the Spanish company. The cooperative Dcoop, Acesur and Borges have also already shown interest and are the main rivals, according to sources close to the competitive process for the sale of Deoleo, as confirmed to the digital newspaper elEconomista.es….

Spanish economy 24th June 2023

Grifols to improve its rating for a better refinancing, as it has a debt maturity of €2,000m in 2025

Singular Bank: The manufacturer of plasma-derived medicines has informed the CNMV that it plans to sell a package of shares in its Chinese subsidiary Shanghai Raas, in which it is its main shareholder, where it will obtain some $1,500 million. As Grifols had already indicated, an asset sale was necessary to achieve its goal of reducing net financial debt to four times EBITDA by the end of 2024, from the…

Spanish economy 24th June 2023

Aena awaits bids for duty-frees at Barajas and El Prat; contracts representing +40% of minimum revenue in Spain

Intermoney| Aena expects to receive during the final days of June new bids for the operation of the duty free shops in Madrid Barajas and Barcelona El Prat airports, according to Cinco Días newspaper. This is a repetition of the process that was abandoned months ago, when duty free shops throughout Spain were put out to tender, and several lots were awarded, but not those located in the airports of…

Spanish economy 23rd June 2023

Spanish mortgages (-18% year-on-year in April) are at 3%, for 24 years and for €137,000

Marta Pérez Amigot, Economic and Financial Analysis Unit of Ibercaja| The Bank of Spain published a report last week in which it warned of a stranglehold between supply and demand in the housing market, which means that property prices are resisting a fall despite the decline in activity. Two main ideas may be drawn from it: 1) After the initial impact of the pandemic, the demand for home ownership has…

Spanish economy 23rd June 2023

Acciona confirms Renomar deal with stake increase to 75%

Banco Sabadell| ANE announced at the close that it has increased its stake in Renomar to 75% (indirectly; from 50% previously, accounted for by the equity method with a book value of €101 million at year-end 2022 / 0.7% of EV) following the acquisition of 50% of Med Wind Energy which, in turn, holds the other 50% of Renomar, as well as a portfolio of projects under development in the…

Spanish economy 22nd June 2023

Spain recovers pre-Covid GDP

Miguel Navascués| Although domestic demand has been in decline for two quarters, the recovery in tourism (whose revenues grew 38% year-on-year in 1Q23) and exports (+14%) have finally allowed Spain to recover its pre-Covid GDP in 2Q23. It is the last eurozone country to achieve this (while neither the Czech Republic nor Japan have yet done so) two years later than the average of the 19 most significant euro countries….

Spanish economy 22nd June 2023

Naturgy plus three other companies begin processing new renewable gas plant in Lleida with €18-million investment

Link Securities | As reported by the digital newspaper CapitalBolsa.com, Naturgy (NTGY), together with three other companies, Compost Segrià, Sitra, and Servei de Gestió Ramadera, has initiated the processing of a new renewable gas plant in Torrefarrera (Lleida), in an area of Spain that generates large quantities of agricultural and livestock waste. The plant will represent an investment of €18 million. The facility, which is expected to be commissioned in…

Spanish economy 21st June 2023

Bank of Spain upgrades GDP growth forecast to 2.3%

BancaMarch: The Bank of Spain raises its GDP growth forecast to 2.3%. This was stated by the agency in its recent publication of macro projections, in which its GDP forecast for Spain for the current year rises from 1.6% to 2.3%. It also expects inflation to fall faster than expected this year, to close at 3.2% on average, as well as forecasting growth above 2% every year until 2025. On…

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