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Prisa

In Spain, Spanish economy, Spanish Politics 9th May 2023

Government authorises Vivendi to increase stake in Prisa

The Council of Ministers has given Vivendi, Prisa’s second-largest stakeholder with a 9.94% holding, permission to convert all of its convertible subordinated debentures, increasing its ownership position in the company’s capital. The total amount of the issue was €130 million and the first conversion period started on 1 May and will end on the tenth. Vivendi’s conversion of the subscribed bonds will result, in the final scenario of a full…

Endesa energy poverty

Companies, Relevant News Item, Spanish economy 9th May 2023

Endesa reports net profit of €594m to March, 76% higher than in same period in 2022

Norbolsa| The energy company published yesterday its 1Q23 results, reaching a net profit of €594m (versus €560m consensus), registering a 76% growth compared to the same period last year. The group’s EBITDA increased by 60% to €1,460m (versus consensus of €1,420m), mainly driven by its conventional generation division (+78% year-on-year), which benefited from lower gas prices, as well as the normalisation of the marketing margin. The NTI increased to €11,600m…

Rota

In Spain, Spanish Politics 9th May 2023

Two more US ships for Rota Naval Base before Sánchez goes to Washington

The Government has just signed a new bilateral agreement with the United States for the deployment of two new US Navy ships at the Rota Naval Base. This new agreement comes on the eve of Pedro Sánchez’s visit to the White House on Friday 12 May, where he will meet with President Joe Biden. It was the Minister of Defence, Margarita Robles, who signed the agreement together with the US…

CAF verde

Companies, Spanish economy 9th May 2023

Higher bus sales put CAF 1Q23 turnover at €952M, 29% up on same period last year

Norbolsa : The company presented its 1Q23 results last Friday, achieving a 29% improvement in sales on 1Q22 and slightly above consensus expectations (+1% versus 1Q23 expected) (€952m versus €862m estimated), highlighting the increase in bus sales (+35% versus 1Q22), although margins continue to be weighed down by the Solaris units affected by the inflationary context. In this regard, the company notes a slight improvement in the bus supply chain,…

Spanish trade unions

Spanish economy, Spanish Politics 8th May 2023

Entrepreneurs more generous than Government

Fernando González Urbaneja | Employers and unions have reached an income policy agreement on their own which is coherent with the previous ones signed during the last decades. There is no break in the social pact policy that accompanied Spanish democracy for decades. The agreement (a salary increase of 4% in 2023 and 3% in 2024) is indicative, a recommendation for decentralized collective bargaining, thousands of sector, province, company agreements……

Spain public employment

In Spain, Spanish economy 5th May 2023

Public employment hits record high: 2.9 million, up 22,840 in 1Q23

Public employment has grown in Spain by 22,842 people in the first quarter of the year, the largest increase in staff in the service of the Public Administration in this period since 2015, when regional and general elections were also held in Spain. According to the updated public employment data at the end of March published yesterday by the Ministry of Social Security, with this increase in staff the total…

coches aparcamiento

Spanish economy 5th May 2023

Car sales in Spain moderate pace of growth to +8.2% in April after +45% accumulated in Q1

Intermoney | According to data published by the manufacturers’ (Anfac), dealers’ (Faconauto) and sellers’ (Ganvam) associations, car sales in Spain maintained a positive performance in April, although the pace of growth moderated to +8.2% after the strong +45% growth accumulated in the first quarter. Nearly 75k vehicles were registered in April, bringing cumulative sales in the first four months of the year to over 312k units, an increase of +34%…

Employment

In Spain, Spanish economy 4th May 2023

Unemployment falls by 73,890 in April

The number of unemployed registered in the offices of the State Public Employment Service (SEPE), fell by 73,890 people in April to leave the total at 2,788,370, figures not recorded since 2008, according to the Ministry of Labour. Unemployment registered in April fell in all 17 Autonomous Communities, the most marked falls being in Andalusia (-20,551), Catalonia (-9,506) and Castile-La Mancha (-6,645). Year-on-year unemployment fell by 234,133 people (-7.75%). In…

iberdrolaTC

Spanish economy 4th May 2023

Iberdrola to invest 3,663 million to modernise New York’s grids

New York will invest more than $35 billion in clean energy in 120 large-scale renewable and transmission projects with the aim of lowering customers’ bills. In this context, Iberdrola has already received the go-ahead from the state’s Public Utilities Commission to launch a two-phase project that will involve spending $3,663 million (€3,315 million) to reinforce power lines in the area and accommodate – in the electricity area alone – nearly…

Fluidra piscina

Relevant News Item, Spanish economy 4th May 2023

Fluidra claims water consumption in pool sector “very low” in Spain, around 0.15%.

Link Securities | At a symposium at the Círculo Ecuestre, Fluidra’s president, Eloi Planes, said yesterday that this year’s drought will have an impact on the swimming pool business, but he also said that it could be a driver of growth in the medium and long term, according to the newspaper Expansión. Planes explained that the renovation of equipment for more sustainable systems will be a vector for growth. Despite…