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PSOE

Spanish Politics 16th June 2023

PSOE lodges complaint against three newspapers for polls they get right

The Spanish Socialist Workers Party (PSOE) presented this Thursday before the Central Electoral Board (JEC) a complaint against ABC, El Mundo and El Español, and the opinion institutes that carry out their electoral polls -GAD3, Sigma2 and Sociométrica, respectively-, a measure that acquires special relevance when it comes to the main party that supports the Government. The Socialists’ number three, Santos Cerdán, demands from the accused, in the light of…

poor

In Spain 16th June 2023

AIReF denounces fact that MVI only reached 35% -284,000 households- of those entitled to it in 2022

The Independent Authority for Fiscal Responsibility (AIReF) has complained this Thursday that the Minimum Vital Income (IMV) approved by the Government has only reached 284,000 households since it was launched, that is, 35% of the 800,000 households that, in its opinion, could benefit from it. This is due, the organisation says, among other things, to the fact that almost 470,000 families entitled to receive this benefit – 58% of the…

CEPSA

Spanish economy 15th June 2023

Cepsa to invest €1 billion to build Europe’s largest green ammonia plant in San Roque

Cepsa will build the largest green ammonia plant in Europe at its San Roque Energy Park (Cadiz), thus accelerating its commitment to green hydrogen with an investment of €1 billion. With an annual production capacity of up to 750,000 tonnes, which could avoid the emission of three million tonnes of CO2, the facility is expected to be operational in 2027. It will also create 3,300 jobs, including direct, indirect and…

NATO's military

Spanish Politics 15th June 2023

Spain to miss NATO meeting with defence industry due to absence of national companies

Spain will boycott a meeting of NATO defence ministers with the defence industry on Thursday in protest at the Alliance’s decision not to invite any of Spain’s leading firms. Minister Margarita Robles, who will be in Brussels for a meeting with her 30 colleagues at NATO headquarters, will be absent from the room when the meeting begins, however, as she is very upset about the selection of companies, the opacity…

Caixabank sede madrid

Spanish economy 15th June 2023

Fitch Ratings maintains CaixaBank’s BBB+ rating and outlook at “stable”

Alphavalue / Divacons| The chairman of the Catalan bank, José Ignacio Goirigolzarri, believes that the balances of credit portfolios in Spain will remain stable or register slight increases over the next three years, as he said during his speech at the conference that Cinco Días is holding to celebrate its 45th anniversary. Meanwhile, the credit rating agency Fitch Ratings decided to maintain unchanged the BBB+ rating assigned to CaixaBank as…

Melia feliz 768x454 1

Spanish economy 14th June 2023

Meliã’s hotel occupancy is highest ever at record 110,000 rooms globally

Link Securities| Gabriel Escarrer, CEO of Meliã International, said the company operates a record 110,000 rooms worldwide, digital portal Bolsamania.com reported yesterday. Meliã’s hotel occupancy is the highest in its history. The company will also add capacity in Vietnam, Italy, Cuba, Seychelles and Montenegro and will start operations in Albania and Tanzania in 2023. Additionally, the hotel chain has raised its bookings to 30% above 2019 and expects margins to…

Spanish Housing Market

Spanish economy 14th June 2023

Bank of Spain warns there are half a million homes practically unsaleable but lack of developable land means prices cannot fall

A study by the Bank of Spain recommends that the government “review the procedures for managing land for development” to try to lower the price of housing in Spain, the high cost of which it attributes to the “mismatch between supply and demand”. The study, “El desajuste entre la oferta y la demanda de vivienda y su relación con los precios“, (“The mismatch between housing supply and demand and its…

Amadeus

Spanish economy 14th June 2023

Amadeus: travel volumes to fall by -15% vs. pre-Covid levels on a permanent basis, ahead of expectations for segment recovery

Morgan Stanley| The 1H23 corporate travel survey results indicate that travel volumes would fall -15% from pre-Covid levels on a permanent basis, which is above the recovery expectations it had for Amadeus and for the segment. Given this improvement and the expectation of respondents to reduce the proportion of virtual meetings, our industry analysts believe we could see even more recovery in corporate travel. In addition, they think that the…

españa inflacion alimentos

Spanish economy 13th June 2023

CPI falls to 3.2% in May, 9/10 of a percentage point lower than previous month; core down to 6.1%

The annual rate of the general Consumer Price Index (CPI) in the month of May is 3.2%. This rate is nine tenths of a percentage point lower than that registered the previous month. The groups that stand out due to their influence on the decrease in the annual rate are: Transport, which places its rate at -3.7%, more than four points lower than last month. This decrease is due to…

Sacyr2

Spanish economy 13th June 2023

Sacyr sells environmental services business to Morgan Stanley for €734 million (9x EBITDA22)

Sacyr has just announced the sale of 100% of its environmental services business (Valoriza Servicios), for an enterprise value of €734 million, to a company owned by funds managed by Morgan Stanley Infrastructute Partners. The value of the equity is estimated by Sacyr at €425 million, and the transaction is expected to close in 4Q of this year. The capital gains generated are estimated at €270 million. The company states…