On 19 April 2024, exactly one year from now and on the date on which Telefónica will celebrate its first century of life, a network reconversion will have been achieved that will include the closure of a total of 8,532 copper exchanges (5,203 closures already communicated to which 3,329 will now be added). Thus, on the company’s 100th anniversary, the copper switch-off will be effective for all retail customers, who…
Eleven million households have bank debts and of those, five million have mortgages. One million of them are considered to be vulnerable. Given the interest rate shock from 2020, the number of vulnerable households among those in debt will rise from 10% to 14% with a rise of 400 basis points in the price of money. According to the Bank of Spain, the number of mortgaged households that will be…
Judge Jesús Gabaldón Codesido, in charge of the liquidation of Abengoa’s most valuable assets, has decided to award those businesses to Cox Energy, the Spanish renewables group founded by Enrique Riquelme. This brings to an end a long process that began months ago, following the collapse of Abengoa, the largest industrial bankruptcy in Spain so far. Santander, CaixaBank, BBVA, Crédit Agricole and HSBC have five days to validate the operation….
Banc Sabadell : The board of Cellnex (CLNX) on 26 April will proceed to appoint a director representing TCI (9.4% of CLNX), probably Jonathan Amouya (TCI partner) as requested by the fund in its letter. It is also expected that an additional independent director will be appointed to restore the number of directors to 11, following the departure of Bertrand Kan and Peter Shore. After the incorporation of the proprietary…
Bankinter : The supply of rental housing is sinking with prices at record levels. In the last year, the stock of rental housing has decreased -5%, while its price has increased by almost +8%. According to data from Idealista, in Q1 2023 the rental housing stock decreased by -5% year-on-year. Last year the decline was -37%. Analysis: It highlights the structural lack of supply in the housing market, which could…
Funcas expects the Spanish economy to reach the level of activity prior to the pandemic at the end of this year after growing by 1.5%, five tenths more than forecast in January, in a year that will go from strength to weakness and which represents a clear slowdown compared to the 5.5% recorded in 2022, according to the CEO of the Funcas think tank, Carlos Ocaña, and the director of…
Alphavalue / Divancons | On Friday, the Government reached an agreement with ERC and Bildu on the Housing Law which, among other measures, eliminates the CPI as a reference index for the annual update of rental contracts and sets a cap on rent increases of +3% in 2024 (which joins the +2% in 2023 already approved), extends the declaration of the so-called stressed areas and lowers the limit for being…
Legal uncertainty? In Spain? Not at all. It is just that the judge and the interested parties can choose which wording they prefer to apply to art 16.1 letter c. of the Law on Offences and Penalties in the Social Order (which typifies “the very serious offences faced by companies, recruitment agencies or training entities if they request vetted and personal data when recruiting personnel”). The Official State Gazette (BOE)…
Renta 4 | Aena (AENA) publishes traffic statistics for Spanish airports for March. Although passenger figures slowed slightly compared to January and February, March traffic levels again exceeded (+0.6%) 2019 levels, reaching 20.1 million passengers, thus improving expectations by nearly 10%. Domestic passengers were 4.4% above 2019 (February above +6%), while international passengers were 1.6% below 2019 levels (February flat vs 2019). The number of flights exceeded 2019 levels by…
Bankinter : The March final CPI figure confirms the preliminary 3.3%, up from 6.0% year-on-year in February. The month-on-month figure also confirms the preliminary 0.4% (from +0.9% m/m previously). The underlying rate confirms the preliminary year-on-year figure of 7.5% (vs +7.6% year-on-year previously). Annual CPI rate: general and core, percentage Analysis: The moderation of the general data in March is based on the decline in electricity and fuel prices. Despite…