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Santander

Spanish economy 25th April 2023

Santander reports attributable profit of €2,571 million driven by 13% increase in income

The recent AGM approved a final cash dividend against 2022 of 5.95 euro cents per share, payable from 2 May 2023, meaning the total cash dividend charged against 2022 is up 18% versus the previous year at 11.78 euro cents. The board has approved a new remuneration policy, increasing payout from 40% to 50% of attributable profit in 2023. While loan-loss provisions were up year-on-year, mainly due to the normalization…

Avangrid

Spanish economy 25th April 2023

Court ruling allows Avangrid (81.5% Iberdrola) to continue construction of power line between US and Canada

As reported by Europa Press, Avangrid, the US subsidiary of Iberdrola (IBE), has won a court battle in the United States for a large power line that would transport renewable energy between Canada and the New England region (United States). A Maine jury has granted a reprieve for Avangrid’s proposed $1 billion (around €911.4 million) New England Clean Energy Connect (Nec) transmission line. The transmission line between Quebec (Canada) and…

When the Supreme Court adds to the lack of confidence in Spanish politics

In Spain, Spanish economy, Spanish Politics 24th April 2023

Judges and Prosecutors to go on indefinite strike from 16 May

The Professional Association of the Judiciary, the Francisco de Vitoria Judicial Association, the Independent Judicial Forum, the Association of Prosecutors and the Professional and Independent Association of Prosecutors have announced in a joint communiqué their intention to call an indefinite strike in the judicial and prosecutorial careers from 16 May. For the moment, the association Judges and Judges for Democracy and the Progressive Union of Prosecutors have not joined the…

Spain ratings

In Spain, Spanish economy, Spanish Politics 22nd April 2023

Public debt rises to €1.52 trillion in February, 5.4% more than a year ago

CoM | Government debt according to the Excessive Deficit Protocol rose to €1.52 trillion in February, which represents a growth rate of 5.4% in year-on-year terms and an increase of 2% compared with the previous month, according to data released by the Bank of Spain. Specifically, public debt has added €30,208 million in one month and €78,436 million in the last year. The balance of government debt rose to €1.349…

house

In Spain, Spanish economy, Spanish Politics 21st April 2023

New Housing Law to cap rent rises at 2% this year and 3% next

Presented in Congress by the spokespersons of EH Bildu and ERC, the agreement on the future Housing Law maintains the 2% limit for this year on rent rises, a ceiling that will be increased to 3% in 2024 to create a new reference index applicable throughout the territory before the end of next year. The CPI will therefore be eliminated as the reference index for the annual updating of rent…

gas natural almacenamiento

In Spain, Spanish economy 21st April 2023

Spain among six EU countries failing to reduce gas consumption target by 15% between August 2022 and March 2023

Alphavalue / Divacons | According to Eurostat, Spain recorded the third worst record in the European Union despite having reduced its gas consumption by 10.8% between August 2022 and March 2023 and is among the six countries that have failed to achieve the 15% target, although EU consumption has fallen by 17.7% compared to the average August-March figures between 2017-2022. Data released on Wednesday by the EU statistics office Eurostat…

photovoltaic energy in Spain

Spanish economy 20th April 2023

Photovoltaics cover 50% of April electricity demand, which fell by 13.5%

The daily price of the Spanish wholesale market (POOL) this month, up to 19 April, stood at €64.05/MWh. This is 28.35% lower than in March and 66.6% lower than a year ago. The 34.6% increase in photovoltaic production, together with the low demand for energy due to Easter and the containment in the price of gas, have led to the collapse of prices in the central hours of the day….

Ferrovial DelPino 768x524 1

Companies, Spanish economy 20th April 2023

TCI further increases its stake in Ferrovial to 8% of its share capital

Alphavalue / Divacons | The Children’s Investment Fund (TCI) continues to strengthen its stake in the Spanish construction company and now holds 8% of its share capital. According to CNMV records, last Wednesday, one day before the Ferrovial General Shareholders’ Meeting, the fund acquired another package of shares with a current market value of close to €200 million. On the other hand, the construction, services and concessions company appointed Banco…

Telefónica

Spanish economy 20th April 2023

Telefónica turns 99 and announces closure of all copper exchanges

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…

The price of assets

In Spain, Spanish economy 20th April 2023

Bank of Spain warns over half a million households will need help to pay mortgages this year

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…