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caixabank2

Spanish economy 9th March 2023

Caixabank obtains banking licence in Italy and opens branch in Milan

Link Securities | Caixabank (CABK) has obtained a banking licence in Italy and has opened a branch in the country, located in Milan, with which the entity strengthens its international banking business, according to the Efe agency. The bank now has seven branches operating worldwide, located in the United Kingdom, France, Germany, Italy, Portugal, Poland and Morocco.The banking licence in Italy will allow the bank to offer multiple financial and…

LNG regasification ship

Spanish economy 9th March 2023

Russian gas imports are 19.2% of total, compared with just 5.8% a year ago

Imports of natural gas from Russia soared by 192.5% in January, from 2,178 gigawatt hours (GWh) to 6,372 GWh. This sharp rise has meant that Russian imports have gone from representing 5.8% of total imports in January a year ago to 19.2%, making Russia the fourth largest supplier of natural gas to Spain after Algeria, the United States and Nigeria, although much of this gas is destined for other countries….

unemployment spain

Spanish economy 8th March 2023

Government admits 443,078 unemployed were counted as “fixed discontinuous employees” at end of 2022

In Spain there are 443,078 inactive workers with permanent discontinuous contracts who are looking for work but are not counted as unemployed. And 61% of them were collecting unemployment benefit at the end of 2022. Fedea -Fundación de Estudios de Economía Aplicada- claims that “effective unemployment” increased by 315,000 people at the end of 2022, compared to the fall of 34,000 as reported by the Ministerio de Trabajo (Department for…

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Spanish economy 8th March 2023

Government brings forward European standard by two years: Ibex boards to have 40% women by July 2024

The Government took up the gauntlet thrown down by the European Commission and yesterday approved the parity law, which will require the presence of at least 40% of women in the decision-making bodies of large Spanish companies as of 1 July 2024. The law, promoted on the eve of International Women’s Day, extends to government and electoral lists with the aim of achieving gender diversity in Congress, the Senate, regional…

Spain ratings

Spanish economy, Spanish Politics 7th March 2023

10 of the 17 autonomous communities to recover pre-covid GDP this year

According to Funcas, the Foundation of the former Savings Banks, all the Spanish autonomous communities will slow down in 2023 as a result of the impact of inflation on household purchasing power, in a context of global uncertainty and rising interest rates. Despite this, and after the strong recovery in 2022, this year five regions will already recover the GDP level they had before the pandemic: Andalusia, Valencia, Madrid, the…

Repsol

Spanish economy 7th March 2023

Repsol to buy back €900 million of its own shares

According to a note sent yesterday by Repsol to the Spanish Securities and Exchange Commission (Comisión Nacional del Mercado de Valores, or CNMV), the maximum number of shares to be acquired under the buyback programme will amount to 35,000,000, representing approximately 2.64% of Repsol’s current share capital. The maximum net investment under the programme amounts to €909,755,000, the oil company said. Repsol has explained that the acquisition of the shares…

employed spain

Spanish economy, Spanish Politics 6th March 2023

55% of all employment created during Sánchez’s government is in public sector

Although the unemployment rate is still above 12%, the number of workers has once again surpassed the 20 million mark, with temporary employment at an all-time low following the labour reform. But there is a catch to this balance sheet: 55% of the net increase in employment during the legislature corresponds to public sector jobs, which are also confirmed as the most precarious. As the newspaper El Economista explains, according…

sanchez

Spanish economy 6th March 2023

Ferrovial: Sánchez loses his temper

Fernando González Urbaneja | What we have been hearing and reading these days about Ferrovial’s change of headquarters from Madrid to Amsterdam is astonishing; both the round of interventions by members of the government and some reports and editorials in very reputable media. For example, the front-page headline in Friday’s El País: “Ferrovial was awarded contracts worth 1 billion in the Sánchez era” requires you to read it twice and…

Redeia

Companies, Spanish economy 3rd March 2023

Redeia: Spain and France to pay extra cost of Bay of Biscay interconnection

Norbolsa : Both countries reached an agreement yesterday to share the cost overruns in the construction of the Bay of Biscay electricity connection line, finally reaching €2.85 billion. In 2017, the cost was estimated at €1.75 billion, but has now risen to the figure indicated above. At that time, it was also agreed that Spain would pay 62.5% of this amount, while France would pay the remaining 37.5%. This distribution…

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In Spain, Spanish economy 3rd March 2023

Self-Employed Workers Association warns of loss of 17,300 self-employed workers and 10,000 companies up to February

Lorenzo Amor, president of the Spanish association of self-employed workers (ATA) has warned that the situation of the business fabric is “very complicated”, as cost increases “are weighing down business activity and damaging many companies and the self-employed”. “We ask the Government, in the face of this increase in energy, production, financial, mortgage, labour and tax costs, to help the business sector and not to put stones in its path”,…