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Spanish economy 24th March 2023

CNMC says Audiencia Nacional suspends “each and every one” of fines it imposes on companies

The president of the National Markets and Competition Commission (CNMC), Cani Fernández, said during her appearance before the Economic Affairs Committee of Congress that the National High Court “suspends each and every one” of the fines that the regulator imposes on companies.Fernández explained that, in her opinion, the court orders the precautionary suspension of the sanctions because, in its analysis, where it evaluates the general interest and the damage that…

Cellnex

Spanish economy 24th March 2023

Chris Hohn (TCI) takes largest stake in Cellnex, calls for boardroom changes

Chris Hohn, who controls the firm TCI, has become the largest shareholder of Cellnex and has criticised the board of directors and its management over the appointment of the new CEO to replace Tobías Martínez. The British investor has taken a 9.032% stake in the Spanish telecoms infrastructure giant, compared to a previous holding of 7.086%. With this stake, the tycoon would surpass Edizione, the holding company of the Benetton…

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Spanish economy 23rd March 2023

Bank of Spain warns food prices to rise 12.2% on average this year

Bad news for Spanish families. Despite the fact that general inflation is set to moderate in the coming months, food prices will continue to give households’ pockets no respite. This is what the Bank of Spain warned on Wednesday during the presentation of its quarterly report on macroeconomic projections. The report is confident that, despite the upturn in inflation in January and February, the general CPI will resume the deceleration…

españabilleteCM

Spanish economy 22nd March 2023

Spain: upward revision of 2023 GDP growth forecast to 1.5% and 2.1% for 2024

CdM | The Funcas Panel has revised its GDP growth forecast for this year upwards by two tenths of a percentage point to 1.5%, as a result of better-than-expected developments in recent months. For the first time, in this Panel, which closed before the current episode of financial instability, the projections for next year have been requested. The consensus for 2024 anticipates an acceleration of the economy by six-tenths of…

Telefónica

Spanish economy 22nd March 2023

Telefónica asks EU to follow South Korean model: make Google, Amazon, Facebook, Apple pay for networks

Telefónica continues to lobby, along with the major European operators, for the GAFA (Google, Amazon, Facebook and Apple) to collaborate in investments to expand and improve telecommunications networks.Telefónica defends the South Korean model, a country with a regulation focused on ensuring that the players that generate the most traffic make a fair contribution to financing telecommunications networks. It is a policy that has led Netflix to file a lawsuit against…

Just Sanchez

In Spain, Spanish Politics 22nd March 2023

No-confidence motion against Sánchez: How good my government is, how incompetent the opposition is

Fernando González Urbaneja ! The no-confidence motion against the government led by Ramón Tamames and promoted by the parliamentary group VOX will conclude this Wednesday with an unfavourable vote for the promoters and without major consequences, beyond two parliamentary sessions in which Sánchez has deployed the familiar arguments about the achievements of the government and the incompetence of the opposition, especially the one who was absent, namely Nuñez Feijóo. The…

Repsol Strategic Plan

Spanish economy 21st March 2023

Repsol to offer electricity and gas customers 30-cent discount from April 1

Renta 4 | Repsol launches a discount of 30 cents per litre for customers who have contracted electricity, gas or butane. This offer will come into effect on 1 April. The discount will be incremental and will depend on the number of contracts the customer has with the company. Waylet, the company’s payment platform, has six million customers registered. It is the company’s key customer loyalty tool. The tool aims…

Abengoa

Spanish economy 21st March 2023

Bidding for remains of Abengoa enters final stage

The sale of Abengoa’s production subsidiaries is now in its final phase. All that remains is for the judge to make his decision in a process in which four bidders stand out: Urbas, Cox Energy, Terramar and RCP. The fifth bidder in the initial round of bids, Ultramar, has not submitted an improved offer.With all the documents delivered to the Mercantile Court number three in Seville on 3 March, the…

unemployment spain

Spanish economy 21st March 2023

Sugar-coating the stats: ‘effective’ unemployment rises by 2.5% in the legislature, government figures say ‘registered unemployment’ falls by 7.9%

The number of people who are not working and are registered with the public employment services even though they are employed by a company stood at 643,633 people in February, a figure that doubles that recorded in December 2019 and dismantles the optimistic employment balance of the coalition Executive: without counting these people, registered unemployment fell by 7.9%; including them, it grew by 2.6%, by 89,727 people, explains the newspaper…

Housingprices

Spanish economy 20th March 2023

Housing market slowing down, but sharp correction unlikely

Caixabank | Housing sales remain elevated (649,000 units in 2022, the highest since 2008) but there are emerging signs of deceleration of housing demand: in December housing sales declined by 10.2% year-on-year and new credit for house purchases declined by 14.2% year-on-year. We expect housing sales to decline sharply in 2023 (-24% to 480,000) mainly due to the impact of the increase in interest rates and the impact of higher…