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IAG

Companies, Spanish economy 11th March 2023

IAG, with biggest share of slots, to benefit most from Heathrow’s lower charges

Intermoney | The UK’s airport regulator decided on Wednesday that Heathrow’s airport charges should be lowered because passenger numbers have recovered faster than expected. In 2021, Heathrow was given permission to increase passenger charges for airlines from £19.60 to £30.19 by summer 2022 and the average passenger charge for 2023 is £31.57. This should fall to £25.43 in 2024 and remain flat until the end of 2026. Heathrow wanted charges…

madrid property bubble 1

In Spain, Spanish economy 10th March 2023

Spanish house prices fall -0.8% in 4Q22, first drop since 4Q20

Bankinter | House Prices fall -0.8% in Q4 (quarter-on-quarter) vs. +1.7% previously. It is second-hand housing that has suffered the most in this quarter (-1.4 q/q), while new housing continues to increase prices (+1.9% quarter-on-quarter). In year-on-year terms, prices have slackened to +5.5% in 4Q 2022 (year-on-year) vs +7.6% in the previous quarter. Analysis team’s view: This is the first quarter that prices have fallen in Spain since 4Q20 (a…

VIdrala

Spanish economy 10th March 2023

Vidrala to join Stoxx Europe 600 on March 20

Bankinter | On 20 March Vidrala (VID) will join the Stoxx Europe 600, according to the changes announced on March 1. The glass packaging company has a market capitalisation of €3,020m and accumulated a 22.3% revaluation in the year. 2022 results showed sales of €1,345.6m (+24.1% YoY), while EBITDA amounted to €270.4m (+1% year-on-year) and EPS 4.97% (+6.9% year-on-year). Net financial debt amounted to €167.2m and although it increased by…

Madrid Gran Via2

Spanish economy, Spanish Politics 10th March 2023

Spain has lowest absorption rate of EU funds (54%)

Scope Rating | Slow take-up of approved EU funds could also jeopardise future EU disbursements, as these will increasingly depend on governments’ ability to deliver on investment projects (mostly ‘targets’) rather than implement reforms (mostly ‘milestones’). Indeed, the low disbursement of EU funds received to date is common among some of the largest beneficiaries of EU recovery funds, such as Greece, Portugal, Spain and Croatia, given the energy crisis, rising…

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…

nadia calviño.jpg e1531260032324

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…