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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…

Closed

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”,…

Ferrovial2

Companies, Spanish economy 3rd March 2023

TCI, with 6.4% of Ferrovial’s capital, defends change of HQ and says it can help correct large share price discount

Link Securities | Ferrovial (FER) has set out the rules for carrying out the move of its headquarters to Amsterdam, Expansión newspaper reported on Wednesday. The company will compensate shareholders opposed to the move with €26 per share, the average price of the last three months. In relation to this same issue, the newspaper Expansión reports on Thursday that the largest foreign investor in FER, The Children’s Investment (TCI), which…

employment office

Spanish economy 2nd March 2023

Number of unemployed in Spain increases by +2,618 people in February

Bankinter : The number of unemployed increased in February by +2,618 persons (after +70,750 in January). It stands at 2.91 million (+0.1% month-on-month and -6.4% year-on-year). The seasonally adjusted number of registered workers increased to 20.38 million (+0.4% month-on-month and +2.2% year-on-year). Analysis: The number of unemployed increased slightly in February, for the second consecutive month. The average for the last 10 years in February is +21.2 thousand workers. The…

Euronext

Spanish economy 2nd March 2023

Euronext withdraws its 5.5 billion bid for Allfunds

The exchange operator plunged 10% in just six sessions, while the Spanish company soared almost 13%. Euronext has withdrawn its bid for Allfunds, among other reasons, because of unsatisfactory due diligence and the stock market punishment that investors inflicted on the pan-European exchange operator’s share price after the announcement. It risked being worth the same or less than its potential prey. Euronext’s stock market plunge -10% in just one week-…

FCC2

Companies, Spanish economy 1st March 2023

FCC initiates contacts to refinance Environment subsidiary bond for €600 million

Link Securities | FCC (FCC) has initiated contacts with financial institutions and investors to refinance the bond of its Environment subsidiary for an amount of 600 million euros that matures next December, as reported on Monday by the newspaper elEconomista. The construction and services group is exploring different alternatives given the current market circumstances, with the rise in interest rates as the main conditioning factor. The first option is to…

Ferrovial

In Spain, Spanish economy, Spanish Politics 1st March 2023

Podemos effect drives Ferrovial out of Spain

Ferrovial, the large Spanish construction company owned by the Del Pino family, one of the 35 companies that make up the Ibex 35, is moving to the Netherlands and the Spanish press is talking in its editorials about “Unrest in the government over Ferrovial’s flight to the Netherlands” (Vozpópuli), “The possible domino effect of Ferrovial” (El Economista) and “The Podemos effect pushes Ferrovial out of Spain” (El Español)…. Given that…

Vocento

Companies, Spanish economy 1st March 2023

Vocento to pay interim dividend of €0.046 gross per share for 2022 financial year

Link Securities | The Board of Directors of Vocento, at its meeting on 27 February 2023, has resolved to propose to the General Meeting of Shareholders that an ordinary dividend be paid out of the profit for 2022, in the amount of €5,500,000, at a rate of approximately €0.046 gross per share for each VOC share, from which the applicable withholding tax will be deducted. The amount per share will…