CdM | Exports grew by 3.5% year-on-year in July, reaching €34.419 billion, an all-time high for this month, according to customs trade data collected in the Monthly Foreign Trade Report of the Ministry of Economy, Trade and Enterprise, prepared by the Secretary of State for Trade. This is the third consecutive month of growth. The sectors with the largest positive contributions to the annual rate of change in exports (3.5%)…
Banco Sabadell | Both energy companies are reportedly pressuring Minister Carlos Cuerpo to intervene with the National Commission on Markets and Competition (CNMC) and modify the proposed remuneration for electricity networks. Thus, although the CNMC’s current proposal for a financial remuneration rate of 6.46% would exceed the current legal maximum of 5.58%, the law allows this limit to be exceeded for justified reasons and with an express report from the…
Yesterday, with the Prime Minister at the United Nations General Assembly in New York, Spanish politics experienced another grotesque day. In the Congress of Deputies, the government saw its initiative to delegate immigration powers to Catalonia fail. This was one of the many concessions the PSOE has been forced to make to try to maintain the support of Junts, a “traditionally right-wing” party that offered its support to Sánchez so…
Aurelio Medel (5 Días) | The Catalan bank entangles the government and the community’s establishment with its commercial importance and now says it’s a matter of price. The hostile takeover bid launched by BBVA for Sabadell is a case study that could address various aspects, such as the actions of governments and regulators, boards of directors, or the different communication strategies of both entities. But when you analyze the details…
“Spain structurally has an income inequality problem that is well-identified, and what it basically shows is that the public policies that should be aimed at reducing this inequality, like many other policies, suffer from a lack of efficiency,” says the Governor of the Bank of Spain, José Luis Escrivá, who, as Minister of Inclusion and Social Security, was responsible for designing the Minimum Living Income (IMV) in 2020. Today, the…
CdM | In July, industrial turnover rose by 1.9% compared to the same month last year, while the service sector increased by 4.7%. In both cases, the rate is 1.7 points lower than the previous month, according to data from the National Statistics Institute (INE). Thus, industry sales have seen two months of year-on-year increases, and service sector sales have seen 16 consecutive months of positive year-on-year rates. In terms…
BBVA announced that its Board of Directors has decided to modify the terms of the takeover bid (OPA) for Banco Sabadell by improving the consideration offered. The previous offer (one BBVA ordinary share and €0.70 in cash for every 5.5483 SAB ordinary shares) will be changed in nature and will now be entirely in newly issued BBVA ordinary shares. The new exchange ratio will be one BBVA ordinary share for…
The Organisation for Economic Co-operation and Development (OECD) is finalizing a shock plan to address the absenteeism crisis in Spain. The sharp escalation in spending on Temporary Disability (IT) and lost work hours due to illness has raised alarms within the Spanish government, which has turned to the Paris-based international body for solutions to the serious problem of sick leave, as revealed by the newspaper El Mundo. The problem is…
CdM | In July, public administration debt moderated its weight on gross domestic product (GDP) to 102.3%, a decrease of 1.9 percentage points compared to a year earlier. In absolute terms, it stood at €1.68 trillion, with a year-on-year growth rate of 3.9%, according to data from the Excessive Deficit Protocol published by the Bank of Spain. By subsector, central government debt stood at €1.525 trillion, with a year-on-year increase…
The European Union’s statistical office attributes a mere 1.6% improvement to real incomes in Spain over fifteen years. Eurostat states in its latest report on “living conditions” in the European Union that the real disposable income of its citizens has grown by only 1.6% in Spain over the last fifteen years, whereas the EU average grew by 20%. Eurostat measures average real income—the amount left after taxes are deducted from…