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YolandaDiaz

Spanish economy, Spanish Politics 24th January 2023

The “Yolanda effect”: labour inspectors strike for the first time in their history

The Labour Inspectorate has been the latest collective to join the protests of public employees – those of employees of Social Security, the Public Employment Service, the Tax Agency, the Health Service, the lawyers of the Justice Department… -The government has failed to comply with the agreement signed in July 2021, in which it promised to solve the serious staff shortages and the lack of professional careers in the agency….

cnmv

Markets, Spanish economy 24th January 2023

CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

ArcelorMittal

Spanish economy 23rd January 2023

ArcelorMittal achieves €450 million subsidy to decarbonise plants in Asturias

ArcelorMittal will receive direct aid of around €450 million for the transformation of its facilities in Asturias. The European Commission gave its authorization last Friday for the Spanish Government to grant the steel giant the subsidy, which is part of the Perte (Strategic Project for Economic Recovery and Transformation) of industrial decarbonisation, which the Government approved on December 27 and endowed with €3,100 million of public funds. The Council of…

pedricola

Spanish Politics 23rd January 2023

Drifting from ‘No is No’ to ‘Yes is Yes’

J.P. Marín-Arrese | When the Spanish elections in 2016 delivered a hung Parliament, Pedro Sánchez stubbornly challenged the only potential right-wing candidacy able to set up a minority Government. His resistance led to a protracted stalemate, leaving another fresh poll as the only way out. Fearing a crushing defeat in that bid, the Socialist party ousted Sánchez and allowed Mariano Rajoy to snatch the Premiership. Only a handful of loyal…

Enagas headquarters

Companies, Spanish economy 23rd January 2023

Enagás plans roadshow to finance near €7,135 million cost of H2Med project, with Germany also joining

The country set to account for the lion’s share of Iberian exports of green hydrogen agreed yesterday, Sunday, with France, Spain and Portugal, to join the H2Med project, which will therefore reach Germany, as announced yesterday by the German and French presidents, Olaf Scholz and Emmanuel Macron. The H2Med project consists of building a large underwater pipeline linking Spain with France, via Barcelona and Marseilles, to transport hydrogen to Europe….

Companies restructuring

Spanish economy 20th January 2023

11 Spanish SMEs in insolvency proceedings unable to go any further because computer system inoperable

José Carlos González Vázquez (CECA Magán) | Today I found out that not only does the liquidation platform not work but, what is much more serious, that the insolvency platform where the 32 electronic forms of the Third Book of the TRLC (Texto Refundido de la Ley Concursal) (Consolidated Text of the Insolvency Law) are uploaded does not work either. Yes, yes, you have read correctly: none of the platforms…

Kristalina IMF

Spanish economy 20th January 2023

IMF lowers growth forecast for Spain to 1.1% in 2023 and calls for fiscal consolidation

The IMF raises its growth forecast for Spain in 2022 to 5.2%, but lowers its forecast for 2023 to 1.1%. Thus, the IMF anticipates that activity will reach its pre-pandemic level at the beginning of 2024, when it expects GDP to grow by 2.4% and at a rate of 2.2% in 2025. As for inflation, the institution estimates an average price increase in 2022 of 8.4%, which will moderate this…

120906Bolsa2

Spanish economy 19th January 2023

Cosentino hires Goldman Sachs and JPMorgan to go public

Cosentino, the Spanish giant that owns Silestone, has hired the services of Goldman Sachs and JPMorgan as global coordinators to prepare its IPO this year, according to market sources quoted by the newspaper Expansión.The family group from Almeria, manufacturer and distributor of surfaces – countertops, flooring, paving, etc. – for the housing, architecture and design sectors, is targeting next summer for its debut on the stock exchange, although the timetable…

Macron Sanchez

Spanish Politics 19th January 2023

The Hispano-French summit in Barcelona and the schizophrenia of Esquerra Republicana de Catalunya

Emmanuel Macron, President of France, the most centralist and Jacobin of European states, will be received today in the most decentralised country on the continent, Spain. The government has chosen Barcelona as the meeting place, the Barcelona mountain of Montjuic, which was the site of the 1929 Universal Exhibition and the 1992 Games, where the pro-independence supporters, led by Oriol Junqueras, await them. The ERC leader pardoned by Sánchez’s government…

pedro alertado

Spanish Politics 19th January 2023

Former PSOE ministers “alarmed” at Sánchez government’s “desertion of constitutional commitments”

A total of 255 personalities have signed a manifesto against the government in which they criticise the recent reforms it has carried out to the Penal Code and the attempt to modify the system of election of the Constitutional Court, warning that the regime of freedoms could fail if this governmental and legislative dynamic continues. The manifesto calls on the PSOE to recover its historic project, which led it to…