Fernando González Urbaneja | Keynes in the closing pages of his “General Theory…” alludes to the failed ideas of old economists nesting in the minds of new rulers as one of the avoidable mistakes. Old ideas, simple answers to somewhat more complex problems are frequent in politics, due to inconsistency, prejudice, ignorance, lack of experience. The most blatant example is the price of the shopping basket, which has undergone appreciable…
Iberdrola has signed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain – 20% wind and 80% photovoltaic. This renewable portfolio will have the capacity to power more than 700,000 homes each year. The valuation of 100% of this portfolio of assets amounts to approximately €1,225 million. Iberdrola will control and manage…
Alphavalue / Divacons| According to data from Les Echos, analysts note that the physical fashion retail network is shrinking. In the last two years, 11% of physical fashion shops in France have closed. The market fell by 9% in 2022 compared to 2019. Overall, traffic is down by 17%, but the transformation rate is increasing, as is the average basket. According to eMarketer, e-commerce accounted for 14.8% of total retail…
BlackRock raises its stake in CaixaBank and increases its stake in the bank’s capital from 3.2% to 5.01%, according to the records of the Spanish National Securities Market Commission (CNMV). In total, the fund manager holds 376.3 million shares valued at 1.5 billion. CaixaBank closed Monday at €3.8 per share. BlackRock, which was already Caixabank’s largest private shareholder, behind only CriteriaCaixa and the state, bought 117.6 million shares on Friday…
The Independent Authority for Fiscal Responsibility (AIReF) estimates that last year closed with growth of 5.3%, which represents an upward revision of 9 tenths of a percentage point; and that in 2023 it will be 1.6%, in this case one tenth of a percentage point more than the previous estimate. The main reason for the revision in 2022 comes from the incorporation of updated national accounting data – which revised…
Enagás (ENG) has reached an agreement with Germany’s Uniper to acquire a 20% stake in BBL Company, owner of the 235-km gas interconnection linking the UK and the Netherlands. This transaction is part of the company’s Strategic Plan objectives to contribute to Europe’s security of supply and decarbonisation. Just a month ago Enagás, France’s Teréga and GRTgaz and Portugal’s REN signed a Memorandum of Understanding ratifying their commitment to collaborate…
One autonomous community, the Balearic Islands, is already reflecting the mismatch between the numbers of registered unemployed and benefit recipients that the digital newspaper Theobjective.com has been reporting. According to data from the Public Employment Services (SEPE) for December 2022, analysed by the Studies Office of the Workers’ Trade Union (USO), in December in the Balearic Islands there were 59,461 benefit recipients while 35,851 people were registered as unemployed. According…
Bankinter | Cellnex CEO Tobias Martinez announced his resignation on Wednesday. He will step down on 3 June. In his resignation letter he explains: “The current economic and financial context, different from the one that has marked the successful development of the company’s industrial project over the last eight years, demands that we open a new chapter in the Cellnex story. A new stage based on maximising organic growth; consolidating…
Luis Alcaide | The international press is talking about 100,000 Chinese investors willing to leave part of their capital in Ireland to continue their residence in the country. The attraction is simple: one million euros in investment funds or two million euros in equity investments, with a commitment to maintain them for three years. A stay of one day per year is sufficient. Chinese from Hong Kong and the Republic…
Banca March| The data for the industrial sector published in France and Spain have not brought very much news. It should be noted that in France the figures came as a surprise on the upward side, with industrial production rising by 2% month-on-month. Despite this rebound, if we compare with this with industrial production levels of 12 months ago, the fall in the sector’s activity in November was 0.1%. On…