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Spanish economy 30th December 2022

Spain CPI drops one percentage point to 5.8% in December; but underlying rises to 6.9%

CdM | Spain CPI dropped one percentage point to 5.8% in December from a year earlier, thanks to the fall in electricity and fuel prices. However food prices remained through the roof, according to preliminary data from the National Statistics Institute (INE) on Friday. Core inflation, which strips out volatile fresh food and energy prices, stood at 6.9% year-on-year in December, up from 6.3% in November, INE said. Consumer prices…

Spanish economy 30th December 2022

The Government has only paid 29% of the ‘NextGen’ funds with one month to go before the 2022 deadline

As of 30 November 2022, the latest date recorded, so far, by the Intervención General de la Administración del Estado (IGAE), the Spanish government had only paid out 29% of the Next Generation funds – most of them transfers between administrations and money that goes to public investment. However, it is estimated that the payments made will be around 40% by end-December this year. The IGAE report specifically points out…

Companies, Ibex, Spanish economy 29th December 2022

Adif awards ACS, Rover and Tecsa €443 M contract for high-speed train works in Valencia

Link Securities | According to the daily laInformacion.com, Adif Alta Velocidad has awarded the joint venture formed by ACS, Rover and Tecsa the contract to execute the works in the plans for the construction of the new access channel to integrate the high-speed railway in Valencia. Also to extend and remodel the Joaquín Sorolla station and increase its parking area.ç The contract is worth 443,4 million euros, VAT included. It…

Spanish economy 29th December 2022

Faced with administrative collapse, the government imposes an 18-month moratorium on the administrative procedures of 170,000. Renewable MWh

The government has taken advantage of the decree approved yesterday with anti-crisis measures to introduce new regulations, such as the one on business shields and others with respect to energy. One very relevant one is that, to avoid “speculation”, says the decree, a moratorium of 18 months has been imposed on all those projects that are processing renewable permits but without the most basic one: access to the electricity backbone,…

Spanish economy 28th December 2022

Spain: increases in public salaries (4%) and retirees (8.5%) will drive inflation in 2023

Ofelia Marín-Lozano | We started 2022 with inflation significantly higher than it had been since the 2008 financial crisis. We began to spend the savings accumulated during the pandemic, as a result of the fall in consumption due to activity restrictions. As an indication, the average American over the last ten years used to spend 93% of his or her salary each month; during the pandemic, he or she spent…

Spanish economy 27th December 2022

The government will approve a new anti-crisis aid package today

Although the annual rate of inflation moderated in November to 6.8 % – from 10.8 % in July – food prices are still at a record high of 15.3 %. That is why the government will today propose a third support package that will include the extension of some of the measures currently in force, which expire on 31 December, and other new ones, mainly related to the shopping basket….

Companies, Ibex, Spanish economy 27th December 2022

ACS wins two new contracts for transport and mining in Australia worth €317 M

Link Securities | ACS, through its Australian subsidiary Cimic, has added two new contracts to its international portfolio. It has been awarded two transport and mining contracts in Australia for a combined amount of 500 million Australian dollars (some 317 million euros). On Wednesday, its subsidiary firm CPB Contractors was selected by the huge UK mining company Rio Tinto to build the necessary infrastructure to carry out operations in the…

Companies, Ibex, Spanish economy 27th December 2022

Fluidra buys all of Meranus Group for some €30 M

Link Securities | On December 23, 2022 Fluidra Commercial, S.A.U., an indirectly fully controlled subsidiary of Fluidra, reached an agreement to fully acquire the German companies Meranus Haan, Meranus Lauchhammer and Aquacontrol. These firms together form the Meranus Group, a recognized swimming pool equipment distributor in Germany. It is also a manufacturer of swimming pool dosing and control technology. Meranus’ expected revenues for the year ending 31 December 2022 are…

Interviews, Spanish economy 26th December 2022

“The defaults are not the tsunami that was expected, it is a tide that is slowly rising”

Explains Fernando Salazar, President of CESCE, the Spanish Export Credit Insurance Company, in an interview with Fernando Rodríguez. Q- How does a company like CESCE, which operates in many countries, view the geopolitical risk map? A- Geopolitics is currently setting the economic agenda, as the world is in great turmoil; there is no region, not even Europe, that is free. We see the rise of populism, parliamentary fragmentation, social instability,…

Companies, Ibex, Spanish economy 25th December 2022

S&P lowers Endesa outlook to negative from stable

Banco Sabadell | S&P has lowered its outlook for Endesa from stable to negative, in line with the action it took in the case of ENEL (holds 70% of the Spanish utility). However it has maintained the rating at BBB+. Valuation: The news has a negative slant, although the impact is limited. The planned investments, along with the increase in debt, are behind this revision.

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