Top Stories

In Spain

ACS

Companies, Ibex, Spanish economy 14th December 2022

ACS, Acciona consortium goes up against FCC in one of the biggest tenders currently in the UK; the remodelling of the Haweswater Aqueduct

Link Securities | The alliance of ACS and Acciona is going up against FCC in one of the biggest tenders there are currently in the UK: the remodelling of the Haweswater Aqueduct, located in the north east of England, according to elEconomista.es. The Spanish firms form part of the terna selected by the UK water company United Utilities to bid for the contract for the design, construction, financing and maintainenance,…

ECB bonds

Spanish economy 14th December 2022

ECB: A passive quantitative tightening (without bond sales)?

Germán García Mellado (A&G) | Regarding interest rates, we expect a 50 basis point rise for Thursday’s meeting, placing the deposit facility at 2%. We do not believe that Lagarde will specify the steps to be taken for the first meetings in 2023 or detail the terminal rate of this cycle of rate hikes. She will therefore maintain a stance similar to that shown since the post-summer meetings, in which…

Brave New Catalonia

Spanish Politics 13th December 2022

After eliminating the crime of sedition, the PSOE agrees with ERC to leave the embezzlement of pro-independence supporters unpunished

The reform of embezzlement agreed on Monday between the PSOE and ERC leaves a way open for some pro-independence leaders to avoid prison. Specifically, around 30 defendants accused of the pro-Crime, still awaiting trial, could avoid prison with the new text. These are the group of ex-officials and businessmen close to pro-independence supporters prosecuted by the 13th Court of Instruction of Barcelona for the preparations for the illegal referendum of…

Amadeus

Companies, Ibex, Spanish economy 13th December 2022

Consensus expects close to 22% growth in Amadeus’ revenues in 2023, optimistic without a hike in capacity from the airlines

Morgan Stanley | The tech team is expecting a complicated year, with a slowdown in growth and inflation and interest rates still at high levels. Although rates will become more moderate, they believe it will be difficult for stocks to perform well if earnings expectations come under pressure. For that reason, they prefer to stick with defensive stocks. ASML, SAP and Sage. Further along, it will make sense to add…

Enagas

Companies, Ibex, Spanish economy 12th December 2022

Endorsement for Enagás: Agreement on H2Med hydrogen underwater inter-connection between Portugal, Spain and France

Renta 4 | On December 9th, as was expected, the development of the H2Med project, interconnecting Portugal, Spain and France for the transport of hydrogen, was agreed. An investment of 2.850 billion is anticipated (2.5 billion for the underwater connection between France and Spain, and 350 million for the connection between Portugal and Spain). Up to 50% of the total amount could be subsidised (requests for aid expected on December…

repsol petrochemical complex 1

Spanish economy 12th December 2022

Government to extend anti-takeover shield on strategic sectors for two years

The Cabinet is preparing to extend the anti-takeover shield that it put in place in 2020, at the height of the pandemic, to protect companies in key sectors from foreign bids, according to government sources. The measure, which gives the government the power to veto the entry of foreign capital into these sectors, was due to expire on 31 December this year and is being extended until 31 December 2024….

ACS

Companies, Ibex, Spanish economy 12th December 2022

ACS wins $1 B contract in US

Bankinter | ACS has won a contract to build a factory for electric car batteries for Ascende Elements, with a budget close to $1 billion. This contract is the second one that ACS’ US subsidiary Turner has won this year in the electric batteries market. Bankinter analyst team’s view: This is positive news for ACS which continues to show how strong its business is and the growth capacity of its…

SpainConstitucionalCourt

Spanish economy 9th December 2022

The Government is considering changing the law to complete the assault on the Constitutional Court

The Government is preparing a plan B so that the two magistrates it has appointed to the Constitutional Court (TC) can take office even if the General Council of the Judiciary (CGPJ) does not appoint its own. The measure would be implemented via amendments to the text of the reform of the Penal Code, according to PSOE sources. A third of the TC magistrates have had their mandate expired since…

YolandaDiaz

Spanish economy 9th December 2022

The “Yolanda effect”: Labour inspectors call three days of strike action for the first time in history

For the first time in history, the Labour Inspectorate has called three days of strike action to protest against the “serious shortcomings” of a body that has still not been strengthened despite the commitments made by the government. A year and a half ago, the Ministries of Labour – on which it depends – and Finance and Public Function – responsible for the management of public employees – signed an…

Repsol

Companies, Ibex, Spanish economy 8th December 2022

Repsol hikes renewables construction to 7.500 Mw in 2025

Renta 4 | Repsol has 2.000 Mw of renewable projects under construction, of which approximately 59% are located in Spain, 35% in the US and 6% in Chile. The company wants to hike its renewable energy generation to 7.500 Mw to 2025. The Spanish oil and gas firm is developing a new photovoltaic energy plant in Villena, with an installed capacity of 300 Mw. Whatsmore, the company is continuing to…