Top Stories

In Spain

iberdrolaTC

Companies, Ibex, Spanish economy 8th December 2022

Iberdrola restructures debt: sees 47 B euros investment in 2023-2025; hikes weighting of development banks

Bankinter |Iberdrola’s Strategic Plan contemplates investments of 47 billion euros in 2023-2025, while maintaining generous shareholder retribution in this period (11 billion euros in dividends for shareholders and minorities). This will mean that the group’s Net Debt will go from 45 billion euros at end-2022 to 57.5 billion in 2025. The restructuring of the debt envisages a reduction of the listed debt from 55% currently to 52% in 2025. The…

nadia calvino bruselas

Spanish economy 7th December 2022

The Digital Kit mobilises 416 million euros up to November, 13.5% of the total budgeted for it

The government has mobilised 416 million euros up to November under the Digital Kit programme, which represents 13.5% of the 3.067 billion euros budgeted for the initiative, financed by the European Union through the Next Generation EU funds. According to a reply registered in the Congress of Deputies, to which Europa Press has had access, the implementation of digitalisation solutions in the companies benefiting from the aid will be channelled…

spain syndicated bonds

Spanish economy 7th December 2022

Foreigners reduce their holdings of Spanish bonds by almost eight points in three years

The share of foreign investors in Kingdom of Spain government securities has decreased from the level of 48.79% at the end of 2019 to 41.04%, which is 7.75 points higher. In December 2019, non-resident investors held a portfolio of Spanish securities for an overall amount of 480.094 billion euros, which represented 48.79% of the total debt issued by the State. They now stand at 499.376 billion euros. The strong effort…

caixabank sunset

Companies, Ibex, Spanish economy 5th December 2022

With a 7.8x P/E and double digit total yield, Overweight for Caixabank

Morgan Stanley | The Spanish Banking Association (AEB) has reached an agreement with trade unions to raise salaries by 4.5% in 2023. This figure compares with the 5% increase in costs which analysts had in their models for 2023-2024. It also compares with the estimates for a 25% growth in NII in Spain in 2023. Although this agreement only applies to Santander, BBVA, Sabadell and Bankinter, Álvaro Serrano believes that a…

Meliá

Companies, Ibex, Spanish economy 5th December 2022

Meliá expects to beat 2019 figures this Christmas; anticipates revival of urban hotel business in 2022-2023

Bankinter | The big hotel chains are confident that the tourist boom will last until, at least, the end of the year. That said, many of them are already seeing a reduction in the demand growth curve which anticipates a cooling in consumption in the medium-term. Meliá in particular expects to exceed 2019 figures this Christmas, also anticipating a revival in the urban hotel business at end-year or the start…

covid19 dilemma

Spanish economy, Spanish Politics 2nd December 2022

Miguel Sebastián, former PSOE minister: “The management of the covid data has been disastrous”

The former Minister of Industry in the Socialist government of José Luis Rodríguez Zapatero will today present in Madrid his book “El virus interminable” (Ediciones B). In it he analyses the mistakes made during the pandemic and the pending issues in the event of a new health crisis of this type in our country. On this occasion, the newspaper La Razón interviewed him. Q- Could the management of the data…

Merlin Properties

Companies, Ibex, Spanish economy 2nd December 2022

Merlin Properties: BBVA prevails over minorities in the arbitration over Madrid Nuevo Norte

Renta 4 | In line with information in the el Economista daily, BBVA would have prevailed over minority shareholders (MERLIN Properties and SANJOSE) in the arbitrage over the sale rights in Distrito Castellana Norte (DCN) project. The Arbitrator, D. Miguel Virgós, has communicated his decision to the parties involved. This means the Spanish bank, chaired by D. Carlos Torres, will be able to sell its 75.54% stake in the project,…

CCOO

Spanish economy 1st December 2022

CCOO implements redundancy plan in Valencia after being unable to raise salaries to the CPI, as the union is asking companies to do

The trade union Comisiones Obreras (CCOO) in the Valencian Community announced last week the dismissal of part of its staff due to the serious financial situation the organisation is going through. Specifically, the union approved the application of a Redundancy Procedure (ERE), which was justified by the accounting discrepancy between expenses and income received. And this has led the organisation to record uninterrupted losses over the last decade, according to…

Spains unemployment problem

Spanish economy 1st December 2022

Fedea detects 160,000 ‘hidden’ unemployed: The Employment Service secretly “adjusted” October figures

There was a trick to the surprising decline in unemployment in October, the largest in a month in which it increases almost every year. According to an analysis by Fedea, the result was influenced by a “non-communicated adjustment” by the SEPE in the records of job seekers with fixed-term contracts that generated a gap of 160,000 people with respect to the ‘official’ figure for the fall in the number of…

aenasede

Companies, Ibex, Spanish economy 30th November 2022

Spain’s CNMC freezes Aena’s airport tariffs for 2023, despite the company’s request for increases

Intermoney | The Spanish National Markets and Competition Commission (CNMC) has decided to leave tariffs unchanged for Aena’s network of airports in 2023, a move which will be made public shortly, according to Cinco Días. This contrasts with the request for a seven-tenths of a point hike made by the airports’ operator in July, but is in line once again with the opinion of the airlines. The sources cited by Cinco…