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Ibex35

Spanish economy 25th November 2022

The IASB spares the Ibex an 8.5 billion euros hit to its annual profits

The IASB board, in a close vote and against the opinion of the Spanish government, has rejected the implementation at international level of the straight-line goodwill amortisation method. The rules for the preparation of financial statements do not seem to be the most likely subject to generate major disputes, but the International Accounting Standards Board (IASB) yesterday experienced the closest thing to a drama, according to Expansión newspaper. In a…

Congreso

Spanish economy, Spanish Politics 25th November 2022

A Debased Parliamentarism

Fernando González Urbaneja | What has been heard these days (and others) in Parliament (Congress and Senate) would make you cry, it goes beyond bad manners and rudeness; fortunately they have only been words, although degenerating could go further. It has already happened in other parliaments and it happened in ours a little less than a century ago. It is unimaginable today what he called the dialectic of the pistols,…

Telefonica

Companies, Ibex, Spanish economy 24th November 2022

Telefónica’s hybrid bond with nominal value of € 676,4 M has been accepted by 81% of investors; that of € 1.250 B by 8.9% of investors

Renta 4 | Telefónica has announced the result of its offer to buyback 2 hybrid bonds launched on November 14th. The first one, with a nominal value of 1 billion euros, a coupon of 5.5% and perpetual maturity, purchase price at Par and with 676,4 million euros of nominal value in circulation, has been accepted by investors with an aggregated nominal amount of 547,4 million, or 81% of the total….

120906Bolsa2

Spanish economy 24th November 2022

Foreign funds now account for 45.4% of collective investment in Spain

Fernando Rodríguez | The weight of foreign funds and Sicav has increased from 8.1% to 45.4% of the total invested in the last fourteen years, according to the comparative analysis of profitability and costs between Spanish CIIs and foreign CIIs marketed in Spain published in the latest quarterly bulletin of the CNMV. “In this period, the assets of foreign CIIs have multiplied by 16, from 18,000 million at the end…

spain foreign policy

Spanish economy 24th November 2022

The IMF believes that Spain will recover the pre-Covid level in 2024, after a “weak” growth in the coming quarters

The technicians of the International Monetary Fund (IMF) on Wednesday completed their annual review of the Spanish economy, known as ‘Article IV’, and concluded that the country’s gross domestic product (GDP) growth will be “relatively weak” in the coming quarters. “Growth is expected to be relatively weak in the coming quarters due to weak external demand and deteriorating consumer confidence,” the IMF stressed in its conclusions on the country’s economic…

Meliá

Companies, Ibex, Spanish economy 23rd November 2022

Meliá’s demand is strong and margins are stable: Buy (T.P. 6,19 euros/share)

Bankinter | We foresee strong demand with stable margins, at levels close to those of 2019, despite the global economic slowdown. Main supports: (i) Higher cost of energy will favour the demand for resorts in the Canary Islands, during the autumn and winter; ii) Events and conference activity is starting up again; iii) Nearly 30% of revenues come from North American clients, where the economy and consumption look more solid….

Spanish mortgages market

Spanish economy 23rd November 2022

Spain government, banking sector agree package of measures to ease mortgage burden for over 1 million vulnerable households

Norbolsa | Today the Cabinet will approve a package of measures aimed at easing the financial burden of one million families who have been affected by the hike in interest rates. Households with an annual income of less than 29.400 euros, with mortgages registered up to December 2022, will be able to benefit from these measures, when the mortgage payment accounts for 30% of income and has seen a rise…

Repsol

Companies, Ibex, Spanish economy 22nd November 2022

Repsol could hike its investment in renewables in the US with two projects valued at €800 M

Bankinter | Repsol could launch two hefty investments in renewables in the US. Specifically, according to press reports, it would be two projects in Texas for 1.200 MW. The investments are calculated to reach 800 million euros (investments forecast for the whole year are approximately 4 billion euros). Repsol has significant Exploration and Production assets in Pennsylvania, Texas, the Gulf of Mexico and Alaska. But this move would mean positioning…

renewables

Spanish economy 22nd November 2022

The government auctions more renewable energy today: 1,500 MW of wind and 1,800 MW of photovoltaic power

This is the fourth auction of renewable power for electricity generation since the first one in January 2021. The firms that are finally awarded the wind and photovoltaic packages will be granted a fixed price at which they will charge for the energy over the next few years. Due to high electricity prices, the tender may be less in demand than on previous occasions. Participating firms will have to assess…

Amadeus

Spanish economy 22nd November 2022

Amadeus CEO: “The company’s revenues do not depend on ticket prices, but on the added value we offer”

MS| Amadeus CEO, Luis Maroto, indicated that demand remains solid, with airlines still planning to increase capacity. And once that is in place, they will cut prices to fill planes. He also flagged that the company’s revenues do not depend on ticket prices or those of hotel rooms, but on the added value it provides, (charging more for tickets reserved outside the airline’s country of origin). So the re-opening of…