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ELECTRIC CAR

Spanish economy 9th November 2022

Retailers have only reached 20% of the ‘electrolineras’ that the government requires them to have by 1 January 2023.

The deployment of 20,000 recharging points in large supermarkets that the Government has demanded of the distribution companies as of 1 January is doomed to failure. “There is no technical capacity for it, it is absolutely impossible”, all the large companies in the sector are practically unanimous in their assurances, according to the newspaper El Economista. Overall, and at most, according to their estimates, it will be possible to reach…

Talgo

Companies, Spanish economy 8th November 2022

Saudi Arabia will extend its very-high-speed trains supply contract with Talgo

Renta 4 | Saudi Arabia will extend the contract it has with Talgo for the supply of very-high-speed trains, according to press reports. The possible new contract would cover the supply of 20 new very-high-speed trains for an amount close to 800 million euros. Valuation: If this news is confirmed, we would value it very positively. The amount of the contract would double the firm’s current manufacturing portfolio of around725…

SiemensGamesaJGA

Spanish economy 8th November 2022

CNMV gives green light to Siemens Energy’s takeover bid for Siemens Gaming

The Spanish Securities and Exchange Commission (CNMV) on Monday authorised Siemens Energy’s takeover bid for the 32.9% of its subsidiary Siemens Gamesa that it does not yet control. Siemens Energy is offering 18.05 euros per share in its takeover bid for Siemens Gamesa, presented on 31 May and admitted for processing on 16 June, which values the company at 12,294 million euros, meaning that it would pay 4,048 million euros…

Indra Tecnocom

Companies, Ibex, Spanish economy 8th November 2022

Indra enters US market with acquisition of Selex’s air traffic control business

Bankinter | Indra has bought Selex’s air traffic control business in the US. With this acquisition, the Spanish company, already one of the leaders in European air traffic control business, has now positioned itself in the US market. No details are yet known on the price of the transaction, but it is expected it will be completed in Q1 2023, once the relevant regulatory approval has been obtained. Analysts team’s…

pedro sanchez

Spanish economy 7th November 2022

The government’s arrogance towards the ECB

Fernando González Urbaneja | The ECB’s non-binding considerations on the “temporary levy on banks (an economic benefit that is not a tax) could have merited a silent response from the government, an “informed but not concerned” or something similar, but they have produced an irritation with disqualifications and scorn that can only be the result of irresistible arrogance. It is well known that this government, especially the president, does not…

Captura de pantalla 2022 11 04 a las 10.08.08

Spanish economy 4th November 2022

Telefónica increases revenues by 11.2% in the third quarter and reaches a net income of €1.486 billion up to September

Telefónica today presented results marked by accelerating revenue growth, which increased in the third quarter to €10.343 billion, 11.2% more yoy. A performance that has enabled the Group to achieve a net income of €1.486 billion in the first nine months of 2022. The results obtained make it possible for Telefónica to confirm the financial targets for 2022, revised upwards in the previous quarter. Telefónica also confirms the shareholder remuneration…

Spanish banks

Spanish economy 4th November 2022

The ECB replies to the Treasury: the tax on banks is discriminatory, harms solvency and slows down credit

The opinion of the European Central Bank (ECB) on the new bank tax, which is currently before Congress, is already public. The banking supervisor has issued a tough and detailed opinion in which it warns of the negative effects that the tax, as it is designed, could have on the banking sector, such as damage to profitability, competition, solvency and the granting of credit, while warning of the risks of…

iberia IAG

Companies, Ibex, Spanish economy 3rd November 2022

IAG hopes to close 2022 with an EBIT(pre one-offs) of €1.1 B (vs consenus €619 M)

Banco Sabadell | The Q3’22 results show a very strong recovery in activity with capacity in line with expectations (81% vs ~80% estimated). However, the big surprise comes in the shape of the strong trend in prices (RASK 8,57 vs 7,79 BS(e) and 7,08), the highest level in the history of IAG. On the costs side, there is a surprise with fuel (32% of costs) which is -6% vs revised…

Arcelor Mittal

Spanish economy 3rd November 2022

Spanish industry, the hardest hit in Europe

Spain’s industrial sector slowed in October as a result of a sharp rise in production costs and a slump in demand across the Old Continent, where figures “clearly indicate that the manufacturing economy is in recession”. Spain’s Purchasing Managers’ Index fell by 4.3 points to 44.7 in October, both the worst figure among the major European countries and the biggest decline of all. And the worst figure since the coronavirus…

Santander

Spanish economy 2nd November 2022

On Santander’s 75th anniversary in Latin America, Botín says that the region is well placed to weather the crisis

Today Banco Santander’s executive chair, Ana Botín, pointed to the strength of Latin America (where the bank first expanded internationally 75 years ago) and said that the region is well placed to weather the crisis. Banco Santander opened a representative office in Havana in 1947, and then in Argentina and Mexico. It has invested more than €35 billion in the region, primarily since the 1990s. Today, Santander has €415 billion…