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Just Sanchez

In Spain, Spanish Politics 28th October 2022

The Judiciary Pact Collapses After Sánchez Confirms To Feijóo That He Will Lower The Threshold For Sedition

With only the PP’s signature missing, the pact to renew the judiciary has collapsed. After a telephone conversation this Thursday afternoon between Prime Minister, Pedro Sánchez, and the leader of the opposition, Alberto Núñez-Feijóo, the negotiations have been “suspended”. “Feijóo has offered President Sánchez to address together any reform of the Penal Code affecting the crimes of rebellion, sedition, as well as the criminalisation of the calling of an illegal…

Acerinox cool

Companies, Ibex, Spanish economy 28th October 2022

Acerinox’s Q3’22, weaker than expected (Ebitda -18%); prospects for Q1’23 improve

Bankinter | Acerinox has reported net profit of 741 million euros in the nine months to September, 99% higher than a year earlier. However, in the third quarter net profit dropped 22% to 133 million euros, due to a slowdown in activity in this period. The main figures compared with the company’s consensus for Q3’22: Revenues 2.175 billion euros (+28% yr/yr) vs 2.314 billion estimated; EBITDA 241 million euros (-18%…

Repsol's bet on alternative energies

Spanish economy 27th October 2022

Repsol Posts Net Income Of €3.222 Billion And Rises 11% Dividend

Net income from January to September was €3.222 billion. The recovery in the first half of the year is allowing Repsol to partially offset the losses in 2019 and 2020 of more than €7.1 billion due to asset adjustments linked to the zero net emissions ambition and the global health pandemic. Adjusted net income amounted to €4.564 billion, of which close to 60% came from the company’s international businesses, whose…

unemployment spain

Spanish economy 27th October 2022

Unemployment Rises By 60,800 In The Third Quarter Despite The Creation Of 77,700 Jobs

Unemployment rose by 60,800 people between July and September, which is almost 2.1% more than in the previous quarter, while employment increased by 77,700 jobs (+0.4%), bringing the total number of employed to over 20.5 million people, according to data from the Labour Force Survey (EPA) released by the National Statistics Institute (INE). At the end of September, the total number of unemployed stood at 2,980,200 people and the number…

Santander's profit in 2017

Spanish economy 26th October 2022

Santander Reports Attributable Profit Of €7,316 Million For The First Nine Months Of 2022, Up 25%

Earnings per share increased by 31% year-on-year, supported by strong profitability (RoTE of 13.6%). TNAV plus cash dividend per share increased by 11% while capital remains above 12% In the third quarter alone, attributable profit was €2,422, up 11% year-on-year (+2% in constant euros). The group has seen strong growth in customer activity in the first nine months of 2022, with loans and deposits growing by 7% and 6% respectively…

Cellnex

Companies, Ibex, Spanish economy 26th October 2022

Cellnex sells 1.100 torres in the UK for €170 M

Bankinter | Cellnex has sold 1.100 telecommunication towers in the UK to Wireless Infrastructure Group (WIG) for 170 million euros. The EBITDA generated by the afore-mentioned towers would be around 8 million euros. So the sale price represents 21x EBITDA. Bankinter’s analyst team view: Good news for Cellnex. This sale is not for strategic or economic reasons. It was the commitment agreed with the UK regulator in order to approve…

ELECTRIC CAR

Spanish economy 25th October 2022

Electric Car: Of The 2.975 Billion Euros Announced By The Government, Only 877 Million (30%) Has Been Allocated

The President of the Government, Pedro Sánchez, has announced the launch of a second call of the PERTE for the development of the electric and connected vehicle (EV) after the failure of the first call, where only 877.2 million euros out of a total of 2.975 billion euros have been allocated. Even so, the final figure is higher than the provisional resolution, where 600 million euros were earmarked. Initially it…

Iberdrola Avangrid

Companies, Ibex, Spanish economy 24th October 2022

Iberdrola Requests 1 Month Delay For US Offshore Wind Project To Revise Conditions

Renta 4 | Iberdrola, via its US subsidiary Avangrid, has requested a one month suspension on the project Park City Wind in Martha’s Vineyard. This is due to the impact on the viability of the park of the global energy crisis, the hikes in interest rates and the increase in raw materials’ costs, according to the press. The project was assigned in 2015, with a planned investment of 3.5 billion…

Spanish public debt

Spanish economy 24th October 2022

Budget 23: Expansive And Electoral (What The Government Knows How To Do)

Fernando González Urbaneja | No surprise, the Budgets 2023 presented give everything the government has to offer; coherent with what has been presented so far in the legislature; no more (and no less). Expansionary and electoral budgets. As always, and even more so, since the aim is to win the elections themselves. And this is done with optimism, with generous distribution of benefits, without concern for deficit and debt. No…

Telxius

Spanish economy 24th October 2022

Telefónica And KKR Pay €365 Million For Entel’s Network In Chile

On Net Fibra, the subsidiary created in Chile by Telefónica and US fund KKR on the basis of the network built by Telefónica’s subsidiary, has acquired a fibre-to-the-home (FTTH) network from Entel, Telefónica’s main rival in Chile, for some EUR 365 million, according to Expansión newspaper. The transaction, which is pending approval by competition authorities, is an important reinforcement for On Net Fibra’s business in Chile. The network sold by…