Despite the economic slowdown, the Spanish Treasury wants to achieve another record collection in 2023. This follows the one that will certainly be achieved in the current year, in which the collection is 27 billion euros more than expected due to inflation. The Treasury wants to achieve this after leaving a large part of middle-income earners (above 21,000 euros a year) out of its tax cut, which does not include…
The Council of Ministers on Tuesday approved the draft General State Budget for 2023 agreed by the coalition partners. The accounts are based on a new macroeconomic framework that reduces the GDP growth forecast for 2023 from 2.7% to 2.1%, on a record expenditure ceiling of 198.221 billion euros. Current spending grows by 6.9% (18.3% if one takes into account that refugee aid measures are now supported here). Meanwhile, so-called…
Renta 4 | On Monday afternoon, after the Spanish market closed, Grifols announced that Víctor Grifols had retired as non-executive chairman, after 50 years in the company, including more than 30 as CEO. In his place, the Spanish manufacturer of blood plasma-based products has appointed Steven F. Mayer as new executive chairman. Mayer has been a member of Grifols’ board for over 10 years. He also has extensive experience in…
Spain’s unemployment registered an increase of 0.6%, or 17,679 people, in September from the previous month, the Labour Ministry said on Tuesday. This was the third consecutive month of increases. However, the total unemployed in September was at the lowest level for that month since 2008, standing at 2.941 million people. Compared to a year earlier, the number of unemployed fell by 9.70% or 315,883 people in September. Bankinter analyst…
According to OECD data, 28% of Spaniards between 25 and 34 years of age have not graduated from the Baccalaureate or Intermediate Vocational Training. Yesterday, the international organisation took us to task, warning us that the second stage of secondary education is the “minimum qualification” that must be acquired in order to have “a successful participation in the labour market”. However, the percentage of those who barely achieve a basic…
Intermoney | The figures from consultancy firm Cushman & Wakefield (C&W) indicate that investment in property in Spain during the first 9 months of this year stood at 12.718 billion euros. This is already more than that for the whole of 2021, which stood at 11.926 billion, according to the daily Expansión. The data to September also beats the total figure for both 2017 and 2018. It is worth highlighting that…
The latest Cepyme indicator on the business situation of Spanish small and medium-sized enterprises warns that the excessive increase in costs and the reduction in margins is pushing business profitability back to 2014 levels. Net return on assets (ROA) stands at 2.8%, lower than any figure recorded between 2016 and 2020. For reference, in the fourth quarter of 2019, the last full quarter before the pandemic, SME profitability reached 3.7%….
The oil company’s idea is to maintain the operation of its service stations and monetise these facilities through a long-term agreement with an investor who would become their lessor, according to several financial sources consulted by La Información. The group chaired in Spain by Andrés Guevara de la Vega has consolidated a network of around 750 petrol stations throughout the country. Since its arrival in Spain in 1954, the company…
Alphavalue/DIVACONS | The chairman of Caixabank, José Ignacio Goirigolzarri, flagged on Thursday that the financial sector must obtain a level of profitability which is higher than the cost of capital, a challenge with which the normalisation of interest rates will help. That said, he believes this hike “will not be sufficient” to achieve this. So the banking sector will have to redouble the transformation efforts made during the last few…
Norbolsa | The Spanish telco operators eased competition in July, after registering declines of 13% in mobile portability and 23% in fixed, compared with a year earlier. Vodafone, MásMóvil and the MVNOs recorded net positive portability balances, while Orange and Movistar registered negative balances. In this respect, the commercial pressure seems to be decreasing given that, after the declines in prices in the last few months, there is not a…