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Ministerio Trabajo

Spanish economy 18th December 2020

Changing The Labour Reform In Spain Without Repealing It, That Is The Question

Joan Tapia | It is vital to maintain a peaceful social climate in the coming months and to inspire confidence in the economic agents, a sine qua non condition for the preservation of employment and investment. That is why the much talked about complete overturning of the labour reform has been postponed and only “the most harmful aspects” have been changed. But the deadlines are running out and the most radical sectors are demanding that sectorial agreements take precedence over those with companies (which would reduce the flexibility of the economy.)

heathrow

Spanish economy 18th December 2020

Ferrovial: Heathrow’s Third Runway Ruled Legal

The British Supreme Court has overturned a court ruling that forced to stop the construction of a third runway at London’s Heathrow airport, Britain’s biggest airport, which is currently controlled by the Spanish group Ferrovial. The judicial decision considers that the work is not illegal and, from now on, Ferrovial may request permission to undertake the project. In February, the London Court of Appeal ruled in favor of environmental activists against the expansion of the airport.

three gargantas

Spanish economy 18th December 2020

China’s Three Gorges Already Has A Subsidiary In Spain

The Chinese state-owned company Three Gorges has been hovering over the Spanish renewable energy sector for months and has now fully landed. Last August it closed its first operation in Spain with the purchase of 500 MW of solar assets from X-Elio. And now it has created a subsidiary in Spain, China Three Gorges (Spain) S.L, to directly manage its investments in the country. According to the Official Gazette of the Commercial Registry (BORME), the energy giant’s subsidiary in our country started its activity on October 28th.

Reig Jofre

Spanish economy, Spanish Small & Mid Caps 17th December 2020

Spanish Pharma Reig Jofre To Large Scale Manufacture Johnson & Johnson’s Covid-19 Vaccine

Reig Jofre, company listed on the Spanish stock exchange and specialized in the manufacturing of sterile injectable products, has reached an agreement with Johnson & Johnson (Janssen), to execute the technology transfer to manufacture its investigational COVID-19 vaccine candidate. Reig Jofre is completing the construction of a new state-of-the-art factory in Barcelona, tripling its existing capacity and boosting effienciency, which will be opened in 1Q21. The investment reaches to 30 million euros.

New Spanish renewables auction

Spanish economy 17th December 2020

Spain’s Government To Transfer The Cost Of €7 Bn Renewables’ Aids From Consumers To Energy Firms

The Spanish government has agreed that the cost of subsidies for renewables from now on will be assumed by the energy firms, no matter if they are oil, electric or gas companies. This is instead of consumers assuming that cost through the electricity bill they pay every month. The total amount stands at 7 billion euros/year and it represents approximately 16% of the domestic power supply bill. The transfer would be done gradually over 5 years. The first year 20%, the second 40% and so on up to 100% in the fifth year.

housing market spain cities

Spanish economy 16th December 2020

Spain | A Surprise In Housing?

GDP contracted by 8.7% in the third quarter of 2020 compared to the same period in 2019, while housing sales increased by 4%. In Spain we are used to housing being the cause of recessions and being one of the last sectors to recover. The vigor of the upturn in purchases has therefore been a surprise.

PedroSanchezOCDE

Spanish economy 16th December 2020

Spain Is Promoting A Safe International Mobility Plan Against Covid-19 Within The OECD

Spain, which has held the rotating presidency of the Ministerial Meeting of the OECD Council during 2020, had raised the need for the organization to work on a reference framework for safe international mobility. As part of the celebration of the 60th anniversary of the Organization, Spanish PM Pedro Sanchez has presented an initiative for the development and coordination of a harmonised system in all countries to open borders safely for economic recovery after the crisis caused by the Covid-19 pandemic.

Amazon is also increasing minimum wages following the general tendency in the US

Ibex, Spanish economy 15th December 2020

Acciona And Naturgy Will Supply Energy To Amazon, The World’s Largest Buyer Of Renewable Energy

Amazon has announced 26 new wind and solar energy projects totaling 3.4 GW of electricity production capacity, bringing its total investment in renewable energy in 2020 to 35 projects and over 4 GW of capacity. This makes Amazon the world’s greatest corporate buyer of renewable energy. Amongst these new contracts were two with Spanish companies: Acciona and Naturgy. Acciona’s includes the supply of 641 MW of clean energy to the US multinational, while Naturgy’s means the construction of a wind farm in Australia provided with 97 MW.

ibex 35

I.R. Spain, Spanish economy 14th December 2020

IBEX 35 Expectant In View Of Coalescence Of Non-Financial Reporting Standards

Fernando Rodríguez | The announced merger between SASB and IIRC, two institutions which set non-financial reporting standards, is a step forward in the convergence towards a single standard. This process began at the end of 2019 when framework- and standard-setting institutions of international significance like SASB and IIRC together with GRI, CPD and CDSB joined efforts and signed: Statement of Intent to Work Together Towards Comprehensive Corporate Reporting.

Banco Santander office

Ibex, Spanish economy 14th December 2020

The Bank Of England Lifts Restrictions: Santander UK May Return To Paying A Dividend

According to the central bank, the lenders will be able to resume payments once their adequate capitalisation has been verified. The Bank of England urges prudence regarding the return of dividends and will maintain some requirements. These include not exceeding 25% of the profits of the last eight quarters, or 0.2% of their risk-weighted assets. Everything points to the ECB lifting its veto on dividends tomorrow.